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Full Description
Why did the "stagflation" of the 1970s—the improbable combination of high unemployment and runaway inflation—prove so painful and protracted? What explains the U.S. stock market's remarkable forty-year run of 12 percent average annual returns since then? Why is Japan still mired in a decades-long recession—and the Chinese economy in a tailspin? And what accounts for the resilience of U.S. stock and labor markets in the wake of the COVID-19 pandemic and in the face of the Fed's record interest rate hikes?
Donald H. Chew, Jr., argues that answers to these questions lie in the principles and methods of "modern corporate finance." Ideas formulated and tested by finance scholars—notably, an efficient stock market in which prices reflect the long-run values of public companies and a "market for corporate control" that exerts continuous pressure on management—informed and spurred the investor-driven capitalism that has created the world's most productive and valuable companies. Drawing on his career-long relationships with leading academics and practitioners, Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. Corporate efficiency and value creation, he contends, are the fundamental source of the social wealth essential to addressing challenges such as poverty and climate change. Lively and provocative, this book makes corporate finance approachable—and even admirable—for readers interested in how the success and failure of companies affect their lives.
Contents
Prologue: The Magic of Finance Capitalism
1. An Introduction to Corporate Finance: What Is It, and Why Does It Matter?
2. The Cautionary Tale of Japan Inc.—and the Link between Corporate Finance and Social Wealth
3. Merton Miller and the Chicago School Theory of Value
4. Michael Jensen, William Meckling, and the Rochester School of Corporate Control
5. Stewart Myers and the MIT School of Real Options and Capital Structure
6. Clifford Smith, Rene Stulz, and the Theory and Practice of Corporate Risk Management
7. Jensen Redux, Steve Kaplan, and the Success of U.S. Private Equity
8. The Rise and Fall of Stern Stewart's EVA Financial Management System
9. The Perennially Vexing Problem of U.S. CEO Pay and Steve O'Byrne's Quest for the Perfect Pay Plan
10. Martin Fridson, the Extraordinary Success of the High-Yield Bond Market, and the Leveraging of Corporate America
11. Carl Walter and Exposing the Brittle Façade of Chinese Corporate and Public Finance
12. James Sweeney and Micro-based Attempts to Make Macro Relevant
Epilogue: Sustainable Financial Management (and the Promise and Pitfalls of ESG)
Notes
Index
