文档介绍：The Theory of Corporate Finance
The Theory of Corporate Finance
Jean Tirole
Princeton University Press
Princeton and Oxford
Copyright © 2006 by Princeton University Press
Published by Princeton University Press,
41 William Street, Princeton, New Jersey 08540
In the United Kingdom: Princeton University Press,
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All rights reserved
Library of Congress Cataloguing-in-Publication Data
Tirole, Jean.
The theory of corporate finance / Jean Tirole.
p. cm.
Includes bibliographical references and index.
ISBN-13: 978-0-691-12556-2 (cloth: alk. paper)
ISBN-10: 0-691-12556-2 (cloth: alk. paper)
1. Corporations—Finance. 2. Business enterprises—Finance.
3. Corporate governance. I. Title.
2006
3001—dc22 2005052166
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
This book has posed in LucidaBright and
typeset by T&T Productions Ltd, London
Printed on acid-free paper ∞
Printed in the United States of America
**********
à Naïs, Margot, et Romain
Contents
Acknowledgements xi
2 Corporate Financing:
Introduction 1
Some Stylized Facts 75
Overview of the Field and
Coverage of the Book 1 Introduction 75
Approach 6 Modigliani–Miller and the Financial
Structure Puzzle 77
Prerequisites and Further Reading 7
Debt Instruments 80
Some Important Omissions 7
Equity Instruments 90
References 10
Financing Patterns 95
Conclusion 102
I An Economic Overview of Appendixes
Corporate Institutions 13 The Five Cs of Credit Analysis 103
Loan Covenants 103
References 106
1 Corporate Governance 15
Introduction: The Separation of
Ownership and Control 15 II Corporate Financing and
Managerial Incentives: An Overview 20 Agency Costs 111
The Board of Directors 29
Investor Activism 36
Takeovers and Leveraged Buyouts 43 3 Outside Financing Ca