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Corporate finance is a key subject within business, but one that often presents a real challenge to those coming to grips with it for the first time. Often teachers too find it a challenging subject to put across in a practically relevant way whilst at the same time ensuring that the mathematics gap' between the capabilities of the student and the demands of theory are effectively bridged. Corporate Finance and Valuation is designed to overcome these challenges by presenting the subject in the simplest way possible and by connecting vital principles with vivid practical examples. Corporate Finance and Valuation offers a practical managerial perspective on the subject. The three themes of value, return and risk are developed and form a unifying thread throughout the book. Practical tools and techniques for identifying and solving financial problems in the real world are presented. For every practical finance problem, from estimating a company's cost of capital through to the valuation of its intangible assets, Corporate Finance and Valuation places emphasis on how the job can be done using readily available tools and freely available data.
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An excellent introduction for both specialist finance students and for MBA and other business students who want to take their study of finance beyond the basics. It covers all the main areas that you would expect, building from the usual basics of time value of money and financial markets through to leading edge topics such as option pricing and the use of real options in business. The central focus on business value will help students to understand what they can otherwise often find a complex subject, as does the way in which the book explains complex technical issues in an accessible way without over-simplifying or dumbing down whilst still taking a critical view of the arguments made for and against the concepts and methods that it explains (I particularly liked the review of the many conflicting and often self-serving opinions on market efficiency for example). The practical examples and links to other areas of business help to make the theory tangible and help students to relate corporate finance to other business studies subjects rather than seeing it as an obscure black art to be swotted and passed then forgotten whilst escaping as quickly as possibleto more cuddly areas like HRM and marketing. The book is well-constructed with progress checks and chapter-end questions (with answers) and a supporting website.
I bought this book because I chose two lectures taught by Bob Ryan and he chose this book as the core textbook. It's one of the worst textbooks I have ever read, poorly structured and full of incredible mistakes. Totally rubbish.