Financial Analysis and Corporate Strategy

Abstract

Although there are a number of good introductory finance textbooks, there has long been an unfilled need for more advanced material. This need has grown with the increased sophistication of both theory and practice. Financial Analysis and Corporate Strategy fills this gap in a masterful way. This comprehensive, up-to-date textbook provides a well-organized and substantial exposition of many finance topics, including, but not restricted to, those taught in most general finance courses. For instance, an extensive exposition of capital budgeting, asset pricing, derivatives, capital structure, and mergers and acquisitions is complemented by very good chapters on the APT, real options, and a significant treatment of agency theory, corporate finance, and risk management. Recent advances in finance are made accessible to readers with few technical skills. The text adds a systematic discussion of empirical evidence and of current practice to this in-depth theoretical treatment. The authors pay considerable attention to nurture the reader's curiosity through a number of practical examples from the real-world vignettes which open each chapter, as well as through the practical insights and executive perspectives found at the end of each part.