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Product Identifiers

PublisherOxford University Press, Incorporated

ISBN-100198288816

ISBN-139780198288817

eBay Product ID (ePID)80713

Product Key Features

Number of Pages240 Pages

LanguageEnglish

Publication NameFirms, Contracts, and Financial Structure

Publication Year1995

SubjectGeneral, Contracts, Economics / Theory, Corporate Finance / General

TypeTextbook

Subject AreaLaw, Business & Economics

AuthorOliver Hart

SeriesClarendon Lectures in Economics Ser.

FormatTrade Paperback

Dimensions

Item Height0.6 in

Item Weight11.3 Oz

Item Length8.5 in

Item Width5.4 in

Additional Product Features

Intended AudienceCollege Audience

LCCN95-024169

Dewey Edition20

eBook FormatnetLibrary

Reviews"This book, which synthesizes most of Oliver Hart's work since 1980, provides a clear introduction to the modern theory of the firm, and ultimately a very compelling answer to...fundamental questions in the form of the increasingly accepted Property Rights Theory of the Firm."--Jeffrey Zwiebel, Economica"I expect it to be essential reading for any economics or finance Ph. D. student interested in corporate finance. Thus, this volume should contribute to the development of the contracts approach to corporate finance....Firms, Contracts, and Financial Structure provides an excellent exposition of the incomplete contracts approach to the theory of the firm....[I]t is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly."--Milton Harris, Review of Financial Studies"A very clear, unified treatment of the implications of incomplete contracting. A truly solid foundation for the theory of integration and financial structure."--Birger Wernerfelt, Sloan School, MIT"I recommend this book to all who are interested in the theory of the firm and in Hart's current and recent contributions to this theory. There is much to applaud in the book."--Harold Demsetz, University of California, Los Angeles, 'Essential reading for any economics or finance Ph.D. student interested in corporate finance ... provides an excellent exposition of the incomplete contracts approach to the theory of the firm ... it is a fine survey of the author's contributions to the theory of firm boundaries and financialstructure. As such, I commend it highly.'Review of Financial Studies, 'Mr Hart provides some impressive insights. Other economists will no doubt be indebted to him.'The Economist'I expect it to be essential reading for any economics or finance Ph.D. student interested in corporate finance ... this volume should contribute to the development of the contracts approach to corporate finance ... an excellent exposition of the incomplete contracts approach to the theory of the firm ... it is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly.'Review of Financial Studies'...very stimulating book ... offers an excellent introduction to teh theory of incomplete contracts. Furthermore, it shows that a few fundamental ideas may be sufficient to explain a diversity of real world phenomena. It can be recommended to all those who are interested in the study of firms, markets, and other economic institutions.'Journal of Institutional and Theoretical Economics'Essential reading for any economics or finance Ph.D. student interested in corporate finance ... provides an excellent exposition of the incomplete contracts approach to the theory of the firm ... it is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly.'Review of Financial Studies, 'Mr Hart provides some impressive insights. Other economists will no doubt be indebted to him.'The Economist, '...very stimulating book ... offers an excellent introduction to teh theory of incomplete contracts. Furthermore, it shows that a few fundamental ideas may be sufficient to explain a diversity of real world phenomena. It can be recommended to all those who are interested in the study offirms, markets, and other economic institutions.'Journal of Institutional and Theoretical Economics, 'I expect it to be essential reading for any economics or finance Ph.D. student interested in corporate finance ... this volume should contribute to the development of the contracts approach to corporate finance ... an excellent exposition of the incomplete contracts approach to the theory ofthe firm ... it is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly.'Review of Financial Studies, "This book, which synthesizes most of Oliver Hart's work since 1980, provides a clear introduction to the modern theory of the firm, and ultimately a very compelling answer to...fundamental questions in the form of the increasingly accepted Property Rights Theory of the Firm."--Jeffrey Zwiebel, Economica "I expect it to be essential reading for any economics or finance Ph. D. student interested in corporate finance. Thus, this volume should contribute to the development of the contracts approach to corporate finance....Firms, Contracts, and Financial Structure provides an excellent exposition of the incomplete contracts approach to the theory of the firm....[I]t is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly."--Milton Harris, Review of Financial Studies "A very clear, unified treatment of the implications of incomplete contracting. A truly solid foundation for the theory of integration and financial structure."--Birger Wernerfelt, Sloan School, MIT "I recommend this book to all who are interested in the theory of the firm and in Hart's current and recent contributions to this theory. There is much to applaud in the book."--Harold Demsetz, University of California, Los Angeles, "This book, which synthesizes most of Oliver Hart's work since 1980, provides a clear introduction to the modern theory of the firm, and ultimately a very compelling answer to...fundamental questions in the form of the increasingly accepted Property Rights Theory of the Firm."--Jeffrey Zwiebel,Economica "I expect it to be essential reading for any economics or finance Ph. D. student interested in corporate finance. Thus, this volume should contribute to the development of the contracts approach to corporate finance....Firms, Contracts, and Financial Structureprovides an excellent exposition of the incomplete contracts approach to the theory of the firm....[I]t is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly."--Milton Harris,Review of Financial Studies "A very clear, unified treatment of the implications of incomplete contracting. A truly solid foundation for the theory of integration and financial structure."--Birger Wernerfelt, Sloan School, MIT "I recommend this book to all who are interested in the theory of the firm and in Hart's current and recent contributions to this theory. There is much to applaud in the book."--Harold Demsetz,University of California, Los Angeles

IllustratedYes

Dewey Decimal658.15

SynopsisOliver Hart's Clarendon Lectures are an important contribution to contact theory as it is developing in economic analysis, and especially in the context of the firm. He starts by developing a general model of the firm, and then analyses in greater depth the financial structure of firms, debt collecting and bankruptcy. The book will interest teachers, graduate students and advanced students in microeconomics, the theory of the firm, industrial organization and finance., This work uses recent developments in the theory of incomplete contracts to analyze a range of topics in organization theory and corporate finance. Beginning with a general model of the firm, Hart analyzes in greater depth the financial structure of firms, debt collecting and bankruptcy. Oliver Hart is a leading researcher in this area, and these Clarendon Lectures are an important contribution to contact theory. The work will be of interest to teachers, graduate students and advanced students of microeconomics, the theory of the firm, industrial organization, and finance., 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.

LC Classification NumberHB241.H354 1995