Book Description

Corporate Finance is today’s most authoritative book on— and covers every angle of—corporate finance. Updates to this edition include a more user-friendly approach, new or updated cases that illustrate top companies addressing real world situations, topical articles written by scholars and practitioners, and more.

Book Description

Brealey/Myers’ Principles of Corporate Finance is the worldwide leading textthat describes the theory and practice of corporate finance.Throughout the book the authors show how managers use financial theory to solve practical problems and as a way of learning how to respond to change by showing not just how but why companies and management act as they do.The text is comprehensive, authoritative, and modern and yet the material is presented at a common sense level.The discussions and illustrations are unique due to the depth of detail blended with a distinct sense of humor for which the book is well known and highly regarded.This text is a valued reference for thousands of practicing financial managers. ... Read more

Reviews (6)

Course Material
This book was assigned to me to support Myers's finance class. It is a difficult book to read on one's own. The book is a great reference if you are already taking a course on finance or already have some academic background. However, if you are determined to gain a solid knowledge of finance then this is the right reference. The book gives excellent examples of financial decisions from real life and draws particular attention to mistakes managers regularly make. A must read if you are trying to catch up with MBA material on your own.

Impossible to read
True, I am not a business school student, I am just brushing up on Finance for an actuarial exam. But I am no dummy I tell you, I can read almost anything, and this book I cannot read. If you are looking to get a quick grasp on Corporate Finance, this book is not for you. It is incredibly long and verbose. You skip from one topic to the next without seeing how they interconnect. This is one book where one can read fifteen chapters and still not know a single thing.

Principles of Corporate Finance(R) + Student CD + Corporate
Brealey/Myers Principles of Corporate Finance is the worldwide leading text that describes the theory and practice of corporate finance. Throughout the book the authors show how managers use financial theory to solve practical problems and as a way of learning how to respond to change by showing not just how but why companies and management act as they do. The text is comprehensive, authoritative, and modern and yet the material is presented at a common sense level. The discussions and illustrations are unique due to the depth of detail blended with a distinct sense of humor for which the book is well known and highly regarded. This text is a valued reference for thousands of practicing financial managers.
Part I. Value 1. Finance and the Financial Manager 2. Present Value and the Opportunity Cost of Capital 3. How to Calculate Present Values 4. The Value of Common Stocks 5. Why Net Present Value Leads to Better Investment Decisions Than Other Criteria 6. Making Investment Decisions with the Net Present Value Rule Part II. Risk 7. Introduction to Risk, Return, and the Opportunity Cost of Capital 8. Risk and Return 9. Capital Budgeting and Risk Part III. Practical Problems in Capital Budgeting 10. A Project is Not a Black Box 11. Where Positive Net Present Values Come From 12. Making Sure Managers Maximize NPV Part IV. Financing Decisions and Market Efficiency 13. Corporate Financing and the Six Lessons of Market Efficiency 14. An Overview of Corporate Financing 15. How Corporations Issue Securities Part V. Dividend Policy and Capital Structure 16. The Dividend Controversy 17. Does Debt Policy Matter? 18. How Much Should a Firm Borrow? 19. Financing and Valuation Part VI. Options 20. Understanding Options 21. Valuing Options 22. Real Options 23. Warrants and Convertibles Part VII. Debt Financing 24. Valuing Debt 25. The Many Different Kinds of Debt 26. Leasing Part VIII. Risk Management 27. Managing Risk 28. Managing International Risks Part IX. Financial Planning and Short-Term Financial Management 29. Financial Analysis and Planning 30. Short-Term Financial Planning 31. Cash Management 32. Credit Management Part X. Mergers, Corporate Control, and Governance 33. Mergers 34. Control, Governance, and Financial Architecture Part XI. Conclusions 35. Conclusion: What We Do and Do Not Know About Finance

Not for those with Dyslexia
This book's information is rather useful, but if you suffer from dyslexia, it is going to be a bear to get through. I am in the EMBA course at Baylor and was assigned this book. The blue ink used for the text wrecks havoc with my reading ability. It takes me nearly 40 minutes to read one page...at which rate I should finish it sometime in 2014.

I strongly urge the editor, writer, and publishing house to use black ink in future editions.

Dry but useful
This is a well-written book and useful, especially in understanding legal requirments of fiduciaries. However, for a tour de force of writing and exposition on ethical theory and practices in business, see Berumen's Do No Evil. ... Read more

Book Description

The definitive work concerning Warren Buffett and intelligent investment philosophy, this is acollection of Buffett's letters to the shareholders of Berkshire Hathaway written over the past fewdecades that together furnish an enormously valuable informal education. The letters distill in plain words all the basic principles of sound business practices. They are arranged and introduced by a leading apostle of the "value" school and noted author, Lawrence Cunningham. Here in one place are the priceless pearls of business and investment wisdom, woven into a delightful narrative on the major topics concerning both managers and investors.These timeless lessons are ever-more important in the current environment. ... Read more

Reviews (46)

The Wit and Wisdom of Warren Buffett
If you are used to reading public company annual reports, including the (usually) short letters from company presidents, you know how shallow, self-congratulatory and sometimes even misleading these reports can be. On the (extreme) other hand, Warren Buffett's annual letters in his Berkshire Hathaway annual reports represent detailed, on-target, lively and highly readable masterpieces of valuable education, information, and wit. You can read Buffett's annual letters for free at Berkshire Hathaway's website, but it will take you a while, since there are many of them (back to 1977) and they run 20+ pages each. Further, Buffett's various letters weren't intended to serve as serial chapters of a book. Better, you can shell out the cost of Lawrence Cunningham's thematically organized collection (220 pages or so)of Buffett's essays and gain a better appreciation of the numerous important topics that Buffett addresses. These topics include, first and foremost, the critical impact of the quality of corporate governance--Buffett was years ahead of most investors in focusing on this area. Other topics include corporate finance (addressed with a clarity that is both unusual and revealing of Buffett's powers of insight), mergers and acquisitions, accounting (Buffett is the only person I know who can regularly make accounting seem positively interesting), taxes, junk bonds and much more.

Moreover, Buffett's Berkshire Hathaway is nearly unique in its intense commitment to shareholders. The opposite (a commitment to management entrenchment and exorbitant compensation) is the norm with so many companies today that it would be easy to forget how vital shareholder primacy should be. As you read Buffett's essays you will have a model to measure other companies against--which should come in handy the next time you exercise your voting rights as a shareholder.

Life is short. As an investor or a concerned citizen-shareholder, you can learn through your own experiences, of course. There's nothing wrong with that, but the process can be long and expensive. (Depending on one's experiences, it can be very expensive.) Alternately, you can learn via Warren Buffett's lifetime of experiences distilled into a very readable, lively, fascinating collection of his essays. Buy the book-I doubt that you'll regret it.

Wisdom from the Heartland
This collection of essays by Warren E. Buffett, compiled by Lawrence A. Cunningham, is an excellent introduction to basic investment concepts that have proven successful for the 'Oracle of Omaha' and his loyal following. The reader will want to supplement these papers periodically with more timely updates from the annual letter Buffett writes to the shareholders of Berkshire Hathaway. Buffett's ideas have been widely reported so there are no surprises here. To be sure, Buffett is consistent. He pokes fun at the 'efficient market' school which confuses stock price with stock value. Early on we hear him calling for the expensing of stock options and urging more transparent, segmented financial reporting by large companies. For Buffett mechanically rebalancing portfolios to achieve diversification, back in fashion, may miss the point of holding-on to your best investments for superior returns. Distinguishing between Growth and Value styles of investing is unnecessary and misleading. If you have ever wondered why Berkshire Hathaway does not pay a dividend or why it doesn't split its high stock price, Buffett gives his reasoned explanations. It was Warren Buffett's fundamental school mentor Benjamin Graham who introduced the allegory of Mr. Market and the concept of 'margin of safety' both of which get satisfactory attention here. Most importantly, I think, Buffett reminds us continually that as stock market investors we are buying for the long-term parts of real businesses that produce measurable cash flows as evidence of their intrinsic value. Real businesses that produce real value are run by dedicated, competent leaders who know how to allocate capital. Hanging-on to such deceptively simple principles can get an investor through some very rough market cycles. Reading this collection is a lot like listening to the conversation of an avuncular and very experienced elder who with great patience, common sense, and wit explains what principles have guided his (investment) life. Indeed uncommon sense and integrity are hallmarks of Warren Buffett's writings. Humor too. In what other serious investment study will you get quotations from such luminaries as Woody Allen, Mae West, and Yogi Berra. Buffett loves aphorisms to make his point. I challenge anyone reading this book not to underline or commit to memory some of these gems. For a general introduction to the fundamental school view of investing this collection is required reading.

Delayed in print and not "OUT OF PRINT"
I have been talking to Professor Cunningham and apparently, this book is not "out of print" as amazon states (Third party private sellers are selling the book for as much as $99) but rather, just delayed in printing. He will have the next shipment of books to amazon soon, and it will be retailing for US$25. This should appear on amazon very soon, so just keep checking back!

For bulk orders, please contact Professor Cunningham directly at cunninlb@mail.bc.edu.

Hope this help!

Cheers
Alex

Proper Business Practices
"The Essays of Warren Buffett" is a textbook on proper business practice used at Cardozo Law. Yeah, I know you can go to the Berkshire Hathaway website and get all of Buffett's letters to the shareholders (in fact those who truly want to know more can do this). But this book cuts to the chase. It is edited in such a way that the essays are grouped in a logical manner. Thus, you don't have to plow through all the letters ( which at times can be boring and redundant).This makes reading rather convenient and efficient. The parts of the book that are most useful for an individual investor are the sections on "corporate governance" (in which Buffett describes what makes a good CEO and Board) and on "corporate finance and investing" ( in which Buffett argues against the Efficient Market Theory and argues for the Graham-Dodd approach). I found the essays on "accounting and valuation" and "accounting policy and tax matters" a bit tedious (though the section on stock options was rather interesting).

Abandoned his own principles in the late 1990s
Buffet is trenchant and smart but abandoned his own principles in the late 90s after run ups of KO, FRE, and other stocks he had the foresight to purchase in the 80s. He attempts to justify this in the 90s with inapt analogies, covering up his own failure to stay true to the principles he learned at the feet of Dodd and Graham. His stockholders paid, and he has since and recently recanted. Only this leaves him in the category of those investors who deserve the platinum medal of investing .... one of the all time greats. ... Read more

Book Description

Financial statements are the basis for a wide range of business analysis.Managers, securities analysts, bankers and consultants all use them to make business decisions.There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts. ... Read more

Reviews (7)

Useful if cumbersome
This review applies to the edition WITH CASES. This isn't recommended for anyone who is just starting out with choosing investments. Beginners might be better off with a more general overview of financial statement analysis (FSA) like Higgins' "Analysis of Financial Statements" or Fraser and Omriston's "Understanding Financial Statements".

This was one of two textbooks used in a financial statement analysis course I took for my MBA. Most chapters are down-to-earth and as a whole the book is well-written.

The other text we used was Penman's "Financial Statement Analysis and Security Valuation" which was also a great resource as far as gaining a basic understanding of the mechanics of financial statements and how to build a valuation model.

I contrast the two books because while Penman provides a run-down of several different models analysts can use (and does a good job of arguing for the Residual Income Model of valuation model as being the best), Palepu delves into the implications of companies' choices of accounting methods and provides more insight into what different kinds of businesses should look like in terms of their financial statements.

The cases at the end of each chapter add a lot of value to the text because they get students to focus on the specific issues detailed in each chapter. By picking apart different companies' financial statements we learned to use financial statements to assess the success or failure of companies' efforts to carry out their business strategies.

I rate it "Good - 4 stars"

Required Text
This is a required text at my school, but after having read the first 5 chapters there is almost nothing of value that I have read. I have spoken to several people that have used this text for the class in prior semesters and they told me that they had stopped reading it after the first several chapters also.

Excellent Capstone Book
This book is an excellent description of all the elements that would go into reviewing a potential investment opportunity. It is not a detailed book in one category, such as financial accounting, but it ties business strategy analysis, financial analysis, forecasting analysis, and valuation analysis together. Most other books focus on one area and don't tie all of these together well. This one takes you down the path to evaluating the opportunity to its fullest. It is an excellent capstone book after you have sifted through the details of strategy, finance, and accounting.

Just same old story
I am using this book for a business valuation class now. Nothing but a binding many buzzy theories. Too many stories in a limited pages. This is not a good book for those who wants to deepen understanding of one subject.

A good book blending accounting, investing and finance !
This book is also a bestseller in Japan. Here someone called it "The only textbook now available that broadly explains accounting figures in the valuation model of the firm". This is a good book for beginners. Although the contents might be somewhat easy, the order in which it is written is very meaningful. You will probably have read everything in this book somewhere else, but certainly not in this order ! The importance of the ideas in this book go beyond its contents !! ... Read more

Book Description

The Ninth Edition of this market leader communicates the complexities of international finance clearly and authoritatively.The book features a streamlined presentation, expanded attention to emerging markets, several new chapters, and four new decision cases with an emerging-markets focus.An accompanying new Casebook by Michael Moffett includes in-depth decision cases keyed to the coverage in the Eiteman text. The authors have a knack for communicating the complexities of international finance to today's students in a manner that is clear and understandable.For anyone interested in business. ... Read more

Reviews (3)

Good, yet not good enough.
This book gives plenty of background into international finance. Unfortunately, it has some big flaws, in my opinion. First, there are not enough calculation examples. Second, there are too few questions at the end of each chapter. In addition, you must go to the author's website for the solution. Once you get there, you will be surprised to find out that the author has only solved maybe two out of eight problems. That's annoying. I do not recommend this book. Take a class from another professor who uses a different text book.

The International Financial Environment
Discuss the changing world attitude toward multinational corporations and identify the evidence cited which sheds new light on the old attitude that multinational companies crowd-out local firms.

tests
tests, guidelines, most important points ... Read more

Book Description

This highly successful undergraduate corporate finance text is recognized for its tradition as the best corporate finance textbook at teaching finance. Block and Hirt's approach focuses on pedagogy and how students learn. With the Ninth edition, the authors' careful writing style and step-by-step explanations make the text easy to understand. They also have presented a strong real world emphasis throughout this new edition. Not only will students find real-world emphasis in text examples using "hot" companies recently mentioned in the business press, but there are also Finance-In-Action boxed readings that give an in-depth look at real business decisions, and consistent placement of real company logos in the text's margins. The Ninth edition continues to present a simple and understandable story of finance for students. All of these features come together to present a comprehensive story of finance. ... Read more

Reviews (7)

Foundations of Financial Management, 10th Edition
Delivery was terrific. I received the book 6 days after I ordered it and it's brand new!

Excellent Finance Starter
This book is very easy to follow and serves as a good reference for more advanced finance classes.

Very Good, But Not Excellent
As an undergrad taking his first finance class, I have have found this book to be quite useful. The concepts are explained in simplified, less-complicated ways and make reading each chapter less frustrating than perhaps some others (compared to some of the econ texts that I have had to use!).

It is well-written, concise, and employs some very straightforward, easy-to-follow graphs/diagrams. Also, both the formulas and the exercises at the end of each chapter are quite useful.

The only reason that I did not give it a 5-star rating is because some of the chapters did not use enough "real-world examples" or hypothetical situations in some of the more challenging lessons. This might better aid those students who are new to finance or simply need another angle to better grasp the idea.

A comprehensive, well-written finance textbook
This text is characterized by its extreme simplicty in explanation and presentation of its material. The flow of presenting the contents of each chapter is so sequentially logical that it makes the reader grasp the financial concepts very fast and effectively. Colorful illustrative diagrams are employed extensively to facilitate a high level of understanding and help the learner develop the necessary conceptual links between inter-related topics and items. In addition, it is very comprehensive and intensely supported with a "luggage" of real-life cases .I recommend this excellent text to everyone who needs to take an introductory course in corporate finance.

Great Book
When it comes to Principles of Finance textbooks, readers have many options from which to choose. I've read dozens of finance textbooks and have yet to find one that tops Block & Hirt. This book is written at a level that anyone can understand and still provides a depth of coverage sufficient for a complete understanding of the discipline at an "undergraduate" level. I particularly enjoy the "balance sheet" approach taken by the authors, which is a direct contrast to many of the competing textbooks. I also appreciate the consideration given to working capital issues; a topic frequently neglected or pushed aside by other textbooks.

The examples are easy to follow, and the authors provide extensive summary and practice problems for readers to test their understanding. I've taught from a number of textbooks and have found this book to be the one that students respond to best. As is true for many disciplines, those who are unwilling to actually "read" the book or put forth any effort will struggle mightly with this material. In such a case, the fault does not lie with this particular book. ... Read more

Book Description

Analysis of Financial Management 7e is a paperback text and has been written to present standard techniques and modern developments in a practical and intuitive manner. It is intended for non-financial managers and business students interested in the practice of financial management. Emphasis is on the managerial applications of financial analysis. ... Read more

Reviews (24)

Invaluable
Although at first I didn't really need this book, my friend recommended it to me. From the first reading, it surprised me, how good and interesting the book is! Glad I read this book.

The book explains many concepts in corporate finance, from the usual stuffs like DCF, cost of capital, risk, to much more difficult issues like business restructuring, in a very interesting, practical and readable way. Coupled with real world examples like the Time-Warner case, this book is clearly a must for those who want to built a strong foundation in finance.

The best introduction to basic financial management.
This book is required at Harvard Business School and is used at top B-schools and bank management trainee programs around the country.
I used the book during my MBA program, even though it was not required. My study group members always requested that I bring it to group meetings. I even had a classmate approach the author (who happens to be my father) at my graduation and ask for his autograph.
The book introduces complex finance concepts like net present value in non-academese language and the real-world examples reinforce the concepts.
I strongly recommend this textbook to anyone preparing to enter business school or embarking on a job in financial analysis.
Professor Higgins is a beloved teacher at his home institution, the University of Washington. You can share in a little of his vast expertise and gift for teaching by reading his book, Analysis for Financial Management.

One of a kind
A book that every prospective MBA should have, as it is very clear and gives a lot of resource listings and examples. Recommended for anyone that need to deal with financial issues.

What makes it even better, is that it lives up to its back cover: it turns Finance into Management, or at least tries very hard to show what a CFOs life is really about, in practical examples.

Very strongly recommended for people that need to understand what being a CFO is about (all prospective MBAs) or people that need to understand what choices sometimes have to be made in finance.

Excellent introduction to finance
I used the fifth edition of this wonderful book for the MBA Program at the Darden School at the University of Virginia and found it to be a great introduction to the field of finance. I also used the fifth edition to supplement my study materials for the CFA (Chartered Financial Analyst) Program and found it to be of great value.

This is, in my opinion, one of the best introductory books related to finance on the market today.

Good book for non-accounting majors
The author is confused about why accountants do what they do with their "numbers" so he tries his best to relate it in terms of logic. Good intro and overview for my MBA class. ... Read more

Book Description

First published in 1981, Valuing a Business is today the world's most widely followed valuation reference. As more professional associations than ever offer valuation education and credentials, this Fourth Eidtion - with 10 new chapters that significantly expand the book's scope - promises to appeal to an even broader market. This easy-to-use reference features increased emphasis on vlauation court cases and decisions; new information on arbitration and mediation; updated data on stock option valuation; and much more. ... Read more

Reviews (9)

Super
This book, guide, reference, ... or what ever you name it. is essential for all business, financial and investment guides.

An Excellent Private Equity Valuation Primer
I have found Mr. Pratt's book to be an outstanding and practical general reference guide to valuing privately-held businesses. Due to the book's breadth of material and balanced focus on both the science and art of valuation, I have found "Valuing A Business" to be an excellent professional reference for anyone entering the field of business valuation. I highly recommend it.

In addition to the common "science side" valuation techniques, issues, and approaches that are found in many valuation textbooks, Pratt provides unique, valuable insight into the "art side" of valuation. The book also includes real life project execution considerations for litigation support, expert witness testimony, and taxation. "Valuing A Business" offers solid information to assist a practitioner in building a quality framework for conducting a comprehensive private company valuation.

Good technique, directed at the professional practitioner
I take issue with the reviewer who suggested that Tom Copeland/McKinsey's book "Valuation" is better than this one or is more directed at valuaing big businesses. ... On the other hand, it should be said that valuation techniques do not differ between big companies and small companies (especially if big/small companies are publically traded). Valuation techniques vary depending on (a) what sort of asset is being valued (public equity, vs. private equity, vs. business assets as a whole, etc) and (b) why valuation is being done (for M&A, litigation between business partners, divorce, ESOPs, for equity investment/divestment). If an investor is valuing a $50 Billion public company and a $50 million public company, the technique used for both is (probably) the same.

If anything, this book does an excellent job in reminding us of the diversity of valuation techniques in use, and the diversity of reasons for doing valuations. Given the frequency with which privately held companies are bought, one would think that knowing how to value companies whose stock is not publically traded is useful for general businesspeople, not just accountants and attorneys. But if you absolutely insist that you just want to know how to value publically traded companies and don't give a hoot for calculating "private equity discounts" or "minority shareholder discounts", then I would recommend Aswath Damodaran's books "Damodaran on Valuation", "The Dark Side of Valuation" or "Investment Valuation". Damodaran, professor of Finance at NYU, actually uses the same techniques taught here, but applied to public equity investing and with different names (for example, what is called the "Market approach" here is just what Damodaran calls "relative valuation" in a different context).

Useful, but there are better books out there
The authors have taken an approach from an accounting or legal standpoint. They haven't included methods incorporating EVA or contingent claims analysis. For as thick as this book is--and it is really thick--there is a surprising lack of detail. If you're looking to value companies of any significant size, buy the McKinsey book instead. If you're going to work with only closely held firms, estates, etc. then perhaps this book is for you.

Useful but Boring
I bought this book long time ago (6-7 years) when I joined a private equity firm and was hungry for materials which taught valuation technique. Materials in this book is useful. In addition,there were few titles which discuss valuation of non-public companies at that time. This book, in fact, was also a reading material for the CFA exam back in 1995. However, the text is quite boring. Unless you really need to study information about valuation for non-public company, don't buy it for leisure ... Read more

Book Description

Accessible to non-finance and finance professionals alike, this book explores 10 easy-to-understand core principles (axioms) that drive the practice of corporate finance. Eliminating non-essential material and keeping mathematics to a minimum, it features an intuitive approach that helps readers develop a solid understanding of the logic that drives finance—rather than concentrating on easily forgotten formulas and calculations which may not neatly fit all the situations encountered in the real world. Features in-the-trenches interviews with business professionals, a refresher on Understanding Financial Statements and Cash Flows, and frequent Financial Management in Practice boxes.The Financial Markets and Interest Rates. Understanding Financial Statements and Cash Flows. Evaluating a Firm's Financial Performance. The Time Value of Money. The Meaning and Measurement of Risk and Return. Valuation and Characteristics of Bonds. Valuation and Characteristics of Stock. Capital-Budgeting Techniques and Practice. Cash Flows and Other Topics in Capital Budgeting. Cost of Capital. Determining the Financing Mix. Dividend Policy and Internal Financing. Financial Forecasting, Planning, and Budgeting. Introduction to Working-Capital Management. Liquid Asset Management. International Business Finance.For anyone involved in Corporate Finance and Financial Management. ... Read more

Reviews (4)

difficult read
it seems like the writers of this text's intentions were to confuse the hell out of finance majors and intimidate them so that they would stay away from the finance 'game'.

I'm sure the book is chockfull of information, but using it for the two past semesters, i havent learned as much as i wanted to. Perhaps in the next edition they will be able to make the text easier to understand and read.

Finance can be a very intimidating subject, and the writers of this book seemed to have no intention of making the book easy to understand.

Review of Foundations of Finance by Arthur J. Keown
This is an excellent text. I've read it thoroughly. The material , as presented, assumes a robust course in accounting at the college level. This text is for a student desiring a complete rendition in basic finance topics and techniques. The text is replete with many examples and challenging problems of various complexities. The presentation is easy to read. The book is directed to students perhaps majoring in economics or finance. It is not a purely descriptive rendition of finance. A

considerable amount of so called "numbers crunching" is involved in reviewing this text. As such, the book serves the analytic student optimally. The text is devoid of the most complicated analytics inherent in "quantitatively oriented texts".There is a good appendix on the use of financial calculators,as well as, present value calculations and other useful knowledge supplemental to the study of finance. This book would be most useful to students planning their careers as financial analysts, corporate planners or private entrepreneurs.

Of all those Management books...
This was the best.A very clear and concise book for the serious student being introduced to the subject of Finance.Other books on the subject I've seen are very abstruse or just plain hard to read aside from weighing a ton. I had another book twice as thick to complement this one and my class abandoned it in short order.This book is comparatively light and chalk full of useful ideas and examples laid out in anorganized and methodical manner.The generous use of charts and tables was executed well. Probably as simple as finance can possibly be put while still retaining the rigor and teaching the processes necessary for making financial computations.

Topics included are on basic valuation of various securities and projects using discounted cash flows, capital budget management, liquidity management, etc. I'm still learning from it after school.There simply wasn't enough time to fully cover everything in the book that I would have wanted.Now I'm ready to tackle more advanced corporate finance books/materials.

This is an introductory book for someone who may be interested in becoming a financial analyst but is obviously geared to the educational market for use in schools.The academic slant limits its applicability somewhat.Although it may give a stock market player who wants to start understanding the systematic process involved in the valuation of securities on a cash flow basis some insight for example, discussion on valuation by multiples like P/Es is virtually absent.

Nonetheless a great book.

Best Finance Book It will help You Make $$$
I use this book at the University of Wisconsin Stout.I think this book is excellent.I'm taking a copy with me to London."A must" if your a Finance major. ... Read more

Book Description

Essentials of Corporate Finance, 4/e by Ross, Westerfield, and Jordan is written to convey the most important concepts and principles of corporate finance at a level that is approachable for a wide audience.The authors retain their modern approach to finance, but have distilled the subject down to the essential topics in 18 chapters.They believe that understanding the "why" is just as important, if not more so, than understanding the "how," especially in an introductory course.Three basic themes emerge as their central focus: 1. An emphasis on intuition¿separate and explain the principles at work on a common sense, intuitive level before launching into specifics.Underlying ideas are discussed first in general terms, then followed by specific examples that illustrate in more concrete terms how a financial manager might proceed in a given situation 2. A unified valuation approach¿Net Present Value is treated as the basic concept underlying corporate finance.Every subject the authors cover is firmly rooted in valuation, and care is taken to explain how decisions have valuation effects. 3. A managerial focus¿Students learn that financial management concerns management.The role of financial manager as decision maker is emphasized and they stress the need for managerial input and judgment. ... Read more

Reviews (2)

good book worth the price
Very good intro book that is easy to read and easy to understand.
Book takes a very basic approach to explaining things so as students not familiar with finance can easily grasp the concepts. Use of color a nice touch compared to older black & white texts, also lots of recent events (Enron/MCI/M.Stewart) are discussed along with subtle references to Metallica, NIN, Bowie, etc...
Lots of hints that tie in excel and the web, even an appendix section on how to use your financial calculator. Good 'preview' book to their more exhaustive book aptly titled 'Corporate Finance'
Power web OK, but could be better. CD-Rom has good practice questions especially if instructor uses test bank.

Expensive, but insightful.
Ross, Westerfield, and Jordan are recognized experts in the field of corporate finance who have produced a solid textbook for any finance student. The format of this book is easy to follow, with many relevant case studies, insightful real-world applications, and how-to sections that give hints on applying techniques to your own real-world problems. The authors are particularly adept at providing a survey of a topic, then systematically drilling down into significant detail on the mechanics of a particular finance technique. Often, these drill-downs end with, "And here's an example of how to do it in Excel..."

Overall, a helpful book for the student of corporate finance. As is typical with any textbook, the CDROM is probably helpful, but vastly underused by most students reading this book. The price for the content of the book is in-line with that of most business textbooks. That is, slightly overpriced. If textbook money is tight, a student could get by with a 3rd edition of this book without affecting performance in the course. ... Read more

Book Description

"In the complex new world of Sarbanes-Oxley, it isrefreshing to read a book that has comprehensive answers for general managerswanting to do the right thing."—Jim Balsillie, CEO of Research in Motion

"Scott Green has provided us with a book on managementcontrols that is as engaging as it is illuminating.I enthusiasticallyrecommend this book to managers of financial institutions of any size."—John Duffy, Chairman of Keefe, Bruyette & Woods

"Recent, widely publicized business failures and accountingdeficiencies that were a contributing cause make a strong case for acomprehensive system of controls, such as those proposed in Scott Green'sbook."—Orval Hansen, Former U.S. Congressman

"A necessary read for any director, executive, or line managerwho is serious about monitoring the health of their internal controlstructure."—Holly Gregory, Partner at Weil, Gotshal & Manges

"A must-read . . . is the chapter on the 'Control Smart'approach.This chapter, which will clearly help businesses monitor themselves,covers all the key factors necessary to 'erase vulnerabilities anderect a strong [control environment] defense,' ranging from pinpointing comingthreats and knowing your vulnerabilities to protecting your business andmonitoring its health."—Herman A. Berliner, PhD Provost and Senior VicePresident for Academic Affairs, Lawrence Herbert Distinguished ProfessorHofstra University

Manager's Guide to the Sarbanes-Oxley Act
In reaction to high-profile frauds and congressional legislation, the SECmandated that managers of public companies certify that they have anoperational system of internal controls. While larger companies can afford tospend millions of dollars to implement control system monitoring tools,managers of small to mid-sized companies can be unsure of how to move forwardif their budgets can't accommodate expensive advisors and systems. Manager'sGuide to the Sarbanes-Oxley Act provides a highly accessible, simple, andpractical approach to help you assess your internal control structure at thetransaction level.

Designed to be "a cure for the Sarbanes-Oxley headache andcommon fraud," Manager's Guide to the Sarbanes-Oxley Act introduces thegroundbreaking and practical "Control Smart" approach that not only meets therequirements of Sarbanes-Oxley, but also alerts you if operational controlsstop working or are otherwise compromised. This simple template helps youidentify and understand operational threats, and guides you through acomprehensive evaluation of your system of internal controls to mitigate theserisks.

Manager's Guide to the Sarbanes-Oxley Act features:

• A razor-sharp method to monitor the opera- tional risks inherent in your business
• Numerous real-world examples illustrating how to avoid common pitfalls, such as those faced by Harvard University's Hasty Pudding Theatricals, Adelphia Communications, and Bridgestone Corporation (Firestone)
• Case studies and vignettes highlighting the personalities at Enron and Tyco who enabled a fraudulent corporate culture, as well as whatone person did right to reveal the smoke-and-mirrors accounting practiced at WorldCom
• Clear, jargon-free coverage of the Sarbanes-Oxley Act and how it affects you

Armed with this hands-on guide, you can detect early signsof fraud and operational loss, and safeguard your job, your employees' jobs,and the long-term success of your company.Don't let fraud derail your career.Protect yourself with the fail-safe Control Smart method found in Manager'sGuide to the Sarbanes-Oxley Act. ... Read more

Reviews (7)

Readable and informative starting point
I've read a number of books and literally thousands of web pages of information about Sarbanes-Oxley, and have to rank this book as the best starting point for stakeholders who are peripherally involved in compliance. The reasons are:

(1) It's readable! This is not a dry, boring tome, but a highly readable summary of Sarbanes-Oxley, what it is (and isn't), and realistic examples and anecdotes to reinforce the material.
(2) It covers a surprisingly lot of ground for a book aimed at a non-practitioner audience. The Control Smart Framework, detailed advice on identifying threats and vulnerabilities, and how to protect yourself are invaluable to anyone directly or indirectly involved in Sarbanes-Oxley compliance.

In addition to the rich information and clear explanations of key elements of Sarbanes-Oxley I like the appendices, which also provide useful information - especially appendices B (Key Performance Indicator Reporting), C (Examples of Key Performance Indicators) and D (Control Activities).

This book will quickly get you up-to-speed about Sarbanes-Oxley and its ramifications, and will do so relatively painlessly compared to other books on the basics of the Act.

If you're looking for a more in-depth book, especially one that addresses the scope and complexity of Section 404 compliance, I highly recommend "How to Comply with Sarbanes-Oxley Section 404: Assessing the Effectiveness of Internal Control (ISBN 0471653667). If you are an IT professional I strongly recommend visiting Information Systems Audit and Control Association (ASIN B00006BW74), which makes available a free 84-page document titled "IT Control Objectives for Sarbanes-Oxley". For more general information, there is a commercial site that provides news and updates on Sarbanes-Oxley issues (ASIN B0000AM23N), as well as the Public Company Accounting Oversight Board (ASIN B00013Y80Y), which provides rule making information and a means to comment on proposed rules. You can reach these sites by pasting the ASIN numbers in the search box at the top of this page, selecting all products and clicking GO.

Informative and Enjoyable Reading
Sarbanes-Oxley Act (SOA) is probably the single most important law affecting corporate governance and financial disclosure since the US securities laws of the early 1930s.
This book describes in a practical and concise manner the complexity of Sarbanes-Oxley Act for non-financial managers and directors, and gives a pathway model to develop an efficient control environment of businesses. I found very useful and straightforward to implement the Control Smart approach to help obliterate vulnerabilities and develop a strong defense against corporate fraud.
I think that this book is a valuable, must read guide for both, financial and non-financial managers. I would also recommend it as reference manual for management training programs as well as business schools.

Smooth reading and very informative!
I found the book to be smooth reading and very informative. The book provides detailed examples of internal control issues from actual companies. I have a newfound understanding of these issues now, because of the level of detail and the varied perspectives provided in by the author. I would recommend this book to anyone in a managerial position concerned with internal controls in their organization.

An unusually relevant and perceptive guide
The title to this book, while timely, doesn't really do the content justice, for the book is more than just a guide to the Sarbanes-Oxley Act - it addresses a range of corporate risk management issues to relevent to middle level managers up through board members. Scott Green manages to strike a good balance between discussions of strategic issues and of practical implementation considerations in the areas of control and fraud prevention mechanisms. It also contains some of the more insightful assessments I've seen of "what went wrong" at some of the more notable corporate failures of recent times. The book is written in a highly readable fashion and I'd recommend it to any manager, company advisor, or board member looking to get a better handle on considerations related to Sarbanes-Oxley and the topic of internal controls in general.

An Invaluable Tool
This book is highly accessible and the concepts easy to understand, with many real-life examples to help the reader focus. It will prove most useful to board members, corporate counsel, executives and managers who often are not trained to evaluate internal controls but who now must understand not only controls assessment, but also the inherent risks associated with these processes. Small and mid-cap companies can benefit from this book as it should help them defray the costs of implementing increased controls and compliance. ... Read more

Book Description

This book brings together conceptual and empirical material in a systematic way. It provides readers with a basis for understanding mergers and acquisitions and corporate restructuring that are introduced into every session of Congress.The volume provides a complete review of takeovers and mergers in practice, M&A's in theory and practice, the strategic perspective of valuation, restructuring, M&A strategies and strategies for creating value.For CEOs, COOs, CFOs and other top level executives. ... Read more

Reviews (11)

Interesting Subject... Boring Book
The subject of this book is quite interesting and the knowledgable authors add many insights into the field of Mergers and Aquisitions.However, the book is poorly written and designed.Simply opening the book will show colorless pages and bland figures that perfectly reflect the tone and content within.There is also a surprising number of spelling mistakes and grammatical errors (something I should not expect if I'm paying over $100 for a book).

Solid text to introduce this topic - readable and helpful
The fourth edition came out in 2003 and I am not familiar with earlier editions.In my view, this is a very good text.In its nearly 700 pages, it provides a solid and comprehensive overview of this interesting and important topic.Obviously, no textbook can be both a survey of the topic and provide complete coverage of every topic.This book goes deep enough that students being introduced to this topic will find plenty to work on and get enough information to develop a feel for all that is involved in changing corporate control and ownership structure for any number of reasons.

The book has 22 chapters in six parts.The six parts are:

1)Takeovers and Mergers in Practice
2)M&As - Theories and Empirical Tests
3)Valuation - The Strategic Perspective
4)Restructuring
5)M&A Strategies
6)Strategies for Creating Value

There are many end of chapter questions and dozens of mini-cases in the book.Plus, there are online resources for students available.

The book provides references at the end of each chapter for more in depth study, a glossary at the end, and an index.

This is a solid text that can also be read by the general reader interested in this topic.

I expected more
Considering the reputation of the primary author, I found the book to be ponderous to read and seemingly focused more on what the authors wanted to discuss than what might be really useful to students and those practicing M&A.The authors should have sought a more appropriate balance between theory and practice. This tome is weighted in favor of theory. It seems to spend more time addressing societal issues and issues of government policy than addressing the mechanics of how to plan for and implement transactions. In fact, only the last few pages of the book deal superficially with an approach to doing M&A.

The book also assumes substantial knowledge of accounting, finance and economics on the part of the reader. The dearth of examples also hinders the readers ability to readily understand how to apply complex concepts explained in torturous paragraphs of prose. It would have been helpful to use more illustrations to communicate concepts that are difficult for those of us that don't have Phds to understand.

Thankfully, there are other books that are far more helpful in explaining both theory and application of M&A. I have found Mckinsey's book on Measuring and Managing Valuation to be a much better guide to understanding how to apply complex valuation techniques. Integration methodology is well explained in Marks and Clemente's Winning at Mergers. For an excellent detailed overview of M&A, see Depamphlis Mergers Acquisitions and Other Restructuring or Weston's other, more recent book on M&A.

Largely Disappointing
The book is really only useful for those interested in a literature survey, discussion of public policy, and somewhat tedious discussion of theoretical concepts.

Written by academics for academics!!!
On balance, this book provides a good overview of the subject and of recent academic studies.However, it is often theoretical and "ivory-towerish."There is relatively little that really instructs the reader about transactions are actually done.A great deal of time is devoted to discussing why they occur, but little practical insight is provided as to the challenges and issues that must be resolved.This book may be suitable for someone who is curious and interested in reading about M&A but provides little guidance for those interested in learning how to undertake transactions. ... Read more

Book Description

This leading Corporate Finance text is designed for the first course at the MBA level but is certainly used at many undergraduate programs as well. CORPORATE FINANCE emphasizes the modern fundamentals of the theory of finance. The authors make the theory come to life through the use of contemporary examples, clarity of exposition, and a balanced presentation of theory and practice. The authors consistently use the intuitions of arbitrage, net present value, efficient markets and options throughout the text. The goal of this text is to present corporate finance as the working of a small number of integrated and powerful intuitions. ... Read more

Reviews (26)

This is THE book for serious study of corporate finance !
I am a student with science background. When I started my research on corporate finance, I had ZERO knowledge of investment and business ! I have tried very hard to swallow through the famous Bryley and Myers text recommended by my supervisor, and what I can conclude was : boy, is this how finance people write their text ? After beating about the bush for tens of pages, you still have no idea what they are talking about !

Thankfully this book by Ross and also another by Haim Levy save my day and correct my almost biased opinion about business academics (disorganized to the extent that can't even produce an honest and sincere introduction of finance with clarity and organized structure, that I sometimes wonder do these people know their work or not ?).

Really I don't know why some people discount Ross completely, because this is really one of the more decent and organized texts available about corporate finance. Anyone who wants to have serious learning about corporate finance should really take a look at Ross and also Haim Levy. Have patience and you will see where the author is leading you to. I am speaking from someone with ZERO background and experience in finance and business.

Big, thick, loaded and somewhat confusing in parts
The authors have tried to cram all the theories and ideas of corporate finance in one single volume- they did a commendable job, but has made it too burdensome for MBA students who have to cover the whole book in a single semester. The initial chapters are a joy to read, but it all becomes unstuck when the reader reaches Part IV (Capital Structure and Dividend Policy). Then the authors become somewhat vague and make a heavy weather of explaining the important topic. That is the reason why I could not give five stars to an otherwise excellent book. The initial three parts viz. Overview, Value and Capital Budgeting, and Risk introduce novices gently to the basic concepts and tools. The writing is wordy, but very simple, and it never becomes irksome to the reader.The part on options is detailed enough to give the reader a basic idea of derivatives and will set him/her up nicely for future courses in advanced finance. On the whole, the book is much more detailed and easily acceptable than the other "classic" viz. Brealey and Myers. The best fact is that the authors are not writing for financial experts, but for people who are new to finance. Possibly, this is the best introductory textbook on corporate finance available today.

Excellent Introduction to Finance, and a Good Reference
First off, I never had any particular interest in the area of Finance. I simply purchased this book as a required text for the core finance course in my MBA program. All in all, I was very pleasantly surprised. The course was very informative, with a top-notch professor leading us through the material. But even more than the lectures, this book was my primary resource for guiding me through the principles of Corporate Finance. Ross does a great job of clearly explaining each topic, then supporting his explanation with effective examples.

Even though the book is well written, I can't deny that it was still challenging for a finance novice, such as myself. But Ross's clean, to-the-point style was a refreshing way for me to approach a previously unknown topic.

Of all my textbooks, I typically keep about half of them as references, and sell the rest. This book is definitely a keeper.

One of the Best
Along with Brigham's MBA text, this book is one of the elites for an MBA finance course. One thing many of the negative reviewers don't seem to realize is that this is for graduate students. If you've never had an undergraduate class in finance, you don't belong in a course using this book. If you don't know the principles of finance or how to use your calculator/spreadsheet, that is your problem. You're a graduate student - grow up and prepare yourself for graduate study!

For students who are ready for graduate study, this book is wonderful. It is complete in its coverage of corporate finance topics, and it provides ample practice problems and end-of-chapter exercises to test your understanding along the way. The CFA exam recommends this as the basic reference book for exam preparation because, comparatively speaking, it is very user friendly.

Those who complain about the level of difficulty or the lack of "entertainment" value need to learn how to take responsibility for STUDYING a text instead of just reading it. Either that or move to a discipline that is less rigorous. The books only get more difficult to handle as you work your way up in finance.

dont buy this book
This is the WORST book I have used in my study of finance. It is full of errors and it is written in such a way that it is extremely hard to understand for an average student. There are lots of calculations that are unexplained, assumtions are made that are never addressed,and it is just plain vague in virtually all subjects it discusses. Buy a different title if you actually want to learn about finance. ... Read more

Book Description

The tools to manage ongoing Sarbanes-Oxley compliance

In The Sarbanes-Oxley Section 404 Implementation Toolkit, author and consultant Michael Ramos provides a detailed road map to help companies not only streamline their compliance process, but also make the process manageable and repeatable year after year.

The first book to provide detailed implementation practice aids for Sarbanes-Oxley 404 compliance, The Sarbanes-Oxley Section 404 Implementation Toolkit is packed with work programs, audit checklists, and examples that readers can tailor to meet their own unique needs. Featuring a useful CD-ROM that contains all of the tools from the book, this timely workbook includes best practices that will benefit anyone who participates in the planning or performance of the effectiveness of internal control.

A must-read for all CFOs, internal auditors, CPA firms, and independent auditors involved in the compliance process, The Sarbanes-Oxley Section 404 Implementation Toolkit embraces the common approaches and methodologies that have proven successful in the new world of Sarbanes-Oxley internal control testing and reporting. ... Read more

Book Description

Designed for courses in corporate finance, this text is a detailed description of the valuation process, providing an integrated, comprehensive method for valuing assets, firms, and securities across a wide variety of industries.The presentation begins with a review of financial and accounting techniques, proceeds with a presentation of the valuation process, leading towards the development of pro-forma financial statements and the translation of these projections into values.A key strength of this text is teaching students how to use pro forma financial statements as a basis for valuation. ... Read more

Reviews (10)

Clear, Succinct, Excellent !
This is one of the best practical corporate finance books you can find. It serves especially well as a bridge between introductory finance and more advanced topics. The authors did an excellent job at hammering some most important concepts into readers' heads while avoiding too much theoretical complications that hinter understanding. The step-by-step valuation method is especially valuable. The use of the spreadsheet is enormously helpful for students of finance. Highly recommended! I hope Professor Benninga and Professor Sarig can keep producing this kind of hands-on, clear guide to finance. (and maybe a series of books at different difficulty levels)

A Good Summary of techniques used to valuate corporations.
This is a very good book for starters in Corporate Finance. People interested in understanding company valuations should definitely read this. Nevertheless, do take the contents with a certain grain of salt. Finance is a very subjective field, and numbers are ALWAYS subject to interpretation. Experts in the field might find themselves not agreeing with some of the methods employed. Finally, readers should have a good background in Accounting. It is also recommended that you have a computer running MS Excel and that you are familiar with the program.

Ground Up Valuation Techniques
If you are new to corporate finance valuation this book will take you to the next level. Provides step by step instruction on how to value companies. Covers Excel techniques with easy to follow examples. Covers 1 full semester at most business schools.

An ideal introduction to company valuation
This book offers a very simple introduction to evaluation of companies prior to investing. The DCF method is primarily used. There is a common thread running through the chapters which makes the book easy to understand. Its not verbose, which adds to its attractiveness. But, the readers should remember that this is only an introduction, and some other advanced book like Copeland's is needed to build upon the ideas presented in the book.

A Solid Introductory Valuation Text
This book does a good job of logically explaining the step-by-step method of corporate valuation. Benninga and Sarig do a good job of focusing on the practical tools of finance. I only wish the DCF examples were less simplistic. A substantial amount of additional work is needed to apply these models to real world firms. ... Read more

Book Description

In Balanced Scorecard Step-by-Step, Paul Niven shares his extensive experience in developing Balanced Scorecards for Fortune 1000, public sector, and not-for-profit organizations. The reader quickly learns that a Balanced Scorecard implementation is more than a "metrics" project, that it touches many critical organizational processes. Through detailed step-by-step discussions, Niven provides insight on and practical solutions for: developing performance objectives and measures that faithfully translate strategy, generating executive support, and assembling the right team. Readers also learn how to ensure the Balanced Scorecard becomes an integral component of their management systems by cascading it to all levels of the organization, aligning budgets and compensation with strategy, reporting results with software, and putting in place systems to ensure lasting success.

"Paul Niven, through his experience as project leader at the excellent and highly successful implementation at Nova Scotia Power, and subsequently as a Balanced Scorecard consultant, is one of the few who can talk and write knowledgeably about how to make the Scorecard happen in an organization. Balanced Scorecard Step-by-Step guides readers through the processes required for a successful Balanced Scorecard project. In addition, he shows how to become a strategy-focused organization by imbedding the Balanced Scorecard into critical organizational processes." —From the Foreword by Robert S. Kaplan

"This is the Balanced Scorecard journey, told step-by-step by one who has traveled the BSC road many times. Paul Niven is not just a sideline cheerleader for the BSC; he is someone who rolls up his sleeves and has what it takes to fine-tune BSC performance promises. A must-read for anyone considering or already on the BSC journey." —Catherine Stenzel, Editor, Journal of Cost Management ... Read more

Reviews (9)

How to Achieve and Then Sustain Superior Performance
It is noteworthy that Robert S. Kaplan wrote the Foreword to this book. He and David P. Cohen are the co-authors of three other books on this important subject: The Balanced Scorecard: Translating Strategy into Action, The Balanced Scorecard: Measures That Drive Performance (HBR OnPoint Enhanced Edition), and most recently The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment. In the Preface, Kaplan graciously welcomes "this new book to the Balanced Scorecard literature" and goes on to suggest that "Niven's contribution will enable many more organizations to achieve successful Balanced Scorecard implementations."

Given the potential benefits of such a program, one which provides a measurement system that balances the historical accuracy and integrity of financial numbers with today's drivers of economic success, I strongly recommend that Kaplan and Norton's books also be consulted. The total cost seems a small price to pay for the substantial value that will be derived.

Here is how Niven organizes his material :

Part One: Introduction to Performance Measurement and the Balanced Scorecard

Its purpose is to "familiarize [the reader] with the field of performance measurement and provide a solid grounding of Scorecard background and principles."

Part Two: Step-by-Step Development of the Balanced Scorecard

Next, Niven provides his reader with "a detailed review and description of the elements necessary to construct this new and powerful management tool."

Part Th