这书的电子版还真是没见过。该书第一版已经出了出了中译本。国内有没有出原版影印还没有查证。
刚发现普林斯顿的金融学基础也用这本书
Princeton University
Department of Economics
ECO 363
Corporate Finance and Financial Institutions
Spring Term 2011
Professor: Yuliy Sannikov
208 Fisher Hall
Office Hours: Tuesday 2:00 - 3:00, Thursday 12:30-1:30
Lectures: Tuesday, Thursday 11-12:20, Friend 101, notes at
http://blackboard.princeton.edu
Online Q&A platform:
http://www.piazzza.com
This course deals with the investment and financing decisions of companies in the wider context of the workings of financial markets and financial institutions.
The main part of the course deals with corporate finance for an individual firm, taking market-wide prices as given. It covers the main elements of capital budgeting and investment decisions that are the staple of business school MBA courses on corporate finance. The technical demands are minimal, but the pace will be faster than in a business school corporate finance course. One key objective of the course is to discuss the limitations and challenges that you will face when applying the theoretical framework of corporate finance to real world problems.
At the end of the course we examine the wider context of financial institutions and their interactions with the capital markets. This part of the course is more challenging conceptually, and emphasizes the perspective of the economist, rather than the manager of a firm.
Course text and other reading
The main text for the course is
• Jonathan Berk and Peter DeMarzo (BD), 2010, Corporate Finance, 2st edition, Pearson Addison Wesley
This is a great textbook - clear, concise and theoretically grounded - and it makes good connections to the real world. If you have the 1st edition, you may use it instead.
Case Studies: These will be distributed in class or posted on Blackboard
• Stanford GSB Case Study: “Callaway Golf: The FX-1 Project”
• Stanford GSB Case Study: “Orange County’s Investment Pool”
• Harvard Business School (HBS) Case Study: “Sealed Air Corporation’s Leveraged Recapitalization”
• DCF Valuation Case: Your own online research (10-K, 10-Q, newspaper articles, etc).
• Stanford GSB Case Study: “When to Build”
Newspaper articles: you get much more out of the course if you follow the news and make connections between what we learn and current events. I like sources like the Wall Street Journal, Financial Times, Business Week and Economist. If you find an article related to something we discuss in class, e-mail it to your preceptor with an explanation of how it is related. Articles will count towards your precept participation points - you should be able to find at least two good relevant articles during the semester. Please put “Related article” in the Subject line.
Course requirements
The course requirements consist of several homework assignments, an in-class midterm and a final examination.
The homework assignments will be posted on Blackboard. The assignments should be turned in at precepts, and I will indicate the due dates as we go along. Collaboration and discussion among students are encouraged, particularly on questions related to cases. Please use Piazzza if you have a question that you want me to answer (preceptors and classmates may answer questions as well).
However, the final versions of the assignments must be individual work. Late assignments are not accepted.
Students are expected to be prepared for each class, and be ready to contribute in a constructive manner to classroom discussion.
Midterm will be held on Thursday March 10 in class, and the date of the final is to be determined.
The overall grade will weigh the three elements as follows:
Precept (including homework) 20 percent
Midterm 30 percent
Final 50 percent
Course outline
The schedule of activities is subject to change depending on the needs of the class.
• Overview of Corporate Finance. Skim BD Ch. 1
• The Time Value of Money. Skim BD Ch. 3 - 6, read articles “Should you pay cash?” and “Cornerstone Gold Card” on Blackboard
• Financial Statement Analysis. Read BD Chapter 2
• Capital Budgeting Read BD Chapter 7, “Callaway Golf FX-1” Case
• Interest Rate and Bond Valuation Read BD Chapter 8, Orange County Case
• Valuing the Stocks Read BD Chapter 9
• Financing Investment Skim BD Ch. 10-13, Read Chapters 14 and 15
• Leverage and Payout Policy Read BD Ch. 16 and 17, “Sealed Air” Case
Midterm Exam
• Firm Valuation Valuation Case
• Mergers and Acquisitions Read BD Chapter 28
• Financial Options Read BD Chapters 20, 21
• Dynamic Decision Making, Real Options Read BD Chapter 22, “When to Build” Case
• Credit Risk and Convertible Bonds Read BD Chapter 24.4
• IPO’s Read Chapter 23
• Overview of Financial Intermediation Lecture Notes on Blackboard
• Risk Management and Value at Risk Read BD Chapter 30
• Dynamic Hedging and Endogenous Risk Lecture Notes on Blackboard
Final Exam
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