By Simon Benninga
ISBN-10: 0262026287
ISBN-13: 9780262026284
Too frequently, finance classes cease wanting creating a connection among textbook finance and the issues of real-world company. Financial Modeling bridges this hole among idea and perform by means of supplying a nuts-and-bolts advisor to fixing universal monetary types with spreadsheets. Simon Benninga takes the reader step-by-step via every one version, displaying the way it could be solved utilizing Microsoft Excel.
The long-awaited 3rd variation of this commonplace textual content continues the "cookbook" beneficial properties and Excel dependence that experience made the 1st and moment variants so well known. It additionally deals major new fabric, with new chapters overlaying such subject matters as financial institution valuation, the Black-Litterman method of portfolio optimization, Monte Carlo equipment and their functions to choice pricing, and utilizing array capabilities and formulation. different chapters, together with these on uncomplicated monetary calculations, portfolio versions, calculating the variance-covariance matrix, and producing random numbers, were revised, with many supplying considerably new and more suitable fabric. different parts lined contain financial plan modeling, leasing, normal portfolio difficulties, price in danger (VaR), actual techniques, period and immunization, and time period constitution modeling. Technical chapters deal with such themes as information tables, matrices, the Gauss-Seidel procedure, and guidance for utilizing Excel. The final element of the textual content covers the visible easy for purposes (VBA) innovations wanted for the ebook. The accompanying CD includes Excel worksheets and ideas to end-of-chapter exercises.
Praise for the former editions:
"Benninga has a transparent writing kind and makes use of various illustrations, which make this e-book the best texts on utilizing Excel for finance that I've seen."
—Ed McCarthy, Ticker Magazine
"The writer describes this as a 'cookbook' and that's a great analogy.... Its breadth is large, protecting easy current valuing and value of capital ... to the likes of genuine strategies and early workout of American-style options.... A necessary acquisition."
—Paul Dentskevitch, Risk Magazine
"Financial Modeling is highly-recommended to readers who're drawn to an advent to uncomplicated, conventional methods to monetary modeling and research, in addition to to those that are looking to study extra approximately making use of spreadsheet software program to monetary analysis."
—Edward Weiss, Journal of Computational Intelligence in Finance
"Financial Modeling belongs at the table of each finance expert. Its no-nonsense, hands-on procedure makes it an quintessential tool."
—Hal R. Varian, Dean, college of data administration and platforms, collage of California, Berkeley
"This is utilized finance thought for the pro at its top. As a pupil, I and numerous others learnt the intricacies of Lotus and fiscal idea from Professor Benninga's first book—Numerical strategies in Finance. Now, as a qualified, i don't need to 're-invent the wheel' in Excel. a useful consultant. A needs to for all monetary analysts."
—Vikas Nath, worldwide Strategist, rising fairness Markets, Union financial institution of Switzerland, London
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Additional resources for Financial Modeling (3rd Edition)
Example text
1 Determining the IRR by Trial and Error There is no simple formula to compute the IRR. 16 percent the NPV in cell B12 is zero. 2 Loan Tables and the Internal Rate of Return The IRR is the compound rate of return paid by the investment. 44 The remaining investment principal in the year after the last cash flow is zero, indicating that all the principal has been repaid. The loan table divides each of the cash flows of the asset into an income component and a return-of-principal component. The income component at the end of each year is IRR times the principal balance at the beginning of that year.
You are offered an asset costing $600 that has cash flows of $100 at the end of each of the next 10 years. a. If the appropriate discount rate for the asset is 8 percent, should you purchase it? b. What is the IRR of the asset? 2. You just took a $10,000, five-year loan. Payments at the end of each year are flat (equal in every year) at an interest rate of 15 percent. Calculate the appropriate loan table, showing the breakdown in each year between principal and interest. 3. You are offered an investment with the following conditions: • The cost of the investment is $1,000.
If the appropriate discount rate for the asset is 8 percent, should you purchase it? b. What is the IRR of the asset? 2. You just took a $10,000, five-year loan. Payments at the end of each year are flat (equal in every year) at an interest rate of 15 percent. Calculate the appropriate loan table, showing the breakdown in each year between principal and interest. 3. You are offered an investment with the following conditions: • The cost of the investment is $1,000. • The investment pays out a sum X at the end of the first year; this payout grows at the rate of 10 percent per year for 11 years.
Financial Modeling (3rd Edition) by Simon Benninga
by Edward
4.5