It is intended as an accessible introduction to the technical literature. A clear distinction has been made between the mathematics that is convenient for a first introduction, and the more rigorous underpinnings which are best studied from the selected technical references. The inclusion of fully worked out exercises makes the book attractive for self study. Standard probability theory and ordinary calculus are the prerequisites. Summary slides for revision and teaching can be found on the book website. The sequence of chapters starts with a description of Brownian motion, the random process which serves as the basic driver of the irregular behaviour of financial quantities.
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I purchased book for a PhD finance class and I was extremely disappointed. The presentation of concepts was fragmented and inconsistent.
It seems like each paragraph was written on a different day with no regard for what was put in the previous paragraph. Most of the material is not presented in an intuitive manner. If you want a deep understanding of financial theory, skip this book. It would be a better idea to simply memorize the relevant formulas and use the money to buy another book. To make things worse, the book itself is cheaply made and falls apart after a few weeks My favorite part of this book is how the end of the chapter questions will ask you about concepts that were not even discussed.
Badly written and confusing and cheap. If your professor uses this book consider switching classes! This is considered poor quality even in a 3rd world country! Several pages are badly copied and misplaced in a manner that parts of the text have droped out of the page! The pages have little margin, and are low quality black and white copies of an original.
It looks so cheap. The book has lots and lots of typos, the worse part is, most of them are in formulas and mathematical areas where precision is of key importance to ones ability to comprehend. For this piece of low quality copy offset mess? To accomplish this goal, this textbook focus on basic concepts of decision making under risk, market efficiency, asset pricing, capital structure and dividend policy. This book is definitely for both a master and PhD levels.
I used it in MBA Finance, and it did the trick. Please notice this book has a solution manual sold separately. The book is not hardcover, it is not in the best conditions and it is the international version, which I hope it is not going to be a problem during the semester. That is not how the product is described. I have worked now with the old version of this book for several years.
Not because it is up to date, not because it contains rigorous proofs for every single element ever covered in finance, but because it contains a good summary of nearly everything that matters for this industry. I am still astonished how comprehensive and still sufficiently advanced the topics have been already in the old version of this real classic. This is and will remain one of my favourite books. Thx for the updated version. I have to go through this because it is a required professional exam textbook.
There are many things need to improved: 1, English language please. For example page Again page Sexual discrimination??? I expect 4th edition book not this bad.
Maybe it is rushed to publish. I had this book for a PhD class in finance and have very few good words to say. The derivations should have been omitted: rarely is anything followed from the beginning to the end; the excerpts that are provided do not give much additional insight. Abundant typos in the formulas. In addition, the context of the models is often poorly presented and I was often left wondering what the situation or some assumptions are.
Overall, relatively poorly written. The book does give an overview of a lot of papers and as long as it is viewed as a starting point to read the papers it is acceptable. Still, the presentation is very fragmented and frustrating, creating a strong desire to read the original papers. It took a while before this 4th edition came out. The 2nd and 3rd editions were pretty good, and the 4th ed still contains a lot of the old material. I would have to agree that this book is probably a little shallow for the Ph.
On the other hand, this book takes a very good approach and the authors are very respected in the field. In terms of a more advanced MBA text, I think that this is the best book available. The book suggests it serves as a first course in finance for PhD students, and a second course in finance for master students.
But as I see it, it is too shallow for PhD level reading, as it never explain some complicated derivation clear enough. There is just not enough explanation. I mean, the author could have said that "after some derivations" or "it can be shown that I have to figure their logic since usually I just like to thought about how to derive a result as I am supposed to read it as a first book in finance for a PhD student.
Many times I have to give up figuring, as the steps the authors take from the conditions to the results are usually too big to guess. According to my roommate who is a master in finance student and who happened to look at my book for curiosity, this book looks too deep for a master level in some topics, e. They try to talk about some complicated financial theories, not deep and clean enough for a PhD student and also not that intuitive to understand for a master student.
If you are a PhD student, read some books or papers treating certain topics with clear derivations and depth. If you are a master student, though my opinion is sort of partial, the book does not provide good intution for some advanced topics.
Brownian Motion Calculus
I purchased book for a PhD finance class and I was extremely disappointed. The presentation of concepts was fragmented and inconsistent. It seems like each paragraph was written on a different day with no regard for what was put in the previous paragraph. Most of the material is not presented in an intuitive manner. If you want a deep understanding of financial theory, skip this book. It would be a better idea to simply memorize the relevant formulas and use the money to buy another book.
Esty This book is simply a collection of HBS case studies: nothing more, nothing less. Here is the data on Company X. Here is why they want to achieve the Y result. Which one of these options the Company X do you think should choose? Consider yourself forewarned! I am not in a finance field per se, but the case studies were easy to follow and analyze and provided for excellent readability.
Arzac This book is the greatest book I have found on applied corporate finance. It has the equivalent of a standard Corporate Finance course in Chapter 2. The remaining chapters expand the theoretical financial valuation framework and then show students that terms, structure, probability, and the control premium are fare more valuable insights than knowing WACC to one more decimal place. Why is that so? Other than that, this book seems like a good backup reference, but all the math errors really make this book seem very unprofessional. I was going over the reviews for this book and noticed that 8 of them occurred within a very short span around the beginning of December