简介
Summary:
Publisher Summary 1
An approach to building and estimating models through the use of Excel. 聽Excel Modeling in Corporate Financefocuses on active learning by showing readers how to build and estimate financial models using Excel. This approach shows the steps involved in building models, rather than solely providing readers with completed spreadsheets. 聽This edition contains updated information and data on the Excel model in Corporate Financial Planning, chapter on Estimating the Cost of Capital, and the Excel model used to estimate firm valuation. 聽
目录
Table Of Contents:
Preface vii
Fourth Edition Changes vii
What Is Unique About This Book xi
Conventions Used In This Book xii
Craig's Challenge xiii
Excel® Modeling Books xiv
Suggestions for Faculty Members xiv
Acknowledgements xv
About The Author xvi
PART 1 TIME VALUE OF MONEY 1(19)
Chapter 1 Single Cash Flow 1(3)
1.1 Present Value 1(1)
1.2 Future Value 2(2)
Problems 3(1)
Chapter 2 Annuity 4(4)
2.1 Present Value 4(1)
2.2 Future Value 5(1)
2.3 System of Four Annuity Variables 6(2)
Problems 7(1)
Chapter 3 NPV Using Constant Discounting 8(3)
3.1 Nominal Rate 8(1)
3.2 Real Rate 9(2)
Problems 10(1)
Chapter 4 NPV Using General Discounting 11(5)
4.1 Nominal Rate 11(2)
4.2 Real Rate 13(3)
Problems 15(1)
Chapter 5 Loan Amortization 16(4)
5.1 Basics 16(1)
5.2 Sensitivity Analysis 17(3)
Problems 19(1)
PART 2 VALUATION 20(69)
Chapter 6 Bond Pricing 20(20)
6.1 Annual Payments 20(1)
6.2 EAR, APR, and Foreign Currencies 21(5)
6.3 Duration and Convexity 26(2)
6.4 Price Sensitivity 28(2)
6.5 Immunization 30(6)
6.6 System of Five Bond Variables 36(4)
Problems 37(3)
Chapter 7 Estimating the Cost of Capital 40(13)
7.1 Static CAPM Using Fama-MacBeth Method 40(6)
7.2 APT or Intertemporal CAPM Using Fama-McBeth Method 46(7)
Problems 52(1)
Chapter 8 Stock Valuation 53(2)
8.1 Dividend Discount Model 53(2)
Problems 54(1)
Chapter 9 Firm and Project Valuation 55(24)
9.1 Cash Flows for Five Equivalent Methods 55(3)
9.2 Adjusted Present Value 58(1)
9.3 Free Cash Flow To Equity 59(1)
9.4 Free Cash Flow to the Firm 60(1)
9.5 Dividend Discount Model 61(1)
9.6 Residual Income 62(1)
9.7 Five Equivalent Methods 63(16)
Problems 72(1)
Appendix: Reconciling the Residual Income Method with Other Approaches to Valuing Firms or Projects 73(6)
Chapter 10 The Yield Curve 79(4)
10.1 Obtaining It From Treasury Bills and Strips 79(1)
10.2 Using It To Price A Coupon Bond 80(1)
10.3 Using It To Determine Forward Rates 81(2)
Problems 82(1)
Chapter 11 US Yield Curve Dynamics 83(6)
11.1 Dynamic Chart 83(6)
Problems 87(2)
PART 3 CAPITAL STRUCTURE 89(7)
Chapter 12 Capital Structure 89(7)
12.1 Modigliani-Miller With No Taxes 89(2)
12.2 Modigliani-Miller With Corporate Taxes 91(2)
12.3 Trade-off Model: Tax Shield vs. Distress Cost 93(3)
Problems 95(1)
PART 4 CAPITAL BUDGETING 96(23)
Chapter 13 Project NPV 96(10)
13.1 Basics 96(3)
13.2 Forecasting Cash Flows 99(1)
13.3 Working Capital 100(2)
13.4 Sensitivity Analysis 102(4)
Problems 105(1)
Chapter 14 Cost-Reducing Project 106(5)
14.1 Basics 106(3)
14.2 Sensitivity Analysis 109(2)
Problems 109(2)
Chapter 15 Break-Even Analysis 111(8)
15.1 Based On Accounting Profit 111(3)
15.2 Based On NPV 114(5)
Problems 118(1)
PART 5 FINANCIAL PLANNING 119(34)
Chapter 16 Corporate Financial Planning 119(21)
16.1 Actual 119(3)
16.2 Forecast 122(4)
16.3 Cash Flow 126(2)
16.4 Ratios 128(2)
16.5 Sensitivity 130(1)
16.6 Full-Scale Estimation 131(9)
Problems 137(3)
Chapter 17 Du Pont System Of Ratio Analysis 140(2)
17.1 Basics 140(2)
Problems 141(1)
Chapter 18 Life-Cycle Financial Planning 142(11)
18.1 Basics 142(2)
18.2 Full-Scale Estimation 144(9)
Problems 152(1)
PART 6 INTERNATIONAL CORPORATE FINANCE 153(5)
Chapter 19 International Parity 153(5)
19.1 System of Four Parity Conditions 153(2)
19.2 Estimating Future Exchange Rates 155(3)
Problems 157(1)
PART 7 OPTIONS AND CORPORATE FINANCE 158(44)
Chapter 20 Binomial Option Pricing 158(27)
20.1 Estimating Volatility 158(1)
20.2 Single Period 159(3)
20.3 Multi-Period 162(4)
20.4 Risk Neutral 166(3)
20.5 Average of N and N-1 169(3)
20.6 Convergence to Normal 172(2)
20.7 American With Discrete Dividends 174(4)
20.8 Full-Scale 178(7)
Problems 183(2)
Chapter 21 Real Options 185(4)
21.1 NPV Correctly vs. NPV Ignoring Option 185(4)
Problems 188(1)
Chapter 22 Black-Scholes Option Pricing 189(9)
22.1 Basics 189(1)
22.2 Continuous Dividend 190(4)
22.3 Implied Volatility 194(4)
Problems 196(2)
Chapter 23 Debt And Equity Valuation 198(4)
23.1 Two Methods 198(2)
23.2 Impact of Risk 200(2)
Problems 201(1)
PART 8 EXCEL SKILLS 202
Chapter 24 Useful Excel Tricks 202
24.1 Quickly Delete The Instructions and Arrows 202(1)
24.2 Freeze Panes 202(1)
24.3 Spin Buttons and the Developer Tab 203(1)
24.4 Option Buttons and Group Boxes 204(2)
24.5 Scroll Bar 206(1)
24.6 Install Solver or the Analysis ToolPak 207(1)
24.7 Format Painter 207(1)
24.8 Conditional Formatting 208(1)
24.9 Fill Handle 209(1)
24.10 2-D Scatter Chart 209(2)
24.11 3-D Surface Chart 211
Preface vii
Fourth Edition Changes vii
What Is Unique About This Book xi
Conventions Used In This Book xii
Craig's Challenge xiii
Excel® Modeling Books xiv
Suggestions for Faculty Members xiv
Acknowledgements xv
About The Author xvi
PART 1 TIME VALUE OF MONEY 1(19)
Chapter 1 Single Cash Flow 1(3)
1.1 Present Value 1(1)
1.2 Future Value 2(2)
Problems 3(1)
Chapter 2 Annuity 4(4)
2.1 Present Value 4(1)
2.2 Future Value 5(1)
2.3 System of Four Annuity Variables 6(2)
Problems 7(1)
Chapter 3 NPV Using Constant Discounting 8(3)
3.1 Nominal Rate 8(1)
3.2 Real Rate 9(2)
Problems 10(1)
Chapter 4 NPV Using General Discounting 11(5)
4.1 Nominal Rate 11(2)
4.2 Real Rate 13(3)
Problems 15(1)
Chapter 5 Loan Amortization 16(4)
5.1 Basics 16(1)
5.2 Sensitivity Analysis 17(3)
Problems 19(1)
PART 2 VALUATION 20(69)
Chapter 6 Bond Pricing 20(20)
6.1 Annual Payments 20(1)
6.2 EAR, APR, and Foreign Currencies 21(5)
6.3 Duration and Convexity 26(2)
6.4 Price Sensitivity 28(2)
6.5 Immunization 30(6)
6.6 System of Five Bond Variables 36(4)
Problems 37(3)
Chapter 7 Estimating the Cost of Capital 40(13)
7.1 Static CAPM Using Fama-MacBeth Method 40(6)
7.2 APT or Intertemporal CAPM Using Fama-McBeth Method 46(7)
Problems 52(1)
Chapter 8 Stock Valuation 53(2)
8.1 Dividend Discount Model 53(2)
Problems 54(1)
Chapter 9 Firm and Project Valuation 55(24)
9.1 Cash Flows for Five Equivalent Methods 55(3)
9.2 Adjusted Present Value 58(1)
9.3 Free Cash Flow To Equity 59(1)
9.4 Free Cash Flow to the Firm 60(1)
9.5 Dividend Discount Model 61(1)
9.6 Residual Income 62(1)
9.7 Five Equivalent Methods 63(16)
Problems 72(1)
Appendix: Reconciling the Residual Income Method with Other Approaches to Valuing Firms or Projects 73(6)
Chapter 10 The Yield Curve 79(4)
10.1 Obtaining It From Treasury Bills and Strips 79(1)
10.2 Using It To Price A Coupon Bond 80(1)
10.3 Using It To Determine Forward Rates 81(2)
Problems 82(1)
Chapter 11 US Yield Curve Dynamics 83(6)
11.1 Dynamic Chart 83(6)
Problems 87(2)
PART 3 CAPITAL STRUCTURE 89(7)
Chapter 12 Capital Structure 89(7)
12.1 Modigliani-Miller With No Taxes 89(2)
12.2 Modigliani-Miller With Corporate Taxes 91(2)
12.3 Trade-off Model: Tax Shield vs. Distress Cost 93(3)
Problems 95(1)
PART 4 CAPITAL BUDGETING 96(23)
Chapter 13 Project NPV 96(10)
13.1 Basics 96(3)
13.2 Forecasting Cash Flows 99(1)
13.3 Working Capital 100(2)
13.4 Sensitivity Analysis 102(4)
Problems 105(1)
Chapter 14 Cost-Reducing Project 106(5)
14.1 Basics 106(3)
14.2 Sensitivity Analysis 109(2)
Problems 109(2)
Chapter 15 Break-Even Analysis 111(8)
15.1 Based On Accounting Profit 111(3)
15.2 Based On NPV 114(5)
Problems 118(1)
PART 5 FINANCIAL PLANNING 119(34)
Chapter 16 Corporate Financial Planning 119(21)
16.1 Actual 119(3)
16.2 Forecast 122(4)
16.3 Cash Flow 126(2)
16.4 Ratios 128(2)
16.5 Sensitivity 130(1)
16.6 Full-Scale Estimation 131(9)
Problems 137(3)
Chapter 17 Du Pont System Of Ratio Analysis 140(2)
17.1 Basics 140(2)
Problems 141(1)
Chapter 18 Life-Cycle Financial Planning 142(11)
18.1 Basics 142(2)
18.2 Full-Scale Estimation 144(9)
Problems 152(1)
PART 6 INTERNATIONAL CORPORATE FINANCE 153(5)
Chapter 19 International Parity 153(5)
19.1 System of Four Parity Conditions 153(2)
19.2 Estimating Future Exchange Rates 155(3)
Problems 157(1)
PART 7 OPTIONS AND CORPORATE FINANCE 158(44)
Chapter 20 Binomial Option Pricing 158(27)
20.1 Estimating Volatility 158(1)
20.2 Single Period 159(3)
20.3 Multi-Period 162(4)
20.4 Risk Neutral 166(3)
20.5 Average of N and N-1 169(3)
20.6 Convergence to Normal 172(2)
20.7 American With Discrete Dividends 174(4)
20.8 Full-Scale 178(7)
Problems 183(2)
Chapter 21 Real Options 185(4)
21.1 NPV Correctly vs. NPV Ignoring Option 185(4)
Problems 188(1)
Chapter 22 Black-Scholes Option Pricing 189(9)
22.1 Basics 189(1)
22.2 Continuous Dividend 190(4)
22.3 Implied Volatility 194(4)
Problems 196(2)
Chapter 23 Debt And Equity Valuation 198(4)
23.1 Two Methods 198(2)
23.2 Impact of Risk 200(2)
Problems 201(1)
PART 8 EXCEL SKILLS 202
Chapter 24 Useful Excel Tricks 202
24.1 Quickly Delete The Instructions and Arrows 202(1)
24.2 Freeze Panes 202(1)
24.3 Spin Buttons and the Developer Tab 203(1)
24.4 Option Buttons and Group Boxes 204(2)
24.5 Scroll Bar 206(1)
24.6 Install Solver or the Analysis ToolPak 207(1)
24.7 Format Painter 207(1)
24.8 Conditional Formatting 208(1)
24.9 Fill Handle 209(1)
24.10 2-D Scatter Chart 209(2)
24.11 3-D Surface Chart 211
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