Fundamentals of Corporate Finance ISE

Höfundar: Richard Brealey; Stewart Myers; Alan Marcus; Nicholas Racculia (Útgáfa: 12)
Fundamentals of Corporate Finance ISE

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Brealey’s Fundamentals of Corporate Finance introduces students to the core principles of financial management through a clear, consistent framework. The text explores how companies invest in assets, raise capital, and create value, while providing a broad view of today’s financial landscape. Organized around the key concepts of modern finance, it simplifies complex ideas and demonstrates their practical use in real-world decision-making.

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Útgefandi
McGraw-Hill Higher Education (International)
ISBN
9781265791889
Print ISBN
9781266561849
Format
ePub
Útgáfa
12
Höfundar
Richard Brealey; Stewart Myers; Alan Marcus; Nicholas Racculia
Tungumál
English
Útgefið
2026-01-13
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Sharpen
  • Meet Sharpen A11y 2025 Update
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  • Frontmatter
  • Cover Page
  • Title Page
  • Copyright
  • Dedication
  • About the Authors
  • Richard A. Brealey
  • Stewart C. Myers
  • Alan J. Marcus
  • Nicholas M. Racculia
  • Preface
  • Fundamentals and Principles of Corporate Finance
  • Organizational Design
  • Routes through the Book
  • Specific Chapter Changes in the 2026 Release
  • Assurance of Learning
  • Unique Features
  • What makes Fundamentals of Corporate Finance such a powerful learning tool?
  • Supplements
  • Instructor Library
  • Student Progress Tracking
  • Proctorio
  • Evergreen
  • McGraw Hill Customer Care Contact Information
  • Connect
  • Acknowledgments
  • Contents in Brief
  • Contents
  • Chapter 1: Goals and Governance of the Corporation
  • Introduction
  • CHAPTER 1 Goals and Governance of the Corporation
  • 1.1 What Is a Corporation?
  • 1.2 A Corporation’s Financial Decisions
  • The Investment Decision
  • The Financing Decision
  • 1.3 Goals of the Corporation
  • Shareholders Want Managers to Maximize Market Value
  • What about the Other Stakeholders?
  • Ethical Behavior
  • 1.4 The Investment Trade-Off
  • 1.5 Agency Problems
  • Executive Compensation
  • 1.6 Corporate Governance
  • 1.7 Careers in Finance
  • 1.8 Preview of Coming Attractions
  • 1.9 Snippets of Financial History
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Chapter 2: Financial Markets and Institutions
  • Introduction
  • CHAPTER 2Financial Markets and Institutions
  • 2.1 The Importance of Financial Markets and Institutions
  • 2.2 The Flow of Savings to Corporations
  • The Stock Market
  • Other Financial Markets
  • Financial Intermediaries
  • Financial Institutions
  • Total Financing of U.S. Corporations
  • 2.3 Functions of Financial Markets and Intermediaries
  • Transporting Cash across Time
  • Risk Transfer and Diversification
  • Liquidity
  • The Payment Mechanism
  • Information Provided by Financial Markets
  • 2.4 The Crisis of 2007–2009
  • 2.5 The Fintech Revolution
  • Payment Systems
  • Peer-to-Peer Lending
  • Crowdfunding
  • AI/ML Credit Scoring
  • Distributed Ledgers and Blockchains
  • Cryptocurrencies
  • Initial Coin Offerings
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Chapter 3: Accounting and Finance
  • Introduction
  • CHAPTER 3Accounting and Finance
  • 3.1 The Balance Sheet
  • Book Values and Market Values
  • 3.2 The Income Statement
  • Income versus Cash Flow
  • 3.3 The Statement of Cash Flows
  • Free Cash Flow
  • 3.4 Accounting Practice and Malpractice
  • 3.5 Taxes
  • Corporate Tax
  • Personal Tax
  • Summary
  • Listing of Equation
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Chapter 4: Measuring Corporate Performance
  • Introduction
  • CHAPTER 4Measuring Corporate Performance
  • 4.1 How Financial Ratios Relate to Shareholder Value
  • 4.2 Measuring Market Value and Market Value Added
  • 4.3 Economic Value Added and Accounting Rates of Return
  • Accounting Rates of Return
  • Problems with EVA and Accounting Rates of Return
  • 4.4 Measuring Efficiency
  • Asset Turnover Ratio
  • Inventory Turnover
  • Receivables Turnover
  • 4.5 Analyzing the Return on Assets: The Du Pont System
  • Profit Margin
  • The Du Pont System
  • 4.6 Measuring Financial Leverage
  • Debt Ratio
  • Times Interest Earned Ratio
  • Cash Coverage Ratio
  • Leverage and the Return on Equity
  • 4.7 Measuring Liquidity
  • Net Working Capital to Total Assets Ratio
  • Current Ratio
  • Quick (Acid-Test) Ratio
  • Cash Ratio
  • 4.8 Interpreting Financial Ratios
  • 4.9 The Role of Financial Ratios
  • Conversation 1
  • Conversation 2
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 5: The Time Value of Money
  • Introduction
  • CHAPTER 5The Time Value of Money
  • 5.1 Future Values and Compound Interest
  • 5.2 Present Values
  • Finding the Interest Rate
  • 5.3 Multiple Cash Flows
  • Future Value of Multiple Cash Flows
  • Present Value of Multiple Cash Flows
  • 5.4 Reducing the Chore of the Calculations: Part 1
  • Using Financial Calculators to Solve Simple Time-Value-of-Money Problems
  • Using Spreadsheets to Solve Simple Time-Value-of-Money Problems
  • 5.5 Level Cash Flows: Perpetuities and Annuities
  • How to Value Perpetuities
  • How to Value Annuities
  • Future Value of an Annuity
  • Annuities Due
  • 5.6 Reducing the Chore of the Calculations: Part 2
  • Using Financial Calculators to Solve Annuity Problems
  • Using Spreadsheets to Solve Annuity Problems
  • 5.7 Effective Annual Interest Rates
  • 5.8 Inflation and the Time Value of Money
  • Real versus Nominal Cash Flows
  • Inflation and Interest Rates
  • Valuing Real Cash Payments
  • Real or Nominal?
  • Summary
  • Listing of Equations
  • Questions and Problems
  • ACROSS
  • DOWN
  • PYTHON QUESTIONS
  • Solutions to Self-Test Questions
  • Solutions to Time Value of Money Python Box Questions
  • Minicase
  • Chapter 6: Valuing Bonds
  • Introduction
  • CHAPTER 6Valuing Bonds
  • 6.1 Bond Pricing
  • 6.2 Interest Rates and Bond Prices
  • Interest Rate Risk and Bond Maturity
  • 6.3 Yield to Maturity
  • 6.4 Bond Rates of Return
  • 6.5 The Yield Curve
  • Nominal and Real Rates of Interest
  • 6.6 Corporate Bonds and the Risk of Default
  • Protecting against Default Risk
  • Not All Corporate Bonds Are Plain Vanilla
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Chapter 7: Valuing Stocks
  • Introduction
  • CHAPTER 7Valuing Stocks
  • 7.1 Stocks and the Stock Market
  • Reading Stock Market Listings
  • 7.2 Market Values, Book Values, and Liquidation Values
  • 7.3 Valuing Common Stocks
  • Valuation by Comparables
  • Price and Intrinsic Value
  • The Dividend Discount Model
  • 7.4 Simplifying the Dividend Discount Model
  • Case 1: The Dividend Discount Model with No Growth
  • Case 2: The Dividend Discount Model with Constant Growth
  • Case 3: The Dividend Discount Model with Nonconstant Growth
  • 7.5 Valuing a Business by Discounted Cash Flow
  • Valuing the Concatenator Business
  • Repurchases and the Dividend Discount Model
  • 7.6 There Are No Free Lunches on Wall Street
  • Random Walks and Efficient Markets
  • 7.7 Market Anomalies and Behavioral Finance
  • Market Anomalies
  • Bubbles and Market Efficiency
  • Behavioral Finance
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 8: Net Present Value and Other Investment Criteria
  • Introduction
  • CHAPTER 8 Net Present Value and Other Investment Criteria
  • 8.1 Net Present Value
  • A Comment on Risk and Present Value
  • Valuing Long-Lived Projects
  • Choosing between Alternative Projects
  • 8.2 The Internal Rate of Return Rule
  • A Closer Look at the Rate of Return Rule
  • Calculating the Rate of Return for Long-Lived Projects
  • A Word of Caution
  • Some Pitfalls with the Internal Rate of Return Rule
  • 8.3 The Profitability Index
  • Capital Rationing
  • Pitfalls of the Profitability Index
  • 8.4 The Payback Rule
  • Discounted Payback
  • 8.5 More Mutually Exclusive Projects
  • Problem 1: The Investment Timing Decision
  • Problem 2: The Choice between Long- and Short-Lived Equipment
  • Problem 3: When to Replace an Old Machine
  • 8.6 A Last Look
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Solutions to Spreadsheet Questions
  • Minicase
  • Appendix: More on the IRR Rule
  • More on the IRR Rule
  • Using the IRR to Choose between Mutually Exclusive Projects
  • Using the Modified Internal Rate of Return When There Are Multiple IRRs
  • Chapter 9: Using Discounted Cash-Flow Analysis to Make Investment Decisions
  • Introduction
  • CHAPTER 9Using Discounted Cash-Flow Analysis to Make Investment Decisions
  • 9.1 Identifying Cash Flows
  • Discount Cash Flows, Not Profits
  • Discount Incremental Cash Flows
  • Discount Nominal Cash Flows by the Nominal Cost of Capital
  • Separate Investment and Financing Decisions
  • 9.2 Corporate Income Taxes
  • 9.3 Forecasting Cash Flows
  • Capital Investment
  • Operating Cash Flow
  • Investment in Working Capital
  • Calculating Project NPV
  • Further Notes and Wrinkles
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Solutions to Spreadsheet Questions
  • Minicase
  • Chapter 10: Project Analysis
  • Introduction
  • CHAPTER 10 Project Analysis
  • 10.1 The Capital Investment Process, Some Problems, and Some Solutions
  • 10.2 Some “What-If” Questions
  • Sensitivity Analysis
  • Stress Tests and Scenario Analysis
  • 10.3 Break-Even Analysis
  • Accounting Break-Even Analysis
  • NPV Break-Even Analysis
  • Operating Leverage
  • 10.4 Real Options and the Value of Flexibility
  • The Option to Expand
  • A Second Real Option: The Option to Abandon
  • A Third Real Option: The Timing Option
  • A Fourth Real Option: Flexible Production Facilities
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Python Questions
  • Solutions to Self-Test Questions
  • Solutions to Monte Carlo Python Box Questions
  • Minicase
  • Chapter 11: Introduction to Risk, Return, and the Opportunity Cost of Capital
  • Introduction
  • CHAPTER 11 Introduction to Risk, Return, and the Opportunity Cost of Capital
  • 11.1 Rates of Return: A Review
  • 11.2 A Century of Capital Market History
  • Market Indexes
  • The Historical Record
  • Using Historical Evidence to Estimate Today’s Cost of Capital
  • 11.3 Measuring Risk
  • Variance and Standard Deviation
  • A Note on Calculating Variance
  • Measuring the Variation in Stock Returns
  • 11.4 Risk and Diversification
  • Diversification
  • Asset versus Portfolio Risk
  • Market Risk versus Specific Risk
  • 11.5 Thinking about Risk
  • Message 1: Some Risks Look Big and Dangerous but Really Are Diversifiable
  • Message 2: Market Risks Are Macro Risks
  • Message 3: Risk Can Be Measured
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Solutions to Spreadsheet Questions
  • Chapter 12: Risk, Return, and Capital Budgeting
  • Introduction
  • CHAPTER 12Risk, Return, and Capital Budgeting
  • 12.1 Measuring Market Risk
  • Measuring Beta
  • Betas for Amazon and Walmart
  • Total Risk and Market Risk
  • 12.2 What Can You Learn from Beta?
  • Portfolio Betas
  • The Portfolio Beta Determines the Risk of a Diversified Portfolio
  • 12.3 Risk and Return
  • Why the CAPM Makes Sense
  • The Security Market Line
  • Using the CAPM to Estimate Expected Returns
  • How Well Does the CAPM Work?
  • 12.4 The CAPM and the Opportunity Cost of Capital
  • The Company Cost of Capital
  • What Determines Project Risk?
  • Don’t Add Fudge Factors to Discount Rates
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Solutions to Spreadsheet Questions
  • Chapter 13: Net Present The Weighted-Average Cost of Capital and Company Valuation
  • Introduction
  • CHAPTER 13The Weighted-Average Cost of Capital and Company Valuation
  • 13.1 Geothermal’s Cost of Capital
  • 13.2 The Weighted-Average Cost of Capital
  • Calculating Company Cost of Capital as a Weighted Average
  • Use Market Weights, Not Book Weights
  • Taxes and the Weighted-Average Cost of Capital
  • What If There Are Three (or More) Sources of Financing?
  • The NPV of Geothermal’s Expansion
  • Checking Our Logic
  • 13.3 Interpreting the Weighted-Average Cost of Capital
  • When You Can and Can’t Use WACC
  • Some Common Mistakes
  • How Changing Capital Structure Affects Expected Returns
  • What Happens When the Corporate Tax Rate Is Not Zero
  • 13.4 Practical Problems: Measuring Capital Structure
  • 13.5 More Practical Problems: Estimating Expected Returns
  • The Expected Return on Bonds
  • The Expected Return on Common Stock
  • The Expected Return on Preferred Stock
  • Adding It All Up
  • Real-Company WACCs
  • 13.6 Valuing Entire Businesses
  • Calculating the Value of the Deconstruction Business
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 14: Introduction to Corporate Financing
  • Introduction
  • CHAPTER 14Introduction to Corporate Financing
  • 14.1 Creating Value with Financing Decisions
  • 14.2 Patterns of Corporate Financing
  • Debt Levels in the United States
  • 14.3 Common Stock
  • Stock Splits
  • Ownership of the Corporation
  • How do Shareholders’ Control Rights Work in Practice?
  • 14.4 Preferred Stock
  • 14.5 Corporate Debt
  • Debt Comes in Many Forms
  • Innovation in the Debt Market
  • 14.6 Convertible Securities
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Chapter 15: How Corporations Raise Venture Capital and Issue Securities
  • Introduction
  • CHAPTER 15How Corporations Raise Venture Capital and Issue Securities
  • 15.1 Venture Capital
  • Venture Capital Companies
  • 15.2 The Initial Public Offering
  • Arranging a Public Issue
  • Other New-Issue Procedures
  • The Underwriters
  • 15.3 General Cash Offers by Public Companies
  • General Cash Offers and Shelf Registration
  • Costs of the General Cash Offer
  • Market Reaction to Stock Issues
  • 15.4 The Private Placement
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Appendix: Hotch Pot’s New-Issue Prospectus
  • Hotch Pot’s New-Issue Prospectus13
  • Chapter 16: Debt Policy
  • Introduction
  • CHAPTER 16Debt Policy
  • 16.1 How Borrowing Affects Value in a Tax-Free Economy
  • MM’s Argument—A Simple Example
  • How Borrowing Affects Earnings per Share
  • How Borrowing Affects Risk and Return
  • 16.2 Debt and the Cost of Equity
  • No Magic in Financial Leverage
  • 16.3 Debt, Taxes, and the Weighted-Average Cost of Capital
  • Debt and Taxes at River Cruises
  • How Interest Tax Shields Contribute to the Value of Stockholders’ Equity
  • Corporate Taxes and the Weighted-Average Cost of Capital
  • The Implications of Corporate Taxes for Capital Structure
  • 16.4 Costs of Financial Distress
  • Bankruptcy Costs
  • Costs of Bankruptcy Vary with Type of Asset
  • Financial Distress without Bankruptcy
  • 16.5 Explaining Financing Choices
  • The Trade-Off Theory
  • A Pecking-Order Theory
  • The Two Faces of Financial Slack
  • Is There a Theory of Optimal Capital Structure?
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Appendix: Bankruptcy Procedures
  • Bankruptcy Procedures
  • The Choice between Liquidation and Reorganization
  • Appendix Questions
  • Chapter 17: Payout Policy
  • Introduction
  • CHAPTER 17Payout Policy
  • 17.1 How Corporations Pay Out Cash to Shareholders
  • How Firms Pay Dividends
  • Stock Dividends
  • Stock Repurchases
  • 17.2 The Information Content of Dividends and Repurchases
  • 17.3 Dividends or Repurchases? The Payout Controversy
  • Dividends or Repurchases? An Example
  • Repurchases and the Dividend Discount Model
  • Dividends and Share Issues
  • 17.4 Why Dividends May Increase Value
  • 17.5 Why Dividends May Reduce Value
  • Taxation of Dividends and Capital Gains under Current Tax Law
  • Taxes and Payout—A Summary
  • 17.6 Payout Policy and the Life Cycle of the Firm
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 18: Long-Term Financial Planning
  • Introduction
  • CHAPTER 18Long-Term Financial Planning
  • 18.1 What Is Financial Planning?
  • Why Build Financial Plans?
  • 18.2 Financial Planning Models
  • Components of a Financial Planning Model
  • 18.3 A Long-Term Financial Planning Model for Dynamic Mattress
  • Step 1
  • Step 2
  • Step 3
  • Pitfalls in Model Design
  • Choosing a Plan
  • Valuing Dynamic Mattress
  • 18.4 External Financing and Growth
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 19: Short-Term Financial Planning
  • Introduction
  • CHAPTER 19Short-Term Financial Planning
  • 19.1 Links between Long-Term and Short-Term Financing
  • Tax Strategies
  • Reasons to Hold Cash
  • 19.2 Tracing Changes in Cash
  • 19.3 Cash Budgeting
  • Preparing the Cash Budget
  • 19.4 Dynamic’s Short-Term Financial Plan
  • Dynamic Mattress’s Financial Plan
  • Evaluating the Plan
  • A Note on Short-Term Financial Planning Models
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 20: Working Capital Management
  • Introduction
  • CHAPTER 20Working Capital Management
  • 20.1 Working Capital
  • Components of Working Capital
  • Working Capital and the Cash Cycle
  • 20.2 Accounts Receivable and Credit Policy
  • Terms of Sale
  • The Credit Contract
  • Credit Analysis
  • The Credit Decision
  • Collection Policy
  • 20.3 Inventory Management
  • 20.4 Cash Management
  • Check Handling
  • How Purchases Are Paid For
  • Electronic Funds Transfer
  • International Cash Management
  • 20.5 Investing Idle Cash: The Money Market
  • Money Market Investments
  • Calculating the Yield on Money Market Investments
  • Yields on Money Market Investments
  • The International Money Market
  • 20.6 Managing Current Liabilities: Short-Term Debt
  • Bank Loans
  • Commercial Paper
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 21: Mergers, Acquisitions, and Corporate Control
  • Introduction
  • CHAPTER 21Mergers, Acquisitions, and Corporate Control
  • 21.1 Types of Mergers
  • 21.2 Sensible Motives for Mergers
  • Economies of Scale and Scope
  • Economies of Vertical Integration
  • Complementary Resources
  • Changes in Corporate Control
  • Industry Consolidation
  • Industrial Logic Does Not Guaranty Success
  • 21.3 Dubious Reasons for Mergers
  • Improved Diversification
  • The Bootstrap Game
  • Management Bias
  • 21.4 The Benefits and Costs of Mergers
  • Who Gains and Losses from Mergers?
  • Buyers versus Sellers
  • Mergers and Society
  • 21.5 The Mechanics of a Merger
  • The Form of Acquisition
  • Mergers, Antitrust Law, and Popular Opposition
  • 21.6 Evaluating Mergers
  • Mergers Financed by Cash
  • Mergers Financed by Stock
  • A Warning
  • Another Warning
  • 21.7 The Market for Corporate Control
  • 21.8 Proxy Contests
  • 21.9 Takeovers
  • 21.10 Leveraged Buyouts
  • Barbarians at the Gate?
  • 21.11 Divestitures, Spin-Offs, and Carve-Outs
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 22: International Financial Management
  • Introduction
  • CHAPTER 22International Financial Management
  • 22.1 Foreign Exchange Markets
  • Spot Exchange Rates
  • Forward Exchange Rates
  • 22.2 Some Basic Relationships
  • Exchange Rates and Inflation
  • Real and Nominal Exchange Rates
  • Inflation and Interest Rates
  • The Forward Exchange Rate and the Expected Spot Rate
  • Interest Rates and Exchange Rates
  • Four Basic Relationships: A Last Look
  • 22.3 Hedging Currency Risk
  • Transaction Risk
  • Economic Risk
  • 22.4 International Capital Budgeting
  • Net Present Values for Foreign Investments
  • The Cost of Capital for Foreign Investment
  • Avoiding Fudge Factors
  • Political Risk
  • Summary
  • Listing of Equations
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Minicase
  • Chapter 23: Options
  • Introduction
  • CHAPTER 23Options
  • 23.1 Calls and Puts
  • Selling Calls and Puts
  • Payoff Diagrams Are Not Profit Diagrams
  • Financial Alchemy with Options
  • Some More Option Magic
  • 23.2 What Determines Option Values?
  • Upper and Lower Limits on Option Values
  • The Determinants of Option Value
  • Option-Valuation Models
  • 23.3 Spotting the Option
  • Options on Real Assets
  • Options on Financial Assets
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Solutions to Black-Scholes Python Box Questions
  • Solutions to Spreadsheet Questions
  • Chapter 24: Risk Management
  • Introduction
  • CHAPTER 24Risk Management
  • 24.1 Why Hedge?
  • 24.2 Reducing Risk with Options
  • 24.3 Forward and Futures Contracts
  • The Mechanics of Futures Trading
  • Commodity and Financial Futures
  • Forward Contracts
  • 24.4 Valuing Futures and Forward Contracts
  • 24.5 Swaps
  • Interest Rate Swaps
  • Currency Swaps
  • 24.6 Innovation in the Derivatives Market
  • 24.7 Is “Derivative” a Four-Letter Word?
  • Summary
  • Questions and Problems
  • Solutions to Self-Test Questions
  • Chapter 25: What We Do and Do Not Know about Finance
  • Introduction
  • CHAPTER 25What We Do and Do Not Know about Finance
  • 25.1 What We Do Know: The Six Most Important Ideas in Finance
  • Net Present Value (Chapter 5)
  • Risk and Return (Chapters 11 and 12)
  • Efficient Capital Markets (Chapter 7)
  • MM’s Irrelevance Propositions (Chapters 16 and 17)
  • Option Theory (Chapter 23)
  • Agency Theory
  • 25.2 What We Do Not Know: Ten Unsolved Problems in Finance
  • What Determines Project Risk and Present Value?
  • Risk and Return—Have We Missed Something?
  • Are There Important Exceptions to the Efficient-Market Theory?
  • Is Management an Off-Balance-Sheet Liability?
  • How Can We Explain Capital Structure?
  • How Can We Resolve the Payout Controversy?
  • How Can We Explain Merger Waves?
  • What Is the Value of Liquidity?
  • Why Are Financial Systems Prone to Crisis?
  • What Should Be the Goals of the Corporation?
  • 25.3 A Final Word
  • Questions and Problems
  • Answers to Quiz
  • Appendix
  • Appendix A: Present Value and Future Value Tables
  • Glossary
  • Glossary
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  • Index
  • Index
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  • Accessibility Content: Extended Description for Images
  • Figure 1.1 Extended Description (Chapter 1)
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  • Figure 6.8 Extended Description (Chapter 6)
  • Figure 6.9 Extended Description (Chapter 6)
  • Figure 7.2 Extended Description (Chapter 7)
  • Figure 7.3 Extended Description (Chapter 7)
  • Figure 7.4 Extended Description (Chapter 7)
  • Figure 7.5 Extended Description (Chapter 7)
  • Figure 7.5-1 Extended Description (Chapter 7)
  • Figure 7.5-2 Extended Description (Chapter 7)
  • Figure 7.6 Extended Description (Chapter 7)
  • Figure 7.7A Extended Description (Chapter 7)
  • Figure 7.7B Extended Description (Chapter 7)
  • Figure 7.8 Extended Description (Chapter 7)
  • Figure 7.9 Extended Description (Chapter 7)
  • Figure F7.1 Extended Description (Chapter 7)
  • Figure 8.1 Extended Description (Chapter 8)
  • Figure 8.2 Extended Description (Chapter 8)
  • Figure 8.3 Extended Description (Chapter 8)
  • Figure 8.4 Extended Description (Chapter 8)
  • Figure 8.5 Extended Description (Chapter 8)
  • Figure 8.6 Extended Description (Chapter 8)
  • Figure F8.1 Extended Description (Chapter 8)
  • Figure F8.2 Extended Description (Chapter 8)
  • Figure F8.3 Extended Description (Chapter 8)
  • Figure F8.4 Extended Description (Chapter 8)
  • Figure 10.1 Extended Description (Chapter 10)
  • Figure 10.2 Extended Description (Chapter 10)
  • Figure 10.3 Extended Description (Chapter 10)
  • Figure 10.4 Extended Description (Chapter 10)
  • Figure 10.5 Extended Description (Chapter 10)
  • Figure 11.1 Extended Description (Chapter 11)
  • Figure 11.2 Extended Description (Chapter 11)
  • Figure 11.3 Extended Description (Chapter 11)
  • Figure 11.4 Extended Description (Chapter 11)
  • Figure 11.5 Extended Description (Chapter 11)
  • Figure 11.6 Extended Description (Chapter 11)
  • Figure 11.7 Extended Description (Chapter 11)
  • Figure 11.8 Extended Description (Chapter 11)
  • Figure 11.9 Extended Description (Chapter 11)
  • Figure 12.1 Extended Description (Chapter 12)
  • Figure 12.2 Extended Description (Chapter 12)
  • Figure 12.3 Extended Description (Chapter 12)
  • Figure 12.4 Extended Description (Chapter 12)
  • Figure 12.5 Extended Description (Chapter 12)
  • Figure 12.6 Extended Description (Chapter 12)
  • Figure 12.7 Extended Description (Chapter 12)
  • Figure 12.8 Extended Description (Chapter 12)
  • Figure 12.9 Extended Description (Chapter 12)
  • Figure 12.10 Extended Description (Chapter 12)
  • Figure 12.11 Extended Description (Chapter 12)
  • Figure 12.12 Extended Description (Chapter 12)
  • Figure 13.1 Extended Description (Chapter 13)
  • Figure 13.1-1 Extended Description (Chapter 13)
  • Figure 13.2 Extended Description (Chapter 13)
  • Figure 14.1 Extended Description (Chapter 14)
  • Figure 14.2 Extended Description (Chapter 14)
  • Figure 14.3 Extended Description (Chapter 14)
  • Figure 14.4 Extended Description (Chapter 14)
  • Figure 15.1 Extended Description (Chapter 15)
  • Figure 16.1 Extended Description (Chapter 16)
  • Figure 16.2 Extended Description (Chapter 16)
  • Figure 16.3 Extended Description (Chapter 16)
  • Figure 16.4 Extended Description (Chapter 16)
  • Figure 16.5 Extended Description (Chapter 16)
  • Figure 16.6 Extended Description (Chapter 16)
  • Figure 16.7 Extended Description (Chapter 16)
  • Figure 17.1 Extended Description (Chapter 17)
  • Figure 17.2 Extended Description (Chapter 17)
  • Figure 17.3 Extended Description (Chapter 17)
  • Figure F17.1 Extended Description (Chapter 17)
  • Figure 18.1 Extended Description (Chapter 18)
  • Figure 18.2 Extended Description (Chapter 18)
  • Figure 19.1 Extended Description (Chapter 19)
  • Figure 20.1 Extended Description (Chapter 20)
  • Figure 20.2 Extended Description (Chapter 20)
  • Figure 20.3 Extended Description (Chapter 20)
  • Figure 20.4 Extended Description (Chapter 20)
  • Figure 20.5 Extended Description (Chapter 20)
  • Figure 20.6 Extended Description (Chapter 20)
  • Figure 21.1 Extended Description (Chapter 21)
  • Figure 22.1 Extended Description (Chapter 22)
  • Figure 22.1a Extended Description (Chapter 22)
  • Figure 22.1b Extended Description (Chapter 22)
  • Figure 22.1c Extended Description (Chapter 22)
  • Figure 22.1d Extended Description (Chapter 22)
  • Figure 22.2 Extended Description (Chapter 22)
  • Figure 22.3 Extended Description (Chapter 22)
  • Figure 23.1 Extended Description (Chapter 23)
  • Figure 23.2 Extended Description (Chapter 23)
  • Figure 23.3 Extended Description (Chapter 23)
  • Figure 23.4 Extended Description (Chapter 23)
  • Figure 23.5 Extended Description (Chapter 23)
  • Figure 23.6 Extended Description (Chapter 23)
  • Figure 23.7 Extended Description (Chapter 23)
  • Figure 23.8 Extended Description (Chapter 23)
  • Figure 23.9 Extended Description (Chapter 23)
  • Figure F23.1 Extended Description (Chapter 23)
  • Figure F23.2 Extended Description (Chapter 23)
  • Figure 24.1 Extended Description (Chapter 24)
  • Figure 24.2 Extended Description (Chapter 24)
  • Figure 24.3 Extended Description (Chapter 24)
  • Figure F24.1 Extended Description (Chapter 24)