- Series: Mcgraw Hill Series in Finance
- Hardcover: 998 pages
- Publisher: Mcgraw-Hill College; 5 Sub edition (July 1996)
- Language: English
- ISBN-10: 0070074178
- ISBN-13: 978-0070074170
- Product Dimensions: 1.5 x 7.8 x 9.8 inches
- Shipping Weight: 4.2 pounds
- Average Customer Review: 3.6 out of 5 stars See all reviews (42 customer reviews)
- Amazon Best Sellers Rank: #1,092,930 in Books (See Top 100 in Books)
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Principles of Corporate Finance (Mcgraw Hill Series in Finance) 5 Sub Edition
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Top Customer Reviews
Why I love it: It is well written, it has many examples, it covers many subjects, it has a sense of humor (many reviewers do not have a sense of humor) and I found myself referencing this book as I took subsequent quantitative-oriented classes in my MBA program.
Why some people may hate it: 1. European MBA programs are much more quantitatively oriented. The MBAs from Belgium and London tell me that 50% of their grade in most classes requires proving or deriving a formula. This book won't tell you how to do that or address those hairy mathmatical models. 2. Finance practitioners, options traders, investment bankers aren't wild about this book. It is not in-depth quantitative in its nature. I don't believe practitioners should be reading a general book such as this. If they are reading this book, then this should be only one of several works they should be reading. 3. Finance is hard work! Most of my MBA peers were blindsided by the amount of effort required by the class (as I was). Even the Sr. financial analysts in my class were challenged by the work. If you're not sharp on your math skills, your finance class will make you choke! Any book that would purport to tell you everything you need to know for a basic corp. finance class would be a multivolume set! Don't demand miracles from one textbook!
Do yourself a favor: If you do use this book or subsequent volumes, purchase the study guide and solutions guide as well! And attend teaching assistant sessions if you can!
About CAPM, APT and WACC: they are addressed in this book. Maybe not to the extent that they should be, but then again, this book is a survey of issues. My prof spent lots of time on those subjects even though the book did not.
What about the customer reviews that have trashed this book? Based on my number of years of teaching experience, I have found that some students have a difficult time with this book. I also find that these students are ill-prepared to take a course in corporate finance and don't have an understanding of basic statistics or accounting or economics. So if you are ill-prepared for a rigorous course in corporate finance, this book is not for you. As for the reviewer who claims that the CAPM and arbitrage pricing theory are missing....that's simply a false statement.
Bottom line: This is a fantastic book and it is used as a textbook in core MBA finance courses at all the good universities like Chicago, Harvard, MIT, Wharton, etc.
B&M is an excellent book... and I say this six years after my initial corp fin course in the Chicago MBA program. I've been working in the field now for five years in several capacities and still use this book regularly. In fact, when I drafted an in-house valuation course for my FORTUNE-5 employer recently I found myself returning to B&M repeatedly to review first principles.
Corp. finance is (and should be) inaccessible to someone unwilling to master statistics, financial accounting and the theoretical foundation provided by Miller & Modigiliani, Markowitz, Fama, Roll et. al. Yet it's not a science; it is an art informed by rational academic inquiry and the invaluable feedback of practitioners. That's what makes it beautiful.
Those lacking the diligence to wade through the thought problems of the M&M theorems, the development of CAPM and APT, the relevance and shortcomings of DCF analysis, and guidelines for proper investment economics can't possibly expect to practice finance intelligently.
And that's my biggest complaint about financial professionals. Many don't understand the genesis of economic value because they don't grasp the fundamental arguments that B&M make so clearly. At a time when the blather of CNBC reigns, Wall Street analysts still hype EPS and stock splits, and everyone from stockbroker to accountant calls himself a financial analyst this text is more necessary than ever. Learn it cover to cover and you're ready to move on to further complexity in the field. And there's a lot of further complexity in the field.Read more ›
Most Recent Customer Reviews
A early edition text at a good price. Delivered on time and in good shape.Published 20 months ago by James B. Foreman
The user lied about the edition of the book. I was looking for a tenth edition and i ended up with a fifth edition which is not relevant at all.Published on August 16, 2011 by Omosh
I used this book as a part of financial economics component at one of the UK universities. I apologize to the authors, but this is without doubt the worst book I have seen as an... Read morePublished on December 17, 1999 by Peter
I just started my MBA program, and this is one of my text books. It's hard to read and incredibly boring. Read morePublished on December 7, 1999
Do not be too confused by comments of other reviewers. This book is definitely 'not' the bible for people having finance as a major. Read morePublished on October 3, 1999
this book try to touch the real life in most of its aspects.the encluded examples of previous experements give more understandin to thr reader. Read morePublished on September 21, 1999
I used this text at my snotty university in Jersey, and found it pretty helpful in explaining key corp fi terms. Read morePublished on August 31, 1999