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This collection examines the forces, both external and internal, that lead corporations to behave efficiently and to create wealth. Corporations vest control rights in shareholders, the author argues, because they are the constituency that bear business risk and therefore have the appropriate incentives to maximize corporate value. Assigning control to any other group would be tantamount to allowing that group to play poker with someone else's money, and would create inefficiencies. The implicit denial of this proposition is the fallacy of the so-called stakeholder theory of the corporation, which argues that corporations should be run in the interests of all stakeholders. This theory offers...
Presenting the foundations of an integrated theory of organizations, Jensen argues that the cost of transferring information necessitates decentralization of some decision rights in organizations and economies. This in turn requires organizations to solve the control problem that results when self-interested persons do not behave as perfect agents.
Supports the growing demand for courses in leadership and ensures that such courses and instruction are developed with multiple considerations and best practices in mind.
This book of readings is an ideal supplement for courses in the theory of finance and corporate finance policy offered in MBA and Ph.D. programs, and for advanced courses in corporate finance offered in MBA or Ph.D. programs.
The Realism Reader provides broad coverage of a centrally important tradition in the study of foreign policy and international politics. After some years in the doldrums, political realism is again in contention as a leading tradition in the international relations sub-field. Divided into three main sections, the book covers seven different and distinctive approaches within the realist tradition: classical realism, balance of power theory, neorealism, defensive structural realism, offensive structural realism, rise and fall realism, and neoclassical realism. The middle section of the volume covers realism’s engagement with critiques levelled by liberalism, institutionalism, and constructiv...
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Like nature itself, modern economic life is driven by relentless competition and unbridled selfishness. Or is it? Drawing on converging evidence from neuroscience, social science, biology, law, and philosophy, Moral Markets makes the case that modern market exchange works only because most people, most of the time, act virtuously. Competition and greed are certainly part of economics, but Moral Markets shows how the rules of market exchange have evolved to promote moral behavior and how exchange itself may make us more virtuous. Examining the biological basis of economic morality, tracing the connections between morality and markets, and exploring the profound implications of both, Moral Mar...
Michael Jensen explores a biblical view of what it means to be a human. Ideal for young Christians (15-25).