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Principles of Corporate Finance
Principles of Corporate Finance

Principles of Corporate Finance, 14th Edition

ISBN10: 1264080948 | ISBN13: 9781264080946
By Richard Brealey, Stewart Myers, Alex Edmans and Franklin Allen
© 2023

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* The estimated amount of time this product will be on the market is based on a number of factors, including faculty input to instructional design and the prior revision cycle and updates to academic research-which typically results in a revision cycle ranging from every two to four years for this product. Pricing subject to change at any time.

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Brealey, Principles of Corporate Finance, 14e, 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. Throughout the text, we show how managers use financial theory to solve practical problems. 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.

With this edition, the most significant change is the addition of new co-author Alex Edmans, Professor of Finance at London Business School and Mercers School Memorial Professor of Business at Gresham College. Poets & Quants named him MBA Professor of the Year for 2021.

Part One: Value
Chapter 1: Introduction to Corporate Finance
Chapter 2: How to Calculate Present Values
Chapter 3: Valuing Bonds
Chapter 4: Valuing Stocks
Chapter 5: Net Present Value and Other Investment Criteria
Chapter 6: Making Investment Decisions with the Net Present Value Rule 

Part Two: Risk
Chapter 7: Introduction to Risk, Diversification, and Portfolio Selection
Chapter 8: The Capital Asset Pricing Model
Chapter 9: Risk and the Cost of Capital

Part Three: Best Practices in Capital Budgeting
Chapter 10: Project Analysis
Chapter 11: How to Ensure That Projects Truly Have PositiveNPVs 

Part Four: Financing Decisions and Market Efficiency
Chapter 12: Efficient Markets and Behavioral Finance
Chapter 13: An Overview of Corporate Financing
Chapter 14: How Corporations Issue Securities 

Part Five: Payout Policy and Capital Structure
Chapter 15: Payout Policy
Chapter 16: Does Debt Policy Matter?
Chapter 17: How Much Should a Corporation Borrow?
Chapter 18: Financing and Valuation 

Part Six: Corporate Objectives and Governance
Chapter 19: Agency Problems and Corporate Governance
Chapter 20: Stakeholder Capitalism and Responsible Business 

Part Seven: Options
Chapter 21: Understanding Options
Chapter 22: Valuing Options
Chapter 23: Real Options 

Part Eight: Debt Financing
Chapter 24: Credit Risk and the Value of Corporate Debt
Chapter 25: The Many Different Kinds of Debt
Chapter 26: Leasing

Part Nine: Risk Management
Chapter 27: Managing Risk
Chapter 28: International Financial Management 

Part Ten: Financial Planning and Working Capital Management
Chapter 29: Financial Analysis
Chapter 30: Financial Planning
Chapter 31: Working Capital Management

Part Eleven: Mergers, Corporate Control, and Governance
Chapter 32: Mergers
Chapter 33: Corporate Restructuring 

Part Twelve: Conclusion
Chapter 34: Conclusion: What We Do and Do Not Know about Finance


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About the Author

Richard Brealey

Richard A. Brealey - Emeritus Professor of Finance at London Business School. He is the former president of the European Finance Association and a former director of the American Finance Association. He is a fellow of the British Academy and has served as a special adviser to the Governor of the Bank of England and director of a number of financial institutions. Other books written by Professor Brealey include Introduction to Risk and Return from Common Stocks.

Stewart Myers

Stewart C. Myers - Emeritus Professor of Financial Economics at MIT’s Sloan School of Management. He is past president of the American Finance Association, a research associate at the National Bureau of Economic Research, a principal of the Brattle Group Inc., and a retired director of Entergy Corporation. His research is primarily concerned with the valuation of real and financial assets, corporate financial policy, and financial aspects of government regulation of business. He is the author of influential research papers on many topics, including adjusted present value, rate of return regulation, pricing and capital allocation in insurance, real options, and moral hazard and information issues in capital structure decisions.

Alex Edmans

Alex Edmans is Professor of Finance at London Business School. He is the reigning Poets & Quants Professor of the Year, and has won 26 teaching awards at LBS, Wharton, and MIT. Alex served as Mercers’ School Memorial Professor of Business at Gresham College from 2018-2022, giving public lectures on finance to an audience ranging from schoolchildren to retirees. Alex has a PhD from MIT as a Fulbright Scholar, and was previously a tenured professor at Wharton and an investment banker at Morgan Stanley. Alex has spoken at the World Economic Forum in Davos, testified in the UK Parliament, and given the TED talk “What to Trust in a Post-Truth World” and the TEDx talks “The Pie-Growing Mindset” and “The Social Responsibility of Business” with a combined 2.5 million views. Alex’s book, “Grow the Pie: How Great Companies Deliver Both Purpose and Profit”, was a Financial Times Book of the Year for 2020.

Franklin Allen

Franklin Allen - Professor of Finance and Economics, Imperial College London, and Emeritus Nippon Life Professor of Finance at the Wharton School of the University of Pennsylvania. He is past president of the American Finance Association, Western Finance Association, Society for Financial Studies, Financial Intermediation Research Society, and Financial Management Association. His research has focused on financial innovation, asset price bubbles, comparing financial systems, and financial crises. He is Director of the Brevan Howard Centre for Financial Analysis at Imperial College Business School.


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