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Principles of Finance with Excel: Includes CD Hardcover – January 5, 2006

ISBN-13: 978-0195301502 ISBN-10: 0195301501 Edition: Har/Cdr

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Product Details

  • Hardcover: 928 pages
  • Publisher: Oxford University Press; Har/Cdr edition (January 5, 2006)
  • Language: English
  • ISBN-10: 0195301501
  • ISBN-13: 978-0195301502
  • Product Dimensions: 9.4 x 1.6 x 7.6 inches
  • Shipping Weight: 3.5 pounds
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (51 customer reviews)
  • Amazon Best Sellers Rank: #448,754 in Books (See Top 100 in Books)

Editorial Reviews


"You have done an excellent job. I can't find a book with the applications you've included in here and I think it's great. I have an honors degree in Economics from University of Western Ontario and sat the CFA level one exam this year. Both bodies of studies are great but I believe where they lack is in the application dept. The majority of the content that I've looked at so far from your book was covered in level one CFA but the texts never explained applications with Excel which is a huge downfall. I believe your book compliments and fits perfectly into what I've learned in theory."--Rob Lee, Trader

"You have transformed me, an IT person, into someone who now knows QUITE a bit about financial management, and who can now quote, debate and discuss with the best of them! I still cannot thank you enough. I could not have done this without the knowledge imparted by Principles of Finance with Excel."--Zubin Garda, Deloite-Touche

"I am a Finance Division Manager at Allstate and use Excel quite a bit. It has been my experience in hiring over the past five or so years that most students today coming out of school lack skills and knowledge of Excel. Most of what I learned while in graduate school was related to the financial (i.e. banking) industry. Very little related to anything outside of that, nor were there any real life exercises in many of the books that I had. I liked your book because it showed how to use many of the features of Excel."--Charlyn Foust, Allstate

"Principles of Finance with Excel by Simon Benninga is truly a unique and important new Excel based corporate finance text. Many students contact me after graduation and tell me how their ability to use Excel in financial modeling has opened doors to many interesting career opportunities. However, it is not simply the ability to use Excel that has opened these doors. The key is that Principles of Finance with Excel promotes a sound understanding of the principles of value creation and of financial decision making under uncertainty, which allows individuals to make immediate contributions to their firms."--Glen A. Larsen Jr., Finance Department, Indiana University

"Finally, a 'Principles of Finance textbook' that uses the tool that our students will 'do finance with' once they graduate. In this book, Dr. Benninga pairs his authoritative treatment of finance with Excel and a thorough study of the finance basics. Excel is used, not as a black box, but rather as an implement to further understanding of the topics. Even a seasoned Finance professional can learn new tricks and gain new insights from this book."--Timo Korkeamaki, Finance Department, Gonzaga University

"Microsoft Excel continues to be an absolutely critical piece of the tools and language of applied personal and corporate finance at all levels. Bankers, CFOs, investors, accountants, lawyers, entrepreneurs, and even proactive consumers need to be adept at using this platform. Principles of Finance with Excel fills a gaping hole in the market by applying an effective teaching methodology to financial applications of Excel in a self-contained text."--Alex Gould, Department of Economics, Stanford University

"Professor Benninga's Principles of Finance with Excel masterfully integrates theory with practice. By working through learning-by-doing examples and practical applications, the reader's knowledge and understanding of both finance and Excel are enhanced. Furthermore, it accomplishes this in an engaging and entertaining manner. This book will be a valuable resource for anyone interested in learning finance. I highly recommend it" --Tom McCurdy, Bonham Chair in International Finance, University of Toronto

"In Principles of Finance with Excel, Professor Benninga skillfully interweaves financial theory with applications to real-world data. Basic financial concepts are presented with unusual clarity in an intuitive manner. This book offers a nice blend of concepts and Excel applications and is easy to follow. Readers will find the exercises in the book fun and interesting, as many of my students and I have."-- Youngsoo Kim, University of Regina, Canada

About the Author

Simon Benninga is professor of finance at the Wharton School of the University of Pennsylvania and at Tel Aviv University. He is the author of numerous academic articles and three previous books. His books on financial modeling and valuation are now standards in the field of finance and have been translated into Japanese, Chinese, Polish, and Italian.

Customer Reviews

4.7 out of 5 stars
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Very Well Written and easy to follow, the best book relating excell and Financial Modeling.
Gilberto A. Baraona
This book provides a clear and logical guide to understanding the Principles of Finance, using the most important tool for financial analysis, Excel.
Gustavo Jimenez
I fully recommend this book to anyone seeking to learn about finance or excel applied to finance.
Soccer Fan

Most Helpful Customer Reviews

78 of 87 people found the following review helpful By M. Yvonne Reinertson on March 5, 2006
Format: Hardcover
As a university teacher of strategic corporate finance and optimal investment, I have watched the financial industry analytics transcend hand calculation with financial calculators to financial modeling with spreadsheet software. Depending on whether the financial specialty is in corporate or banking/brokerage, the job skills requirement can range from corporate cost control to optimal portfolio design. In watching the analytics development within the financial industry, I have repeatedly witnessed students with financial modeling skills obtain jobs that are typically reserved for specialists holding advanced degrees or having multiple years of experience.

My course design typically takes the form of a strategic analysis class in either corporate financial planning or investment issues. Optimal corporate financing affects optimal investments. Additionally, since my research interests are in international corporate finance, global finance themes surface in most lectures. In corporate finance, raising funds on favorable terms and then allocating those funds efficiently among various projects are decisions made by every company financial officer-in every country; in investment, fund managers face global choices. Thus, business is no longer exclusively domestic ventures. It is because of this that I would like to see a global analysis chapter added in the next revision of both of Dr. Benninga's textbooks. Business, and the financing of business, is global-even at the principles level.

Statement: There is not an employer on the planet who will care that you can solve a time-value-of-money problem using a hand-held calculator. Real world financial applications require spreadsheet analysis.
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45 of 49 people found the following review helpful By PDJ on November 24, 2007
Format: Hardcover
This is really a great book. It's written in a way that's easy to understand, it does a good job of relating Excel to the financial topics, and the cd that comes with it is nice; seeing as it has all of the spreadsheets discussed in the book and answers / templates to the problem sets.

One big problem with it though, (and let me stress the BIG) is that there are way too many errors in it. While the errors in the actual book are few; there are many errors in the answers to the problems at the end of the chapters. This has become very frustrating to me since I'm basically learning from the book on my own and don't really have anyone to help when an error in a problem's answer stops me from fully understanding it.

Bottom line this is a great book and if you have a good teacher to help you along then there shouldn't be too many problems. I would definitely give it a 5 if it wasn't for all the errors on the CD.
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26 of 27 people found the following review helpful By Amazon Customer on June 9, 2006
Format: Hardcover
With an undergraduate degree in economics and two years of working experience in Wall St, you can say that I had the chance to read quite a few finance books. I find Principles of Finance with Excel to be hands-down the best Intro-Finance book of them all. Not only does it explains the finance topics very clearly, it teaches you how to apply this knowledge in Excel. This is by far, in my opinion, the best way to learn finance. Furthermore, since solutions to the exercises are included on the CD, this book is perfect to the self-motivated reader. Lost or stolen, I would purchase this book again.
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13 of 13 people found the following review helpful By Gig Harborite on October 16, 2007
Format: Hardcover
Overall a good book but the exercises and CD solutions are full of errors. For example: A question will state a 7% interest rate and a 4 year repayment but the solution CD will be solved at 8% for six years. Excel formulas used incorrectly (using blank spaces rather than zeros in NPV/IRR data ranges). Fudged numbers in the chapter on financial statements--multiple errors were used to offset each other to give the right answer. Should have found a better grad student proof-reader.
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19 of 21 people found the following review helpful By DJ on January 3, 2007
Format: Hardcover
This book is the 2nd best thing after the heavy Finance book you'll have to go through during your 1st year as an MBA. I regret not having the time to REALLY discover this book: I would have smoked finanace rather than simply survived it.

This book lucidly explains all the major concepts of finance (NPV, WACC, beta, DCF, etc) through the lens of excel. Being that you will be using excel to crunch numbers at your workplace, this book makes a ton of sense.

Well done -- I look forward to the author's next book.
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18 of 20 people found the following review helpful By Josh on May 27, 2007
Format: Hardcover
This book is clear, concise, easy to follow, and solidly covers the fundamentals of finance. The excel portions are equally impressive, and the practical applications are clear. However, the examples and especially the solutions on the enclosed CD are riddled with mistakes and transcription errors. Frankly, I get the impression that the examples on the CD were put together by on of Benninga's less than stellar students. Three or four mistakes per exercise problem is what I found to be typical. Most of the errors are rather obvious, like saying months when they mean years, the examples in the book having different values than the corresponding problem on the CD, etc., but many of the problems are incorrectly solved as well. In at least one instance, they show the solution to an earlier problem instead of the problem they are supposed to be solving. There is also occasional bad grammer: "Note that the inflation series is not a trivial to put together"

All in all, the text isn't bad, and I've learned a lot from working through it. I just wish more time had been spent checking his work.
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Most Recent Customer Reviews

More About the Author

In the last 20 years I have written a series of books on financial modeling. My current books are Financial Modeling (3rd edition, MIT Press, 2008) and Principles of Finance with Excel (2nd edition, Oxford University Press, 2010). Both books integrate Excel with financial problems. It is difficult to exaggerate the importance of Excel for anyone doing finance, whether student or practitioner, but for some reason most finance books either ignore Excel completely or do not instruct the reader in the nuts-and-bolts of Excel implementation of finance problems. Hence my books.

Of the two currently in-print books, Financial Modeling is a more advanced modeling/finance book that includes VBA and some more advanced mathematics (all explained within the confines of the text). FM has become perhaps the standard financial modeling book at universities and among practitioners. It has been translated into Japanese, Chinese, Italian, and Russian.

Principles of Finance with Excel is an introductory text that covers the standard concepts of a "Principles" or "Introductory" finance book while maintaining the integration with Excel. PFE is gaining increasing adoption at universities in introductory finance courses.

I maintain a full website at that includes materials for instructors using my books in courses.

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