Principles of Corporate Finance,11th Edition (Global Edition)

■ Principles of Corporate Finance,11th Edition (Global Edition)


■ Authors :
   Richard A Brealey, London Business School


■ Pub Date : January 15, 2013  /   Copyright : 2014

■ 946 Page /  McGraw-Hill Higher Education


■ 정가 42,000원


■ ISBN: 9780077151560 / 0077151569


■ About the Authors


RICHARD A. BREALEY Professor of Finance at the London Business School. He is the former president of the European Finance Association and a former director of the American Finance Association. He is a fellow of the British Academy and has served as a special advisor to the Governor of the Bank of England and director of a number of financial institutions. Other books written by Professor Brealey include Introduction to Risk and Return from Common Stocks.


STEWART C. MYERS Robert C. Merton (1970) Professor of Finance at MIT's Sloan School of Management. He is past president of the American Finance Association and a research associate of the National Bureau of Economic Research. His research has focused on financing decisions, valuation methods, the cost of capital, and financial aspects of government regulation of business. Dr. Myers is a director of Entergy Corporation and The Brattle Group, Inc. He is also active as a financial consultant.


FRANKLIN ALLEN Nippon Life Professor of Finance at the Wharton School of the University of Pennsylvania. He is past president of the American Finance Association, Western Finance Association, and Society for Financial Studies. His research has focused on financial innovation, asset price bubbles, comparing financial systems, and financial crises. He is a scientific adviser at the Sveriges Riksbank ( Sweden 's central bank).


■ Description


The integrated solutions for Brealey’s Principles of Corporate Finance have been specifically designed to help improve student performance, meaning that students are prepared for class and can successfully solve problems and analyze the results. Resources within Connect Finance provide unlimited opportunities for students to practice solving financial problems and apply what they've learned. Brealey’s world-leading content showing managers how to use financial theory to solve practical problems combined with a complete digital solution will help students achieve higher outcomes in the course.


Principles of Corporate Finance is the worldwide leading text that describes the theory and practice of corporate finance. Throughout the book, the authors show how managers use financial theory to solve practical problems and as a way to respond to change by showing not just how, but why companies and management act as they do. This text is a valued reference for thousands of practicing financial managers.




■ Table of contents


Part One: Value
1. Introduction to Corporate Finance
2. How to Calculate Present Values
3. Valuing Bonds
4. The Value of Common Stocks
5. Net Present Value and Other Investment Criteria
6. Making Investment Decisions with the Net Present Value Rule


Part Two: Risk
7. Introduction to Risk and Return
8. Portfolio Theory and the Capital Asset Pricing Model
9. Risk and the Cost of Capital


Part Three: Best Practices in Capital Budgeting
10. Project Analysis
11. Investment, Strategy, and Economic Rents
12. Agency Problems, Compensation, and Performance Measurement


Part Four: Financing Decisions and Market Efficiency
13. Efficient Markets and Behavioral Finance
14. An Overview of Corporate Financing
15. How Corporations Issue Securities


Part Five: Payout Policy and Capital Structure
16. Payout Policy
17. Does Debt Policy Matter?
18. How Much Should a Corporation Borrow?
19. Financing and Valuation


Part Six: Options
20. Understanding Options
21. Valuing Options
22. Real Options


Part Seven: Debt Financing
23. Credit Risk and the Value of Corporate Debt
24. The Many Different Kinds of Debt
25. Leasing


Part Eight: Risk Management
26. Managing Risk
27. Managing International Risks

Part Nine: Financial Planning and Working Capital Management
28. Financial Analysis
29. Financial Planning
30. Working Capital Management


Part Ten: Mergers, Corporate Control, and Governance
31. Mergers
32. Corporate Restructuring
33. Governance and Corporate Control Around the World


Part Eleven: Conclusion
34. Conclusion: What We Do and Do Not Know About Finance



■ New Features


● New Finance in Practice boxes highlight important finance concepts in real world situations across the globe. Topics include how Goldman Sachs helped mask Greece's debt, Russiaa€™s economic growth, the IPO of the largest bank in China, TelefA³nica cutting its dividend and Japan Airlines filing for bankruptcy.

● Revised end-of-chapter material includes brand new global questions that feature currencies, companies and scenarios from Europe, Middle East, Africa and Asia to increase engagement for international students.

● Global Edition of Connect Plus Finance, McGraw-Hilla€™s web-based assignment and assessment platform with eBook access, which helps students learn faster, study more efficiently, and retain more knowledge.

● “Beyond the Page” Interactive Content and Applications. Additional resources and hands?on applications are just a click away. Students will learn more about key concepts as they go beyond the page with additional examples, applications, spreadsheet programs, and other opportunities to explore topics in more depth. This content is especially exciting in e?versions of the book, but it is also easily accessible via the Web using the QR codes and shortcut URLs provided. Examples of Beyond the Page features include:

     ● A financial calculator application (Ch. 2)
     ● A beta estimation application (Ch. 9)
     ● A real IPO prospectus (Ch. 15)
     ● The flow?to?equity method for valuing businesses (Ch. 19)
     ● An application for viewing the most recent financial statements for different U.S. companies and calculating their financial ratios (Ch. 28)

● Several chapters have been rewritten for better flow and added simplicity.

     ● Chapter 1 is now a more focused introduction to corporate finance. It concentrates on the decisions that corporations need to make and the financial objectives that govern these decisions and introduces five basic themes that return again and again throughout the book.
     ● Chapter 3, introducing bond valuation, has been rewritten and simplified, and the last section of the chapter now includes an introduction to default risk. The tribulations of the Eurozone and the default by the Greek government introduce a brief discussion on the risk of default for both corporate and sovereign borrowers.
     ● Chapter 16 on payout policy has been substantially rewritten to review both how much companies should pay out and whether they should do so by means of a dividend payment or stock repurchase. This chapter also includes more detail on how to value a company when repurchases are important.
     ● Chapter 24, which previously looked at the different kinds of long?term debt, now also looks at short?term debt such as bank loans as many of the issues about debt design such as the role of covenants apply to both short? and long?term debt

● Every chapter has been reviewed and revised to reflect current research and findings, with significant updates including:

     ● A longer discussion of the differences between cash flows and accounting profits is included in Chapter 6 to provide a clearer understanding of how to derive cash flow forecasts.
     ● Chapter 14 includes an expanded discussion of financial institutions and markets, including descriptions of the main forms of institutions, their economic roles, and a review of what happens when they cease to function well via the crisis of 2007-2009.



■ Retained Features


  • McGraw-Hill Connect FinanceConnect Finance offers a number of powerful tools and features to make managing assignments easier, so you can spend more time teaching. Students can engage with their coursework anytime and anywhere, making the learning process more accessible and efficient. In short, Connect Finance facilitates student learning and optimizes your time and energies, enabling you to focus on course content, teaching, and student learning.
    • Create and deliver online, auto-graded homework assignments, quizzes, and tests directly from the end-of-chapter materials or test bank. Problems are available as both static and algorithmic problems.
    • Students receive immediate, detailed feedback on their assignments, allowing them to focus on the areas where they need improvement.
    • Self-Quiz and Study allows students to evaluate their performance through a practice test and then receive recommendations for specific readings from the text, supplemental study material, and practice work that will improve their mastery of each learning objective.
    • Pre-built assignments are available to save you set up time.
    • Questions mapped to AACSB skill areas, Bloom’s Taxonomy levels, and difficulty level enable you to run reports that assess specific learning outcomes.
  • This text remains one of the most authoritative and comprehensive presentations of financial theory and practice available. The authors continue to reinforce their underlying theme of presenting theory as a way of helping financial managers solve practical problems. Customers can trust Brealey, Myers, and Allen to get it right—both theory and practical applications. This book is a valued reference for thousands of practicing financial managers, and is the leading text worldwide.
  • Controversies in the field of finance are thoroughly covered throughout the book. The authors lay out the various views on issues, and present their opinions. Users find these very interesting for lively classroom discussions.
  • Excel Treatment. A number of tables/exhibits are shown in the text as Excel spreadsheets. “Live” spreadsheets are contained here, on the book’s Online Learning Center. Readers can use these spreadsheets to understand better the calculations behind the table and to see the effect of changing the underlying data. A number of end of chapter questions ask students to use the spreadsheets to check that they understand the effect of changing inputs. The spreadsheet templates for the associated end of chapter problems are also available on the Online Learning Center, denoted by an icon.
  • Mini-cases. Located at the end of selected chapters, these have been revised and include specific questions to guide the case analyses. Answers to the mini-cases are available to instructors on the book’s website.
  • Create. Craft your teaching resources to match the way you teach! With McGraw-Hill Create,, you can easily rearrange chapters, combine material from other content sources, and quickly upload content you have written like your course syllabus or teaching notes. Find the content you need in Create by searching through thousands of leading McGraw-Hill textbooks. Arrange your book to fit your teaching style. Create even allows you to personalize your book’s appearance by selecting the cover and adding your name, school, and course information. Order a Create book and you'll receive a complimentary print review copy in 3–5 business days or a complimentary electronic review copy (eComp) via email in about one hour. Go to today and register.



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