This book was designed and developed explicitly for a first course in business or corporate finance, for both finance majors and non-majors alike. In terms of background or prerequisites, the book is nearly self-contained, assuming some familiarity with basic algebra and accounting concepts, while still reviewing important accounting principles very early on. The organization of this text has been developed to give instructors the flexibility they need.

As with the previous edition of the book, we are offering a Standard Edition with 22 chapters and an Alternate Edition with 26 chapters.

Considers the goals of the -

corporation, the corporate form of organization, the agency problem, and, briefly, financial markets.

Succinctly discusses cash flow — versus accounting income, market value versus book value, taxes, and a review of financial statements.

Contains a thorough discussion of the sustainable growth rate as a planning tool.

First of two chapters covering — time value of money, allowing for a building-block approach to this concept.

Contains an extensive discussion -on NPV estimates.

Updated to reflect market returnsand events through 2000.

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