Book Description

This is the first comprehensive textbook for students studying fixed-income securities, and is ideally suited to MBA, MSc and final year undergraduate students in Finance and related topics. 

The text offers an accessible and detailed account of interest rates and risk management in bond markets. It develops insights into different bond portfolio strategies, and illustrates how various types of derivative securities can be used to shift the risks associated with investing in fixed-income securities. It also provides extensive coverage on all sectors of the bond market, and the techniques for valuing bonds. In addition, explanation is given of state-of-the-art techniques for bond portfolio management, including:

• A description of numerous fixed-income assets and related securities, namely zero coupon government bonds, coupon bearing government bonds, corporate bonds, exchange-traded bond options, bonds with embedded options, floating rate notes, caps, floors and collars, swaptions, credit derivatives, mortgage-backed securities, etc.
• The development of tools to analyse interest rate sensitivity and to value fixed- income securities, with an emphasis on active and passi ve bond management, and an overview of techniques used by mutual fund and also hedge fund managers.

With numerous worked examples covering the valuation, risk management and portfolio strategies of fixed income securities, and imaginative discussion of important topics such as deriving the zero yield curve, deriving credit spreads, and hedging interest rate risk, the text provides an accessible route into the complex worlds of fixed income securities. 

Supplementary materials for lecturers and students (including a syllabus, a course web page, PowerPoint slides, solutions to problems, and Excel illustrations) can be found at the following website: www.wiley.co.uk/martellini

"The authors have produced a work of the very highest quality.  As focused as it is comprehensive, this is a superb contribution to the literature..."
Moorad Choudhry, VP, Structured Finance Services, JPMorgan Chase Bank, Senior Fellow, Centre for Mathematical Trading and Finance, CASS Business School, London.
... Read more

Reviews (1)

Thank you Martellini et al.
This is an outstanding textbook that is worth every penny I spent on it. It has everything you need for an MBA in finance course on fixed-income securities.
This book is the only one on the subject that has several worked out examples and end of chapter problems and solutions. That is very useful if you want to master the subject. You will encounter plenty of practice opportunities.
All the other books-Tuckman, Fabozzi, Sundaresan, and the rest-while they make good reference books to have on your shelf, they are very poor textbooks to learn from.
If you want to master fixed-income securities, you need to have this textbook.

Thank you, ... Read more

Book Description

"This is a definitive, excellent book on Elliott, and I recommend it to all who have an interest in the Wave Principle." Richard Russell, Dow Theory Letters
"Gold and Silver Today wholeheartedly endorses this book. It is the definitive work on a scientific wave theory of human experience. If you are interested in technical or wave analysis, it should be required reading." Gold & Silver Today
"This book is extremely well done. It is clear, brief and bold....by far the most useful and comprehensive for both the beginner and the veteran." William Dilanni, Wellington Mgmt. Co.
"An outstanding job...I don't think a better basic handbook of Elliott Wave theory could be written." Donald J. Hoppe, Business and Investment Analysis
"...A top-drawer reference for serious technical analysts....all the nuts and bolts necessary to do their own Elliott Wave assembly." Futures Magazine
"Chapter Three is the best description of Fibonacci numbers we've seen in print and that alone is worth the price of the book." Janes Dines, The Dines Letter
"In a third of a lifetime in this business, this was the first time I really understood Elliott, and this is certainly the first book on Elliott that I could recommend. All the methods that Prechter has used so successfully are fully described in this book." The Professional Investor
"Elliott Wave Principle is such an important, fascinating, even mind-bending work, we are convinced that it should be read by and and every serious student of the market, be they fundamentalist or technician, dealing in stocks, bonds or commodities." Market Decisions
"Even allowing for minor stumbles, that 1978 prediction must go down as the most remarkable stick market prediction of all time." James W. Cowan, Monitor Money Review
Recipient of the Technical Analysis Association's Award of Excellence ... Read more

Reviews (22)

elliott wave principle :key to market behavior
This book is a must for anyone who believes that there is method to the stock market madness.I am a pharmacist with a scientific and mathematical background.This book explains the stock market in terms of elliott waves,in a similar way that writing is explainned by the alphabet.In essence it explains the relationship between the everyday variations and its relation to what is happenning today.It explains why the DOW is 10750 today and what the most likely scenario is for the next week,month,year.I like to get into it in a complicated way ,but it is not necessary to do so.Learning the alphabet(elliott wave pattern) is enough to allow anyone who can read and write to note whre the market is today and where it is likely to go.While the most obvious use is for stock market investing the education perhaps is even more important. The elliott wave theory says that all moves consist of 8 waves given symbols 1,2,3,4,5,a,b,c,.In a bull market 1,3,5 and b are moves upward and 2 4 a & c are downward moves.Therefore if you can workout which wave your stock is in you can predict its next move.Each 8 wave move is followed by another 8 wave move and every move is interelated.The dow appears to be in the start of wave a with a long and sharp decline in the near future. I have read the book twice and I need to read it again as it makes more sense each time.

Well Written Book On A Controversial Subject
After reading this book I've decided to study Elliot Waves very carefully. While the book is fairly short the job of constructing degrees and understanding the rules/guidelines will take time to master. The reason I feel it's worth the time is that only Elliot Wave provided a structured way to understand short and long term cycles. The stacking and governance by degree provide meaningful insight into predicting future price movement.

Elliott from his editor
Either you are a so-called Elliottician or simply curious about one of the most discussed market histyory, this book is a must have.
Robert Pretcher is from far the best author I have read on Elliott wave theory. The book is clear and contains all the tenets you need to get a firm, sound graph of the Elliott Theory.
Do not expect trading systems or magic formulas, but at least a good, well written, concise but still complete analysis of the key Elliott's principles.
Suggested read.

Very Intense!
If it is possible to predict what any financial market will do way in advance or even an hour from now, this might be the book to get you on your journey of discovering what it is. Predicated on the hypothesis that there are only 13 possible patterns for any financial market to unfold in, within any given time frame, this is both an intrigueing art and science.I myself am a professional stock investor and I was awed by Prechters knowledge. I went so far as to have him and his services be the first affliliate on my site called:momsonlinestocks.com That said, this book is so in depth and intense, it caused me to have to re-read many of the pages several times. Not the easiest read. My only complaint is he gave us "too" much detail!

This is the first place to start, to "understand" wave theory. I ended the book with the eagerness of feeling "Wow, if I can just decipher not all of the Elliot patterns, but just one that is forming that signals a huge market reversal, and if I can do it just one time, all the reading and research will be worth it." DEFINITELY WILL REQUIRE SERIOUS STUDY TO UNDERSTAND! To understand what your options are about what to "do" with your money, buy his other book "Conquor the Crash." Better yet, get them both. Once I read his book, I was hooked on spending my remaining years searching and uncovering all I can about E.W. theory. It's addicting! -) I would love to hear from anyone who has read his book or any of the fascinating Elliot material out there. We should form a club on Elliot Wave theory!

Great Foundation
This is the basic "Bible" of Elliott Wave Theory. I found this book when I was checking out www.wavespeak.com and it helped out with all the terminology associated with EWT. If your looking for a proven trading stategy, buy this book and check out Wavespeak.com. ... Read more

Book Description

Weygandt Managerial Accounting Third Edition gives students the tools they need to succeed, whether as accountants or in other career paths. With a framework in decision-making, Weygandt 3/e covers all the necessary techniques and concepts for a one semester, undergraduate managerial accounting course. Many students in this course are not accounting majors and will need to understand the big picture of accounting. Therefore, Weygandt 3/e provides students with a pedagogy that helps them to build their decision-making skills and to understand how to use accounting information to make quality business decisions in whatever major or career they choose. ... Read more

Book Description

The Price Advantage, written by three preeminent experts at McKinsey & Company, is the most pragmatic and insightful book on pricing available. Based on in-depth, firsthand experience with hundreds of companies, as well as significant investments in basic pricing research, this book is designed to be a comprehensive guide for managers through the maze of pricing issues. The authors examine state-of-the-art approaches for analyzing and improving pricing performance, demonstrate those approaches with real case studies, and draw a pricing excellence blueprint for companies to follow. In good economic times or bad, achieving the price advantage is critical to corporate performance and profitability. ... Read more

Reviews (4)

Let¿s make money
The book, The Price Advantage, highlights a topic often neglected by senior management. But a careful execution of some of the ideas of Roegner et al. can have enormous consequences for the bottom line!

I found the book extremely useful in helping our organization structure its thinking around the possibilities in the pricing arena. The material in the first chapter on the effect of a price increase versus cost reduction is not new but certainly worth a reminder.

The categorization of the three levels of price management is particularly useful and practical. In a product segmentation exercise we ran internally in our organization, we were quickly able to identify the appropriate approach to the various segments. In fact, shortly after reading the book, we were able to craft a broad based pricing strategy that thoroughly impressed our senior management and will now be worked out in more details with a view to implementing it in a few months.

Having been through the re-engineering rage of the 90's with some questionable results, it is reassuring to realize that there are methodologies that could still dramatically improve the bottom line. This is particularly relevant for those having to cope with the consequences of ever changing exchange rates.
I have encouraged quite a few managers to read this book and see where the ideas can be put into practice.

Pragmatic Approaches a Businessperson Can Use
The Price Advantage makes the case that pricing is the most under-appreciated lever for improving performance in most companies today. The authors put forth an argument that is compelling for business leaders in every company to elevate their view of pricing opportunities in general, and pricing as a key lever for performance management in particular. Most importantly, however, the book provides practical, pragmatic insights into what approaches a businessperson can take to identify and capture pricing opportunities. It brings both the opportunities and potential pitfalls to life through the frequent use of case examples where companies succeeded in "ringing the cash register" through effective pricing or left a great deal of money on the table through poor pricing actions.

Of particular usefulness are chapters on specific topics that a business leader tackling pricing is going to face sooner or later. The chapter on "industry strategy" where the authors lay out some of the tactics for being a price leader or good price follower seems to be fresh writing on these topics ( I have not seen anything written about this before, and I thought it was quite actionable). Also, the chapter on pricing architecture set forth nicely the different ways of structuring price to drive the right customer and reseller behavior, again providing a way to look at the issue that should drive toward results effectively.
The chapter on issues/opportunities that arise from mergers/acquisitions provides distinctive perspectives on how to take advantage of opportunities and/or avoid huge downside risks associated with these events. The price wars chapter provides a guide for many managers to utilize in avoiding counterproductive (often inadvertent) actions across the markets in which they compete. Sidestepping just one of the potholes that the authors describe is likely to save a business great pain. Executing a strategy that weaves its way through the price war minefield discussed is likely to make the business a top performer, and the managers leading such an effort heroes.

The discussion of pricing technology appeared only to scratch the surface, perhaps a necessity due to the rapid innovation underway. While I was left wanting more in this area, the book did provide a way to segment solutions and approaches in this area that should be useful for those exploring the range of options available in today's - or tomorrow's - marketplace.

Finally, as you would expect from the authors' backgrounds, the insights on how to architect an organizational change program provide a framework that should be useful regardless of whether the challenge is a large enterprise or if you're tackling a focused initiative to capture value in a single product line.

Practical Approaches a Businessperson Can Use
The Price Advantage makes the case that pricing is the most under-appreciated lever for improving performance in most companies today. The authors put forth an argument that is compelling for business leaders in every company to elevate their view of pricing opportunities in general, and pricing as a key lever for performance management in particular. Most importantly, however, the book provides practical, pragmatic insights into what approaches a businessperson can take to identify and capture pricing opportunities. It brings both the opportunities and potential pitfalls to life through the frequent use of case examples where companies succeeded in "ringing the cash register" through effective pricing or left a great deal of money on the table through poor pricing actions.

Of particular usefulness are chapters on specific topics that a business leader tackling pricing is going to face sooner or later. The chapter on "industry strategy" where the authors lay out some of the tactics for being a price leader or good price follower seems to be fresh writing on these topics ( I have not seen anything written about this before, and I thought it was quite actionable). Also, the chapter on pricing architecture set forth nicely the different ways of structuring price to drive the right customer and reseller behavior, again providing a way to look at the issue that should drive toward results effectively.
The chapter on issues/opportunities that arise from mergers/acquisitions provides distinctive perspectives on how to take advantage of opportunities and/or avoid huge downside risks associated with these events. The price wars chapter provides a guide for many managers to utilize in avoiding counterproductive (often inadvertent) actions across the markets in which they compete. Sidestepping just one of the potholes that the authors describe is likely to save a business great pain. Executing a strategy that weaves its way through the price war minefield discussed is likely to make the business a top performer, and the managers leading such an effort heroes.

The discussion of pricing technology appeared only to scratch the surface, perhaps a necessity due to the rapid innovation underway. While I was left wanting more in this area, the book did provide a way to segment solutions and approaches in this area that should be useful for those exploring the range of options available in today's - or tomorrow's - marketplace.

Finally, as you would expect from the authors' backgrounds, the insights on how to architect an organizational change program provide a framework that should be useful regardless of whether the challenge is a large enterprise or if you're tackling a focused initiative to capture value in a single product line.

Much of this is old hat, unfortunately
A friend of mine who knows I have an interest in pricing sent me a free copy of this book. Michael Marn has led the pricing practice at McKinsey & Company for a long time now, and I'd been wondering why he hadn't published a pricing book before now.

Unfortunately it turns out to be something of a one-trick pony, and a pony pretty long in the tooth at that. About half of it talks about the well-known price-benefit map. No question it's a fundamental idea, but hardly leading edge. Plus you need a McKinsey team to execute it. Given the pedigree of the authors I was hoping for more. A lot of the book just repeats McKinsey's early work on price wars, postmerger pricing, and overall strategy--good stuff but again nothing new.

If you're interested in pricing, in my opinion there are better options than this. ... ... Read more

Book Description

Praise for Financial Statement Analysis
A Practitioner’s Guide
Third Edition

"This is an illuminating and insightful tour of financial statements, how they can be used to inform, how they can be used to mislead, and how they can be used to analyze the financial health of a company."
–Professor Jay O. Light
Harvard Business School

"Financial Statement Analysis should be required reading for anyone who puts a dime to work in the securities markets or recommends that others do the same."
–Jack L. Rivkin
Executive Vice President (retired)
Citigroup Investments

"Fridson and Alvarez provide a valuable practical guide for understanding, interpreting, and critically assessing financial reports put out by firms.Their discussion of profits–‘quality of earnings’–is particularly insightful given the recent spate of reporting problems encountered by firms.I highly recommend their book to anyone interested in getting behind the numbers as a means of predicting future profits and stock prices."
–Paul Brown
Chair–Department of Accounting
Leonard N. Stern School of Business, NYU

"Let this book assist in financial awareness and transparency and higher standards of reporting, and accountability to all stakeholders."
–Patricia A. Small
Treasurer Emeritus, University of California
Partner, KCM Investment Advisors

"This book is a polished gem covering the analysis of financial statements. It is thorough, skeptical and extremely practical in its review."
–Daniel J. Fuss
Vice Chairman
Loomis, Sayles & Company, LP ... Read more

Reviews (9)

excellent analyst-level text
in all likelihood, average investors will not get much out of this book, as average investors don't pore over 10-ks, annual reports and conduct industry analysis prior to investing (which they should!). but for those above average investors who do (read: intelligent investors, per ben graham), this book is an excellent read.

2/3 of the book deals w/ alterting the investor to some of the areas where company mgmt can play games w/ the #s in order to goose the stock price. the examples were helpful, but the insights were not exactly earth shattering for experienced investors.

however, the last 1/3 of the book, on forecasts & security analysis, is worth the price of the book. in 100pgs, you get an MBA-level text on security / credit / financial statement analysis, complete w/ ratio definitions, caveats(!), and applicability. excellent stuff for the beginning or experienced analyst, and i will doubtless refer to the last 1/3 time and again.

Reads well
This book is for someone that wants an overview style book. It reads as a novel, or loose conversation would be read. Not a textbook style (dry) book.

Make sure you get the real book 1st
I ordered this book without getting the first book that goes along with it. Make certain you do, this is just a workbook.

Focus is on developing insight
According to the author's introduction, the goal of "Financial Statement Analysis" is to "acquaint readers who have already acquired basic accounting skills with the complications that arise in applying textbook-derived knowledge to the real world of extending credit and investing in securities." It succeeds admirably in this purpose. By using case studies drawn from real world situations that illustrate how even a basic analysis can reveal problems before it's too late, the book is a cogent, topical, and valuable reference for any user of financial statements.

Part 1 sets the stage by positing the adversarial nature of financial accounting. Unlike the textbook approach, in which rational companies disclose audited statements in order to convey impartial data about their financial condition, "Financial Statement Analysis" begins with the proposition that the producers of financial statements have motives other than those suggested by traditional texts. Although you would find few people who would argue against this proposition today, it is still valuable to be reminded of the potential agency issues facing corporate officers and auditors.

Part 2 provides an intoduction to the financial statements, devoting a chapter to each. The main emphasis here is on helping the analyst develop judgement. For example, the balance sheet chapter provides insights into problems that arise from the difficulty of assigning a value to an asset, while the income statement chapter details the many pitfalls of pro-forma earnings. Throughout, the authors note critical issues to consider that go beyond the numbers.

Part 3 discusses the thorny problem of profits. Beginning with the simple formulation that "profit = revenue - costs," the authors discuss the myriad of complexities that arise in distinguishing real, economic profits from accounting profits. The first chapter discusses various tools used to manipulate the revenue recognition process; diverse examples include a software company, a lay-away program at a major retailer, and memberships at a health club. The next chapter discusses expense recognition using a similar framework. Perhaps the most interesting chapter in this section discusses the role of auditors. In light of the Enron fiasco, which post-dates this book's publication, the discussion is prescient and will no doubt need to be expanded in future editions!

Part 4 ties the previous sections together to illustrate how to use your new found scepticism to make forecasts. The first chapter provides a step-by-step illustration of how combine an existing set of statements with your assumptions about the future to produce your own forecasts. Each projected statement (income, cash flow, and balance sheet) is accompanied by a line-by-line description of relevant issues (economic, historic, etc...) to consider. The chapter also discusses how to construct a sensitivity analysis under varying assumptions. Unlike the previous chapters, this one provides a detailed explanation of how to actually go through the process, and was particularly appreciated by this reader. The other chapters in the section focus on the computation of the various ratios used in credit and equity analysis. Importantly, however, they move beyond the mechanics by providing the reader with insight into how to use, interpret, and recast the ratios under varying assumptions. As stated at the outset, the focus remains on helping the reader develop insight.

Finally, the book contains a useful glossary that provides definitions and examples for many economic, financial, and accounting terms and concepts.

One caveat, however. If your accounting skills are weak or rusty (like mine), you might might find the lack of more step-by-step examples and problem sets frustrating. In this case, you might consider supplementing the book with a more traditional textbook. (In the author's defense, they state in the introduction that accounting is assumed, so it's not really fair to fault them for this). Overall, however, the book is a very useful tool.

Recommend Purchase!
This book by Martin Fridson, stands out for the real-world flavor it brings to the subject of Financial Statement Analysis. The book talks about the motivations of financial statement issuers (not necessarily clarity and accurate representation of financial condition), and urges readers to not blindly trust financial statements but look between the lines. Agreed, such an outlook can be built up only through constant practice and experience, but this book helps the reader get a head-start. ... Read more

Book Description

Unlike other government and not-for-profit accounting texts, this one is directed for both potential users and preparers of financial reports. Emphasis is placed on the significance of reported information and how both users and preparers can interpret and analyze accounting information. ... Read more

Book Description

Completely revised for the new computerized CPA exam—all the information you need to master!

• The most effective system available to prepare for the CPA exam—proven for over thirty years
• Timely—up-to-the-minute coverage for the computerized exam. Contains all current AICPA content requirements in business environment and concepts
• Unique modular format—helps you zero in on areas that need work, organize your study program, and concentrate your efforts
• Comprehensive questions—over 3,700 multiple-choice questions and their solu-tions in the four volumes. Covers the new simulation-style problems. Includes over 90 simulations—almost three times more examples than any other competitor
• Complete sample exam in business environment and concepts
• Guidelines, pointers, and tips—show you how to build knowledge in a logical and reinforcing way

Wiley CPA Examination Review 2005 arms test-takers with detailed outlines, study guidelines, and skill-building problems to help candidates identify, focus on, and master the specific topics that need the most work.

Other titles in the WILEY CPA EXAMINATION REVIEW 2005 FOUR-VOLUME SET:

• Auditing and Attestation
• Business Environment and Concepts
• Financial Accounting and Reporting

See inside for the entire array of Wiley CPA Examination Review Products!

The computer-based CPA exam is here! Are you ready?

The Wiley CPA Examination Review 2005 books are revised and updated for the new computerized exam, containing AICPA sample test questions released as recently as March 2004. To help candidates prepare for the new exam format, this edition includes a substantial number of the new simulation-type questions. Passing the CPA exam upon your first attempt is possible! We'd like to help. ... Read more

Book Description

Offering a unique balance of industry and academic experience, this unique author team presents the latest in financial theory while maintaining a strong real-world connection. Aiming to engage rather than intimidate, they offer a book that is reader-focused yet does not water down content. Their consistent approach focuses on value: what creates value, what destroys it, how value is measured, and how value and risk are related.Offers web-based Interactive Modules that provide extensions of the material presented in the book, such as Excel spreadsheets and Internet links. Bundles with the book Prentice Hall's Mastering Finance CD that includes video clips and other material to illustrate concepts. Features an earlier presentation of the cost of capital (to Chapter 9 from Chapter 12), preceding capital budgeting and cash flow estimation chapters. Provides all-new material on business valuation techniques.Perfect for the financial analyst, marketing manager, or information technology manager who wants an updated reference on financial topics. ... Read more

Reviews (1)

An excellent book for starters!!! Great job....Gallagher
This is an excellent book for those who want to delve into finance. It is equivalent to 2nd year material. Finance, most often offered in 3rd year here in Canada, requires knowledge of statistics (i.e. stats, econometrics...etc Intermediate level; 2nd year) when reviewing certain budgeting options; you won't need this for the book. Don't be dismaid, your not missing key information by using this 2nd year stuff (you get all of the math too at an easier to comprehend level).
The disk included with mine helps to build your financial knowledge through a website connection and with practice, but this is not mandatory and is designed for the hardcore finance junkies like myself.
It is only a 4-star because I want more challenging material, but being a 2nd year course I have to wait until 3rd year. ... Read more

Book Description

This text provides a contemporary introduction to accounting and accounting systems. It covers the essence of both financial and managerial accounting in a non-procedural, non-debit and credit manner. After a brief introduction to financial statement preparation, the remainder of the text focuses on controls and the use of accounting information in decision making. ... Read more

Book Description

Performing Venture Capital Due Diligence the Right Way

Venture Capital Due Diligence provides a clear and complete explanation of the venture capital (VC) due diligence process and shows you how to use it to assess investment opportunities, make smart investment decisions, and increase the return on your overall venture capital portfolio.

This comprehensive guide offers a full explanation of the VC due diligence process, from using screening mechanisms that sort out potential opportunities, to assessing the management qualities, business models, legal issues, and even intangibles of target companies. Structured around a number of carefully crafted questions that venture capitalists often ask when performing due diligence, this book puts you–the reader–in the position of a VC conducting due diligence on a particular company.

In-depth discussions of these questions and their possible answers pull together opinions from many of the major players in today’s venture capital industry, including . . .

• Richard Testa of Testa Hurwitz & Thibeault
• Ann Winblad of Hummer Winblad Venture Partners
• John Doerr of Kleiner Perkins Caufield & Byers
• Craig Johnson of the Venture Law Group
• Don Valentine of Sequoia Capital
• Kevin Fong of the Mayfield Fund

. . . and many others who are qualified to comment on the proper methods of performing VC due diligence and making VC investment decisions.

An essential guide for anyone involved in venture capital investing, Venture Capital Due Diligence helps you uncover potential problems, while showing you where to look and what to look for when conducting VC due diligence. ... Read more

Reviews (4)

This book is a really great resource.
As a new entrant to the field of venture capital, I found this book extremely helpful. Anyone hoping to become a VC should definitely take a look.

Skip it
This book is a disappointment.

Although it is carefully documented, it is almost entirely made up of quotes from secondary sources. If you've read some basic books on private equity, you probably already read most of the sources used in this book. There is little in the way of analysis or any kind of value add.

Don't Skip this Book!
Written in simple format, layman's terminology, and constructed very well. If you are looking to build a business, even have one funded this is a book you have to read. It gives very good perspective and is a great supplement to "The Venture Capital Cycle" and "Venture Capital and Private Equity: A Casebook". The reading is highly informative and the 3 go together exceptionally well.

One of the finest due diligence books I have read.
Justin Camp puts the whole due diligence process into a logical, easy to read, and concise format. I found it both informative and thought provoking. I believe this book would not only be helpful to venture capitalists but entrepreneurs can use it to prepare themselves and their companies to attract vc funding. The book should be a reference work for anyone looking to build or invest in a young company. ... Read more

Book Description

Understanding Financial Statements, 7/E retains its reputation for readability, concise coverage, and accessibility while incorporating the many new requirements and changes in accounting reporting and standards. It gives readers the conceptual background and analytical tools necessary to understand and interpret business financial statements.The book covers the tools and techniques needed to analyze and interpret financial statements, income statements, balance sheets, and cash flow statements.For controllers, CFOs, financial analysts, credit analysts, or business managers who need a valuable reference book. For any individual who wants to learn how to read and interpret financial statements. ... Read more

Reviews (4)

Review - Understanding Financial Statements, 6th Ed.
The presentation of the content assumes that the reader has some knowledge of this content area and at times leaves him/her confused as to what was discussed, making it difficult to understand. Examples that are used are often incomplete and do not provide a complete picture of how statements are generated. As someone who has no knowledge or experience in this area, I found it to be frustrating to read and comprehend the information. Not a good choice if you are a novice. Too bad I could not give it zero stars.

great book
this is a great book for beginers in such a feild. very informative. just what i was looking for.

Enron?
The Preface of this book reveals that the author's daughter "completed three fascinating and challenging years as an analyst for Enron Corporation." Indeed.

Understanding Financial Statements
This is a wonderful book for those who are new to the world of corporate finance and do not have a working knowledge of the language of finance. The definitions are clear and the examples are easy to understand. The book is thorough in its coverage of balance sheet, income statements, statements of retained earnings, and cash flow, and explains how to uncover hidden problems in review of a firm's financial statements. This is a great book for students and those who want to have the mysteries of the financial report revealed. ... Read more

Book Description

Praise for The Firm of the Future

"In The Firm of the Future, Paul Dunn and Ron Baker create an intellectual challenge for firm leaders. They are truly two of the best critical thinkers today. Together they provide the reader with a wealth of thought-provoking ideas. This is an intellectual masterpiece."
–August J. Aquila, PhD
Managing Director, American Express Tax and Business Services
Coauthor, CPAs That Sell and CPA Firm Merger Strategies That Work

"Paul Dunn and Ron Baker have done it again. Living up to their reputation for challenging conventional wisdom, Dunn and Baker present a new paradigm for the professions to understand the dynamic forces at play in the professional practice of the twenty-first century. The Firm of the Future is a brilliant work that adds a new dimension to the old formula for success in a professional service firm. Dunn and Baker clearly lay out a new road map to help leaders understand the differences between leveraging people and leveraging knowledge; between billing for time and pricing for value; and between doing things right and doing the right things. This new paradigm for the firm of the future will help professionals more accurately plan and structure their firm in a way that acknowledges and capitalizes on today’s marketplace, technological opportunities, customer expectations, and human capital needs. Any practice leader who wants to ensure success for their organization should be compelled to read The Firm of the Future."
–Michael Platt
President and CEO, AccountingWEB ... Read more

Reviews (6)

Must reading for the professional service provider!
After reading this book, you'll need to place it alongside your desktop dictionary, Thesaruas and Ron's first book "The Professional's Guide to Value Pricing. This is how strong of an impact their message has made on me.

After reading the first two editions of Ron's book, I didn't think he would be able to improve much on the message of switching to Value Pricing. Boy, was I wrong! He and Paul Dunn have done an amazing job of getting the reader to think differently. As with the radical theme of trashing the timesheet in "The Professional's Guide to Value Pricing", they do a masterful job of convincing you why the old "Revenue Equation" must be replaced with the forward-thinking "Profit Equation". They go on to introduce other new topics not found amongst professional services firms such as developing your Intellectual, Structural and Social Capital, emphasizing effectiveness over efficiency and of course Value Pricing. As is typical of Ron's writing style, and complemented by Paul, their reasoning for making this paradigm shift is well supported and well reasoned.

I've been using practicing Value Pricing for about 5 1/2 years now and I can tell you that it works. In my own firm, I've slowly begun implementing some of their new concepts but with a new perception. I'm convinced these principles will work for me and they can for you as well.

After reading this book, you'll definitely want to keep it handy as a useful reference guide!

Old Schoolers will cringe at some of the suggestions
This book champions many of the beliefs I've held for years at working at Big 4, regional, and small public accounting firms. Mainly, that time sheets, hourly rates, billable hours, etc. is a completely misguided and outdated manner to try to capture costs and price services.

I just resgined from a firm to start my own practice. While there, I was discussing this book with one of the firm's Partners. When I suggested the radical idea of no timesheets, he replied, "how will you know the people are working." As this book effectively points out and analyzes, firms just aren't hiring the right people!

The book does get a bit redundant at times, and does put forth some ideas that seem a bit crazy (such as 100% money back gaurantees in your engagement letters if the client doesn't like the service). However, I think that overall the book does make some very excellent points. Firms that are courageous enough to make changes based on ideas generated from this book may be the "firms of the future"

Finally, despite the title, this book is for CPAs and CPA firms. Lawyers and other service providers will not get as much out of it. For those starting firms, or for those looking for ideas to improve their current firms, this book should help.

challenges the old paradigms
Paul Dunn & Ronald J Baker's new book "The Firm of the Future and the Future of the Firm" challenges the old paradigms of the professional firm and clearly shows the way forward.

Although aimed at the professional firm, the book is relevant to all service businesses.

If you attended Paul Dunn's seminars and read Ronald J Baker's books, then this will be a useful refresher. If you haven't - then oh boy what a ride! Let the journey begin.

In addition this book introduced to me the concept of Intellectual Capital, a framework that I'll certainly use in the future.

I hope my competion ignores this book!
Baker and Dunn certainly get it. This thouroughly researched and insightful book had me breaking out my highlighter, dog-earing pages, reading aloud to my wife. Firm of the Future got me fired up, and dreaming again.

Baker and Dunn occupy the same real estate on my bookshelf as George Gilder, Peter Druker,Walt Disney, Harvey MacKay, and Michael Gerber. Baker and Dunn apply the science of economics and the wisdom of GOOD BUSINESS SENSE to professional services in a way that could revolutionize the professional services industries in a dramatic fasion.

I apologize for the following trite blurb: "If there is one business book the professional must read, it's Firm of the Future" - but it is true. If you consider yourself "forward thinking" and want to regain joy from your professional service business, this is your book.

I sincerely hope that my competition avoids this book; or at best, reads it, forms a committee, and organizes a task force to look into the issues of "value billing." While my competition arrogantly holds thier client's hand, a quiet revolution will be occurring; and the customer will seek a better experience- with professionals who are forming the Firms of the Future.

I've read hundreds of business books, from the popular to the technical, economic theory, touchy-feely, to chainsaw management....This book got me excited about being a CPA again! valuable at a time when the profession is going through a credibility crisis.

Do clients want to buy hours?
Expanding on the principles discussed in Value Pricing, Ron Baker has teamed up with Paul Dunn to share their theories, insights and ideas on how professionals (in particular CPAs) view and price their services. The Firm of the Future is written around major themes and includes individual commentary from Ron and Paul.

Are you creating value for your clients and charging for the value you provide, or are you charging your clients based on the time you spend? If you are not thinking about the value you are creating for your clients, watch out! Every professional who reads this book will be thinking about the value they can add not only to their clients, but yours. What about fees? Do you think that you can match or beat my price? "Any firm can compete on price; it is truly a fool's game. In contrast, competing based on Total Quality Service, positive customer experiences, and transformations requires more thought, creativity and investment." This book could be your first investment in achieving Total Quality Service and differentiating yourself from the competition. ... Read more

Book Description

FINANCIAL ACCOUNTING provides a solid foundation of accounting concepts with unique features to show how users can use accounting to understand business. FINANCIAL ACCOUNTING 8e, uses the preparation of financial statements as the framework for understanding what accounting is all about. ... Read more

Reviews (8)

excellent intro book!
excellent intro book! and a great read too ;)

management accouting for steve albrecht, et al
this text hasn't included solutions manual that's big trouble for student

Missing major material
This book was required for my accounting class. It seems the have the holes of Swiss cheese though. While it probably covers the basics of Financial Accounting as well as any other book, it lacks some things that I thought would be entirely useful. For example only the odd exercises have the solutions in the back. Maybe it's just me, but I expect all since I'm in college. Furthermore, despite the copyright date of 2002, this edition contains a lot of old material. It lists Market Capitalization information about Microsoft from the spring and summer of 2000, the peak in stock prices. Also in the first chapter it speaks of accounting ethics and references a speech made in 1998 by the chairman of the SEC. It makes no mention to the scandals of Enron, WorldCom etc. (Enron declared bankruptcy on Dec. 2, 2001.) This edition appears to be just a desire by the authors to put out a new edition to limit the used book trade of the 7th edition and make more money for the authors.
If you can avoid it, do not buy this edition new.

Super Service
Very fast delivery. Book was in brand-new shape.

very good!
very good service, got the book fast and in very good condition... ... Read more

Book Description

Hedge funds have long been viewed as mysterious, high-risk investments, unsuitable for most investors. All About Hedge Funds debunks these myths and explains how any investor can take advantage of the high-potential returns of hedge funds while incorporating safeguards to limit their volatility and risk. This clear-headed, commonsense guide tells investors:

• What hedge funds are--and what they are not
• Four key hedge fund strategies
• How to incorporate hedge funds into an existing portfolio
• Types of risk involved in hedge fund investing

Reviews (6)

Excellent
Not just for people looking for a hedge fund! This book is a great introduction to modern portfolio theory and gives excellent descriptions of most key concepts. If there's a 2nd edition, I hope he will include more clarity and discussion of key terms like Sharpe Ratio (there are 2 definitions in customary usage, it's an important and misunderstood number, and there is no occurrence of "sharpe ratio" in the index), Alpha, Beta, R-squared, etc. Nonetheless, this book is extremely helpful and highly recommended.

Great, Great, Great
This book is great!

I'm a Wall Street professional, but wanted to understand more about the hedge fund business. My initial concern was that this book was going to be too basic, but it was not. It provided excellent insights into the function of hedge funds in today's financial world, various types of investment strategies, the tools available to hedge funds and even went into regulatory and tax issues. It answered all the questions I had about hedge funds (and was afraid to ask). Yet while it was not too simplistic for someone already in the financial services world, it was also not too complicated for a layperson. This book will remain a valuable resource for me in the future.

Fantastic overview of the industry
This book presents a fantastic overview of the hedge fund industry. The intended target audience is hedge fund investors, which is reinforced by the author's credentials as an executive in a "Fund of Funds". In addition, the book would be very useful as an interview to financial markets, useful for business students interested in careers in trading or hedge funds.

The book starts with a broad overview of market theory, covering efficient markets, diversification theory and strengths and weaknesses of the "Random Walk" theory. The book then moves to an overview of the various investment tools available to hedge funds, such as going long and short on stock prices and volatility. (If you'd like to know in plain english what being "long volatility" means, this is a good book for you!) The book then covers legal, financial and operational details of running a fund. Lastly, it covers the various types of funds, such as equity funds and event driven funds. The scope of the material covers financial institutions such as investment banks and brokers that support hedge funds.

In summary, this was a very informative introductory text on both hedge funds and markets. It will be very useful to both new investors in hedge funds, as well as students of financial markets. The math is well explained, and there are only a few tough technical sections.

Enjoy!

Excellent Primer on Hedge Funds and the Industry
This book delivered what I was looking for and more. I needed an introduction to hedge funds and the industry and the book does an excellent job of providing this information in complete and concise detail. In addition, the book also gives a good overview of portfolio theory and how it relates to actual practice. There is also a section that describes the prevalent hedge fund strategies with historical performances. I highly recommend this book to those interested in starting their own fund or wishing to work in the industry.

Best book I've read on hedge funds
"All About Hedge Funds" is lucid enough for beginners, sophisticated enough for those in the know, and written with a clarity and intelligence rare in the world of money books. Jaeger avoids hype while providing plenty of insight into this often misunderstood investment tool. ... Read more

Amazon.com

David Bach's Smart Women Finish Rich is a homage to the financial wisdom of his grandmother; it's also an excellent foundation for women who are starting to get their financial lives in order. Bach's approach to money management is rooted in years of investment seminars for women and his work as senior vice president of investments at Morgan Stanley Dean Witter. During that time he recognized that "people rarely know what is truly driving them emotionally when it comes to money." In response, Bach has written a guide to money management for women based on his belief that "financial planning is as much an emotional issue as it is an intellectual one." Are you considering your values in your work and investing? What part of your daily work is driven by your goals in life? Is your latte habit preventing you from accumulating substantial wealth? Bach addresses tax strategies, wills, insurance, retirement plans, and investments in a highly accessible manner. Smart Women Finish Rich ably bridges the gap between simple saving strategies and preparing for widowhood and financial independence. --Brad Doll ... Read more

Reviews (88)

The BEST Personal Finance Book Out There. PERIOD.
I've read about 90 books on personal finance, frugality, etc., in the past year. This is THE BEST. PERIOD. Bach doesn't tell you how to get rich. He talks to you, coaches you, cajoles you to figure out what's really important to you. And then he tells you how to fund those important goals. I've never seen such a beautiful blend of coaching and advice. After reading the couples version of this book, I got my husband to read it, and then we held a "Finance Night" in which we did all the exercises, talked them through, went over our budgets, insurance coverage, etc., and then came up with a 10-step action plan. This book motivated us to do all that! I've since read the version for women and am getting copies for every one in both our families for Christmas. I personally can't remember the specific financial advice Bach gives. Personally, I think financial strategies need to change as events and circumstances change. I don't need a book for specific strategies. I needed a book to help me figure out very specifically what we wanted out of life, and get me motivated to move in that direction! And that's what this book did.

Well written financial planning primer for women and men.
I am a Certified Public Accountant with a background in financial planning. In February, I purchased the book for myself. The information wasn't new, but it spoke to me in volumes. For Valentine's day, I purchased the book for my assistant and secretary.

I have finished the book once, and have now been going through it a second time implementing each of the seven items.

During tax season, many of my clients ask for advice? What should we be looking to invest our money in? What does the Roth mean? How much insurance do we need? How do we plan for retirement? Should we be making gifts to our children's college fund? Many times I am not able to spend as much time, during the tax season as my client will need to absorb the information provided then begin working on the plan. This book allows my clients the time to understand the basics of financial planning. Know the time requirements on both them and myself to become effective. This is a wonderful starting point.

I often recommend books that I have read on financial planning, but this was the first time that I not only have recommended the book I went out and purchased over a dozen additional copies. I have given them out not just to Smart Women, but young couples, and those looking toward retirement. The information is sound. It's easy to understand. If the steps are followed they will make any client Finish Rich.

Awesome, highly recommend
I picked up this book because I like to read as much as I can about investing. I thought I knew it all--but learned a ton from this book. This book is for every single woman out there. Being financially literate is as important as having good health. It is vital to get finances in order and this book explains how, is easy to followm and Bach makes the topic of money and saving a lot of fun. A must have in your library.

Perfect For Those Who Don't Have A Clue About Finances
I had tried asking others regarding finances but it was the usual in one ear out the other. Learning, hearing and asking questions about finances can be a confusing and frustrating task. I decided to give this book a shot and I was pleasantly pleased.

Everything was spelled out in the simplest terms and explained thoroughly. I can now discuss financial matters with the best of them. This book also pushed me to take those first steps to financial freedom without my old fears.
I also enjoyed the fact that the book discusses how our values are also important and made me think about more than just dollars and cents, but also about what I want out of my life.

I highly recommend this book and also the "Smart Couples Finish Rich". You'll be surprised how much you didn't know!!!

Very Insightful
This is a great book. I had gone to the bookstore to pick up a different book which they did not have. I came across this one and decided to buy it since the other one was not available. This book is very insightful and definitely helps you with your money. It gives steps and worksheets and advise. There are success stories and practical solutions. ... Read more

Book Description

Business and Professional Ethics for Accountants points students in the right direction! This text focuses on practical development of the skills needed to deal with ethical issues specific to accounting. Interesting, real-world situations provide students with an understanding of appropriate values, ethical pitfalls, applicable codes of conduct, and sound ethical reasons where codes do not apply. ... Read more

Book Description

Praise for The Financial Numbers Game

"So much for the notion ‘those who can, do–those who can’t, teach.’ Mulford and Comiskey function successfully both as college professors and real-world financial mercenaries. These guys know their balance sheets. The Financial Numbers Game should serve as a survival manual for both serious individual investors and industry pros who study and act upon the interpretation of financial statements. This unique blend of battle-earned scholarship and quality writing is a must-read/must-have reference for serious financial statement analysis."
––Bob Acker, Editor/Publisher, The Acker Letter

"Wall Street’s unforgiving attention to quarterly earnings presents ever increasing pressure on CFOs to manage earnings and expectations. The Financial Numbers Game provides a clear explanation of the ways in which management can stretch, bend, and break accounting rules to reach the desired bottom line. This arms the serious investor or financial analyst with the healthy skepticism required to drive beyond reported results to a clear understanding of a firm’s true performance."
––Mark Hurley, Managing Director, Training and Development,
Global Corporate and Investment Banking, Bank of America

"After reading The Financial Numbers Game, I feel as though I’ve taken a master’s level course in financial statement analysis. Mulford and Comiskey’s latest book should be required reading for anyone who is serious about fundamentally analyzing stocks."
––Harry Domash, San Francisco Chronicle investing columnist and investment newsletter publisher ... Read more

Reviews (17)

Perfect timing
Definitely the best resource out in the market to help you learn everything you need to know about financial statement analysis and creative accounting pratices. With all the accounting upheaval Enron has caused, this book has perfect timing for anyone who is involved in the 'numbers game' of the accounting world.

Whoa! Excellent book to explain creative accounting ...
So what is a shareholder to believe? The analysts? The accountants? FASB? SEC? Who has our best interest at heart? And who can you trust anymore? Caveat Emptor. Buyer beware... I began a search to find the best book I could to educate me on corporate creative accounting and this is it. EZ to understand. You don't need to know debits and credits. I know what to look for now when I study 10k's. It's all in this book. Timely. Published just as Enron broke. Lots of companies mentioned, which I won't mention here. You just might be shocked at what you find out. Chapters include 'How the Game is Played', 'Misreported Assets and Liabilities', 'Getting Creative with the Income Statement, 'Earnings Management', 'Problems with Cash Flow Reporting', and many more. Complete with exhibits, charts, footnotes. EZ read. Have to go now and re-evaluate my favorite corporate annual reports!

Highly Recommended!
A special note in the preface of this book explains that it went to press just as the Enron story was beginning to break. Three of its chapters provide almost all the information anyone would have needed to spot the problems at Enron, not to mention at the other big corporations whose scandals made recent headlines. Spotting fraud isn't that hard. The authors provide a very useful toolkit that even a novice investor can use. Some of their coverage of the regulatory apparatus will no doubt have to be changed in future editions, as the regulations themselves keep changing, but this enlightening introduction to the nitty-gritty of skeptical financial statement analysis will have enduring utility. It's written by accountants, so it gets a bit plodding in spots, but their anecdotes relieve the tedium and their information is invaluable. We recommend this reality check for every investor's bookshelf, as well as every employee's and every financial reporter's. Anyone who depends on corporate performance or who uses corporate financial statements should read it.

you are not likely to learn anything knew from this book
This book is not likely to tell you anything that you don't know already from reading the newspapers. The authors wrote in the introduction that it requires advanced knowledge of finance and accounting to comprehend the material. Nothing like that. A couple of basic accounting courses are all you need to read it. It is redundant. It didn't tell me anything new although if I were a sophomore in college then maybe I would have learned something. Don't expect to get any insight into the financial numbers game. It is a little more than a basic review of current accounting issues. If you read business publications from time to time then you are already well familiar with everything the book has to say.

Alternative view: Big Disappointment
I ordered this book based on the positive Amazon reviews,
but it is a major disappointment. The authors belabor
the obvious. Their major points would not be a surprise to
anyone with minimal coursework in accounting, with cursory
experience looking at financial statements, or anyone who
has spent a little time watching CNBC. The redundancy
is mind-numbing. Maybe hormone crazed undergraduates need
to see the same points over and over again, but intelligent
and attentive readers shouln't have to waste their time.
Enron does not even make it into the index, nor could I
find any of their financial smoke-screens mentioned in the
text. I would never spend another dime on work by these
authors, ... ... Read more