Book Description
This text remains the only text in the market that presents a balance of financial theory and applications. The authors maintain the same four goals as with the first edition: helping learners to make good financial decisions, providing a solid text for the introductory MBA course, motivating learners by demonstrating finance is relevant and interesting, and presenting the material clearly.
Customer Reviews:
First, they should learn to write sentences!.......2007-08-22
This book falls into the category of professors who know the material, but just can't communicate it. I can tell it was written on a schedule...sloppy wording, confusing definitions, and unintuitive examples and explanations. This information isn't that tough to understand...poor writing makes it so.
Here's a paragraph defining WACC, p.11.
Financial managers also must make finance decisions relating to how to finance the firm. In particular, what mix of debt and equity should be used, and what specific types of debt and equity should be issued? Also, what percentage of current earnings should be retained and reinvested rather than paid out as dividends? Along with these financing decisions, the general level of interest rates in the economy, the risk of the firm's operations, and stock market investors' overall attitude toward risk determine the rate of return that is required to satisfy a firm's investors. This is a return from investors' perspectives, but it is a cost from the company's point of view. Therefore, it is called the weighted average cost of capital (WACC).
As in the rest of the book, too many words, no directness or clarity.
Don't buy this book for self-study; you'll spend most of your time trying to decipher the obfuscating sentences.
finance student.......2007-07-09
I felt that the book was good. Some of the concepts could have been explained in better detail. I notice that on a lot of the chapters the authors repeated some of the material more than once. Some chapters need more practice problems like in chapter 5. This book explains the basic and fundamental concepts good but does not explained the difficult concepts good. Overall, this book was good.
Not a good book to learn from.......2007-06-01
This book's explanations were poor at best. It utilized undefined terms, and had a weak glossary/index.
Explanations of financial formulas were sorely lacking, and the organization of these formulas so that one could ever find them wasn't even attempted.
Not recommended.
Marcel Douven Netherlands.......2007-04-15
We used this "Brigham" for the course financial management, MBA programm.
The book gives a good overview and analysis of the main issues and is rather easy to understand and pleasant to read. You sould be aware that some issues are seen through the American glasses. Very usefull, I warmly recommend it.
Dissenting Opinion.......2007-02-27
Like many of the other reviewers, this text was required for my MBA program. As intro books go, I think that this book is much more advanced then what many reviewers have indicated.
Plus, my terms are 8 weeks long and this textbook is way, way too long for such a short time period. My school should adopt a textbook that is shorter in length. The book has over 25 long chapters. We barely studied half that before the term came to an end.
I felt that the layout of the text was not great. By this I mean, it would have been very helpful if, like other textbooks, the publishers/authors defined terms and concepts in the margins. Often times, the authors failed to provide clear definitions in the narrative forcing you to go to the glossary.
Next point, the authors present the material in long dense paragraphs which can be a challenge to get through. They need to break things up a bit more and interject more solved problems and examples.
I found this text more "academic" in nature and not something I could use as a reference on the job. I am looking for the practical and not the theory.
Bottomline, I would rather use a textbook that gets to the point faster, has more worked out problems, and is more visually inviting so to speak. For example, I have an old edition of Gitman's "Financial Management" and I like it much better then this textbook. The study guide that goes with Gitman's book is really good as well.
Meanwhile, I am debating whether to keep this text as reference or not.
Amazon.com
Buffett, the Bard of Omaha, is a genuine American folk hero, if folk heroes are allowed to build fortunes worth upward of $15 billion. He's great at homespun metaphor, but behind those catchy phrases is a reservoir of financial acumen that's generally considered the best of his generation. For example, in an essay on CEO stock options, he writes, "Negotiating with one's self seldom produces a barroom brawl." This is his way of saying that an executive who can give himself compensation totally disproportionate to his performance surely will. There are uncountable gems of financial wisdom to be harvested from these essays, taken from the annual reports he writes for Berkshire Hathaway, his holding company. Just to pick one more, here's a now-famous line about those he competes with when making stock-market investments: "What could be more advantageous in an intellectual contest--whether it be chess, bridge, or stock selection--than to have opponents who have been taught that thinking is a waste of energy?"
While Buffett has a policy of seldom commenting on stocks he owns--he feels public pronouncements will only lead to the public's expectation of more public pronouncements, and he likes to keep his cards close to his vest--he loves to discuss the principles behind his investments. These come primarily from Ben Graham, under whom Buffett studied at Columbia University and for whom he worked in the 1950s. First among them is the idea that price is what you pay and value is what you get--and if you're a smart investor, the first will always be less than the second. In that sense, the value of the lessons learned from Buffett's Essays could be far greater than the book's price. --Lou Schuler
Book Description
The definitive work concerning Warren Buffett and intelligent investment philosophy, this is a collection of Buffett's letters to the shareholders of Berkshire Hathaway written over the past few decades 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.
Customer Reviews:
Perfect.......2007-08-14
Lucid and brilliant, a clear lesson on capital allocation. The only objection would be the repeated content, but truthfully it helped the ideas sink in a bit.
Thank you for editing this collection Professor Cunningham.
Real Wisdom at a Good Price.......2007-08-05
I work for a financial services company, and I'm subjected to corporate gobbledegook on a daily basis. Warren Buffett gets to the point. His explanations of financial transactions seem so effortless, I can't imagine how others get so confused and obtuse. Here's a mind worth delving in to, and this book lets you sit on the shoulder of a modern genius to see how he thinks. Good stuff.
excellent.......2007-07-09
These are the actual words penned by Buiffett. Not as dry as one would think, he's actually a wonderful writer. The Oracle of Omaha can turn a phrase and while parts of this are slow going, I enjoyed it throughly.
I heartily recommend this book for those desiring wealth. I also strongly recommend The Millionaire Mind by Tom Stanley. The Millionaire Mind
Buffett's Favorite book about him.......2007-06-06
In the CNBC Liz Clayman interview with Buffett, he stated that of all the books written about him, this one is his favorite...it is an excellent read.
Lessons for Corporate America.......2007-05-14
This is a great book for people to understand the relationship between Corporate governance and business wellness. a must read for a long term investor.
Book Description
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. Richard A. Brealey and Stewart C. Myers welcome Franklin Allen as a new coauthor to this Eighth Edition. Sometimes the addition of a new coauthor means that one of the existing authors proposes to take a back seat. That is not the case with this team. Dr. Allen’s addition represents a genuine increase in capacity and brings fresh expertise and ideas to an already tremendously successful textbook and partnership.
Customer Reviews:
Just perfect........2007-09-06
Although I did not pass the exam that I took. The problem was with the exam not the book. This is an excellent book with lot of work done to ensure that the book is perfect.
The presentations available online with this book have a few mistakes.
Not great for the beginner.......2007-07-17
This book is not very clear in its explanations and does not have too many worked examples. Not sure why my MBA school prescribes this. I recommend reading Fundamentals of Corporate Finance Standard Edition by Stephen Ross, Randolph Westerfield.
Lacking Full Explanations.......2007-06-07
This book leaves me with more questions about finance than I have answers. Who do the authors think they are writing for? It surely is not the beginner MBA student. It seems like words are expensive because they do not fully or even partially explain concepts. Finance is difficult but it should not be impossible. I should not have to read and reread to figure out what the heck they are talking about. Maybe they should serve as advisors to this text and let someone who knows how to write actually write the book. These guys may be leaders and brillant but they are poor communicators. I'm not thrilled with my professor either. Is he a cheerleader or a teacher?
Good introductory finance book.......2007-04-11
This is an easy to ready comprehensive introduction to basic finance concepts. I would not recommend it to finance majors but I consider it a good choice for general MBA or other students that do not have a stong quantitative finance background.
Comprehensive text - you get your money's worth.......2007-01-09
I got this book for my Intro to Corp Finance class. The professor was aweful, but the book got me through the class. There are several other finance classes that use the same text, so for once I feel like I'll get my money's worth out of a textbook.
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.
Customer Reviews:
Excellent Self Study.......2005-08-13
The text is very easy to read and simple to follow along. The self study guide that comes with it is very handy to get a full understanding of the mathematical equations. I was disappointed that the weblink provided in the book to get more up to date information from Standard & Poor's was not working. I had to order the 11th edition for my second finance class but that was by order of the university. When the 11th edition arrived the weblink in that book worked. I really enjoy reading the book on my commute to and from work. I recommend this book to even the curious person who wants a better understanding of retirement and pension plans.
I will always refer back to the two texts for all my finance needs.
Foundations of Financial Management, 10th Edition.......2003-09-28
Delivery was terrific. I received the book 6 days after I ordered it and it's brand new!
Very Good, But Not Excellent.......2002-07-12
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.......2002-03-02
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.
An excellent book for those who do not wish to learn finance.......2001-06-04
I used to be "illiterate" in terms of finance and I thought that this book would help me to comprehend the basic principles of corporate finance. Unfortunately, the content of this book is completely implicit. The authors wrote a book without taking into account the nature of the audience. Consequently,this book does not address to financial managers or to any kind of managers or even students. The only people who can really understand the content of this book is the authors themselves!
After having read many books regarding corporate finance and financial management, I have become familiar with this discipline. There are hundreds of well-structured remarkable books that you can purchase at a lower price...
Book Description
"Brigham/Houston: A Classic, redefined...because a classic never goes out of style." The market leader, Brigham/Houston, continues to grow in reputation and amount of users as the most effective approach for teaching the first undergraduate corporate finance course. The seamless, integrated ancillary package, still painstakingly prepared by the authors, is a hallmark of the Brigham/Houston package which reduces course preparation time for instructors and makes the subject more accessible for learners. New for this edition is the addition of iLrn Finance, an online student assessment and tutorial resource to help improve student performance. Additionally, access to Thomson ONE - Business School Edition, an online financial database that students can use to complete projects or select end of chapter exercises, is included with each new text.
Customer Reviews:
Funadmentals of Financial Management.......2007-09-25
I'm using this book as a part of my master of science and it is pretty good, easy to understand even for non financial people, I hihgly recomend this book
Again not enough info.......2007-03-29
It goes into the questions but does not go into how to solve the problem well enough. Like every other financial book. Just once I wish the authors would realize they cannot skip steps on solving the problems! Instead of giving a COMPLETE answer. How hard is it????
This book deserves 0 star.......2007-02-04
This book is required for my finance class. However, this book doesn't explain the concepts well. For example what the book covered on the chapters have nothing to do with what were asked on the exercises. Students are often left in the dark trying to find themselves to come up with the formula (luckily we have the internet). If you buy this book make sure you have the TI BA II plus calculator. The book ONLY explains how to do most of the problems on THAT particular calculator instead of giving us the formula to use on any other calculator or using spreadsheet. Although there are some chapters that mentioned they will give instructions on how to solve the problems using MS excel but so far only chapter 1 gave us some basic information and rest of the chapters don't show anything (even though they mentioned it). So the words on the book and what you are actually getting don't match. Unless you have a very good instructor who's willing to work without getting help from the book, you are pretty screwed.
This book needs some serious editing (as I said the words and the contents don't match).
Target Market is for undergraduates.......2006-12-30
If interested in an MBA text, you might examine Brigham's Intermediate Financial Management. This Fundamentals text is outstanding for the undergraduate, intro course. JWB
Too basic for an MBA class.......2006-11-21
I got this book as the accompanying textbook to a Financial Management Class. Our class had to study most of the material on its own. As it usually is, the majority of the work is done at home hitting textbooks and figuring out how formulas are derived, which variables go where, and how fundamnetal coefficients (beta, alpha) are calculated.
Well this book is not well suited to acquire a solid foundation in finance without consulting better books or the internet. The result is: one needs much more time than actually necessary to learn the material.
Furthermore there are some statements; for instance "...multinational corporations (MNCs) issue stock in foreign countries..."; well I knew that, too, prior to this class. But why doesn't this book a little bit better explain why MNCs actually do this? There are several of such unexplained statements in the book. I am very disappointed.
Even though this book is really just about the fundamentals, it should have much better caught those fundamentals. I think I have to go to the Stanford, Harvard, or MIT MBA syllabi to find a good financial management book which goes a bit more in depth.
This book is priced by weight not by content! Definitely not worth the ~$160.
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.
Book Description
The CPA exam is changing. You need to change as well...to a book that better prepares you for the CPA exam and for business. This is the only book of its kind that demonstrates how to prepare financial reports and then how to analyze what those numbers really mean.
Every manager has incentives to present his or her firm in the most favorable light to lenders, equity investors and others. And, every manager wants to use the flexibility allowed by GAAP to manage the firm's earnings to achieve certain goals. Revsine, Collins, and Johnson
explain these incentives and help readers spot cases of earnings management, which disguises a firm's true performance.
For anyone preparing to take the CPA exam, and for anyone who wants or needs a working knowledge of accounting, financial reporting, and financial statement analysis.
Customer Reviews:
Almost everything I dislike in a textbook.......2006-05-08
This book has many characteristics that I really dislike to see in a textbook.
First, the authors flooded almost every page with extraneous information. When you're learning this stuff, you want it to be explained simply and clearly - but the authors seem more intent on showing you how much they know about some topic, even when that information is tangenital and not very helpful.
They don't word things clearly. They'll call the same thing by two different names - (i.e. "Pension Cost" and "Pension Expense") which needlessly adds to the confusion. They'll discuss some topic for several pages without even writing down the basic, relevant journal entry.
One of the wordiest, most poorly written accounting books I have ever had the displeasure of studying from.
One of the better books available.......2003-09-30
This publication provides a thorough and comprehensive review of almost every important aspect of accounting, financial analytics and reporting. A useful tool for a person new to finance or someone needing a refresh or review of important topics. A solutions manual would have been helpful, but the book is a valuable buy nonetheless.
Very good for understanding the subject.......2002-03-10
The book provides very clear explanations about different aspects of financial statement analysis. The only drawbacks are that the book is a little simplistic and that problem solutions are sorely needed. However, I am sure you are not going to use oit for self-study- you would be using it as a textbook in a financial statement analysis class. The professor, would be able to provide you with solutions (as in my case- thanks Dr. Church!) and will also help you out with some of the tougher stuff. Whatever, the book does an excellent job in explaining the basic stuff- much better than the Sondhi book.
agree with others - needs solutions manual - useless without.......2001-09-27
I agree with those that say this book would be more useful if it came with solutions. Right off in the first chapter, hypothetical situations are presented without any background information in the text. If you haven't had some experience in Accounting, you are going to be left scratching your head. The instructor in my class says that it causes you to think. Hard to think if you have never come close to experiencing anything that is being discussed. Some guidance would be helpful.
Useless without a Solutions Manual.......2001-03-23
I'm studying for the CPA. I bought the book because it's required for a course in school. But to actually learn for the CPA exam, I'll toss this one aside for one that provides a solutions manual. Authors who withold the manual for the instructors benefit miss a fundamental point about economics - who the customer is. It's the student that the book is written for and it is the student who pays for the course. Breffni University of Chicago
Amazon.com
In the revised and updated edition of Lean Thinking: Banish Waste and Create Wealth in Your Corporation, authors James P. Womack and Daniel T. Jones provide a thoughtful expansion upon their value-based business system based on the Toyota model. Along the way they update their action plan in light of new research and the increasing globalization of manufacturing, and they revisit some of their key case studies (most of which still derive, however, from the automotive, aerospace, and other manufacturing industries).
The core of the lean model remains the same in the new edition. All businesses must define the "value" that they produce as the product that best suits customer needs. The leaders must then identify and clarify the "value stream," the nexus of actions to bring the product through problems solving, information management, and physical transformation tasks. Next, "lean enterprise" lines up suppliers with this value stream. "Flow" traces the product across departments. "Pull" then activates the flow as the business re-orients towards the pull of the customer's needs. Finally, with the company reengineered towards its core value in a flow process, the business re-orients towards "perfection," rooting out all the remaining muda (Japanese for "waste") in the system.
Despite the authors' claims to "actionable principles for creating lasting value in any business during any business conditions," the lean model is not demonstrated with broad applications in the service or retail industries. But those manager's whose needs resonate with those described in the Lean Thinking case studies will find a host of practical guidelines for streamlining their processes and achieving manufacturing efficiencies. --Patrick O'Kelley
Book Description
Expanded, updated, and more relevant than ever, this bestselling business classic by two internationally renowned management analysts describes a business system for the twenty-first century that supersedes the mass production system of Ford, the financial control system of Sloan, and the strategic system of Welch and GE. It is based on the Toyota (lean) model, which combines operational excellence with value-based strategies to produce steady growth through a wide range of economic conditions.
In contrast with the crash-and-burn performance of companies trumpeted by business gurus in the 1990s, the firms profiled in Lean Thinking -- from tiny Lantech to midsized Wiremold to niche producer Porsche to gigantic Pratt & Whitney -- have kept on keeping on, largely unnoticed, along a steady upward path through the market turbulence and crushed dreams of the early twenty-first century. Meanwhile, the leader in lean thinking -- Toyota -- has set its sights on leadership of the global motor vehicle industry in this decade.
Instead of constantly reinventing business models, lean thinkers go back to basics by asking what the customer really perceives as value. (It's often not at all what existing organizations and assets would suggest.) The next step is to line up value-creating activities for a specific product along a value stream while eliminating activities (usually the majority) that don't add value. Then the lean thinker creates a flow condition in which the design and the product advance smoothly and rapidly at the pull of the customer (rather than the push of the producer). Finally, as flow and pull are implemented, the lean thinker speeds up the cycle of improvement in pursuit of perfection. The first part of this book describes each of these concepts and makes them come alive with striking examples.
Lean Thinking clearly demonstrates that these simple ideas can breathe new life into any company in any industry in any country. But most managers need guidance on how to make the lean leap in their firm. Part II provides a step-by-step action plan, based on in-depth studies of more than fifty lean companies in a wide range of industries across the world.
Even those readers who believe they have embraced lean thinking will discover in Part III that another dramatic leap is possible by creating an extended lean enterprise for each of their product families that tightly links value-creating activities from raw materials to customer.
In Part IV, an epilogue to the original edition, the story of lean thinking is brought up-to-date with an enhanced action plan based on the experiences of a range of lean firms since the original publication of Lean Thinking.
Lean Thinking does not provide a new management "program" for the one-minute manager. Instead, it offers a new method of thinking, of being, and, above all, of doing for the serious long-term manager -- a method that is changing the world.
Customer Reviews:
Interesting book but very dull........2007-08-27
I found this book to be interesting, but I hard trouble finishing it because the writing was so boring. Despite the dullness the book did get me thinking of product in a different way.
Womack and Jones, very engaging........2007-08-26
Lean Thinking- A very well written account of a long study of the theory of customer driven value thinking. The elimination of waste in accomplishing customer driven trade is the main goal of this theory. The book has been tuned over a series of revisions, so it is well polished. While I am no expert on the topic, I can at least attest to the fact that the volume is well written and referenced. Their views are spread over a period of many years, giving them the benefit of tracking case study performance over the long term. Companies both large and small have been studied and tracked to determine the benefits of these theories.
Worth Every Penny.......2007-07-30
A most readable book on an important subject of productivity. The comment on outsourcing is insightful and the emphasis on human element is so crucial. Productivity is not all about bigger and better machines but about management and employee been willing to take risks to think out of a box. Mr. Womack has made a significant contribution to the on-going dicussion of productivity in a globalized world.
My husband loved it.......2007-04-10
My husband loved this book so much that this was actually purchased as a gift for another man in his office.
Excellent Book with Detailed Lean Conversion Techniques .......2007-02-01
This book provides many case studies of companies outside of the auto industry that converted to lean production. It details the personnel changes they had to make, changes in factory layout, differences in the supply chain and much more. Where "The Machine that Changed the World" was a primer to lean production, "Lean Thinking" is more of a how-to book. Together, they make a great pair and provide a fairly in-depth view of the subject. As in, "The Machine that Changed the World", there is plenty of hard data to back up the claims that these companies improved after switching to lean thinking.
I am a college student majoring in mechanical engineering and read this book and "The Machine that Changed the World" to get a broad understanding of lean production. The two books did just that and even gave me many ideas on how to convert a student organization I am involved with (SAE) to more of a lean organization. As much as possible anyway.
Average customer rating:
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- Difficult to use, disorganized
- Thanks you
- new bk delivered within a week
- This is a review of only the CD - i.e., Excel model
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Valuation: Measuring and Managing the Value of Companies, Fourth Edition
McKinsey & Company Inc. ,
Tim Koller ,
Marc Goedhart , and
David Wessels
Manufacturer: Wiley
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ASIN: 0471702188 |
Book Description
Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition with CD-ROM combines is thoroughly revised and expanded to reflect business conditions in today’s volatile global economy. Valuation provides up-to-date insights and practical advice on how to create, manage, and measure an organization’s value. Along with all-new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective. This package contains a solid framework that managers at all levels, investors, and students have come to trust.
Customer Reviews:
Very fast, superve conditions.......2007-06-08
I strickly recommend this shop: just 10 days to Barcelona and new!
Difficult to use, disorganized.......2007-04-12
I used this book for an MBA finance class but I am not keeping it as a reference. I felt it was convoluted and badly organized. It was difficult to look up subjects using the index when you wanted to just crack the book and find a formula or look for something specific. Since that's what I would do if I kept the book as a reference, the value for me is not there. I'm looking for a different book that is better organized and easier to understand for my reference book.
Thanks you.......2007-02-12
I got the book right away and it is still in perfect condition. I am absolutely satify with market order. Thanks you so much.
new bk delivered within a week.......2007-02-11
the shipping fee is free and i got the bk within a week. Most importantly, it's a new bk which price is nearly half of the original price in the bookstore!! awesome!
This is a review of only the CD - i.e., Excel model.......2006-03-28
Let me say that I like the McKinsey model and use it a lot to value certain companies. Overall, I found that the Results section of the model really helped me understand the detailed nuances of the McKinsey model, especially given that the book itself is sometimes vague.
I gave the CD product 4 stars, instead of 5 stars, because I felt that:
1) The PDF instructional manual on using the model is woefully inadequate.
2) There were a few serious errors in the model.
3) The model took the easy way out on a lot of difficult valuation items.
1. The PDF manual is woefully inadequate. Reading it, you think the model is self-explanatory, but it really isn't. You have to really study the numbers to understand what assumptions the model wants you to make. In this regard, the book is marginally helpful, the examples in the book is slightly more helpful. In many cases, I had to turn to other valuation texts to figure out a few things.
2. The model is for the most part, error-free. But I did catch two calculation errors that I will share, so that others can avoid the pain. First, in the Forecast Drivers tab, there is a data row called Capex. It looks back at the optional Capital Expenditure line as an off-balance sheet item in 'Historical Data.' This is inconsistent with the book's data driven approach and specification that CapEx = change in Net PPE + Depreciation. You may want to recorrect the Capex formula to specify this. Why the model asks us to manually specify the Capital Expenditures in Historical Data, I have no idea.
Another error I saw is in the Results tab. In the Ratios section, there is one called 'Enterprise value / EBITA'. If you look at the formula, it points to EBIT. You need to correct this by having it point to Reported EBITA.
3. I think the model takes the easy way out on a lot of the most difficult items. For example, the book advocates treatment of R&D as a capitalized asset, and yet the model excludes this entirely. The book advocates dealing with the market value of debt, but the model just incorporates the book value of debt. The model leaves as an entry item the value of the lease as a balance sheet item, when it you could easily just as well incorporate extensions to model this. This is the same for options, convertible debt, customer receivables, unutilized/discontinued assets, etc.
Basically, the book is aggressive in advocating a firm estimation of operational value, NOA value, and Debt/DE claims, but the model is much less ambitious.
This does not make the model useless. It's a great data-driven model. It just requires the user to build sophisticated extensions to deal with the most complicated parts. At the same time, this is no cheap model. They are probably making lots of money on it. I would have expected the folks at McKinsey to provide extensions to handle the most complicated aspects of valuation, in addition to the core items.
Book Description
In this revised edition of her best-seller, noted sales consultant Linda Richardson offers salespeople the tools they need to successfully use customer-focused, dialogue selling. Featuring real-world dialogue samples, helpful dos and don’ts, self-tests, checklists, and other useful tools, this guide offers insight on every aspect of face-to-face selling, from the initial introduction through the needs identification and the negotiation of terms and price to the successful close, with prime emphasis on the six critical skills necessary to the dialogue-driven sales call: presence, rapport building, questioning, listening, product positioning, and checking.
Download Description
In this revised edition of her best-seller, noted sales consultant Linda Richardson offers salespeople the tools they need to successfully use customer-focused, dialogue selling. Featuring real-world dialogue samples, helpful dos and don'ts, self-tests, c
Customer Reviews:
Great advice (if you can assimilate it).......2001-05-25
The problem with any "how to sell" book like this is, until you can integrate the advice given here so that it comes naturally to you, you will sound as mechanical and forced as some of the "tellers" Richardson criticizes. I used to sell big-tiicket business-to-business, and I can say the advice here is timeless: engage your customer, identify what your customer's needs are and position your product so that the customer realizes that your product meets their needs. Of course, if the customer doesn't need your product, then maybe you need to learn some of those "hard-ball sales" techniques (or find a better product!). No amount of customer empathy, listening, or product positioning will help you overcome a customer-product mismatch. Which brings me to a point: although Richardson argues against this, I think playing hardball has a place in negotiations; remember, the party you are negotiating with doesn't always have to feel warm and cozy inside in the process. A true persuader will know when to be soft and fluffy and when to apply the pressure.
Also, the whole paradigm-replacement languuage ("we are moving into a new age of selling...") is corny. The advice Richardson is giving is not new or revolutionary, as she claims. But she has succeeded in organizing a lot of really good sales principles in a clear and coherent way which can easily be appreciated by readers.
I read this book together with Richardson's "Selling by Phone" and frankly, one is just a rehash of the other. Richardson copied entire paragraphs from one in writing the other. So save your money and buy just one of the two. But if you are an accidental salesperson, or even if by trade you are not a salesperson but you are occasionally called upon to negotiate (maybe you are a lawyer or a manager) Richardson's books will be a refreshing introduction to the discipline of negotiation and persuasion.
excellent, customer oriented common sense.......2000-07-08
After reading plenty of those "say what I say, exactly as I say it" sales books, none of which I found truly helpful out in the field, this book was like a breath of fresh air. Easy to read and easy to adapt to personal styles it is a treasure trove of good advise. If you actually care about your customers and want them to return to you on a regular basis, this is the book for you.
should be a textbook for sales classes.......2000-06-09
From my many varied experiences, I realize that I just don't like selling, but when I was trying to bone up on my sales skills, I found this book to be the most useful. It is heads and shoulders above other books on the subject and it was so intersting that I probably read it cover to cover in a day or two. The advice is extremely practical and you are learning great principles of selling. You are not learning a bunch of closing dialogues that only work for the person who invented them. Easily digested, the principles allow you to adjust your approach in mid-sale because you are asking questions whose answers will tell you what you need to do or say next (positioning.) Tons of great info here. It should really be a textbook for sales classes.
Eye-opener and Instant Results Obtained.......2000-04-01
I manage a distributor sales force throughout the U.S. and Canada. After reading this book (actually WHILE reading this book) I applied the information and witnessed immediate success, as did my sales reps. The information is direct, common sense, well presented, easy reading and entertaining. It is not full of 'theory', but actual 'meat' that can be applied each day after reading even a chapter or two the night before. I am buying books for each of my reps and feel it is one of the best gifts I could ever give them. Well done!
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