Essentials of Corporate Financ
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Essentials of Corporate Finance, 2/e

Stephen Ross, Massachusetts Institute of Technology
Rowan Trayler, University of Technology Sydney
Ron Bird, University of Technology Sydney
Randolph Westerfield, University of Southern California
Bradford Jordan, University of Kentucky

ISBN: 0070284970
Copyright year: 2011

About the Authors


Stephen A. Ross is the Franco Modigliani Professor of Finance and Economics at the Sloan School of Management, Massachusetts Institute of Technology. One of the most widely published authors in finance and economics, Professor Ross is recognised for his work in developing Arbitrage Pricing Theory and his substantial contributions to the discipline through his research in signalling, agency theory, option pricing and the theory of the term structure of interest rates, among other topics. A past president of the American Finance Association, he currently serves as an associate editor of several academic and practitioner journals. He is a trustee of CalTech and a co-author of Fundamentals of Corporate Finance 9e (US edition) and Corporate Finance 9e (US edition), both published by McGraw-Hill/Irwin.

Randolph W. Westerfield is Dean Emeritus of the University of Southern California’s Marshall School of Business and is the Charles B. Thornton Professor of Finance. He came to USC from the Wharton School, University of Pennsylvania, where he was the chairman of the finance department and a member of the finance faculty for twenty years. He is a member of several public company boards of directors including Health Management Associates, Inc. and the Nicholas Applegate Growth Fund. His areas of expertise include corporate financial policy, investment management and stock market price behaviour. He is a co-author of Fundamentals of Corporate Finance 9e (US edition) and Corporate Finance 9e (US edition), both published by McGraw-Hill/Irwin.

Bradford D. Jordan is Professor of Finance and holder of the Richard W. and Janis H. Furst Endowed Chair in Finance at the University of Kentucky. He has a long-standing interest in both applied and theoretical issues in corporate finance and has extensive experience teaching all levels of corporate finance and financial management policy. Professor Jordan has published numerous articles on issues such as cost of capital, capital structure and behaviour of security prices. He is a past president of the Southern Finance Association and he is a co-author of Fundamentals of Investments: Valuation and Management 5e, a leading investments text, also published by McGraw-Hill/Irwin.


Rowan Trayler is a Senior Lecturer in the School of Finance and Economics at the University of Technology Sydney (UTS) and has held a number of administrative appointments including the Director of the Bachelor of Business, and the Master of Business in Finance. He has more than twenty years’ experience teaching introductory finance courses to both undergraduate and postgraduate students at UTS. His experience includes teaching small groups, executive MBA classes, to giving large mass lectures for first year undergraduate finance students. He has also been a visiting lecturer at several universities in the United States and has conducted a number of inhouse finance courses for non-finance executives. Rowan has extensive experience in the banking and finance industry and has several international publications to his name in these areas. He was a member of the New South Wales state committee of the Australasian Institute of Banking and Finance from 2000 to 2005. His teaching philosophy is closely aligned to the writing style of the Ross text and this Australian adaptation has incorporated that style. Rowan has a straightforward and well-designed approach to teaching introductory finance courses, which students appreciate, and he is keen to embrace new technologies in teaching including web-based resources.

Professor Ron Bird began his academic career at Macquarie University in 1970, before moving to the Economics Faculty at the Australian National University (ANU) in Canberra in 1973, where he became a Professor in, and Head of, the Commerce Department. After leaving the ANU in 1988 (and subsequently being awarded the title of Emeritus Professor by that university), Ron embarked on a career in the private sector, including asset consulting with Towers Perrin and funds management with Westpac, before establishing a new funds management firm in conjunction with Grantham, Mayo, Van Otterloo (Boston). Ron returned to academia in 1999, joining the University of Technology Sydney, where he is now Director of the Paul Woolley Centre for Capital Market Dysfunctionality. Ron was the co-author of the first corporate finance text to be published in Australia and has authored copious articles in Australian and international journals. He has also made numerous conference presentations and held visiting positions at several prestigious American, British and European universities. Ron maintains interests outside of the university and has been the academic adviser to several asset management firms and has undertaken consulting projects for the financial services sector, more generally. His current research interests are directed towards arriving at a better understanding of the economic and social costs attributable to dysfunctional capital markets and financial institutions and the associated policy implications.

Ross essentials 2e

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