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The Supply Theory of Value

Dynamic Corporate Finance

8/4/2021

3 Comments

 
I've just come across a new textbook written by Umberto Sagliaschi and Roberto Savona titled "Dynamic Corporate Finance: An Equilibrium Approach." Despite corporate finance in the book title, the authors provide a cool introduction to investment-based asset pricing.
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The textbook seems to be freely downloadable from SpringerLink.

I highly recommend this book. The crux is that I sense many research opportunities from integrating investment-based asset pricing with dynamic corporate finance. So far in the former literature only the asset side of the balance sheet has been studied. And the liability side is wide open. On the other hand, corporate finance has traditionally worked with risk neutrality, with little contact with asset pricing. How time-varying and cross-sectionally varying expected returns are jointly determined with corporate decisions (beyond just investment) emerges as a potentially fecund research direction.

Please also check out my prior vlog on "Two Highly Cited Articles."

Happy Researching!


3 Comments

    Lu Zhang

    A financial economist

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