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Customer Review

on 6 August 2011
This book is about 10 years old now, but I regard it as one of the better introductory books on corporate finance. Nevertheless, it would be nice to see an updated version of it.
Despite its size, I would love it more if there was as much attention to the theory of mergers, arbitrage, corporate governance... as there is attention to empirical evidence from academic papers. Currently, comprehensive case studies are missing, making it not so useful for seasoned practitioners. Also some things are just wrong. For example: a company that buys back its stock won't trade at its previous price-to-earnings ratio! Earnings per share will improve, but the stock price stays the same, naturally (ceteris paribus). This is something that was overlooked by the authors, as they are assuming a stable P/E ratio.

But in general a great read, especially for starters!
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