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Financial Modeling (The MIT Press)
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A substantially revised edition of a bestselling text combining explanation and implementation using Excel; for classroom use or as a reference for finance practitioners.
Financial Modeling is now the standard text for explaining the implementation of financial models in Excel. This long-awaited fourth edition maintains the “cookbook†features and Excel dependence that have made the previous editions so popular. As in previous editions, basic and advanced models in the areas of corporate finance, portfolio management, options, and bonds are explained with detailed Excel spreadsheets. Sections on technical aspects of Excel and on the use of Visual Basic for Applications (VBA) round out the book to make Financial Modeling a complete guide for the financial modeler.
The new edition of Financial Modeling includes a number of innovations. A new section explains the principles of Monte Carlo methods and their application to portfolio management and exotic option valuation. A new chapter discusses term structure modeling, with special emphasis on the Nelson-Siegel model. The discussion of corporate valuation using pro forma models has been rounded out with the introduction of a new, simple model for corporate valuation based on accounting data and a minimal number of valuation parameters.
New print copies of this book include a card affixed to the inside back cover with a unique access code. Access codes are required to download Excel worksheets and solutions to end-of-chapter exercises. If you have a used copy of this book, you may purchase a digitally-delivered access code separately via the Supplemental Material link on this page. If you purchased an e-book, you may obtain a unique access code by emailing digitalproducts-cs@mit.edu or calling 617-253-2889 or 800-207-8354 (toll-free in the U.S. and Canada).
Praise for earlier editions“Financial Modeling belongs on the desk of every finance professional. Its no-nonsense, hands-on approach makes it an indispensable tool.â€â€•Hal R. Varian, Dean, School of Information Management and Systems, University of California, Berkeley
“Financial Modeling is highly recommended to readers who are interested in an introduction to basic, traditional approaches to financial modeling and analysis, as well as to those who want to learn more about applying spreadsheet software to financial analysis."―Edward Weiss, Journal of Computational Intelligence in Finance
“Benninga has a clear writing style and uses numerous illustrations, which make this book one of the best texts on using Excel for finance that I've seen.â€â€•Ed McCarthy, Ticker Magazine
Product details
Series: The MIT Press
Hardcover: 1144 pages
Publisher: The MIT Press; fourth edition edition (April 18, 2014)
Language: English
ISBN-10: 0262027283
ISBN-13: 978-0262027281
Product Dimensions:
7 x 1.8 x 9 inches
Shipping Weight: 3.9 pounds (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
155 customer reviews
Amazon Best Sellers Rank:
#67,226 in Books (See Top 100 in Books)
Having gone through many quant finance books for my quant finance course, I found that this is the very best. The reason why it is the best is that it doesn't try to be cleverer than it needs to be. Mr. Benninga explains the concepts clearly, and that is very rare in the math world where authors expect you to already know and understand the concepts. It is clear to me that a lot o thought went into making this book easy to understand without losing the characteristically complexity that quant finance inevitably has.Truly great book.
Professor Simon Benninga’s Financial Modeling, Forth Edition (uses Excel) is the single most valuable finance book ever published for students and professionals and offers an outstanding reference and textbook for practitioners of applied finance. Following independent readings or coursework in Corporate Finance and Investments Financial Modeling, Forth Edition (FM4) is your next best investment for coal-face mechanical understandings of the principals and methods of actual financial calculation on a sophisticated level.For further information, please use the "Look Inside" feature and examine the Table of Contents carefully, as I will emphasize selected portions.First, caveats: Benninga characterizes himself as an author of a “cookbook†and I only partially agree. Like the very best cookbooks by brilliant chef teachers such as Julia Child, FM4 is a pedagogical masterpiece because it is excellent for “learning by doing†that makes concepts real to practitioners and students. "Cookbook" metaphors are therefore too strong and do not do this work justice, for FM4 is not a mere collection of recipes but rather topical introduction, explanation, and then direct technique. If we can make a comparison with a "cookbook" then FM4 falls somewhere between "The Joy of Cooking" and "Mastering the Art of French Cooking." "Joy" combines chapters on technique, ingredients, and tools with dense pages of endless recipes, whereas "Mastering" emphasizes technique and a few well-selected recipes.In addition, a caveat is that the work does explicitly use Excel for explanations. Increasingly in Masters of Science in Finance coursework models are directly coded in Matlab or the children of C or R, or at banks’ or financial service firms’ proprietary systems are used. The use of the ubiquitous Excel may at first appear to trivialize what is accomplished in this work, but it ironically does not. Certainly in a small shop Excel will be the first tool, and this work’s models will therefore be directly useful. In large more complex shops where proprietary or internal systems are custom platforms, the exact same things made explicit and simple in this book with Excel will be occurring under the hood of that enormous machine. Therefore: if you work through this book and understand the models here that are executed in Excel you will understand what is going on in the silicon beast you are attached to on a proprietary trading desk. Under the hood is this same stuff, just on a different platform.Benninga's FM4 is explicitly for those who must make financial decisions using models. There are further specialist texts in topics covered here (credit modeling, portfolio construction, option pricing, etc.), but the models in FM4 are the first advanced models applied to leases, loans, bonds, options, and equity portfolios. Master these and then specialized texts are easier to digest.What is new? Benninga has chosen to start the work with an introduction to the tools used repeatedly throughout the text: data tables, getformula, etc. Basic Financial Calculations follows, and then the meaty chapters of previous editions on corporate valuation, WACC, valuation, pro-forma modeling, leasing, portfolios, efficient portfolios, variance-covariance matrix, beta estimation and the security market line, constrained portfolios, the Black-Litterman approach to portfolio optimization, and Monte Carlo methods and applications to option pricing and other topics, and the previous 2nd and 3rd edition's small chapter on using array functions and formulas has been expanded. The portion on data downloads from YAHOO is also welcome, especially for those on a budget. Sadly, the stand-alone chapter on bank valuation from the 3rd edition is now missing.There is a single flaw in the work, which is excusable and redeemable. Often the discounting in the chapters is done over a flat interest rate curve to make the example explicit and clear. The material on the term structure of interest rates is covered and expanded, and historical term structures and parallel shifts and steepening and flattening is covered in isolation in thorough chapters and with wonderful data files. The necessity and explicit connection of discounting from an appropriate yield curve is often left implied and only mentioned in a few exercises. I would have preferred that each chapter where discounting a time series was necessary ended with a small section showing explicit valuation under a yield curve with advanced models. BLOOMBERG and REUTERS have these sort of things (often incorrectly) programmed, but students must learn explicitly about and do exercises themselves to comprehend the importance of curve discounting.I preferred the old CD-ROM that came with the 1,2nd, and 3rd editions of the book, but I am showing my age. The downloadable models that accompany the text are alone worth the price, with over three score of models that are practical and adaptable for students and professionals alike. They are easy and straightforward to download, but do demand a stable optical or T1 line when doing so. The files are sorted and separated according to chapters and subject matter. Each file has logical progression of the concepts advanced in the book, and each separate sheet either stands alone or appropriately links to data and models on other sheets, so editing for your own purposes is a breeze.For those who want to train themselves in Finance (not "personal finance") then I suggest reading Copeland, Weston, & Shastri's Financial Theory and Corporate Policy (4th Edition) and Brealey, Myers, and Marcus's "Corporate Finance" and "Investments" followed by working through FM4. Such a course would give any self-disciplined person the equivalent of a Master’s of Science in Finance.The appropriately sized typeface is clear crisp Times Roman printed on off-white-touch-of-cream paper, so it is perfect under incandescent, florescent, or natural light and has no glare nor causes eye fatigue.Full disclosure: Professor Benninga and I correspond by e-mail, and I have taught in graduate and undergraduate and executive programs using the previous editions of this work since 1998, and am thanked in the acknowledgements of some editions for pointing to typographical errors. He has been unfailingly supportive to my work and my students, a mensch and a tzadik.Purchase this book now for a brighter financial future. - “Bachelier†Paris, September 2014.
As a retail investor and trader of securities, options and futures, I've used Benninga's book to help create and test rules-based portfolio investing and hedging strategies.After reading several theoretical books on portfolio optimization, option pricing and volatility, and linear algebra, I found Financial Modeling to be a very practical start for implementing the theory and developing more sophisticated models.Benninga's explanations are very clear and intuitive. He provides a wide range of easily implementable Excel-based tools for creating efficient portfolios, insurance and arbitrage programs, option prices, and real time stock returns and co-variances to mention just a few.Unlike others, this author has produced seemingly error-free text - particularly when he references details of his spreadsheets and Visual Basic code. Same goes for his accompanying CD and spreadsheet models. And that boosts confidence that his overall presentation is just as thorough.Excellent resource and practical guide. Helps in gaining a more consistent edge in today's volatile markets.
I purchased this book as a companion to another excellent book on Valuation by Prof. Damodaran. While the latter is a thorough non-nonsense exposition on the principles of asset valuation, Simon Beninga's book takes a different approach. There is very little classical finance theory however the book is heavy on techniques that describe the conception and construction of financial models using Excel. An intermediate to advanced level of Excel is recommended. The author provides several examples on how to dissect a problem and convert it into Excel inputs. He also provides a lot of templates on standard templates that would make an investment banker proud. There is some coverage of investments instruments like Black Scholes and Monte Carlo techniques, however the book does not go in too much depth in this area. The reader is referred to other specialized texts for this purpose. The section on Visual Basic programming was also a little light and assumes a fairly advanced user. Thos should not be the first book you pick up for learning VB programming.The book is more of a desk reference and crystallizes key concepts and practical tips very well. I strongly recommend this for any current or aspiring finance professional.
I have my MBA from Wharton, and have worked on Wall Street for years. I have used this book many times in the past to learn things, and keep it on hand to refresh myself on financial modeling and pricing concepts. It is especially useful for Investment Bankers and those in Fixed Income, and is a GREAT resource for those who will be interviewing in finance. If you're going to be interviewing, DON'T think you need to know EVERYTHING and drive yourself nuts. Just know the basics of bond math, discount rates, annuities, etc. It's not extremely user friendly and doesn't give a ton of examples, but if you need more detail, just google for further examples of any concepts in the book. You won't be disappointed.
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