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Finance Preliminary Edition 1st Edition
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Top Customer Reviews
This is a relatively well-written undergraduate-level text that can be read/understood without the need for classroom instruction. It is especially useful for self-study by ordinary people who know nothing at all about finance theory but are motivated to learn. The reader will find all of the main topics covered: cash flows, efficient market hypothesis, capital asset pricing model (CAPM), risk management, hedging, and options pricing at Black-Scholes (B-S) level of discussion. In the spirit of the simple level of the text, the B-S equation is applied but not derived (best derivation is still the second one, and the Black's original method starting from the CAPM, in the famous 1973 Black-Scholes paper). `Fat tails' (known and largely ignored since Mandelbrot, 1962) and non-risk-neutral hedges, the frontiers of modern finance theory, are not discussed. Throwing the traditional `financial-engineering' bone in the direction of fat tails, implied volatility is discussed because in practice fat tails can't any longer be ignored. All in all, the book is recommendable to physics grad. students who want to learn finance terminology along with the main (wrong) ideas believed by the finance theory community.Read more ›
Also, the way the questions are worded in the end of chapter reviews leave little relevance to what was taught in the preceding pages. Often questions that are asked are open-ended and very ambiguous.
I would not recommend this book to anyone and have asked my University to stop using this book because it is so flawed.
Most Recent Customer Reviews
I think this book is the best place to introduce finance to students. It has plenty insght from accounting to math. It has no rigour but it is okay for the beginners. Read morePublished on October 27, 2013 by J. Rogelio
Great book that actually teaches you finance.
I bought it as an additional reading material for my Corporate Finance and Investment Analysis classes. Read more
Great first book on Finance.... Should be required reading for all college grads.
See also his Bodie's book Essentials of Investments.
there is a few bad review of this book. of course it is not a book for mba students, it is just good if you are in first year at university, easy to understand, and good... Read morePublished on June 5, 2007 by Mehmet Zengin
I found this to be a great reference for self-study. As other reviewers have noted the book might not be up to par for graduate studies in accounting or finance but I have found it... Read morePublished on December 5, 2005 by Dennis Mitton
This book is the worst finance book I've come across. I had to resort to a past finance book in order to get through the class that this book was assigned for. Read morePublished on February 28, 2003 by Scott C. Anderson