The fourth edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the rise of populism and trade barriers on international finance, the advent of Financial Technology, and key regulatory changes impacting the sector.


 Understanding and Application
•Clear, user-friendly style
•Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth.
•Real World Insight boxes use real companies like Siemens, Avast and Adidas to show how they have applied corporate finance theories and concepts to their businesses and business decisions.
•Chapter links in the margin provide quick cross-referencing to show students the connections between topics.

Practice and Proficiency
•Mini and Practical cases present scenarios and questions to practice applying what you have learnt. 
•Rigorous testing: between 30 and 40 Questions and Problems per chapter are categorised by topic and level of difficulty.
•Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths.
•Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style.
•Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice 

New to This Edition
•Updated discussions on peer-to-peer trading, cash flow forecasting methods, import/export partners and additional investment appraisal methods
•Updated chapters on corporate governance to reflect global changes, efficient markets and mergers and acquisition to reflect new research, financial distress to reflect new data with discussion on trends and insolvencies and fully updated chapter on Leasing to reflect new IFRS standards
•New section on Modified Internal Rate of Return and Margin of Safety in Investment Appraisal, Net Asset Value, Islamic Financing, and alternatives to CAPM to reflect research developments

• NEW: This edition has now been updated with 8 new videos that covers a worked example from the text and each video has associated concept check questions. The videos are now available on Connect® and cover:


• Chapter 1 & 2: Introduction to Finance and Corporate Governance 
• Chapter 5: Long-Term Financing
• Chapter 6: Investment Appraisal
• Chapter 9 & 10: Risk and Return
• Chapter 15 and 16: Equity and Debt Valuation 
• Chapter 20: Advanced Capital Budgeting
• Chapter 21: Dividends
• Chapter 22: Options

David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School. A Professor of Finance, David was recognized as being in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator.