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Firms, Contracts, and Financial Structure (Clarendon Lectures in Economics), by Oliver Hart
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This work uses recent developments in the theory of incomplete contracts to analyze a range of topics in organization theory and corporate finance. Beginning with a general model of the firm, Hart analyzes in greater depth the financial structure of firms, debt collecting and bankruptcy. Oliver Hart is a leading researcher in this area, and these Clarendon Lectures are an important contribution to contact theory. The work will be of interest to teachers, graduate students and advanced students of microeconomics, the theory of the firm, industrial organization, and finance.
- Sales Rank: #209130 in Books
- Published on: 1995-12-07
- Released on: 1993-04-01
- Original language: English
- Number of items: 1
- Dimensions: 5.44" h x .54" w x 8.50" l, .69 pounds
- Binding: Paperback
- 240 pages
Review
"This book, which synthesizes most of Oliver Hart's work since 1980, provides a clear introduction to the modern theory of the firm, and ultimately a very compelling answer to...fundamental questions in the form of the increasingly accepted Property Rights Theory of the Firm."--Jeffrey Zwiebel, Economica
"I expect it to be essential reading for any economics or finance Ph. D. student interested in corporate finance. Thus, this volume should contribute to the development of the contracts approach to corporate finance....Firms, Contracts, and Financial Structure provides an excellent exposition of the incomplete contracts approach to the theory of the firm....[I]t is a fine survey of the author's contributions to the theory of firm boundaries and financial structure. As such, I commend it highly."--Milton Harris, Review of Financial Studies
"A very clear, unified treatment of the implications of incomplete contracting. A truly solid foundation for the theory of integration and financial structure."--Birger Wernerfelt, Sloan School, MIT
"I recommend this book to all who are interested in the theory of the firm and in Hart's current and recent contributions to this theory. There is much to applaud in the book."--Harold Demsetz, University of California, Los Angeles
From the Back Cover
This book provides a framework for thinking about economic institutions 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 contracting 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; 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 the transition from socialism to capitalism. Little background knowledge is required, since the concepts are developed as the book progresses and the existing literature is fully reviewed.
About the Author
Oliver Hart is Professor of Economics at Harvard University.
Most helpful customer reviews
0 of 1 people found the following review helpful.
An old gem
By Cag
An old gem in which Hart summarizes Firm Theory and also Corporate Finance literature. It is helpful for those who want to understand the theory of the firm.
2 of 2 people found the following review helpful.
One of the best economics books I've ever read
By Garett Jones
One of the best economics books I've ever read, a beautiful combination of wisdom and clarity. On the first page, Hart starts off with a real-life example of an incomplete contract--a home repair or remodeling contract, if memory serves. Then he shows you how prudent (shrewd?) people will tend to set up firms and financial contracts when the world is like that, when the only contracts you can write are incomplete ones, where you want to create incentives today for your partner to behave well in the complicated, unpredictable future.
Hart's book shows the payoff to pure economic theory. He makes his points with algebra and good clear microeconomic thinking. Strongly recommended for advanced undergraduates and anyone who has wondered why the economy is organized the way it is.
1 of 1 people found the following review helpful.
Brilliant piece
By marshall
I was not interested in any micro theory prior to reading this book. I felt many modern advances in micro theory is purely mathematicians' game, which has little relevance towards reality. That view changed first when I had the pleasure to learn contract theory from Hart. His immensely interesting lecture lured me into actually reading his book, from which his lecture draws and is as fascinating and lucid as his lecture. His explanation is very clear, and refers back to his canonical model of GM to illustrate how theory is relevant to reality. He demonstrates how contract theory answers some questions that neoclassical theory or any established theory could not answer. Another strength of this book and of Hart is that he is able to answer intriguing and important questions using simple mathematics--All the models presented are striped-down, with no unnecessary complications, and the core insight and intuition is not buried in messy complications. To conclude, this is a wonderful book if your are looking for some insights into the organizations of firms.
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