Author Description

This revision of Corporate Finance updates old topics, deletes peripheral topics, opens up a few new topics, and re-edits and tightens much of the continuing material. The idea is to modernize without compromising the book's longstanding commitment to confrontation with complex mechanics, whether theoretical or practical. The most notable additions come in respect of debtor-creditor relationships and startup finance. As to the materials on debt, fact patterns displaying the turn to hardball tactics by distressed companies now show up in multiple chapters. What has been sleepy territory since the decision of the RJR Nabisco case is now back at the policy margin. This edition also fleshes out treatment of securitization more fully to cover market and regulatory developments since the financial crisis. As to startups, the chapter on venture capital has been redone from top to bottom and there is a new chapter on multiple class common capital structures. The collection of appraisal cases also has been updated further to highlight the move to deal and market price.