Allen and Yago demonstrate clearly the importance of the interaction of theory and experience in explaining the evolution of financial innovations.
Myron S. Scholes, Nobel Laureate in Economics, 1997, and Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University.
Financial innovation has become crucial to driving global economic growth and improving society, but, as the past few years have demonstrated, when financial innovation is misunderstood or mismanaged, it can have disastrous consequences. In this practical, accessible book, two renowned experts explain how sophisticated capital structures can enable companies and individuals to raise capital in larger amounts for longer terms and at lower cost, bridging capital gaps and accomplishing tasks that would otherwise be impossible. They outline the background and history of financial innovation, showing how new instruments have evolved, and how they have been used and misused. They thoroughly demystify complex capital structures, presenting a practical toolbox for anyone who needs to raise capital for either private or public purposes. Readers will learn why capital structure matters; how to analyze capital structures; and how to avoid the potentially catastrophic pitfalls of financial innovation. The authors present clear, thorough discussions of the current role of financial innovation in capitalizing business, housing, cities, regions, nations, and new ideas. They conclude with a full chapter of crucial lessons learned in financing the future. This is the first book in a new series on financial innovation that is a collaboration between Wharton School Publishing and Milken Institute. Future titles will focus on specific policy areas such as health care and energy.
“Allen and Yago demonstrate clearly the importance of the interaction of theory and experience in explaining the evolution of financial innovations.”
Myron S. Scholes, Nobel Laureate in Economics, 1997, and Frank E. Buck Professor of Finance, Emeritus, Graduate School of Business, Stanford University
“This book provides a clear and concise history of financial innovation as an engine for growth in various fields–an often ignored or misunderstood topic. From its role to help finance new industries and technologies to upcoming advances in environmental and health areas, it will prove an important reference to those of us who are interested in how ingenuity in capital markets can help advance social goals. A must-read in these times.”
Richard L. Sandor, Chairman and Founder, Chicago Climate Exchange; Executive Chairman, Climate Exchange plc
“The right book at the right time. Allen and Yago colorfully relate the history of financial innovation down through the ages. With facts and analyses, they restore the concept of financial innovation to its rightful place: a medium by which long-standing problems of social, economic, and environment have been addressed, sometimes solved.”
Lewis S. Ranieri, Ranieri Partners LLC
“From housing to microfinance to drug development, Allen and Yago explore the important role financial innovation plays around the world. The authors prove in plain English the vital role creative finance played in building America and why stifling innovation poses a risk to our financial future.”
Brian Sullivan, Fox Business
About the Author
Franklin Allen is the Nippon Life Professor of Finance and Professor of Economics at the Wharton School of the University of Pennsylvania, where he has been on the faculty since 1980. A current codirector of the Wharton Financial Institutions Center, he was formerly vice dean and director of Wharton Doctoral Programs, as well as executive editor of the Review of Financial Studies, one of the nation’s leading academic finance journals. Allen is a past president of the American Finance Association, the Western Finance Association, the Society for Financial Studies, and the Financial Intermediation Research Society. His main areas of interest are corporate finance, asset pricing, financial innovation, comparative financial systems, and financial crises. He is a coauthor, with Richard Brealey and Stewart Myers, of the eighth and ninth editions of the textbook Principles of Corporate Finance. Allen received his doctorate from Oxford University.
Glenn Yago is director of Capital Studies at the Milken Institute. He is also a visiting professor at Hebrew University of Jerusalem and directs the Koret-Milken Institute Fellows program. Yago’s work focuses on the innovative use of financial instruments to solve longstanding economic development, social, and environmental challenges. His research and projects have contributed to policy innovations fostering the democratization of capital to traditionally underserved markets and entrepreneurs in the United States and around the world. Yago is the coauthor of several books, including The Rise and Fall of the U.S. Mortgage and Credit Markets, Global Edge, Restructuring Regulation and Financial Institutions, and Beyond Junk Bonds. He was a professor at the State University of New York at Stony Brook and at the City University of New York Graduate Center. Yago earned his Ph.D. at the University of Wisconsin, Madison.
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