Firms Markets And Contracts
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Author | : Oliver Hart |
Publisher | : Clarendon Press |
Total Pages | : 244 |
Release | : 1995-10-05 |
Genre | : Business & Economics |
ISBN | : 0191521728 |
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.
Author | : Pol Antràs |
Publisher | : Princeton University Press |
Total Pages | : 336 |
Release | : 2020-10-13 |
Genre | : Business & Economics |
ISBN | : 0691209030 |
Global Production is the first book to provide a fully comprehensive overview of the complicated issues facing multinational companies and their global sourcing strategies. Few international trade transactions today are based on the exchange of finished goods; rather, the majority of transactions are dominated by sales of individual components and intermediary services. Many firms organize global production around offshoring parts, components, and services to producers in distant countries, and contracts are drawn up specific to the parties and distinct legal systems involved. Pol Antràs examines the contractual frictions that arise in the international system of production and how these frictions influence the world economy. Antràs discusses the inevitable complications that develop in contract negotiation and execution. He provides a unified framework that sheds light on the factors helping global firms determine production locations and other organizational choices. Antràs also implements a series of systematic empirical tests, based on recent data from the U.S. Customs and Census Offices, which demonstrate the relevance of contractual factors in global production decisions. Using an integrated approach, Global Production is an excellent resource for researchers, graduate students, and advanced undergraduates interested in the inner workings of international economics and trade.
Author | : Peter J. Buckley |
Publisher | : |
Total Pages | : 498 |
Release | : 1996 |
Genre | : Business & Economics |
ISBN | : 9780198774365 |
The operations of the firm lie at the heart of studying business and business economics. This volume--the first in the new Oxford Management Readers Series--brings together the classic articles analyzing the role of firms and the relations between them, focusing particularly on the increasingly widespread idea that a firm is based on a set of internal and external contracts. The book will be an invaluable tool for teachers and students of business, economics, and management. The editors' Introduction provides an accessible overview, and Nobel prizewinner Ronald Coase contributes a foreword.
Author | : Minouche Shafik |
Publisher | : Princeton University Press |
Total Pages | : 256 |
Release | : 2022-08-23 |
Genre | : Business & Economics |
ISBN | : 069120764X |
From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.
Author | : Manuel Becerra |
Publisher | : Cambridge University Press |
Total Pages | : 310 |
Release | : 2009-02-05 |
Genre | : Business & Economics |
ISBN | : 0521863341 |
Develops a value-based theory of the firm specifically aimed at strategic decision-making.
Author | : Daniel F. Spulber |
Publisher | : Cambridge University Press |
Total Pages | : 542 |
Release | : 2009-04-13 |
Genre | : Business & Economics |
ISBN | : 0521517389 |
The Theory of the Firm presents an innovative general analysis of the economics of the firm.
Author | : Oliver E. Williamson |
Publisher | : Oxford University Press, USA |
Total Pages | : 260 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : 9780195083569 |
This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Author | : Oliver E. Williamson |
Publisher | : Simon and Schuster |
Total Pages | : 473 |
Release | : 1985 |
Genre | : Business & Economics |
ISBN | : 068486374X |
This long-awaited sequel to the modem classic "Markets and Hierarchies" develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labor policy, and SEC and public utility regulations.
Author | : Avi Goldfarb |
Publisher | : University of Chicago Press |
Total Pages | : 510 |
Release | : 2015-05-08 |
Genre | : Business & Economics |
ISBN | : 022620684X |
There is a small and growing literature that explores the impact of digitization in a variety of contexts, but its economic consequences, surprisingly, remain poorly understood. This volume aims to set the agenda for research in the economics of digitization, with each chapter identifying a promising area of research. "Economics of Digitization "identifies urgent topics with research already underway that warrant further exploration from economists. In addition to the growing importance of digitization itself, digital technologies have some features that suggest that many well-studied economic models may not apply and, indeed, so many aspects of the digital economy throw normal economics in a loop. "Economics of Digitization" will be one of the first to focus on the economic implications of digitization and to bring together leading scholars in the economics of digitization to explore emerging research.
Author | : R. H. Coase |
Publisher | : University of Chicago Press |
Total Pages | : 226 |
Release | : 2012-06-15 |
Genre | : Business & Economics |
ISBN | : 022605120X |
Few other economists have been read and cited as often as R.H. Coase has been, even though, as he admits, "most economists have a different way of looking at economic problems and do not share my conception of the nature of our subject." Coase's particular interest has been that part of economic theory that deals with firms, industries, and markets—what is known as price theory or microeconomics. He has always urged his fellow economists to examine the foundations on which their theory exists, and this volume collects some of his classic articles probing those very foundations. "The Nature of the Firm" (1937) introduced the then-revolutionary concept of transaction costs into economic theory. "The Problem of Social Cost" (1960) further developed this concept, emphasizing the effect of the law on the working of the economic system. The remaining papers and new introductory essay clarify and extend Coarse's arguments and address his critics. "These essays bear rereading. Coase's careful attention to actual institutions not only offers deep insight into economics but also provides the best argument for Coase's methodological position. The clarity of the exposition and the elegance of the style also make them a pleasure to read and a model worthy of emulation."—Lewis A. Kornhauser, Journal of Economic Literature Ronald H. Coase was awarded the Nobel Prize in Economic Science in 1991.