A History of Corporate Finance

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Cambridge University Press, Dec 28, 1999 - Business & Economics - 350 pages
This study focuses on the role of institutions and organizations in the development of corporate finance 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 financial theory. The epilogue contains 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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Contents

Medieval and Renaissance Origins
29
Corporate Finance in the Age of Global Exploration Trading Companies and Oceanic Discovery 14501720
55
The Emergence of Public Markets for Investment Securities 16881815
89
THE RISE OF MODERN INDUSTRY
125
Finance in the Age of Canals and Railroads 17751900
127
Common Stock Finance and the Rise of Managerial Capitalism 19001940
167
THE TRANSITION TO THE CONTEMPORARY ERA
211
The Financing of Center Firms 19401973
213
Conglomerates and LeveragedBuyout Partnerships
258
Epilogue
303
Finance and Informational Asymmetries in the Ancient World
313
International Patterns of Corporate Governance
322
Index
331
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Page 1 - Of these fundamental fields, economic history - which issues into and includes present-day facts - is by far the most important. I wish to state right now that if, starting my work in economics afresh, I were told that I could study only one of these three but could have my choice, it would be economic history that I should choose.
Page 2 - Second, the historical report cannot be purely economic but must inevitably reflect also ,institutional' facts that are not purely economic: therefore it affords the best method for understanding how economic and non-economic facts are related to one another and how the various social sciences should be related to one another. Third, it is, I believe, the fact that most of the fundamental errors currently committed in economic analysis are due to lack of historical experience more often than to any...
Page 2 - Nobody can hope to understand the economic phenomena of any, including the present, epoch who has not an adequate command of historical facts and an adequate amount of historical sense or of what may be described as historical experience. Second, the historical report cannot be purely economic but must inevitably reflect also 'institutional...
Page 8 - I venture the judgment that currently in the Western world, and especially in the United States, differences about economic policy among disinterested citizens derive predominantly from different predictions about the consequences of taking action, differences that can in principle be eliminated by the progress of positive economics — rather than from fundamental differences in basic values, differences about which men can ultimately only fight.
Page 13 - Herbert A. Simon: Administrative Behavior: A Study of Decision-Making Processes in Administrative Organization, 2nd ed.

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