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Summary
Summary
Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. Financial Modelingbridges this gap between theory and practice by providing a nuts-and-bolts guide to solving common financial models with spreadsheets. Simon Benninga takes the reader step by step through each model, showing how it can be solved using Microsoft Excel®. In this sense, this is a finance "cookbook," providing recipes with lists of ingredients and instructions. Areas covered include computation of corporate finance problems, standard portfolio problems, option pricing and applications, and duration and immunization. The second edition contains six new chapters covering financial calculations, cost of capital, value at risk (VaR), real options, early exercise boundaries, and term structure modeling. A new technical chapter contains a potpourri of tips for using Excel®. Although the reader should know enough about Excel™ to set up a simple spreadsheet, the author explains advanced Excel® techniques used in the book. The book includes chapters dealing with random number generation, data tables, matrix manipulation, and VBA programming. It also comes with a CD-ROM containing Excel® worksheets and solutions to end-of-chapter exercises.
Table of Contents
Preface | p. xv |
Preface to the First Edition | p. xvii |
I Corporate Finance Models | |
1 Basic Financial Calculations | p. 3 |
2 Calculating the Cost of Capital | p. 27 |
3 Financial Statement Modeling | p. 57 |
4 Using Financial Statement Models for Valuation | p. 89 |
5 The Financial Analysis of Leasing | p. 101 |
6 The Financial Analysis of Leveraged Leases | p. 115 |
II Portfolio Models | |
7 Portfolio Models-Introduction | p. 131 |
8 Calculating the Variance-Covariance Matrix | p. 151 |
9 Calculating Efficient Portfolios When There Are No Short-Sale Restrictions | p. 161 |
10 Estimating Betas and the Security Market Line | p. 185 |
11 Efficient Portfolios without Short Sales | p. 199 |
12 Value at Risk (VaR) | p. 209 |
III Option-Pricing Models | |
13 An Introduction to Options | p. 231 |
14 The Binomial Option-Pricing Model | p. 253 |
15 The Lognormal Distribution | p. 277 |
16 The Black-Scholes Model | p. 297 |
17 Portfolio Insurance | p. 311 |
18 Real Options | p. 329 |
19 Early Exercise Boundaries | p. 343 |
IV Bonds and Duration | |
20 Duration | p. 363 |
21 Immunization Strategies | p. 381 |
22 Modeling the Term Structure | p. 393 |
23 Calculating Default-Adjusted Expected Bond Returns | p. 401 |
24 Duration and the Cheapest-to-Deliver Problem for Treasury Bond Futures Contracts | p. 417 |
V Technical Considerations | |
25 Random Numbers | p. 431 |
26 Data Tables | p. 443 |
27 Matrices | p. 449 |
28 The Gauss-Seidel Method | p. 457 |
29 Excel Functions | p. 461 |
30 Some Excel Hints | p. 479 |
VI Introduction to Visual Basic for Applications | |
31 User-Defined Functions with Visual Basic for Applications | p. 493 |
32 Types and Loops | p. 519 |
33 Macros and User Interaction | p. 539 |
34 Arrays | p. 557 |
35 Objects | p. 581 |
References | p. 603 |
Index | p. 611 |