Corporate Finance 6th Global Edition By Jonathan Berk, Peter DeMarzo
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Corporate Finance 6th Global Edition By Jonathan Berk, Peter DeMarzo

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About this ebook
The 6th Global Edition of Corporate Finance by Jonathan Berk and Peter DeMarzo is structured around a unifying core concept: The Law of One Price. [1, 2]
The textbook is divided into 10 core parts encompassing 31 chapters, covering everything from foundational financial mechanics to advanced quantitative modeling: [1, 3]
➡️ Part 1: Introduction
  • The Corporation and Financial Markets: Legal corporate structures, sole proprietorships, partnerships, and an introduction to FinTech.
  • Financial Statement Analysis: Holistic evaluation of corporate balance sheets, income statements, cash flows, and key financial ratios.
  • Financial Decision Making and the Law of One Price: Core valuation frameworks, costs versus benefits, and market arbitrage. [1, 2, 3, 4, 5]
➡️ Part 2: Time, Money, and Interest Rates
  • The Time Value of Money: The mechanics of discounting, compounding, and calculating net present value (NPV).
  • Interest Rates: Determinants of nominal and real rates, the yield curve, and loan structures.
  • Valuing Bonds: Principles of fixed-income pricing, corporate bonds, and credit risk. [1, 2, 3, 4]
➡️ Part 3: Valuing Projects and Firms
  • Investment Decision Rules: Utilizing NPV as the baseline metric against internal rate of return (IRR) and payback periods.
  • Fundamentals of Capital Budgeting: Forecasting earnings, determining free cash flows, and executing sensitivity analyses.
  • Valuing Stocks: Dividend-discount models, total payout frameworks, and valuation via comparable multipliers. [1, 3, 4]
➡️ Part 4: Risk and Return
  • Capital Markets and Pricing Risk: Historical risk versus return, portfolio diversification, and systematic versus unsystematic risk.
  • Optimal Portfolio Choice & the CAPM: Mean-variance optimization, the efficient frontier, and the Capital Asset Pricing Model.
  • Estimating the Cost of Capital: Calculating the cost of equity, debt, and the Weighted Average Cost of Capital (WACC).
  • Investor Behavior and Market Efficiency: Behavioral biases, market anomalies, and the implications of efficient market hypotheses. [1, 3, 4, 5]
➡️ Part 5: Capital Structure
  • Capital Structure in a Perfect Market: Modigliani-Miller propositions regarding debt-to-equity choices.
  • Debt and Taxes: Corporate tax shields and the adjusted value of leveraged firms.
  • Financial Distress, Incentives, and Information: Bankruptcy costs, agency conflicts, trade-off theory, and signaling.
  • Payout Policy: Mechanics of corporate dividends versus stock repurchases. [1, 3, 4, 5]
➡️ Part 6: Advanced Valuation
  • Capital Budgeting & Valuation with Leverage: Enterprise evaluation models including WACC, Adjusted Present Value (APV), and Flow-to-Equity (FTE).
  • Valuation and Financial Modeling: Comprehensive case study building dynamic financial forecasts. [, 2, 3]
➡️ Part 7: Options
  • Financial Options: Option payoffs, mechanics of puts and calls, and factors affecting option pricing.
  • Option Valuation: Dynamic replicating portfolios, the Black-Scholes formula, and binomial trees.
  • Real Options: Practical application of options theory to business flexibility, expansion, and project delays. [, 2, 3]
➡️ Part 8: Long-Term Financing
  • Raising Equity Capital: Analyzing Venture Capital (VC), Initial Public Offerings (IPOs), and Special Purpose Acquisition Companies (SPACs).
  • Debt Financing: Corporate bonds, bank loans, and private placements.
  • Leasing: Operating versus finance leases, and the structural trade-offs of buying versus leasing. [1, 3]
➡️ Part 9: Short-Term Financing
  • Working Capital Management: Optimizing inventory, cash collections, accounts receivable, and trade credit policies.
  • Short-Term Financial Planning: Preparing seasonal cash budgets and arranging short-term bank financing. [1, 3]
➡️ Part 10: Special Topics
  • Mergers and Acquisitions: Friendly vs. hostile takeovers, corporate synergies, and financial restructuring. [1]
  • Corporate Governance: Board structures, executive incentives, proxy fights, and modern Environmental, Social, and Governance (ESG) frameworks. [1]
  • Risk Management: Using financial derivatives (forwards, futures, options, swaps) to hedge operational and foreign exchange exposures. [1, 3]
  • International Corporate Finance: Managing cash flows across multiple currencies, international taxation, and foreign cost of capital adjustments. [, 2]

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Topics

Capital Budgeting & Valuation with Leverage Capital Markets and Pricing Risk Capital Structure in a Perfect Market Debt and Taxes: Corporate tax shields and the adjusted value of leveraged firms. Estimating the Cost of Capital: Calculating the cost of equity Financial Decision Making and the Law of One Price Financial Options: Option payoffs Financial Statement Analysis: Holistic evaluation of corporate balance sheets Fundamentals of Capital Budgeting Interest Rates: Determinants of nominal and real rates International Corporate Finance: Managing cash flows across multiple currencies Investment Decision Rules: Utilizing NPV Investor Behavior and Market Efficiency: Behavioral biases mechanics of puts and calls Optimal Portfolio Choice & the CAPM Payout Policy: Mechanics of corporate dividends versus stock repurchases The Corporation and Financial Markets The Time Value of Money: The mechanics of discounting Valuation and Financial Modeling Valuing Bonds: Principles of fixed-income pricing Valuing Stocks: Dividend-discount models
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