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AFirstCoursein
CorporateFinance
Preview,Monday26
th
September,2005
AFirstCourseinCorporateFinance
©2003,2004byIvoWelch.Allrightsreserved.
CartoonsarecopyrightandcourtesyofMikeBaldwin.See
http://www.cornered.com/
.
ISBN:nonumberyet.
LibraryofCongress:nonumberyet.
BookWebsite:
http://welch.econ.brown.edu/book
TypesettingSystem:pdflatex.
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Printed:Monday26
th
September,2005(bookc).
Warning:Thisbookisindevelopment.
Itisnoterror-free.
AFirstCoursein
CorporateFinance
Preview,Monday26
th
September,2005
IvoWelch
ProfessorofFinanceandEconomics
YaleUniversity
Therearealargenumberofindividualswhohavehelpedmewiththisbook.Theywilleventuallybethankedhere.
Untilthen,somerandomcollection:RickAntle.DonnaBattista.RandolphBeatty.WolfgangBühler.KangbinChua.
DiegoGarcia.StanGarstka.RogerIbbotson.LudovicPhalippou.MatthewSpiegel.JohnStrong.JulieYufe.Many
anonymousvictimstudentsusingearliererror-riddendrafts.Mostimportantly,Mary-ClareMcEwinghelpedme
improvethebook.
Mostofthereviewcommentsonearlyversionofthisbookwereverygood,andIhavetriedhardtousethemall.
Thankstothereviewers,whoreallygavealotoftheirvaluabletimeandthoughtstohelpme.
TonyBernardo
BillChristie
JenniferConrad
JoshCoval
AmyDittmar
RichardFendler
DiegoGarcia
SharonGarrison
JamesGatti
SimonGervais
TomGeurtz
RobertHansen
MiltHarris
RonaldHomeister
KurtJesswin
MarkKlock
AngelineLavin
JosephMcCarthy
MichaelPagano
SarahPeck
RobertRitchey
BruceRubin
TimSullivan
ChrisStivers
MarkStohs
JohnStrong
JoelVanden
JaimeZender
Miranda(Mei)Zhang
Warning:Thisbookisindevelopment.
Itisnoterror-free.
Dedicatedtomyparents,ArthurandCharlotte.
lastfilechange:Aug23,2005(09:13h)
i
AQuickAdoptionChecklistForInstructors
ThischecklistwillnotapplyafterAFCICFispublished(withfullsupplementarymaterials)byAddison-Wesley-
Pearson.Therecommendedchecklistforthisbook(AFCICF)whileinbetatestmode:
¬ReadthisprologueandoneortwosamplechapterstodeterminewhetheryouliketheAFCICFapproach.
Althoughnotrepresentative,Irecommendthatyoualsoreadtheepilogue.
•
IfyoudoliketheAFCICFapproach,thenpleasecontinue.IfyoudonotlikeAFCICF(orthechaptersyou
read),pleaseemail
ivo.welch@yale.edu
whyyoudidnotlikeit. IpromiseIwillnotshootthemessenger:I
wanttolearnhowtodoitbetter.
¬Youcancontinuetoassignwhateverotherfinancetextbookyouwereplanningtouse,butnowpleaseadd
AFCICF.
•
AFCICFisafull-servicetextbookforanintroductoryfinancecourse.However,thisdoesnot
meanthatitcannotalsoworkasacomplementtoyourprevioustextbook.Thefactthatitis
sodierentfromthecompetitionmeansthatyouandyourstudentscanbenefitfromatest,in
whichyouassignbothbooksforoneyear.Relativetorelyingononlyyouroldtextbook,AFCICF
will
not
increase,butdecreaseyourstudentconfusionandworkload.SeehowwellAFCICFworks!
(TakethePepsichallenge!)Ihopethatthemajorityofyourstudents(andyou)willpreferreading
AFCICFinsteadofyouroldtextbook.
•
IbelieveitshouldalsobearelativelysimplematterforyoutoplugAFCICFintoyourcurrent
class:Thechaptersaresuccinctandshouldmapeasilyintoyourcurriculum.Havingtheold
textbookisalsoyourinsuranceagainstusinganoveltextbook.Anditwillmakestudentsless
criticaloftheremainingshortcomingsinAFCICF,suchasthelimitednumberofexercises(and
theiroccasionallyerroneoussolutions).Perhapsmostimportantly,AFCICFdoesnot
yet
havefull
supplementarymaterials.Itwill,butuntilthen,theauxiliarymaterialsfromoldertextbookmay
help.
•
Fornow,theprintingcostforAFCICFaddsonlyaround$25tostudentcost,soaordability
shouldnotbeaconcern.
YoucangowrongifyoutryoutatleastafewchaptersofAFCICFinthismanner.
¬YoucanreceivepermissiontopostAFCICFonyourclasswebsite.(Thewebsitemustbesecuredtoallowonly
university-internaldistribution).
¬Askyourcopycentertoprintandbindtheversiononyourwebsite.(Ifneedbe,Icansendyounicelybound
copiesat$50/book.Yourcopycentercanprobablydoitfor$25/book.)
•
AlthoughversionsontheAFCICFwebsiteat
http://welch.econ.brown.edu/book
willbebetter
thantheversionyoudownload,itisgoodforyouandyourstudentstohaveonedefinitiverefer-
enceversion.
¬IfyouareusingAFCICFandyouarelookingforlecturenotes,feelfreeto“steal”andadaptmylecturenotes
(linkedat
http://welch.econ.brown.edu/book
)
toyourliking.(Pleaseavoidthehomeworksfornow.Likesome
oftheQ&AinAFCICF,thehomeworksarenotsolid.)
¬Attheendofthecourse,pleaseaskyourstudentswhichtextbooktheyfoundmorehelpful.Pleaseemail
yourconclusionsandimpressionsto
ivo.welch@yale.edu
.
Anysuggestionsforimprovementareofcourse
alsoverywelcome.
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