For decades, has stood as the gold standard for finance students and investment professionals. The release of the 13th edition continues this tradition of excellence, updating classic asset pricing theory with modern market realities.

Real-world finance relies on spreadsheets. The text includes dedicated boxes showing how to build investment models in Excel.

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: New content addressing the controversies surrounding stakeholder capitalism and the rise of ESG (Environmental, Social, and Governance) investing .

From Ivy League business schools to global executive MBA programs, this text is the standard curriculum for graduate and advanced undergraduate finance courses. Its rigorous approach prepares students for careers in investment banking, asset management, hedge funds, and corporate finance. Important Notice on Accessing the 13th Edition PDF

Interest rate sensitivity, yield to maturity, and default risk.

This section sets the stage. It covers financial instruments (stocks, bonds, derivatives) and how markets operate.