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Fundamentals of Corporate Finance |  |
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Fundamentals of Corporate Finance | |
STEPHEN A. ROSS, Sloan School of Management , Massachusetts Institute of Technology Stephen A. Ross is the Franco Modigliani Professor of Financial Economics at the Sloan School of Management, Massachusetts Institute of Technology. One of the most widely published authors in finance and economics, Professor Ross is recognized for his work in developing the arbitrage pricing theory, as well as for having made substantial contributions to the discipline through his research in signaling, agency theory, option pricing, and the theory of the term structure of interest rates, among other topics. A past president of the American Finance Association, he currently serves as an associate editor of several academic and practitioner journals and is a trustee of CalTech.
目录Part One: Overview of Corporate Finance Chapter 1: Introduction to Corporate Finance Chapter 2: Financial Statements, Taxes, and Cash Flow Part Two: Financial Statements and Long-Term Financial Planning Chapter 3: Working with Financial Statements Chapter 4: Long-Term Financial Planning and Growth Part Three: Valuation of Future Cash Flows Chapter 5: Introduction to Valuation: The Time Value of Money Chapter 6: Discounted Cash Flow Valuation Chapter 7: Interest Rates and Bond Valuation Chapter 8: Stock Valuation Part Four: Capital Budgeting Chapter 9: Net Present Value and Other Investment Criteria Chapter 10: Making Capital Investment Decisions Chapter 11: Project Analysis and Evaluation Part Five: Risk and Return Chapter 12: Some Lessons from Capital Market History Chapter 13: Return, Risk, and the Security Market Line Part Six: Cost of Capital and Long-Term Financial Policy Chapter 14: Cost of Capital Chapter 15: Raising Capital Chapter 16: Financial Leverage and Capital Structure Policy Chapter 17: Dividends and Payout Policy Part Seven: Short-Term Financial Planning and Management Chapter 18: Short-Term Finance and Planning Chapter 19: Cash and Liquidity Management Chapter 20: Credit and Inventory Management Part Eight: Topics in Corporate Finance Chapter 21: International Corporate Finance Chapter 22: Behavioral Finance: Implications for Financial Management Chapter 23: Risk Management: An Introduction to Financial Engineering Chapter 24: Options and Corporate Finance Chapter 25: Option Valuation Chapter 26: Mergers and Acquisitions Chapter 27: Leasing
网友对Fundamentals of Corporate Finance的评论
Not my kinda textbook. In talking to my instructor, it seems that this book is the gold standard for intro finance texts, and if that's the case, it's too bad. I didn't feel I learned much from it. Almost zero worked problems within the chapters, yet they toss you into the deep end at the end of the chapter with the problem sets.
Personally, I learn a lot by studying and working through examples and seeing worked-problem solutions. They provide some example problems
here and there but they're usually on the order of "you should check our answers for practice." Well, what if your answers are wrong?! I should add, the supplemental materials of the text are not very helpful (powerpoint slides/lecture outlines.) Just read the text, work whatever assigned problems your instructor gives you, and hope for the best on the tests. Thankfully our professor just gave multiple choice open-book tests so everyone got an A or B on every test.
It is a pretty basic text. The authors explain things ok usually, but their writing style is borderline archaic and they often take the long route in explaining important concepts. Their discussion of bond pricing and TVM (time value of money) needs improvement. So does their discussion of present value of dividends, in which they take a very loopy numerical approach that is far too hard to understand - I got most of the test questions wrong on this topic. They also refer to Sarbanes-Oxley as "Sarbox" - nobody else calls it anything except SOX. I took Intermediate Accounting before I took Finance, and we used the Kieso, et al. textbook, which was pretty darned difficult but better than this text as far as explanations of TVM and other topics.
I am alarmed to see that a new copy of this book sold for over $200. It has over 20 chapters but they are all short and the information within this book is definitely not worth such a high pricetag. Actually, I rented this book for the course because the cost was far more than I was willing to pay.
save the money and download the 9th or 10th editions for free. All books are identical with different end of chapter problems. Plus, you can also find answer keys for the earlier editions.
The one star is for the rental experience. The book was to be delivered Tuesday 1/7 (Amazon Prime) but it didn't come. Gave it a few more days because the website reflected that the book had been shipped so I thought there was just a delay. When it hadn't shown by Friday 1/10, I went into the UPS website and saw that while a label had been printed with that tracking #, the package never entered the UPS system for shipment. When I was finally able to get in touch with someone at Amazon, I was advised that the only thing that could be done was the rental fee be refunded and for me to "try" and rent the item again. When I asked why couldn't it just be re-shipped (or shipped since it apparently hadn't been) I was advised that couldn't be done with rental orders. I wasn't surprised today when I to tried placing another rental order and found the item was no longer available, which was probably the case all along, only Amazon failed to tell me that and allowed me to believe a book was in route to me when it wasn't. The customer service rep knew this also, that's where the "try" to rent it again remark came from. With class starting Monday I have no choice now but to purchase the book from the school at whatever astronomical price they charge. Had Amazon provided good (any) customer service from the beginning, I would have rented the book from another site for about the same fee Amazon charged-which I will most likely do from now on. Surprisingly terrible customer service from Amazon.
*****Update- 1/17/14*******
I was contacted by Amazon customer service and told the book was still available to rent. Since class was starting a few days later, Amazon advised me to request overnight delivery and they would pay the additional cost. I clicked on the link supplied in their email and sure enough, the book was available. I did as instructed and received the book in time for the start of class. So far the book has been easy to follow, though it's still in the semester. I changed my rating to five stars because Amazon stepped up to the plate and handled this situation satisfactorily.
If you want a basic intro to the subject this book provides it. The first two quarters of the textbook are very well written with very clear examples, summaries, and problems at the ends of the chapters. There is online content that is helpful too but use it only you have free access, otherwise it's an extra feature that's really not worth paying for. Key concepts, definitions and formulas are summarized in sidebars and graphic boxes throughout the chapters. How other reviewers can complain that the book isn't clear is mystifying. Use Amazon's feature of "Look Inside" for the standard edition and you'll see for yourself what I mean about how key things are summarized... it's only a couple clicks to judge for yourself. Personally I started to get bogged down a little bit in the third quarter because the examples became less clear. Other reviewers commented that there are different writing styles and this is somewhat true but I didn't find it to be a problem, and some people might not even notice.
Overall I liked the features of this textbook so much that I've decided not to sell back the textbook but instead to keep it as a reference book for my personal collection.
As to those who complain that it doesn't have good derivations... I personally hate being dragged through a math exercise just for the sake of deriving the equation when I'll never do the math in the real world. Whether it's statistics or finance or some engineering subjects, the old fashioned method of teaching was to derive the equation, do general examples, and then extend to specific examples. That method might be useful for physics and higher mathematics, but that can be an outdated method in the electronic age for applied subjects. For example, in finance when you *actually* need to calculate NPV or project paybacks, you're not going to re-derive the equations, you will use (i) a financial calculator and press a button after entering your numbers, (ii) use an app on your smartphone that does the desired function, (iii) use a spreadsheet template, or (iv) you will use a software package. The important thing is to know how to set up the problem and forcing me to derive things doesn't teach that, rather doing different permutations of related problems teaches me... and this book accomplished that in the problems at the end of each chapter. IF YOU DON'T WORK THROUGH THE PROBLEMS, YOU WON'T GET IT whether you "derived" the equations or not. If I can learn it well enough to avoid "garbage in, garbage out" then I appreciate a book that spares me the extra stuff I don't want or won't use. The simplicity and the graphic design of the book which highlights key concepts and equations are what drove me to use this as a reference for the future where I know where I can quickly find the information instead of browsing through Investopedia(dot)com.
If you want something more detailed, go elsewhere, but this is an intro-level book and that is what you get.
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