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Preface ix Acknowledgments xv About the Authors xvii CHAPTER 1 Introduction 1 PART I FINANCE IN A CERTAINTY WORLD WITH A PERFECT CAPITAL MARKET 13 CHAPTER 2 Consumer Financial Decisions 15 CHAPTER 3 Creating Wealth by Investing in Productive Opportunities 31 CHAPTER 4 How Investors Value Firms 50 CHAPTER 5 Firm Financing Decisions in a Perfect Capital Market 78 CHAPTER 6 Firm Investment Decisions 102 PART II FINANCIAL SYSTEM 119 CHAPTER 7 Financial Systems, Governance, and Organization 121 CHAPTER 8 Market, Intermediary, and Internal Governance 151 PART III TOOLS FOR COPING WITH RISK 177 CHAPTER 9 The Microeconomic Foundations of Financial Economics 179 CHAPTER 10 Contingent Claims and Contingency Strategies 199 CHAPTER 11 Risk and Risk Management 216 CHAPTER 12 On Choosing Risk Measures 234 PART IV SELECTION AND PRICING OF RISKY ASSETS 255 CHAPTER 13 Mean–Variance Portfolio Choice 257 CHAPTER 14 Capital Asset Pricing Model 287 CHAPTER 15 The APTand Factor Models 317 CHAPTER 16 General Principles of Asset Pricing 339 CHAPTER 17 Pricing Corporate Securities 366 PART V DERIVATIVE INSTRUMENTS 383 CHAPTER 18 Pricing Derivatives by Arbitrage: Linear Payoff Derivatives 385 CHAPTER 19 Pricing Derivatives by Arbitrage: Nonlinear Payoff Derivatives 414 PART VI CAPITAL MARKET IMPERFECTIONS AND THE LIMITS TO ARBITRAGE 449 CHAPTER 20 Capital Market Imperfections and Financial Decision Criteria 451 CHAPTER 21 Impediments to Arbitrage 479 PART VII CAPITAL STRUCTURE DECISIONS IN IMPERFECT CAPITAL MARKETS 499 CHAPTER 22 When Capital Structure Decisions Matter 501 CHAPTER 23 Financing Decisions in Practice 522 CHAPTER 24 Financial Contracting and Deal Terms 545 PART VIII INCORPORATING RISK IN CAPITAL BUDGETING DECISIONS 577 CHAPTER 25 Capital Expenditure Plans in a Risky World 579 CHAPTER 26 Evaluating Project Risk in Capital Budgeting 607 SUBJECT INDEX 639 AUTHOR INDEX 650 FINANCE APPENDICES WEB–APPENDIX A Deal Terms 653 WEB–APPENDIX B Corporate Debt Funding Instruments 658 WEB–APPENDIX C Investment Bankers and the Issuance of Securities 665 WEB–APPENDIX D Credit Risk 668 WEB–APPENDIX E Financial Statements 677 WEB–APPENDIX F Financial Ratio Analysis 682 WEB–APPENDIX G Estimating Cash Flows of Capital Budgeting Projects 692 WEB–APPENDIX H Merger and Acquisition Strategies 697 WEB–APPENDIX I Conglomerates as a Means of Overcoming Capital Market Imperfections 701 WEB–APPENDIX J Lease Financing 705 MATHEMATICAL AND STATISTICAL APPENDICES WEB–APPENDIX K Taylor Series Approximation 716 WEB–APPENDIX L Some Elementary Concepts Involving Probability 717 WEB–APPENDIX M Continuous Probability Distributions 722 WEB–APPENDIX N Continuous Interest Rates 730 WEB–APPENDIX O Fundamentals of Matrix Algebra 733 WEB–APPENDIX P Principal Component Analysis in Finance 745 SUBJECT INDEX (WEB–APPENDIX A TO P) 751 AUTHOR INDEX (WEB–APPENDIX A TO P) 754 ∗ Web–Appendix A to P are online only—please go to www.wiley.com/college/fabozzi