Fundamentals of Corporate Finance

A book by Stephen Ross, Randolph Westerfield, Bradford Jordan, ISBN 978-1265553609

Fundamentals of Corporate Finance 13th Edition (International Edition). This book was designed and developed explicitly for a first course in business or corporate finance, for both finance majors and non-majors alike. In terms of background or prerequisites, the book is nearly self- contained, assuming some familiarity with basic algebra and accounting concepts, while still reviewing important accounting principles very early on.

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Fundamentals of Corporate Finance by Stephen Ross, Randolph Westerfield, Bradford Jordan

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Fundamentals of Corporate Finance was designed and developed for a first course in corporate or corporate finance, for finance majors and non-majors. The text is almost self-contained in terms of context or prerequisites, assuming some familiarity with basic concepts of algebra and accounting, while revising important accounting principles early on. The organization of this text has been developed to give instructors the flexibility they need. The best-selling text has three basic themes that are central to the book:

1) An emphasis on intuition: the authors separate and explain the principles at work at a common sense and intuitive level before embarking on details. 2) A unified valuation approach: Net present value (NPV) is considered the basic concept underlying corporate finance. 3) A managerial orientation: the authors emphasize the role of the financial director as decision-maker, and they stress the need for managerial input and judgment.


When the three of us decided to write a book, we were united by one strongly held principle: Corporate finance should be developed in terms of a few integrated, powerful ideas. We believed that the subject was all too often presented as a collection of loosely related topics, unified primarily by virtue of being bound together in one book, and we thought there must be a better way.

One thing we knew for certain was that we didn’t want to write a “me-too” book. So, with a lot of help, we took a hard look at what was truly important and useful. In doing so, we were led to eliminate topics of dubious relevance, downplay purely theoretical issues, and minimize the use of extensive and elaborate calculations to illustrate points that are either intuitively obvious or of limited practical use. As a result of this process, three basic themes became our central focus in writing Fundamentals of Corporate Finance:


We always try to separate and explain the principles at work on a common sense, intuitive level before launching into any specifics. The underlying ideas are discussed first in very general terms and then by way of examples that illustrate in more concrete terms how a financial manager might proceed in a given situation.


We treat net present value (NPV) as the basic concept underlying corporate finance. Many texts stop well short of consistently integrating this important principle. The most basic and important notion, that NPV represents the excess of market value over cost, often is lost in an overly mechanical approach that emphasizes computation at the expense of comprehension. In contrast, every subject we cover is firmly rooted in valuation, and care is taken throughout to explain how particular decisions have valuation effects.


Students shouldn’t lose sight of the fact that financial management concerns management. We emphasize the role of the financial manager as decision maker, and we stress the need for managerial input and judgment. We consciously avoid “black box” approaches to finance, and, where appropriate, the approximate, pragmatic nature of financial analysis is made explicit, possible pitfalls are described, and limitations are discussed.


In retrospect, looking back to our 1991 first edition IPO, we had the same hopes and fears as any entrepreneurs. How would we be received in the market? At the time, we had no idea that just 18 years later, we would be working on a ninth edition. We certainly never dreamed that in those years we would work with friends and colleagues from around the world to create country-specific Australian, Canadian, and South African editions, an International edition, Chinese, French, Polish, Portuguese, Thai, Russian, Korean, and Spanish language editions, and an entirely separate book, Essentials of Corporate Finance, now in its sixth edition.

Today, as we prepare to once more enter the market, our goal is to stick with the basic principles that have brought us this far. However, based on the enormous amount of feedback we have received from you and your colleagues, we have made this edition and its package even more flexible than previous editions. We offer flexibility in coverage, by continuing to offer two editions, and flexibility in pedagogy, by providing a wide variety of features in the book to help stu- dents to learn about corporate finance. We also provide flexibility in package options by offering the most extensive collection of teaching, learning, and technology aids of any corporate finance text. Whether you use only the textbook, or the book in conjunction with our other products, we believe you will find a combination with this edition that will meet your current as well as your changing course needs.

Fundamentals of Corporate Finance Book reviews

Fundamentals of Corporate Finance review by Cameron D.

Great book with good examples that help me better understand the material for my introductory finance lesson, but some of the things in the book could be phrased better. If your professor asked you to take this book, I would because it actually breaks things down.

Fundamentals of Corporate Finance review by IA Electric

This textbook is excellently written. It provides a comprehensive understanding of corporate finance and covers a range of advanced topics after a basic understanding of financial management and accounting. It also includes accessible introductions to each chapter. The layout of the text is also well organized.

Fundamentals of Corporate Finance review by Gordon

This does not come with the Connect Access Card. You will have to pay an extra $ 130 for Connect access. I could have bought the book at a lower price in combination with the card.

Fundamentals of Corporate Finance reviews
yourlawyer2020 Putz Houston

well...Fundamentals of Corporate Finance is surely the best I`ve read on the topic
Fundamentals of Corporate Finance reviews
Christine Robinson New York

From the professional point of view there`s nothing new in Fundamentals of Corporate Finance. But at the end of the day, Stephen Ross, Randolph Westerfield, Bradford Jordan made it extremely engaging and motivating!
Fundamentals of Corporate Finance reviews
Radj Lazcovitz Los Angeles

Awesome book!
Fundamentals of Corporate Finance reviews
Andrew2001 Melbourne

Fundamentals of Corporate Finance ebook is a good option. I wouldn`t recommend to buy a hardcover, but for me the digital version worked well. Stephen Ross, Randolph Westerfield, Bradford Jordan is a top-level prefessional!