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Corporate Finance, Global Edition, 6th edition
Published by Pearson (June 27, 2023) © 2023
- Jonathan Berk Stanford University
- Peter DeMarzo Stanford University
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Title overview
For a two-semester course
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Using the valuation framework based on the Law of One Price, top researchers Jonathan Berk and Peter DeMarzo have set the new canon for corporate finance texts. Corporate Finance blends coverage of time-tested principles and the latest advancements with the practical perspective of the financial manager. You can practice finance to learn finance by solving problems like those faced by today's professionals.
The 6th Edition features the latest research, data, events and technologies to help you develop the tools you need to make sound financial decisions.
Key features
- The Law of One Price is used as a unifying valuation framework to connect theory to practice and unify what might appear to be disparate topics.
- A simplified presentation of mathematics using notation boxes, labelled equations, etc. help students master the jargon and math.
- An emphasis on capital budgeting and valuation ensures students understand these important topics.
- Personal Finance examples let students apply managerial finance concepts, tools and techniques to their own personal finance decisions.
- Finance in Times of Disruption boxes analyse and note lessons from the COVID-19 pandemic, global financial crisis, and sovereign debt crises.
- Worked examples accompany important concepts and model the solution and process step-by-step.
New to this edition
- Coverage of stakeholder and ESG concerns puts them in the context of the shareholder value maximisation goal (Ch. 1).
- Content on leasing reflects accounting treatment changes (Ch. 25).
- Section on SPACs examines equity-raising (Ch. 14).
- Discussion on market efficiency includes cryptocurrencies and bubbles (Ch. 10).
- Global Financial Crisis boxes include discussion of the COVID-19 pandemic.
- 4 new Practitioner Interviews share insights from leaders in the field. Fahmi Qadi addresses the role of short sellers in markets.
- Data Cases let students apply the material with realistic data-analysing exercises and problems.
- Tables, figures, and facts reflect current data and developments in the field over the last few years.
Key features
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- Pearson eTextbook features clear and engaging content from experienced authors. Each eTextbook is designed to help students reach their potential with a mix of learning features including problem-solving exercises, reflection questions and real-world examples.
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What is MyLab?
MyLab is the online learning platform that combines trusted author content with digital tools to help you personalise learning experiences and improve results for each student. Pearson MyLab should only be purchased when required by an instructor.
Features
- Embedded Videos to illustrate or expand on key chapter concepts, helping students
- Engage students with a blended learning approach merging digital content with complementary homework, tutorials, and assessments.
- Customise your course. Create a learning path with existing content, while developing original activities and uploading your own multimedia resources.
- Offer flexible study options. Give students instant access to mobile-friendly course content, whether they're online or offline.
Table of contents
- PART 1: INTRODUCTION
- The Corporation and Financial Markets
- Introduction to Financial Statement Analysis
- Financial Decision Making and the Law of One Price
- PART 2: TIME, MONEY, AND INTEREST RATES
- The Time Value of Money
- Interest Rates
- Valuing Bonds
- PART 3: VALUING PROJECTS AND FIRMS
- Investment Decision Rules
- Fundamentals of Capital Budgeting
- Valuing Stocks
- PART 4: RISK AND RETURN
- Capital Markets and the Pricing of Risk
- Optimal Portfolio Choice and the Capital Asset Pricing Model
- Estimating the Cost of Capital
- Investor Behavior and Capital Market Efficiency
- PART 5: CAPITAL STRUCTURE
- Capital Structure in a Perfect Market
- Debt and Taxes
- Financial Distress, Managerial Incentives, and Information
- Payout Policy
- PART 6: ADVANCED VALUATION
- Capital Budgeting and Valuation with Leverage
- Valuation and Financial Modeling: A Case Study
- PART 7: OPTIONS
- Financial Options
- Option Valuation
- Real Options
- PART 8: LONG-TERM FINANCING
- Raising Equity Capital
- Debt Financing
- Leasing
- PART 9: SHORT-TERM FINANCING
- Working Capital Management
- Short-Term Financial Planning
- PART 10: SPECIAL TOPICS
- Mergers and Acquisitions
- Corporate Governance
- Risk Management
- International Corporate Finance
Author bios
Jonathan Berk is the A.P. Giannini Professor of Finance at the Graduate School of Business, Stanford University and is a Research Associate at the National Bureau of Economic Research. Before coming to Stanford, he was the Sylvan Coleman Professor of Finance at the Haas School of Business at the University of California, Berkeley. Prior to earning his PhD, he worked as an Associate at Goldman Sachs (where his education in finance really began).
Professor Berk's research interests in finance include corporate valuation, capital structure, mutual funds, asset pricing, experimental economics, and labor economics. His work has won a number of research awards including the Stephen A. Ross Prize in Financial Economics, TIAA-CREF Paul A. Samuelson Award, the Smith Breeden Prize, Best Paper of the Year in The Review of Financial Studies, and the FAME Research Prize. His paper, 'A Critique of Size-Related Anomalies,' was selected as one of the 2 best papers ever published in The Review of Financial Studies. In recognition of his influence on the practice of finance he has received the Bernstein-Fabozzi/Jacobs Levy Award, the Graham and Dodd Award of Excellence, and the Roger F. Murray Prize. He served 2 terms as an Associate Editor of the Journal of Finance, and a term as a director of the American Finance Association, the Western Finance Association, and academic director of the Financial Management Association. He is a Fellow of the Financial Management Association and a member of the advisory board of the Journal of Portfolio Management.
Peter DeMarzo is the John G. McDonald Professor of Finance at the Graduate School of Business, Stanford University. He is the former President of the American Finance Association and a Research Associate at the National Bureau of Economic Research. He teaches MBA and PhD courses in Corporate Finance and Financial Modeling. Professor DeMarzo has also taught at the Haas School of Business and the Kellogg Graduate School of Management. He is a Fellow of the Econometric Society and former National Fellow at the Hoover Institution. Professor DeMarzo received the Sloan Teaching Excellence Award at Stanford and the Earl F. Cheit Outstanding Teaching Award at U.C. Berkeley. Professor DeMarzo has served as an Associate Editor for The Review of Financial Studies, Financial Management, and the B.E. Journals in Economic Analysis and Policy, as well as Vice President and director of the American Finance Association and President of the Western Finance Association. Professor DeMarzo's research is in the area of corporate finance, asset securitisation, and contracting, as well as market structure and regulation. His recent work has examined issues of the optimal design of contracts and securities, leverage dynamics and the role of bank capital regulation, and the influence of information asymmetries on stock prices and corporate investment. He has received numerous awards including the Western Finance Association Corporate Finance Best Paper Award, the Charles River Associates Best-Paper Award, the Barclays Global Investors/Michael Brennan Best Paper of the Year Award from The Review of Financial Studies, and the Brattle Prize for the best corporate finance paper from the Journal of Finance.
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