Corporate Finance, 3rd Edition, Authors: Jonathan Berk, Peter DeMarzo, Published: February 2013, ISBN: 9780132992473, Publisher: Prentice Hall, Cloth, Pages: 1136 pp

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Corporate Finance, 3rd Edition, Authors: Jonathan Berk, Peter DeMarzo, Published: February 2013, ISBN: 9780132992473, Publisher: Prentice Hall, Cloth, Pages: 1136 pp

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DESCRIPTION

 
For MBA/graduate students taking a course in corporate finance.

Using the unifying valuation framework based on the Law of One Price, top researchers Jonathan Berk and Peter DeMarzo set the new standard for corporate finance textbooks. Corporate Finance blends coverage of time-tested principles and the latest advancements with the practical perspective of the financial manager. With this ideal melding of the core with modern topics, innovation with proven pedagogy, Berk and DeMarzo establish the new canon in finance.For programs and professors who would like a streamlined book that is specifically tailored to the topics covered in the first one-semester course, Corporate Finance: The Core is also available by Jonathan Berk and Peter DeMarzo.

 

FEATURES
 

  • The Law of One Price: A Unifying Principle of Valuation. The Law of One Price is used as a framework, reflecting the modern idea that the absence of arbitrage is the unifying concept in valuation. This theme is explicitly introduced in Chapter 3, "The Law of One Price and Financial Decision Making," revisited in each Part Opener, and integrated throughout the text--motivating all major concepts. This methodology directly connects theory to practice, and unifies what might appear to students as disparate topics that comprise the course syllabus (corporate finance, investments, valuation). 
  • Teaching Students to Think Finance. In each chapter, an innovative set of learning aids teaches every student how to 'think finance.' 
    • Simplified Presentation of Mathematics. One of the hardest parts of learning finance is mastering the jargon, math, and non-standardized notation. Corporate Finance systematically uses:
      • Notation Boxes: Each chapter opens by defining the variables and acronyms used in the chapter as a 'legend' for students' reference.
      • Timelines: Introduced in Chapter 4, timelines are emphasized as the important first step in solving every problem that involves cash flows.
      • Numbered and Labeled Equations: The first time a full equation is given in notation form it is numbered. Key equations are titled and revisited in the summary and in end papers.
      • NEW! Using Excel Boxes: Provide hands-on instruction of Excel techniques and include screenshots to serve as a guide for students.
      • Spreadsheet Tables: Select tables are available as Excel files, enabling students to change inputs and manipulate the underlying calculations.
    • Practice Finance to Learn Finance: Working problems is the proven way to cement and demonstrate an understanding of finance.
      • Concept Check questions at the end of each section enable students to test their understanding and target areas in which they need further review.
      • End-of-chapter problems written personally by Jonathan Berk and Peter DeMarzo offer instructors the opportunity to assign first-rate materials to students for homework and practice with the confidence that the problems are consistent with chapter content. Both the problems and solutions, which were also written by the authors, have been class-tested and accuracy checked to ensure quality.
      • Data Cases present in-depth scenarios in a business setting with questions designed to guide students' analysis. Many questions involve the use of Internet resources and Excel techniques.
  • Modern Research. Berk and DeMarzo introduce recent advances in finance research throughout the book. For example, Chapter 16, "Financial Distress, Managerial Incentives, and Information," is a full-chapter treatment of the effects of financial distress, agency issues, and asymmetric information on the firm's choice of capital structure.
  • Modern Practice. Throughout Corporate Finance the authors connect finance concepts to practice. Chapter 18, "Capital Budgeting with Leverage," shows the relationship between the WACC, APV, and Flow-to-Equity methodologies, and stresses the role of the firm's leverage policy. Then, a unique capstone to capital budgeting, Chapter 19, "Valuation and Financial Modeling: A Case Study," illustrates the application and real-world implementation of valuation techniques. 
  • NEW! Focus on the 2007—2009 Financial Crisis and Sovereign Debt Crisis. Global Financial Crisis boxes reflect the reality of the recent financial crisis and ongoing sovereign debt crisis, noting lessons learned. Boxes across the book illustrate and analyze key details.
  • Study Aids with a Practical Focus. To be successful, students need to master the core concepts and learn to identify and solve problems that today's practitioners face.
    • Common Mistakes boxes alert students to frequently made mistakes stemming from misunderstanding core concepts and calculations–in the classroom and in the field.
  • Applications that Reflect Real Practice. Corporate Finance features actual companies and leaders in the field.
    • Interviews with notable practitioners—seven new for this edition—highlight leaders in the field and address the effects of the financial crisis.
    • General Interest boxes highlight timely material from financial publications that shed light on business problems and real-company practices.
  • Options for Teaching Risk and Return. Chapter 3 briefly introduces the concept of risk and return. Using the no-arbitrage concept, the reasoning behind evaluating risk relative to a benchmark is explained conceptually and allows for use of the concept of risk and return in early chapters. Later, the structure of Part IV is flexible and allows instructors to opt for brief or comprehensive coverage of the topic.
  • Emphasis of Capital Budgeting and Valuation. Capital budgeting and valuation is presented in two distinct stages. The first, which appears in Chapter 8, "Fundamentals of Capital Budgeting," focuses on cash flows, while the second stage focuses on capital budgeting and valuation in the real world in Chapter 18, "Capital Budgeting and Valuation with Leverage" and the capstone chapter 19, "Valuation and Financial Modeling: A Case Study." 
  • MyFinanceLab: Hands-on Practice. Hands-off Grading. Because practice with homework problems is crucial to learning finance, Corporate Finance is available with MyFinanceLab, a fully integrated homework and tutorial system. MyFinanceLab revolutionizes homework and practice with a unique hint and partial credit system developed by Jonathon Berk and Peter DeMarzo

 

NEW TO THIS EDITION 

 

  • New ‘Global Financial Crisis’ boxes highlight the ongoing sovereign debt crisis and financial crisis of 2007-2009, with analysis focused on the core concepts that underlie financial decision making.
  • Seven new practitioner interviews support the book’s practical perspective and incorporate timely viewpoints related to recent financial turmoil in the United States and abroad.
  • Reorganized ratios coverage in Chapter 2 centralizes coverage in a dedicated section that provides students with the tools to holistically analyze financial statements.  
  • New examples with non-annual interest rates in Chapter 4 provide applications of time value of money concepts in a personal loan context.  
  • Chapter 6, “Valuing Bonds,” now appears after Chapter 5, “Interest Rates,” providing an immediate application of time value of money concepts to fixed debt and continuity in the interest rate determination coverage across the two chapters.
  • Chapter 6, “Valuing Bonds,” addresses the risk level of fixed-debt securities as illustrated by the sovereign debt crisis, provides an overview of European debt problems, and examines whether Treasuries are risk-free securities.
  • New ‘Using Excel’ boxes provide hands-on instruction of Excel techniques and include screenshots to serve as a guide for students.
  • Updated text discussions, figures, and tables throughout.

 

 TABLE OF CONTENTS 

PART I. INTRODUCTION
1. The Corporation
2. Introduction to Financial Statement Analysis
3. The Law of One Price and Financial Decision Making

PART II. TIME, MONEY, AND INTEREST RATES
4. The Time Value of Money
5. Interest Rates
6. Valuing Bonds

PART III. VALUING PROJECTS AND FIRMS
7. Investment Decision Rules
8. Fundamentals of Capital Budgeting
9. Valuing Stocks

PART IV. RISK AND RETURN
10. Capital Markets and the Pricing of Risk
11. Optimal Portfolio Choice and the Capital Asset Pricing Model
12. Estimating the Cost of Capital
13. Investor Behavior and Capital Market Efficiency

PART V. CAPITAL STRUCTURE
14. Capital Structure in a Perfect Market
15. Debt and Taxes
16. Financial Distress, Managerial Incentives, and Information
17. Payout Policy

PART VI. ADVANCED VALUATION
18. Capital Budgeting and Valuation with Leverage
19. Valuation and Financial Modeling: A Case Study

PART VII. OPTIONS
20. Financial Operations
21. Option Valuation
22. Real Options

PART VIII. LONG-TERM FINANCING
23. Raising Equity Capital
24. Debt Financing
25. Leasing

PART IX. SHORT-TERM FINANCING
26. Working Capital Management
27. Short-Term Financial Planning

PART X. SPECIAL TOPICS
28. Mergers and Acquisitions
29. Corporate Governance
30. Risk Management
31. International Corporate Finance 

 

ABOUT THE AUTHOR(S) 


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 Haas School of Business at the University of California, Berkeley. Prior to earning his Ph.D., 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 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 two 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 as an Associate Editor of the Journal of Finance for eight years, is currently an Academic Director of the Financial Management Association, and is a member of the advisory board of the Journal of Portfolio Management.

Born in Johannesburg, South Africa, Professor Berk is married, with two daughters, and is an avid skier and biker.

Peter DeMarzo
 is the Mizuho Financial Group Professor of Finance and Senior Associate Dean for Academic Affairs at the Stanford Graduate School of Business. He is also a Research Associate at the National Bureau of Economic Research. He currently teaches MBA and Ph.D. courses in Corporate Finance and Financial Modeling. In addition to his experience at the Stanford Graduate School of Business, Professor DeMarzo has taught at the Haas School of Business and the Kellogg Graduate School of Management, and he was a National Fellow at the Hoover Institution.

Professor DeMarzo received the Sloan Teaching Excellence Award at Stanford in 2004 and 2006, and the Earl F. Cheit Outstanding Teaching Award at U.C. Berkeley in 1998. 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 a Director of the American Finance Association. He has served as Vice President and is currently President-elect of the Western Finance Association. Professor DeMarzo’s research is in the area of corporate finance, asset securitization, and contracting, as well as market structure and regulation. His recent work has examined issues of the optimal design of contracts and securities, the regulation of insider trading and broker-dealers, and the influence of information asymmetries on corporate investment. He has received numerous awards including the Western Finance Association Corporate Finance Award and the Barclays Global Investors/Michael Brennan best-paper award from The Review of Financial Studies.

Professor DeMarzo was born in Whitestone, New York, and is married with three boys. He and his family enjoy hiking, biking, and skiing. 

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