Финансы

Эта книга является базовым учебником по курсу финансов, который изучается на первом курсе института при подготовке специалистов по программе MBA. В книге рассматриваются вопросы, затрагивающие все аспекты современной финансовой науки. Авторы книги, ? университетские профессора Цви Боди и Роберт Мертон (Нобелевский лауреат по экономике 1997 г.), ? детально проанализировали проблемы, с которыми все мы сталкиваемся дома и на работе. Изложение традиционных вопросов корпоративных финансов опирается на всесторонний анализ их концептуальных основ: деньги и время; оценка активов и управление риском. От себя: Нашел в сети в виде нескольких .doc файлов. Объединил в один файл с оглавлением. Добавил предисловие с сайта издательства. К сожалению нет 5 главы. Но я думаю в таком виде тоже будет кому-то полезно. Содержание: Предисловие Введение ЧАСТЬ I. ФИНАНСЫ И ФИНАНСОВАЯ СИСТЕМА Глава 1. Что такое финансы Глава 2. Финансовая система Глава 3. Финансовая отчетность: интерпретация и использование для прогнозирования ЧАСТЬ II. ВРЕМЯ И ДЕНЬГИ Глава 4. Стоимость денег во времени и дисконтный анализ денежных потоков Глава 5. Финансовое планирование в жизни человека (ЭТА ГЛАВА ОТСУТСТВУЕТ!) Глава 6. Анализ инвестиционных проекта ЧАСТЬ III. СТОИМОСТНЫЕ МОДЕЛИ АКТИВОВ Глава 7. Принципы оценки стоимости активов Глава 8. Оценка активов с фиксированными доходами: облигации Глава 9. Оценка обыкновенных акций ЧАСТЬ IV. УПРАВЛЕНИЕ РИСКОМ И ПОРТФЕЛЬНАЯ ТЕОРИЯ Глава 10. Принципы управления риском Глава 11. Хеджирование, страхование и диверсификация Глава 12. Формирование инвестиционного портфеля ЧАСТЬ V. ОЦЕНКА АКТИВОВ Глава 13. Ценовая модель рынка капитала Глава 14. Ценообразование форвардных и фьючерсных контрактов Глава 15. Опционы и условные требования ЧАСТЬ VI. КОРПОРАТИВНЫЕ ФИНАНСЫ Глава 16. Структура капитала Глава 17. Финансы и корпоративная стратегия Рекомендуемая литература Словарь терминов Ссылки на книги схожей тематики: Брейли, Майерс. Принципы корпоративных финансов Бригхэм, Гапенски. Финансовый менеджмент Ковалев. Курс финансового менеджмента Ченг Ф. Ли, Джозеф И. Финнерти. Финансы корпораций Этрилл П. Финансовый менеджмент для неспециалистов Стивен Брег. Настольная книга финансового директора Майкл Бретт. Как читать финансовую информацию Роджер Ловенстайн. Когда гений терпит поражение (В 2003 году автор книги Финансы Роберт Мертон был замешан в скандале вокруг американского хедж-фонда LTCM (англ. Long Term Capital Management), в котором являлся одним из партнеров, наряду с другим нобелевским лауреатом Майроном Скоулзом (Шоулзом), создателем теории опционов) Судный день американских финансов (здесь также упомянут LTCM) This Introduction To Finance Has A Broad Scope, Placing An Emphasis On General Principles Within The Field. It Builds Its Presentation Upon The Three 'pillars' Of Finance: Optimization Over Time, Asset Valuation And Risk Management. Part I Finance And The Financial System 1 -- Chapter 1 What Is Finance? 1 -- 1.1 Defining Finance 2 -- 1.2 Why Study Finance? 2 -- 1.3 Financial Decisions Of Households 5 -- 1.4 Financial Decisions Of Firms 6 -- 1.5 Forms Of Business Organization 7 -- 1.6 Separation Of Ownership And Management 9 -- 1.7 Goal Of Management 10 -- 1.8 Market Discipline: Takeovers 14 -- 1.9 Role Of The Finance Specialist In A Corporation 15 -- Chapter 2 Financial System 21 -- 2.1 What Is The Financial System? 22 -- 2.2 Flow Of Funds 22 -- 2.3 Functional Perspective 24 -- 2.4 Financial Innovation And The Invisible Hand 33 -- 2.5 Financial Markets 35 -- 2.6 Financial Market Rates 36 -- 2.7 Financial Intermediaries 50 -- 2.8 Financial Infrastructure And Regulation 52 -- 2.9 Governmental And Quasi-governmental Organizations 53 -- Chapter 3 Interpreting And Forecasting Financial Statements 63 -- 3.1 Functions Of Financial Statements 64 -- 3.2 Review Of Financial Statements 65 -- 3.3 Market Values Versus Book Values 73 -- 3.4 Accounting Versus Economic Measures Of Income 75 -- 3.5 Returns To Shareholders Versus Return On Book Equity 76 -- 3.6 Analysis Using Financial Ratios 77 -- 3.7 Financial Planning Process 82 -- 3.8 Constructing A Financial Planning Model 83 -- 3.9 Growth And The Need For External Financing 86 -- 3.10 Working Capital Management 89 -- 3.11 Liquidity And Cash Budgeting 90 -- Part Ii Time And Resource Allocation 101 -- Chapter 4 Time Value Of Money And Discounted Cash Flow Analysis 101 -- 4.1 Compounding 102 -- 4.2 Frequency Of Compounding 108 -- 4.3 Present Value And Discounting 109 -- 4.4 Alternative Discounted Cash Flow Decision Rules 112 -- 4.5 Multiple Cash Flows 116 -- 4.6 Annuities 118 -- 4.7 Perpetual Annuities 122 -- 4.8 Loan Amortization 124 -- 4.9 Exchange Rates And Time Value Of Money 125 -- 4.10 Inflation And Discounted Cash Flow Analysis 127 -- 4.11 Taxes And Investment Decisions 133 -- Chapter 5 Life-cycle Financial Planning 143 -- 5.1 A Life-cycle Model Of Saving 143 -- 5.2 Taking Account Of Social Security 151 -- 5.3 Deferring Taxes Through Voluntary Retirement Plans 152 -- 5.4 Should You Invest In A Professional Degree? 154 -- 5.5 Should You Buy Or Rent? 155 -- Chapter 6 How To Analyze Investment Projects 165 -- 6.1 Nature Of Project Analysis 166 -- 6.2 Where Do Investment Ideas Come From? 167 -- 6.3 Net Present Value Investment Rule 168 -- 6.4 Estimating A Project's Cash Flows 169 -- 6.5 Cost Of Capital 172 -- 6.6 Sensitivity Analysis Using Spreadsheets 173 -- 6.7 Analyzing Cost-reducing Projects 176 -- 6.8 Projects With Different Lives 179 -- 6.9 Ranking Mutually Exclusive Projects 179 -- 6.10 Inflation And Capital Budgeting 181 -- Part Iii Valuation Models 193 -- Chapter 7 Principles Of Asset Valuation 193 -- 7.1 Relation Between An Asset's Value And Its Price 194 -- 7.2 Value Maximization And Financial Decisions 194 -- 7.3 Law Of One Price And Arbitrage 196 -- 7.4 Arbitrage And The Prices Of Financial Assets 197 -- 7.5 Interest Rates And The Law Of One Price 198 -- 7.6 Exchange Rates And Triangular Arbitrage 199 -- 7.7 Valuation Using Comparables 202 -- 7.8 Valuation Models 202 -- 7.9 Accounting Measures Of Value 204 -- 7.10 How Information Is Reflected In Security Prices 206 -- 7.11 Efficient Markets Hypothesis 206 -- Chapter 8 Valuation Of Known Cash Flows: Bonds 215 -- 8.1 Using Present Value Formulas To Value Known Cash Flows 216 -- 8.2 Basic Building Blocks: Pure Discount Bonds 218 -- 8.3 Coupon Bonds, Current Yield, And Yield To Maturity 220 -- 8.4 Reading Bond Listings 224 -- 8.5 Why Yields For The Same Maturity May Differ 225 -- 8.6 Behavior Of Bond Prices Over Time 227 -- Chapter 9 Valuation Of Common Stocks 234 -- 9.1 Reading Stock Listings 234 --c 9.2 Discounted Dividend Model 235 -- 9.3 Earnings And Investment Opportunities 238 -- 9.4 A Reconsideration Of The Price/earnings Multiple Approach 242 -- 9.5 Does Dividend Policy Affect Shareholder Wealth? 242 -- Part Iv Risk Management And Portfolio Theory 255 -- Chapter 10 An Overview Of Risk Management 255 -- 10.1 What Is Risk? 256 -- 10.2 Risk And Economic Decisions 258 -- 10.3 Risk-management Process 261 -- 10.4 Three Dimensions Of Risk Transfer 264 -- 10.5 Risk Transfer And Economic Efficiency 268 -- 10.6 Institutions For Risk Management 269 -- 10.7 Portfolio Theory: Quantitative Analysis For Optimal Risk Management 272 -- 10.8 Probability Distributions Of Returns 273 -- 10.9 Standard Deviation As A Measure Of Risk 275 -- Chapter 11 Hedging, Insuring, And Diversifying 284 -- 11.1 Using Forward And Futures Contracts To Hedge Risk 285 -- 11.2 Hedging Foreign-exchange Risk With Swap Contracts 290 -- 11.3 Hedging Shortfall Risk By Matching Assets To Liabilities 291 -- 11.4 Minimizing The Cost Of Hedging 292 -- 11.5 Insuring Versus Hedging 293 -- 11.6 Basic Features Of Insurance Contracts 294 -- 11.7 Financial Guarantees 295 -- 11.8 Caps And Floors On Interest Rates 296 -- 11.9 Options As Insurance 296 -- 11.10 Diversification Principle 298 -- 11.11 Diversification And The Cost Of Insurance 303 -- Chapter 12 Choosing An Investment Portfolio 318 -- 12.1 Process Of Personal Portfolio Selection 319 -- 12.2 Trade-off Between Expected Return And Risk 323 -- 12.3 Efficient Diversification With Many Risky Assets 329 -- Part V Asset Pricing 343 -- Chapter 13 Capital Asset Pricing Model 343 -- 13.1 Capital Asset Pricing Model In Brief 344 -- 13.2 Determinants Of The Risk Premium On The Market Portfolio 347 -- 13.3 Beta And Risk Premiums On Individual Securities 348 -- 13.4 Using The Capm In Portfolio Selection 349 -- 13.5 Valuation And Regulating Rates Of Return 352 -- 13.6 Modifications And Alternatives To The Capm 354 -- Chapter 14 Forward And Futures Prices 360 -- 14.1 Distinctions Between Forward And Futures Contracts 361 -- 14.2 Economic Function Of Futures Markets 363 -- 14.3 Role Of Speculators 364 -- 14.4 Relation Between Commodity Spot And Futures Prices 365 -- 14.5 Extracting Information From Commodity Futures Prices 366 -- 14.6 Forward-spot Price Parity For Gold 366 -- 14.7 Financial Futures 369 -- 14.8 Implied Riskless Rate 372 -- 14.9 Forward Price Is Not A Forecast Of The Future Spot Price 373 -- 14.10 Forward-spot Price-parity Relation With Cash Payouts 373 -- 14.11 Implied Dividends 374 -- 14.12 Foreign-exchange Parity Relation 375 -- 14.13 Role Of Expectations In Determining Exchange Rates 376 -- Chapter 15 Options And Contingent Claims 383 -- 15.1 How Options Work 384 -- 15.2 Investing With Options 387 -- 15.3 Put-call Parity Relation 391 -- 15.4 Volatility And Option Prices 394 -- 15.5 Two-state (binomial) Option Pricing 395 -- 15.6 Dynamic Replication And The Binomial Model 398 -- 15.7 Black-scholes Model 399 -- 15.8 Implied Volatility 402 -- 15.9 Contingent Claims Analysis Of Corporate Debt And Equity 403 -- 15.10 Credit Guarantees 406 -- 15.11 Other Applications Of Option-pricing Methodology 408 -- Part Vi Corporate Finance 417 -- Chapter 16 Capital Structure 417 -- 16.1 Internal Versus External Financing 418 -- 16.2 Equity Financing 419 -- 16.3 Debt Financing 419 -- 16.4 Irrelevance Of Capital Structure In A Frictionless Environment 423 -- 16.5 Creating Value Through Financing Decisions 426 -- 16.6 Reducing Costs 427 -- 16.7 Dealing With Conflicts Of Interest 430 -- 16.8 Creating New Opportunities For Stakeholders 431 -- 16.9 Financing Decisions In Practice 432 -- 16.10 How To Evaluate Levered Investments 434 -- Chapter 17 Finance And Corporate Strategy 443 -- 17.1 Mergers And Acquisitions 443 -- 17.2 Spin-offs 447 -- 17.3 Investing In Real Options 448. Zvi Bodie, Robert C. Merton. Includes Index. Includes Bibliographical References (pages 456-458) And Index. System Requirements: Windows 3.1 Or Windows 95; Adobe Acrobat Reader, Version 3:02. With Bodie/Merton FINANCE, the introductory course becomes the gateway to understanding finance as a scientific discipline based on a set of general principles with a wide range of application. As symbolized by its cover, the text organizes the principles of finance into three analytical "pillars" - optimization over time, asset valuation, and risk management. At the core of each of these pillars are a few basic "laws" and principles that apply across all financial decision-making--from personal decisions about saving, investing, borrowing, and insuring to business decisions about capital budgeting and financing. Moreover, FINANCE adopts a functional orientation to the financial system that permits a truly global perspective from the outset. The principles approach taken by FINANCE contributes to the efficiency of the teaching of finance, both within the introductory course and across the entire program of finance courses offered by a department. It is also more fun to teach than a traditional corporate course because students can relate to more of the topics from their direct needs and because it is easier to relate what they are learning to what they see in the press and elsewhere everyday. At the heart of the efficiency gain is the structure based on principles and the three conceptual pillars of finance that allow a single conceptual development and then its multiple applications to a wide range of otherwise seemingly different financial problems, in corporate finance, in investments, and in personal finance, and in understanding the roles of financial institutions and markets. Similarly, the functional perspective allows an "economy" of knowledge retention for understanding the structure of the financial system that would otherwise require a much more time-consuming description and memorizing of the various institutions used in different times and places to perform these functions. By covering all of this, along with common-to-all-finance analytical principles derived from the conceptual three pillars, in the first course, costly and frustrating-to-the-student repetition of that common material can be eliminated across all subsequent finance courses. This significant new guide to finance has a broader scope and greater emphasis on general principles than most other books of its kind, which typically focus exclusively on corporate finance. Acclaimed authors Bodie and Merton offer an approach balanced among the three "pillars" of finance--optimization over time, asset valuation, and risk management. Encompasses all subfields of finance within a single unifying conceptual framework. Offers the "big picture" of resource allocation over time under conditions of uncertainty. Focuses on personal finance topics, such as saving and investing, as well as asset valuation. Provides spreadsheet modeling exercises in the accompanying Prentice Hall Finance Center CD. MARKET": Ideal for executives or for anyone seeking a solid understanding and overview of the field of finance.