Book Description
A practical guide to building fully operational financial cash flow models for structured finance transactions
Structured finance and securitization deals are becoming more commonplace on Wall Street. Up until now, however, market participants have had to create their own models to analyze these deals, and new entrants have had to learn as they go. Modeling Structured Finance Cash Flows with Microsoft Excel provides readers with the information they need to build a cash flow model for structured finance and securitization deals. Financial professional Keith Allman explains individual functions and formulas, while also explaining the theory behind the spreadsheets. Each chapter begins with a discussion of theory, followed by a section called "Model Builder," in which Allman translates the theory into functions and formulas. In addition, the companion CD-ROM features all of the modeling exercises, as well as a final version of the model that is created in the text.
Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
Customer Reviews:
Good Intro to Cash Flow Modeling.......2007-09-20
Anyone needing to learn how structured finance cash flow models work will benefit from going through this book and building the spreadsheet-based model it describes. It will be faster if you are already good at using Excel for complex modeling or pricing, but there is a fair amount of Excel advice for those who need it. The book models a single pool of mortgages that can be described by weighted average statistics incorporating both prepayment and default scenarios. Great care is taken to make the model flexible in terms of the kinds of mortgages in the pool. On the liability side the model allows for the creation of a single senior class and a sub class with an interest rate swap and a reserve. While very good for learning the cash flow consequences of sequential and pro rata payment waterfalls, this model cannot describe the structures actually issued in the market. The skills learned, however, should allow the reader to build models capable of modeling issued structures.
The writing is clear and the examples are explained well. The flow of cash into and out of the structure is emphasized by clear inputs, cash flow modeling and summary outputs.
Excellent introduction to MBS modeling.......2007-08-13
Keith's book saved me hours of trial-and-error effort with Excel for modeling structured transactions. This book takes a simple, step-by-step approach to help the reader understand the mechanics of building the cash flow model for Mortgage Backed Securities (MBS).
Once you understand the basics of model creation and cash flow, then it is a matter of refining your skills by revere-engineering more MBS transactions out there. You will find all the basic tools to become proficient in that task by following this book.
Excellent Hands-On Introduction to Structured Finance.......2007-06-03
In structured finance, there is a tremendous discrepancy between academic literature and practice. In purporting a generalizable, scientific approach, many textbooks avoid explaining the intracacies of actual structured finance deals. The fundamental issue is that the implicit value of deal transparency required for issuer and investor tends to be overlooked by authors approaching the field from an academic background. Technical pyrotechnics that suit liquid markets fail when fees, interest rates, and other deal specifics are malleable constructs negotiated among a handful of parties. At the same time, basic bond math on an unsegregated pool of loans cannot accurately describe how assets generate cash flows and the risks faced by investors.
MFSC is the *only* book (afaik) that demonstrates how real structured finance pros bridge the void between these 2 common pitfalls made by other structured finance books. For one, the calculations that belie each component of a structured finance deal is integrated into a single model rather than considered separately. Other books may describe how cash flows pay out in a senior-sub structure, but they won't, for example, take the time to step through how funding costs and triggers affect the cash flows. The primary model also gives the user flexibility to stress the model and enables the user to treat the model as a base for all structured finance deals. Through a neatly organized inputs sheet, each component in the primary model described painstakingly anticipates the gamut of variations common to these types of deals.
All this in a book that's easy to follow and a delight to read. Five stars.
Modeling of CMBS.......2007-06-03
Keith's book does an excellent job at helping both new analysts to MD's in understanding modeling of complex master tapes (models). If you need to know how to structure a fixed or floating rate transaction this book will give you key tools to understand, build and read strats, term sheets, and OC data. Many of the functions and formulas that are explained are used in real working models but in additon to that this book explains key concepts in the structured finance world. Unlike other books this book has a much more active learning style and really gets you involved.
I look forward to the day when Keith writes a book focusing on CMBS, I will defintely buy that one also.
TM
CIB
CMBS
Very Good for Professionals.......2007-05-07
The book explains very well the building and works of a very huge excell worsheet, for professionals it will be a great and interesting reading, and sometimes it will be like a great novel, when you can't stop reading
and always want to go to the next chapter before leaving it.
For begineers it will be a little hard to understand the concepts and the meanings of each chapter, but it will help too.
Customer Reviews:
Justin London did it again.......2007-07-19
I highlight two points:
1. The inclusion of Matlab and Excel code in almost all topics of the book.
2. All the content is new and more advanced, there is no recovered topics of his previous book.
Offers prebuilt code for immediate use.......2007-06-29
This book offers prebuilt, modifiable code that you can use for energy, power, weather and many other derivatives applications. The download process is fast and easy. For those who use Matlab, C++, or Excel, there is no competition. A great book with unique content and code.
Excellent resource for coding derivatives.......2007-06-16
This book was my ultimate go-to resource on several financial engineering projects (on the buy side). It covers many different derivatives and provides example MatLab and C++ code that is easy to modify and extend.
The instructions for setup and downloading the code could be more clear, perhaps on a CD.
State of the art derivative modeling book.......2007-04-10
Great book. But the code downloading process is a bit weird. Don't know why they just attach a CD.
Describes the Modelling Procedure and Gives the Code.......2007-02-08
Derivatives are not simple things. It almost seems that complexity was a design goal when they were being set up. In order to determine their real value either today or in the future you almost have to model them on a computer.
This book covers dozens of different types of derivatives, including the common ones and some of the new even more esoteric ones. It talks about the structure of the derivative, and then presents models of them. The models are presented in the most common modelling 'languages' in use today. There is a lot of code involved, but there is not a CD included with the book. Instead, an access code providing a one time download for the code. Note, a one time download. Be sure and save the code quickly and on several media. This procedure allows the models to be updated as needed without regard to the time it takes for the book to move from being written to being published, but if you have a disk crash....
The biggest things this book provides are: first, you get to see what an expert in the field has done, and second, you get the code to run his models on your system, and of course you can modify them if you find some other aspect suits your needs better.
This is a new book, first printed in December 2006, so it is current with the derivatives being marketing at that time.
Average customer rating:
- Excelent book
- I thought I did a review for this book immediately when I received it! It was really good! It's like the best textbook!
- Strongly recommended to practitioner
- Good Cookbook
- Excellent book
|
Financial Modeling - 2nd Edition: Includes CD
Simon Benninga
Manufacturer: The MIT Press
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Similar Items:
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Principles of Finance with Excel: Includes CD
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Advanced modelling in finance using Excel and VBA
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Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition
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Building Financial Models with Microsoft Excel: A Guide for Business Professionals
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Valuation: Measuring and Managing the Value of Companies, Fourth Edition
ASIN: 0262024829 |
Book Description
Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. Financial Modeling bridges this gap between theory and practice by providing a nuts-and-bolts guide to solving common financial models with spreadsheets. Simon Benninga takes the reader step by step through each model, showing how it can be solved using Microsoft Excel®. In this sense, this is a finance "cookbook," providing recipes with lists of ingredients and instructions.
Areas covered include computation of corporate finance problems, standard portfolio problems, option pricing and applications, and duration and immunization. The second edition contains six new chapters covering financial calculations, cost of capital, value at risk (VaR), real options, early exercise boundaries, and term structure modeling. A new technical chapter contains a potpourri of tips for using Excel®.
Although the reader should know enough about Excel™ to set up a simple spreadsheet, the author explains advanced Excel® techniques used in the book. The book includes chapters dealing with random number generation, data tables, matrix manipulation, and VBA programming. It also comes with a CD-ROM containing Excel® worksheets and solutions to end-of-chapter exercises.
Customer Reviews:
Excelent book.......2007-09-24
Is an excelent book to learn and undertand how to creat financial models in excel.
I strongly recomend it.
Romer iragorri
I thought I did a review for this book immediately when I received it! It was really good! It's like the best textbook!.......2007-09-16
Beninnga states things very clearly.
And the sophistication is great.
No matter what level you are in, it's good for you.
And these knowledge are really useful in real world!
I mean,I'm really gonna keep this book for myself after I finish the degree.
Strongly recommended to practitioner.......2007-09-03
The book has great practical value. It also applies to those who wish to implement financial models in other computing environment than Excel.
Good Cookbook.......2007-08-23
Very good on giving an introduction on many modeling techniques.
Exceptionally recommended for the new babe.
Excellent book.......2007-07-19
All students of finance must have one, It's great, If I'd have had it when I was student oh, I'd save a lot of time, now I'm teacher of finance and I recomend all my students to buy it.
Book Description
Excel Applications for Corporate Finance teaches students how to build financial models in Excel to solve common corporate finance problems. The book comes packaged with a free Excel tutorial CD-ROM to brush up on their spreadsheet skills. The text helps students learn the intuition behind building the spreadsheets so that they can apply it to other types of problems instead of only providing “cookbook” instructions on how to build it.
Customer Reviews:
financial math using excel .......2007-10-03
Book does and excellent job in showing how to apply financial formulas in excel. It is not a textbook in financial math and assumes you already know or have access to other sources explaining the math. The book covers basic interest, NPV, IRR, bond calculations and stripping, floating rate securities,swaps,forwards,futures,foreign exchange,option pricing,valuation methods,leasing and basic statistics.
The book does a good job of outlining each concept before explaining how it is used in excel. The author's major contribution is showing how to organize the model layout so that inputs, calculations and model outputs can be easily seen and changed saving time and decreasing model errors.
A reference book rather than teaching guide.......2006-02-28
I have an MBA in Managerial Economics and was looking for a review in financial math w/ Excel illustrations. I purchased this book and returned it because it is poorly written and/or a reference book for someone who already knows the material rather than a teaching guide. Another book which appears more suitable for my purposes is 'Finance Guide With Formulated Solutions for Excel' by Roger Bennitt.
Poorly done.......2005-10-04
I was looking for a book that would help me brush up on my financial math and this does not do the job. Day does a poor job of explaining the material, and furthermore, his CD is poorly done. He does not enter most of the formulas, but rather he hard coats his numbers. This makes it just about impossible to follow what he is talking about in his book as the reader must somehow come up with the formulas that he is describing on his own. Day does a great job of protecting his models from being copied as no one would want to recreate the formulas he is using, but in doing so, he prevents the reader from learning. If you are looking for a good book on financial mathematics, this is not it.
Average customer rating:
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The Crisp Approach to Money Management Using Excel (Crisp Computer)
L. Louise Van Osdol
Manufacturer: Crisp Learning
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ASIN: 1560522771 |
Book Description
15 REASONS WHY YOU NEED Finance Guide with Formulated Solutions for Excel by Roger S. Bennitt
1. Unique, the only book and CD-ROM on the subject.
2. The range of topics includes: Borrowing, Business Profitability, Capital Spending, Discounted Cash Flow, Financial Planning, Investing, Leasing, Probability, Statistics, and Valuation.
3. Ease of use, just enter variables for instant answers. All 292 formulas and applications are presented in the book with the concept explained, one or more case studies, a single-line format with variables spelled out, a computer worksheet with cell addresses for variables, the problem solved, the calculation shown, and the answer explained.
4. All 292-computer worksheets are linked on a CD-ROM for easy access to any Excel spreadsheet 5.0 or later. The CD-ROM includes 30 loan amortization templates.
5. Preface, contents, bibliography, glossary, and index.
6. Availability of standing orders for an annual update edition.
7. A complete reference for business, non-profit, government entity, advisory, and personal finance use.
8. Uncover the flaws in your strategic plan by using the Breakeven and Profitability Models. Manage business profitability to the dollar using different scenarios of expansion, downsizing, and right sizing.
9. Includes the Economic Value Added, Free Cash Flow, and the Black & Scholes volatility and option pricing formulas.
10. Includes Standard Deviation, Exponential Smoothing, Statistical Sampling, Sample Sizes, and Probability. Predict the outcome of elections or the Neilsen TV ratings. Calculate sample sizes for product inspection or audits.
11. You must now advise employees about retirement. Includes retirement income planning, opportunity cost, IRA minimum distribution and substantially equal payments, and social security planning.
12. You need extensive, detailed information about how a program works. If you don't, you will lose lots of time. A 29 page chapter, Microsoft Excel Training Guide, addresses this need for you.
13. Solve ROI for a single investment with automated date calculations and an original ROI formula.
14. The book is a high-quality production with 275 pages using 50 pound opaque paper, Otabind layflat binding (mash it down, doesn't matter), and soft cover. The printer was Braceland of Philadelphia. The CD-ROMs were professionally reproduced by EK Media, Millbury, Massachusetts.
15. Benefit from the author's 26 years experience as a Chief Financial Officer.
Preface:
The purpose is to provide a high-level-learning experience that results in productivity gains, work quality improvements, and profitable decisions. The applications are used to better manage business, non-profit, government, advisory, and personal finance responsibilities. Transferring the skills and knowledge from this volume and CD-ROM to a job and personal advantage will prove greatly rewarding.
A challenging and difficult subject is made easy in a simple and innovative way. The concept and procedural techniques are explained. All formulas are presented in a single-line format with variables spelled out, with variables entered into the formula, and again with cell addresses for variables. For each application a case study is solved, the calculation shown, and the answer explained.
A special section, Microsoft Excel Training Guide, lists commands in alphabetical order for a quick reference. Little known commands, shortcuts, and interactions with other programs will increase both productivity and the personal enjoyment of using the Excel program.
Customer Reviews:
Do not waste your money.......2007-07-27
This expensive book shows equations without practical examples or cases.
Only equations nothing more. I wasted my money on it.
Total waste of time for Excel users!.......2004-06-25
I just received my order of "Finance Guide with Formulated Solutions for Excel" and I was immediately disappointed. It also came with a CD, but I did not even bother to open it. The title and product description led me to believe that the author used Excel formulae, when in fact he did not. This book's title is completely misleading because the way the author presents the information is such that he could have used any spreadsheet program.
As anyone who uses Excel regularly can attest, building spreadsheets is part technical skill and part art. Although I'm relatively familiar with some of Excel's formulae, I was hoping that this textbook would provide novel, more sophisticated, and efficient ways to deploy them. What this textbook does is in fact the opposite. It turns back the clock on the reader to days before my time, perhaps when spreadsheet programs didn't have hundreds of ready-made formulae to deploy as the user saw fit.
For example, the author presents this formula in order to solve for the present value of a series of equal semi-annual cash flows at simple annual interest, compounded annually: =1/(((1+(interest rate/100))^(1/2)-1)/(1-(1/(1+(((1+interest rate/100))^(1/2))-1)^(time in semi-annual periods))))*one semi-annual cash flow. This is unequivocal evidence that the author in fact does not know how to use Excel's formulae. There is a built in formula in Excel identified as PV. All you have to do is select this formula and enter the relevant data in the prompts and you're done!
Given the price of this textbook, Amazon should implore the publisher to allow prospective buyers to see some of the body of the textbook so that buyers will not have to waste time and money for something they may not find useful. This textbook should be re-titled, "Finance Guide with Formulated Solutions in Long Hand for use in any Spreadsheet Program," and price it at no more than $20.
I am so grateful for this book.......2001-06-28
This book lays it all out for you, simply and succinctly. I got this because I wanted to improve my spreadsheets without having to waste time in a class or doing tutorials, as I already knew how to make simple formulas. I was not disappointed. All I can say is this guy covers it all very clearly. Totally removes the mystery from financial formulas. He even shows you where and why you would use them. There are no chart wizard directions because as he says, when you use it, it is self-explanatory. I have one comment however, and that is on page 13 he tells you how to copy from Excel to Word. He gives a very tedious way to do something very simple. Instead of his advice, to remove the "box" that appears once copied into Word, just highlight the cell in Word, go to pull-down menus, select "Table" and "Convert Table to Text".
A real productivity tool for financial managers..........2000-11-01
Wow! If you are looking for a one stop shopping place for ready made financial formulas, then this book is for you. With this book and accompanying CD, I've been able to save hours and in some cases days in developing effective electronic spreadsheets solutions to some complex issues. For instance, this book save me a lot of effort analysing capital lease options involving uneven cash flows and time periods. Another example involved the Excel (tm) addin called XIRR, which was great for a quick calculation but not very good for reviewing the different parts of the project. I needed the details not just the answer. Sometimes seeing the parts of the analysis and the concepts involved give insights not available in quick and dirty methods.
This book gives great insight to the concepts involved (works well as a financial primer or reference book) as well as quick access to ready made spreadsheets adaptable to any sitiuation.
Sincerely Yours,
Chuck Samson Manager Financial Analysis
Books:
- Modern Investment Management: An Equilibrium Approach
- Money, Banking, and Financial Markets
- Neoclassical Finance (Princeton Lectures in Finance)
- Nonparametric Econometrics
- Option Volatility & Pricing: Advanced Trading Strategies and Techniques
- Options, Futures and Other Derivatives (6th Edition)
- PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam
- Professional Electronic Trading
- Quantitative Methods for Business (with Crystal Ball Pro 2000 v7.1, CD-ROM, and InfoTrac )
- Quicken Willmaker Plus 2007 Edition: Estate Planning Essentials (Book with CD-ROM)
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Structured Finance Modeling with Object-Oriented VBA (Wiley Finance)
Introduction to Structured Finance (Frank J. Fabozzi Series)
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Collateralized Debt Obligations: Structures and Analysis, 2nd Edition (Wiley Finance)
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