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Title: Principles of Corporate Finance: with S&P, Powerweb, Career ED Coupon, & Student CD-Rom (The Complete Package) by Richard A. Brealey, Stewart C. Myers ISBN: 0-07-251260-1 Publisher: McGraw-Hill/Irwin Pub. Date: December, 1900 Format: Hardcover List Price(USD): $130.65 |
Average Customer Rating: 3.53 (59 reviews)
Rating: 5
Summary: A solid introduction to corporate finance
Comment: This Brealey and Myers's textbook, now in its 7th edition, introduces the student to the fascinating world of corporate finance. The first few chapters of the book demystify Net Present Value, the preferred method for calculating the value of an investment project. Brealey and Myers then explain how risk and return are related and introduce the Capital Asset Pricing Model. The CAPM's strengths and weaknesses are both explored in detail. The authors continue by analyzing the significance of dividend policy and debt policy for a corporation -- including the rather surprising result that in perfect markets these just don't matter! The next topic is options, financial and real; major pricing models are covered, and warrants and convertibles get a fair treatment, too. The remaining parts of the book deal with a variety of topics such as valuing debt, managing financial risks, financial planning as well as mergers and corporate governance.
At 1071 pages, Principles of Corporate Finance can hardly be called a short book. Introductory textbooks often suffer from a "too-much-too-little" syndrome, in that numerous topics are covered, but none too well. Brealey and Myers easily avoid this pitfall. Their writing is solid and manages to keep the reader's interest. Although available space puts a limit on what can be said, the book's coverage is quite comprehensive and well linked to the results of modern research. Moreover, all topics receive their fair share of treatment so you can actually understand the theories the book presents. It should be noted here that some mathematical background is probably necessary to make the book easy reading.
Each chapter contains many problems which can be used to facilitate the learning process. I found them very useful. The only complaint I have about the book (International Edition) is that the binding proved less than perfect, as after a while pages started separating from the main body of the work. But that is a problem I can live with.
All in all, an interesting, readable, authoritative introduction to corporate finance.
Rating: 5
Summary: CORPORATE FINANCE BIBLE ON WALL STREET
Comment: I have used this book three times now: as an undergraduate in financial economics, at the training program at an investment bank, and at the core finance course at my MBA. It is a very good resource and learning tool, going from the very basic ideas of discounting all the way to options pricing and more innovative finance.
This is the preferred learning tools of all finance professors I have met and the reference used by all finance professionals I met. It is very simple to follow the concepts of the book, especially if you purchase the study guide that is available with it.
The only major concern I have heard is that it does not deal with the more recent finance problems of off-balance sheet financing and other shenanigans. This is a book meant to teach basic financial theory, so those topics, in my opinion, are better treated elsewhere.
Rating: 4
Summary: Classic that Needs to Address New Products
Comment: This is the classic text, but it only gets four stars for not keeping up with new developments. The capital structure of corporations can be easily changed with off balance sheet transactions: off-shore vehicles, total return swaps, and derivatives. This was Enron's downfall, and total return swaps on a corporations own equity are merely hidden loans that are toxic convertibles. The credit default swap market alone grew to $2 trillion from only $200 billion 6 years ago, and total return swaps (another credit derivative) have grown even more exponentially. Anyone interested in finance will also want to read "Credit Derivatives" by Tavakoli which explains these products and their uses.
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Title: Price Theory and Applications by Steven E. Landsburg ISBN: 0324059795 Publisher: South-Western College Pub Pub. Date: 20 July, 2001 List Price(USD): $115.95 |
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Title: Theory of Interest by Stephen G. Kellison ISBN: 0256091501 Publisher: McGraw-Hill/Irwin Pub. Date: 01 May, 1991 List Price(USD): $120.35 |
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Title: Solutions Manual to accompany Principles of Corporate Finance by Richard A. Brealey, Stewart C. Myers ISBN: 0072468009 Publisher: McGraw-Hill/Irwin Pub. Date: 26 November, 2002 List Price(USD): $38.00 |
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Title: Study Guide to accompany Principles of Corporate Finance by Richard Brealey, Richard A. Brealey, Stewart C. Myers, Stewart Myers ISBN: 0072346582 Publisher: McGraw-Hill/Irwin Pub. Date: 31 August, 1999 List Price(USD): $43.00 |
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Title: Investments + S&P Card + Powerweb + StockTrak discount coupon by Zvi Bodie, Alex Kane ISBN: 0072503661 Publisher: McGraw-Hill/Irwin Pub. Date: 23 July, 2001 List Price(USD): $138.45 |
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