Corporate Finance Over the Last 25 Years

Michael J. Brennan

Financial Management, 1995, vol. 24, issue 2

Abstract: This paper traces developments in the theory of corporate finance over the past 25 years. These include a shift from consideration of how the value of a given cash flow stream is affected by its division among different classes of security holders to a consideration of how structure of claims affects the cash flow stream itself. A major reason for this shift of emphasis is the attention now paid to the role of individually motivated agents in the corporation. Other important developments include recognition of information asymmetries, the role of private benefits of control, and the application of the option pricing paradigm to the evaluation of real investments.

Date: 1995
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fma:fmanag:brennan95

Access Statistics for this article

Financial Management is currently edited by Bill Christie

More articles in Financial Management from Financial Management Association University of South Florida 4202 E. Fowler Ave. COBA #3331 Tampa, FL 33620. Contact information at EDIRC.
Bibliographic data for series maintained by Courtney Connors ( this e-mail address is bad, please contact ).