{"product_id":"9781349465057","title":"The Corporate Financiers : Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen, Meckling (Great Minds in Finance)","description":"\u003cp\u003eThe Corporate Financiers is the fifth book in a\n\u003cbr\u003eseries of discussions about the great minds in the history and theory of\n\u003cbr\u003efinance. While the series addresses the contributions of scholars in our\\nunderstanding of modern finance, this volume presents the ways in which a\n\u003cbr\u003ecorporation creates value.\u003c\/p\u003e\n\n\u003cp\u003eMore\n\u003cbr\u003ethan two centuries ago, Adam Smith explained the concept of division of labor\n\u003cbr\u003eand the efficiencies of specialization as the mechanism in which a firm creates\n\u003cbr\u003evalue. However, corporations now find themselves outsourcing some processes to\n\u003cbr\u003eother firms as an alternative way to create value. There must be other economic\n\u003cbr\u003eforces at work than simply the internal efficiencies of a firm. We begin by\n\u003cbr\u003edescribing the work of a rather obscure scholar named John Burr Williams who demonstrated\n\u003cbr\u003ein 1938 how the earnings of a firm are capitalized into corporate value through\n\u003cbr\u003eits stock price. We then delve into the inner workings of the modern\n\u003cbr\u003ecorporation by describing the contributions of Nobel Memorial Prize winners\n\u003cbr\u003eRonald Coase and Oliver Williamson. More than any others, these scholars\n\u003cbr\u003ecreated a renewed appreciation for our understanding of the institutional\n\u003cbr\u003edetail of the modern corporation in reducing costs and increasing efficiency.\u003c\/p\u003e\n\n\u003cp\u003eWhile\n\u003cbr\u003eCoase and Williamson provided meaningful descriptions of the advantage of a\n\u003cbr\u003ecorporation, they did not offer prescriptions for the avenues the corporation\n\u003cbr\u003ecan create more value in an era when new technologies make outsourcing and\n\u003cbr\u003etelecommuting increasingly possible. Michael Jensen and William Meckling\n\u003cbr\u003edescribe in greater detail the nature of the implicit contracts a corporation\n\u003cbr\u003eemploys, and recommend remedies to various problems that arise when the goals\n\u003cbr\u003eof the corporation are not aligned with the incentives of its agents. We also\n\u003cbr\u003edescribe the further nuances to these relationships as offered by Armen Alchian\n\u003cbr\u003eand Harold Demsetz. We treat the lives of these extraordinary individuals who\n\u003cbr\u003elooked at a very familiar problem in a sufficiently novel light to change the\n\u003cbr\u003eway all look at corporations ever since. That is the test of genius.\u003c\/p\u003e","brand":"Palgrave Macmillan","offers":[{"title":"Default Title","offer_id":48939209818347,"sku":"00000_00000_00000_00000","price":201.41,"currency_code":"SGD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0758\/4484\/5803\/files\/9781349465057-1.jpg?v=1783097959","url":"https:\/\/kinokuniya.com.sg\/products\/9781349465057","provider":"Books Kinokuniya Singapore","version":"1.0","type":"link"}