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Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble by D. Quinn Mills

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Diagramming the Financial Value Chain

Figure 4-1 is of the Financial Value Chain—the group of specialized companies that together cause the capital market to function and which translate the economic value of a firm into financial value.

Figure 4-1. The Financial Value Chain.

The chain begins with start-up firms and the entrepreneurs who run them. Next are the venture firms and/or angels who finance early-stage firms in return for an ownership stake (usually in the form of preferred stock) and who also have contacts to the investment banks. Accountants play a crucial role because they verify the honesty of the information upon which transactions ...

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