A combined treatment of corporate finance and corporate governance is herein proposed. Debt and equity are treated not mainly as alternative financial instruments, but rather as alternative governance structures. Debt governance works mainly out of rules, while equity governance allows much greater discretion. A project-financing approach is adopted. I argue that whether a project should be financed by debt or by equity depends principally on the characteristics of the assets. Transaction-cost reasoning supports the use of debt (rules) to finance redeployable assets, while non-redeployable assets are financed by equity (discretion). Experiences with leasing and leveraged buyouts are used to illustrate the argument. The article also compares and contrasts the transaction-cost approach with the agency approach to the study of economic organization.

background

https://www.jstor.org/stable/pdfplus/2328184.pdf

The Concept of Law.

Corporate Finance and Corporate Governance

/pdf/trust-and-trustworthiness-20jqtr8529.pdf

Trust and Trustworthiness

Our concern in this essay is with other people’s conceptions of the person and ideas about the self. Our aim is to interpret a widespread mode of social thought often referred to as concrete, undifferentiated, context-specific, or occasion- bound thinking, a mode of social thought culminating in the view that specific situations determine the moral character of a particular action, that the individual person per se is neither an object of importance nor inherently worthy of respect, that the individual as moral agent ought not be distinguished from the social status s(he) occupies; a view that, indeed, the individual as an abstract ethical and normative category is not to be acknowledged.

Does the Concept of the Person Vary Cross-Culturally?

Definitional inconsistency has been epidemic in values theory and research. An abbreviated review of values-related theory and research is provided, and 5 aspects of the values construct that may have contributed to this inconsistency and the resulting lack of synthesis are discussed. A proposal for the process by which value priorities influence attitudinal and behavioral decisions also is outlined. Attitudinal and behavioral decisions are shown to be traceable to personal value priorities, although the link is indirect. The importance of 4 constructs in this process is highlighted. In the past, personal value systems, social value systems, worldviews, and ideologies each may have been given the generic label values.

A Rose by Any Name? The Values Construct

International organization as a field of study is where the action is. The analytical shifts leading up to the current preoccupation with international regimes have been both progressive and cumulative. And the field is pursuing its object of study in innovative ways that are bringing it closer to the theoretical core of more general international relations work. As we point out, however, the study of regimes as practiced today suffers from the fact that its epistemological approaches contradict its basic ontological posture. Accordingly, more interpretive strains, commensurate with the intersubjective basis of international regimes, should be included in the prevailing epistemological approaches. In addition, as a result of its enthusiasm for the concept of regimes, the field has tended to neglect the study of formal international organizations. Interpretive epistemologies can also help to link up the study of regimes with the study of formal international organizations by drawing attention to the roles these organizations play in creating transparency in the behavior and expectations of actors, serving as focal points for the international legitimation struggle, and providing a venue for the conduct of global epistemic politics.

/pdf/international-organization-a-state-of-the-art-on-an-art-of-2mgd2p8jeb.pdf

The Concept of Law.

Citations

Corporate Finance and Corporate Governance

Trust and Trustworthiness

Does the Concept of the Person Vary Cross-Culturally?

A Rose by Any Name? The Values Construct

International organization: a state of the art on an art of the state

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