Book Description
Learn about today's hottest new risk management tools
One of the hottest areas of finance today, alternative risk transfer, or ART, refers to the use of various insurance products to manage market, credit, operational, legal, environmental, and other forms of risk. As the capital and insurance markets continue to converge, the number and complexity of new risk-defraying insurance products available to corporations, brokerages, money managers and other financial professionals will continue to grow. Expert Christopher L. Culp uses case studies of recent ART transactions used by risk managers to put the field into perspective for financial professionals and to acquaint them with the various types of risk control products now available. In addition he explores, in-depth, the links between ART, derivatives and bank-arranged risk financing, and he explains the key differences between classic insurance products and financial guarantees, risk financing, bundled layering, and other ART forms.
Customer Reviews:
For Useless Academics.......2004-04-03
If you are a practicioner, skip this book. Even academics will find this rehash (and outright clone) of better material a waste of time.
Packed with Knowledge!.......2002-11-12
Finance professional and professor Christopher L. Culp tells all, that is, all about alternate risk transfer (ART) products. Culp discusses corporate finance in detail, covering different types of capital. He sets out the risk control and capital structure functions of various classical and alternative risk transfer steps, such as derivatives targeted at market and credit risk, asset divestiture, insurance and reinsurance. Don't even go here if you aren't already familiar with (or studying) the sophisticated basics of finance, since this is highly technical reading, including numerous formulas, charts and graphs describing financial theories and processes. But if you are an expert, we from getAbstract congratulate you on finding your way to Culp, who aimed his book at the already-savvy: corporate treasurers, financial officers and those who participate in capital markets and the reinsurance industry.
Book Description
The Bogleheads’ Guide to Investing is a slightly irreverent, straightforward guide to investing for everyone. The book offers sound, practical advice, no matter what your age or net worth. Bottomline, become a Boglehead and prosper! Originally just the chat-line ruminations of Boglehead founder Taylor Larimore, and Morningstar forum leading cohorts Mel Lindauer and Michael LeBoeuf, their trusted advice has been brewed and distilled into an easy-to-use, need-to-know, no frills guide to building up your own financial well-being – so you can worry less and profit more from the investments you make. Invest like a Boglehead, and let their grassroots investment wisdom guide you down the path of long-term wealth creation and happiness, without all the worries and fuss of stock pickers and day traders. If you face a financial crisis or problem, or simply want to know what is prudent to do with the money you save, the Bogleheads will have the answers you need to help you gain your financial footing and keep it.
Download Description
The Bogleheads Guide to Investing is a slightly irreverent, straightforward guide to investing for everyone. The book offers sound, practical advice, no matter what your age or net worth. Bottomline, become a Boglehead and prosper! Originally just the chat-line ruminations of Boglehead founder Taylor Larimore, and Morningstar forum leading cohorts Mel Lindauer and Michael LeBoeuf, their trusted advice has been brewed and distilled into an easy-to-use, need-to-know, no frills guide to building up your own financial well-being so you can worry less and profit more from the investments you make. Invest like a Boglehead, and let their grassroots investment wisdom guide you down the path of long-term wealth creation and happiness, without all the worries and fuss of stock pickers and day traders. If you face a financial crisis or problem, or simply want to know what is prudent to do with the money you save, the Bogleheads will have the answers you need to help you gain your financial footing and keep it.
Customer Reviews:
I'm a diehard boglehead.......2007-06-27
The one book every invester must read. Besides simple to understand investing wisdom it tells you how to approach all of your financial decisions.
The Gospel According to John (Bogle).......2007-05-21
This book contains a wealth (hah! pun!) of useful information for two kinds of people: 1) novice investors; 2) experienced investors who have not had much success (probably because they didn't follow the strategies outlined in this book).
As the book explains, one of the most important things for investors to understand about people in the financial industry is that most of them are salesmen; i.e, they make their money by taking your money. As Woody Allen said, "A broker is someone who invests your money until it's all gone." Once you understand that fact, everything else falls into place.
Another important thing for investors to understand is that history teaches valuable lessons about investing. In particular, history teaches that no one can beat the market consistently, and trying to beat the market is expensive. No one wants to be an expensive failure, so being satisfied with merely tying the market, not beating it, is eminently sensible. Index funds are cheap, reliable ways to tie the market; therefore, investing in index funds is eminently sensible. You can't beat the market that way, but you can beat the vast majority of the fools wasting their money trying to beat the market.
Another important thing for investors to understand is that the market is volatile, therefore having a diversified portfolio of non-correlated investments is eminently sensible. The book provides specific advice about how to diversify, including advice about how the recommended asset allocation might change over time. (Bogle's company, Vanguard, has a reputation for being pretty conservative. Not surprisingly, the recommendations in this book are pretty conservative too. Personally, I think the recommended stock/bond allocations are too conservative by 10% or more at each stage of life, but that could be just personal preference.)
In addition to the central concepts and strategies summarized above, this book also has chapters on the importance of saving early and often, retirement calculators to help you figure out how much you need to retire, withdrawal strategies for making your retirement funds last as long as you do, the potentially devastating impact of inflation and taxes, why market-timing and chasing performance are doomed to failure, strategies for saving for college, the basics of insurance and annuities, and a very brief discussion of estate planning.
All in all, I thought this was a very informative book. Novice investors would certainly benefit from it. Unsuccessful investors would also certainly benefit from it. Experienced, successful investors are probably already following its recommendations, so they might not get too much out of it, other than confirmation of how clever they are. And that's not an entirely bad thing either!
Best Financial Advise.......2007-05-19
My employer loaned me The Bogleheads Guide to Investing to read. It is a simple and concise way to understand investing and finances. I wished it had been available years ago. After I gave it back to her I purchased my own copy to review it as I needed. My brother saw my copy and ordered 6 copies for himself and his grown children. I would recommend this book for anyone interested in acquiring a secure financial future. I would even recommend it even if you are not interested because one day you will be.
Excellent financial advice.......2007-05-13
Every ordinary working class investor should follow the advice in this book for financial success. I am a believer in Vanguard, and would recommend them to everyone.
Bogleheads' A++.......2007-04-07
As a recent college graduate with little to no expenses I found myself with a small nest egg and absolutely zero direction. My money was rotting away in a lowest interest savings account.
After reading many financial/investing books I feel like I have found the one that gives direction, realistic goals, and options. This book is honest and easy to understand. It teaches the power of combining indexing with compounding.
I recommend this to all that are new to investing. If you are an experienced investor you might find the book is a bit basic but keep in mind how much information the writers packed into this book.
Brian Campbell
Book Description
Stephen Cecchetti’s new text on Money and Banking offers a fresh, more modern, and more student-friendly approach to the subject. The author has drawn on his vast experience as Vice President at the Federal Reserve Bank of New York, publishing in and editing various journals, and consulting for the European Central Bank, the Bank of England, the Bank of Israel, and the Reserve Bank of Australia as well as his years of teaching at various schools including Ohio State, Brandeis, Princeton, and Oxford University. Students will find the material more relevant and interesting because of the book’s unique emphasis on the Five Core Principles, the early introduction of risk, and an integrated global perspective. Cecchetti is THE money and banking book for today’s students; by focusing on the big picture via core principles, Cecchetti teaches students the rationale for financial rules and institutional structure so that even when the financial system evolves, students’ knowledge will not be out of date.
Customer Reviews:
Macroeconomics As Seen From The Fed .......2006-05-28
This is an excellent undergraduate text on financial institutions and monetary economics. The exposition is rigorous yet avoids abstruse math. The best part is the section on monetary economics, where the author dispenses with IS/LM analysis and instead directly analyzes aggregate supply and demand. He writes from the perspective of a central banker (which he was), showing how central banks use interest rates to influence inflation and output. The writing is quite clear, and the numerous sidebars on historical and contemporary issues are excellent. Although some subjects (such as exchange rates) could have been developed in greater depth, this is a great textbook overall.
Ideological footnote: Many undergraduate econ books assume (more or less explicitly) that disturbances in the macroeconomy are eventually self-correcting. This book has a somewhat different starting place: it takes it for granted that regulators will oversee the banking system and that central bankers will act to close output gaps and keep inflation under control (in fact, the latter assumption is built into the author's construction of the aggregate demand curve). According to the author, modern central banks have developed a fairly good understanding of business cycles and know how to moderate them through the use of monetary instruments. Let's hope he's right.
Well written and with clarity.......2005-08-08
I've read the books of Mishkin and Hubbard, also well written pieces.
However, Cecchetti seems to be able to explain concepts with more clarity and in a way that makes one remember the various theories long after reading the book.
He should try to develop further the chapter on futures and give more emphasis on hedging, since this is the trend financial markets are moving towards these days, without having to impinge on books devoted solely to the topic.
He may also want to expound more on the chapter covering foreign exchange and international markets, to make the book more relevant to international readers.
on the chapter on monetary policy, since he touched on foreign central banks he may also wish to write about how other countries implement monetary policy, esp how the Bank of England uses the repo market to conduct money easing/contraction.
Am looking forward to a much-improved version in the future.
Book Description
The past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory.
Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications. Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications.
Professors: A supplementary Solutions Manual is available for this book. It is restricted to teachers using the text in courses. For information on how to obtain a copy, refer to: http://pup.princeton.edu/solutions.html
Customer Reviews:
Econometrics of Financial Markets.......2007-05-07
Fresh look at the beating heart of the financial markets by one of the best people in the field.
CML: An Unnecessary Addition to a Saturated Literature.......2007-01-30
I was also skeptical of the negative reviews surrounding this book ("CML"). However after buying and reading this book, I now believe they had merit.
Simply stated, this book does not cater to its readers. If you have the prerequisites that the authors demand, then this book is comprehensive but ultimately below what ought to challenge you. And if you don't, then I guarantee you will be very lost. Unlike many similar volumes, CML is not self-contained (nor does it claim to be). And unlike many books that build a self-contained "model" of asset pricing dynamics, CML is full of literature-specific jargon and inconsistent notation. In fact much of this notation changes intrachapter.
Suppose you are a reader at the level CML insist their readers be. Then all the better to spend more time understanding Duffie's "Dynamic Asset Pricing," or Cochrane's veritable tour-de-force, "Asset Pricing." Both books are more contemporary and also at a better level for the readers CLM had in mind.
If you don't have the requisite knowledge, please ignore CML and try Luenenberger and Casella/Berger, as well as Greene for econometric-specific stats, Hamilton for time-series. You will not regret these purchases.
CML claims to fill a gaping hole in the secondary literature. But in reality, CML sits right in the middle of two types of readers, and caters effectively to none.
Last quartile on the subject.......2006-11-05
This book used to be a must the first time it has been published but after ten years it is getting old and the topic is now better covered by some others authors. The arch/garch section is really weak and this book by its sole is not enough to implement advanced models.
The authors also forgot to include practical implementation of the models with Splus or Matlab or whatever language, which is now almost a standard in many financial engineering related books.
An oldie but goodie.......2006-03-10
For the past ten years, this boook was the standard of financial time series and cross sectional analysis. There are several more recent books on the subject, but as the first good book in the field, it is still keeping up. Lot of the derivation in the book is a bit spotty - but that is expected at this level of sophistication and originality. There are some frustrating parts in the book, but if you cannot chew through that material, you should probably read an easier book.
Absolutely useless.......2006-03-09
I'm not sure what the audience for this extremely poorly written book is. Is it graduate-level students? If so, this book will drive them totally crazy and depressed, thanks to its confusing structure, lack of contextual motivation for the topics covered, and nonsensical, semi-rigorous mathematical treatment of the subject. Is it "quant" practitioners? If so, it'll leave them more confused and pessimistic about their trade than ever -- or just leave them feeling disappointed and frustrated, which was how I felt when I tried to read this book.
This book is so bad it serves as neither a textbook nor a reference. It has no value whatsoever. Want to know the technical details of VAR models and when to use them and when not to use them? You won't find it here. Ditto for GARCH models. Ditto for ECM models. Ditto for dynamic pricing models. I'm pretty well-grounded in advanced math, statistics, econometrics, and financial economics, and I have to confess I had no clue what the word and sentences and math notations in this book meant. The contents are totally incoherent.
Please do everyone a favor and don't buy this absolutely worthless book, so publishers won't be encouraged to kills trees in order to print such trash.
Book Description
Global Investing is based on the authors' award-winning research on investment returns. It gives extensive treatment to the returns on all major asset categories--many found nowhere else--and relates these returns to risk, marketability, taxation, and information costs. Supplementing this wealth of information is sound financial advice on building and maintaining diversified portfolios, based on field-tested economic analysis and historical evidence of capital markets throughout the world--including the boom of 1986-1987 and the subsequent crash, as well as recent developments in Europe and on the Pacific Rim. To expand investment choices and help readers get the greatest return in investment markets, Global Investing pinpoints where money has been made in stocks, bonds, cash and cash equivalents, real estate, gold and silver, tangible assets, options, and futures. What's more, it covers the introduction of new financial instruments and opportunities, including asset allocation and derivative securities. Incisive, intelligent, and packed with charts, tables, and graphs, Global Investing helps investors and financial professionals track broad global trends, identify the risks associated with investments in various assets, and select the right investment opportunities.
Book Description
A theoretical and practical guide that enables readers to make sound investment and financing decisions
This book is a technical finance book that surveys the private capital markets-the major uncharted financial market. Representing nearly half of the U.S. gross national product, these markets are largely ignored, partially because of the difficulty obtaining information and because of the lack of a unified structure to approach them. This book provides a structured framework that owner-managers and their professional advisors can use to effectively deal with the complicated issues of valuation and capital structure and transfer issues.
Robert T. Slee, CBA, CPIM (Charlotte, NC), is President of Robertson Foley, an investment banking firm providing corporate finance service to private companies.
Download Description
A theoretical and practical guide that enables readers to make sound investment and financing decisions
This book is a technical finance book that surveys the private capital markets-the major uncharted financial market. Representing nearly half of the U.S. gross national product, these markets are largely ignored, partially because of the difficulty obtaining information and because of the lack of a unified structure to approach them. This book provides a structured framework that owner-managers and their professional advisors can use to effectively deal with the complicated issues of valuation and capital structure and transfer issues.
Robert T. Slee, CBA, CPIM (Charlotte, NC), is President of Robertson Foley, an investment banking firm providing corporate finance service to private companies.
Customer Reviews:
Comprehensive and multidisciplinary approach to valuation.......2007-09-16
This book clarifies several obscure aspects and concepts of valuation of any company by providing an innovative approach to the subject, and its content also reflects well the needs of those working with evaluating non listed assets or willing to further understanding myriad aspects that are important in any transaction involving small to middle market companies.
Valuation and deal making practitioners will find in this book an in-depth conceptual understanding of the risk-reward trade-off existing in major capital structure decisions by looking at all major funding alternatives, their risk, cost to borrower and return to fund providers at different levels of claims and their consequent pledges.
In addition, this book provides a fresh view on different levels/structures of financial sponsoring companies, ownership and/or control issues and other intricacies regarding the relation of entrepreneurs and financists when dealing with transaction's high level issues.
At Last...a Finance and Valuation Text for Privately Owned Companies!.......2007-01-24
Performing fair market valuations keeps thousands of appraisers busy in the United States. Most professional appraisers rarely venture outside of this one standard of value. Now imagine if fair market value accounted for less than 10% of the appraisal needs of the private capital markets. The private appraisal market would be huge! This is just one of the many messages contained in Robert T. Slee's book, Private Capital Markets.
Slee's book is not strictly a valuation book; rather, it is a conceptual Lewis & Clark-type survey of the private capital markets. This is the first book that attempts to develop a unified structure for the analysis of these markets. Think of it as a private finance textbook. Why do we need this?
Slee's premise is that the body of financial knowledge explaining the behavior of private players differs from corporate finance. Economists created corporate finance in the 1960s to explain the behavior of large public companies. Since that time, business professors have taught finance as if only public companies exist in the market. In fact, more than 99% of the companies in the United States are privately held. Private Capital Markets, on the other hand, focuses on the financial motives and needs of private company owners and their advisors.
In this book, Slee establishes private capital markets theory. This theory describes an integrated body of knowledge encompassing the valuation, capitalization and transfer of private companies, particularly those with annual revenues between $5 million and $500 million. Slee designed this theory to help players make better financing and investment decisions in private markets. He asserts that business owners can create competitive advantages with these tools.
Slee explains that valuation, capital, and transfer issues are inter-related and inter-dependent. This means that you cannot fully understand valuation, capital, or transfer discretely: You must first understand how they all fit together. He calls this holistic interconnection Triangulation. Each chapter of the book triangulates the reader's position so they understand their position within the private markets.
Slee introduces the new framework of value worlds to explain valuation, capital, and transfer. Value worlds dramatically extend the appraisal concept of standard of value. We all know that value is relative to the purpose of an appraisal. Slee illustrates how purpose selects a value world. As many value worlds exist as there are appraisal purposes. There are dozens. Because the valuation rules are different in each world, every private company has dozens of correct values at the same time.
Who sets the rules? Various authorities create and enforce the rules in each value world. For instance, in the fair market value world, the IRS, tax courts, ERISA laws, appraisal societies, and various other authorities tell appraisers how to value business interests within each's sphere of influence. Some authorities (IRS) have fairly strong sanctioning power; others (administrative rulings) can only suggest a course of action. Most value worlds, such as the owner or investment value worlds, have only one or two authorities. Slee's value world construct puts appraisers in their true role: as interpreters of authorities' decisions. This won't sit well with many appraisal purists, who for years have believed that they are authorities.
Slee views valuation as the common language that unites the private capital markets. He argues that we need this language to communicate with each other over capital structure and business transfer issues. Thus, the book surveys the entire capital and transfers spectrums of the private capital markets. It describes all institutional types of capital in terms of their access, sample terms, and effective all-in costs. Finally, Slee explains all transfer methods making up the private business transfer spectrum.
One surprise that springs from the book is that transfer methods select value worlds. This means that once a business owner chooses the method (ESOP, recapitalization, estate-planning, etc.) of transferring their business, they also choose (unknowingly in most cases) the transfer value as well.
This book and subsequent analyses of the private markets will likely impact fair market value appraisals significantly in a way that the book does not address. Businesses appraised for fair market value purposes are real flesh and blood businesses that operate in the private markets. As our young profession matures, continuing to treat private companies as if they operated in a market similar to the public markets will appear more futile.
Private Capital Markets is comprehensive and is aimed at the serious reader. Because we can competently value private businesses only to the extent we understand the private markets, this book belongs in every appraiser's library.
Book Description
How to trade the markets by integrating Chaos Theory with market sentiment
In the first edition of Trading Chaos, seasoned trader and psychologist Bill Williams detailed the potential of Chaos Theory-which seeks to make the unpredictable understandable-in trading and it revolutionized financial decision-making. The Second Edition of Trading Chaos is a cutting edge book that combines trading psychology and Chaos Theory and its particular effect on the markets. By examining both of these facets in relation to the current market, readers will have the best of all possible worlds when trading.
Bill Williams, PhD, CTA (Solana Beach, CA), is President of Profitunity.com, a leader in the field of education for traders and investors. Justine Gregory-Williams (Solana Beach, CA) is President of the Profitunity Trading Group and a full-time trader.
Download Description
How to trade the markets by integrating Chaos Theory with market sentiment
In the first edition of Trading Chaos, seasoned trader and psychologist Bill Williams detailed the potential of Chaos Theory-which seeks to make the unpredictable understandable-in trading and it revolutionized financial decision-making. The Second Edition of Trading Chaos is a cutting edge book that combines trading psychology and Chaos Theory and its particular effect on the markets. By examining both of these facets in relation to the current market, readers will have the best of all possible worlds when trading.
Bill Williams, PhD, CTA (Solana Beach, CA), is President of Profitunity.com, a leader in the field of education for traders and investors. Justine Gregory-Williams (Solana Beach, CA) is President of the Profitunity Trading Group and a full-time trader.
Customer Reviews:
Great book - very intense.......2007-08-27
I've been looking for a book like this for a while. I first came across Bill Williams through the Metastock indicators and the Expert System. After loading an expert called "PS Fractal Trading System 2" I was amazed at the signals.
Having read through the book - I have the following quibble. There is a huge difference in the parameters of the alligator in what comes with Metastock (v9 and v10) and what the book gives. The book says the green line is 13 bar smoothed average offset 8 bars into future. Likewise the red is 8 bar offset 5, and the green is 5 bar offset 3. However this does not correspond to the Metastock indicator he provides. For the curious, the Metastock ones referred to in page 206 of book have the following values: Green: 9 period EMA of Median offset 3. Red: 15 period offset 5, and Blue 25 period offset 8
It is the right book at the right time.......2007-07-06
This book has methods to get buy signals before the lows and sell signals before the highs. This will help one sell into strength and buy into weakness. It has helped me get my positions off. I have recommended this book to all of my trading friends. It will take careful study to fully understand it. This book is original, all mechanical and all objective. The three wise men make up very powerful trading tools.
Good book.......2007-01-09
Another great book from Bill Williams!
Interesting for trend trading and for good living.
Bill Williams is the REAL DEAL.......2006-12-18
I am a BIG believer in Bill Williams and his body of work.
I have personally met with Bill, taken his home study course and even attended a private tutorial. Bill is the real deal. He is a *highly* profitable trader and Bill trades EXACTLY like he describes in his books (simplified over time, so Trading Chaos, 2nd Ed. is the LATEST and most refined method).
If you just want to trade with no other background information, Buy Trading Chaos, 2nd Edition (not this book) and start with chapter seven. When you get to the end of the book, you'll say, "That's it?!?! Than can't be it!" That's what I said. I then went on to take his home study course (13 weeks) and then went to a private tutorial. 95% of the methodology is IN THE BOOK! The more advanced stuff is for those who are scaling into positions and want more aggressive money management techniques.
Who am I to say this works? I started trading Bill's techniques from scratch. In LESS than 6 months I was up 95% in a medium sized account. I found some like-minded investors and we started our own Hedge Fund (more specifically, a commodity pool). I called Bill personally and he spoke with me at length about how I should flow into and out of my positions, etc. He went far above and beyond the call of duty. I cannot speak to how well my Pool is doing (not legal to disclose - considered solicitation of investors), so I cannot give figures of returns for the Pool.
Buy Trading Chaos 2nd Edition and then buy "New Trading Dim mentions" (his second book) and read chapters 9 - 11. Those chapters will give you more ideas of the SCOPE of just what is possible when you simplify your trading and align it with natural market tendencies (chaos principles).
Good luck and Good Trading!
-- Q
The truth about how to become a successful trader.......2006-09-01
I purchased this book because I was trading with a method that used the awesome oscillator. I figured I should know something about the person who created it. I got much more than that. The book helped me to quit focusing on trading techniques and to start looking at my own mental state for trading. Turning inward has allowed me build better confidence in myself and my method. That in turn allows me to trade with a mindset which successful traders have. The fact that the book also presents a very viable trading method is just an added bonus. This book and "Trading In The Zone" by Mark Douglas transformed my trading career.
Average customer rating:
- Unnecessarily Complex
- A finance textbook full of errors and holes
- A Wonderful Approach to Corporate Finance
- Good basic overview of finance intersecting corp strategy
- Missed the mark! Poor coverage of contemporary issues...
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Financial Markets & Corporate Strategy
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ASIN: 0072294337 |
Book Description
The authors began writing the First Edition of this textbook in early 1988. It took almost 10 years to complete this effort, because they did not want to write an ordinary textbook. Their goal was to write a book that would break new ground in both the understanding and explanation of finance and its practice. They wanted to write a book that would influence the way people think about, teach, and practice finance. A book that would elevate the level of discussion and analysis in the classroom, in the corporate boardroom, and in the conference rooms of Wall Street firms. They wanted a book that would sit on the shelves of financial executives as a useful reference manual, long after the executives had studied and received a degree. They were successful in their endeavor. The success of the first edition of Financial Markets and Corporate Strategy was very heartening. The market for this text has expanded every year, and it is well-known as the cutting edge textbook in corporate finance around the world. The book is used in a variety of courses, both for introductory courses and advanced electives. Some schools have even changed their curriculum to design it around this text. The authors have developed this Second Edition based on the comments of many reviewers and colleagues; producing what is a more reader-friendly book. The most consistent comment from users of the first edition was a request for a chapter on the key ingredients of valuation: accounting, cash flows, and basic discounting. This ultimately led to a new chapter in the text, Chapter 9, which is currently available in the "Sample Chapter" section of the book's website. In almost every chapter, examples are updated, vignettes changed, numbers modified, statements checked for currency and historical accuracy, and exercises and examples are either modified or added to. The goal of the Second Edition is to make the book ever more practical, pedagogically effective, and current.
Customer Reviews:
Unnecessarily Complex.......2006-08-28
Author devotes 2 pages to mathematically prove & philosophically justify that a manager should chose the highest NPV project before chosing the next highest NPV project. Such logic continues ad infinitum throughout the 800+ page text. Time for 3rd Ed.
A finance textbook full of errors and holes.......2005-05-07
I am a postgraduate student in finance and this book is on my reading list for corporate finance. I must say that I am not very pleased with this book. First, it seems to skip around from chapter to chapter with no real logical organizational structure. Second, it is full of typos and mistakes -- some that are quite dangerous for a proper understanding of the material. Third, it does not develop fully the statistically techniques in Chapter 4 that it builds on in later chapters. This is a major problem in my opinion. What saves this book from the lowest rating is that it does discuss empirical studies and journal articles, and it does not do an entirely awful job about the more qualitative subjects like adverse selection and capitalization policy.
For what it's worth, I received my undergraduate degree at Wharton and am now at the London School of Economics. Instead of this book, I recommend Brealey and Myer's Principles of Corporate Finance. This is what I used as an undergraduate and is what seems to be the de facto textbook in the top undergraduate and MBA programs.
N.
A Wonderful Approach to Corporate Finance.......2005-04-12
I will admit this book does not take the standard approach to learning corporate finance. The authors discuss a wide variety of common topics, ranging from market models, option valuation, capital structure concepts and decisions, to more specialized topics such as corporate governance and financial risk management.
What is unique about this book, though, is that the authors encourage students to think about problems more broadly than one often sees in introductory texts and courses. For example, the authors encourage the use of decision trees (i.e. binomial models) to value a wide range of assets, not just stocks. If one can value a stock option using a binomial tree, why not use the same framework to value a plot of undeveloped real estate, an untapped mine, or any other "real option" owned by a company?
Another reason this text is excellent is because the authors include a vast survey of recent financial and economic literature relevant for the financial decision-maker. Highly developed markets depend on the signaling of information between investors and management, creditors and debtors, customers and suppliers, and so forth; understanding the implications of these interactions and their subsequent effects is of primary importance to decision-makers.
For example, the "pecking order" theory of capital structure is one of the most well-known concepts in finance, but nonetheless often misunderstood (if you want proof of this, why did investors respond so enthusiastically to every IPO in the late 1990's?). Instead of glossing over an explanation of the theory, the book thorougly explains it and provides problems where the reader can actually work through a simplified model that really reinforces the concept.
While this book served as a good introduction to a wide scope of problems in finance, it was most useful because it helped me to apply economic tools not just to solve but to understand financial problems. The use of decision trees in the simplified, binomial model setting helped me to understand option/project valuation and risk-netural valuation, the linchpin of no-arbitrage pricing. It also has perhaps the most thorough, lucid explanation of Arbitrage Pricing Theory (APT) I've seen anywhere- for a practitioner trying to understand factor models, this chapter alone makes the book worth it.
I understand that this is a very difficult book and that the problems are beyond what one may expect in a MBA-level course. Nonetheless, finance is an increasingly competitive field whose employers are starting to demand more analytical skills and intiution from recent graduates. In response to the reviewer who said this text is not suitable for CFA preparation, I do agree with that sentiment. First, the CFA program is designed for self-study that any motivated and capable professional can handle, while Grinblatt/Titman is clearly appropriate for a rigorous MBA-level sequence in corporate finance. Second, the CFA exam emphasizes asset valuation and portfolio management, while this book stresses financial decision-making from a manager's standpoint.
While I normally don't like reviews that justify their opinions by offering credentials, I also work on Wall Street and I find the concepts taught in this book to be quite relevant in handling real-world problems.
Good basic overview of finance intersecting corp strategy.......2005-02-25
I bought this book as a recommended supplemental text for a course in Corporate Finance in the MBA program at the U of Michigan Business School. I am very glad to have this book on my shelf of financial books and have benefited from it more than once.
I can recommend it to you strongly by praising it for these reasons:
1) It puts practical flesh on the financial model bones you learned in your first course on finance. There are very good discussions of the basic and well-known fundamental theories and models, but the authors also share with us what tends to happen in the real world. And isn't that what each of us need to add to our theoretical thinking?
2) Each chapter has effective summarizing Key Concepts and Key Terms with plenty of problems to work through and a list of References and Additional Readings that enable the reader to dive deeper into the topic of the chapter just read.
3) The book is helpfully organized into six Parts that provide the framework for the discussion. Parts 1-3 are a review of "Financial Markets and Instruments", "Valuing Financial Assets", and "Valuing Real Assets". This foundation gives the student a good grounding in order to see how these principles are used in the work of managing the capital structure of a corporation. Parts 4-6 discuss the "Corporate Financial Structure", "Incentives, Information and Corporate Control", and "Risk Management". These last three sections are the real meat of the book and where a great deal of its value to the business student lies.
4) Each of the Parts has an effective and brief introduction that sets the tone for what is to be studied. Even better, at the end of each the six Parts there are two very helpful summary sections: "Practical Insights" and "Executive Perspective".
This is a specialized topic. But it is an important topic. This is a very good book that can help a serious student get grounded in some very important principals necessary to managing the financial issues facing every corporation. I recommend it.
Missed the mark! Poor coverage of contemporary issues..........2004-12-22
This text is just below par for MBA / CFA or professional use. The quality of research is very poor. I almost bought this book recently but changed my mind instead for Brigham's "Intermediate Financial Management".
Compared to other finance texts I've used before such Reilly's "Investment Analysis & Portfolio Mgt." or Chew's "New Corporate Finance", Grinblatt's text is way way behind and offers nothing new and of value to my research & professional everyday use....
DON'T BUY this lousy book!
Book Description
The yield curve is the defining indicator of the global debt capital markets, and an understanding of it is vital to the smooth running of the economy as a whole. All participants in the market, be they issuers of capital, investors or banking intermediaries, will have a need to estimate, interpret and understand the yield curve. Fund managers that accurately predict the shape and direction of the curve will consistently outperform those that do not.
This groundbreaking new book offers:
- An intuitive account of a very important technical subject, cutting through the mathematics to reveal key concepts
- Market approaches to enable fund managers to evaluate the current and expected shape of the yield curve
- An opportunity for market professionals to have an understanding of the latest analytical techniques.
Written by an experienced market practitioner, this book is a clear and accessible account of an important financial topic.
Customer Reviews:
Excellent Synopsis for an Important and Much Ignored Topic.......2007-01-06
If you ever tried to research yield curves, then you will most likely find yourself reading a paragraph or a chapter in at least two books and / or articles. The author's capacity to summarize different bits of information to allow the reader to digest more efficiently this specfic topic is impressive. The book is primarily for an intremediate or expert fixed income person, but he does a good job in the beginning chapters to teach entry level fixed income people. The fixed income universe is divergent in products from bonds, derivative contracts and structured vehicles and it is people like Moorad Choudhry and his talent to amalgamate subject matter that any financial market person should read. All readers will ascertain a top down view of yield curves and if they need to go down to a granular level (i.e. find another book or article), then Choudhry has prepared the reader not to be lost between two trees in a forest.
Excellent all-in coverage.......2006-01-11
This book brings together all related points and saves the practitioner from having to buy 2 or 3 books. It covers bond yield, yield curve estimation and modelling, and then brings it all together in a chapter on relative value trading and yield curve spread trading. An excellent, well-written book that I think all government bond and Eurobond traders and portfolio managers will want to check out.
Get this without a doubt!!.......2006-01-11
It is so rare to find an author whose work is aimed at the rank and file of the finance world. Choudhry has excelled himself once again and clearly knows his work. His writing style is quite the most concise yet detailed and also quite convivial. i am quite sure he is an extremely successful person both personally and professionally.
Finally, an excellent book about the Yield Curve.......2004-04-21
There have been so many books about the yield curve, and all of them so mediocre. It is good to finally have one that describes and analyses the curve for everyone - money managers, bankers, investment analysts. Written in the author's trademark accessible style, this book is like nothing out there, highly recommended.
Mediocre.......2004-04-03
There have been so many good books written about the yield curve that it is hard to imagine why this one was written. It is actually very similar, if not remarkably the same, to a couple of other books previously published. If you have the better written books on this subject, there is no need to buy this. If you don't have them, buy them instead.
Book Description
The Complete Guide to Capital Markets for Quantitative Professionals is a comprehensive resource for readers with a background in science and technology who want to transfer their skills to the financial industry.
It is written in a clear, conversational style and requires no prior knowledge of either finance or financial analytics. The book begins by discussing the operation of the financial industry and the business models of different types of Wall Street firms, as well as the job roles those with technical backgrounds can fill in those firms. Then it describes the mechanics of how these firms make money trading the main financial markets (focusing on fixed income, but also covering equity, options and derivatives markets), and highlights the ways in which quantitative professionals can participate in this money-making process. The second half focuses on the main areas of Wall Street technology and explains how financial models and systems are created, implemented, and used in real life. This is one of the few books that offers a review of relevant literature and Internet resources.
Customer Reviews:
It's about time!!!.......2007-10-04
If you are involved with the capital markets and investment banking world on the technology side, you really need to read this book. Don't let the title scare you. The author does a very good job of pointing out how the capital markets business works and how technology is a major influence to to the sucess of this capital markets business. This title should be a must read for all MBAs.
history of capital markets and role of technology.......2007-08-12
This book offers a detailed overview of capital markets by each product category starting with history and moving towards market and technology changes. The final chapters concentrate more on market data, problems and role of technology division within the companies.
As a technology professional with fixed income experience, I found this book making a decent attempt to explain various products, trading jargon and how technology is changing the nature of markets. However, I did not find this book helpful in explaining the roles and responbilities of quantitative professionals.
Just what's needed.......2007-01-22
This book is intended to explain the basics of capital markets to people that have a technical background and are not interested in some kind of "dummies" book. I'm about 3/4 through this book and it's excellent so far. I have a more clear understanding of how the markets work and how my company makes money.
Great Credentials; Useful Book.......2007-01-17
I have known the Author for close to a decade now. An excellent combination of a practioner and a professor in the financial field. Always had a neck to explain things in a simple and understandable manner. Having worked and managed the financial development group on Wall Street for several years, I can testify that a book like this was needed for a long time. There isn't any book that I have come across after looking for several years that can help one understand the nuances of financial analytics, especially for the ones who are eager to understand what various financial capital market products mean and how to price them.
financial engineer.......2006-12-15
great handbook from wall street practitioner, indepth knowledge and experience of financial market. Everytime I read it, I learn something new.
Books:
- The Black Swan: The Impact of the Highly Improbable
- The Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the Modern World
- The Communist Manifesto (Signet Classics)
- The Condition of Postmodernity: An Enquiry into the Origins of Cultural Change
- The Economics of Exchange Rates
- The Economics of Natural Resource Use (2nd Edition)
- The Ethical Consumer
- The General Theory of Employment, Interest, and Money (Great Minds Series)
- The Global Class War : How America's Bipartisan Elite Lost Our Future - and What It Will Take to Win it Back
- The Lean Pocket Guide
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