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The Revolution in Corporate Finance, 4th Edition


The Revolution in Corporate Finance has established itself as a key text for students of corporate finance with wide use on a range of courses. Using seminal articles from the highly regarded Bank of America Journal of Applied Corporate Finance, it gives students insight into the practical implications of the most recent theoretical advances in the field.

The extensively revised and updated fourth edition contains a significant amount of new material while retaining key original articles from previous editions. The new material highlights important recent developments whilst including two new sections devoted to international finance and international corporate governance. It offers, in one volume, coverage of the latest academic thinking, written by leading financial economists in a way that is accessible to students and corporate management.

Major contributions cover core topics such as:

  • Market efficiency
  • Real options
  • Capital structure
  • Corporate financing
  • Risk management
  • International finance
  • Corporate governance

With additional coverage of many other key areas, The Revolution in Corporate Finance will continue to be an indispensable and unique teaching and study resource.

Joel M. Stern is Managing Partner of Stern Stewart & Co., a New York corporate financial advisory firm. He is author of Analytical Methods in Financial Planning and Measuring Corporate Performance, and currently serves as Adjunct Professor of Finance at Columbia University’s Graduate School of Business.

Donald H. Chew was a founding partner of Stern Stewart & Co., and is Editor-in-Chief of the Bank of America Journal of Applied Corporate Finance. He holds a Ph.D. in English and American Literature, as well as an M.B.A. in Finance, from the University of Rochester.

Preface of the Fourth Edition.

Preface of the First Edition.

Part I: Financial Markets:.

1. The History of Finance: An Eyewitness Account: Merton Miller (University of Chicago).

2. The Theory of Stock Market Efficiency: Accomplishments and Limitations: Ray Ball (University of Rochester).

3. Market Myths: G. Bennett Stewart, III (Stern Stewart & Co.).

4. An Analysis of Trading Profits: How Trading Rooms Really Make Money: Alberic Braas and Charles Braver (Oliver, Wyman & Company).

Part II: The Corporate Investment Decision:.

5. Finance Theory and Financial Strategy: Stewart Myers (Massachusetts Institute of Technology).

6. In Defense of Beta: S.P. Kothari and Jay Shanken (University of Rochester).

7. The Liquidity Route to a Lower Cost of Capital: Yakov Amihud (New York University) and Haim Mendelsohn (Stanford University).

8. The Promise of Real Options: Aswath Damodoran (New York University).

9. Real Options: State of the Practice: Alexander Triantis (University of Maryland) and Adam Borison (Applied Decision Analysis/ PricewaterhouseCoopers).

Part III: The Financing Decision I: Capital Structure:.

10. The Modigliani-Miller Propositions After Thirty Years: Merton Miller (University of Chicago).

11. Still Searching for Optimal Capital Structure: Stewart Myers (Massachusetts Institute of Technology).

12. The Capital Structure Puzzle: Another Look at the Evidence: Michael Barclay and Clifford Smith (University of Rochester).

13. What Do We Know About Stock Repurchases?: Gustavo Grullon and David Ikenberry (Rice University).

14. Stern Stewart Roundtable on Capital Structure and Stock Repurchase: Panelists: Clifford Smith (University of Rochester); Erik Sirri (Babson College); Tim Opler (Credit Suisse First Boston); David Ikenberry (Rice University); Richard Thevenet (Pepsico); and Dennis Soter (Stern Stewart & Co.) Moderated by Donald Chew (Stern Stewart & Co.).

Part IV: The Financing Decision II: The Finance Vehicles:.

15. Raising Capital: Theory And Evidence: Clifford Smith (University of Rochester).

16. Financing Corporate Growth: Bradford Cornell (University of California, Los Angeles) and Alan Shapiro (University of Southern California).

17. Are Banks Still Special? New Evidence on Their Role in the Capital-Raising Process: Christopher James and David Smith (University of Florida).

18. Convertible Bonds: Matching Financial and Real Options: David Mayers (University of California at Riverside).

19. The Uses of Hybrid Debt in Managing Corporate Risk: Charles Smithson (Chase Manhattan Bank) and Donald H. Chew (Stern Stewart & Co.).

20. Using Project Finance to Fund Infrastructure Investments: Richard Brealey, Ian Cooper, and Michel Habib (London Business School).

Part V: Risk Management:.

21. Financial Innovation: Achievements and Prospects: Merton Miller (University of Chicago).

22. Managing Financial Risk: Clifford W. Smith, Jr. (University of Rochester), Charles W. Smithson (Continental Bank) and D. Sykes Wilford (Chase Manhattan Bank).

23. Rethinking Risk Management: Rene Stulz (Ohio State University).

24. Theory of Risk Capital in Financial Firms: Robert Merton and André Perold: (Harvard Business School).

25. Corporate Insurance Strategy: The Case of British Petroleum: Neil Doherty (University of Pennsylvania) and Clifford Smith (University of Rochester).

26. Value at Risk: Uses and Abuses: Christopher Culp (CP Risk Management LLC), Merton Miller (University of Chicago) and Andrea M. P. Neves (CP Risk Management LLC).

Part VI: International Finance:.

27. Financial Markets and Economic Growth: Merton Miller (University of Chicago).

28. Globalization, Corporate Finance, and the Cost of Capital: René Stulz (Ohio State University).

29. Globalization of Capital Markets and the Asian Financial Crisis: E. Han Kim (University of Michigan).

30. Incorporating Country Risk in the Valuation of Offshore Projects: Donald Lessard (Massachusetts Institute of Technology).

31. Yankee Bonds and Cross-Border Private Placements: An Update: Greg Johnson (Banc of America Securities LLC).

32. Financial Risk Management for Developing Countries: A Policy Overview: Donald Lessard (Massachusetts Institute of Technology).

Part VII: International Corporate Governance:.

33. Is American Corporate Governance Fatally Flawed?: Merton Miller (University of Chicago).

34. The Role of Corporate Governance in South Korean Economic Reform: Kenneth Scott (Stanford University).

35. Corporate Ownership and Control in the U.K., Germany, and France: Julian Franks (London Business School) and Colin Mayer (Oxford University).

36. Universal Banks Are Not the Answer to America’s Corporate Governance “Problem”: A Look at Germany, Japan, and the U.S.: Jonathan R. Macey (Cornell Law School) and Geoffrey Miller (New York University Law School).

37. Which Capitalism? Lessons From the East Asian Crisis: Raghuram Rajan and Luigi Zingales (University of Chicago).

38. Measuring the Effectiveness of Different Corporate Governance Systems: Toward a More Scientific Approach: Jonathan Macey (Cornell Law School).


39. Merton Miller’s Contribution To Modern Finance: René Stulz (Ohio State University).