Financial markets and corporate finance:selected papers of Michael J. Brennan
This outstanding collection of Michael Brennan's writing spans almost thirty years and reflects the rapid development and growing importance of the field of finance over this period. The papers cover corporate finance, option pricing and derivative markets, international finance and role of information in financial markets. The chapters on corporate finance include Brennan's seminal 1970 paper on the effects of personal taxation on financial market equilibrium, an analysis of consistency in utility rate regulation, and the classic piece on the application of options analysis to natural resource investments. The chapters on option pricing range from the earliest analysis of the American put option, to a synthesis of methods of valuing derivatives, to portfolio insurance, and the effect of derivatives on trading volume and welfare. His more recent papers include empirical asset pricing studies and an innovative proposal to strip the dividends from the S&P500 portfolio. Michael Brennan has been at the forefront of recent developments in financial economics and financial management and this collection of his work will be warmly welcomed by those working in finance, monetary economics, banking and financial sector research.