As a management accountant with an MBA I can say that this is an excellent text for anyone looking to study finance. Clear and easy to follow the text covers all the finance basics and examines some of the more novel concepts in finance today. By spanning business appraisal, project and corporate financing as well as capital markets the text gives the reader a complete understanding of how finance makes its way from individual investors right through to the use of this investment capital by companies. The many up to date commentaries and illustrative examples means that its not even a dull read for anyone with an interest in business.
This book is still the classic approach to corporate finance, and a must for MBA students and all students of corporate finance. It teaches the fundamentals. The material is a bit dated, especially with respect to off-balance sheet financing, toxic convertibles, total return swaps, and other ways of financing that can fundamentally change a corporate balance sheet, and even cause a change of control. It also doesn't address the kind of off-balance sheet transactions Enron engaged in. For more on off-balance sheet products, including off-shore vehicles, I recommend Tavakoli's "Credit Derivatives" 2nd Edition.
I am a university student studying business studies. Part of my course is detailed finance. Course texts and other resources are almost too basic in some areas. This is an excellent buy for straightforward explainations, diagrams, formulae and examples for subjects such as bond evaluation. My only criticisms are that information may sometimes be hidden in long-winded explanations. In addition, as the book is so large and heavy, I would, in hindsight, buy the hardback version to support the pages. Nevertheless, an excellent buy for finance professionals and students alike.
What can one say, other than that for most people in the corporate finance profession this is the first book to which they turn when reference is required. Simply put, this is the standard text and very clearly written (albeit wrong about the estimate of the equity risk premium!)
There's a reason that this book is considered the bible of corporate finance, and its not just the weight of it. I've used this book during MBA and Chartered Accounting exams, and its clear, easy and comprehensive.
The only reason this does not get a full 5 stars is not the fault of the seller. It would have been a better purchase if I had gotten a newer version but in reality they were too expensive. Great value for money!