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Annotated Bibliography of Corporate Finance PDF

245 Pages·1979·27.025 MB·English
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ANNOTATED BIBLIOGRAPHY OF CORPORATE FINANCE ANNOTATED BIBLIOGRAPHY OF CORPORATE FINANCE Compiled by Roger and Eva Lister © Roger and Eva Lister 1979 Softcover reprint of the hardcover 15t edition 1979 978-0-333-18399-1 All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission. First published 1979 by THE MACMILLAN PRESS LTD London and Basingstoke Associated companies in Delhi Dublin Hong Kong Johannesburg Lagos Melbourne New York Singapore and Tokyo British Library Cataloguing in Publication Data Lister, Roger Jeffrey Annotated bibliography of corporate finance. - (Bibliographies in financial management). 1. Corporations - Finance - Bibliography I. Title II. Lister, Eva III. Series 016.6581'5 27164.F5 ISBN 978-1-349-02628-9 ISBN 978-1-349-02626-5 (eBook) DOI 10.1007/978-1-349-02626-5 This book is sold subject to the standard conditions of the Net Book Agreement. CONTENTS Preface Vll Acknowledgments IX Introduction List of Periodicals Consulted 5 Classification Scheme 9 Bibliography 11 Author Index 179 Subject Index 237 PREFACE This classified, annotated bibliography is concerned with the theory and practice of corporate finance. The compilers have set out to include all published works in the English language of lasting interest that are directly relevant to the corporate financing decision. As a field of study, corporate finance is experiencing an increasingly unitary development at the theoretical level and, to a significant degree also at the practical level. Traditionally isolated areas are now being studied in terms of their unity and interdependence. The restrictive assumptions which beset earlier contributions are being gradually dispensed with. The subject is increasingly studied in the context of its source and related disciplines. At the practical level, growing theoretical unity has combined with growing technical virtuosity to produce more integrated and comprehensive planning models and positive studies of actual behaviour. For the researcher and the teacher, as well as for the manager, the growing body of normative analyses, positive studies and financial planning models offers a source of valuable instruction and interest. This bibliography was prompted by the conviction that justice could only be done to the developing scope and intricacy of financial management through a classified, annotated treatment. The aim is to provide a thorough statement of a key area: the corporate financing decision. The compilers believe it to be an area which: (a) requires rigorous understanding if rational and effective study and decision making is to be carried out; (b) comprises substantial common ground of a large body of research and practical management decision-taking in finance, accounting, corporate planning and security analysis; (c) is significant in terms of the magnitude of the managerial decisions entailed. The compilers hope this work will prove useful to teachers, researchers and students at institutions of higher education, as well as to senior financial managers, accountants, corpor;J.te planners and consultants. It is hoped that librarians will be helped in the service of their readers. The classification scheme has been selected to facilitate precise location of an area of interest. A brief description is appended to each entry to enable the reader to select the individual works closest to his needs, and to decide whether to seek out the original. The classified bibliography is supported by an alphabetical author index, and a subject index which indicates the main themes of the 1270 works included. ACKNOWLEDGMENTS We wish to thank the many librarians at universities and other establishments for their courtesy and help in expediting our search. We also thank the respondents to our request for information on forthcoming publications. We are grateful to publishers and to editors of journals for their provision of information, and in particular to the publisher of Journal of business finance and accounting for permission to draw on the synopses of the articles from that journal. We thank Mrs. Hazel Niblock for her skilful composition and preparation of the typescript. INTRODUCTION The theory and practice of the corporate financing decision are the subject of this annotated classified bibliography. For the purpose of definition and treatment of the field, the compilers have had to allow for the following: (a) the growing conceptual unity of the subject as a whole; (b) the interdependence of sub-problems within the subject; (c) the need to include in any serious statement of the field works which link it to its source and related disciplines. The recent evolution of corporate finance as a field of study! epitomizes these characteristics of the subject. Theoretical advances have precipitated increasingly integrated and comprehensive planning models, improvements in practice and more informative results from positive studies. As long ago as 1966, Solomon predicted that the subject would develop through treating 'all uses and all sources of funds within a single framework' as part of 'the problem of financial evaluation in an uncertain world'2. The increasingly unitary development of finance theory since then has amply proved the point, so that in 1974 Weston was able to observe that 'the traditional trinity of money and capital markets, business finance, and investments is no longer meaningful at the theoretical level and of questionable use for descriptive and empirical study'3. Through the mean-variance security valu ation theorem research into financial markets, corporate finance and investment have been effectively synthesized4. Theoretical formulations are increasingly free from the restrictive assumptions which characterized early expositions, as reflected in Rubinstein's extension of the simple mean-variance case to a general parameter-preference modelS. The parameter-preference model in turn is now explicitly recognized and treated as part of a greater whole. Kraus and Litzenberger6 demonstrate the complementarity of the state-preference, mean-variance and logarithmic (growth-optimal) approaches to valuation. The work of Black and Scholes? on the valuation of warrants and options is potentially applicable to any corporate claim and financial structure. Increasing generality and unitary treatment within the field have been accom panied by intensified study of corporate finance in the context of its source I. cf. R. J. Lister, 'Business finance: an evolving field of study', Journal of business finance and accounting, Spring 1978, pp. 1-26. 2. E. Solomon, 'What should we teach in a course in business finance?', The Journal off inance, May 1966, pp. 413; 415. 3. J. F. Weston, 'New themes in finance', The Journal of finance, March 1974, p. 239. 4. M. E. Rubinstein, 'A mean-variance synthesis of corporate financial theory', The Journal off inance, March 1973, pp. 167-181. 5. M. E. Rubinstein, 'The fundamental theorem of parameter preference security valuation', Journal of financial and quantitative analysis, January 1973, pp. 61-69. 6. A. Kraus and R. H. Litzenberger, 'Market equilibrium in a multi-period state-preference model with logarithmic utility', The Journal of finance, December 1975, pp. 1213-1227. 7. F. Black and M. J. Scholes, 'The pricing of options and corporate liabilities', Journal of political economy, May-June 1973, pp. 637-654. 2 INTRODUCTION disciplines. Fama and Miller's exposition in the context of the wealth allocation model as a special case of the economic theory of choice is a particularly substantial contribution in this respectS. Investigation of the relationship between corporate finance and its neighbouring disciplines is proceeding equally zealously. Weston observed in 19749 that 'important developments in society are requiring an open systems approach which takes into account criteria not properly written in terms of owners' wealth'. In another direction the study of capital market equilibrium, especially at the positive level, is benefitting from the recognition and study of its relationship to the market for informationio. At the level of sub-problems within finance and practical planning models, the growing theoretical unity and generality has combined with growing technical virtuosity to produce increasingly integrated and comprehensive planning models and positive studies. Thompson II, Myers 12 and Myers and Pogue 13 exemplify attempts to allow for the interdependence of the investment and financing decisions. Vickersl4 and Arzacl5 integrate the production decision. Treatment of working capital management and the long-term capital structure decision in an integrated framework is realized in work such as that of Bierman, Chopra and Thomasl6. Scope and method A subject growing in unity and internal intricacy, and having strengthening links with its source and related disciplines brings problems of definition and classifi cation for a bibliographer. In broadest terms, the compilers set out to include all published works in the English language of lasting interest that are directly relevant to the corporate financing decision, both in the normative and positive sense. Problems of definition and classification arose chiefly under three headings: I. Bounds of the field 2. Interdependence within the field 3. Need for numerous and different levels of categories and sub-categories Under the first heading it was decided to extend the bibliography to include works which link corporate finance to its related and source disciplines, while not including works on them. Thus a work on the interdependence of the investment and financing decision would be included, but not a work exclusively concerned with the investment decision. A work on the link between the financing and the inventory 8. E. Fama and M. H. Miller, The theory off inance. Holt, Rinehart & Winston, New York, 1972. 9. Op. cit., p. 241. 10. N. J. Gonedes, The capital market, the market for information and external accounting', The Journal of finance, May 1976, pp. 611-630; 'Discussion', pp. 677-679. II. H. E. Thompson, 'Mathematical programing, the capital asset pricing model and capital budgeting of interrelated projects', The Journal off inance, March 1976, pp. 125-131. 12. S. C. Myers, 'Interactions of corporate financing and investment decisions: implications for capital budgeting', The Journal of finance, March 1974, pp. 1-25. 13. S. C. Myers and G. Pogue, 'A programming approach to corporate financial management', The Journal off inance, May 1974, pp. 579-599; 'Discussion', pp. 614-616. 14. D. Vickers, 'Disequilibrium structures and financing decisions in the firm', Journal ofb usiness finance and accounting, Autumn 1974, pp. 375-387. 15. E. R. Arzac, 'Structural planning under controllable business risk', The Journal off inance, December 1975, pp. 1229-1237. 16. H. Bierman, Jr., K. Chopra and J. Thomas, 'Ruin considerations: optimal working capital and capital structure', Journal off inancial and quantitative analysis, March 1975, pp. 119-128. INTRODUCTION 3 decision would be included, but not one on the inventory decision as such. In the case of works linking corporate finance to its roots in capital market theory, application of the above criteria has been particularly difficult. Some subjectivity and arbitrariness have inevitably occurred, but it is hoped that by a policy of including when in doubt, harm to usefulness of the work has been avoided. Interdependence within the field has been treated, as illustrated below, by cross references among entries within the body of annotations, and by the use of secondary entries (containing author, title, and running number of main entry). The need to include an item in more than one classification has in this way been met. The need for numerous, and different levels of, categories and sub-categories within a statement of corporate finance is well known to any student of the subject. The relatively detailed classification of entries, described below, represents the attempt to do justice to the subject's intricacy and to enable the reader to locate precisely his area of interest. Where the scope of a category is not self-explanatory a note is added at the beginning. The brief description attached to each entry will help the user to locate individual works closest to his needs and to decide whether to seek out the original. No time limit is set on the works included but material has been discarded if it is unlikely to be of interest to the student of modern financial theory and management -for example, where an approach or idea has become irrelevant due to increased knowledge, understanding or improved analytical techniques. Works which refer exclusively to a highly localized or temporary institutional situation have also been excluded. In common with most work in the field, attention is focused on the financing decisions of publicly quoted companies. All parts of the periodicals listed below and all books available to the compilers up to mid-July 1977 were examined. In addition, academic institutions and publishers of relevant periodicals and books throughout the English-speaking world were circularized with a request for details of forthcoming publications. Abstracts received as a result of this are shown as forthcoming and havegenerally been included in the form received, without abbreviation, on the grounds that the compilers would not normally be justified in editing without access to an original. In a small number of cases the obligation to rely on photographs etc. of articles has enforced the omission of exact dates, page numbers, volume numbers or part numbers. The classified bibliography is supported by an alphabetical author index and by a subject index which indicates the main themes of the 1270 works included. Using the bibliography Entries are arranged in classified order, in accordance with the classification scheme set out below. Within classes, the arrangement is alphabetical. Entries are numbered consecutively. Their format is as follows: Article 1417. Jones, John P. 'General finance', The journal of X, Vol. 6, No. I, May 1977, pp. 69-78; reprinted in 27; 29; 'Comment' by JoNES, Albert, ibid., Vol. 6, No. 2, June 1977, p. 9. Develops the hypothesis of Smith ( 1571) concerning the etc. (The numbers of the reprints refer to the running numbers in this bibliography of the books of readings where the reprints appear. The numbers in the annotations cross-refer to other entries in the bibliography.)

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