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Corporate Finance: Theory & Practice

Customer Reviews:

Written From a Different Perpective

By Carlos Amaral - June 26, 2007

I have only read a few chapters on this book thus far, be cautious that this book is written from a European perspective (not stated anywhere on the advertising page. I won't dismiss this book immediately because it's written from a European perspective, however if you are looking to learn more about the US system, this may not be the book for you. I will definitely recommend it to those who know their basics very well in the world of accounting and finance and are looking to bridge together their understanding of the both continents. Most of the principles are the same regardless where you live, just be cautious of some items, such as your cash GL account not being the first item under current assets but rather the last.

Disappointing text

By M. A. G. Dias - September 20, 2005

This text is too weak at least in important topics like capital budgeting (risk analysis and real options, mainly), MM propositions and portfolio theory.

The part on "scenario analysis and Monte Carlo simulation" took less than two pages, but the authors made a recommendation that is a big mistake: "the Monte Carlo Simulation should discount cash flows at the risk-free rate" to calculate the NPV distribution. This is true only if the cash-flows were simulated with risk-neutral stochastic process (i.e., processes with drift penalized by a risk-premium), but the book was referring to "real probability" simulations, so that the book statement is a mistake.

Other example, the infantile critique on real options (p. 814): they associated real options (RO) with the internet bubble in 2000, and that RO explained that very high values. Of course RO adds the flexibility value to NPV, but the serious RO literature never supported that bubble. The perhaps best known RO... read more

A great textbook!

By Florian Annalisa - October 27, 2005

What a great book!

The book, newsletter, and website are all very interesting and useful. The book is 48 chapters (about 1000 pages) full of corporate finance. I have to agree with the authors "It is a book in which theory and practice are constantly set off against each other...."

I really like it. Especially the emphasis not so much on techniques ("which tend to shift and change over time.")

Moreover, the authors also put out a monthly newsletter and have a web site that could stand alone as one of the best in the business.

AVAILABILITY
MerchantFormatPrice
Amazon USPaperback$9.91 - $95.00
eBooks.comDigital (PDF)$75.00
BookBytePaperback$90.25
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