Average customer rating:
- Unnecessarily Complex
- A finance textbook full of errors and holes
- A Wonderful Approach to Corporate Finance
- Good basic overview of finance intersecting corp strategy
- Missed the mark! Poor coverage of contemporary issues...
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Financial Markets & Corporate Strategy
Mark Grinblatt , and
Sheridan Titman
Manufacturer: McGraw-Hill/Irwin
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Investments
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Principles of Corporate Finance + Student CD + Ethics in Finance PowerWeb + Standard and Poor's (McGraw-Hill/Irwin Series in Finance, Insurance, and Real Est)
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Valuation: Measuring and Managing the Value of Companies, Fourth Edition
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Options, Futures and Other Derivatives (6th Edition)
ASIN: 0072294337 |
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.
Customer Reviews:
Unnecessarily Complex.......2006-08-28
Author devotes 2 pages to mathematically prove & philosophically justify that a manager should chose the highest NPV project before chosing the next highest NPV project. Such logic continues ad infinitum throughout the 800+ page text. Time for 3rd Ed.
A finance textbook full of errors and holes.......2005-05-07
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.
A Wonderful Approach to Corporate Finance.......2005-04-12
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.
Good basic overview of finance intersecting corp strategy.......2005-02-25
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.
Missed the mark! Poor coverage of contemporary issues..........2004-12-22
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!
Average customer rating:
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Creation and Transfer of Knowledge: Institutions and Incentives
Manufacturer: Springer
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ASIN: 3540644261 |
Book Description
Is knowledge an economic good? Which are the characteristics of the institutions regulating the production and diffusion of knowledge? Cumulation of knowledge is a key determinant of economic growth, but only recently knowledge has moved to the core of economic analysis. Recent literature also gives profound insights into events like scientific progress, artistic and craft development which have been rarely addressed as socio-economic institutions, being the domain of sociologists and historians rather than economists. This volume adopts a multidisciplinary approach to bring knowledge in the focus of attention, as a key economic issue.
Book Description
This detailed account of ethnic minority politics explains when and how European institutions successfully used norms and incentives to shape domestic policy toward ethnic minorities and why those measures sometimes failed.
Going beyond traditional analyses, Kelley examines the pivotal engagement by the European Union, the Organization for Security and Cooperation in Europe, and the Council for Europe in the creation of such policies.
Following language, education, and citizenship issues during the 1990s in Latvia, Estonia, Slovakia, and Romania, she shows how the combination of membership conditionality and norm-based diplomacy was surprisingly effective at overcoming even significant domestic opposition. However, she also finds that diplomacy alone, without the offer of membership, was ineffective unless domestic opposition to the proposed policies was quite limited.
As one of the first systematic analyses of political rather than economic conditionality, the book illustrates under what conditions and through what mechanisms institutions influenced domestic policy in the decade, preparing the way for the historic enlargement of the European Union.
This thoughtful and thorough discussion, based on case studies, quantitative analysis, and interviews with nearly one hundred policymakers and experts, tells an important story about how European organizations helped facilitate peaceful solutions to ethnic tensions--in sharp contrast to the ethnic bloodshed that occurred in the former Yugoslavia during this time. This book's simultaneous assessment of soft diplomacy and stricter conditionality advances a long overdue dialogue between proponents rational choice models and social constructivists. As political requirements increasingly become part of conditionality, it also provides keen policy insights for the strategic choices made by actors in international institutions.
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Keeping the Water Flowing: Understanding the Role of Institutions, Incentives, Economics and Entrepreneurship in Ensuring Access and Optimising Utilisation of Water
Manufacturer: Academic Foundation
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ASIN: 8171885837 |
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Presenting many case studies, this collection of essays calls for the use of incentives and grassroots organizations to improve the delivery of water to human settlements. As an example of the contradictions to be solved in such efforts, the discussion points to the chronic lack of clean water in Cherrapunji, in northeast India, one of the wettest places on earth. Citing the need for good management and modern infrastructure to ensure cleanliness, sufficient quantities, and regular delivery of water, the book strongly recommends starting private water companies, buying and selling water in local water markets, and experimenting with other market-oriented reforms.
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Cost-Benefit Analysis and Incentives In Evaluation: The Structural Funds of the European Union
Manufacturer: Edward Elgar Pub
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Defusing Default: Incentives and Institutions (Inter-American Development Bank)
Manufacturer: Inter-American Development Bank
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ASIN: 1886938989 |
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How much protection should a country's judicial system afford creditors? The answer has far-reaching implications for the functioning of credit markets, particularly in developing regions such as Latin America, where creditor rights are uneven and enforcement often lax.
Defusing Default uses a variety of perspectives and tools, including theoretical modeling and cross-country evidence, to examine the costs and benefits of protecting creditor rights. Case studies look at creditor protection in Argentina, Brazil, Chile, Costa Rica, Paraguay and Peru.
The studies find that more effective judicial enforcement would help to make more credit available and improve the overall performance of the credit market. Another finding is that private contracting in credit markets, including information-sharing arrangements, can help compensate for legal deficiencies and create incentives to limit default in countries where judicial enforcement is costly or ineffective. Finally, the book explores the political economy of debt moratoria by examining bailouts and bankruptcy.
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An Examination of the Effects of Voluntary Separation Incentives
Beth J. Asch
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Health o Meter HDC100-01 "Grow with Me" Teddy Bear Scale for Babies and Toddlers
ASIN: 083302566X |
Book Description
As a means of facilitating the defense drawdown, the Department of Defense offered eligible personnel either the Voluntary Separation Incentive or the Special Separation Bonus (VSI/SSB), a program to induce mid-career personnel to separate from service. Two key questions for policymakers concerned about the success of this program are (1) Did the program induce substantial separations (over and above what would normally occur)? and (2) Did the program induce marginal performers to leave? In this report we use data on Army enlisted personnel to answer these questions. We estimate that the VSI/SSB program increased separations by 13 percentage points over and above what we would have expected for personnel who met the eligibility criteria during the drawdown. We also found that those who were low-quality were more likely to accept the VSI/SSB offer.
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- this is an economic work of art!
- What is to be done? How to do it?
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Incentives and Institutions
Serguey Braguinsky , and
Grigory Yavlinsky
Manufacturer: Princeton University Press
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Economies in Transition: Comparing Asia and Europe
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Institutions, Transition Economies, and Economic Development (Political Economy of Global Interdependence)
ASIN: 0691009937 |
Book Description
Here, for the first time, two of Russia's leading economists provide an authoritative analysis of the transition to a democratic market economy that has taken place in Russia since 1990. Serguey Braguinsky, a Russian economist with extensive international experience, and Grigory Yavlinsky, leader of the liberal "Yabloko" party and a major public figure in Russia, focus on the institutions that are critical to a successful transition and the economic incentives needed to make these institutions work. Finally, they discuss in detail the specific components of the economic processes that are necessary for economic transition in general and they draw lessons that can be applied to other nations dealing with similar transitions.
In 1989, Grigory Yavlinsky became a member of the Commission for Economic Reform and wrote the groundbreaking "500 Day Plan," which outlined the first program of transition to a market economy. Two years later, he co-wrote the program of strategic cooperation between the Soviet government and the West (known as the "Grand Bargain"). Here he and Serguey Braguinsky examine what went wrong with the Russian plan--and what is needed to put the economy back on the road to becoming a fully functioning market economy.
The first section of the book presents a new interpretation of the political economy of the socialist state and the incentives and institutions that underpin it, with an emphasis on the present Russian situation. The second part deals with the political economy of "spontaneous transition" and the inefficiencies inherent in economies that lack the organizations and institutions that inhere in established Western democratic economies. In the final section, the authors present a program of actions to put the economic transition in Russia back on track, based on their assessment of the actual current state of both the economy and the government. Their approach is unique in emphasizing organizational evolution at the microeconomic level instead of stressing macroeconomic issues such as money and inflation that are at the heart of most arguments.
This is a thoughtful and thought-provoking book and one that will be widely discussed and debated.
Customer Reviews:
this is an economic work of art!.......2003-01-02
I had the extreme pleasure to read this presentation on the overall situation,insight,and ways to solve the questions surrounding the ever-so inpertainant russian economy
I also will tell you that anyone who wants to have an understandig of what is in the mind-set of russian economists and reformists,then please,take the time to invest in this fine
literary work.
grigory a yavlinsky has accomplished yet another difficult task-
and he is,I think(by the reading material that I have read)will be and should be the answer to rebuilding the vast post-soviet economy's sectors,inside and out,this,among other things, is the true way to russian financial security,and this book is definitly the "bible" of works surrounding the russian economy.
What is to be done? How to do it?.......2000-11-29
Yavlinsky warns the reader at the outset of this approach to the Russian transition that the methodology of Incentives and Institutions is more theoretical (mathematical) than his previous works on the Russian transition like 500 Days (1992). The problem in Russia hinges on prohibitive distancing of "owner" (state) control from the management in the Soviet system discussed in Part One, and the conflict of interest of insider control since privatization discussed in Part Two. Part one proposes that: 1) Hierarchical property rights are incompatible with democracy, and 2) Hierarchical property rights and innovations under an "isolated dictator" is incompatible with market allocation of capital. The second requires dictatorial isolation ex ante and ex post in that he never observes the "price." This seems a rather naïve and strict assumption. Part two discusses the path dependence of current insider ownership and its consequences. In both cases the problem is one of incentive compatibility for managers faced with opportunities in the official and unofficial sectors.
Part Three takes these intuitions and presents ideas and proposals for improving the situation. This section focuses on social contract, democratic efficacy, institutional development, and federal decentralization. First they claim "the collapse of communism, caused as it was by the path-dependent spontaneous process, has resulted in the entrenchment of a socioeconomic paradigm that effectively blocks further movement in the direction of a conventional market economy." The social contract of the old system is the paternalism of serfdom followed by communism's "de facto serfdom." The new contract is corporatism at the top, and Hobbesian jungle at the bottom. Political democracy, foreign investment, and market economy are Braguinsky and Yavlinsky's solutions. The failure of this is that, while they get to some of the core of the problem, the "solutions" are self-evident and address "What is to be done?" when the real question is "How to do it?"
Secondly, the authors claim that democracy is not only compatible with reform, but necessary in Russia because of Communism's involvement in economics and politics. The tilt in that balance of power burned both bridges. Why is this not the case in China? They claim that liberalization was not a calculated process as in China (or during NEP in Russia). Another claim is that models of government failure require irrational voters, lack of competition or prohibitive transaction costs. However failed reform is analytically compatible with excessive competition, particularly if it is among reform groups.
Third, they emphasize the role of institutions in competition and eventual growth. They suggest that a "Federal Property Protection Service" form to enforce private property rights directly with firms rather than intermediating government, bureaucracy and industry. This service interacts with firms and is (loosely) accountable to the government. The suggestion is that for a flat fee this FPPS will provide property protection to those who pay. But this sits on a razor's edge. On the one side, the question is of what happens to those who cannot pay the flat fee, and on the other, if it is affordable to everyone, how the service will cover its expenses.
Fourth, they discuss proposals for the decentralization and governmental integrity. As much as the authors beg not to compare Russia to China, their proposals for decentralization and parallel what is done in China with TVEs. Decentralization would be compatible with the FPPS only if special interests in that area do not represent "too large" a share of the total area income. Coalitions of regional enforcement services would form to avoid size bias and allow local FPPS to self-insure against idiosyncratic differences costs and revenues. This scheme relies on the practicality of the FPPS.
While this book ventures to areas that are only beginning to be economically analyzed, it focuses on what is wrong, and what is to be done, not really providing practical, realistic solutions for how to accomplish the goals of transition. The answer lies not in theory, but in the real cultural, social, and economic realities of Russia today and how specific organizations can arise from the norms that are accepted and practiced in Russia.
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