Up-to-date explanation on the workings of financial markets Illustrations from recent corporate events, many of which draw on Financial Times articles Revised discussion of beta as defined by the Capital Asset Pricing Model An abundance of new statistics on the financial markets and instruments, ranging from mergers to the default rate on corporate bonds Selected chapters have been fully revised and reworked to present a more streamlined version (e.g. chapters 12, 14 and 15) Draws on the latest evidence on the extra return investors require to invest in risky shares compared with a risk-free government bond A cautionary discussion of EBITDA warning of the dangers of falling into the erroneous use of this measure, resulting in over-optimistic valuations New coverage on revolving credit facilities Extended and updated glossary Includes references to the latest literature on the theory and practical use of finance New Harvard Business School case studies and recommended websites.