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The Ownership of the Firm, Corporate Finance, and Derivatives PDF
By:Kuo-Ping Chang
Published on 2015-01-02 by Springer

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This book clarifies several ambiguous arguments and claims in finance and the theory of the firm. It also serves as a bridge between derivatives, corporate finance and the theory of the firm. In addition to mathematical derivations and theories, the book also uses anecdotes and numerical examples to explain some unconventional concepts. The main arguments of the book are: (1) the ownership of the firm is not a valid concept, and firms’ objectives are determined by entrepreneurs who can innovate to earn excess profits; (2) the Modigliani-Miller capital structure irrelevancy proposition is a restatement of the Coase theorem, and changes in the firm’s debt-equity ratio will not affect equity-holders’ wealth (welfare), and equity-holders’ preferences toward risk (or variance) are irrelevant; (3) all firms' resources are options, and every asset is both a European call and a put option for any other asset; and (4) that a first or residual claim between debt and equity is non-existent while the first claim among fixed-income assets can actually affect the market values of these assets.

This Book was ranked at 5 by Google Books for keyword Corporate Finance.

Book ID of The Ownership of the Firm, Corporate Finance, and Derivatives's Books is kUALBgAAQBAJ, Book which was written byKuo-Ping Changhave ETAG "4O/jz/c3TEM"

Book which was published by Springer since 2015-01-02 have ISBNs, ISBN 13 Code is 9789812873538 and ISBN 10 Code is 9812873538

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Book which have "76 Pages" is Printed at BOOK under CategoryBusiness and Economics

Book was written in en

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