Firms, Contracts, and Financial Structure

Name: Firms, Contracts, and Financial Structure
Price: 13.05 USD
Availability: InStock
ISBN: 9780198288817

ISBN-10: 0198288816

ISBN-13: 9780198288817

Edition: 1995

Authors: Oliver Hart

List price: $62.00

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This book provides a framework for thinking about economic instiutions such as firms. The basic idea is that institutions arise in situations where people write incomplete contracts and where the allocation of power or control is therefore important. Power and control are not standard concepts in economic theory. The book begins by pointing out that traditional approaches cannot explain on the one hand why all transactions do not take place in one huge firm and on the other hand why firms matter at all. An incomplete contracting or property rights approach is then developed. It is argued that this approach can throw light on the boundaries of firms and on the meaning of asset ownership. In…

Book details

List price: $62.00
Copyright year: 1995
Publisher: Oxford University Press, Incorporated
Publication date: 12/7/1995
Binding: Paperback
Pages: 240
Size: 5.47" wide x 8.46" long x 0.55" tall
Weight: 0.682
Language: English



Acknowledgements


Introduction



Understanding Firms



The Property Rights Approach



Further Issues Arising from the Property Rights Approach



A Discussion of the Foundations of the Incomplete Contracting Model


Appendix Message-Dependent Ownership Structures



Understanding Financial Structure



Theories of Financial Contracting and Debt


Appendix the: Costly State Verification Approach



Capital Structure Decisions of a Public Company



Role of Short-Term Debt: Model 3



Bankruptcy Procedure



The Structure of Voting Rights in a Public Company


References


Index