Solution manual for Fundamentals of Corporate Finance 3rd Edition by Jonathan Berk, Peter DeMarzo, Jarrad Harford ISBN 1269945645 9780133507911

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Product details:
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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• Keep Your Course Current and Relevant: New examples, exercises, and statistics appear throughout the text.

Fundamentals of Corporate Finance 3rd Edition Table of contents:

Part I: Introduction to Corporate Finance

1. The Corporation and Financial Management

   • The role of finance in business.
   • Goals of financial management: shareholder wealth maximization.
   • Overview of corporate finance.

2. 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.

3. 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

4. The Time Value of Money

   • Future value and present value.
   • Compounding and discounting.
   • Annuities and perpetuities.
   • Applications of the time value of money.

5. 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.

6. Stock Valuation

   • The valuation of stocks: dividends and capital gains.
   • The Dividend Discount Model (DDM).
   • Valuation of preferred and common stock.

7. 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

8. 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.

9. 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.

10. 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

11. 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.

12. Payout Policy

    • Dividend policy and the factors affecting it.
    • Stock repurchases vs. dividends.
    • The residual dividend model.
    • The signaling hypothesis.

Part V: Special Topics

13. 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.

14. 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.

15. 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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