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The Theory of Corporate Finance

The Theory of Corporate Finance [Kindle Edition]

Jean Tirole

Kindle-Preis: EUR 47,56 Inkl. MwSt. und kostenloser drahtloser Lieferung über Amazon Whispernet

  • Länge: 640 Seiten
  • Sprache: Englisch
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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


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.


  • Format: Kindle Edition
  • Dateigröße: 10814 KB
  • Seitenzahl der Print-Ausgabe: 656 Seiten
  • Verlag: Princeton University Press (26. August 2010)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • ASIN: B003ZHVB2G
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Amazon Bestseller-Rang: #213.334 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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Die hilfreichsten Kundenrezensionen auf (beta) 4.7 von 5 Sternen  11 Rezensionen
37 von 42 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Superb 5. Februar 2006
Von armchair theorist - Veröffentlicht auf
Format:Gebundene Ausgabe
Tirole's book is one of the very few formal texts to cover corporate finance theory. It is structured around a few basic models which are changed/extended in myriad ways in order to illuminate this or that topic. This allows the reader to cover a lot of ground with minimal investment.

I have taught a master's level finance course based on the notes that the book is built on and found it a pleasure.

I found it useful to cover some basics of principal agent theory before covering Tirole's material, as some knowledge of information economics is assumed. Laffont and Martimort's book makes the transition smooth as they essentially use the same basic two action two outcome setup as Tirole's first couple of chapters.

I very much doubt that a superior book will appear on the shelves for some time, that is of course, until Tirole decides to update his text some years from now.
4 von 4 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Not that perfect 25. April 2012
Von Thomas - Veröffentlicht auf
Format:Gebundene Ausgabe
This book is sure to fill a gap in that it gives a comprehensive overview of the theory of corporate finance. It is rich in examples and the interested reader can find numerous references at the end of each chapter.

However, the book is sometimes awkwardly written: sentences are unnecessarily long and the logic of French grammar pops up here and there. A further concern is that models are never presented in a concise way (e.g. as in Mas-Colell, Whinston and Greene: Microeconomic Theory). Why would anyone discuss examples between presenting the objective function and the constraints? Sometimes it takes to read 3 pages to cover a model of 3 equations. This makes reading tiring as the reader might lose track of the actual model as they go through the examples.

In my opinion, the text is aimed at graduate students and in general is good, but the flow of the text should be much-much better.
16 von 22 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Excellent Theoretical Approach 6. April 2006
Von John Matlock - Veröffentlicht auf
Format:Gebundene Ausgabe
Even a few years ago the theory of corporate finance was relatively simple. To be sure, everyone knew that the models weren't perfect. The close cooperation between favorite trading partners and/or between companies and their governments, the impact of taxes, currency issues, and a whole raft of financing instruments that never existed before has forced drastic changes in the basic theories of corporate financing.

This book employs a single, elementary model in order to illustrate the main economic insights. While this approach doesn't take into account all of the various extentions that more complex models might give, it is much easier for the student to get accustomed to one model and then to modify it as circumstances warrent.

This book is aimed at the advanced undergraduate student, or more likely one at the graduate level. While not nearly as mathematically oriented as some books, this one does include enough that the student should consider calculus as a prerequisite.

All in all, this book does a supurb job of developing a theory that reflects the real world as it exists today.
2 von 2 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen A great theoretical reference 26. Mai 2009
Von The Wild Gunman - Veröffentlicht auf
Format:Gebundene Ausgabe
I found this book to be a very clear, step-by-step introduction to the fundamental theories of corporate finance. It relies heavily on a simple Investment -> {R,0} payoff model to unify and explain basic theories. You might quibble with this approach, but it proves to be an excellent way of structuring and outlining finance theory in a cogent, step-by-step conceptual framework. I wish they could use it at the MBA level, given the horrendously awful understanding of basic issues that most MBA's have. To be clear, it's definitely a Ph.D. level text, but I'd say it's reasonably accessible to anyone with good math skills and a strong desire to learn the fundamentals of modern financial economics.

As a bonus, it's also relatively cheap. Thanks Jean.
1 von 1 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen the last word 27. Juli 2008
Von rob_the_scientists - Veröffentlicht auf
Format:Gebundene Ausgabe
anyone familiar with finance and economics will know that jean tirole needs no intro. find the research agenda getting a bit stale? this is the perfect pick me up.
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The dominant view in economics, articulated, for example, in Shleifer and Vishnys (1997) and Becht et al.s (2002) surveys on the topic, is that corporate governance relates to the ways in which the suppliers of finance to corporations assure themselves of getting a return on their investment. &quote;
Markiert von 5 Kindle-Nutzern
Most observers are now seriously concerned that the best managers may not be selected, and that managers, once selected, are not accountable. &quote;
Markiert von 4 Kindle-Nutzern
(a) Insufficient effort. By insufficient effort, we refer not so much to the number of hours spent in the office (indeed, most top executives work very long hours), but rather to the allocation of work time to various tasks. &quote;
Markiert von 3 Kindle-Nutzern

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