Frustrating and unclear text...
This text book has drawn howls of protest from my fellow class mates based on its impenetrable and inaccessible style. There is no step by step explanation of concepts or proper derivations - you are forced to plough on through the chapters with an increasing sense of disconnectedness from the material being taught. This is a shame since I believe the authors are leaders in their field - I suppose there is a true difference between knowing your subject and being able to convey that knowledge.The text jumps from introductory concepts to advanced material without laying the groundwork for that leap. I would recommend Fundamentals of Corporate Finance (Ross, Westerfield and Jordan) in preference if you want to maintain your sanity and come to grips with the material.