Название: Corporate Finance: The Core, Global Edition, 5th Edition
Автор: Jonathan Berk, Peter DeMarzo
Издательство: Pearson
Год: 2022
Страниц: 811
Язык: английский
Формат: pdf (true)
Размер: 20.6 MB

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

The core concepts in finance are simple and intuitive. What makes the subject challenging is that it is often difficult for a novice to distinguish between these core ideas and other intuitively appealing approaches that, if used in financial decision making, will lead to incorrect decisions. Nothing has changed in the intervening years. De-emphasizing the core concepts that underlie finance strips students of the essential intellectual tools they need to differentiate between good and bad decision making. The book’s continued success is a testament to the value of this approach.

We present corporate finance as an application of a set of simple, powerful ideas. At the heart is the principal of the absence of arbitrage opportunities, or Law of One Price—in life, you don’t get something for nothing. This simple concept is a powerful and important tool in financial decision making. By relying on it, and the other core principles in this book, financial decision makers can avoid the bad decisions brought to light by the financial crisis and still ongoing every day. We use the Law of One Price as a compass; it keeps financial decision makers on the right track and is the backbone of the entire book.

We begin, in Chapter 1, by introducing the corporation and related business forms. We then examine the role of financial managers and outside investors in decision making for the firm. To make optimal decisions, a decision maker needs information. As a result, in Chapter 2, we review an important source of information for corporate decision-making—the firm’s financial statements. We then introduce the most important idea in this book, the concept of the absence of arbitrage or Law of One Price in Chapter 3. The Law of One Price allows us to use market prices to determine the value of an investment opportunity to the firm. We will demonstrate that the Law of One Price is the one unifying principle that underlies all of financial economics and links all of the ideas throughout this book. We will return to this theme throughout our study of Corporate Finance.

With a consistency in presentation and an innovative set of learning aids, Corporate Finance simultaneously meets the needs of both future financial managers and non-financial managers. This textbook truly shows every student how to “think finance.”






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