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[下载] Financial Markets & Corporate Strategy Grinblatt, Titman, US Top 10 bsc  关闭 [推广有奖]

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skuer 发表于 2005-9-18 00:27:00 |显示全部楼层 |坛友微信交流群
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  • Hardcover: 912 pages
  • Publisher: McGraw-Hill/Irwin; 2 edition (October 16, 2001)
  • Language: English
  • 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. Book Info Represents the cutting edge of what the top scholars and practitioners know about finance, at long last made practical and accessible. Presents the material in as simple and accessible manner as possible without glossing over the important details.

    Table of Contents

    Part I. Financial Markets and Financial Instruments 1. Raising Capital 2. Debt Financing 3. Equity Financing Part II. Valuing Financial Assets 4. Portfolio Tools 5. Mean-Variance Analysis and the Capital Asset Pricing Model 6. Factor Models and the Arbitrage Pricing Theory 7. Pricing Derivatives 8. Options 9. Discounting and Valuation Part III. Valuing Real Assets 10. Investing in Risk-Free Projects 11. Investing in Risky Projects 12. Allocating Capital and Corporate Strategy 13. Corporate Taxes and the Impact of Financing on Real Asset Valuation Part IV. Capital Financial Structure 14. How Taxes Affect Financing Choices 15. How Taxes Affect Dividends and Share Repurchases 16. Bankruptcy Costs and Debt Holder-Equity Holder Conflicts 17. Capital Structure and Corporate Strategy Part V. Incentives, Information, and Corporate Control 18. How Managerial Incentives Affects Financial Decisions 19. The Information Conveyed by Financial Decisions 20. Mergers and Acquisitions Part VI. Risk Management 21. Risk Management and Corporate Strategy 22. The Practice of Hedging 23. Interest Rate Risk Management

    Appendix A. Mathematical Tables

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    [此贴子已经被作者于2005-9-19 23:23:44编辑过]

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    关键词:financial Grinblatt Corporate Financia Strategy PDF financial Corporate Strategy textbook

    happline 发表于 2005-9-18 00:45:00 |显示全部楼层 |坛友微信交流群

    Customer Reviews
    Average Customer Review: Write an online review and share your thoughts with other customers.

    2 of 2 people found the following review helpful:

    A finance textbook full of errors and holes, May 6, 2005
    Reviewer:N. Shah - See all my reviews    
    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.

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    1 of 1 people found the following review helpful:

    A Wonderful Approach to Corporate Finance, April 12, 2005
    Reviewer:longhorn24 "longhorn24" (New York, NY) - See all my reviews
    After reading the reviews for this book, I feel obligated to write a review, although I will admit a bias since one of the co-authors was a favorite professor of mine in college.

    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.

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    1 of 2 people found the following review helpful:

    Good basic overview of finance intersecting corp strategy, February 25, 2005
    Reviewer:Craig Matteson (Ann Arbor, MI) - See all my reviews        
    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.

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    2 of 5 people found the following review helpful:

    Missed the mark! Poor coverage of contemporary issues..., December 22, 2004
    Reviewer:Raymond_2005 (Sydney, Australia) - See all my reviews
    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!

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    6 of 8 people found the following review helpful:

    This book is TOTALLY USELESS, December 4, 2004
    Reviewer:j_becker (New York) - See all my reviews
    I work as a stockbroker & currently study for an MBA at one of the business schools in New York. I was looking for an additional text on Finance to supplement my required reading list. I came across this book at a local bookstore last week & was quite impressed with the title...

    As I flipped through, I found nothing interesting and of benefit for my MBA... How could this kind of low-rate work ever make it to the shelf?

    What a piece of JUNK!

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    [此贴子已经被wesker1999于2007-11-26 21:00:13编辑过]

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    RiverSide 发表于 2005-9-18 10:23:00 |显示全部楼层 |坛友微信交流群

    建议楼主实习一次,到低价格多少您汇报最大, 100金确实把许多顾客吓跑了

    使用道具

    zhouzuyu 发表于 2005-9-19 10:40:00 |显示全部楼层 |坛友微信交流群

    谢谢楼主,这本书我有英文的纸版本,我认真的看过几遍,觉得是公司财务里面我目前看到的写的非常好的一本。

    其特点主要在于从另外一个视角来看公司财务,也就是从外部来看公司财务的政策,如资本市场,以往的财务书都是从公司内部来看的,比如ross的书。

    这本书还有一个特点就是每一章给出了作者读过的公司财务相关文献的观点综述,然后在这些文献的基础上自己是什么观点,读起来不像在读以往的教科书,而象是在读一篇有系统和章节的文献综述。

    这本书我认为定位在中级公司财务,比ross的深一些,如果想要进一步的进行专题研究,可以顺着作者的思路去下载相关的文献来研究。

    最后,告诉楼主一点,我花了100元买了,书是好书,不要卖这么贵,大家都是来学习的,有的根本就不知道这是一本好书,看到100元的价格就被吓跑了,你说呢,楼主!

    [此贴子已经被作者于2005-9-19 10:53:17编辑过]

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