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A First Course in Corporate Finance Preview, Monday 9th October, 2006 A First Course in Corporate Finance © 2003–2006 by Ivo Welch. All rights reserved. Cartoons are copyright and courtesy of Mike Baldwin. See http://www.cornered.com/. ISBN: no number yet. Library of Congress: no number yet. Book Website: http://welch.econ.brown.edu/book/ Typesetting System: pdflatex. Cover Font Y&Y Lucida Casual 13-38pt. Main Body Font Y&Y Lucida 10pt. Other Fonts Y&Y Lucida variations See http://www.tug.org/yandy/ Most graphics were created in R, open-source and free: www.r-project.org. Fonts were embedded using AFPL ghostscript and Glyph Software’s xpdf. The referenced spreadsheets are Excel (Microsoft) and OpenOffice (free). Printed: Monday 9th October, 2006 (from bookc.tex). Warning: This book is in development. It is not error-free. A First Course in Corporate Finance Preview, Monday 9th October, 2006 Ivo Welch Professor of Finance and Economics Brown University Far and away, the most important contributor to this book was Mary-Clare McEwing. As editor, she helped me improve the substance of the book tremendously. There are also a large number of other individuals who have helped me with this book. Among them were Rick Antle, Donna Battista, Randolph Beatty, Wolfgang Bühler, Kangbin Chua, Diego Garcia, Stan Garstka, Roger Ibbotson, Ludovic Phalippou, Matthew Spiegel, John Strong, Julie Yufe, and many anonymous (victim) students who had to use earlier error-ridden drafts. The reviewers of earlier drafts of the book spent an enormous amount of time and provided me with many great ideas. I owe them my deep gratitude for their engagement: Tony Bernardo Thomas Chemmanur Bill Christie Jennifer Conrad Josh Coval Amy Dittmar Richard Fendler Diego Garcia Sharon Garrison James Gatti Simon Gervais