Principles of Corporate Finance 13th by Richard Brealey
Print ISBN: 9781260013900, 1260013901
eText ISBN: 9781260465099, 1260465098
By: Richard Brealey
Publisher: McGraw-Hill Higher Education
Print ISBN: 9781260013900, 1260013901
eText ISBN: 9781260465099, 1260465098
Edition: 13th
Copyright year: 2020
Preface
This book describes the theory and practice of corporate
finance. We hardly need to explain why financial
managers have to master the practical aspects of their
job, but we should spell out why down-to-earth managers
need to bother with theory.
Managers learn from experience how to cope with
routine problems. But the best managers are also able to
respond to change. To do so you need more than timehonored
rules of thumb; you must understand why companies
and financial markets behave the way they do. In
other words, you need a theory of finance.
Does that sound intimidating? It shouldn’t. Good
theory helps you to grasp what is going on in the world
around you. It helps you to ask the right questions when
times change and new problems need to be analyzed.
It also tells you which things you do not need to worry
about. Throughout this book, we show how managers
use financial theory to solve practical problems.
Of course, the theory presented in this book is not perfect
and complete—no theory is. There are some famous
controversies where financial economists cannot agree.
We have not glossed over these disagreements. We set out
the arguments for each side and tell you where we stand.
Much of this book is concerned with understanding
what financial managers do and why. But we also say
what financial managers should do to increase company
value. Where theory suggests that financial managers
are making mistakes, we say so, while admitting that
there may be hidden reasons for their actions. In brief,
we have tried to be fair but to pull no punches.
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