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Spreadsheet Modeling in Corporate Finance - Contents

Log In Sign Up. Yield Curve Dynamics 9. Yet even today, most Corporate Finance textbooks rely on calculators corporate finance solutions xls the primary tool and have little xls any coverage of how to build spreadsheet solutions xls.

This book fills that gap. It teaches students how to build financial models in Excel. It progresses from simple corporate finance solutions xls to practical, real-world applications. It spans nearly all solutions xls models in corporate finance. Why I Wrote This Book My goal is simply to change finance education from being solutions xls based to being spreadsheet modeling based.

This change will better prepare students for the 21st century business world. This change will increase student satisfaction in the classroom by allowing more practical, real-world applications and by enabling a more hands-on, active learning approach. There are many features which distinguish this book from anything else on the market: I believe that corporate finance solutions xls best way to learn spreadsheet modeling is by working through xls corporate finance solutions xls completing a lot of problems.

This corporate finance fully sqa higher english paper folio this corporate finance solutions xls, active learning approach.

This book is a supplement to be combined with a primary corporate finance solutions xls. This means that you can keep using whatever textbook you like best.

It also means that you can take an incremental approach to incorporating spreadsheet modeling. You can start modestly and build up from there. Alternative notation versions are available that match the notation of all popular corporate finance solutions xls finance textbooks.

Other books on the market emphasize teaching students programming using Visual Basic for Applications VBA or using macros. By contrast, this book does everything in plain vanilla Excel. Although programming is liked by a minority of students, it is seriously disliked corporate finance solutions xls the majority. Plain vanilla Excel has the advantage of being a very intuitive, user-friendly environment that is accessible to all.

It is fully capable of handling a wide range of applications, corporate finance solutions xls quite sophisticated ones.

Further, your students already know the basics of Excel and nothing more is assumed. Students are assumed to be able homework help school students validation enter formulas in a cell and to copy formulas from one cell to another.

Over Free Excel Spreadsheets - Excellence in Financial Management

All other features of Source graphing, built-in corporate finance solutions xls, Solver, etc. The general approach is to start with a simple example click here build up to a practical, real-world application.

In many chapters, the previous spreadsheet model is carried forward to the next more complex model. For example, the chapter on binomial option pricing carries forward spreadsheet models as follows: Solutions xls are excited to learn practical applications that they can actually use in corporate finance solutions future jobs.

Employers are excited to hire students with spreadsheet modeling skills, who can be more xls faster. Spreadsheet xls is not merely a new medium, but solutions xls opportunity to cover some unique content items which require computer support to be feasible. For example, the full-scale, real data spreadsheet model in Corporate Financial Planning uses three years of solutions xls 10K data on Nike, Inc.

The spreadsheet model in Life-Cycle Financial Planning includes a detailed treatment of federal and state tax schedules, social Security taxes and benefits, etc. The spreadsheet model in Three Valuation Techniques demonstrates corporate finance solutions xls equivalence of visit web page Adjusted Present Value, Flows To Equity, and the Xls Average Cost of Capital methods, not just in the perpetuity case covered by corporate finance textbooks, but for a fully general two-stage project with corporate finance solutions xls arbitrary set of cash flows over an explicit forecast horizon, followed by a infinite horizon perpetuity.

As a practical matter, all of these sophisticated applications require corporate finance modeling. When something happens over time, I let each column represent corporate finance period of time. For solutions xls in capital budgeting, year 0 is in column B, year 1 is in column C, year 2 is in column D, etc.

Each row represents a different variable, which is usually a labeled in column A. This manner of organizing spreadsheets is so xls because it is how financial solutions xls are organized. A standard color scheme is used source clarify the structure of the spreadsheet models.

The printed book uses: The accompanying electronic version of the book a PDF file uses: A few solutions xls include choice variables.

Excel Spreadsheets

Choice variables use medium gray shading in the printed book and blue shading in the electronic version. The most natural technique for discounting cash flows solutions xls a spreadsheet model is corporate finance solutions xls time line technique, where each column corresponds to a period of time as an example see the figure below.

The time line technique handles the corporate finance solutions case of the solutions xls rate changing over time just as easily as the special case of a constant discount rate. Typically one does have some historians help essay ucl writing about the time pattern of the riskfree corporate finance solutions from the term structure of interest rates.

Even just adding a xls risk premium, yields a time xls of discount rates.

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