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The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations

Description:

Why did the “stagflation” of the 1970s—the improbable combination of high unemployment and runaway inflation—prove so painful and protracted? What explains the U.S. stock market’s remarkable forty-year run of 12 percent average annual returns since then? Why is Japan still mired in a decades-long recession—and the Chinese economy in a tailspin? And what accounts for the resilience of U.S. stock and labor markets in the wake of the COVID-19 pandemic and in the face of the Fed’s record interest rate hikes?

Donald H. Chew, Jr., argues that answers to these questions lie in the principles and methods of “modern corporate finance.” Ideas formulated and tested by finance scholars—notably, an efficient stock market in which prices reflect the long-run values of public companies and a “market for corporate control” that exerts continuous pressure on management—informed and spurred the investor-driven capitalism that has created the world’s most productive and valuable companies. Drawing on his career-long relationships with leading academics and practitioners, Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. Corporate efficiency and value creation, he contends, are the fundamental source of the social wealth essential to addressing challenges such as poverty and climate change. Lively and provocative, this book makes corporate finance approachable—and even admirable—for readers interested in how the success and failure of companies affect their lives.

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Review

Updating Adam Smith for the 21st century... Donald H Chew takes a timely look at the benefits the US has reaped from an open and competitive system. Chew is very good at conveying complex ideas in clear language.-- "Financial Times"

As an economics PhD from MIT, former dean of the University of Rochester's Simon Business School, and now president of Alfred University, I found this book to be uniquely illuminating about the development of modern corporate finance and how key elements explain the economic outperformance of the U.S. relative to other nations. The book provides valuable insights on measuring inflation and productivity growth; how the rise in real share prices of domestic public equities can be squared with reported productivity statistics; how best to compensate executives and boards; why Japan has endured a multi-decade period of economic malaise; and the economic reckoning that awaits China.--Mark Zupan, President, Alfred University

[The Making of Modern Corporate Finance] seeks to define the intellectual basis of modern corporate finance and tell a story of how certain ideas made the US the most successful nation at generating wealth, if not economic growth. The book teaches, with conversational verve, peppy wit and egghead-free clarity. (Chew has a PhD in English. He knows a good sentence.) It also celebrates unlikely heroes, mainly business school professors who originated the ideas Chew hoorays.-- "Bloomberg"

A love letter to unfettered capitalism and the financial system that oils the gears of commerce. [The Making of Modern Corporate Finance]will be of interest to a broad readership but should be required reading for CFA charterholders. [Its] attention to detail, thoughtful and engaging structure, and lively anecdotes... is, with Chew's expert touch, a wonderful historical overview of corporate finance and the United States's continued pre-eminence.-- "Ian Robertson, Enterprising Investor"

The Making of Modern Corporate Finance is a thoughtfully organized, thoroughly researched, and well-written treatment of a serious topic that merits far more attention than it has received. It has the potential to do for the field of corporate finance what Peter Bernstein's classic book Capital Ideas did for the people and ideas central to the development of the investment management area... An easy book to recommend to serious scholars, seasoned practitioners, and curious lay readers alike.--Keith C. Brown, University Distinguished Teaching Professor, University of Texas, and coauthor of Investment Analysis and Portfolio Management

The theories discussed in this book are staples of the CFA curriculum, but Chew brings out an additional, vitally important dimension -- the vast impact that ideas have had on financial practice and through that medium on global economic performance. After reading this book, practitioners will not merely regard the corporate finance pathbreakers as illustrious figures in textbooks but feel on a first-name basis with them.

-- "Enterprising Investor"

In this engaging, must-read book, Don Chew enlists the groundbreaking research of leading academic scholars to convincingly demonstrate the critical role of modern corporate finance in generating extraordinary wealth for shareholders, corporate stakeholders, and society over the past forty years.--Alfred Rappaport, Leonard Spacek Professor Emeritus, Kellogg School of Management at Northwestern University, and coauthor of Expectations Investing: Reading Stock Prices for Better Returns

Adam Smith was able to show that behind the groping and greedy fury of economic activity lay a logic, a beauty--nay, even a provident hand--guiding resources and promoting advancement in the wealth of nations. What Smith did for economic theory Chew has done for finance. He has told the story behind the headlines and the personalities and the punch lines. He has uncovered and explained convincingly that innovations in corporate finance have created tremendous value in ways that are largely underappreciated if not totally unrecognized. This is a story worthy of your attention.--Bennett Stewart, cofounder of Stern Stewart & Co. (inventors of EVA)

As a historian and educator, I found Don Chew's prose clear and engaging enough to invite not just understanding of, but in some cases even admiration for, the small group of finance theorists and practitioners featured in his book.--Melinda S. Zook, Oesterle Professor of History and Director of the Cornerstone Liberal Arts Program, Purdue University

Everyone--especially business and government leaders--should read this captivating book. With the U.S. financial sector under attack from some quarters, Donald Chew lays out the reality of corporate finance and its central role in America's world-leading prosperity.--Geoff Colvin, Fortune magazine

Don Chew has spent a good part of the last four decades editing and contributing to pathbreaking fundamental research about the consequences for businesses' value creation of good corporate governance. This beautifully written book synthesizes and distills many of those lessons and shows that, notwithstanding the skepticism of some macroeconomists, the microeconomic logic of value creation by businesses, or its absence, matters greatly for broad economic trends and for understanding differences in the wealth of nations.--Charles W. Calomiris, Henry Kaufman Professor Emeritus, Columbia University

Innovations in corporate finance have made people's lives better--on Main Street, not just on Wall Street. Skeptical? Donald Chew makes a slam-dunk case, bringing his experience and insights to bear. Allocating capital to more effective uses increases productivity growth and household incomes throughout the nation. Scholars of and participants in financial markets need to have this book on their shelves.--Michael R. Strain, author of The American Dream Is Not Dead

Finance matters--a lot. That's the punch line of this important book by Donald Chew, bringing together his insights as a thinker and practitioner of corporate finance to assess how financial markets drove better corporate performance, productivity, and living standards. All students and practitioners of finance should share Chew's lens and focus on the magic of finance capitalism.--Glenn Hubbard, Russell L. Carson Professor of Economics and Finance, Columbia University

About the Author

Donald H. Chew, Jr., has been the editor of the Journal of Applied Corporate Finance since its start in 1981 and was also a founding partner of the consulting firm Stern Stewart & Co. He holds a PhD in English and American literature as well as an MBA in finance, both from the University of Rochester.

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The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations

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Visit the Columbia University Press Store

The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations

Product ID: K0231211104
The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations-0
|

Returns & Warranty policies

Imported From: United Kingdom

At BOLO, we work hard to ensure the products you receive are new, genuine, and sourced from reputable suppliers.

Every product in the BOLO catalogue is sourced through our Verified Global Supply Network of verified sellers, authorized distributors or directly from the manufacturer.

Each product undergoes thorough inspection and verification at our consolidation and fulfilment centers to ensure it meets our strict authenticity and quality standards before being shipped and delivered to you.

If you ever have concerns regarding the authenticity of a product purchased from us, please contact Bolo Support. We will review your inquiry promptly and, if necessary, provide documentation verifying authenticity or offer a suitable resolution.

Your trust is our top priority, and we are committed to maintaining transparency and integrity in every transaction.

While we strive to display accurate information, variations in packaging, labeling, instructions, or formulation may occasionally occur due to regional differences or supplier updates. For detailed or manufacturer-specific information, please contact the brand directly or reach out to BOLO Support for assistance.

Unless otherwise stated, all prices displayed on the product page include applicable taxes and import duties.

BOLO operates in accordance with the laws and regulations of Qatar. Any items found to be restricted or prohibited for sale within the Qatar will be cancelled prior to shipment. We take proactive measures to ensure that only products permitted for sale in Qatar are listed on our website.

All items are shipped by air, and any products classified as “Dangerous Goods (DG)” under IATA regulations will be removed from the order and cancelled.

All orders are processed manually, and we make every effort to process them promptly once confirmed. Products cancelled due to the above reasons will be permanently removed from listings across the website.

Description:

Why did the “stagflation” of the 1970s—the improbable combination of high unemployment and runaway inflation—prove so painful and protracted? What explains the U.S. stock market’s remarkable forty-year run of 12 percent average annual returns since then? Why is Japan still mired in a decades-long recession—and the Chinese economy in a tailspin? And what accounts for the resilience of U.S. stock and labor markets in the wake of the COVID-19 pandemic and in the face of the Fed’s record interest rate hikes?

Donald H. Chew, Jr., argues that answers to these questions lie in the principles and methods of “modern corporate finance.” Ideas formulated and tested by finance scholars—notably, an efficient stock market in which prices reflect the long-run values of public companies and a “market for corporate control” that exerts continuous pressure on management—informed and spurred the investor-driven capitalism that has created the world’s most productive and valuable companies. Drawing on his career-long relationships with leading academics and practitioners, Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. Corporate efficiency and value creation, he contends, are the fundamental source of the social wealth essential to addressing challenges such as poverty and climate change. Lively and provocative, this book makes corporate finance approachable—and even admirable—for readers interested in how the success and failure of companies affect their lives.

Read more

Review

Updating Adam Smith for the 21st century... Donald H Chew takes a timely look at the benefits the US has reaped from an open and competitive system. Chew is very good at conveying complex ideas in clear language.-- "Financial Times"

As an economics PhD from MIT, former dean of the University of Rochester's Simon Business School, and now president of Alfred University, I found this book to be uniquely illuminating about the development of modern corporate finance and how key elements explain the economic outperformance of the U.S. relative to other nations. The book provides valuable insights on measuring inflation and productivity growth; how the rise in real share prices of domestic public equities can be squared with reported productivity statistics; how best to compensate executives and boards; why Japan has endured a multi-decade period of economic malaise; and the economic reckoning that awaits China.--Mark Zupan, President, Alfred University

[The Making of Modern Corporate Finance] seeks to define the intellectual basis of modern corporate finance and tell a story of how certain ideas made the US the most successful nation at generating wealth, if not economic growth. The book teaches, with conversational verve, peppy wit and egghead-free clarity. (Chew has a PhD in English. He knows a good sentence.) It also celebrates unlikely heroes, mainly business school professors who originated the ideas Chew hoorays.-- "Bloomberg"

A love letter to unfettered capitalism and the financial system that oils the gears of commerce. [The Making of Modern Corporate Finance]will be of interest to a broad readership but should be required reading for CFA charterholders. [Its] attention to detail, thoughtful and engaging structure, and lively anecdotes... is, with Chew's expert touch, a wonderful historical overview of corporate finance and the United States's continued pre-eminence.-- "Ian Robertson, Enterprising Investor"

The Making of Modern Corporate Finance is a thoughtfully organized, thoroughly researched, and well-written treatment of a serious topic that merits far more attention than it has received. It has the potential to do for the field of corporate finance what Peter Bernstein's classic book Capital Ideas did for the people and ideas central to the development of the investment management area... An easy book to recommend to serious scholars, seasoned practitioners, and curious lay readers alike.--Keith C. Brown, University Distinguished Teaching Professor, University of Texas, and coauthor of Investment Analysis and Portfolio Management

The theories discussed in this book are staples of the CFA curriculum, but Chew brings out an additional, vitally important dimension -- the vast impact that ideas have had on financial practice and through that medium on global economic performance. After reading this book, practitioners will not merely regard the corporate finance pathbreakers as illustrious figures in textbooks but feel on a first-name basis with them.

-- "Enterprising Investor"

In this engaging, must-read book, Don Chew enlists the groundbreaking research of leading academic scholars to convincingly demonstrate the critical role of modern corporate finance in generating extraordinary wealth for shareholders, corporate stakeholders, and society over the past forty years.--Alfred Rappaport, Leonard Spacek Professor Emeritus, Kellogg School of Management at Northwestern University, and coauthor of Expectations Investing: Reading Stock Prices for Better Returns

Adam Smith was able to show that behind the groping and greedy fury of economic activity lay a logic, a beauty--nay, even a provident hand--guiding resources and promoting advancement in the wealth of nations. What Smith did for economic theory Chew has done for finance. He has told the story behind the headlines and the personalities and the punch lines. He has uncovered and explained convincingly that innovations in corporate finance have created tremendous value in ways that are largely underappreciated if not totally unrecognized. This is a story worthy of your attention.--Bennett Stewart, cofounder of Stern Stewart & Co. (inventors of EVA)

As a historian and educator, I found Don Chew's prose clear and engaging enough to invite not just understanding of, but in some cases even admiration for, the small group of finance theorists and practitioners featured in his book.--Melinda S. Zook, Oesterle Professor of History and Director of the Cornerstone Liberal Arts Program, Purdue University

Everyone--especially business and government leaders--should read this captivating book. With the U.S. financial sector under attack from some quarters, Donald Chew lays out the reality of corporate finance and its central role in America's world-leading prosperity.--Geoff Colvin, Fortune magazine

Don Chew has spent a good part of the last four decades editing and contributing to pathbreaking fundamental research about the consequences for businesses' value creation of good corporate governance. This beautifully written book synthesizes and distills many of those lessons and shows that, notwithstanding the skepticism of some macroeconomists, the microeconomic logic of value creation by businesses, or its absence, matters greatly for broad economic trends and for understanding differences in the wealth of nations.--Charles W. Calomiris, Henry Kaufman Professor Emeritus, Columbia University

Innovations in corporate finance have made people's lives better--on Main Street, not just on Wall Street. Skeptical? Donald Chew makes a slam-dunk case, bringing his experience and insights to bear. Allocating capital to more effective uses increases productivity growth and household incomes throughout the nation. Scholars of and participants in financial markets need to have this book on their shelves.--Michael R. Strain, author of The American Dream Is Not Dead

Finance matters--a lot. That's the punch line of this important book by Donald Chew, bringing together his insights as a thinker and practitioner of corporate finance to assess how financial markets drove better corporate performance, productivity, and living standards. All students and practitioners of finance should share Chew's lens and focus on the magic of finance capitalism.--Glenn Hubbard, Russell L. Carson Professor of Economics and Finance, Columbia University

About the Author

Donald H. Chew, Jr., has been the editor of the Journal of Applied Corporate Finance since its start in 1981 and was also a founding partner of the consulting firm Stern Stewart & Co. He holds a PhD in English and American literature as well as an MBA in finance, both from the University of Rochester.

Details:

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