FINANCIAL MODELLING BENNINGA S. Księgarnia

Too often, finance courses stop short of making a connection between textbook finance and the problems of real-world business. Financial Modeling bridges 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.

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

Table of Contents

Preface
	Preface to the First Edition
I	Corporate Finance Models	1
1	Basic Financial Calculations	3
2	Calculating the Cost of Capitol	27
App. 1	A Rule of Thumb for Calculating Debt Betas	49
App. 2	Why Is [beta] Such a Good Measure of Risk? Portfolio [beta] versus Individual Stock [beta]	51
App. 3	Getting Data from the Internet	52
3	Financial Statement Modeling	57
App. 1	Calculating the Free Cash Flows When There Are Negative Profits	83
App. 2	Accelerated Depreciation in Pro Forma Models	84
4	Using Financial Statement Models for Valuation	89
5	The Financial Analysis of Leasing	101
App	The Tax and Accounting Treatment of Leases	111
6	The Financial Analysis of Leveraged Leases	115
II	Portfolio Models	129
7	Portfolio Models - Introduction	131
App. 1	Adjusting for Dividends	146
App. 2	Continuously Compounded versus Geometric Returns	148
8	Calculating the Variance-Covariance Matrix	151
9	Calculating Efficient Portfolios When There Are No Short-Sale Restrictions	161
	Appendix	179
10	Estimating Betas and the Security Market Line	185
11	Efficient Portfolios without Short Sales	199
12	Value at Risk (VaR)	209
App	How to Bootstrap: Making a Bingo Card in Excel	219
III	Option-Pricing Models	229
13	An Introduction to Options	231
14	The Binomial Option-Pricing Model	253
15	The Lognormal Distribution	277
16	The Black-Scholes Model	297
17	Portfolio Insurance	311
18	Real Options	329
19	Early Exercise Boundaries	343
App	Proof	358
IV	Bonds and Duration	361
20	Duration	363
21	Immunization Strategies	381
22	Modeling the Term Structure	393
23	Calculating Default-Adjusted Expected Bond Returns	401
24	Duration and the Cheapest-to-Deliver Problem for Treasury Bond Futures Contracts	417
V	Technical Considerations	429
25	Random Numbers	431
26	Data Tables	443
27	Matrices	449
28	The Gauss-Seidel Method	457
29	Excel Functions	461
30	Some Excel Hints	479
VI	Introduction to Visual Basic for Applications	491
31	User-Defined Functions with Visual Basic for Applications	493
App	Cell Errors in Excel and VBA	516
32	Types and Loops	519
33	Macros and User Interaction	539
34	Arrays	557
35	Objects	581
App	Excel Object Hierarchy	601
	References	603
	Index	611

1168 pages, Hardcover

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