Solution manual for Fundamentals of Corporate Finance 3rd Edition by Jonathan Berk, Peter DeMarzo, Jarrad Harford – Ebook PDF Instant Download/Delivery: 1269945645 ,9780133507911
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ISBN 10: 1269945645
ISBN 13: 9780133507911
Author: Jonathan Berk, Peter DeMarzo, Jarrad Harford
Fundamentals of Corporate Finance ’s applied perspective cements your understanding of modern-day core principles, focusing on problem solving and real-life financial management practices—all within a clear valuation framework.
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Fundamentals of Corporate Finance 3rd Edition Table of contents:
Part I: Introduction to Corporate Finance
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The Corporation and Financial Management
- The role of finance in business.
- Goals of financial management: shareholder wealth maximization.
- Overview of corporate finance.
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The Financial Markets and Interest Rates
- The role of financial markets.
- Types of financial markets and instruments.
- The relationship between interest rates and bond prices.
- Time value of money.
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Financial Statements, Taxes, and Cash Flow
- Understanding financial statements.
- Income statement, balance sheet, and cash flow statement.
- The role of taxes in financial decisions.
- Operating cash flow vs. free cash flow.
Part II: Valuation and Capital Budgeting
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The Time Value of Money
- Future value and present value.
- Compounding and discounting.
- Annuities and perpetuities.
- Applications of the time value of money.
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Interest Rates and Bond Valuation
- The relationship between interest rates and bond prices.
- Types of bonds and their characteristics.
- Yield to maturity (YTM) and current yield.
- Bond valuation and risk.
-
Stock Valuation
- The valuation of stocks: dividends and capital gains.
- The Dividend Discount Model (DDM).
- Valuation of preferred and common stock.
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Capital Budgeting
- The capital budgeting process.
- The Net Present Value (NPV) rule.
- Internal Rate of Return (IRR) and other investment criteria.
- NPV vs. IRR.
- Project cash flows and risk analysis.
Part III: Risk and Return
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Risk and Return: The Basics
- Defining risk and return.
- The relationship between risk and expected return.
- The role of diversification in reducing risk.
- Portfolio theory and the efficient frontier.
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The Capital Asset Pricing Model (CAPM)
- The concept of systematic risk and beta.
- The CAPM and the security market line.
- The risk-free rate and the market risk premium.
- Using the CAPM for asset pricing.
-
Cost of Capital
- Estimating the cost of equity and debt.
- The Weighted Average Cost of Capital (WACC).
- The role of WACC in investment decisions.
- The relationship between risk and return in the WACC.
Part IV: Capital Structure and Corporate Financing
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Leverage and Capital Structure
- The concept of leverage and its impact on risk and return.
- The trade-off theory and optimal capital structure.
- Modigliani and Miller Proposition I and II.
- The role of taxes in capital structure decisions.
-
Payout Policy
- Dividend policy and the factors affecting it.
- Stock repurchases vs. dividends.
- The residual dividend model.
- The signaling hypothesis.
Part V: Special Topics
-
Options and Corporate Finance
- Basic options terminology: calls, puts, strike price, and expiration.
- Option pricing models.
- Real options in capital budgeting.
- Applications of options in corporate finance.
-
Mergers and Acquisitions
- The theory of mergers and acquisitions.
- Methods of payment in M&A transactions.
- Valuation of target companies.
- The impact of mergers on corporate structure and performance.
-
Agency Problems and Corporate Governance
- The principal-agent problem.
- Solutions to agency problems: executive compensation and monitoring.
- Corporate governance and the role of boards of directors.
- Ethical considerations in corporate finance.
Appendices
- Appendix A: Time Value of Money Tables.
- Appendix B: Discounted Cash Flow (DCF) Analysis.
- Appendix C: Financial Calculators and Excel Spreadsheet Functions.
- Appendix D: Answers to End-of-Chapter Problems (or select problems from the textbook).
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