Book Description
Essentials of Corporate Finance, 5/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.
Customer Reviews:
Great!.......2007-07-26
I think the book does a good job of simplifying finance for those of us who are beginners in the field. They give clear, step-by-step examples so that it is easy to understand
Finance Textbook.......2007-07-23
The textbook's price was competitive, it was delivered in a timely manner as promised and in mint condition as promised.
I enjoyed doing business with this supplier.
Not sure why someone rated it poorly.......2007-06-02
I'm an MBA student with quite a number of courses finished. I'm over half way through the finance course that uses this book and have found it to be written very well. The example problems are great, and the explanations are thorough. Our professor did make available the answers to the questions at the back of the book and used the powerpoints developed by the author. All in all the only drawback I could find was cost (as usual with college texts). As a side note, several students did use the 4th edition in our class with the permission of the instructor and did just fine.
Finance Textbook.......2007-02-11
The description of the textbook on the web was confusing and resulted in the buying the wrong book; but the return policy and credit correction worked very well;
Good for a textbook.......2007-01-03
I had to buy this book and use it for Finance class. It was helpful and used real world examples.
Amazon.com
This analysis of what makes great companies great has been hailed everywhere as an instant classic and one of the best business titles since In Search of Excellence. The authors, James C. Collins and Jerry I. Porras, spent six years in research, and they freely admit that their own preconceptions about business success were devastated by their actual findings--along with the preconceptions of virtually everyone else.
Built to Last identifies 18 "visionary" companies and sets out to determine what's special about them. To get on the list, a company had to be world famous, have a stellar brand image, and be at least 50 years old. We're talking about companies that even a layperson knows to be, well, different: the Disneys, the Wal-Marts, the Mercks.
Whatever the key to the success of these companies, the key to the success of this book is that the authors don't waste time comparing them to business failures. Instead, they use a control group of "successful-but-second-rank" companies to highlight what's special about their 18 "visionary" picks. Thus Disney is compared to Columbia Pictures, Ford to GM, Hewlett Packard to Texas Instruments, and so on.
The core myth, according to the authors, is that visionary companies must start with a great product and be pushed into the future by charismatic leaders. There are examples of that pattern, they admit: Johnson & Johnson, for one. But there are also just too many counterexamples--in fact, the majority of the "visionary" companies, including giants like 3M, Sony, and TI, don't fit the model. They were characterized by total lack of an initial business plan or key idea and by remarkably self-effacing leaders. Collins and Porras are much more impressed with something else they shared: an almost cult-like devotion to a "core ideology" or identity, and active indoctrination of employees into "ideologically commitment" to the company.
The comparison with the business "B"-team does tend to raise a significant methodological problem: which companies are to be counted as "visionary" in the first place? There's an air of circularity here, as if you achieve "visionary" status by ... achieving visionary status. So many roads lead to Rome that the book is less practical than it might appear. But that's exactly the point of an eloquent chapter on 3M. This wildly successful company had no master plan, little structure, and no prima donnas. Instead it had an atmosphere in which bright people were both keen to see the company succeed and unafraid to "try a lot of stuff and keep what works." --Richard Farr
Book Description
Drawing upon a six-year research project at the Stanford University Graduate School of Business, James C. Collins and Jerry I. Porras took eighteen truly exceptional and long-lasting companies and studied each in direct comparison to one of its top competitors. They examined the companies from their very beginnings to the present day -- as start-ups, as midsize companies, and as large corporations. Throughout, the authors asked: "What makes the truly exceptional companies different from the comparison companies and what were the common practices these enduringly great companies followed throughout their history?"
Filled with hundreds of specific examples and organized into a coherent framework of practical concepts that can be applied by managers and entrepreneurs at all levels, Built to Last provides a master blueprint for building organizations that will prosper long into the 21st century and beyond.
Customer Reviews:
Identity is Built to Last.......2007-08-30
It is interesting to review a business book more than 10 years after it has been labeled a best seller - is it still relevant today? Yes, in the case of this classic! The lessons conveyed are as useful today, as they were when it was first published. No surprise, given what the authors set out to discover when they began their research: What distinguishes long-time, high performing companies from their competitors? Their key concept about what it takes to build a visionary company - "preserve the core and stimulate progress" seems to be a fundamental truth about the evolutionary nature of free markets. Certainly their, "Try Lots of Stuff and Keep What Works" and "Good Enough Never Is", lessons sound like evolutionary processes of adaptation.
The key concept might be more simply described by saying, "Maintain your identity - core values & purpose - while focusing on a living performance vision." That makes it a personal concept as well as an organizational concept - not a bad thing when you consider that any organization is a collection of people. When something makes sense for the individual and the organization, perhaps there-in resides the reason it is a long-term winner! Dennis DeWilde, Author of The Performance Connection
Built to last.......2007-08-10
This is the most relevant, well-presented, easy-to-read research project I've seen. The data is easily transferable to to practical use. I have seen its implementation make a really big positive difference in groups within organizations.
Must-read for anyone interested in business.......2007-04-13
This book is the result of an elaborative research and a great data-analysis. It gives an insight into the some of the greatest companies of the world in different fields and different time-periods.
Authors have done a great job in explaining and justifying their research and data through the appendices and bibliography. A study of all the existing companies to find the visionary ones is really a daunting task and this research team has done a terrific job in establishing a definition of a "visionary company".
Must-read for professionals at any level of the organization hierarchy!!!
Great insight.......2007-03-30
Both Built to Last and Good to Great are the best business books anyone can ever read. Nice work!
Excellent Research, Very Helpful Findings.......2007-03-25
I would not necessarily agree that the predecessor was a better book. The two books have different purposes, and I believe both are very helpful.
The authors present their research process and findings, as well as 12 myths:
Myth #1: It takes a great idea to start a great company.
Myth #2: Visionary companies require great and charismatic visionary leaders.
Myth #3: The most successful companies exist first and foremost to maximize profits.
Myth #4: Visionary companies share a common subset of "correct" core values. [Note: by this, they do not mean to say that values are not important; on the contrary. However, they explain that there is no specific set of values common to all successful companies, but that these vary from one to another.]
Myth #5: The only constant is change.
Myth #6: Blue-chip companies play it safe.
Myth #7: Visionary companies are great places to work, for everyone.
Myth #8: Highly successful companies make their best moves by brilliant and complex strategic planning.
Myth #9: Companies should hire outside CEOs to stimulate fundamental change.
Myth #10: The most successful companies focus primarily on the competition.
Myth #11: You can't have your cake and eat it too.
Myth #12: Companies become visionary primarily through "vision statements".
The authors debunk each of these myths by presenting their findings.
One of the most powerful lessons, which I underlined, is this: "... most of them view their products and services as making useful and important contributions to customers' lives... they exist to do something useful..."
The authors show that companies with long-term and solid success throughout time are not simply focused on making money or growing their business by X% annually. They have a stronger and greater mission, and their products and service exist primarily to support that vision. This is why, even when products become obsolete, the company with a strong sense of purpose continues to change and evolve beyond product life cycles. An important lesson for most companies in corporate America.
Book Description
Praise for BLUEPRINT TO A BILLION
"A wonderful, well thought out analysis of entrepreneurship and leadership of a growth company."
—Howard Lester, Chairman, Williams-Sonoma, Inc.
"If you dream about growing your business to a billion, this is a fascinating down-to-earth study that you must read. Apply the seven essential principles to your business and you are off and running. Learn about strategy, growth, leadership, team building, and a whole lot more."
—Joe Scarlett, Chairman of the Board, Tractor Supply Company
"Blueprint to a Billion is a well-researched and thoughtfully written book that quantifies the growth pattern of America's highest growth companies."
—Professor John Quelch, Senior Associate Dean, Harvard Business School
"Eighty percent of the top-performing stocks in the last twenty years were small entrepreneurial companies that had an IPO in the prior eight years. Blueprint to a Billion tells you the seven key things these innovators did in common to become America's greatest growth companies."
—William J. O'Neil, Chairman and Founder Investor's Business Daily, www.investors.com
"Thomson has written a masterful work that will catalyze, empower, inspire, motivate, and illuminate entrepreneurs, investors, and policymakers. The world needs this book and will profit from it in manifold ways."
—David M. Darst, Managing Director, Individual Investor Group Chief Investment Strategist, Morgan Stanley
Customer Reviews:
Very Good Book!.......2007-08-29
One of the best parts of this book in my opinion are often the resources he lists. He lists websites for me to look at and the blueprint companies for me to Google or learn more from their stock quotes. This book is great for resources so you can do your own research and choose the best path for yourself.
This book is a great buy!!
Blueprint to a Billion.......2007-08-29
Very well researched book and clearly written.
It does show that those that place the customer first and do everything they can to satisfy their customers problems with their products,while watching their own bottom line profits,win out in the end over those that do not.
It also shows how hard it is to keep a competitive advantage and make big profits once a company reaches a billion dollars in revenues. Possible because of increased competition from others for this market segment and from gaining so much market share that it leaves so little room for the company to keep growth at anywhere the same rate.
Too many "duhs" for me.......2007-08-02
Don't read many business non-fiction books. Find them to be too much common sense and move like snails. Well, this was true to form, for me. Felt like the author's points could have been driven home in about 50 pages total, but then, he wouldn't have a saleable product would he? The additional fluff is repetitive and intuitive and did not shed new light on much of anything to me. Try something like "The Long Tail" if you want some new thoughts on business, but then.... that book is not on the same topic.... but close enough for me.
Steroids For Your Business...Exciting and Informative But ONLY For Entrepreneurs With A Vision! .......2007-07-25
Blueprint to a Billion is a phenomenal resource for any entrepreneur that needs a kick...okay, "Rocket Boost" in the right direction. Reviewers here may be over-exposed to this type of information daily - most entrepreneurs out in the "front-lines of business" are not.
If you want to triple your chances of success and put your business on steroids then the author has done just that for you with this book. These blueprint to a billion patterns are priceless.
Excellent Analysis, Elegantly Developed Concepts.......2007-02-18
I've had the pleasure of hearing David speak about this book and the research and concepts he developed for the Blueprint to a Billion. I was struck by the simple yet powerful concepts that David ferretted out of his research. As a business leader I appreciated the enumeration of easily actionable fundamentals that are not readily discernable from everyday observation.
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.
Customer Reviews:
Easy to follow and a good resource to keep on the bookshelf.......2007-05-01
Excellent finance book offering just what is promised, the essentials. Examples are clearly presented with an excellent use of color coding to highlight concepts and formulas. In fact, I purchased this book as a textbook requirement for a pre-requisite finance class (as a refresher after an 8 year hiatus after my BBA). Then, when I actually ended up taking the Financial Management class as part of the MBA program, I discarded the textbook from that class and referred back to this one (got an A in the class). It's that good.
User-Friendly.......2006-02-24
This is an excellent book for anyone who needs an easy to understand approach to Corporate Finance. I'll be holding on to my copy.
Look elsewhere for Finance intro..........2005-12-21
I'm an adjunct professor at a regional liberal arts university, and I admit I've not read as many textbooks as the average ivory tower dweller. That being said, I used this book (through no choice of my own) to teach an Undergraduate Intro to Finance class. Decent text, and some good explanation of the more complex ideas in the second half of the book, but what kills this as a textbook is the HORRIBLE support materials. Errors throughout the Power Point presentations, test bank questions, study problems...I was so disgusted by the end of the semester. It's probably okay as a brush-up text, but not what I'd recommend for newbies.
Great Experience.......2005-09-29
This book arrived on a timely manner and in real good condition. It was exactly what they said it would be in their description. Wouldn't mind doing business with them again in the future!
Good choice, Easy to read and understand.......2005-03-14
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...
Many 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'
Book Description
Harvard Business Essentials
Your Guide and Mentor to Doing Business Effectively
Finance for Managers
Calculating and assessing the overall financial health of the business is an important part of any managerial position. From reading and deciphering financial statements, to understanding net present value, to calculating return on investment, this book provides the fundamentals of financial literacy. Easy to use and non-technical, this helpful guide gives managers the smart advice they need to increase their impact on financial planning, budgeting, and forecasting.
Customer Reviews:
Don't buy just for the pedigree.......2006-12-12
I bought this book for the Harvard pedigree when other books offer more practical detail for the target audience. The text concentrates too much on taxation, a subject unto itself, and calculation of the time value of money. In particular the TVM issue focuses on formula versus concept which is not a service to the audience. Overall, I expected more from a Harvard Business Essentials book.
Finance Book Review - Jameson Thottam (formerly with Morgan Stanley, Homestore and IndyMac Bank).......2005-09-10
This is an OKAY book,
My name is Jameson Thottam and as an individual steeped heavily in finance (graduated from UC Berkeley and attending Wharton's MBA and focused on financial services such as such as The Loan Page, IndyMac Bank, Homestore), I would give a qualified recommend on this book to those in finance. There are other books that take provide more details on mathematical programing and simulation software (i.e., Linear programming, Monte Carlo Simulations, CRYSTAL BALL / SEC II / @RISK software packages). Additionally, if you like market insider trading (i.e., technical analysis)...you can do much better.
Hope you enjoy,
Jameson Luke Thottam
(Job History: Battery Ventures/The Loan Page, IndyMac Bank, Homestore, Morgan Stanley Investment Banking, LEK Management Consulting)
Houston, Tx
Good place to start.......2005-09-02
Explains the basics, not so detailed that a novice can't follow it. If you're already a finance manager (as opposed to a manger without a finance background), I suggest something a little more advanced.
Nice Overview- Not so nice coverage.......2004-09-10
I bought this book to rehash some of the necessary and critical financial concepts learnt in school. Objective was to a. Make informed decision with knowledge of some finance terms (like top-line growth) B. Make more familiarity with the standard yet not so frequently used financial tools (like cash flow statement).
The book does reasonably well to fulfill these criterion with and optimal degree of satisfaction. Nice organization, one chapter flows onto next one and examples related to one business entity (fictitious yet realistic) run through. Numerical examples explaining the basic as well as relatively difficult financial concepts are easy to understand and make a good reading.
This trend continues pretty much throughout the book except in few chapters. I would actually point out two chapters where details and flow are not as lucid. The chapters explaining Internal Rate of Return (IRR) and Net Present Value (NPV) (Chapter 9: Time value of Money) and Budgeting process (Chapter 7: Budgeting) lacks the depth even at a conceptual level and does not help the reader to form a clear impression of the topics. I would say it in some cases it presents too less a detail (ex. definition and explanation of IRR) and it some cases it tries to present too much (Budgeting process/type and factors consideration)
Overall a good buy and definitely nice value for money!
Essential, Yes, and for Many, Invaluable.......2003-02-06
This one of the volumes in the new Harvard Business School Essentials Series. Each offers authoritative answers to the most important questions concerning its specific subject. The material in this book is drawn from a variety of sources which include William J. Bruns, Michael J. Roberts, and Robert S. Kaplan as well as Harvard Business School Publishing and Harvard ManageMentor®, an online service. Each volume is indeed "a highly practical resource for readers with all levels of experience" but I think those who have only recently embarked on a business career will derive the greatest benefit.
This volume explains the basic concepts of finance to managers who are not financial managers. As Richard Luecke notes in the Introduction, "Knowing how to finance assets, forecast future cash flows, maintain a budget, determine which operations are profit generators and which are not, and judge the real economic merits of different investment opportunities will help you stay in business and turn a profit." Samuel L. Hayes served as subject advisor to Luecke, writer of this and other books in the Harvard Business School Essentials Series and author or developer of more than 30 other books as well as several dozen articles.
There are ten chapters followed by an Appendix: Activity-Based Budgeting. (More about that material in a moment.) Each chapter is introduced by a list of "Key Topics" to be covered in it. For example, in Chapter 5, the focus is on start-up financing, financing current operations, financing growth, establish a proper match of assets with financing, and typical financing arrangements. Obviously, all of this material may seem basic (if not self-evident) to the experienced financial manager but keep in mind that the material was carefully selected for managers who are not financial managers.
One of the most informative discussions is provided in the Appendix when brief but sufficient attention is given to "Developing Cost Drivers" and more specifically to activity-based budgeting (ABB) and how it differs from activity-based costing (ABC). Less experienced non-financial managers are frequently asked to prepare a report which, more often than not, involves a budget or at least a cost analysis. A basic understanding of ABB and ABC will guide and assist the completion of that task. Whereas ABC starts with the cost of resources, allocates these costs to activities, and then allocates these costs to products and/of services, ABB starts with the planned product or service, estimated sales volume, and mix and comes up with the requisite activities to produce the mix and volume.
Financial managers as well as non-financial managers who supervise other non-financial managers should seriously consider providing copies of this book to those who currently do not understand "how to finance assets, forecast future cash flows, maintain a budget, determine which operations are profit generators and which are not, and judge the real economic merits of different investment opportunities" which will help [their organization] stay in business and turn a profit." Of course, younger executives need not wait for such provision. Published as a paperbound volume and priced attractively, Finance for Managers would be a modest investment for them to make in their own careers.
Book Description
Risk management is no longer confined solely to risk management specialists. Stakeholders ranging from employees to investors must understand how to quantify the tradeoffs of risk against the potential return. The failure to understand the essential nature of risk can have devastating consequences.
Globally renowned risk and corporate governance experts Michel Crouhy, Dan Galai, and Robert Mark have updated and streamlined their bestselling professional reference Risk Management to introduce you to the world of risk management without requiring you to know the intricate formulas and mathematical details.
The Essentials of Risk Management is the first book to make even the most sophisticated risk management approaches simultaneously accessible to both risk and non risk professionals. It will help you to:
- Increase the transparency of your risk management program to satisfy shareholders, employees, regulators, and other important constituencies
- Keep on top of the continuing evolution of best-practice risk policies and methodologies and associated risk infrastructures
- Implement and efficiently communicate an organization-wide Enterprise Risk Management (ERM) approach that encompasses market, credit, liquidity, operational, legal and regulatory, business, strategic and reputation risks
- Navigate thorny areas including risk policies, risk methodologies, economic capital, regulatory capital, performance measurement, asset-liability management, and more
- Efficiently allocate limited corporate resources to comply with the new generation of risk regulation and corporate governance regulation
As a non-risk professional or board member, you are being called on more than ever before to make sophisticated assessments of your organization's risk exposures as well as play a critical role in its formal risk management process. The Essentials of Risk Management tells you what you need to know to succeed in this challenging new environment.
Customer Reviews:
Good Introduction.......2007-08-01
I would highly recommend this book to the begginer/budding Risk Manager
For the experienced risk professional, this is a bit too fundamental.
An excellent introduction.......2006-07-11
This book provides an introduction to the field of risk management for readers who do not yet want to get deeply involved in the mathematical formalism that is typically used. The authors wrote the book so that it is "accessible to everyone", and they have done a fine job. Those readers who need a more quantitative treatment will have to consult another book or the vast research literature on the subject. Risk management, as they see it, is an attempt to estimate both the `expected' losses and the `unexpected' losses, and being able to differentiate between these two concepts goes to the core of the subject. Thus the book emphasizes the "intuition" behind risk management, and not the formalism. However, one must not conclude from this that "intuition" and "formalism" are distinct, and the belief that they are has resulted in a lot of confusion (and financial losses) in recent years. The authors clearly do not believe that they are, but have merely emphasized "intuition" from a pedagogical point of view.
The authors classify risk into eight categories, namely market, credit, liquidity, operational, legal and regulatory, business, strategic, and reputation risk. Financial risk, as they see it, is composed of two of these, namely market and credit risk. Their discussion of corporate risk management is very interesting, in that it begins with the observation first made almost forty years ago that the value of a firm is not altered solely by financial transactions. This is due to their assumption of the perfect market hypothesis, which effectively suppresses the ability of the firm to gain significant advantages over an individual investor. Therefore with this assumption a firm should not concern itself with risks outside of the ones that all other firms face. This is an interesting conclusion, particularly in the context of using hedging via derivatives, as it implies that it cannot compete with ordinary self-insurance, due to the presence of transaction costs. The authors discuss in fair detail why the perfect market assumption is faulty, and therefore why managing risk with hedging is a viable strategy.
The regulatory environment, particularly in the banking industry, has enormous ramifications for risk management, as the authors discuss in the book. This is due in part to the Basel Accords of 1988 and 1996, and Basel II which is due to be in place at the end of 2007. The Basel accords are essentially a standardization for capital reserves, defining a `assets-to-capital' multiple and a `risk-based capital' ratio. The authors review the 1988 Accord and discuss the elementary relationships involved, including the `Cooke ratio' and how to obtain the credit equivalent for the off-balance-sheet exposures. They also discuss the reasons for the 1996 amendment, which essentially were the result of the new trading activities that banks were indulging themselves in. It would have been interesting if the authors had included a (historical) discussion on the efficacy of the Basel Accords in suppressing banking failures. They do mention the fiasco with Barings Bank, claiming that its demise would have been adverted if it were prohibited from racking up huge exchange-traded futures positions. This is certainly true, but any regulation needs to be validated by historical data, to the extent that this is possible, and this requires of course tracking of the financial institutions that are under the umbrella of the regulation. In this regard though, the authors do view bank regulation as a `research lab' for risk management, implying that they are aware of the need for validation of any regulations that are actually put in place. It will be fascinating therefore to see the impact of the new Basel II accords when they become active, and indeed observe, if possible, any `regulatory arbitrage' that occurs. This also brings up the question of how to assess the quality of the risk management strategies of a particular financial institution. The authors spend a little time discussing this, with one of them referring to a method analogous to credit scoring.
No book on risk management could be complete without discussion of academic research on the topic, for the reason that much of this research has found practical application and has greatly influenced portfolio management and risk valuation. The authors review four theoretical models, namely modern portfolio theory, the capital asset pricing model, the Black-Scholes option-pricing model, and the Modigliani-Miller theory of corporate finance. Even though the discussions are very short, one has to admire the authors' ability to avoid complicated mathematics in discussing all of these theories without sacrificing clarity. The more mathematically-mature reader may perhaps be annoyed with the omission of mathematical formalism, but a natural question that might arise for such a reader is whether or not risk can indeed be put in a general axiomatic framework that will encompass all of its different manifestations, such as credit risk, operational risk, etc. Such a framework would allow a complete mathematical characterization of risk, and would allow various general and quantitative statements to be made about it.
Due to the extent of mortgage portfolios in the United States at the present time, and due to the sensitive dependence of their values on interest rates, the authors spend a fair amount of time discussing interest-rate risk and how to hedge it with derivatives. Thus they speak of the `sensitivity' of financial instruments to certain risk factors, and study the case of fixed-income products via the `DV01' risk measure, which is the change in value of a security after a change in interest rate of 1 basis point. This measure gives a `first-order' approximation to the change in yield, but the authors show how to obtain a `second-order' approximation using the `convexity' adjustment.
For complex portfolios, the most popular method for risk management has been the value-at-risk or VAR, and so it is not surprising that the authors devote an entire chapter to it in the book. The authors view it as a more sophisticated method because of its ability to deal with volatilities and correlations. However, they point out that its efficacy is restricted to relatively short time scales and under `normal' market conditions. The fiasco at LTCM (Long Term Capital Management) is discussed as an example of the failure of VAR to measure risk over long time scales and under abnormal market conditions. They do not however give any detailed evidence for this claim, but a perusal of the research literature (surprisingly rather slim) reveals that LTCM made "major" errors in terms of their risk management, if viewed from the standpoint of VAR. This still leaves open the question as to whether it made "major" errors from the standpoint of some other method for measuring and evaluating risk that is possibly radically different from VAR.
A Non-Mathematical Approach.......2006-04-19
The essense of investing is that increased risk should be compensated for by increased return. The problem lies in measuring and thus managing risk. Measuring risk is in the same category as predicting the future. The future is uncertain, the best guesses fail as bad weather, oil embargoes, or any of a whole list of other incidents change the situation.
Risk management isn't simply a matter of avoiding risk. It is instead a matter of identifying it, measuring it, appreciating its consequences and then taking actions accordingly. Insurance is perhaps the best example.
If a hundred sailing ships go out and 90 return, spreading the risk among all hundred ships compensates for the loss of the ten. And Lloyds is born.
During recent years several techniques have been developed to measure risk. This book discusses them in a non-mathematical way that can be used by both risk and non-risk professionals. In essence it brings sophisticated techniques to be accessible to a wide audience.
Book Description
Essentials of Managerial Finance is the classic that started the First in Finance franchise. Now in its Thirteenth Edition, this best-selling text is renowned for its excellent blend of theoretical and applied material, comprehensive support package, and applicable real-world examples. In addition to its continued coverage of such hot topics as multinational finance, ethical dilemma discussions are incorporated throughout the text. Formerly known as "Weston/Besley/Brigham", Scott Besley is now the primary author.
Customer Reviews:
Excelente conditions.......2006-11-11
I received the book in excelents conditions and on time.
For sure I will ask for another book in the future...
Not a paperback copy.......2005-10-03
I was very disappointed with what I purchased. It is not a paperback of the textbook "Essentials of Managerial Finance". It is simply copies of all the powerpoint slides with some lines next to them. Most classes provide that for free anyways. It's not even a workbook with examples and text. I am not sure what it is for; i guess note taking. Unfortunatly, for that I have notebook paper.
Maximizing shareholder value.......2003-07-12
I used this book for a 500-level MBA finance class, and I have to admit I liked it. The first 3/4's of the book drive home the financial manager's objective: Maximizing shareholder value. It does this consistently, and actually got me (A Sales Manager) to understand why profit needs to take a back seat to value.
Like all introductory texts, it skimps a little on complexity. However, I truly have an appreciation now for finance. Many decisions my company makes now make sense. Though I have little need to apply financial concepts in my current job, I can give better `business reason' explanations to my reports when they ask. Which is why I began pursuing an MBA in the first place.
Enough to avoid Finance mistakes.......2001-01-29
This new edition of the classical title looks very informative and meaningful. Perhaps a little bit more strong in the mathematical treatment will provide the customers with a text more atractive. Anyhow, it is still a good text for beginners.
Dr. Guillermo E. Martinez.
Excellant materials for the study of finance........1998-10-08
The book is fairly easy to understand. Students with little or no background in accounting were able to grasp the subject and understand the material. Thoroughly enjoyed using the text. Would have liked to see a web site available to use with the book. The test bank was effective and a time saver. I wholeheartedly recommend this book to anyone wishing to use up-to-date materials with which to teach the subject of finance. Can be used in both a regular semester and a condensed class.
Book Description
The most successful business book of the last decade, Reengineering the Corporation is the pioneering work on the most important topic in business today: achieving dramatic performance improvements. This book leads readers through the radical redesign of a company's processes, organization, and culture to achieve a quantum leap in performance.
Michael Hammer and James Champy have updated and revised their milestone work for the New Economy they helped to create -- promising to help corporations save hundreds of millions of dollars more, raise their customer satisfaction still higher, and grow ever more nimble in the years to come.
Customer Reviews:
Reengineering the Corporation.......2007-01-12
Very satified with book, shipping, packaging, and timely fachion sent and received.
Burn this Book.......2006-11-21
There is NO EXCUSE for this book to still be in print. "Reengineering" was a trite meaningless buzzword of the early nineties, that when adopted by hack middle managers incapable of thinking anything through, or imagining unexpected results, cost tens of thousands of people their jobs. The authors of this book have already issued their mea culpa for getting so much, so wrong, in the Wall Street Journal. Management fads come and go. Your job is to figure out if the hot new book sweeping through management circles has any merit, or if it's garbage.
I am horrified that this book is even available. If ever there was a book that deserved zero stars, this is it. Stop paying these two moron authors for their incompetent advice.
Collins Busines ESSSENTIALS? Give me a break.
Text on Reengineering.......2006-11-14
Hammer and Champy do a great job of detailing through the reengineering concept and process. They use understandable examples, and communicate benefits, challenges, and necessities well. A bit dry to read and get into, once I got past the beginning, this book moved along nicely.
Reengineering the Corporation .......2006-06-02
The book is written by management consultants who suggest re-engineering the organizations as the most effective way for companies to remain competitive. This entails starting afresh to devise innovative ways to carry out business processes and serve customers more effectively. Managers, employees, business processes, among other things in the entire organization have to radically change so as to save costs, increase revenue, improve quality and serve customers better.
Business process reengineering requires visionary and competent leaders who exploit the vast opportunities availed by the latest information communication technologies, reorganizing employees into cohesive and productive working teams.
This is a well written book with clear explanations reinforced by case studies making it easily understandable to a diverse readership that may wish to understand the concept of business process reengineering and how they can implement it in the organization. They also make a good attempt to rescue business process reengineering from being just another fad of the 1990s and from the appalling image it had acquired for itself as a pretext to indiscriminately retrench people.
One major flaw I see is the perception that business process reengineering is the answers to all problems that an organization may be experiencing and that it is relatively simple and straightforward to implement. That is not always the case and one needs to analyze to see if reengineering is the optimal solution to the challenges of inertia and lack of customer focus and other ills that an organization may be experiencing.
A great book........2005-09-10
I thought this book was very informative and interesting. The writing style used was also good. It was especially nice to read specific stories of successful reengineering.
Book Description
Entrepreneur's Notebook propels you on a whirlwind tour of the start-up process. It is an invaluable reference for new and experienced entrepreneurs that includes chapters on a wide range of topics, from entrepreneurial team building to business plans to financing. This excellent book provides an incredible amount of practical information that will help you make smarter decisions and avoid costly mistakes. The author, Steven K. Gold, is an accomplished entrepreneur who has co-founded and led five early-stage ventures. As an investor and mentor, he also advises many entrepreneurs and young companies. He earned his B.S.E. in Entrepreneurial Management from the Wharton School of the University of Pennsylvania, and his M.D. from Brown University Medical School.
Customer Reviews:
Nice Guide for Beginners.......2007-06-16
The author writes a nice overview of the entrepreneurial process. It's basically for novices but it does a good job for this audience. The only problem I have with this book is that it is too basic and is therefore non-unique because it is so low-level. Regardless, I must say that for the right audience, it does a fine job over giving the big picture.
If you are advanced or aspire to become advanced, I would recommend "The Startup Company Bible for Entrepreneurs" but only for high-tech entrepreneurs. Even this author has recommended it.
A Must-Have for Entrepreneurs.......2007-05-14
Steven gives great illustrations to drive home his insightful advice for entrepreneurs. As he's "been there, done that," we can take his advice to heart in the hopes of becoming a success like him!
Exellent Book.......2007-05-11
Great book for getting ready to open a new business. Would refer to anyone thinking about opening a business.
Brief and to the point.......2007-04-27
This is a delightful little book that contains a wealth of useful and helpful information and ideas on starting a small business and ensuring that it is viable and succesful. The book is well written and easy to follow and interesting to read.
This is a must read for entrepreneurs, particularly budding ones as the information the book provides is very practical and can help you avoid making costly errors. The book covers a wide range of topics including the start-up process, marketing the business on a small budget, cash-flow forecasting, among other things.
The book is an excellent companion for the entrepreneur that is well worth having.
Invaluable advice for the budding entrepreneur.......2007-03-04
This book does a terrific job of presenting some of the most important issues entrepreneurs face when embarking on new ventures, touching on topics such as the business plan, funding, team building, and cash flows. Using simple, yet stunningly accurate models of the entrepreneurial process, Steven Gold distills complex subjects into simple, practical, take-away messages. The classification of entrepreneurial personalities (professionals, pragmatists, and inventors) is something I think we can all relate to. I find the metaphor which compares building a new company to making "stone soup" equally compelling. There are countless books out there for budding entrepreneurs, but this one is no fluff. It gets right down to the nuts and bolts so you can concentrate on your business.
Book Description
"The objective of this book is to provide innovative approaches for developing people and expanding organizational capabilities. If you also have this objective, this book is for you, because each chapter is written by a qualified author to provide the information you need."
—Donald L. Kirkpatrick, Ph.D., professor emeritus, University of Wisconsin, and author, Evaluating Training Programs: The Four Levels
Customer Reviews:
It depends . . . ........2007-09-01
If you believe the corporate university concept should be (and, more importantly, can be) evolved into something better, this book is for you. If, however, you believe the corporate university concept is already hidebound and destined to be supplanted due to the newer schools of thought regarding CORPORATE talent recognition, development, and management, the benefit of this book is questionable. It all depends on whose kool-aid you've chosen to drink. IMAO (in my arrogant opinion), the arguably viable corporate university approach is overly susceptible to a heavy-handed academic bias; far-too-fertile ground for rampant, infantile political infighting and toadyism; and supportive of a wrong-headed, condescending view of practical experience. This book dances around these problems, perhaps because the corporate university of today does not necessarily create them, but simply allows them to fester. That said, if yours is a bias toward the corporate university, buy, read, and try very hard to put into practice what this book provides you. Your corporate univerisy, and those whose lives and careers it touches, will most defintitely be the better for it.
Books:
- Essentials of Corporate Finance (Mcgraw-Hill/Irwin Series in Finance, Insurance, and Real Estate)
- Fill Your Oil Paintings With Light & Color
- Financial Accounting: An Introduction to Concepts, Methods, and Uses
- Financial Reporting and Analysis (3rd Edition)
- Financial Statements: A Step-By-Step Guide to Understanding and Creating Financial Reports
- Fisher-Price: Historical, Rarity, and Value Guide, 1931-Present (Fisher-Price: a Historical, Rarity & Value Guide)
- Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything
- Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything
- Fundamentals of Financial Management (with Thomson ONE - Business School Edition)
- Fundamentals of Human Resource Management
Books Index
Books Home
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Corporate Finance
| Finance
| Business & Investing
| Subjects
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Marketing: Real People, Real Choices (5th Edition)
Operations Management & Student CD Package (8th Edition)
Marketing: The Core with Online Learning Center Premium Content Card
Student Problem Manual to accompany Essentials of Corporate Finance
Operations Management with Student DVD
