Firms Contracts And Financial Structure

Author : Oliver Hart,Oliver D. Hart,Professor of Economics Oliver Hart
Publisher : Oxford University Press on Demand
Page : 239 pages
File Size : 47,7 Mb
Release : 1995-10-05
Category : Business & Economics
ISBN : 9780198288817

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Firms, Contracts, and Financial Structure by Oliver Hart,Oliver D. Hart,Professor of Economics Oliver Hart Pdf

This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other handwhy firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understandfirms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with aninterest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.

Author : Oliver Hart
Publisher : Unknown
Page : 228 pages
File Size : 49,9 Mb
Release : 1995
Category : Electronic
ISBN : OCLC:552455867

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Firms, Contracts and Financial Structure by Oliver Hart Pdf

Author : Anonim
Publisher : Unknown
Page : 0 pages
File Size : 53,5 Mb
Release : 1995
Category : Electronic
ISBN : OCLC:475414818

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Firms, Contracts, and Financial Structure by Anonim Pdf

Author : Anonim
Publisher : Unknown
Page : 238 pages
File Size : 47,7 Mb
Release : 1995
Category : Electronic
ISBN : OCLC:475414818

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Firms, Contracts, and Financial Structure by Anonim Pdf

Author : Erik Berglöf
Publisher : Unknown
Page : 228 pages
File Size : 46,8 Mb
Release : 1991
Category : Law
ISBN : STANFORD:36105061101650

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Corporate Control and Capital Structure by Erik Berglöf Pdf

Author : H. Kent Baker,Gerald S. Martin
Publisher : John Wiley & Sons
Page : 504 pages
File Size : 43,9 Mb
Release : 2011-03-31
Category : Business & Economics
ISBN : 9781118022948

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Capital Structure and Corporate Financing Decisions by H. Kent Baker,Gerald S. Martin Pdf

A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.

Author : Oliver Hart
Publisher : Clarendon Press
Page : 240 pages
File Size : 45,8 Mb
Release : 1995-10-05
Category : Business & Economics
ISBN : 9780191606885

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Firms, Contracts, and Financial Structure by Oliver Hart Pdf

This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.

Author : Amir Barnea,Robert A. Haugen,Lemma W. Senbet
Publisher : Prentice Hall
Page : 184 pages
File Size : 45,7 Mb
Release : 1985
Category : Business & Economics
ISBN : IND:30000007496718

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Agency Problems and Financial Contracting by Amir Barnea,Robert A. Haugen,Lemma W. Senbet Pdf

Author : Stefan Detscher
Publisher : GRIN Verlag
Page : 76 pages
File Size : 52,9 Mb
Release : 2007-11
Category : Electronic
ISBN : 9783638842402

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Corporate Finance and the Theory of the Firm by Stefan Detscher Pdf

Research Paper (undergraduate) from the year 2003 in the subject Business economics - Investment and Finance, grade: 2,0 (B), European Business School - International University Schlo Reichartshausen Oestrich-Winkel (Corporate Finance and Capital Markets), language: English, abstract: This book examines the links between corporate finance and the theory of the firm. As a basis for this analysis, theoretical foundations in corporate finance and the theory of the firm are provided. Furthermore, current research on the theory of the firm and corporate finance for the recently emerged type of firm of the human-capital intensive firm is presented. The most significant part of the analysis is the evaluation of the interrelation between corporate finance and the theory of the firm using a 3x3 matrix. This matrix compares three important theoretical frameworks of the firm (the firm as a nexus of contracts, as a collection of growth options and as a collection of assets) with three major fields of corporate finance (capital structure, corporate governance and valuation). This assessment is done for the traditional asset-intensive industrial firm, one of two basic types of firms in today's economy. For giving an additional insight into current research, the recently emerged human-capital intensive firm is shortly described in comparison to the traditional asset-intensive firm, and implications for corporate finance for this new type of firm are explained. As a conclusion, three major results can be stated: firstly, the theory of the firm definitely influences corporate finance for all described views of the firm, and it is thus an important basis for corporate finance. This fact makes it necessary to consider the underlying issue of the theory of the firm for each problem in corporate finance. Secondly, different views of the theory of the firm have different implications for corporate finance. For example, the appropriate valuation method depends on the considered view of t

Author : Douglas J. Cumming,Sofia A. Johan
Publisher : Academic Press
Page : 781 pages
File Size : 49,7 Mb
Release : 2013-08-21
Category : Business & Economics
ISBN : 9780124095960

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Venture Capital and Private Equity Contracting by Douglas J. Cumming,Sofia A. Johan Pdf

Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. An analysis of the structure and governance features of venture capital contracts In-depth study of contracts between different types of venture capital funds and entrepreneurial firms Presents international datasets from over 40 countries around the world Additional references on a companion website Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements

Author : Pol Antràs
Publisher : Princeton University Press
Page : 336 pages
File Size : 55,5 Mb
Release : 2020-10-13
Category : Business & Economics
ISBN : 9780691209036

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Global Production by Pol Antràs Pdf

Global Production is the first book to provide a fully comprehensive overview of the complicated issues facing multinational companies and their global sourcing strategies. Few international trade transactions today are based on the exchange of finished goods; rather, the majority of transactions are dominated by sales of individual components and intermediary services. Many firms organize global production around offshoring parts, components, and services to producers in distant countries, and contracts are drawn up specific to the parties and distinct legal systems involved. Pol Antràs examines the contractual frictions that arise in the international system of production and how these frictions influence the world economy. Antràs discusses the inevitable complications that develop in contract negotiation and execution. He provides a unified framework that sheds light on the factors helping global firms determine production locations and other organizational choices. Antràs also implements a series of systematic empirical tests, based on recent data from the U.S. Customs and Census Offices, which demonstrate the relevance of contractual factors in global production decisions. Using an integrated approach, Global Production is an excellent resource for researchers, graduate students, and advanced undergraduates interested in the inner workings of international economics and trade.

Author : Jukka Vauhkonen
Publisher : Unknown
Page : 148 pages
File Size : 40,5 Mb
Release : 2005
Category : Bank investment contracts
ISBN : IND:30000111453167

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Essays on Financial Contracting by Jukka Vauhkonen Pdf

Tiivistelmä.

Author : Ross Levine
Publisher : World Bank Publications
Page : 44 pages
File Size : 54,5 Mb
Release : 2000
Category : Banks and banking
ISBN : 8210379456XXX

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Financial Structures and Economic Development by Ross Levine Pdf

Non-technical summary; The model; Risk and transactions costs; Financial intermediaries: researcher/mobilizer.

Author : Oliver D. Hart
Publisher : Unknown
Page : 28 pages
File Size : 40,8 Mb
Release : 2001
Category : Corporate governance
ISBN : OCLC:248023276

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Financial Contracting by Oliver D. Hart Pdf

This paper discusses how economists' views of firms' financial structure decisions have evolved from treating firms' profitability as given; to acknowledging that managerial actions affect profitability; to recognizing that firm value depends on the allocation of decision or control rights. The paper argues that the decision or control rights approach is useful, even though it is at an early stage of development, and that the approach has some empirical content: it can throw light on the structure of venture capital contracts and the reasons for the diversity of claims

Author : Franz Hubert
Publisher : Unknown
Page : 28 pages
File Size : 49,8 Mb
Release : 2003
Category : Electronic
ISBN : OCLC:1290393410

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Financial Contracting When Rivals May Turn Nasty by Franz Hubert Pdf

This paper develops a principal--agent model of financial contractingin which optimal contracts resemble a combination of debt and equity. When defaulting on debt, the firm is punished by disruption of external funding. Such contracts however, invite rivals to compete more aggressively to increase the likelihood of default. The firm will respond to the threat of predation, by choosing a less leveraged capital structure, even though this will aggravate incentive problems. In contrast to the literature on debt as a device of strategic commitment, this result supports the common presumption that equity can enhance the firm's competitiveness in the product market.