11433nam a22005053i 4500 EBC6859814 MiAaPQ 20260706084529.0 m o d | cr cnu|||||||| 260706s2022 xx o ||||0 eng d 9780262368247 (electronic bk.) 9780262046428 (MiAaPQ)EBC6859814 (Au-PeEL)EBL6859814 (OCoLC)1293252542 MiAaPQ eng rda pn MiAaPQ MiAaPQ 658.150285536 Benninga, Simon. Financial Modeling, Fifth Edition. 1st ed. Cambridge : MIT Press, 2022. �2022. 1 online resource (879 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier Unknown accessibility onix Intro -- Title Page -- Copyright -- Dedication -- Table of Contents -- Preface and Acknowledgments -- Before All Else -- 0.1. Data Tables -- 0.2. What Is Getformula? -- 0.3. How to Put Getformula into Your Excel Notebook -- 0.4. Saving the Excel Workbook: Windows -- 0.5. Saving the Excel Workbook: Mac -- 0.6. Do You Have to Put Getformula into Each Excel Workbook? -- 0.7. Using Formulatext() Instead of Getformula -- 0.8. A Shortcut to Use Getformula and Formulatext -- 0.9. Recording Getformula: The Windows Case -- 0.10. Recording Getformula: The Mac Case -- 0.11. Using R -- I. Corporate Finance -- 1. Basic Financial Analysis -- 1.1. Overview -- 1.2. Present Value and Net Present Value -- 1.3. The Internal Rate of Return (IRR) and Loan Tables -- 1.4. Multiple Internal Rates of Return -- 1.5. Flat Payment Schedules -- 1.6. Future Values and Applications -- 1.7. A Pension Problem-Complicating the Future Value Problem -- 1.8. Continuous Compounding -- 1.9. Discounting Using Dated Cash Flows -- Exercises -- 2. Corporate Valuation Overview -- 2.1. Overview -- 2.2. Three Methods to Compute Enterprise Value (EV) -- 2.3. Using Accounting Book Values to Value a Company: The Firm's Accounting Enterprise Value -- 2.4. The Efficient Markets Approach to Corporate Valuation -- 2.5. Enterprise Value as the Present Value of the Free Cash Flows: DCF "Top Down" Valuation -- 2.6. Free Cash Flows Based on Consolidated Statement of Cash Flows -- 2.7. Free Cash Flows Based on Pro Forma Financial Statements -- 2.8. Summary -- Exercises -- 3. Calculating the Weighted Average Cost of Capital (WACC) -- 3.1. Overview -- 3.2. Computing the Value of the Firm's Equity, E -- 3.3. Computing the Value of the Firm's Debt, D -- 3.4. Computing the Firm's Tax Rate, TC -- 3.5. Computing the Firm's Cost of Debt, rD -- 3.6. Two Approaches to Computing the Firm's Cost of Equity, rE. 3.7. Three Approaches to Computing the Expected Return on the Market, E(rM) -- 3.8. What's the Risk-Free Rate rf in the CAPM? -- 3.9. Computing the WACC -- 3.10. When Don't the Models Work? -- 3.11. Summary -- Exercises -- 4. Pro Forma Analysis and Valuation Based on the Discounted Cash Flow Approach -- 4.1. Overview -- 4.2. Setting the Stage-Discounting the Free Cash Flow (FCF) -- 4.3. Simplified Approach Based on Consolidated Statement of Cash Flows -- 4.4. Pro Forma Financial Statement Modeling -- 4.5. Using the FCF to Value the Firm and Its Equity -- 4.6. Setting the Debt to Be the Absorbing Item and Incorporating Target Debt/Equity Ratio into the Pro Forma -- 4.7. Calculating the Return on Invested Capital -- 4.8. Project Finance: Debt Repayment Schedules -- 4.9. Calculating the Return on Equity -- 4.10. Tax Loss Carryforwards -- 4.11. Conclusion -- Exercises -- 5. Building a Pro Forma Model: The Case of Merck -- 5.1. Overview -- 5.2. Merck's Financial Statements, 2015-2018 -- 5.3. Analyzing the Financial Statements -- 5.4. A Model for Merck -- 5.5. Using the Model to Value Merck -- 5.6. Valuation Model for Merck Using Multiples -- 5.7. Summary -- 6. Financial Analysis of Leasing -- 6.1. Overview -- 6.2. A Simple but Misleading Example -- 6.3. Leasing and Firm Financing-the Equivalent-Loan Method -- 6.4. The Lessor's Problem: Calculating the Highest Acceptable Lease Rental -- 6.5. Asset Residual Value and Other Considerations -- 6.6. Mini-Case: When Is Leasing Profitable for Both the Lessor and the Lessee? -- 6.7. Leveraged Leasing -- 6.8. A Leveraged Lease Example -- 6.9. Summary -- Exercises -- II. Bonds -- 7. Bond's Duration -- 7.1. Overview -- 7.2. Two Examples -- 7.3. What Does Duration Mean? -- 7.4. Duration Patterns -- 7.5. The Duration of a Bond with Uneven Payments -- 7.6. Convexity of a Bond -- 7.7. Immunization Strategies. 7.8. Summary -- Exercises -- 8. Modeling the Term Structure -- 8.1. Overview -- 8.2. The Term Structure of Interest Rates -- 8.3. Bond Pricing Using the Equivalent Single Bond Approach -- 8.4. Pricing with Several Bonds at the Same Maturity -- 8.5. The Nelson-Siegel Approach of Fitting a Functional Form to the Term Structure -- 8.6. The Properties of the Nelson-Siegel Term Structure -- 8.7. Term Structure for Treasury Notes -- 8.8. Summary -- Appendix: VBA Functions Used in This Chapter -- 9. Calculating Default-Adjusted Expected Bond Returns -- 9.1. Overview -- 9.2. Calculating the Expected Return in a One-Period Framework -- 9.3. Calculating the Bond Expected Return in a Multi-period Framework -- 9.4. A Numerical Example -- 9.5. Experimenting with the Example -- 9.6. Computing the Bond Expected Return for an Actual Bond -- 9.7. Semiannual Transition Matrices -- 9.8. Computing Bond Beta -- 9.9. Summary -- Exercises -- III. Portfolio Theory -- 10. Portfolio Models-Introduction -- 10.1. Overview -- 10.2. Computing Descriptive Statistics for Stocks -- 10.3. Calculating Portfolio Means and Variances -- 10.4. Portfolio Mean and Variance-Case of N Assets -- 10.5. Envelope Portfolios -- 10.6. Summary -- Exercises -- Appendix 10.1: Continuously Compounded versus Geometric Returns -- Appendix 10.2: Adjusting for Dividends -- 11. Efficient Portfolios and the Efficient Frontier -- 11.1. Overview -- 11.2. Some Preliminary Definitions and Notation -- 11.3. Five Propositions on Efficient Portfolios and the CAPM -- 11.4. Calculating the Efficient Frontier: An Example -- 11.5. Three Notes on the Optimization Procedure -- 11.6. Finding the Market Portfolio: The Capital Market Line (CML) -- 11.7. Computing the Global Minimum Variance Portfolio (GMVP) -- 11.8. Testing the SML-Implementing Propositions 3-5 -- 11.9. Efficient Portfolios without Short Sales. 11.10. Summary -- Exercises -- Mathematical Appendix -- 12. Calculating the Variance-Covariance Matrix -- 12.1. Overview -- 12.2. Computing the Sample Variance-Covariance Matrix -- 12.3. The Correlation Matrix -- 12.4. Four Alternatives to the Sample Variance-Covariance Matrix -- 12.5. Alternatives to the Sample Variance-Covariance: The Single-Index Model -- 12.6. Alternatives to the Sample Variance-Covariance: Constant Correlation -- 12.7. Alternatives to the Sample Variance-Covariance: Shrinkage Methods -- 12.8. Using Option Information to Compute the Variance Matrix -- 12.9. Which Method to Compute the Variance-Covariance Matrix? -- 12.10. Summing Up -- Exercises -- 13. Estimating Betas and the Security Market Line -- 13.1. Overview -- 13.2. Testing the SML -- 13.3. Did We Learn Something? -- 13.4. The Non-efficiency of the "Market Portfolio" -- 13.5. So What's the Real Market Portfolio? How Can We Test the CAPM? -- 13.6. Conclusion: Does the CAPM Have Any Uses? -- Exercises -- 14. Event Studies -- 14.1. Overview -- 14.2. Outline of an Event Study -- 14.3. An Initial Event Study: Procter &amp -- Gamble Buys Gillette -- 14.4. A Fuller Event Study: Impact of Earnings Announcements on Stock Prices -- 14.5. Using a Two-Factor Model of Returns for an Event Study -- 14.6. Using Excel's Offset Function to Locate a Regression in a Data Set -- 14.7. Conclusion -- 15. The Black-Litterman Approach to Portfolio Optimization -- 15.1. Overview -- 15.2. A Naive Problem -- 15.3. Black and Litterman's Solution to the Optimization Problem -- 15.4. BL Step 1: What Does the Market Think? -- 15.5. BL Step 2: Introducing Opinions-What Does Joanna Think? -- 15.6. Using BL for International Asset Allocation -- 15.7. Summary -- Exercises -- IV. Options -- 16. Introduction to Options -- 16.1. Overview -- 16.2. Basic Option Definitions and Terminology -- 16.3. Some Examples. 16.4. Option Payoff and Profit Patterns -- 16.5. Option Strategies: Payoffs from Portfolios of Options and Stocks -- 16.6. Option Arbitrage Propositions -- 16.7. Summary -- Exercises -- 17. The Binomial Option Pricing Model -- 17.1. Overview -- 17.2. Two-Date Binomial Pricing -- 17.3. The State Prices -- 17.4. The Multi-period Binomial Model -- 17.5. Pricing American Options Using the Binomial Pricing Model -- 17.6. Programming the Binomial Option Pricing Model -- 17.7. Convergence of Binomial Pricing to the Black-Scholes Price -- 17.8. Using the Binomial Model to Price Employee Stock Options -- 17.9. Using the Binomial Model to Price Nonstandard Options: An Example -- 17.10. Summary -- Exercises -- 18. The Black-Scholes Model -- 18.1. Overview -- 18.2. The Black-Scholes Model -- 18.3. Programming the Black-Scholes Option Pricing Model -- 18.4. Calculating the Volatility -- 18.5. Programming a Function to Find the Implied Volatility -- 18.6. Dividend Adjustments to the Black-Scholes -- 18.7. "Bang for the Buck" with Options -- 18.8. The Black Model for Bond Option Valuation -- 18.9. Using the Black-Scholes Model to Price Risky Debt -- 18.10. Using the Black-Scholes Formula to Price Structured Securities -- 18.11. Summary -- Exercises -- 19. Option Greeks -- 19.1. Overview -- 19.2. Defining and Computing the Greeks -- 19.3. Delta Hedging a Call -- 19.4. The Greeks of a Portfolio -- 19.5. Greek-Neutral Portfolio -- 19.6. The Relationship between Delta, Theta, and Gamma -- 19.7. Summary -- Exercises -- Appendix 19.1: VBA for Greeks -- Appendix 19.2: R Code for Greeks -- 20. Real Options -- 20.1. Overview -- 20.2. A Simple Example of the Option to Expand -- 20.3. The Abandonment Option -- 20.4. Valuing the Abandonment Option as a Series of Puts -- 20.5. Valuing a Biotechnology Project -- 20.6. Summary -- Exercises -- V. Monte Carlo Methods. 21. Generating and Using Random Numbers. A substantially updated new edition of the essential text on financial modeling, with revised material, new data, and implementations shown in Excel, R, and Python.Financial Modeling has become the gold-standard text in its field, an essential guide for students, researchers, and practitioners that provides the computational tools needed for. Description based on publisher supplied metadata and other sources. Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2026. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries. Finance-Mathematical models. Electronic books. Mofkadi, Tal. Print version: Benninga, Simon Financial Modeling, Fifth Edition Cambridge : MIT Press,c2022 9780262046428 ProQuest (Firm) https://ebookcentral.proquest.com/lib/ppks/detail.action?docID=6859814 Click to View lcc EB 3037 3037