ЭКОНОМИЧЕСКАЯ ШКОЛА

100 Hot Books (Амазон, Великобритания)

Бригхем Ю., Гапенски Л. Финансовый менеджмент: полный курс: В 2-х т. / Пер. с англ. под ред. В.В.Ковалева.

СПб 2001 г. Т.1.ХХХ+497 с.,Т.2. 669 с.

The Evolution of Financial Theory

      Your first finance course probably pro­vided an overview of finan­cial markets and institu­tions, plus an introduction to specific decisions facing financial managers. This text reviews and reinforces basic financial concepts and then goes on (1) to discuss in detail the theoretical underpinnings of financial man­agement decisions, (2) to present an in-depth treatment of financial management concepts and techniques, and (3) to provide sufficient institutional material to enable you to implement the theory, concepts, and techniques in a real-world setting.

      Chapter 1 lays the groundwork for the book by providing an overview of financial theory. Virtually all financial decisions, in­cluding capital budgeting, dividend policy, and financing, are predicated upon rules that stem from financial theory. Most financial theory is normative in the sense that it dic­tates what financial managers "ought to do." However, positive, or descriptive, studies are also important. Descriptive studies in­clude both empirical research designed to find relationships among variables, such as the relationship between dividend policy and stock price, and surveys designed to find out what financial manag­ers are actually doing.

      Normative theories are clearly important, but positive studies reveal that financial managers do not always do what financial theorists say they should do. This poses a dilemma: Is the theory incorrect, are financial manag­ers acting improperly, or what? The answer is often not clear. In some instances, finan­cial theories simplify the situations with as­sumptions that are not met in the real world, so the decision rules they produce are simply not valid. In other situations, it is impossible to apply financial theory because we cannot obtain the necessary data. Thus, the theory may be correct, but it can be used only indirectly, to provide insights into decisions. In still other situations, the theory may be correct, and it may also be possible to apply it, but the inertia of doing things the old way may still predominate. Compe­tition, though, will eventually force manag­ers to use valid financial theories to their ad­vantage, so ultimately, inertia will be overcome and valid theories will be applied.

      In general, if unexplained differences persist between theory and practice, the theory should be questioned. Indeed, mod-

ern financial theory is predicated on the fact that, to be accepted, theories must explain real-world behavior. When a theory is in­consistent with practice, it must be modified until it is consistent or else scrapped in fa­vor of a superior theory.

      In this book, when presenting unre­conciled differences that exist either be­tween financial theory and practice or between alternative theories, we will pro­ceed as follows: (1) We first present the relevant financial theory or theories, along with their primary assumptions. (2) We then discuss empirical evidence which supports or refutes each theory. (3) Finally, we present some insights into how practic­ing financial managers actually make deci­sions in the face of conflicting theories.¹ This approach will allow you to see all sides of an issue, which should enhance your ability to make financial management decisions in the future.

      In the remainder of this chapter, we discuss the evolution of key financial theo­ries. The ordering is generally chronological, but related theories have often evolved more or less simultaneously. Also, several theories are associated with their develop­ers, so we will introduce some names along the way. The names of prominent theorists are not as important as the implications of the theories, but they are just as much a part of financial jargon as the names of the var­ious types of securities that firms issue. Finally, keep in mind that our goal in Chap­ter 1 is to create a general framework for making financial decisions rather than to dis­cuss each theory in detail. We will revisit most of the theories later in the text, as we discuss specific types of financial decisions.

1 These sections are often titled "Our View ...," such as "Our View of the Dividend Policy Decision."

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