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The Theory of Corporate Finance / Edition 1

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Overview

The past twenty years have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of.

Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics.

Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions.

Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

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Editorial Reviews

Times Higher Education Supplement - Rudi Bogni
Impeccably systematized. . . . Tirole's book will have a prominent place in my library, and I am sure that I shall have plenty of occasions to refer to its authority in the future. It fully deserves a 'buy' rating.
Economic Journal - David Webb
Jean Tirole has provided the profession with its first comprehensive, advanced treatment of corporate finance theory. . . . [T]he overall result is far from idiosyncratic and it will have a major impact upon teaching and research in corporate finance.
From the Publisher

Jean Tirole, Winner of the 2014 Nobel Prize in Economics

Honorable Mention for the 2006 Award for Best Professional/Scholarly Book in Finance & Economics, Association of American Publishers

"A magnificent new book. . . . This is far more than the mere textbook it purports to be; it has a plausible claim to be the first truly comprehensive overview of corporate finance by an economist."The Economist

"Impeccably systematized. . . . Tirole's book will have a prominent place in my library, and I am sure that I shall have plenty of occasions to refer to its authority in the future. It fully deserves a 'buy' rating."—Rudi Bogni, Times Higher Education Supplement

"Jean Tirole has provided the profession with its first comprehensive, advanced treatment of corporate finance theory. . . . [T]he overall result is far from idiosyncratic and it will have a major impact upon teaching and research in corporate finance."—David Webb, Economic Journal

Times Higher Education Supplement
Impeccably systematized. . . . Tirole's book will have a prominent place in my library, and I am sure that I shall have plenty of occasions to refer to its authority in the future. It fully deserves a 'buy' rating.
— Rudi Bogni
Economic Journal
Jean Tirole has provided the profession with its first comprehensive, advanced treatment of corporate finance theory. . . . [T]he overall result is far from idiosyncratic and it will have a major impact upon teaching and research in corporate finance.
— David Webb
The Economist
A magnificent new book. . . . This is far more than the mere textbook it purports to be; it has a plausible claim to be the first truly comprehensive overview of corporate finance by an economist.
Read More Show Less

Product Details

  • ISBN-13: 9780691125565
  • Publisher: Princeton University Press
  • Publication date: 12/12/2005
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 640
  • Sales rank: 739,507
  • Product dimensions: 8.30 (w) x 10.38 (h) x 1.64 (d)

Meet the Author

Jean Tirole, the winner of the 2014 Nobel Prize in Economics, is chairman of the Foundation Jean-Jacques Laffont at the Toulouse School of Economics, scientific director of Toulouse's Industrial Economics Institute, and annual visiting professor of economics at the Massachusetts Institute of Technology. His books include "Financial Crises, Liquidity, and the International Monetary System" (Princeton), "The Theory of Industrial Organization, Game Theory" (with Drew Fudenberg), and "A Theory of Incentives in Procurement and Regulation" (with Jean-Jacques Laffont).

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Table of Contents

1 Corporate governance 15
2 Corporate financing : some stylized facts 75
3 Corporate financing and agency costs 111
4 Some determinants of borrowing capacity 157
5 Liquidity and risk management, free cash flow, and long-term finance 199
6 Corporate financing under asymmetric information 237
7 Topics : product markets and earnings manipulations 283
8 Investors and voice : passive and active monitoring 331
9 Leading relationships and investor activism 355
10 Control rights and corporate governance 387
11 Takeovers 425
12 Consumer liquidity demand 447
13 Credit rationing and economic activity 471
14 Mergers and acquisitions, and the equilibrium determination of asset values 497
15 Aggregate liquidity shortages and liquidity asset pricing 517
16 Institutions, public policy, and the political economy of finance 535
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