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by Pascal Quiry,Yann Le Fur,Maurizio Dallocchio,Antonio Salvi,Pierre Vernimmen
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Finance
  • Author:
    Pascal Quiry,Yann Le Fur,Maurizio Dallocchio,Antonio Salvi,Pierre Vernimmen
  • ISBN:
    0470092254
  • ISBN13:
    978-0470092255
  • Genre:
  • Publisher:
    Wiley; 1 edition (August 12, 2005)
  • Pages:
    1056 pages
  • Subcategory:
    Finance
  • Language:
  • FB2 format
    1687 kb
  • ePUB format
    1118 kb
  • DJVU format
    1887 kb
  • Rating:
    4.7
  • Votes:
    297
  • Formats:
    mbr lrf lrf txt


Pascal Quiry (Paris, France) is MD in the Corporate Finance department at BNP Paribas, and affiliate professor of finance at HE. He leads two 8-member teams which carry out company valuations and stock exchange transactions (takeover bids, exchange offers, demergers et.

Pascal Quiry (Paris, France) is MD in the Corporate Finance department at BNP Paribas, and affiliate professor of finance at HE. Pascal is board member of the French Finance Association and member of the American Finance Association. Yann Le Fur?(Paris, France) is a senior associate in the Paris Corporate Finance department of Schroder Salomon Smith Barney, and a lecturer at HEC. He co-manages a team of 5 professionals.

Corporate Finance: Theory and Practice covers the theory and practice of Corporate Finance from a truly European .

Corporate Finance: Theory and Practice covers the theory and practice of Corporate Finance from a truly European perspective. В It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financiers. В Corporate Finance is split into four sections and covers the basics of financial analysis; the basic theoretical.

Pascal Quiry Maurizio Dallocchio. Yann Le Fur Antonio Salvi. Corporate Finance Vernimmen’s Corporate Finance, long overdue in English, is an outstandingly clear and complete manual, a wonderful merger of practice and theory

Pascal Quiry Maurizio Dallocchio. This book is unique – one of the ultimate study and reference guides for European nanciers from students to CFOs. Vernimmen’s Corporate Finance, long overdue in English, is an outstandingly clear and complete manual, a wonderful merger of practice and theory. Howard Jones, Fellow in Finance at the Saı¨ d Business School, Oxford University, UK.

Pascal Quiry holds the BNP Paribas Chair in Finance at HEC Paris and he is a founder of an investment fund which specialises in investing in start-ups and unlisted SMEs.

However, the book is unlikely to displace the well-established corporate finance texts. Do you want to read the rest of this article? Request full-text.

Corporate Finance continues its legacy as one of the most popular financial textbooks, with well-established content from a diverse and highly respected author team. Unique in its features, this valuable text blends theory and practice with a direct, succinct style and commonsense presentation. Readers will be introduced to concepts in a situational framework, followed by a detailed discussion of techniques and tools.

Merging theory and practice into a comprehensive, highly-anticipated text Corporate . To read this book, upload an EPUB or FB2 file to Bookmate.

Merging theory and practice into a comprehensive, highly-anticipated text Corporate Finance continues its legacy as one of the most popular financial textbooks, with well-established content from a diverse and highly respected author team.

Find many great new & used options and get the best deals for Corporate Finance . Pascal Quiry, Pierre Vernimmen, Antonio Salvi, Yann Le Fur, Maurizio Dallocchio.

Printed in and for South Asia.

Author:Antonio Salvi. Corporate Finance: Theory and Practice. Maurizio Dallocchio is the current Dean of the leading Italian business school Bocconi (Milan) and Lehman Brothers chair of Corporate Finance

Author:Antonio Salvi. Book Binding:Paperback. Each month we recycle over . million books, saving over 12,500 tonnes of books a year from going straight into landfill sites. Pascal Quiry, Pierre Vernimmen, Antonio Salvi, Yann Le Fur, Maurizio Dallochio. Place of Publication. Maurizio Dallocchio is the current Dean of the leading Italian business school Bocconi (Milan) and Lehman Brothers chair of Corporate Finance. He is also a board member of several listed and unlisted companies and is one of the most distinguished Italian authorities on finance.

Corporate Finance: Theory and Practice covers the theory and practice of Corporate Finance from a truly European perspective.  It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financiers.  Corporate Finance is split into four sections and covers the basics of financial analysis; the basic theoretical knowledge that you will need to value a firm; the major types of financial securities: equity, debt & options and finally financial management which shows you how to organise a company’s equity capital, buying and selling companies, M&A, bankruptcy and cash flow management.

 Key features include:

A section on financial analysis – a Corporate Financier must understand a company based on a detailed analysis of its accounts.  Large numbers neglected this approach during the last stock market bubble and were caught in the crash that inevitably followed.  How many investors took the trouble to read Enron’s annual report?  Those who did found that it spoke volumes!

Xtreem
Fantastic! Really helpful and extremely well explained. I am a Business Administration graduate so I can't say how easy it will be for someone without any economic background to understand its concepts but I can't do anything but recommend it to everyone wanting to learn more about financial concepts.
Cordaron
Really good book for basic knowledge of finance. With test and exercices.
Zeleence
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 article on internet firm valuation (on Amazon.com value) was Schwartz & Moon (Financial Analyst Journal, May/June 2000): using RO they estimated a price equal to $12.42, whereas the "bubble" stock market price (in 1999) was $76.125, a big difference... (see also Hull, 6th ed., p. 718).

Other RO critique that I don't agree is: "estimating ... volatility, opportunity costs, etc., can be complicated". Apparently, the authors don't know that if you have data to estimate the risk-premium for the discount rate (using CAPM concepts, for example), you can use the SAME time series to estimate volatility. The popular approach to estimate this volatility is just a simple linear regression. In short, if the market is complete enough to calculate the traditional NPV, so is for RO valuation.

There are much better textbooks available. The traditional Brealey & Myers' textbook remains an excellent choice, mainly for capital budgeting topics.

Other good textbook alternatives are Ross et al (mainly for financial decisions, agency, etc.), Grinblatt & Titman (great in risk management), Bodie & Merton (introductory) and Benninga (Financial Modeling, a practical and correct book).
Landaron
The book's called "Corporate Finance - Theory and Practice" and it is, in my view, an excellent work for practitioners in the field. Unlike the other great tomes on the subject, it provides them with full explanations of the techniques involved, real time updates in a world of finance that is constantly changing, and an accounting environment undergoing a radical overhaul with the introduction of the new IFRS.

Comments that the book fails to provide an in-depth analysis of the Modigliani and Miller's propositions and of portfolio theory don't even bear mentioning. Criticising it for its weakness in capital budgeting using the real options method or the scenario analysis and Monte Carlo simulation is laughable from the point of view of the practitioner. In fact, the whole market agrees that these methods are very difficult to put into practice.

The real options method, for example, is only applicable in two or three clearly identified sectors (and is no substitute for traditional methods) given the difficulties involved in determining its parameters for a real asset. Stating that the volatility of a real project can be calculated simply by historical regression of the same series of data used for calculating the parameters of the cost of capital, is not credible for at least two reasons: i) the volatility of an asset is of course linked to its beta (and obviously not to market risk premium), but is not equal to it as it does not integrate the elements of risk specific to the asset and the volatility of a real asset cannot accordingly be approximated by the average volatility of companies in the sector, ii) only a prospective approach is recognised by the market today, and a historical estimation cannot be defended. Similarly, estimating the convenience yield for a real asset, a fundamental parameter for the real options method, is far from easy and is clearly not based on the same data as those used for calculating the cost of capital. The sensitivity of the method to its intrinsic parameters could easily lead to an over-valuation of the underlying real asset compared with a valuation carried out using the DCF method, which, despite its shortcomings, remains the only method that is universally used/recognised by the market.

In conclusion, I found this to be a very comprehensive work which will fully meet the expectations of practitioners, especially when combined with the regular updates on its website ([...]) considered to be one of the best in the world by [...] and its monthly newsletter, in the constantly changing world of finance.
Anayanis
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.
BlackBerry
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.