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The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations

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Why did the “stagflation” of the 1970s―the improbable combination of high unemployment and runaway inflation―prove so painful and protracted? What explains the U.S. stock market’s remarkable forty-year run of 12 percent average annual returns since then? Why is Japan still mired in a decades-long recession―and the Chinese economy in a tailspin? And what accounts for the resilience of U.S. stock and labor markets in the wake of the COVID-19 pandemic and in the face of the Fed’s record interest rate hikes? Donald H. Chew, Jr., argues that answers to these questions lie in the principles and methods of “modern corporate finance.” Ideas formulated and tested by finance scholars―notably, an efficient stock market in which prices reflect the long- run values of public companies and a “market for corporate control” that exerts continuous pressure on management―informed and spurred the investor- driven capitalism that has created the world’s most productive and valuable companies. Drawing on his career-long relationships with leading academics and practitioners, Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. Corporate efficiency and value creation, he contends, are the fundamental source of the social wealth essential to addressing challenges such as poverty and climate change. Lively and provocative, this book makes corporate finance approachable―and even admirable―for readers interested in how the success and failure of companies affect their lives. Read more

Publisher ‏ : ‎ Columbia Business School Publishing (February 18, 2025)


Language ‏ : ‎ English


Hardcover ‏ : ‎ 328 pages


ISBN-10 ‏ : ‎ 0231211104


ISBN-13 ‏ : ‎ 09


Item Weight ‏ : ‎ 1.45 pounds


Dimensions ‏ : ‎ 6.3 x 1.1 x 9.29 inches


Best Sellers Rank: #62,228 in Books (See Top 100 in Books) #22 in Free Enterprise & Capitalism #55 in Corporate Finance (Books) #60 in Theory of Economics


#22 in Free Enterprise & Capitalism:


#55 in Corporate Finance (Books):


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Top Amazon Reviews

    • A Great Summary of the Theory and Practice of Modern Corporate Finance
One of the most fundamental tasks an economy faces is deciding how best to organize, finance, and operate a business enterprise. As it has developed over more than a century, the academic field of Corporate Finance has had much to say about the myriad challenges involved in making a company run properly. So, what are the optimal theories and practices that define this field? That is exactly the question that author Don Chew attempts to answer in The Making of Modern Corporate Finance, his thought-provoking volume chronicling the development of the leading ideas and applications—as well as the people responsible for initiating them—that form the foundation for understanding how modern companies should be managed and how the successful implementation of those strategies can increase the wealth an entire society through the “magic” of finance capitalism. An important distinction that Chew makes early on is between “old-fashioned” corporate finance practices and those that mark the transition to a “modern” way of thinking. Essentially, the hallmark of the former was the pursuit of accounting earnings growth and organizational diversification with insufficient regard for the consequences those actions might have on the welfare of the owners of the firm (i.e., the shareholders). Modern practice, on the other hand, is predicated on the notion that each dollar controlled by a company should only be deployed if the expected benefit of the investment exceeds its cost, as measured by the rates of return required to compensate the lenders and owners who provide that financial capital. Although this concept is hardly new or controversial, the author makes a compelling case that it was not the guiding principle for most businesses through the 1970s, despite a substantial amount of theoretical support that had existed for at least a few decades. The volume is organized into twelve chapters, as well as a Prologue and an Epilogue. Broadly, the topics covered in those chapters can be grouped into three areas: an overview of what corporate finance represents and how it relates to societal wealth; the theoretical developments that form the foundation for modern corporate finance; and applications of these strategies to a host of problems confronting business organizations, including how to compensate employees, how much leverage to use, or how to measure financial performance. While all these sections are engaging on their own, the strength of the book is contained in the chapters highlighting the conceptual underpinnings of modern corporate finance and the people primarily responsible for those intellectual contributions, including the work of such academic luminaries as Merton Miller (the relevance of capital structure decisions, the relationship between financing and investment decisions), Mike Jensen (agency issues, the market for corporate control), Stewart Myers (corporate real options), and Cliff Smith and Rene Stulz (corporate risk management). The chapters dealing with how companies apply (or misapply, in some cases) these concepts and strategies are also enlightening. Of particular note is the author’s discussion of the development of the private equity market and how firms that are not publicly traded often get their management practices correctly aligned with ownership interests in ways that public corporations do not. Additionally, the chapters delving into the topics of the good and bad sides of CEO compensation policies or why Chinese economic growth and corporate investment practices lead to the illusion, rather than the reality, of wealth creation were interesting and well-reasoned. In fact, the only real misstep in the book—and I am not sure that is even the right word to use here—was the chapter explaining the brief rise and fall of the Economic Value Added (EVA) metric as a replacement for accounting earnings to measure the success for a firm’s operations; given the author was a founding partner at the consulting firm that originally promoted an EVA-based financial management system, this explanation seemed a little too defensive to be regarded as wholly “dispassionate” analysis. In summary, The Making of Modern Corporate Finance is a thoughtfully organized, thoroughly researched, and well-written treatment of a serious topic that merits far more attention than it has received. It has the potential to do for the field of corporate finance what Peter Bernstein’s classic book Capital Ideas did for the people and ideas central to the development of the investment management area. It is also worth mentioning that Don Chew is almost uniquely qualified to deliver such a volume: as the long-time editor of Journal of Applied Corporate Finance, a periodical devoted to exploring state-of-the-art theory and practice in the field, he has had a front-row seat to how these ideas have flourished over the years and delivered on the promise of enhancing the wealth of nations. It is an easy book to recommend to serious scholars, seasoned practitioners, and curious lay readers alike. ... show more
Reviewed in the United States on February 23, 2025 by Browner

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