Firms, Contracts, and Financial Structure (Clarendon Lectures in Economics)

"This is a classic that every economist should have in her/his bookshielf" according to Jaime Tenjo Galarza. This book will bring you inside the black box of the supply and demand theory. An old gem 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.. Garett Jones said One of the best economics books I've ever read. 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 theor

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. student interested in corporate finance. "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 tofundamental 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. There is much to applaud in the book

Oliver Hart is Professor of Economics at Harvard University.

Oliver Hart is a leading researcher in this area, and these Clarendon Lectures are an important contribution to contact theory. This work uses recent developments in the theory of incomplete contracts to analyze a range of topics in organization theory and corporate finance. The work will be of interest to teachers, graduate students and advanced students of microeconomics, the theory of the firm, industrial organization, and finance.. Beginning with a general model of the firm, Hart analyzes in greater depth the financial structure of firms, debt collecting and bankruptcy