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Corporate Finance: Theory and Practice, by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, Antonio Salvi
Free Ebook Corporate Finance: Theory and Practice, by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, Antonio Salvi
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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. 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. This latest edition includes new information on venture finance and debt structuring, and has been updated throughout with the most recent statistical tables. The companion website provides statistics, graphs, charts, articles, computer models, and classroom tools, and the free monthly newsletter keeps readers up to date on the latest happenings in the field. The authors have generously made themselves available for questions, promising an answer in seventy-two hours.
Emphasizing how key concepts relate to real-world situations is what makes Corporate Finance a valuable reference with real relevance to the professional and student alike. Readers will gain insight into the methods and tools that shape the industry, allowing them to:
- Analyze investments with regard to hurdle rates, cash flows, side costs, and more
- Delve into the financing process and learn the tools and techniques of valuation
- Understand cash dividends and buybacks, spinoffs, and divestitures
- Explore the link between valuation and corporate finance
As the global economy begins to recover, access to the most current information and statistics will be required. To remain relevant in the evolving financial environment, practitioners will need a deep understanding of the mechanisms at work. Corporate Finance provides the expert guidance and detailed explanations for those requiring a strong foundational knowledge, as well as more advanced corporate finance professionals.
- Sales Rank: #1499462 in Books
- Published on: 2014-11-17
- Original language: English
- Number of items: 1
- Dimensions: 9.70" h x 1.72" w x 7.50" l, .0 pounds
- Binding: Paperback
- 1000 pages
From the Back Cover
Corporate FINANCE
Corporate Finance: Theory and Practice continues to hold sway as one of the most popular financial textbooks available, thanks to its four unique features:
- A balanced blend of theory and practice: the authors hold academic positions at top-ranking universities and business schools and are also financial managers, private investors or sit on the boards of listed and unlisted companies.
- A presentation of concepts that explain situations, followed by a discussion of techniques in a direct and succinct style.
- Content enriched by the www.vernimmen.com website, which, with 1,500 daily visitors, is one of the world's leading sites for teaching finance.
- Free monthly finance updates with The Vernimmen.com Newsletter, which currently has over 60,000 subscribers.
The authors draw on their dual experience to enhance and expand the content of this book through the inclusion of new chapters on financing start-ups and implementing a debt policy.
"I discovered finance with 'The Vernimmen' about 30 years ago. Since then the different versions have accompanied me throughout my career and throughout the world. Not only was the alignment of the successive editions looking good in my different offices but I must confess I have opened and cherished each of them. Whether an investment banker, a CFO in a universal bank, or, more simply, a world banker…"
—BERTRAND BADRE, MANAGING DIRECTOR AND CFO OF THE WORLD BANK
"I opened my first Vernimmen in 1982. After having spent just a few weekends reading it, I felt better equipped for my role in financial management at Paribas. Now at Apax, the Vernimmen remains my companion in my search for value creation (key in the private equity industry)."
—MONIQUE COHEN, ASSOCIATED DIRECTOR, APAX PARTNERS
"Vernimmen's Corporate Finance is an outstanding clear and complete manual, a wonderful merger of practice and theory. Its coverage of the market aspects of corporate finance distinguishes its content, but its treatment of all the material makes it essential reading for the student, financier or industrialist."
—HOWARD JONES, SENIOR RESEARCH FELLOW IN FINANCE AT SAÏD BUSINESS SCHOOL, UNIVERSITY OF OXFORD
"The book itself covers all the important techniques that a financial manager must have in his repertoire of tools. The exposition is clear and concise and, most importantly, relies on commonsense reasoning throughout. This is not a book with obscure formulae, yet is still rigorous and at the same time a model of clarity."
—RICHARD ROLL, JOEL FRIED PROFESSOR OF APPLIED FINANCE AT UCLA ANDERSON
Most helpful customer reviews
1 of 1 people found the following review helpful.
Brilliant!
By Pedro Perez Picon
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.
3 of 5 people found the following review helpful.
A corporate finance
By Mehdi SETHOM
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.
7 of 11 people found the following review helpful.
Disappointing text
By M. A. G. Dias
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).
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