The latest edition in the Principles of Corporate Finance dynasty, the 14th edition continues in its tradition of showing how theory applies to the very practical problems and decisions faced by financial managers.Looking at what financial managers do and why, the book aims to give readers a solid understanding of theory so that they know what questions to ask when times change and new problems need to be analyzed, eventually standing as a reference and a guide to help them make financial decisions, not just study them.This new edition welcomes Alex Edmans to the author team, whose global authority and expertise in corporate governance, responsible business and behavioural finance have been invaluable in bolstering coverage of these topics. A new chapter is entirely dedicated to the subject of balancing shareholder value with promoting the interests of all stakeholders, the potential conflicts inherent in this, and how a responsible business should behave.There have been several changes to chapter structure as well as expanded discussion of issues that have grown in importance since the previous edition including behavioural finance, and financial innovation driven by AI, big data and cloud computing. It has also grown to take a more international focus, to bring in more information and perspectives on major developing economies such as China and India, and looking at how financing and governance systems differ around the world.The new edition retains and builds on the pedagogical features of previous editions, with new chapter content summaries, new self-test questions interspersed at key points, and a raft of 'Beyond the page' examples available online through links in the text.Click here to view the sample chapter

Autorentext
Richard A. Brealey - Emeritus Professor of Finance at 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 adviser 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 - Emeritus Professor of Financial Economics at MIT's Sloan School of Management. He is past president of the American Finance Association, a research associate at the National Bureau of Economic Research, a principal of the Brattle Group Inc., and a retired director of Entergy Corporation. His research is primarily concerned with the valuation of real and financial assets, corporate financial policy, and financial aspects of government regulation of business. He is the author of influential research papers on many topics, including adjusted present value, rate of return regulation, pricing and capital allocation in insurance, real options, and moral hazard and information issues in capital structure decisions. Franklin Allen - Professor of Finance and Economics, Imperial College London, and Emeritus 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, Society for Financial Studies, Financial Intermediation Research Society, and Financial Management Association. His research has focused on financial innovation, asset price bubbles, comparing financial systems, and financial crises. He is Director of the Brevan Howard Centre for Financial Analysis at Imperial College Business School. Alex Edmans is Professor of Finance at London Business School. Alex has a PhD from MIT as a Fulbright Scholar, and was previously a tenured professor at Wharton and an investment banker at Morgan Stanley. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, and given the TED talk What to Trust in a Post-Truth World and the TEDx talks The Pie-Growing Mindset and The Social Responsibility of Business with a combined 3 million views. He serves as non-executive director of the Investor Forum and on Morgan Stanley's Institute for Sustainable Investing Advisory Board, Novo Nordisk's Sustainability Advisory Council, and Royal London Asset Management's Responsible Investment Advisory Committee. He is a Fellow of the British Academy and a Fellow of the Academy of Social Sciences.Alex's book, Grow the Pie: How Great Companies Deliver Both Purpose and Profit, was a Financial Times Book of the Year and has been translated into nine languages. His latest book, May Contain Lies: How Stories, Statistics, and Studies Exploit Our Biases And What We Can Do About It was published by Penguin Random House in 2024. He has won 28 teaching awards and was named Professor of the Year by Poets & Quants in 2021.

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

Part Two: Risk Chapter 7: Introduction to Risk, Diversification, and Portfolio Selection Chapter 8: The Capital Asset Pricing Model Chapter 9: Risk and the Cost of Capital Part Three: Best Practices in Capital Budgeting Chapter 10: Project Analysis Chapter 11: How to Ensure That Projects Truly Have PositiveNPVs

Part Four: Financing Decisions and Market Efficiency Chapter 12: Efficient Markets and Behavioral Finance Chapter 13: An Overview of Corporate Financing Chapter 14: How Corporations Issue Securities

Part Five: Payout Policy and Capital Structure Chapter 15: Payout Policy Chapter 16: Does Debt Policy Matter? Chapter 17: How Much Should a Corporation Borrow? Chapter 18: Financing and Valuation

Part Six: Corporate Objectives and Governance Chapter 19: Agency Problems and Corporate Governance Chapter 20: Stakeholder Capitalism and Responsible Business

Part Seven: Options Chapter 21: Understanding Options Chapter 22: Valuing Options Chapter 23: Real Options

Part Eight: Debt Financing Chapter 24: Credit Risk and the Value of Corporate Debt Chapter 25: The Many Different Kinds of Debt Chapter 26: Leasing Part Nine: Risk Management Chapter 27: Managing Risk Chapter 28: International Financial Management

Part Ten: Financial Planning and Working Capital Management Chapter 29: Financial Analysis Chapter 30: Financial Planning Chapter 31: Working Capital Management

Part Eleven: Mergers, Corporate Control, and Governance Chapter 32: Mergers Chapter 33: Corporate Restructuring

Part Twelve: Conclusion Chapter 34: Conclusion: What We Do and Do Not Know about Finance