Principles of Finance

This text is intended for introductory courses, and surveys the three main branches of finance: financial instruments, investments and corporate finance. Each topic is treated separately, yet with a strong awareness of how the various parts of the discipline form an integrated whole. The concepts of value maximization and the risk/expected return trade-off are integrated throughout. The book stresses a finance function orientation over the more traditional accounting orientation. Giving financial instruments and investments separate and greater treatment helps students to better appreciate the universal application of finance within a more realistic, micro-oriented framework.