Financial innovation has the power to drive
social, economic, and environmental change
and to transform ideas into new technologies,
industries, and jobs. But when it is mismanaged
or misunderstood, the consequences are severe.
In Financing the Future, two leading
experts explain how sophisticated capital
structures can enable companies and individuals
to raise funding in larger amounts for longer
terms and at lower cost--accomplishing tasks
that would otherwise be impossible.
"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
Financing the Future
Market-Based innovations for growth
Franklin Allen | Glenn Yago
Meet the authors
, Director of Capital Studies at the Milken
Institute, is an authority on financial innovation, capital
markets, emerging markets, and environmental finance.
His work has contributed to the democratization of capital
in underserved markets and on behalf of entrepreneurs in
the U.S. and around the world.
is Nippon Life Professor of Finance
and Professor of Economics at the Wharton School of
the University of Pennsylvania, and Co-Director of the
Wharton Financial Institutions Center. He is past President
of several key organizations, including the American
Finance Association and the Society for Financial Studies.
this is the first in a new series of books on financial
innovation, published through a collaboration between
Wharton School Publishing and the Milken institute.
Future titles will focus on specific policy areas such as
housing and medical research.
Available wherever books are sold.