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Financial Modeling, 2nd Edition Hardcover – Sep 18 2000

4.4 out of 5 stars 26 customer reviews

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Financial Modeling
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Product Details

  • Hardcover: 640 pages
  • Publisher: The MIT Press; 2 edition (Sept. 18 2000)
  • Language: English
  • ISBN-10: 0262024829
  • ISBN-13: 978-0262024822
  • Product Dimensions: 23.6 x 18.4 x 3.3 cm
  • Shipping Weight: 1.1 Kg
  • Average Customer Review: 4.4 out of 5 stars 26 customer reviews
  • Amazon Bestsellers Rank: #716,539 in Books (See Top 100 in Books)
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Product Description

About the Author

Simon Benninga is Professor of Finance at Tel Aviv University and Visiting Professor of Finance at the Wharton School at the University of Pennsylvania.

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Customer Reviews

Top Customer Reviews

Format: Hardcover
This is is spectacularly effective guide to basic financial modelling using Excel and VBA. Far too many financial textbooks confine themselves to theory without giving the student any guidelines on how to put what they have learned into practice - a startling omission in what is a pre-eminently practical field. Benninga has attempted to fill that gap, and he succeeds brilliantly. Using very clear language and a step-by-step approach, he teaches the reader how to actually construct for himself or herself a series of different financial models that are immediately applicable in the real world. There are sections on corporate finance (cash flow) models, basic portfolio models (CAPM applications) and a really good one on option pricing models that has saved my bacon on more than one occasion! Other sections cover topics such as fixed income and Excel/VBA issues. In conclusion, this is a very impressive text, complete with usable models on CD-ROM, that can take you from novice to mid-level quant in a few weeks!
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Format: Hardcover
I highly recommend this book to any aspiring financial analyst. It is definitely worth it, even at the list price.
Want to master the fundamentals of basic finance using Excel? then this is one of the few books on the market that really meet this need. Want to set up more advanced mathmatics modeling? well as the introduction of this explains, this book is more like a cookbook: it lists the required basic ingredients and the culinary process but if you want to spice the dish (financial model) up, it is up to the individuals to dig out those advanced formulas from the financial trade journals and apply them to the models.
I first saw the first edition of this book in my college library. took it home and was EXCITED. I was looking for a practical book that would show me the intricacies of Excel for setting up financial models and this was like a god-sent. Like one of the other reviewers said, this book combined basic finance, Excel functions, and VBA programming. To add practicality to this book, Professor Benninga even showed how to download financial data from the internet. Granted it is rather basic, but it adds to the usability of his book, making it a well-round book.
The best parts are end-of-the chapter exercises. Solutions are provided in the accompanying CD-ROM. See how many ways can you solve the same problem.
Professor Benninga always outlines the assumptions and explains the parameters of each model. We should remember that in many instances, unrealistic assumptions lead to way-of-the mark numbers, rendering the whole modeling process and its calculations useless.
Want to become a advanced-level financial modeler? then master the fundamentals first! this book gets you started.
P.S. I also highly recommend to anyone just starting with Excel modeling to read William J. Orvis's Excel for Scientists and Engineers. It is a bit outdated but still highly useful for its chapters on curve fitting, VBA programming and raw data manipulation.
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Format: Hardcover
As a practioner of financial modeling, I was used to building financial models with SAS, Stata and Matlab, so when I was first asked by my new boss to start using Excel, I checked out this book. Unfortunately, it's grossly inadequate. The worst part is there are full of errors, encompassing typos in the Excel spreadsheets and technical inaccuracies. The coverage of a lot of topics is also quite superficial, for example, the chapters on calculating the efficient frontier ignore the important question of utility. (That is, the author maximizes wealth instead of utility.) In trying to cover a lot of ground in finance, from leasing to VaR to options, the book ends up doing nothing well, and the effort in presenting some theory before showing how it's implemented in Excel is laudable but ultimately laughable because much of the theory is presented quite poorly. In the end, you may find some value in understanding at a general level how to translate theory into Excel, esp. if you are new to the application.
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Format: Hardcover
If you need to build a working valuation model, calculate the risk of a portfolio with 100+ securities, or figure out what return you might expect to get from a portfolio of high-yield bonds, then you'll find Simon Beninga's "Financial Modeling" merits far more than five stars: this is one book that is indispensable.
One of the biggest problems I ran into during my MBA program was the way my professors taught Corporate Finance. I had great profs, true, but they were teaching theoretical concepts from theoretical textbooks. Sure, you learned the basics: CAPM, net present value, basic options and futures, Arbitrage Pricing Theory, VAR and TEV, but I have always maintained that the best way of learning a subject---particularly corporate finance---is by getting your hands dirty and digging into the guts of the material.
Since Corporate Finance, off-balance sheet instruments aside, isn't very dirty, the best way to get a hands-on practical approach in terms of Capital Structure, the appropriate discount rate to use in pricing an asset, risk, and optimal debt and dividends is to program in Excel and Visual Basic. The problem is that many top finance texts don't offer supplemental material to translate the theoretical concepts into actual valuation and spreadsheet models, which any financial analyst will contend is the life-blood of the industry.
With that in mind, Simon Beninga's "Financial Modelling" is a kind of "Joy of Cooking" for initiate investment bankers, corporate financiers, controllers, analysts, and anyone who wants to use core Corporate Finance concepts in the real world.
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