AA hhiissttoorryy ooff ccoorrppoorraattee ffiinnaannccee Jonathon Barron Baskin & Paul J. Miranti, Jr., New York: Cambridge University Press, 1997. This book provides an excellent account of the development of the principles comprising modern corporate finance theory, and how many of these principles were evident in the operations and structure of the earliest forms of business organisation. Its primary focus is on the capital structure decision, with particular emphasis on the role of financing and dividend decisions in determining the appropriate mix and means of capital accumulation. Also discussed at length, and intertwined in the determination process, is the importance of environment, organisational form, and political considerations in determining this optimal capital structure. The introductory chapter summarises the major developments in finance throughout history and the objectives that challenged primitive financial theory. It was objectives such as achieving economies of scale and scope, gains from increased efficiency, reductions in risk, or exogenous change, and the removal of market imperfections which led to the introduction of financial innovations as early as the tenth century which were the forerunners to much of modern corporate finance theory. It was these ideals which resulted in the development of the efficient markets hypothesis, portfolio
Book review: A history of corporate finance
Abstract
AA hhiissttoorryy ooff ccoorrppoorraattee ffiinnaannccee Jonathon Barron Baskin & Paul J. Miranti, Jr., New York: Cambridge University Press, 1997. This book provides an excellent account of the development of the principles comprising modern corporate finance theory, and how many of these principles were evident in the operations and structure of the earliest forms of business organisation. Its primary focus is on the capital structure decision, with particular emphasis on the role of financing and dividend decisions in determining the appropriate mix and means of capital accumulation. Also discussed at length, and intertwined in the determination process, is the importance of environment, organisational form, and political considerations in determining this optimal capital structure. The introductory chapter summarises the major developments in finance throughout history and the objectives that challenged primitive financial theory. It was objectives such as achieving economies of scale and scope, gains from increased efficiency, reductions in risk, or exogenous change, and the removal of market imperfections which led to the introduction of financial innovations as early as the tenth century which were the forerunners to much of modern corporate finance theory. It was these ideals which resulted in the development of the efficient markets hypothesis, portfolioPreview Only. This article cannot be rented because we do not currently have permission from the publisher.
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Book review: A history of corporate finance
Henry,Darren
Follow Accounting History
, Volume 2 (2): 120
SAGE – May 1, 1997
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