Average customer rating:
- Failed Potential
- Very helpful for beginners
- Until something better comes along. . .
- very disappointing
- A practical book on VaR
|
Mastering Value at Risk: A Step-by-Step Guide to Understanding and Applying VAR (Market Editions)
Cormac Butler
Manufacturer: Financial Times/Prentice Hall
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Binding: Paperback
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The Fundamentals of Risk Measurement
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Value at Risk, 3rd Ed.
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ASIN: 0273637525 |
Book Description
Value at Risk (VAR) is rapidly emerging as the dominant methodology for estimating precisely how much money is at risk each day in the financial markets. Traders and managers use it to monitor the financial risk of a portfolio. This book provides an objective view of VAR, analyzing its pitfalls as well as its benefits.
Customer Reviews:
Failed Potential.......2007-03-12
This book would have been 5 stars if it had been edited and proofed properly. There are *FAR* too many errors. I would still recommend that one purchase and read this book, which is a good introduction to VaR for the uninitiated, but the error count is just ridiculous. There are significant errors nearly every other page.
There are:
* currency sign errors, which render examples meaningless;
* repeated formula errors, which require the reader to guess the correct formula;
* text errors, which change the meaning of the sentences to their exact opposite;
* errors in punctuation;
* errors in grammar;
* numerical errors in the text next to examples that show the correct numbers.
If there were going to have been a second edition, it would already be out by now, so I'm not hopeful that a new edition will appear to correct the many errors.
I am QUITE surprised that the author doesn't have an errata page at the website he put up for questions on this book at [...]
File this book under "Failed Potential".
Very helpful for beginners.......2006-03-20
I'm chemical Engineer and I'm working on my thesis on to get the Master in Sc. I had no clue in VaR, this book help not only to understand it but to apply it further pure finances.
Until something better comes along. . ........2005-07-19
The other reviewers are correct about the errors. The results of Mr. Butler's formulas sometimes don't match the formulas themselves which in turn don't match his results in the spreadsheets. Also, the grammar, particularly the punctuation, leaves much to be desired. This book had either a poor editor or no editor.
However, Mr. Butler is the only author to write a book that shows actual real-world VaR calculations. The other books give plenty of theory, but never enough detail to enable you to do your own VaR calculations. So until something similar and better comes along, this book will have to do. And really, the errors in the spreadsheets are not that hard to spot if you just follow the text and if you are aware that the errors are there.
very disappointing.......2004-06-25
There are a number of errors in the book, thus making it very hard to get through. Additionally, I spoke to the publisher and there is NOT a second edition of this book available yet - so don't bother with the book. I was also surprised there is nowhere to get copies of the spreadsheets from on the web!!
A note to Mr. Butler - please take a note from Scott Meyers or Bruce Eckel who publish errata web pages.
A practical book on VaR.......2002-09-29
Mastering Value at Risk is 80% practical and 20% theoretical. However, there are a lot of mistakes, specially printing and calculation mistakes. For example, page 24, 25, etc. ambiguous exercises. I require professional solved cases and applications of the real world. Back testing and stress testing themes present a poor development.
There is a great practical case on EWMA, but it can not be compared to GARCH model, because there is not a practical case on GARCH. There is no useful application. This model is only mentioned and explained theoretically. On the other hand Montecarlo Simulation presents a certain confusion. It's unclear and imprecise.
Finally, at the end of the book an address and e-mail are written in order to make contact with the author, but such an e-mail doesn't exist. It was impossible for me to contact Cormac Butler by means of that e-mail. Besides, there is a website in order to send your questions and queries named answerback.org. It was not possible for me to access this website.
Well, the book is good for a reader used to calculate VaR, not for beginners, because of printing errors and calculation mistakes. You must to identify them before to continue the next lesson and theme. Well, my rating to this book is 3 stars.
Book Description
How to Use Financial Statements explains in clear, easy to understand methods how to read a financial statement. Written for the non-financial professional, this book is ideal for:
- Professionals that have been promoted to a job that requires reviewing financial statements
- Investors that have accumulated enough savings to begin looking at alternatives
- Spouses that have suffered the loss of the member of the family who has always dealt with financial matters
- Readers who work in non-financial areas and have no interest in investments
This practical guide includes:
- An overview of financial statementswhat they are and what they tell us
- A thorough, yet basic introduction to the accrual concepts
- Easy to understand explanations of profit and loss
- Statement of cash flows and special reporting issues
Customer Reviews:
Awesome book.......2007-01-29
I am very happy with financial statements. It is clear, concise and gets right to the point. Plus it's light too. Overall I am happy with my purchase.
good and bad.......2006-10-10
There is no doubt that the author is extremely knowledgeable about financial statements, but he struggles to write a clear introduction for newcomers. I finished the book with a muddy, incomplete understanding of financial statements.
In his attempt to introduce financial statements to first-timers like me, the author gets a couple things right:
- it's short. the length is a very comforting 130 pages.
- it's illustrated. there are drawings of scales with profit/loss, etc. This is essential for visual learners like me.
However, the author fails on these points:
- cute phrases instead of genuine insight. The author's little jokes in the text felt a little self-indulgent, and didn't help explain. There is one exception: it was useful when the author describes the fans of the various reports - P/L vs Balance vs Cash Flow. However, most of the rest of the joking was irrelevant and amateur.
- Not well written. Like many technical books, the quality of writing was poor. Many parts like first drafts - left me with lots of questions. The illustrations often felt incomplete and didn't help explain much.
- Expert blindness. In some ways, experts are the worst people to write books for beginners. They are passionate about the details and history, which is not what newcomers need.
I understand why financial experts would recommend this book to newcomers: they share the passions of the author. However, this doesn't help newcomers. I will keep shopping for the book that gives me the basic 'big picture' understanding of financial statements I need.
excellent refresher.......2006-02-17
I had a basic understanding of financial statements from accounting courses in college, but had forgotten most of it in the past 7 years. This book was a great refresher and would probably also be a good first book for someone with zero - very limited knowledge.
Great for understanding & interpreting financial statements.......2000-03-26
This book teaches anyone (from owners, to managers, to employees, to customers, to lenders, to suppliers, and to attorneys) how to obtain answers from financial statements by asking the right questions. This book is not filled with esoteric symbols and mathematical babbles, but with clear diagrams and down to earth explanations of the applications of each part of the financial statements. The author has done an excellent job on making this seemingly confusing subject very easy to understand and useful to those who needs to make decisions from it.
Good Things Come In Small Packages.......1999-12-24
The best book of its type: covers key points in a direct and effective way. If you need to refresh understanding of financial statements, or learn the basic in a concise format you will be pleased with this book. As a finance professor and practioner (CFA) I have recommended Bandler to numerous students and associates.
Book Description
Economic Value Added (EVA) and Value Based Management (VBM) are today’s hottest management buzzwords. But written information has often been biased and clouded by the authors’ hidden agendas. EVA and Value-Based Management is the first book to unflinchingly discuss the pros and cons of EVA and VBM. Covering both implementation and conceptual issues, with a strong emphasis on performance measurement, value drivers, and management compensation, it allows readers to come to their own informed conclusions.
Customer Reviews:
Highly Recommended!.......2003-02-26
Kudos to S. David Young and Stephen F. O'Byrne, management consultants who largely steer clear of their industry's usual empty catchphrases and superficial hype. Instead, their lucid explanation of the importance of shareholder value takes center stage. The heftiness of EVA and Value-Based Management may be daunting, but most readers will be satisfied with Part I's strategic overview. The concepts reappear in Part II accompanied by a wealth of technical details, calculations and case studies to help finance professionals with nitty-gritty implementation of EVA (Economic Value Added) programs. The book honestly assesses EVA's power to motivate managers, noting that some companies just are not well-suited for this performance metric. We from getAbstract prescribe this book to corporate executives who have overdosed on consultant jargon but still want to drive value growth in their companies, and to finance specialists who seek a comprehensive roadmap to EVA implementation.
Excellent book.......2002-08-13
As an author, speaker and consultant on these topics, I highly recommend this book. Not only have the authors discussed the pros and cons of a number of approaches thoughfully and concisely, they also expand the level of understanding related to the calculations in an accessible way. Their book discusses both implementation issues and the nitty gritty of the mechanics. In sum, the book takes the reader to the next level of understanding. I highly recommend this book.
Fails to keep its promise: Metric War + Compensation.......2001-07-02
This book does NOT offer 'A practical guide to valuation' but a theoretical,oldfashioned discussion of the 'Metrics War'and some empirical research on EVA, Compensation and CFROI-Fade.
My rating has got these origins: Empirical research on Compensation,EVA and CFROI-Fade: A+. Discussion of EVA/CFROI: D-. Terminology: D value for 'Hands-on-valuation': F- Structure: F- Style: F-.
This book does contain interesting empirical research on EVA etc, but it does not offer 'A practical Guide to Implementation' because it does not contain a STAGE-Approach. Its terminology differs from any other book I've read, you must often guess, which formulas the authors used, because they did not have the courtesy to express their formulas. Some formulas are wrong nad their discussion of the 'metrics war' betweenn EVA and CFROI lags 5 years behind reality. They attack old methods of CFROI,which Boston Consulting and Holt Value published 5 (!) years ago. They fail to know, that BCG have refined CVA/CFROI and that BAYER. Lufthansa,and VEBA have implemented these refined CFROI-techniques,which are way better, than the old methods, which the book attacks.
Moreover, this book is terrible to read due to a lack of structure, the absence of clear definitions, the lack of formulas, a wordy style,which exhausts your nerves, and many value judgements....
The EVA Guide which holds nothing back!.......2001-02-07
This book, together with 'The Quest for Value'by G. Bennett Stewart, III and 'Valuation' by the Tom Copeland, provide a solid backgound on value-based management. S. David Young and Stephen F. O'Byrne give a fair description of their book: 'This book is not a intended to be a "teaser," which tries to tell you enough to whet your appetite so if you want to know more you will have to hire us as your consultants. We aim to be as comprehensive in our treatment of the subject as possible...We try to hold nothing back.' Thank you very much indeed.
is that right, EVA?.......2001-02-03
I had a great approach to EVA concept but it too much simple in finances. Any way it is a good point to start the trip through the EVA world. The principle of EVA appears sound, but this book is good at attempting to illustrate how to practically use it.
Book Description
PROFITS ARE AN OPINION, BUT CASH IS A FACT.
Understanding CASH FLOW
If the term "cash flow" has always remained uncomfortably vague in your mind, Understanding Cash Flow will give you, quickly and simply, a firm grasp of this crucial index of a company's health and direction. It covers, in detail, the process, the terminology, and the internal and external players in the flow of cash through a company. You'll learn:
- The fundamentals of cash management and how it affects the quality of a company's earnings
- How to read cash flow statements
- How cash balances are analyzed and monitoredâincluding internal controls over cash receipts and disbursements, plus bank account reconciliation and activity analysis
- How to avoid the pitfalls of granting creditâevaluating customer credit, sources of credit information, and overall credit policy
- How to prevent fraud and waste
- And much more!
Understanding Cash Flow is a part of the new Wiley series, Finance Fundamentals for Nonfinancial Managersâdesigned to serve managers, owners, investors, students and others by explaining clearly and concisely what they need to know about important areas of cash flow management. Other titles in the series will cover income statements, return on investment, budgeting, and balance sheets.
Customer Reviews:
Pay attention to your cash flow!.......2007-04-04
We sure know how to spend, don't we? But how many of you focus on where your money goes and how best to manage it? To excel at money management you must understand the fundamentals of cash flow. This book makes it easy to learn the business of cash flow. Large print. Plenty of pictures and diagrams. You'll feel like a genius after reading this book. Buy it now.
Average customer rating:
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COSO Enterprise Risk Management: Understanding the New Integrated ERM Framework
Robert Moeller
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover
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Manager's Guide to Compliance: Sarbanes-Oxley, COSO, ERM, COBIT, IFRS, BASEL II, OMB's A-123, ASX 10, OECD Principles, Turnbull Guidance, Best Practices, and Case Studies (Manager's Guide Series)
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ASIN: 0471741159 |
Book Description
Praise for
COSO Enterprise Risk Management
"COSO ERM is a thoughtful introduction to the challenges of risk management at the enterprise level and contains a wealth of information on dealing with it through the use of the COSO framework. Detailed procedures covering a wide variety of situations are followed by a thorough explanation of how each is deployed. As a project management professional, I appreciate how the author addresses the need for risk management at a project level. His background as someone who 'practices what they preach' and realizes the impact of the Sarbanes-Oxley auditing rules comes through clearly in the book, and it should be mandatory reading for anyone seeking to understand how to tackle their own ERM issues."
—Greg Gomel, PMP, CQM, CSQE, ITIL, Director, Project Management, Insight North America
"This volume clearly and comprehensively outlines the usefulness of COSO Enterprise Risk Management guidance. It should provide considerable benefit to those having governance responsibilities in this important area."
—Curtis Verschoor, L & Q Research Professor, School of Accountancy and MIS DePaul University, Chicago
Transform your company's internal control function into a valuable strategic tool
Today's companies are expected to manage a variety of risks that would have been unthinkable a decade ago. More than ever, it is vital to understand the dimensions of risk as well as how to best manage it to gain a competitive advantage.
COSO Enterprise Risk Management clearly enables organizations of all types and sizes to understand and better manage their risk environments and make better decisions through use of the COSO ERM framework.
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Offers you expert advice on how to carry out internal control responsibilities more efficiently
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Updates you on the ins and outs of the COSO Report and its emergence as the new platform for understanding all aspects of risk in today's organization
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Knowledgeably explains how to implement an effective ERM program
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Book Description
Investors who've primarily purchased equity securities in the past have been looking for more secure investment alternatives; namely, fixed income securities. This book demystifies the sometimes daunting fixed income market, through a user-friendly, sophisticated, yet not overly mathematical format.
Investing in Fixed Income Securities covers a wide range of topics, including the different types of fixed income securities, their characteristics, the strategies necessary to manage a diversified portfolio, bond pricing concepts, and more, so you can make the most informed investment decisions possible.
Book Description
With expert guidance and over 400 illustrations and graphics, Understanding Hospital Billing and Coding covers aspects of hospital insurance billing and coding, from patient admission to accounts receivable management and HIPAA. This one-of-a-kind, comprehensive approach prepares students to meet the growing need for hospital billing and coding professionals by transitioning students' knowledge from the physician/outpatient environment to the hospital environment. Students will gain an understanding of various aspects of hospital billing and coding including: the hospital regulatory setting, structure and function of hospital departments, patient accounts and data flow, the billing process, coding, claim forms, reimbursement, accounts receivable management, HIPAA, and much more.
Book Description
From balance sheets to income statements, learn the keys to unlocking the powerful and useful information buried in common financial statements.
Customer Reviews:
Decent Primer for Beginners.......2004-01-12
This is an excellent introduction to analyzing financial statements, at least for those who have never done so before or who have no background in business. It even is of benefit to seasoned financial people who don't necessarily spend a lot of time reviewing financial statements.
It covers quite a bit of information in a relatively small number of pages: taxation, inventories, cash flow, depreciation, capital investments, and even intangibles like Research and Development and market position. It is well organized and presented in plain Englsih, much to its credit.
However, keep in mind that this is more of a starting point. If you plan on spending a lot of time doing indepth analysis of financial statements, I would recommend starting with this book to provide the basics and then moving on to a more technical and detailed volume. You might want to pick an accounting and/or finance course along the way, too.
make it easily.......2001-08-28
with this book it will be easy for any one to start reading abourt financial statements.
Not As Good As They Say.......2001-08-14
I bought this guide to financial statements, and I was impressed on how much was covered in such a short book. However, much is vague and misleading to the reader. I would recommend questioning why all the reviewers that rank this book so well are from PA. Those reviews are undoubtably from people representing the authors. You may want to look elsewhere for more thourough input on financial analysis.
Good for novices.......2001-08-14
This is a good book if you do not know anything about financial statements analysis. However, since it belongs to the "Pocket MBA series", one would expect more advanced content.
How to convince your friends you are a CPA in ten minutes.......2000-09-09
Dr. Press has taken the time to consider the needs of every accounting enthusiast from the non-matriculated MBA student to the corporate CFO in this fine reference authority. A must for any eager minded business professional.
Book Description
For use as a supplement in
Principles of Accounting and
Introduction to Financial Accounting courses. Perfect for any accounting course where analyzing financial statements and understanding financial ratios is important.
This
activity workbook helps students analyze real company financial statement information. Each activity concentrates on only one aspect of the analysis and uses data from well-known corporations to pique students' interest and add relevancy.
Book Description
The way in which regulation works is a key concern of industries, consumers, citizens, and governments alike. Understanding Regulation takes the reader through the central issues of regulation and discusses these from a number of disciplinary perspectives. This book is written by a lawyer and an economist, but looks also towards business, political science, sociology, social administration, anthropology, and other disciplines. The fundamental strategies, institutions, and explanations of regulation are reviewed and the means of identifying `good' regulation are outlined. Individual chapters look at such topics as self-regulation, the regulation of risks, the cost-benefit testing of regulation, the importance of enforcement, and the challenge of regulating within Europe. The book's second part considers a series of issues of particular concern in modern utilities regulation, including the use of RPI-X price caps, the control of service quality, franchising techniques and ways of measuring regulatory performance. Questions of accountability and procedure are then examined and recent public debates on regulatory reform are reviewed. A central argument of Understanding Regulation is that regulation inevitably gives rise to political contention but that persons of different political persuasion can nevertheless converse sensibly on the search for better regulation.
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