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Corporate Finance plus MyFinanceLab Student Access Kit
Jonathan Berk, University of California, Berkeley
Peter DeMarzo, Stanford University

ISBN-10: 0321415116
ISBN-13: 9780321415110

Publisher: Prentice Hall
Copyright: 2007
Format: Cloth Package; 1072 pp
Status: Out of Print

Suggested retail price: $173.87
This item is out of print and is no longer available for purchase.

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.

  • 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, “Arbitrage 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.' Problem-solving study aids include:

      • Common Mistakes boxes point to frequently made errors stemming from misunderstood core concepts and calculations, as well as mistakes made in practice.

      • Worked Examples accompany every important concept using a procedure that illustrates both the Problem and the step-by-step Solution.

      • With a simplified presentation of mathematics, this text breaks the sink-or-swim trend found in most texts by systematically using Notation Boxes as well as Numbered and Labeled Equations.

      • Timelines are introduced in Chapter 4, “The Time Value of Money,”and consistently used throughout the book when appropriate. Stressing the importance of creating timelines for every problem that involves cash flows, each worked example involving a cash flow includes a timeline as the critical first step.

         

  • 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. 
  • Applications that Reflect Real Practice. Corporate Finance highlights practices of actual companies and real people in the field with:
    • Practitioner interviews
    • Real-company chapter-opening examples
    • Boxes that show concepts at work in business
  • 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 7, “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 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, each copy of Corporate Finance comes 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. Find out more at www.myfinancelab.com

Part I    Introduction

1    The Corporation

2    Introduction to Financial Statements

3    Arbitrage and Financial Decision Making

 

Part II     Tools

4    The Time Value of Money

5    Interest Rates

6    Investment Decision Rules

 

Part III    Basic Valuation

7    Fundamentals of Capital Budgeting

8    Valuing Bonds

9    Valuing Stocks

 

Part IV    Risk and Return

10    Capital Markets and the Pricing of Risk

11    Optimal Portfolio Choice

12    The Capital Asset Pricing Model

13    Alternative Models of Systematic Risk

 

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    Valuation

18    Capital Budgeting and Valuation with Leverage

19     Valuation and Financial Modeling: A Case Study

 

Part VII    Options

20    Financial Options

21    Option Valuation

22    Real Options

 

Part VIII    Long-Term Financing

23    The Mechanics of 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

Jonathan Berk is the Professor of Finance in the Haas School of Business at the University of California, Berkeley and is a Research Associate at the National Bureau of Economic Research. He currently teaches the introductory Corporate Finance course for first-year MBA students at Berkeley. Before getting his Ph.D., he worked as an Associate at Goldman Sachs, where his education in finance really began.

Professor Berk is an Associate Editor of the Journal of Finance. His 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 recently 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.

Born in Johannesburg, South Africa, Professor Berk is married, with two daughters aged 10 and 14, and is an avid skier and biker.

 

Peter DeMarzo is the Mizuho Financial Group Professor of Finance at the Stanford Graduate School of Business and is a Research Associate at the National Bureau of Economic Research. He currently teaches the "turbo” core finance course for Stanford’s first-year MBA students. 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 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 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.

View a Sample Chapter PDF:

 

Take a closer look Letter from The Editor | Preface | Sample Chapters | What Instructors are Saying | Class Test

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For Corporate Finance (Graduate / MBA)


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