Adam Smith was able to show that behind the groping and greedy fury of economic activity lay a logic, a beauty—nay, even a provident hand—guiding resources and promoting advancement in the wealth of nations. What Smith did for economic theory Chew has done for finance. He has told the story behind the headlines and the personalities and the punch lines. He has uncovered and explained convincingly that innovations in corporate finance have created tremendous value in ways that are largely underappreciated if not totally unrecognized. This is a story worthy of your attention.

- Bennett Stewart, cofounder of Stern Stewart & Co. (inventors of EVA),

As a historian and educator, I found Don Chew's prose clear and engaging enough to invite not just understanding of, but in some cases even admiration for, the small group of finance theorists and practitioners featured in his book.

- Melinda S. Zook, Oesterle Professor of History and Director of the Cornerstone Liberal Arts Program, Purdue University,

Don Chew has spent a good part of the last four decades editing and contributing to pathbreaking fundamental research about the consequences for businesses' value creation of good corporate governance. This beautifully written book synthesizes and distills many of those lessons and shows that, notwithstanding the skepticism of some macroeconomists, the microeconomic logic of value creation by businesses, or its absence, matters greatly for broad economic trends and for understanding differences in the wealth of nations.

- Charles W. Calomiris, Henry Kaufman Professor Emeritus, Columbia University,

Innovations in corporate finance have made people’s lives better—on Main Street, not just on Wall Street. Skeptical? Donald Chew makes a slam-dunk case, bringing his experience and insights to bear. Allocating capital to more effective uses increases productivity growth and household incomes throughout the nation. Scholars of and participants in financial markets need to have this book on their shelves.

- Michael R. Strain, author of <i>The American Dream Is Not Dead</i>,

The theories discussed in this book are staples of the CFA curriculum, but Chew brings out an additional, vitally important dimension — the vast impact that ideas have had on financial practice and through that medium on global economic performance. After reading this book, practitioners will not merely regard the corporate finance pathbreakers as illustrious figures in textbooks but feel on a first-name basis with them.

Enterprising Investor

<i>The Making of Modern Corporate Finance</i> 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 <i>Capital Ideas</i> did for the people and ideas central to the development of the investment management area... An easy book to recommend to serious scholars, seasoned practitioners, and curious lay readers alike.

- Keith C. Brown, University Distinguished Teaching Professor, University of Texas, and coauthor of <i>Investment Analysis and Portfolio Management</i>,

A love letter to unfettered capitalism and the financial system that oils the gears of commerce. [<i>The Making of Modern Corporate Finance</i>]will be of interest to a broad readership but should be required reading for CFA charterholders. [Its] attention to detail, thoughtful and engaging structure, and lively anecdotes... is, with Chew’s expert touch, a wonderful historical overview of corporate finance and the United States’s continued pre-eminence.

Ian Robertson, Enterprising Investor

[The Making of Modern Corporate Finance] seeks to define the intellectual basis of modern corporate finance and tell a story of how certain ideas made the US the most successful nation at generating wealth, if not economic growth. The book teaches, with conversational verve, peppy wit and egghead-free clarity. (Chew has a PhD in English. He knows a good sentence.) It also celebrates unlikely heroes, mainly business school professors who originated the ideas Chew hoorays.

Bloomberg

As an economics PhD from MIT, former dean of the University of Rochester’s Simon Business School, and now president of Alfred University, I found this book to be uniquely illuminating about the development of modern corporate finance and how key elements explain the economic outperformance of the U.S. relative to other nations. The book provides valuable insights on measuring inflation and productivity growth; how the rise in real share prices of domestic public equities can be squared with reported productivity statistics; how best to compensate executives and boards; why Japan has endured a multi-decade period of economic malaise; and the economic reckoning that awaits China.

- Mark Zupan, President, Alfred University,

Updating Adam Smith for the 21st century… Donald H Chew takes a timely look at the benefits the US has reaped from an open and competitive system. Chew is very good at conveying complex ideas in clear language.

Financial Times