“I discovered nance with ‘The Vernimmen’ about 30 years ago. Since then the different versions have
accompanied me throughout my career and throughout the world. Not only was the alignment of the suc-
cessive editions looking good in my different of觸ces but I must confess I have opened and cherished each
of them. Whether an investment banker, a CFO in a universal bank or more simply a world banker . . . ”
Bertrand Badre, Former Managing Director and CFO of the World Bank
“What sets the Vernimmen apart from other textbooks is its integration of practice and current affairs in a
rigorous theoretical framework. Recipes and ponti觸cation are replaced by a scientiic approach. And, thanks
to the Newsletter, this is done practically in real time!”
Christophe Evers, Professor of Finance at the Solvay Brussels School, Executive Director of Texaf
“I always use the paper edition of the Vernimmen, which is clear and comprehensive, as a reference tool.
The site is well designed, always up-to-date and also extremely useful for explaining 觸nancial concepts
simply and intelligently to non--nancial colleagues.”
Laurence Debroux, Member of the Executive Board/CFO of Heineken
“
Corporate Finance
is a very useful reference book for students and practitioners, it will help both to under-
stand the principles of the 觸nancial markets and their practical application in today’s complex environment.
The book’s approach is both logical and sequential and presents some interesting cases that make study
easier and more stimulating.”
Gabriele Galateri, Chairman of Generali, former Chairman of Telecom Italia and Mediobanca,
former CEO of FIAT
“Vernimmen provided people like me who were new to the world of corporate 觸nance a perfect mix of theory
and practical examples to help them develop long-lasting 觸nancial concepts. The book is a written manual for
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complexities. This book is a must-have in your personal library as you will refer back to it even after years.”
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“The ‘Vernimmen’ is the perfect reference corporate nance book. I used it in my classes, looked back into
it during my internships, use it again now to deep dive into corporate nance for my thesis and know I will
keep interacting with it later in my career.”
Andr Geha, Graduate Student at MIT Sloan
“Vernimmen’s
Corporate Finance
is an outstanding clear and complete manual, a wonderful merger of
practice and theory. Its coverage of the market aspects of corporatenance distinguishes its content, but its
treatment of all the material makes it essential reading for the student,nancier or industrialist.”
Howard Jones, Senior Research Fellow in Finance at Sad Business School, University of Oxford
“The Vernimmen: proof that an outstanding teaching approach and genuine accessibility are fully compat-
ible with comprehensive and sharp analyses.”
Christian Mulliez, Executive Vice-President and Chief Financial Offcer at L’Oral
“The book itself covers all the important techniques that a 觸nancial manager must have in his repertoire of
tools. The exposition is clear and concise and, most importantly, relies on commonsense reasoning through-
out. This is not a book with obscure formulae, yet is still rigorous and at the same time a model of clarity.”
Richard Roll, Joel Fried Professor of Applied Finance at UCLA Anderson
Pierre Vernimmen
Fifth Edition
Pascal Quiry
Maurizio Dallocchio
Yann Le Fur
Antonio Salvi
This editionrst published 2018
2018 John Wiley & Sons, Ltd
First edition published 2007, second edition published 2009, third edition published 2011, fourth edition
published 2014, all by John Wiley & Sons, Ltd
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Library of Congress Cataloging-in-Publication Data
Names: Vernimmen, Pierre, author.
Title: Corporatenance: theory and practice/Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le
Fur, Antonio Salvi.
Description: Fifth edition. | Hoboken: Wiley, 2017. | Revised edition of Corporatenance, 2014. | Includes
index. |
Identiiers: LCCN 2017030393 (print) | LCCN 2017033170 (ebook) | ISBN 9781119451808 (pdf) | ISBN
9781119424529 (epub) | ISBN 9781119424482 (paperback)
Subjects: LCSH: Corporations–Finance. | Business enterprises–Finance. |
BISAC: BUSINESS & ECONOMICS/Corporate Finance.
Classiication: LCC HG4026 (ebook) | LCC HG4026 .V467 2017 (print) | DDC 658.15–dc23
LC record available at https://lccn.loc.gov/2017030393
A catalogue record for this book is available from the British Library.
ISBN 978-1-119-42448-2 (paperback) ISBN 978-1-119-45180-8 (ebk)
ISBN 978-1-119-42452-9 (ebk)ISBN 978-1-119-42444-4 (ebk)
10987654321
Cover design: Wiley
Cover Image:liravega/Shutterstock
Set in 10/12pt Times by Aptara, New Delhi, India
Printed in Great Britain by TJ International Ltd, Padstow, Cornwall, UK。