The Ownership of the Firm, Corporate Finance, and Derivatives Some C
This book clarifies several ambiguous arguments and claims in finance and the theory of the firm. It also serves as a bridge between derivatives, corporate finance and the theory of the firm. In addition to mathematical derivations and theories, the book
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Kuo-Ping Chang
The Ownership of the Firm, Corporate Finance, and Derivatives Some Critical Thinking
SpringerBriefs in Finance
More information about this series at http://www.springer.com/series/10282
Kuo-Ping Chang
The Ownership of the Firm, Corporate Finance, and Derivatives Some Critical Thinking
123
Kuo-Ping Chang National Tsing Hua University Hsinchu City Taiwan
ISSN 2193-1720 SpringerBriefs in Finance ISBN 978-981-287-352-1 DOI 10.1007/978-981-287-353-8
ISSN 2193-1739 (electronic) ISBN 978-981-287-353-8
(eBook)
Library of Congress Control Number: 2014956219 Springer Singapore Heidelberg New York Dordrecht London © The Author(s) 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer Science+Business Media Singapore Pte Ltd. is part of Springer Science+Business Media (www.springer.com)
All truths are easy to understand once discovered; the point is to discover them. Galileo Galilei
To Lijing, Wanzu and Wanjane
Preface
This book is intended for all those who are interested in the interactions between the theory of the firm, corporate finance, and derivatives. The view in this book is original and challenges the assumptions taken in the seminal papers of financial theory. It offers new perspectives on financial theory, which are enhanced by stories and numerical examples. The content of this book has evolved from a series of courses I have taught and learned since the early 1980s. It has been a long and lonely journey but I did benefit greatly from interactions with my former students at National Tsing Hua University in Taiwan. I am grateful to all those who have aided the development of this book. Much appreciation goes out to two reviewers for taking their time and providing valuable feedback and comments. Finally, my sincere thanks go to Mr. William Achauer, editor of Springer, for his kind help and encouragement.
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Contents
1
The Ownership of the Firm. . . . . . . . . . . . . . . . . . . 1.1 A Story of Robin Hood
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