Valuation Workbook: Step-by-Step Exercises and Tests to Help You Master Valuation (Wiley Finance)

Book Description

The Ideal Companion to VALUATION FOURTH EDITION

If you want to get more out of Valuation, Fourth Edition, then pick up the Valuation Workbook. This comprehensive study guide provides you with an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting it to work in real-world situations.

This hands-on Workbook:
* Walks you through Valuation, Fourth Edition--providing chapter-by-chapter coverage of the core text
* Tests your comprehension of the ideas presented throughout, with multiple-choice questions and problems
* Offers complete coverage of forecasting short, medium, and continuing value; calculating and interpreting results; real option pricing methods; and much more

Valuation Workbook is filled with a wealth of practical learning exercises and information that will help you understand and apply the proven principles found in Valuation, Fourth Edition.

Customer Reviews:

Very fast, superve conditions.......2007-06-08

I strickly recommend this shop: just 10 days to Barcelona and new!

Difficult to use, disorganized.......2007-04-12

I used this book for an MBA finance class but I am not keeping it as a reference. I felt it was convoluted and badly organized. It was difficult to look up subjects using the index when you wanted to just crack the book and find a formula or look for something specific. Since that's what I would do if I kept the book as a reference, the value for me is not there. I'm looking for a different book that is better organized and easier to understand for my reference book.

Thanks you.......2007-02-12

I got the book right away and it is still in perfect condition. I am absolutely satify with market order. Thanks you so much.

new bk delivered within a week.......2007-02-11

the shipping fee is free and i got the bk within a week. Most importantly, it's a new bk which price is nearly half of the original price in the bookstore!! awesome!

This is a review of only the CD - i.e., Excel model.......2006-03-28

Let me say that I like the McKinsey model and use it a lot to value certain companies. Overall, I found that the Results section of the model really helped me understand the detailed nuances of the McKinsey model, especially given that the book itself is sometimes vague.

I gave the CD product 4 stars, instead of 5 stars, because I felt that:

1) The PDF instructional manual on using the model is woefully inadequate.
2) There were a few serious errors in the model.
3) The model took the easy way out on a lot of difficult valuation items.

1. The PDF manual is woefully inadequate. Reading it, you think the model is self-explanatory, but it really isn't. You have to really study the numbers to understand what assumptions the model wants you to make. In this regard, the book is marginally helpful, the examples in the book is slightly more helpful. In many cases, I had to turn to other valuation texts to figure out a few things.

2. The model is for the most part, error-free. But I did catch two calculation errors that I will share, so that others can avoid the pain. First, in the Forecast Drivers tab, there is a data row called Capex. It looks back at the optional Capital Expenditure line as an off-balance sheet item in 'Historical Data.' This is inconsistent with the book's data driven approach and specification that CapEx = change in Net PPE + Depreciation. You may want to recorrect the Capex formula to specify this. Why the model asks us to manually specify the Capital Expenditures in Historical Data, I have no idea.

Another error I saw is in the Results tab. In the Ratios section, there is one called 'Enterprise value / EBITA'. If you look at the formula, it points to EBIT. You need to correct this by having it point to Reported EBITA.

3. I think the model takes the easy way out on a lot of the most difficult items. For example, the book advocates treatment of R&D as a capitalized asset, and yet the model excludes this entirely. The book advocates dealing with the market value of debt, but the model just incorporates the book value of debt. The model leaves as an entry item the value of the lease as a balance sheet item, when it you could easily just as well incorporate extensions to model this. This is the same for options, convertible debt, customer receivables, unutilized/discontinued assets, etc.

Basically, the book is aggressive in advocating a firm estimation of operational value, NOA value, and Debt/DE claims, but the model is much less ambitious.

This does not make the model useless. It's a great data-driven model. It just requires the user to build sophisticated extensions to deal with the most complicated parts. At the same time, this is no cheap model. They are probably making lots of money on it. I would have expected the folks at McKinsey to provide extensions to handle the most complicated aspects of valuation, in addition to the core items.

Valuation WorkBook: Step-by-Step Exercises and Test to Help You Master Valuation

Average customer rating:

Valuation Workbook (3rd edition)
Excellent Companion!
Don't bother--save your money!

Valuation WorkBook: Step-by-Step Exercises and Test to Help You Master Valuation
McKinsey & Co Inc. , Tom Copeland , Tim Koller , Jack Murrin , and William Foote
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

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ASIN: 0471397512

Book Description

Completely Updated, Over 200,000 Copies Sold!
"A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies." -New York Times
THE #1 guide TO CORPORATE VALUATION IS NOW BETTER THAN EVER!
"The book's clarity and comprehensive coverage make it one ofthe best practitioners' guides to valuation." -Financial Times
"Should serve very well the professional manager who wants to do some serious thinking about what really does contribute value to his or her firm and why." -The Journal of Finance
"Valuation is like a Swiss army knife . . . you will be prepared for just about any contingency." -Martin H. Dubilier, Chairman of the Board, Clayton & Dubilier, Inc.
"This book on valuation represents fresh new thinking. The writing is clear and direct, combining the best academic principles with actual experience to arrive at value-increasing solutions." -J. Fred Weston, cordner Professor of Money and Financial Markets, Graduate School of Management, UCLA

System Requirements:
Pentium II PC or greater
Windows 98 or later
128MB RAM
20MB Hard Disk Space
Excel 97 / 2000 (Alone or part of Office 97 / 2000) w/Report Manager & Analysis ToolPak installed and enabled.
( Note: Formulas & Computations are not guaranteed in later versions of Excel)
Video Display: 800 x 600 recommended

Customer Reviews:

Valuation Workbook (3rd edition).......2005-10-25

I was hoping the workbook would have more practice exercises revloving around the manipulation of financial statements. Instead, it was heavily multiple choice and short answer questions. Not exactly helpful for someone trying to learn by practice instead of information memorization.

Excellent Companion!.......2001-01-09

This workbook is a great companion to the bestselling Valuation book by McKinsey. A well organized resource that includes exercises and Q&A. The basic principle allows you to self-test your information and knowledge base. Understanding the valuation process can be challenging at times. This workbook is a great tool to help guide you through the process. I also use it as a quick reference problem solver.

Don't bother--save your money!.......2000-12-20

I had given 5 stars to "Valuation," but I feel that this workbook is practically useless for its price. The problems in this book are not very challenging; they merely require echoed answers instead of questions providing in-depth analysis. Common questions include: "Name three issues in valuating X company" or "Name three reasons why X is preferred over B." These are simple questions one could easily answer by taking copious notes. I had expected much more challenging questions from the workbook, but I was sorely disappointed. My advice: Buy "Valuation" but avoid buying this book.

Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation

Average customer rating:

EXCELLENT

Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation
James Hitchner , and Michael J. Mard
Manufacturer: Wiley
ProductGroup: Book
Binding: Paperback

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ASIN: 0471220833

Book Description

Exploring valuation theory, the consensus view on application, and the tools to apply it

Financial Valuation workbook shows the appropriate way to prepare and present business valuations with a strong emphasis on applications and models. A wealth of examples, checklists, and models helps the reader understand the material and design real valuation projects-a must-have reference for all valuation professionals. A special section includes hundreds of short, concise valuation tips for quick guidance, and the author also includes a set of best practices designed by top professionals.

Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.

James R. Hitchner, CPA, ABV, ASA (Atlanta, GA), is with Phillips Hitchner and the Financial Consulting Group. He has coauthored over ten books, taught over 100 courses, and published over twenty-five articles in the valuation field. He is also an inductee in the AICPA Business Valuation Hall of Fame. Financial Valuation: Applications and Models.

Michael J. Mard, CPA/ABV, ASA is a managing director of The Financial Valuation Group (FVG) in Tampa, Florida.

Customer Reviews:

EXCELLENT.......2007-04-11

This is now my primary valuation reference resource ... as a text for my classes and in the office.

Book Description

Written in a non-technical way, this volume uses a principal-agent framework to provide a contemporary, global analysis of the practice of contracting relations. It draws on case studies to provide valuable insights into current UK venture capital practice.

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A promise of equality inherited from revolutionary declarations of rights, enlightened law codes, and constitutions stood at the beginning of the industrial age. Conflicts were inevitable when in reality the law continued to be used, as ever, mostly in support of the rich and powerful. The essays assembled here explore how private law helped to maintain, change, or upset inequalities that were common to all industrialized countries. The book deals with relations between lords and peasants, husbands and wives, masters and servants, landlords and tenants, and producers and consumers. While law-and-society histories have become a growth industry in recent years, most studies in this field tend to be limited by national and disciplinary boundaries. This volume goes beyond such boundaries by comparing legal cultures in Britain, Germany, France, and the United States. Taking analogous, although not necessarily simultaneous, conflicts as a starting point, the essays offer new insights into different attitudes towards the law and different paths of juridification. The book thus enables historians, lawyers, and social scientists to view the history of their own legal culture in the light of others.

Private Law and Social Inequality in the Industrial Age : Comparing Legal Cultures in Britain, France, Germany, and the United States (Studies of the German Historical Institute, London)

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Private Law and Social Inequality in the Industrial Age : Comparing Legal Cultures in Britain, France, Germany, and the United States (Studies of the German Historical Institute, London)
Willibald Steinmetz
Manufacturer: Oxford University Press(UK)
ProductGroup: Book
Binding: Paperback
ASIN: B000OKVPY6

Book Description

The Permaculture Way shows us how to consciously design a lifestyle which is low in environmental impact and highly productive. It demonstrates how to meet our needs, make the most of resources by minimizing waste and maximizing potential, and still leave the Earth richer than we found it.

Customer Reviews:

the best permaculture book for beginners.......2005-12-06

Regardless of one person's opinion about this book being dry, it is considered one of the best tried and true permaculture manuals out there. The illustrations are funny and poignant and the information accessible and aplicable to a modern world.
Also be sure to check out the forthcoming "Food Not Lawns" by Heather Coburn due out next Summer. It is sure to be among the best-ever urban gardening books.

a bit dry..........2005-11-04

This being my first text on Permaculture, I was hoping to be awed and enthused after reading. Rather, I was a bit tired and dreary eyed. The book does contain many useful and convincing ideas. It also seems to have the depth of research I like in a text. Yet I could not wait to put the book down. It's common sense approach, not the revolutionary style I had come to link with Permaculture, left me wondering why I ordered it and if there is another trext more inspiring...

Look further before buying.

For anyone who wants to build a better world.......2004-01-31

What is permaculture? Permaculture is a way of life; it makes maximum use of resources by minimizing waste and maximizing potential; it is a tool for planet-repair; it is a way of creating wealth without causing environmental damage; it is about meeting our own needs without making the lives of other less pleasant; it is about limiting personal consumption but gaining more than you lose; it is about using technology when it is the best way to accomplish a task; it is developing interdependence with the community rather than self-sufficiency; it is about reducing the work required to meet a given end; it is about giving each of us the power to influence the world from our own home. Permaculture is not about getting away from it all but taking control of our lives where we are. It is a concept and a practice with global implications because it is possible under any culture, in any climate and by people with any skills. Permacultue invites you to take care of yourself, your family and your immediate community, and to care for your neighbors in the widest possible sense, all around the globe. Permaculture is based on sound economics while making our lives more harmonious with the needs of the planet.

Put in its simplest terms, permaculture asks people to put as much into life as they demand from it; but it starts with each individual because that is what is immediate and within our control and because only we have the power to affect the future by acting creatively for the good of ourselves and others. Permaculture starts in the home because that is the central point in time and space from which all daily occupations radiate. Designing the home to supply much of its own needs and to consume its own outputs would be a massive contribution to global cleansing. Thoreau, in his book 'Walden' reviews his two-year experiment in simple living as a counter to industrialization and commerce that have driven people into virtual slavery. His remedy was to concentrate on simple requirements to free up time and energy for our spiritual needs. Our house should provide health for the family, peace for the spirit and harmony with the environment - and that is what permaculture strives to attain. Think globally but act locally is a slogan that reminds us, not just of our duty, but of our personal ability to affect change for the better. Permaculture is best expressed in your own garden because gardening exhibits all the qualities of planet-care - it is small scale, local, ethical, and a personal responsibility that brings together all strands of our relationship with nature; it is a common bond between families throughout the world. Permaculture is best expressed through the individual because leadership is so vital to building a better world. Every parent is a leader; every adult and every child can become a leader. All it requires is to do something when you see something that needs doing and that something may be as simple as creating a garden along the lines described in this book.

This book shows us how to meet our basic needs while leaving the earth richer; it helps us to relearn the value of nature; it helps us to understand new ways of being wealthy; it helps us to create a productive lifestyle without causing environmental damage. Although the specifics of this book are for the British Isles, the principles and philosophies are universal. At present, the earth cannot keep up with our rate of production and consumption. We must deepen our understanding of the land and our relationship to it. This doesn't mean that we all have to become peasant or subsistence farmers; permaculture seeks more rewarding paths to paradise. This book helps us to design our lives efficiently, not just to feed and clothe ourselves better but to take as little as possible of the earth's space for the production of those needs; to do as little damage as possible to the environment and whenever possible to return as much as possible to nature.

David Bellamy starts his preface with these words. "I have four books in my library which form the cornerstones of my hope for the future: Marcus Porcius Cato's 'Treatise on Agriculture' (about 160 AD); Robert Sharrock's 'History of the Propagation and Improvement of Vegetables by the Concurrence of Art and Nature' (1660); Hans Jenny's 'The Soil Resource' (1980); and Bill Mollison's 'permaculture' (1988). I can now add this book to the collection, for it is of great importance. This is a spring-board text, which relaunches the wisdom of almost twenty centuries into the arena where it is most needed and from which it can be most effective - the rich countries of the temperate world."

At the 2002 Johannesburg World Summit for Sustainable Development, one resolution was to declare a Decade for Education on Sustainable Development starting in 2005. We must now start thinking about what should be included in the new curriculum. Permaculture should definitely be included. If you want to move away from the consumerist lifestyle; if you want to live by more enduring values; if you are looking for answers to the question 'What can I do about curing our world?'; if you are looking for ways to improve your health and to live more harmoniously with nature; if you agree with Edmund Burke that "for the triumph of evil it is only necessary that good men do nothing"; then this well may be the book you have been looking for. This book should be in the library of everyone interested in building a better world.

The Permaculture Way.......2000-05-29

I read this book about a year ago so I can't be too detailed. But I appreciated this accessible introduction to the entire field of permaculture as a philosophy. Not just focused on farm or landscaping design, Bell explicates deeper community design and planning that mollison usually just suggests in passing. Particularily interesting was his discussion of Community centered currency and exchange programs like BREAD in Berkeley

Book Description

This book is primarily the result of the Leaf Beetle research presented at the Fifth International Symposium on the Chrysomelidae, held on 25-27 July 2000 in conjunction with the XXI International Congress of Entomology, in Iguassu Falls, Brazil. It is a collection of papers by leading experts on Leaf Beetles from over 15 countries discussing their research on all 5 major continents concerning systematics, diversity, phylogeny, biology, ecology, genetics, etc. This compilation on such diverse topics about Chrysomelidae is dedicated to Dr. P. H. A. Jolivet who is a kind of grandfather to all the world's Leaf Beetle workers. Some chapters discuss biological diversity of the primary tropical rainforests of Costa Rica, Panama, Brazil and Central and East Africa and other chapters discuss the biodiversity in the Nepalese Himalayas, Central Europe, etc.

The papers cover almost all the Leaf Beetle subfamilies in the broad sense with special detailed treatment of 9 of these subfamilies. Some papers use morphology to consider the classification of certain groups, whereas molecular DNA studies are used for other groups. In some chapters immatures are treated morphologically and in others their natural enemies are discussed. Host plant diversity and choice are considered as well as feeding behavior. Chemical defense is interestingly discussed in several chapters concerning eggs, larvae and adults. Polymorphism of color pattern and flight ability are the subjects for two contributions. In many chapters genetics and ecology as well as pure biology or natural history are prevalent themes. This book will be an indispensable tool to anybody interested in leaf beetles as well as to specialists in taxonomy, phylogeny and biogeography, applied entomology, ecology, genetics etc.

Average customer rating:
The biology of the bean leaf-beetle (Bulletin / University of Arkansas, College of Agriculture, Agricultural Experiment Station)
Dwight Isely
Manufacturer: University of Arkansas, College of Agriculture, Agricultural Experiment Station
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Cereal leaf beetle: Biology & management (Publication)
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Manufacturer: North Carolina Cooperative Extension
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Manufacturer: Washington State University Cooperative Extension]
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Insect series. Crops
R. W Hammon
Manufacturer: Colorado State University Cooperative Extension
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006S560U

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After the eruption, Krakatau provided a unique opportunity to study the colonization of a sterile area by plants and animals across a sea barrier and the gradual incorporation of the newcomers into the developing ecosystem. Krakatau is a comprehensive account of the reassembly of a tropical forest ecosystem over the past century. Ian Thornton tackles the many questions and controversies surrounding the eruption and its aftermath. He writes, "The natural healing process has followed the most extreme form of ecological destruction possible, total biological extirpation. Yet the islands surviving the 1883 eruption are covered in secondary forest, and over 200 species of plants, 70 species of vertebrates, and thousands of invertebrate species now inhabit these forests."

Krakatau will be essential reading for anyone who wishes to understand not just the rebirth of Krakatau but also the resilient nature of life everywhere.

Customer Reviews:

A good book.......1999-01-12

This book could be enjoyed by a person of any academic level. Although it contained many unfamiliar scientific names and terms, I found it thoroughly interesting and informative. Ian Thornton knows his subject well and has much to teach.

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These two volumes contain chapters written by experts in such areas as bio and food rheology, polymer rheology, flow of suspensions, flow in porous media, electrorheological fluids, etc. Computational as well as analytical mathematical descriptions, involving appropriate constitutive equations deal with complex flow situations of industrial importance. This work is unique in that it brings together state of the art reviews and recent advances in a variety of areas, involving viscoelastic materials, in a desirable and timely manner.

Advances in the Flow and Rheology of Non-Newtonian Fluids (Rheology Series)

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Advances in the Flow and Rheology of Non-Newtonian Fluids (Rheology Series)
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Binding: Hardcover
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Customer Reviews:

Pure pleasure reading.......2004-07-18

Glum and Mighty Pagans, Eve Ottenberg
ISBN: 1414047916
For anyone whoever came to a big city with his or her dreams, this is a funny and poignant story about one young woman's serendipitous journey. Highly descriptive with a rich vocabulary, the reader follows Clara as she matures, spiraling up and down career paths and relationships throughout her young life. The complexity of the relationships are offset by the dry humor that lends some breathing space for the reader. Ottenerg brings the pathos and surrealness of the late 1970's and the "me" generation into focus in this highly enjoyable and personal vignette. Readers who enjoy Anita Brookner's Hotel du Lac, will enjoy and appreciate the glimpse into Clara's world.

Pure pleasure reading.......2004-07-18

For anyone whoever came to a big city with his or her dreams, this is a funny and poignant story about one young woman's serendipitous journey. Highly descriptive with a rich vocabulary, the reader follows Clara as she matures, spiraling up and down career paths and relationships throughout her young life. The complexity of the relationships are offset by the dry humor that lends some breathing space for the reader. Ottenerg brings the pathos and surrealness of the late 1970's and the "me" generation into focus in this highly enjoyable and personal vignette. Readers who enjoy Anita Brookner will enjoy and appreciate the glimpse into Clara's world.

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