Furer Professor of Economics, Harvard University The result is a book that will be an important resource for students and teachers alike." -Oliver Hart, Andrew E. Applying his celebrated analytical and expositional skills, Tirole synthesizes and unifies the field in a clear and accessible manner, emphasizing particularly the connections between corporate finance and contract theory and the role of incentives and control in firms' financial decisions. "The field of corporate finance has developed rapidly and extensively in the last twenty years, but those who want to teach it face a barrier: the absence of a widely accepted textbook. This masterful book will be a formidable teaching tool at the graduate level and an essential reference for research in corporate finance." -Marco Pagano, Professor of Economics, University of Naples Federico II "Using a single elementary model Tirole brings out with refreshing ease an unsuspected unity and simplicity in a field that might otherwise be perceived as dishearteningly fragmented and complex. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. He weaves empirical studies into the book's theoretical analysis. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing the role of private equity, financial markets, and takeovers the efficient determination of leverage, dividends, liquidity, and risk management and the design of managerial incentive packages. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Whereas once the subject addressed mainly the financing of corporations-equity, debt, and valuation-today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. The past twenty years have seen great theoretical and empirical advances in the field of corporate finance.
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