Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective (with Thomson One Access Code)

Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective (with Thomson One Access Code)
Average customer rating:

Best book on FSA I have ever read

Worst textbook ever!

HORRIBLE BOOK EVER

This book sucks if you're learning for the first time.

Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective (with Thomson One Access Code)
Clyde P. Stickney , Paul Brown , and James M. Wahlen
Manufacturer: South-Western College Pub
ProductGroup: Book
Binding: Hardcover

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Understanding the Corporate Annual Report: A User's Guide

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ASIN: 0324302959

Book Description

Stickney/Brown/Wahlen is a balanced, flexible, and complete Financial Statement Analysis book that is written with the premise that students learn financial statement analysis most effectively by performing the analysis on actual companies. Students learn to integrate the concepts from economics, business strategy, accounting, and other business disciplines through the integration of a unique six-step process.

Customer Reviews:

Best book on FSA I have ever read.......2007-09-28

I like its strategic focus and case-oriented approach. The FSAP is terrific. In this book, financial statements finally found its correct place: describe the strategic decisions made by management. This book is never dry. Instead, it is vivid, fascinating, and a great reading for anyone who is serious with a career in equity research.

Worst textbook ever!.......2007-04-30

After three years of graduate school and two Master's degrees (MPH/MBA)I have to say this was the WORST textbook I was unfortunate enough to encounter. I wish I could get a refund for both the cost of the book and the pain and suffering I endured while trying to read it. If a professor tries to get you to buy this book please say "NO"!

HORRIBLE BOOK EVER.......2007-02-22

I am in an MBA program too. I have to use this book as a textbook for the course, Financial Statement Analysis. I have taken Managerial Financing before and done a very good job on that course. But it doesn't help me a lot to understand this terrible book. It isn't that course's fault. I appreciate that I have taken some financing course before I use this book. I can't understand this book very well totally because this book is terrible. Both textbooks for Financing and this course are published by the same publisher, Thomas?..I couldn't believe how different those two books are.

In this book, Pepsi case keeps confusing most readers. Most equations are not highlighted so you can not find them easily and quickly. Homework is not designed for the students who are studying this book but for the authors themselves. Fortunately, our professor sends his master copy to us. It will help us understand homework more, but unfortunately after we have handed in our results.

If anyone who teaches FSA, please do not use this book as your textbook for your students. Pls, pls, pls..Even though you are an expert on accounting or finance, your students will still suffer from your course and almost learn nothing from this TERRIBLE book.

This book sucks if you're learning for the first time........2006-09-26

This book is TERRIBLE. I am an engineer in an MBA program. The book is supposedly for non accountants, but I don't see how it's possible to understand this book if you're not an accountant. If you're unfortunate and have to use this book, find a good book that you can actually read to supplement the subject.

There's a lot mumbo jumbo using technical terms that could be much easier stood with a table and reference to specific numbers in the table. There has got to be a better way to learn finacial statement analysis.

Business Analysis and Valuation: Using Financial Statements, Text and Cases

Average customer rating:

Case study is worth reading...
good case study
Useful if cumbersome
Required Text
Excellent Capstone Book

Business Analysis and Valuation: Using Financial Statements, Text and Cases
Krishna G. Palepu , Paul M. Healy , and Victor L Bernard
Manufacturer: South-Western College Pub
ProductGroup: Book
Binding: Hardcover

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ASIN: 0324118945

Book Description

Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts.

Customer Reviews:

Case study is worth reading..........2007-04-21

First part of this book is about reading financial statements. If you already know the statements, you don't need to read the first part. However, even if you can read the statements, the second part, case study, will be helpful to your real analysis.

good case study.......2006-04-30

I found the chapters are not very in detail. I was using it as the textbook and the lecture notes are way better. I read the book at the begginning but stopped in the middle as it doesn't really help. However, the end of chapter case studies are pretty good.

Useful if cumbersome.......2002-12-16

This review applies to the edition WITH CASES. This isn't recommended for anyone who is just starting out with choosing investments. Beginners might be better off with a more general overview of financial statement analysis (FSA) like Higgins' "Analysis of Financial Statements" or Fraser and Omriston's "Understanding Financial Statements".

This was one of two textbooks used in a financial statement analysis course I took for my MBA. Most chapters are down-to-earth and as a whole the book is well-written.

The other text we used was Penman's "Financial Statement Analysis and Security Valuation" which was also a great resource as far as gaining a basic understanding of the mechanics of financial statements and how to build a valuation model.

I contrast the two books because while Penman provides a run-down of several different models analysts can use (and does a good job of arguing for the Residual Income Model of valuation model as being the best), Palepu delves into the implications of companies' choices of accounting methods and provides more insight into what different kinds of businesses should look like in terms of their financial statements.

The cases at the end of each chapter add a lot of value to the text because they get students to focus on the specific issues detailed in each chapter. By picking apart different companies' financial statements we learned to use financial statements to assess the success or failure of companies' efforts to carry out their business strategies.

I rate it "Good - 4 stars"

Required Text.......2002-09-17

This is a required text at my school, but after having read the first 5 chapters there is almost nothing of value that I have read. I have spoken to several people that have used this text for the class in prior semesters and they told me that they had stopped reading it after the first several chapters also.

Excellent Capstone Book.......2000-10-12

This book is an excellent description of all the elements that would go into reviewing a potential investment opportunity. It is not a detailed book in one category, such as financial accounting, but it ties business strategy analysis, financial analysis, forecasting analysis, and valuation analysis together. Most other books focus on one area and don't tie all of these together well. This one takes you down the path to evaluating the opportunity to its fullest. It is an excellent capstone book after you have sifted through the details of strategy, finance, and accounting.

Valuation: Measuring and Managing the Value of Companies, Fourth Edition

Average customer rating:

Very fast, superve conditions
Difficult to use, disorganized
Thanks you
new bk delivered within a week
This is a review of only the CD - i.e., Excel model

Valuation: Measuring and Managing the Value of Companies, Fourth Edition
McKinsey & Company Inc. , Tim Koller , Marc Goedhart , and David Wessels
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Accessories:

Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation (Wiley Finance)
Valuation: Measuring and Managing the Value of Companies (Wiley Finance)
Valuation: Measuring and Managing the Value of Companies (Wiley Finance)

ASIN: 0471702188

Book Description

Hailed by financial professionals worldwide as the single best guide of its kind, Valuation, Fourth Edition with CD-ROM combines is thoroughly revised and expanded to reflect business conditions in today’s volatile global economy. Valuation provides up-to-date insights and practical advice on how to create, manage, and measure an organization’s value. Along with all-new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect the events of the Internet bubble and its effect on stock markets, new developments in academic finance, changes in accounting rules (both U. S. and IFRS), and an enhanced global perspective. This package contains a solid framework that managers at all levels, investors, and students have come to trust.

Customer Reviews:

Very fast, superve conditions.......2007-06-08

I strickly recommend this shop: just 10 days to Barcelona and new!

Difficult to use, disorganized.......2007-04-12

I used this book for an MBA finance class but I am not keeping it as a reference. I felt it was convoluted and badly organized. It was difficult to look up subjects using the index when you wanted to just crack the book and find a formula or look for something specific. Since that's what I would do if I kept the book as a reference, the value for me is not there. I'm looking for a different book that is better organized and easier to understand for my reference book.

Thanks you.......2007-02-12

I got the book right away and it is still in perfect condition. I am absolutely satify with market order. Thanks you so much.

new bk delivered within a week.......2007-02-11

the shipping fee is free and i got the bk within a week. Most importantly, it's a new bk which price is nearly half of the original price in the bookstore!! awesome!

This is a review of only the CD - i.e., Excel model.......2006-03-28

Let me say that I like the McKinsey model and use it a lot to value certain companies. Overall, I found that the Results section of the model really helped me understand the detailed nuances of the McKinsey model, especially given that the book itself is sometimes vague.

I gave the CD product 4 stars, instead of 5 stars, because I felt that:

1) The PDF instructional manual on using the model is woefully inadequate.
2) There were a few serious errors in the model.
3) The model took the easy way out on a lot of difficult valuation items.

1. The PDF manual is woefully inadequate. Reading it, you think the model is self-explanatory, but it really isn't. You have to really study the numbers to understand what assumptions the model wants you to make. In this regard, the book is marginally helpful, the examples in the book is slightly more helpful. In many cases, I had to turn to other valuation texts to figure out a few things.

2. The model is for the most part, error-free. But I did catch two calculation errors that I will share, so that others can avoid the pain. First, in the Forecast Drivers tab, there is a data row called Capex. It looks back at the optional Capital Expenditure line as an off-balance sheet item in 'Historical Data.' This is inconsistent with the book's data driven approach and specification that CapEx = change in Net PPE + Depreciation. You may want to recorrect the Capex formula to specify this. Why the model asks us to manually specify the Capital Expenditures in Historical Data, I have no idea.

Another error I saw is in the Results tab. In the Ratios section, there is one called 'Enterprise value / EBITA'. If you look at the formula, it points to EBIT. You need to correct this by having it point to Reported EBITA.

3. I think the model takes the easy way out on a lot of the most difficult items. For example, the book advocates treatment of R&D as a capitalized asset, and yet the model excludes this entirely. The book advocates dealing with the market value of debt, but the model just incorporates the book value of debt. The model leaves as an entry item the value of the lease as a balance sheet item, when it you could easily just as well incorporate extensions to model this. This is the same for options, convertible debt, customer receivables, unutilized/discontinued assets, etc.

Basically, the book is aggressive in advocating a firm estimation of operational value, NOA value, and Debt/DE claims, but the model is much less ambitious.

This does not make the model useless. It's a great data-driven model. It just requires the user to build sophisticated extensions to deal with the most complicated parts. At the same time, this is no cheap model. They are probably making lots of money on it. I would have expected the folks at McKinsey to provide extensions to handle the most complicated aspects of valuation, in addition to the core items.

Deal Terms - The Finer Points of Venture Capital Deal Structures, Valuations, Term Sheets, Stock Options and Getting VC Deals Done (Inside the Minds)

Average customer rating:

A Quick Guide to Venture Capital Thinking
Great Book - But Even Better is Author DVD Called Negotiating Term Sheets & Valuations in VC Deals
Very Disappointed
Solid reference for entrepreneurs
Helpful, practical, and brilliant!

Deal Terms - The Finer Points of Venture Capital Deal Structures, Valuations, Term Sheets, Stock Options and Getting VC Deals Done (Inside the Minds)
Alex Wilmerding
Manufacturer: Aspatore Books
ProductGroup: Book
Binding: Paperback

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ASIN: 1587622084

Book Description

Deal Terms is the first ever in-depth look at valuations, preferred stock, stock options and other variables that affect deal structure, written by Alex Wilmerding (a venture capitalist at Boston Capital Ventures and best selling author of Term Sheets & Valuations). Written from a venture capital perspective, however applicable for all types of financings, Deal Terms includes actual term sheets, valuation methodology and analysis, assessment of stock option programs and their impact on valuations and capital structures and other real world documents used by leading venture capitalists and lawyers analyzed from multiple perspectives. A must have book for any executive, entrepreneur, or financial professional, this timeless classic is an unprecedented resource that will help you avoid costly mistakes, understand various structures and terms, and understand wording and language from other deal sheets to help you get deals done.

According to Graham Anderson, General Partner at Euclid SR Partners, "Deal Terms provides critical, in-depth, first-hand perspective on the crucial terms and factors which influence financing decisions." Clifford Schorer, Entrepreneur in Residence, Columbia Business School remarks, "Deal Terms is an indispensable reference for entrepreneurs and finance professionals." And Andrew McKee, General Partner at Webster Capital notes, "Deal Terms is a really important resource."

Download Description

Customer Reviews:

A Quick Guide to Venture Capital Thinking.......2006-06-21

This book, one claimed by the publisher to fall into the need-to-read category rather than the nice-to-read, is aimed at giving the businessman the information he needs to know to be able to hold an intelligent conversation with a venture capitalist.

It's a pretty quick and easy read, but the businessman who has gotten his business up to the stage where outside money is needed is probably not a financial type but an engineer, or scientist or perhaps just plain businessman. This book, written from the venture capitalist standpoint, will explain to him such things as how to value a company, verious types of stock, dilution of the ownership, in short, all of the things that will need to be understood when a big time financial deal goes down.

It's not an in depth book, each of these subjects can and has several books describing them 'in depth.' Instead it is a small book that gives you what you need to know quickly.

Great Book - But Even Better is Author DVD Called Negotiating Term Sheets & Valuations in VC Deals.......2006-05-17

This author definitely knows his stuff - but even better is author's new product called Negotiating Term Sheets and Valuations in Venture Capital Deals (ISBN 1597010987). It is a 100 minute DVD that has a lot of different material in it that is critical for doing venture capital deals. It also covers specific negotiation strategies and roles and motivations for each key deal participant - which is not covered in this book or the authors other book (Term Sheets & Valuations).

Very Disappointed.......2006-05-15

After enjoying his first book, Term Sheets and Valuations, I was looking forward to this one. I regret to say that I found it a big waste of time and a bigger waste of money.

It appears as if the marketing of the book by the pblisher sought to take advantage of his first book by raising the price by 500%, giving the impression that this book was better or more comprehensive. However, nothing could be further from the truth.

Solid reference for entrepreneurs.......2005-12-29

'Deal Terms' is a solid reference for entrepreneurs with 'need-to-read' (as opposed to 'nice-to-read') information regarding venture financing deals. I find Wilmerding's interviews with various relevant players (e.g. legal counsellor, venture capitalist, entrepreneur) to be a good differentiator of the book; the quick analysis of actual term sheet is also pragmatic. The 'Valuation' section is relatively generic & is the weaker part of the book.

Helpful, practical, and brilliant!.......2004-05-07

I recently finished your book "Deal Terms" and found it extremely
helpful as we are looking into our first round of financing.

This book showed me numerous issues that I would have definitely overlooked or simply not thought of.

Thanks for writing Deal Terms. Definitely an invaluable
reference for anyone in business!

Grande Expectations: A Year in the Life of Starbucks' Stock
Average customer rating:

Steve Forbes Loved It and You Will, Too.

Otherwise dry material rendered frappalicious

Cramer Recommended It?!

Aimed at beginners

Grande Explanation

Grande Expectations: A Year in the Life of Starbucks' Stock
Karen Blumenthal
Manufacturer: Crown Business
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books
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ASIN: 0307339718
Release Date: 2007-04-03

Book Description

Karen Blumenthal, like most people, is mystified by the stock market. Just why is it, she wonders, that seemingly good news can send a stock plummeting and bad news can send it skyrocketing again?

In Grande Expectations, she shows how money is made and lost by following one of America’s hottest growth stocks, Starbucks, through a year of rapid store openings, fancy new drinks, and clever promotions, revealing how the many players—big and small investors, company management, analysts, and the media—propel its shares up and down.

Blumenthal pulls back the curtain on the stock market to expose its quirks and inner workings, from the power of a penny of earnings and the unexpected impact of a stock split to the image-enhancing effects of a brand of bottled water. With a fly-on-the-wall, character-driven narrative, Grande Expectations not only makes investing interesting but also will help you make smarter and savvier investing choices by:

•Understanding how big pension and mutual fund managers decide whether to buy more Starbucks—or dump it

•Seeing the unique ways that analysts and other finance professionals assess an investment—dissecting not only the numbers but also the company’s management, demographics, and global opportunities

•Learning how Starbucks executives manage our expectations and keep excitement percolating about the business—and the stock

•Watching how a stock is traded and how that might affect your buying or selling

•Gleaning how multibillion-dollar private hedge funds make money on infinitesimal changes in a stock’s price

•Entering the dark, strange world of the short sellers

•Realizing how different people can make absolutely opposite bets and all still come out ahead

You’ll come away with new insights into how the stock market really works—the power of expectations, stock buybacks, and profits—and explore Starbucks’ phenomenal growth and whether it is sustainable. By unraveling the market’s mysteries, Grande Expectations shows how investing can be both profitable and understandable. Get ready for the ride of your life—and a lifetime of fruitful stock market success.

Customer Reviews:

Steve Forbes Loved It and You Will, Too........2007-08-04

Steve Forbes reviewed this book and loved it, and I think it appeals equally to people who understand the market well, and those who don't. Blumenthal details all the information you wish you had, but don't have time to gather, when investing in a stock. Mostly, though, it's a fascinating, fun read, and that's the reason to pick it up!

Otherwise dry material rendered frappalicious.......2007-08-04

I seldom go to Starbucks and can rarely stomach lengthy financial analysis, so I never expected to be so consumed by a book that I just happened across and then couldn't put down. As a liberal-arts-type reader, I was as riveted by this utterly charming biography of a stock as I routinely am by a great man's life story. As originally unappetizing to me as the thought of 300 pages detailing a company's year-long stock performance was the sheer pleasure here of following the author's wide-eyed pursuit of answers about why stocks rise and fall. As Ms. Blumenthal chases down a broad swath of individuals to learn all she could about the history and future prospects for Starbucks, I found the questions she put to Howard Schultz and other company execs, to security analysts and fund managers, to small DIY investors, and to many others, were exactly the kind of questions I wanted asked. Assuming you're not already a full-time securities pro, reading this book -- although it won't instantly certify you as a financial guru -- will, for less than the cost of a few macchiatos and frappucinos, make you far wiser about this amazing company and the ways of the market. Concentrating so deeply on one company enables the author to show how stock buybacks, black-box trading operations, analyst reports, and dozens of other abstract concepts actually work in a real-world case history over an extended period. Thus material that would otherwise seem academic and dry becomes far more palatable and understandable. Kudos to Ms. Blumenthal for wonderful reporting and making stock-tracking acutely interesting and intelligible.

Cramer Recommended It?!.......2007-08-03

I am very surprised that Jim Cramer likes this book. There's really nothing to it. If you've owned a few stocks before, and paid attention to them, this book will offer you nothing new.

Aimed at beginners.......2007-06-11

One can see that there is already 40 used books, it's quite impressive for such a "young" book. I think there is a deep misunderstanding about this financial opus; Jim Cramer, I like him very much incidentally, in his review of the book emphasizes that it's gonna be a "in depth" study of how the stock fluctuates month in and month out... it's a lie, as a profesionnal analyst, I did not learn anything and I'll take a bet that people in the institutional world will not either.

As a pro, I was looking forward to reading the chapters titled "investors" and the second one even more "traders". Let me get this straight: the first one digs into the ROE, the P/E and Philip Fisher, quite enthralling for novices but for a financial adviser, this is too simplistic. And the second chapter is mostly about black-boxes and somewhat of a market maker. However, if you want to learn any "trading secret" or a mere "trading idea" out of them, forget it, you assuredly won't.

All in all this is a fun read, entertaining but just interesting for people not knowing anything about the company Starbucks (my case; I know sorry), about its resilience during a stunning bear market or for people not knowing anything about the stock market.

But if you're an institutional analyst, trader or broker, this is a lie by Jim Cramer, the "in-depth" of this book is more in the other reviews above and Jim's.

To wrap things up, there is one thing that is extremely annoying in this book, which has already not much of an exciting style into it per se (this is not a Michael Crichton, that's for sure) someone must talk to the author and tell her about the "present" tense to spice a story up a notch, all the book is written "in the past" and it gives all the more a boring feeling of what could have been a far better book if wrote with the present tense, as it is habitually the case in financial opuses.

5 stars for novices, 2 stars for pros (to read on a plane or on the beach to take a breather). I'm certain that's why there are so many "used" books for sell already. Beginners will love it, seasoned pros will wind up with the fun, only.

Grande Explanation.......2007-05-16

This is a highly readable and interesting story about a cultural phenomena. The author gives us a "year-in-the life" story about Starbucks and its stock price fluctuations, while engaging the reader in behind the scenes details. She has woven a fascinating story without losing the reader to arcane financial jargon. The book is very balanced and a fun read. I highly recommend it -- Steve

Term Sheets & Valuations - A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations (Bigwig Briefs)

Average customer rating:

Short, concise & useful
Good Content, Bad Format
Just what I needed
Check Out Author's DVD as Well - Negotiating Term Sheets
A Must for Term Sheet Analysis and Composition

Term Sheets & Valuations - A Line by Line Look at the Intricacies of Venture Capital Term Sheets & Valuations (Bigwig Briefs)
Alex Wilmerding
Manufacturer: Aspatore Books
ProductGroup: Book
Binding: Paperback

General | Popular Economics | Business & Investing | Subjects | Books

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Raising Capital | Small Business & Entrepreneurship | Business & Investing | Subjects | Books

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ASIN: 1587620685

Book Description

Term Sheets & Valuations is the first ever in-depth look at the nuts and buts of terms sheets and valuations. The book, written by leading venture capitalist Alexander Wilmerding of Boston Capital Ventures, covers topics such What is a Term Sheet, How to Examine a Term Sheet, A Section-by-Section View of a Term Sheet, Valuations, What Every Entrepreneur & Executive Needs to Know About Term Sheets, Valuation Parameters, and East Coast Versus West Coast Rules. In addition, the book includes an actual term sheet from a leading law firm with line by line descriptions of each clause, what can/should be negotiated, and the important points to pay attention to. A must have book for any executive, entrepreneur, or financial professional.

Praise for Term Sheets & Valuations:

"This primer should be required reading for every entrepreneur. It is short, authoritative and worth its weight in gold." - Murray Low, Executive Director, Columbia Business School, Eugene M. Lang Center for Entrepreneurship

"An invaluable resource for executives and financial professionals." - Graham D.S. Anderson, General Partner, EuclidSR Partners

"A valuable resource for entrepreneurs..." - Jeffrey Donohue, Esq.

Download Description

Customer Reviews:

Short, concise & useful.......2007-08-20

This short text is concise, easily read and a most useful tool. If you need to understand term sheets, the short time it will take to read and digest this volume will be well invested.

Term Sheets & Valuations is also an excellent source of reference. It gives an accurate and authoritative view of the subject to hand.

Good Content, Bad Format.......2007-03-06

Term Sheets and Valuations analyzes the finer details of VC term sheets within a framework of what are "investor favorable", "middle-of-the-road", or "company favorable" elements. While this format is helpful, the excerpts are sometimes a bit hard to follow. Not being an attorney, I found this a somewhat arduous read, especially for such a short book.

A better format would have been to include three separate term sheets properly marked up to highlight key differences. This would have required four documents: the book and three separate term sheets. Despite the increased printing costs, it would have been well worth it.

Another problem with the book is the lack of valuation information. Given the title, I would have expected extensive valuation examples. There really aren't any, sadly. This appears to have been done for extreme brevity.

The author does deserve credit for distilling a subject into a rather brief text. Given the limited population that would truly be interested in the nuances of term sheets, his attempt at this book was rather admirable.

Just what I needed.......2006-06-28

This book is a quick read and addressed the outages in my understanding of how to value companies and structure rounds of funding.

Check Out Author's DVD as Well - Negotiating Term Sheets.......2006-05-17

This was a really great resource - but even better is author's new product called Negotiating Term Sheets and Valuations in Venture Capital Deals (ISBN 1597010987). It is a 100 minute DVD that has a lot of different material in it that is critical for term sheets and valuations. It also covers specific negotiation strategies and roles and motivations for each key deal participant - which is not covered in the book.

A Must for Term Sheet Analysis and Composition.......2006-05-15

A great book for understanding term sheets and a much needed book for entrepreneurs, who really do not have many good books to choose from.

Alex provides a concise easy-to-follow explanation of the variability of term sheet design. I would recommend this book be purchased not with his other one, Deal Terms (because it is really terrible), but with what I feel is the best book for entrepreneurs written as far as the quality of content,

The Startup Company Bible for Entrepreneurs (Stathis).

This book tells it ALL, including how to understand term sheets and much more.

Average customer rating:

A bit hard to understand
This is a Terrific Resource for Practitioners Not Investors
Super
An Excellent Private Equity Valuation Primer
Good technique, directed at the professional practitioner

Valuing A Business, 4th Edition
Shannon P. Pratt , Robert F. Reilly , and Robert P. Schweihs
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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ASIN: 0071356150

Book Description

First published in 1981, Valuing a Business is today the world's most widely followed valuation reference. As more professional associations than ever offer valuation education and credentials, this Fourth Eidtion - with 10 new chapters that significantly expand the book's scope - promises to appeal to an even broader market. This easy-to-use reference features increased emphasis on vlauation court cases and decisions; new information on arbitration and mediation; updated data on stock option valuation; and much more.

Download Description

This easy-to-use reference features increased emphasis on valuation court cases and decisions; new information on arbitration and mediation; updated data on stock option valuation; and much more.

Customer Reviews:

A bit hard to understand.......2004-12-02

I had an older edition of this book, which wasn't very helpful, so I bought the new one hoping it was an improvement, but came away rather disappointed because, for an instructional manual, this one is hard to follow. Apparently, the authors have been in the valuation business for a long time, but it's not always easy to translate experience effectively into words. For most, this is a how-to project with potentially big consequences, so the instructions should be more clear than this. I liked "Unlocking the Value of Your Business" as an alternative. Once I read that book, I understood better what these guys were talking about.

This is a Terrific Resource for Practitioners Not Investors.......2004-09-16

I am a lawyer who has tried valuation cases and this book is a terrific resource for valuation experts and attorneys. I used it to defend and to attack witnesses. It is respected. It is used at the Federal Judicial Center as training for judges on these issues. It is not at all appropriate for people who are trying to value companies for investment purposes.

Super.......2003-01-08

This book, guide, reference, ... or what ever you name it. is essential for all business, financial and investment guides.

An Excellent Private Equity Valuation Primer.......2002-04-08

I have found Mr. Pratt's book to be an outstanding and practical general reference guide to valuing privately-held businesses. Due to the book's breadth of material and balanced focus on both the science and art of valuation, I have found "Valuing A Business" to be an excellent professional reference for anyone entering the field of business valuation. I highly recommend it.

In addition to the common "science side" valuation techniques, issues, and approaches that are found in many valuation textbooks, Pratt provides unique, valuable insight into the "art side" of valuation. The book also includes real life project execution considerations for litigation support, expert witness testimony, and taxation. "Valuing A Business" offers solid information to assist a practitioner in building a quality framework for conducting a comprehensive private company valuation.

Good technique, directed at the professional practitioner.......2001-10-18

I take issue with the reviewer who suggested that Tom Copeland/McKinsey's book "Valuation" is better than this one or is more directed at valuaing big businesses. ... On the other hand, it should be said that valuation techniques do not differ between big companies and small companies (especially if big/small companies are publically traded). Valuation techniques vary depending on (a) what sort of asset is being valued (public equity, vs. private equity, vs. business assets as a whole, etc) and (b) why valuation is being done (for M&A, litigation between business partners, divorce, ESOPs, for equity investment/divestment). If an investor is valuing a $50 Billion public company and a $50 million public company, the technique used for both is (probably) the same.

If anything, this book does an excellent job in reminding us of the diversity of valuation techniques in use, and the diversity of reasons for doing valuations. Given the frequency with which privately held companies are bought, one would think that knowing how to value companies whose stock is not publically traded is useful for general businesspeople, not just accountants and attorneys. But if you absolutely insist that you just want to know how to value publically traded companies and don't give a hoot for calculating "private equity discounts" or "minority shareholder discounts", then I would recommend Aswath Damodaran's books "Damodaran on Valuation", "The Dark Side of Valuation" or "Investment Valuation". Damodaran, professor of Finance at NYU, actually uses the same techniques taught here, but applied to public equity investing and with different names (for example, what is called the "Market approach" here is just what Damodaran calls "relative valuation" in a different context).

Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk
Average customer rating:

One to add to your reading list

Practical approach and mathematically rigorous at the same time

Theoretical framework with no practical examples.

This is the seminal text for Quantitative Finance

Very boring and dry

Active Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk
Richard C. Grinold , and Ronald N. Kahn
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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Quantitative Equity Portfolio Management (McGraw-Hill Library of Investment and Finance)

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Heard on the Street: Quantitative Questions from Wall Street Job Interviews

ASIN: 0070248826

Book Description

"This new edition of Active Portfolio Management continues the standard of excellence established in the first edition, with new and clear insights to help investment professionals."

-William E. Jacques, Partner and Chief Investment Officer, Martingale Asset Management.

"Active Portfolio Management offers investors an opportunity to better understand the balance between manager skill and portfolio risk. Both fundamental and quantitative investment managers will benefit from studying this updated edition by Grinold and Kahn."

-Scott Stewart, Portfolio Manager, Fidelity Select Equity ® Discipline

Co-Manager, Fidelity Freedom ® Funds.

"This Second edition will not remain on the shelf, but will be continually referenced by both novice and expert. There is a substantial expansion in both depth and breadth on the original. It clearly and concisely explains all aspects of the foundations and the latest thinking in active portfolio management."

-Eric N. Remole, Managing Director, Head of Global Structured Equity, Credit Suisse Asset Management.

Mathematically rigorous and meticulously organized, Active Portfolio Management broke new ground when it first became available to investment managers in 1994. By outlining an innovative process to uncover raw signals of asset returns, develop them into refined forecasts, then use those forecasts to construct portfolios of exceptional return and minimal risk, i.e., portfolios that consistently beat the market, this hallmark book helped thousands of investment managers. Active Portfolio Management, Second Edition, now sets the bar even higher. Like its predecessor, this volume details how to apply economics, econometrics, and operations research to solving practical investment problems, and uncovering superior profit opportunities. It outlines an active management framework that begins with a benchmark portfolio, then defines exceptional returns as they relate to that benchmark. Beyond the comprehensive treatment of the active management process covered previously, this new edition expands to cover asset allocation, long/short investing, information horizons, and other topics relevant today. It revisits a number of discussions from the first edition, shedding new light on some of today's most pressing issues, including risk, dispersion, market impact, and performance analysis, while providing empirical evidence where appropriate. The result is an updated, comprehensive set of strategic concepts and rules of thumb for guiding the process of-and increasing the profits from-active investment management.

Customer Reviews:

One to add to your reading list.......2007-06-30

I know many have this book and have never read it. Others read this book but never really understand it. However, if you can read it and understand it, it can offer a powerful tool for how to allocate capital. It actually is the basis for most indexing and quantitative methodologies. When applied to fundemental approaches to investment it can be quite powerful.

Sadly, though not enough money managers embrace what this book is trying to say with regards to risk and return.

Practical approach and mathematically rigorous at the same time.......2006-02-01

Excellent book for whom is looking for a practical approach that at the same time is presented through a rigorous mathematical methodology. The book is absolutely superior over the academic textbooks that usually limit themselves to CAPM and efficient market theory. Grinold and Kahn go much forward and at the same time had managed to clearly and meticulously show the CAPM model, its limitations and the more sophisticated tools developed from it. Beside of showing the active way of managing a portfolio, the serious mathematical presentations through which the different theories such as CAPM are described are very convincing of how difficult it could be to beat the market.

Theoretical framework with no practical examples........2005-01-20

There is important information in this book but most of us need to see numerical examples to reinforce theoretical concepts. This book really comes up short in this area. It provides some discussion with the formulas/equations it presents but is very incomplete in terms of worked out examples. Yes, including worked out examples might might mean a book three times as long, but the book would then be many, many times more useful to practitioners.

As it currently stands the book can only benefit the super-genius-theoretical types who do not need to see examples to understand OR someone who ALREADY really understands the concepts.

The book rather frequently presents variables or constants without explicitly defining them for the reader (it assumes we know what they mean from the accompanying discussion).

The book gives exercises, but without answers what good are these?

The one thing the book does is make you realize there is a lot you do not know. You can find ideas in portfolio management that exist by reading this book but if you are at all like me you are going to have to look elsewhere for the answers. I have had better luck with Google searches for stuff like Style Analysis.

The book shows how smart the authors are: they know stuff that must of us do not. Unfortunately this is the feeling I get as I read sections of their book. They intend to keep it this way. Bottom line: the book fails to bridge the gap between theory and practice.

This is the seminal text for Quantitative Finance.......2004-11-11

If you work for one of the top alpha quant shops (Barclays, Goldman, etc.), this text is a the proverbial must read. These are the guys that essentially invented quantitative finance in its modern form, building upon the [only somewhat applicable] concepts of Sharpe and Rosenberg and demonstrating how they can be harnassed to drive alpha. Anybody who has given this text a poor review obviously doesn't work in quantitative finance (chances are they're merely stock-pickers). If you want to understand how to drive alpha and beat the market, this text goes a lot further than explaining the simple concepts of information ratio and tracking error; instead, this book touches on the beauty of multi-factor models and covariance risk management.

Very boring and dry.......2004-10-05

This book is a funny phenomenon in itself: it seems that every portfolio manager keeps a copy on her desk, but nobody I've talked to likes the book, or has even really read it. I read it and had to struggle hard to go from one page to the next. It's one of the WORST books I've ever read in any field. The book attempts to give the reader a comprehensive overview of the portfolio management discipline. Unfortunately, it's extremely dry, to the point of boring the reader to death. A lot of pages are also wasted on topics of dubious value, while important subjects like global management is treated lightly. I highly recommend against this book. It's a waste of money.

Value Investing: From Graham to Buffett and Beyond

Average customer rating:

Exceptional Addition for Any Investor
Must-read for value investors!
A MUST READ
the most comprehensive review on value
Must-read for serious investors of any stripe

Value Investing: From Graham to Buffett and Beyond
Bruce C. N. Greenwald , Judd Kahn , Paul D. Sonkin , and Michael van Biema
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471381985

Book Description

From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications
Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.

Customer Reviews:

Exceptional Addition for Any Investor.......2007-07-07

Fantastic summary of modern value investing. Greenwald looks at the discipline with the critical eye of a professor, making it more informative than many other books about the subject. Even seasoned value investors will learn from this book.

Must-read for value investors!.......2007-07-01

What I Liked About It
* Details several valuation methods that I haven't seen in other non-academic, mainstream investing books.
* Several real-world examples to apply valuation methods
* Great treatment of brands vs. franchises

What Needed Work
* Various investor profiles unnecessarily fill the 2nd half of the book.
* Attempts at quantifying "franchise" felt a bit forced.

Greenwald's book ranks at the very top of my investing bookshelf. I read this after having read Graham, Greenblatt, Klarman, Lynch, P. Fisher, Cramer (yes, that Cramer!), Dorsey, Buffett, and Browne among others. Amazingly, this book broached a number of topics not covered by those prominent authors. As such, this book is required reading for the discerning investor.

The most important concepts this book gave me were valuation methods based on net asset value (NAV) and earnings power value (EPV). Before this, I had trouble valuing companies that didn't generate steady cash flow or have commodity assets. Now I have more angles from which to examine a prospect and find undervalued companies besides running a DCF analysis. We've heard about past opportunities where you could have bought a company like McDonalds for the price of its real estate and gotten the business for free. Greenwald shows you how to find these opportunities using his asset valuation methods. He also gives you the tools to fairly value "tech" companies (or any enterprise with heavy intangible capital). Less convincing is his discussion of earnings power value but nonetheless, it's still helpful to be able to examine a company's earnings ability.

Greenwald also spends time discussing problems with discount cash flow analysis (DCF) as well as franchises. While his thoughts on these subjects were thought-provoking, I don't completely agree with his conclusions.

On DCF, Greenwald says that trying to project future growth rates 5-10 years forward is folly and will distort your DCF analysis. While he is right that future growth projections are problematic, that doesn't mean DCF isn't helpful for individual investors. Greenwald concedes that his preferred methodologies require, in some instances, in-depth knowledge of the business and industry of the company being examined. The non-professional (me!) may not have this expertise and any estimates of asset worth or capital costs would be just as faulty as analyst growth estimates. In fact, an adjusted future growth rate derived from a number of industry-knowledgeable analysts may be more generally accurate (if imprecise).

The main knock against the book is the whole second half consisting of eight investor profiles. There's nothing wrong with them per se except that they are in the book at all. If I had wanted a book on famous value investors, I would have picked up something by Kirk Kazanjian. The chapter on Warren Buffett is almost exclusively quotations taken from freely available public reports and Seth Klarman has written his own book on investing.

I've written a more-indepth review at my enlightened-american website but in summary, my advice is to soak in the 1st half of the book and skip the 2nd half entirely. Dig into an annual report instead and start applying what Greenwald's shown you.

A MUST READ.......2006-11-13

find weak areas with strong fundamentals is secret according to this book. this is a good combo to Investing Without Losing (ISBN: 0978834607 NOT on amazn, on other stores), one is about the concept and the latter is about execution

the most comprehensive review on value.......2006-09-20

In short, this book is grounded on economics and common sense. It summarizes "the intelligent investor", "security analysis", and the modern books on Buffett pretty well (there are other paths to heaven besides Buffett's). Its verbiage is beautifully chosen and a joy to read, especially for avid value investors. Best of all it is a scholarly work - if you're sick and tired of the commercial investing books that flood bookstores, buy this book.

Must-read for serious investors of any stripe.......2006-08-12

A must-read for investors of any stripe, growth or value. This book, written by a couple of the most popular professors at Columbia Business School, explains the innovations in the field of value investing as practiced by some of the most successful investors in the field. (fair disclosure: I will be taking courses from them in 2007) This book successfully bridges the gap between the traditional Graham & Dodd style of value investing to what works today. Although it's a paperback, it's written with the density of a textbook. The writing style is not light, and the actual meat of the book takes some time to wade through. If you don't have some experience in accounting or corporate finance, then Joel Greenblatt's The Little Book That Beats the Market is good to read first.

The substance of this book is a process for modern value investing: value investing is not investing in lousy companies just because they appear cheap. The authors also teach a structured way to value a company. Finally, the authors address how to value growth.

First, before reading this book I had the mistaken impression that value investing was all about investing in the ugliest, least interesting company you could find just because it had a low P/E ratio. I was completely wrong! (Maybe I have attended too many stock pitch sessions and heard too many poultry stocks and encyclopedia companies get pitched.) Modern value investing, according the authors: "When B. Graham went scouring financial statements looking for his net-nets, it did not concern him that he may have known little about the industry in which he found his targets. All he was concerned with were asset values and a margin of safety by that measure. A contemporary value investor had better be able to identify and understand the sources of a company's franchise and the nature of its competitive advantages. Otherwise he or she is just another punter, taking a flier rather than making an investment." What a breath of fresh air to read this passage.

Second, this book lays out a structured way to value a company by first looking at reproduction costs of assets, then earnings power, and finally the value of profitable growth. I, like the authors, find traditional DCF valuations to be plagued by false precision. The authors' more practical method starts by adjusting the balance GAAP balance sheet to calculate the cost of the assets for a potential business entrant. Next, the company is valued based on the earnings generates consistently, assuming no growth. A key insight is the value of the franchise: the difference between asset value and Earnings Power Value is the value created by a company that has significant competitive advantage. Last, the value of profitable growth is considered.

As a self-admitted recovering growth stock addict, I learned from this book that value investors are skeptical about growth for two reasons. One reason is that it is so hard to predict, but more important, many times growth is not worth much. Unless the return on capital (ROC) of the company is higher than the cost of capital, growth does not create value. (I am a slow learner; Greenblatt's example in The Little Book That Beats the Market of opening an additional gum store is even clearer to me.) The growth matrix and formulas in the book were a revelation to me. The surprising thing is how little multiple expansion a stock deserves based on growth. Unless a company truly has a franchise, expanding into other areas and "diversifying" the business often destroys value. And growth for growth's sake will not make a stock go up.

This book brings value investing into the modern stock market. Modern value investors still use traditional valuation principles in a structured way, but they also consider the value of growth and the attractiveness of the business. What a relief, I not restricted to buying typewriter and pay phone stocks! The authors quote Warren Buffett: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

Average customer rating:

An excellent valuation book that should be well known by a wider audience
Ground Up Valuation Techniques
An ideal introduction to company valuation
A Solid Introductory Valuation Text
Fantastic book

Corporate Finance: A Valuation Approach
Simon Z. Benninga , and Oded H Sarig
Manufacturer: McGraw-Hill/Irwin
ProductGroup: Book
Binding: Hardcover

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ASIN: 0070050996

Book Description

Designed for courses in corporate finance, this text is a detailed description of the valuation process, providing an integrated, comprehensive method for valuing assets, firms, and securities across a wide variety of industries. The presentation begins with a review of financial and accounting techniques, proceeds with a presentation of the valuation process, leading towards the development of pro-forma financial statements and the translation of these projections into values. A key strength of this text is teaching students how to use pro forma financial statements as a basis for valuation.

Customer Reviews:

An excellent valuation book that should be well known by a wider audience.......2007-02-08

Simon Benninga's and Oded Sarig's "Corporate Finance: A Valuation Approach" (CFaVA) is one of those secret texts that true insiders cherish while other less efficient or significant works capture limelight.

"CFaVA" is comparable to the McKinsey group authors Koller, Goedhart, Wessels's "Valuation: Measuring and Managing the Value of Companies" and also Aswath Damodaran's "Investment Valuation: Tools and Techniques for Determining the Value of Any Asset" [Full disclosure: I've taught graduate Corporate Valuation with both texts].

Benninga and Sarig's work is excellent because it is lean while not oversimplified. The key chapter of estimating discount rates is the finest one-chapter treatment of the subject I've seen in my career, and should be required reading for any M&A or LBO banker or PE associate. The chapter on valuing by multiples is also useful for relative value and comparative scenarios for deal-makers.

Chapter 12 covers convertible securities, and it would be unfair to say it is bad simply because it is compressed and incomplete (entire libraries have been written on the subject of convertible bond valuation), but also appears out of place in the content of the book until you realize that the random elements of a stock price going forward in time intersect with capital structure choices and enterprise value, so the connection and recursive element of valuation is made at once explicit with an example.

An excellent book that should be well known by a wider audience.

Ground Up Valuation Techniques.......2002-01-18

If you are new to corporate finance valuation this book will take you to the next level. Provides step by step instruction on how to value companies. Covers Excel techniques with easy to follow examples. Covers 1 full semester at most business schools.

An ideal introduction to company valuation.......2001-09-21

This book offers a very simple introduction to evaluation of companies prior to investing. The DCF method is primarily used. There is a common thread running through the chapters which makes the book easy to understand. Its not verbose, which adds to its attractiveness. But, the readers should remember that this is only an introduction, and some other advanced book like Copeland's is needed to build upon the ideas presented in the book.

A Solid Introductory Valuation Text.......2000-12-18

This book does a good job of logically explaining the step-by-step method of corporate valuation. Benninga and Sarig do a good job of focusing on the practical tools of finance. I only wish the DCF examples were less simplistic. A substantial amount of additional work is needed to apply these models to real world firms.

Fantastic book.......2000-05-22

This book serves as an excellent introduction to and/or refresher on valuation techniques. The entire valuation process (primarily DCF) is broken down into a series of steps, each of which gets its own complete chapter. Each chapter is well written and builds on its predecessors.

A particular strength of the book is the authors' reference to Excel functions and which ones are useful in valuation models. This book is not just theory; there are concrete "how to" examples throughout. Once you've finished this book, you can do more than cite valuation theory: you can build valuation models.

One of the best finance books I've ever read.

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