Book Description
"Brigham/Houston: A Classic, redefined...because a classic never goes out of style." The market leader, Brigham/Houston, continues to grow in reputation and amount of users as the most effective approach for teaching the first undergraduate corporate finance course. This Concise version of the extremely successful, Brigham/Houston-Fundamentals of Financial Management, contains the same level of topical rigor while also reflecting the latest in theory, research, real-world examples, and use of technology as Fundamentals. The seamless, integrated ancillary package, still painstakingly prepared by the authors, is a hallmark of the Brigham/Houston package which reduces course preparation time for instructors and makes the subject more accessible for learners. New for this edition is the addition of iLrn Finance, an online student assessment and tutorial resource to help improve student performance. Additionally, access to Thomson ONE - Business School Edition, an online financial database that students can use to complete projects or select end of chapter exercises, is included with each new text.
Customer Reviews:
Fundamentals of Financial Management.......2007-10-18
Everything came as promised, unfortunately I found a better deal around here, by about 50 dollars so I just had to bite the bullet and send it back.
Excellent textbook for gaining an understanding of Finance.......2007-03-10
This text book is an excellent resource for understanding Financial Management. It was a required text in my MBA program and the book is easy to go through on your own. There are exercises, or self tests, at the end of each section in the chapters, as well as many types of problems and self test questions at the end of the chapters.
We had a mediocre teacher in my MBA program, so going through the text was imperative. The authors do a great job breaking down concepts and some of the examples at end of chapter sections have the answers.
I comes with a supplemental booklet to further help undertand the "Time Value of Money" which, according to the authors, is a difficult concept.
One big plus for this text is that it shows you how to figure out the problems using formulas, using financial caluclators, and using an Excel spreadsheet.
I highly recommend doing the examples and problems in the book, and ordering the study guide. The study guide has additional examples and problems to work through and is the perfect supplement.
This is one text I am going to keep!
Great Service.......2006-12-21
The book is in an excellent condition, the package was terrific, well wrapped against rain or snow. Ryan did a great job packing and shipping the item. I received it on the 2nd business day after placing the order. I am very happy with the service.
fundamentals of financial management.......2006-11-06
It was in great condition but it just took too long for what I pay for the shipping but overall the item was just right brand new great.Needs to improve their shipping only two thumbs up!!
great book.......2006-09-26
bought the book for a bit cheaper than the price cover but got exactly what i paid for on time.
Book Description
The market leader, Brigham/Houston, continues to grow in reputation as the most effective approach for learning the basic finance principles, tools, and applications. The Concise version of the extremely successful Fundamentals of Financial Management text offers an briefer alternative containing the same level of rigor concerning the topics covered. It is also updated to reflect the latest in theory, research, real-world examples, and use of technology. The seamless, integrated ancillary package - done by the authors - is a hallmark of this package that makes the subject more accessible for learners.
Customer Reviews:
Excellent textbook with clear explanations.......2006-12-09
This textbook is very well done. Difficult concepts are clearly explained and there are simple examples backing up explanations. Exercises are plenty and the accompanying CD is an excellent resources.
All major concepts of corporate finance are covered and links to real world examples are very helpful. The authors always keep the subject close to the real world by telling how corporate finance is practice by corporate. So none of what is in this book is ever abstract of too academic.
A very good book, a very useful resource. Highly recommended.
Fundamentals of Financial Management .......2006-05-31
The quality of the book was good and the price was even better. It arrived within 5 days of my purchase which was good because my class starts tomorrow.
Fundamentals of Financial Management: Concise.......2005-09-14
The quality of the book was very good. There was a large amount of highlighting but, the price was fair. The book was shipped with good packing materials and received in an expected time frame.
The Long Way Book.......2004-03-22
I was very disappointed in this book because I looked forward to my finance class in college. But this book was poorly put together - one short paragraph would talk about carry forward and back but nothing was elaborated on the subject - it would just go right into the equation. I heavily depended on the professor's lecture and not once referred to the book when studying for the exam. However, I did use the book to make sure I was using the correct terminology for the exam.
Book Description
This supplement lists the key learning objectives for each chapter, outlines the key sections, provides self-test questions, and provides a set of problems similar to those in the text and the Test Bank, but with fully worked out solutions.
Average customer rating:
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Fundamentals of Financial Management Concise Third Edition
Eugene F. Brigham
Manufacturer: Harcourt College Publishers
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Binding: Hardcover
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ASIN: 0030321018 |
Book Description
The first edition of Porter/Norton was the most successful new entry into the financial accounting market in twenty years. This third edition holds true to the original vision of teaching the subject from both the preparer and user perspective, but with a revision focused on greater accessibility to the variety of students taught. Two annual reports (Gateway and Ben JerryÆs) and an annual update program with price stability guarantee highlight the third edition package.
Customer Reviews:
Get the new edition, not the 9th edition.......2002-09-18
I am the co-author of this book. the 10th edition is now out. If you are a student, you'll want that. If you're trying to learn on your own, you'll find this 9th edition adequate and much cheaper. good luck. roman
Great for graduate study.......2002-08-22
Many people get this book wrong. This is a book for graduate students, not for undergraduates. It introduces the concepts of financial accounting in a condensed way, which does require more time and patient to understand it, like the way we study in MBA program. Since this book assumes its reader as future statement readers, it introduces finanical statements, including balance sheet, income statement, and cash flow statement,in the first few chapters to let student understand the linkage among them. It is usually very difficult to understand for those without background, though. Plus, given the fact that this book is required by most of top MBA programs, like Chicago, Columbia, and NYU, I'd like to say that accounting professors have told us the quality of this book. For those who have a hard time on this, I would also recommend its accompanied study guide and solution manuals (used one available on amazon website ISBN 0030269695& ASIN: 0030182697; make sure get the right edition!!). After all, this is a good book, but requires more practices. Good luck.
A Good Introductory Text.......2001-12-30
I'd never had any accounting courses before. This textbook was required for my financial accounting course in an MBA program. The book does a good job of logically explaining all the important topics. Unfortunately, it takes a Herculean effort to sit down and study the material due to the dry subject matter.
The authors did a good job of using examples from real firms, which, I think, makes it more interesting. I've decided to keep this book after the course for a reference.
Accounting for dummies (ahem, I mean Lawyers).......2001-10-16
I am a 2nd year law student in the top 10% of my class at a first tier law school (meaning, I'm capable of reading and comprehending dense material). I took an accounting class thinking it would be helpful knowledge in the practice of law. My professor - fantastic. This text book - awful. The only reason I was able to (hopefully) get a good grade (the exam was last week) was that the professor was so good at explaining the concepts he felt were important. The book was confusing and overly verbose (coming from a wordsmith & soon to be lawyer, that statement should be given much weight!!) There were many exercises, but truth be told it was the professor's explanations that allowed me to do the exercises, NOT the book's.
You're going to get confuse!!!!!!!!!!!!!.......2001-06-15
Firstly,I really want to rate this book zero star or minus star.I've bought this book because I used it in my MBA course .This book made me hate Accounting too.I strongly agree with rewiewer " this book made me hate accounting" .After I've read this book for many times I found it very wordy I can summarise the concept in one line whereas the books try to explain too much (2-3 pages)and also irrelavant.Eventhough the authur uses a lot of explanations, but can not be understood.IT is very vital to you to keep your money for the movie, put in the bank ,or doing whatever except buying this book.Anyway this book has a lot of exercises( Not so extremely bad)
Book Description
The market leader, Brigham/Houston continues to grow in reputation as the most effective approach for student learning in the first undergraduate corporate finance course. It is also updated to reflect the latest in theory, research, real-world examples, and the use of technology. The seamless, integrated ancillary package - done by the authors - is a hallmark of this package that makes course preparation easier for instructors and the subject more accessible for students.
Customer Reviews:
Excellent book.......2005-08-03
One of the best books in finance. It's very clear and couldn't be simpler. This book is an excellent choice for students who are beginning to learn finance. I highly recommend it. All the books of these authors are great.
Amazon review system mixing two books?.......2004-10-27
From what I can tell, the Amazon review system seems to be mixing at least three books:
1) Fundamental Financial Management, 8th Edition (Study Guide) Authors: Brigham and Houston.
ISBN:003024434X
2)Financial Accounting: An Introduction to Concepts, Methods and Authors: Stickney and Weil
ISBN:0030259622
3) Financial Accounting: The Impact on Decision Makers
Authors: Porter and Norton
ISBN:0030270995
Note that some of the reviews refer to Brigham as the author and some to Stickney and Weil.
This is a great book.......2003-06-16
I am currently enrolled in the CFA program (Level II candidate), and this book was used for my first corporate finance class. I must say that I was a bit turned off at first by the amount of colorful pictures and charts the Brigham book contained under the assumption that the more staid the book was, the less gimmicks it had and the better it was (like the Brealey-Myers book). However, I was repeatedly struck by how conscise Brighams' explanations and examples were. The book not only had exhaustive coverage, but it was very well-written. The vignettes at the beginning of each of the chapter really shows a good application of the chapter's lesson in the real world.
When ever I come across a question concerning finance, I almost always reach for the Brigham and Houston book first--it's that good.
Excellent Foundational Book.......2003-01-06
This book is taught in an excellent format for understanding the foundational and fundamental concepts of finance. The authors did an outstanding job with how this text is organized. It's also very simple in the explanation of concepts. Some finance books are written as if they were disssertations. This book brings the concepts down to the common man. I highly recommend this book for anyone who is looking to start graduate study in finance.
Where's my book?.......2002-09-14
It has been 29 days since I ordered my textbook, it has never arrived, and the seller will not respond to my e-mails...very poor service!
Book Description
The Analysis of Structured Securities presents the first intellectually defensible framework for systematic assessment of the credit quality of structured securities. It begins with a detailed description and critique of methods used to rate asset-backed securities, collateralized debt obligations and asset-backed commercial paper. The book then proposes a single replacement paradigm capable of granular, dynamic results. It offers extensive guidance on using numerical methods in cash flow modeling, as well as a groundbreaking section on trigger optimization. Casework on applying the method to automobile ABS, CDOs-of-ABS and aircraft-lease securitizations is also presented. This book is essential reading for practitioners who seek higher precision, efficiency and control in managing their structured exposures.
Customer Reviews:
a comprehensive structured finance.......2006-07-04
This book is suitable for who has quantitative background, the authors have hands-on experiences in both Rating agency and in investment -bank, This book unveil the secret of how rating agency rate structured finance and how should originator to better control their risk and in what dimention.
An effective introduction.......2005-11-19
Written for financial engineers, this book nevertheless can also be read profitably by anyone interested in mathematical modeling or mathematical finance. The authors discuss in fair detail the science of structured securities, which are financial products that are becoming more important as investors and financial firms continue to find more intricate ways of dealing with risk. For non-experts (such as this reviewer) in the field of structured finance, the book requires careful reading and attention to detail. Readers are expected to have an understanding of various mathematical topics such as Markov chains, linear algebra, Monte Carlo simulation, and probability and statistics.
As an investment strategy, the authors describe structured securities as performing best in "controlled" environments. This involves the use of `transaction documents', which are used to keep their performance within an expected range, and also `macro-level' controls to assist in dealing with event shocks. The basic idea of a structured security is to assemble a credit or investment package from a variety of sources and allow them to be administered by third parties. This entails that the sources (the transferors) be completely decoupled from the transferee, the latter of which is called a `special purpose entity' (SPE), and which has an extremely low likelihood of becoming insolvent by its own activities. The SPE is an analogue of the obligor, and is also shielded from the consequences of the insolvency of a related party. Its assets are thus `perfected' against the claims of the transferor.
Early in the book the authors describe what they consider to be the two types of structured securities. The first, called the `long-term transaction model' applies to asset-backed, mortgage-backed, and collateralized debt issues with maturity at least one year. The second, called the `short-term transaction model' applies to asset-backed commercial paper markets.
If structured securities are to be used as an investment strategy, their value must be assessed in as fine a detail as possible. This assessment is of course the main goal behind the authors' book, and they therefore spend a fair amount of time in explaining why the usual credit rating strategies are inadequate for structured securities. One of those discussed is `benchmark pool analysis' which does not require a large volume of data and uses a microeconomic model of the obligors in a collateral pool to simulate the financial impact of economic shocks. Others discussed include the actuarial method, used for asset-backed and mortgage-backed transactions, and the default method, which is used for collateralized debt obligations.
The most interesting discussions take place when the authors attempt to formulate a more exact, analytical notion of rating for structured securities than what is available with the usual corporate rating model. Essentially the authors are advocating a "unification" of credit and market risk in structured finance in their attempt to replace the alphanumeric scale of the usual corporate credit rating by a numerical scale (they motivate this interestingly by discussion involving the `continuum hypothesis' from set theory). Most important in their approach is to view the pricing of structured securities as a nonlinear problem: rating and pricing are entangled with each other, in that to obtain the rating the promised yield must be known; but to find the yield, the rating must be known. There is of course a paucity of exact solutions to nonlinear problems, and so numerical techniques must be used. The authors spend a fair amount of time discussing these techniques in the book, and in formulating the problem of structured pools as one involving (Markovian and non-stationary) stochastic processes.
As a warm-up to the complications of asset behavior, the authors first discuss the modeling of liabilities. The collection and distribution of cash to various parties is contained in the `pooling and servicing agreement' (P&S), which is a legally binding document that contains a collection of payment instructions called a `waterfall' or `structure.' A waterfall codifies the payment prioritization taken from the funds that are available. Examples are given that illustrate their analysis.
For those not familiar with Markov chains, the authors give a short review, and argue that they are important to structured finance due to their ability to eliminate long-term static pool data requirements. The Markov chains used in structured finance are finite-state Markov chains, where the states correspond to recognized delinquency states of an issuer in some asset class. The transition matrices of the associated asset pools represent the credit dynamics of structured securities. The authors give three very detailed examples of their formalism, the first one of these, dealing with automobile receivable securitizations, should be familiar to most readers.
The last chapter of the book deals with `triggers', which generalizes the earlier discussion on liability modeling. The authors describe triggers as being the most `intricate' aspect of the analysis of structured securities. If one views them in terms of their physics analogy as control structures, they are fairly straightforward to understand. `Cash flow triggers' which allow a reallocation of cash but it does so without being too disruptive or expensive, are the only types considered in this chapter. The cash reallocation is obtained through the use of a `trigger index', which is usually dependent on transaction variables such as delinquencies or tranche principal balances. A trigger is `breached' if its trigger index is higher than a pre-selected threshold on any determination date.
The authors discuss four basic types of triggers, all of which are defined mathematically in terms of the proportion P(x(t)) of excess spread to be reallocated and some variable function x(t) of the trigger index: `binary', in which all excess cash is reallocated to the spread account when there is a breach at time t; `proportional', which allows a kind of "ramping up" of the triggering; `differential', where the excess spread is proportional to the first derivative of x(t); and `integral', where P(x(t)) is proportional to the integral of x(t) over a time interval with lower bound the breaching time and the upper bound the current time. Monte Carlo simulations are used to optimize trigger mechanisms.
Mandatory reading for those interested in structured finance.......2005-08-17
Prof Raynes, who is a well known practitioner in this field has distilled his knowledge and insight to publish this book. I am a student in the class that he teaches at Baruch College, CUNY and the classnotes which are so well written have been incorporated in the book. Prof Raynes emphasizes why structured finance is so different from corporate finance and that realization is critical to understand the flaw in the methodology followed by rating agencies while rating structured securities. The book also has considerable and necessary numerical procedures required in the analysis. My only comment that while the book is invaluable as a reference, it would be more useful as a textbook if future versions include end of chapter exercises.
An integrated, optimizing way to evaluate ABS's.......2004-07-22
I became aware of the authors through a colleague who was taking one of their classes at NYU. The homework assignments (on which I ?uh- consulted) were interesting, comprehensive, and touched on a number of important subjects, so I bought their book.
The Analysis of Structured Securities - Precise Risk Measurement and Capital Allocation provides reference and background material on a number of quantitative ABS analytic tools, some of which I was familiar with and some which I should have been. Matrix math, eigenvalues and eigenvectors, Markov chains, Cholesky decomposition, Tchebychev polynomials, covariance and correlation and numerous other statistical techniques are addressed as ABS analytical techniques and not as mathematically rarefied numerical analysis procedures.
But what I found most valuable was the focus on reduction-in-yield as the benchmark metric for ABS credit quality. Rather than credit ratings being an ex ante, handed-down-from-on-high, assumed-to-be-valid-within-a-notch-or-two inputs (which, I blush to admit, is how I too often think of them), the book points out how credit ratings should be thought of as a continuous, dynamic variable, interacting with the coupon, yield, prepayment vector, default vector, and triggers. The interactions are determined by cash flow modeling and Monte Carlo simulations, using the techniques mentioned above.
Given this framework and tools, the book discusses how to efficiently optimize the structured security. I have had ABS issuers ask if there were not a way to optimize securitizations beyond what they suspiciously perceived as Wall Street cookie cutter structures. Previously, I have just shrugged. Now I know how to help them.
Good overview of structured finance field.......2004-02-24
I liked this book because it's useful for people with various levels of structured finance knowledge. The first few chapters explain the thought process behind the rating process and provide an introduction into the structured finance world of thinking. The second half goes into more depth about actual rating processes. The third part addresses asset specific issues (auto, airlines, etc...) While the last few chapters of the book review more advanced methods of analysis.
For people with little or no knowledge of the structured finance field, the first half of the book will provide a good understanding of the subject, the 2nd half of the book will probably required more time and effort to fully appreciate its value.
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