Financial Modeling

SimonBenninga

• Mit Pr (2008年2月29日発売)

作品紹介・あらすじ

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. The long-awaited third edition of this standard text maintains the "cookbook" features and Excel dependence that have made the first and second editions so popular. It also offers significant new material, with new chapters covering such topics as bank valuation, the Black-Litterman approach to portfolio optimization, Monte Carlo methods and their applications to option pricing, and using array functions and formulas. Other chapters, including those on basic financial calculations, portfolio models, calculating the variance-covariance matrix, and generating random numbers, have been revised, with many offering substantially new and improved material.
Other areas covered include financial statement modeling, leasing, standard portfolio problems, value at risk (VaR), real options, duration and immunization, and term structure modeling. Technical chapters treat such topics as data tables, matrices, the Gauss-Seidel method, and tips for using Excel. The last section of the text covers the Visual Basic for Applications (VBA) techniques needed for the book. The accompanying CD contains Excel worksheets and solutions to end-of-chapter exercises.

感想・レビュー・書評

[自営業者さんの感想 · 2011年11月23日]

Financeの網羅的な実践書あるいは実務書。分量的にはかなり多く、Excelによるテンプレートも多数収録されており、Finance手法を実際に実務で応用したい人に最適である。

Brealey, Myers & Allen（Corporate Finance）やBodie, Kane & Marcus（Investments）などは確かに優れた教科書ではあるが、これだけ読んでも実務にどう反映されるか実感がわかないかもしれない。そういう人にこそ本書をお勧めしたい。教科書で習った理論をベースとして、実際にExcelを操作することでCorporate FinanceやPortfolio ManagementあるいはOptionなどの理解が深まることは間違いない。本書に掲載されたモデルは、基礎的なものが大半なので、基礎レベルを終了していれば、（時間をかければ）十分理解できると思われる。

なお、理論的説明は最小限に留めてあるので、そちらをフォローしたい方は、章末の参考文献リストを利用すると良い。