E-Book Content
Fundamentals of
Corporate Finance Third Edition
Jonathan Berk
Peter DeMarzo
Jarrad Harford
Stanford University
Stanford University
University of Washington
Pearson Education Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo
The Pearson Series in Finance Bekaert/Hodrick International Financial Management Berk/DeMarzo Corporate Finance* Corporate Finance: The Core* Berk/DeMarzo/Harford Fundamentals of Corporate Finance* Brooks Financial Management: Core Concepts* Copeland/Weston/Shastri Financial Theory and Corporate Policy Dorfman/Cather Introduction to Risk Management and Insurance Eakins/McNally Corporate Finance Online*
Foerster Financial Management: Concepts and Applications*
Marthinsen Risk Takers: Uses and Abuses of Financial Derivatives
Frasca Personal Finance
McDonald Derivatives Markets Fundamentals of Derivatives Markets
Gitman/Zutter Principles of Managerial Finance* Principles of Managerial Finance––Brief Edition* Haugen The Inefficient Stock Market: What Pays Off and Why The New Finance: Overreaction, Complexity, and Uniqueness Holden Excel Modeling in Corporate Finance Excel Modeling in Investments Hughes/MacDonald International Banking: Text and Cases
Eiteman/Stonehill/Moffett Multinational Business Finance Fabozzi Bond Markets: Analysis and Strategies Fabozzi/Modigliani Capital Markets: Institutions and Instruments Fabozzi/Modigliani/Jones Foundations of Financial Markets and Institutions Finkler Financial Management for Public, Health, and Not-for-Profit Organizations
*denotes
Hull Fundamentals of Futures and Options Markets Options, Futures, and Other Derivatives Keown Personal Finance: Turning Money into Wealth* Keown/Martin/Petty Foundations of Finance: The Logic and Practice of Financial Management* Kim/Nofsinger Corporate Governance Madura Personal Finance*
titles
Mishkin/Eakins Financial Markets and Institutions Moffett/Stonehill/Eiteman Fundamentals of Multinational Finance Nofsinger Psychology of Investing Pennacchi Theory of Asset Pricing Rejda Principles of Risk Management and Insurance Smart/Gitman/Joehnk Fundamentals of Investing* Solnik/McLeavey Global Investments Titman/Keown/Martin Financial Management: Principles and Applications* Titman/Martin Valuation: The Art and Science of Corporate Investment Decisions Weston/Mitchell/Mulherin Takeovers, Restructuring, and Corporate Governance
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To Rebecca, Natasha, and Hannah for the love and for being there. —J. B. To Kaui, Pono, Koa, and Kai for all the love and laughter. —P. D. To Katrina, Evan, and Cole for your love and support. —J. H.
Editor in Chief: Donna Battista Editorial Project Manager: Erin McDonagh Editorial Assistant: Elissa Senra-Sargent Managing Editor: Jeff Holcomb Senior Production Project Manager: Meredith Gertz Senior Manufacturing Buyer: Carol Melville Art Director/Cover Designer: Jonathan Boylan Cover Photo: Hdere/E+/Getty Images Image Manager: Rachel Youdelman Photo Research: Integra Software Services, Ltd. Associate Project Manager—Text Permissions: Samantha Blair Graham
Director of Media: Susan Schoenberg Executive Media Producer: Melissa Honig MyFinanceLab Content Lead: Miguel Leonarte Full-Service Project Management and Text Design: Gillian Hall, The Aardvark Group Copyeditor: Kathleen Cantwell, C4 Technologies Proofreader: Holly McLean-Aldis Indexer: Jack Lewis Composition and Illustrations: Laserwords Maine Printer/Binder: RR Donnelley, Willard Cover Printer: Lehigh Phoenix Text Font: Clearface
Credits and acknowledgments borrowed