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Corporate Finance Over the Last 25 Years

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  • Michael J. Brennan

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.

Suggested Citation

  • Michael J. Brennan, 1995. "Corporate Finance Over the Last 25 Years," Financial Management, Financial Management Association, vol. 24(2), Summer.
    • Handle: RePEc:fma:fmanag:brennan95
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    Cited by:

    1. John Benjamin & Chris de la Torre & Jim Musumeci, 1998. "Rationales for Real Estate Leasing versus Owning," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 223-238.

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