Download or read book Firms Contracts and Financial Structure written by Oliver Hart and published by Clarendon Press. This book was released on 1995-10-05 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 the remainder of the book, incomplete contacting ideas are applied to understand firms' financial decisions, in particular, the nature of debt and equity (why equity has votes and creditors have foreclosure rights); the capital structure decisions of public companies; optimal bankruptcy procedure; and the allocation of voting rights across a company's shares. The book is written in a fairly non-technical style and includes many examples. It is aimed at advanced undergraduate and graduate students, academic and business economists, and lawyers as well as those with an interest in corporate finance, privatization and regulation, and transitional issues in Eastern Europe, the former Soviet Union, and China. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
Download or read book Financial Management in Construction Contracting written by Andrew Ross and published by John Wiley & Sons. This book was released on 2013-01-29 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative text provides a detailed insight into how construction companies manage their finances at both corporate and project level. It will guide students and practitioners through the complexities of the financial reporting of construction projects within the constraints of accepted accounting practice. The book is written for non-accountants and from a contractor’s perspective and is equally relevant to subcontractors and main contractors. The authors examine the relationship between the external annual accounts and the internal cost-value reconciliation process. CVR is covered in depth and the authors consider issues such as interim payments, subcontract accounts, contractual claims, final accounts, cash flow management and the reporting of the physical and financial progress of contracts. A broad perspective of all the financial aspects of contracting is taken along with related legal issues and the authors explain how things operate in the ‘real world’. They describe good practice in financial control while at the same time being honest about some of the more questionable practices that can - and do - happen. The approach taken is unique as the financial management of construction projects is considered from the perspective of the contractor’s quantity surveyor. The book deals with the real issues that surveyors have to address when using their judgment to report turnover, profitability, cash flow, and work in progress on projects and the financial problems faced by subcontractors are frankly and pragmatically explored. The payment and notice requirements of the Construction Act are explained in detail and relevant provisions of JCT2011, NEC3, ICC, DOM/1 and other standard contracts and subcontracts are also covered. Financial Management in Construction Contracting addresses the wide variety of external factors that influence how construction companies operate, including government policy, banking covenants and the financial aspects of supply chain management. Cost reporting systems are described and real-life examples are used to illustrate cost reports, accrual systems and how computerised systems can be employed to provide the QS with information that can be audited. Examples drawn from practice demonstrate how work-in-progress (WIP) is reported in contracting. Cost value reconciliation reports are featured and the book demonstrates how adjustments are made for overmeasure, undermeasure, subcontract liabilities and WIP as well as explaining the processes that contractors use when analysing external valuations. This is the ideal core text for final year degree and post-graduate level modules on Quantity Surveying, Commercial Management, Construction Management and Project Management courses and will provide an invaluable source of reference for quantity surveyors and others who may be engaged in the financial management of construction projects. The book’s companion website at www.wiley.com/go/rossfinancialmanagement offers invaluable resources for students and lecturers as well as for practising construction managers: end-of-chapter exercises + outline answers PowerPoint slides for each chapter ideas for discussion topics links to useful websites
Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2013-08-21 with total page 781 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the venture capital and private equity industry, but many key decisions require an understanding of the ways that law and economics work together. This revised and updated 2e offers broad perspectives and principles not found in other course books, enabling readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. In the 2e, datasets from over 40 countries are used to analyze and consider limited partnership contracts, compensation agreements, and differences in the structure of limited partnership venture capital funds, corporate venture capital funds, and government venture capital funds. There is also an in-depth study of contracts between different types of venture capital funds and entrepreneurial firms, including security design, and detailed cash flow, control and veto rights. The implications of such contracts for value-added effort and for performance are examined with reference to data from an international perspective. With seven new or completely revised chapters covering a range of topics from Fund Size and Diseconomies of Scale to Fundraising and Regulation, this new edition will be essential for financial and legal students and researchers considering international venture capital and private equity. - An analysis of the structure and governance features of venture capital contracts - In-depth study of contracts between different types of venture capital funds and entrepreneurial firms - Presents international datasets from over 40 countries around the world - Additional references on a companion website - Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements
Download or read book Bargaining Power Effects in Financial Contracting written by Kai Rudolph and published by Springer Science & Business Media. This book was released on 2006-11-17 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary objective of this book is to demonstrate that a firm's financing decisions depend among other things on bargaining power considerations, and to illustrate potential causes for this dependency. Based on a principal-agent analysis where a lender (principal) and a firm (agent) bargain over the financing of the firm’s risky project, the author illustrates and analyzes the importance of bargaining power on finance decisions.
Download or read book Profit First for Contractors written by Shawn Van Dyke and published by . This book was released on 2018-12-03 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Construction industry business coach, speaker, and author, Shawn Van Dyke, has taken the core concepts of Mike Michalowicz's Profit First and customized them to address the specific needs of the construction industry. Profit First for Contractors addresses the major struggles contractors face and provides clear and actionable guidance on how to overcome them. Shawn shows contractors how to go from simply getting by to becoming permanently profitable. This book is for every construction business owner who dreams of prosperity. Using Van Dyke's Profit First for Contractors system, readers will learn how to break out of the "craftsman cycle" - the seemingly never-ending loop of urgent tasks and responsibilities that keep contractors from gaining traction toward their important goals. He guides construction business owners how to understand their financial statements and how to use them to determine the markup and margin that lead to profits. You will also learn hot to develop solid rules of thumb for the operation of your construction businesses, and how to implement an effective cash management plan that simplifies accounting and leverages normal human behavior. Using real-life stories from actual construction business owners, step-by-step advice, and his conversational twang, Van Dyke puts permanent profitability within reach of every construction business owner.
Download or read book Builder s Guide to Accounting written by Michael C. Thomsett and published by Craftsman Book Company. This book was released on 2001-07 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes self-test section at the end of each chapter. Test yourself, then check answers in the back of the book to see how you score. CD-ROM included.
Download or read book The Impact of Incomplete Contracts on Economics written by Philippe Aghion and published by Oxford University Press. This book was released on 2015-12-22 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1986 article by Sanford J. Grossman and Oliver D. Hart titled "A Theory of Vertical and Lateral Integration" has provided a framework for understanding how firm boundaries are defined and how they affect economic performance. The property rights approach has provided a formal way to introduce incomplete contracting ideas into economic modeling. The Impact of Incomplete Contracts on Economics collects papers and opinion pieces on the impact that this property right approach to the firm has had on the economics profession.
Download or read book Advances in Economic Theory Volume 2 written by Econometric Society. World Congress and published by Cambridge University Press. This book was released on 1992 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gives the reader a unique survey of the most recent advances in economic theory.
Download or read book Principles of Project Finance written by E. R. Yescombe and published by Academic Press. This book was released on 2013-11-13 with total page 575 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Second Edition of this best-selling introduction for practitioners uses new material and updates to describe the changing environment for project finance. Integrating recent developments in credit markets with revised insights into making project finance deals, the second edition offers a balanced view of project financing by combining legal, contractual, scheduling, and other subjects. Its emphasis on concepts and techniques makes it critical for those who want to succeed in financing large projects. With extensive cross-references and a comprehensive glossary, the Second Edition presents anew a guide to the principles and practical issues that can commonly cause difficulties in commercial and financial negotiations. - Provides a basic introduction to project finance and its relationship with other financing techniques - Describes and explains: sources of project finance; typical commercial contracts (e.g., for construction of the project and sale of its product or services) and their effects on project-finance structures; project-finance risk assessment from the points of view of lenders, investors, and other project parties; how lenders and investors evaluate the risks and returns on a project; the rôle of the public sector in public-private partnerships and other privately-financed infrastructure projects; how all these issues are dealt with in the financing agreements
Download or read book Venture Capital and Private Equity Contracting written by Douglas J. Cumming and published by Academic Press. This book was released on 2009-04-02 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt: Other books present corporate finance approaches to the VC/PE industry, but many key decisions require an understanding of the ways that law and economics work together. Venture Capital and Private Equity Contracting is better than straight corporate finance textbooks because it offers broad perspectives and principles that enable readers to deduce the economic implications of specific contract terms. This approach avoids the common pitfalls of implying that contractual terms apply equally to firms in any industry anywhere in the world. - Explores the economic implications of contract terms for start-up firms in various industries - Pairs international data with explanations and examples about differences in VC and PE national and regional markets - Contains sample contracts, including limited partnership agreements, term sheets, shareholder agreements, and subscription agreements - Presents international datasets on limited partnership agreements between institutional investors and VC and PE funds
Download or read book Contract Theory written by Patrick Bolton and published by MIT Press. This book was released on 2004-12-10 with total page 746 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.
Download or read book The China Business Model written by Elisabeth Paulet and published by Chandos Publishing. This book was released on 2017-01-17 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The China Business Model: Originality and Limits emphasizes transformation of the Chinese Business Model over the last decades. The impact of the financial crisis on China helps the reader understand its evolution towards capitalism. Topics covered include CSR, leadership, and management in China, how do these organizations impact the performance of companies, the financing policy of Chinese firms and its evolution till the slowdown, finance and business in China, and how could the banking sector and/or the financial markets help the development of Chinese companies? - Helps the reader understand the impact of the financial crisis on China and its evolution towards capitalism - Contains coverage of CSR, leadership, and management in China - Answers the question "how can financial markets help the development of Chinese companies?"
Download or read book Handbook of Financial Intermediation and Banking written by Anjan V. Thakor and published by Elsevier. This book was released on 2008-07-07 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. - Original review articles offer valuable perspectives on research issues appearing in top journals - Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation - Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles
Download or read book Three essays on venture capital contracting written by Ibolya Schindele and published by Rozenberg Publishers. This book was released on 2005 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earnings Management Fintech Driven Incentives and Sustainable Growth written by Michael I. C. Nwogugu and published by Routledge. This book was released on 2019-11-01 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional research about Financial Stability and Sustainable Growth typically omits Earnings Management (as a broad class of misconduct), Complex Systems Theory, Mechanism Design Theory, Public Health, psychology issues, and the externalities and psychological effects of Fintech. Inequality, Environmental Pollution, Earnings Management opportunities, the varieties of complex Financial Instruments, Fintech, Regulatory Fragmentation, Regulatory Capture and real-financial sector-linkages are growing around the world, and these factors can have symbiotic relationships. Within Complex System theory framework, this book analyzes these foregoing issues, and introduces new behaviour theories, Enforcement Dichotomies, and critiques of models, regulations and theories in several dimensions. The issues analyzed can affect markets, and evolutions of systems, decision-making, "nternal Markets and risk-perception within government regulators, operating companies and investment entities, and thus they have Public Policy implications. The legal analysis uses applicable US case-law and statutes (which have been copied by many countries, and are similar to those of many common-law countries). Using Qualitative Reasoning, Capital Dynamics Theory (a new approach introduced in this book), Critical Theory and elements of Mechanism Design Theory, the book aims to enhance cross-disciplinary analysis of the above-mentioned issues; and to help researchers build better systems/Artificial-Intelligence/mathematical models in Financial Stability, Portfolio Management, Policy-Analysis, Asset Pricing, Contract Theory, Enforcement Theory and Fraud Detection. The primary audience for this book consists of university Professors, PHD students and PHD degree-holders (in industries, government agencies, financial services companies and research institutes). The book can be used as a primary or supplementary textbook for graduate courses in Regulation; Capital Markets; Law & Economics, International Political Economy and or Mechanism Design (Applied Math, Operations Research, Computer Science or Finance).
Download or read book Corporate Finance Innovation and Strategic Competition written by Cornelia Neff and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes how corporate finance decisions influence strategic competition and innovation of firms in the product market. We consider bank loan financing and venture capital financing. Due to assymetric information, firms must sign special contracts with banks or venture capitalists. The financial contracts, in turn, determine the competitive strategies of firms in the product market. Firms compete in prices for market shares. In addition to that, firms invest in R&D in order to induce product or process innovation. We show that better access to financial resources improves a firm's market position and leads to a higher rate of innovation. Cash-rich firms may even decide to prey upon financially restricted rivals in order to prevent new market entry or to induce market exit.
Download or read book Theoretical Foundations of Corporate Finance written by João Amaro de Matos and published by Princeton University Press. This book was released on 2018-06-05 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance is the area of finance that studies the determinants of firms' values, including capital structure, financing, and investment decisions. Although there are several excellent texts in corporate finance, this is the first to focus on the theoretical foundations of the subject in a consistent and integrated way at the Ph.D. level. In addition to a textbook for advanced graduate students, it can also serve as a general reference to researchers and sophisticated practitioners. The material presented is carefully selected with an eye to what is essential to understanding the underlying theory, ensuring that this text will remain useful for years to come. The book is divided into three parts. The first section presents the basic principles of valuation based on the absence of arbitrage, including a discussion of the determinants of the optimal capital structure based on the seminal results of Modigliani and Miller. The second section discusses the implications of agency problems and information asymmetries to capital structure, giving particular attention to payout policy and to debt contract design. The concluding portion presents different ways of restructuring capital, including going public, going private using stock repurchases or leveraged buyouts, and mergers and acquisitions. Each chapter includes exercises that vary in difficulty, with suggested solutions provided in an appendix. This book will assuredly be the standard doctoral- and professional-level explication of corporate finance theory and its appropriate applications.
