The real value here is the discussion on . Using real cases of airline bankruptcies, the book shows how fixed costs turn operating leverage into a death spiral when combined with high financial leverage.
One of the most compelling reasons to utilize the is its historical context. Earlier editions of standard finance texts treated financial crises as theoretical anomalies or historical footnotes from the Great Depression. However, the fourth editions of major texts (published roughly in the late 2000s to early 2010s) were the first to fully integrate the lessons of the 2008 Global Financial Crisis. corporate finance fourth edition