A History of Corporate Finance / Edition 1

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Overview

This study focuses on the role of institutions and organizations in the historical development of corporate finance. The book provides an overview of the evolution of practice in this field from the Italian merchant banks of the Renaissance through the formation of conglomerates and leveraged-buy-out partnerships in contemporary Wall Street. It also puts forth a compelling argument for the closer integration of historical and quantitative research methodologies in advancing finance theory. Additionally, the epilogue defines an original algorithm that explains the relationship between the short-term, firm-specific factors and longer-term, environmental elements that have shaped the historical development of finance.
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Editorial Reviews

From the Publisher
"A History of Corporate Finance is a solid contribution to scholarship that should gain the interest of historians, lawyers, economists, and business persons. Its unusual combination of scope, clarity, and brevity, combined with its reasonable price, may induce professors to make it required reading for advanced undergraduate and graduate cources in economic and business history, or in management education courses....an outstanding study that will deservedly gain a wide audience..." H-Net Book Reviews

"A History of Corporate Finance by Baskin and Miranti provides a panoramic account of the evolution of financial organizations and practices from ancient time through the present. It also compares these organizations and practices with the assumptions and conclusions of contemporary financial theories. It is must reading for both history buffs and for students, scholars, and practitioners of financial theory." Harry Markowitz, 1990 Winner of the Nobel Prize in Economics

"Business corporations, once rare, have become the dominant organization of the modern economy. The corporation as we know it owes its existence to a long history of financial innovations—in institutions, markets, and instruments (securities). This is the first in-depth history to tell us how it all happened, from the merchants and bankers of medieval and Renaissance Italy to today's corporate managers and wizards of Wall Street. Students of business, economics, finance, law, and history will learn much from it." Richard Sylla, New York University

"The work embodied in A History of Corporate Finance is a brilliant combination of theoretical and historical analysis. Given the path dependency of the structure of financial institutions, the book will become required reading for anyone interested in the evolution and development of business finance over the past five hundred years or, for that matter, anyone interested in understanding today's financial markets." Lance E. Davis, California Institute of Technology

"...this is an outstanding book." Book Reviews

"...immeasurable value as a survey of business and financial history." Canadian Business Law Journal

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Product Details

  • ISBN-13: 9780521655361
  • Publisher: Cambridge University Press
  • Publication date: 3/28/2003
  • Series: Historical Perspectives on Modern Economics Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 364
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.83 (d)

Table of Contents

Preface
Introduction: History and the Modern Theory of Finance 1
1 Medieval and Renaissance Origins 29
2 Corporate Finance in the Age of Global Exploration: Trading Companies and Oceanic Discovery, 1450-1720 55
3 The Emergence of Public Markets for Investment Securities, 1688-1815 89
4 Finance in the Age of Canals and Railroads, 1775-1900 127
5 Common Stock Finance and the Rise of Managerial Capitalism, 1900-1940 167
6 The Financing of Center Firms, 1940-1973 213
7 Conglomerates and Leveraged-Buyout Partnerships 258
Epilogue 303
App. A Finance and Informational Asymmetries in the Ancient World 313
App. B International Patterns of Corporate Governance 322
Index 331
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