A First Course in Corporate Finance

Author(s): Ivo Welch
Year: 2005
Content URL:Link to Content

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The only meaningful constraint that I am imposing for permitting downloads is that you must not be currently involved in writing or publishing a finance textbook. If you are, please exit this site now. (If you are not, you can freely read this book; reading or registering will not prevent you from writing a book in the future.)


* Based on numerical examples, with easy 1-to-1 formula correspondence.
* Half the size of a traditional text --- less is more.
* Conversational tone.
* Closely tied and easily integrated into the finance curriculum.
* Clean design --- not just another clone.
(The book can serve not only as a substitute, but also as a complement to a traditional textbook.)
* Many, many other innovations.
(Pro formas are the "capstone" chapter. There is a good stand-alone chapter explaining financials from a finance perspective. Comparables are put into perspective. Capital structure reflects more recent findings and is thus much more modern. WACC and APV and the direct approach from financials have clear explanations. Robustness and errors are emphasized throughout the book. The default premium and risk premium are clearly distinguished from one another. There is one intuitive CAPM explanation anyone can understand, and (in the investments book) a hands-on explanation so anyone will really understand it. There is an ethics chapter. The governance chapter is more skeptical. And many more.)
* For now, free online. Try it!