The ownership of the firm, corporate finance, and derivatives [electronic resource] : some critical thinking
| 000 | 00000nam u2200205 a 4500 | |
| 001 | 000046041694 | |
| 005 | 20200826103902 | |
| 006 | m d | |
| 007 | cr | |
| 008 | 200814s2015 si ob 001 0 eng d | |
| 020 | ▼a 9789812873538 | |
| 040 | ▼a 211009 ▼c 211009 ▼d 211009 | |
| 082 | 0 4 | ▼a 658.15 ▼2 23 |
| 084 | ▼a 658.15 ▼2 DDCK | |
| 090 | ▼a 658.15 | |
| 100 | 1 | ▼a Chang, Kuo-Ping. |
| 245 | 1 4 | ▼a The ownership of the firm, corporate finance, and derivatives ▼h [electronic resource] : ▼b some critical thinking / ▼c Kuo-Ping Chang. |
| 260 | ▼a Singapore : ▼b Springer Singapore : ▼b Imprint: Springer, ▼c 2015. | |
| 300 | ▼a 1 online resource (xii, 76 p.). | |
| 490 | 1 | ▼a SpringerBriefs in Finance, ▼x 2193-1720 |
| 500 | ▼a Title from e-Book title page. | |
| 504 | ▼a Includes bibliographical references and index. | |
| 505 | 0 | ▼a Preface -- Chapter 1: The Ownership of the Firm -- 1.1: A Story of Robin Hood -- 1.2: Power, Entrepreneur, and Objectives of the Firm -- 1.3: Choice, Risk Attitude, and Types of Contract -- References -- Chapter 2: Maximizing Profits and Maximizing Resource Providers’ Wealth -- 2.1: The Coase Theorem and the Modigliani-Miller Propositions -- 2.2: A Simple Example of the Modigliani-Miller Second Proposition -- References -- Chapter 3: A Reconsideration of the Modigliani-Miller Propositions -- 3.1: A Tale of Two Cows-The Modigliani-Miller First Proposition -- 3.2: Some Fallacious Arguments for the Modigliani-Miller Second Proposition -- References -- Chapter 4: Derivatives and the Theory of the Firm -- 4.1: Model-Free Option Prices -- 4.2: The Firm’s Resources and Derivatives -- 4.2.1: Each Resource Is Both a European Call Option and a European Put Option -- 4.2.2: Each Resource Is a Stock Plus a Forward Contract -- References -- Chapter 5: Arbitrage and Valuation of Different Contracts -- 5.1: The Arbitrage Theorem -- 5.2: Properties of the Binomial Option Pricing Model -- 5.3: Valuing Different Contracts -- Appendix A: Incomplete Market -- Appendix B: Incomplete Market and Replication of Securities -- Appendix C: More Uncertain Project and the Firm’s Value -- References -- Chapter 6: Misinterpretations of Residual Claim in Finance and Corporate Law -- 6.1: De Jure versus De Facto -- 6.2: Agency Costs and Residual Claim -- 6.3: Moral Hazard and Residual Claim -- References -- Index. |
| 520 | ▼a 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. | |
| 530 | ▼a Issued also as a book. | |
| 538 | ▼a Mode of access: World Wide Web. | |
| 650 | 0 | ▼a Corporations ▼x Finance. |
| 830 | 0 | ▼a SpringerBriefs in Finance. |
| 856 | 4 0 | ▼u https://oca.korea.ac.kr/link.n2s?url=http://dx.doi.org/10.1007/978-981-287-353-8 |
| 945 | ▼a KLPA | |
| 991 | ▼a E-Book(소장) |
소장정보
| No. | 소장처 | 청구기호 | 등록번호 | 도서상태 | 반납예정일 | 예약 | 서비스 |
|---|---|---|---|---|---|---|---|
| No. 1 | 소장처 중앙도서관/e-Book 컬렉션/ | 청구기호 CR 658.15 | 등록번호 E14030411 | 도서상태 대출불가(열람가능) | 반납예정일 | 예약 | 서비스 |