Vernimmen, the reference in corporate finance
I give you the secret of the masters in finance, one of the reference books, a veritable bible in finance. The book is nothing less than the famous Vernimmen.
Sommaire
What does the vernimmen?
With this book you'll learn a lot about the finance company d, currently 2020 pages, yes more than 2000 pages. A veritable bible of finance, you will understand the principle of the VAN, markets, stocks, bonds, short a real bible. Be aware that in master of finance (metz), the book is so big that it needs almost 2 years of course top, is tell you if it is a good reference.
Why buy the book vernimmen corporate finance?
To train you in finance, the Vernimmen is somewhat the bible. The chapters are really well detailed and the Vernimmen site is really well done with corrected exercises, the newletter (very good).
Presentation of the Publisher
Written by two former investment bankers, business angels or senior banker and professors at HEC Paris, "The Vernimmen" currently management manual covering all the areas of corporate finance from both the analysis of accounting data and market techniques to conduct a rigorous analysis of any financial decision in its theoretical and practical aspects.
Real teaching tool, each chapter of the book is followed by a summary of questions and exercises updated with their keys, and a selective bibliography.
A few testimonials…
"With the Vernimmen, finance becomes simple. Not surprising that this book is the reference of professionals and students. »
Patrick Legland, Global research company General Director
"True bible,"the"Vernimmen is a reference for the finance function: particularly comprehensive, clear and especially educational, it is used in all circumstances."
Victoire Aubry, Member of the Executive Committee in charge of finance, group company of the Alps
Chapters and Executive summary.
Give me some good policies, I will have good finances
Presentation of the book
Main symbols and acronyms used in this book
Chapter 1 a first overview of the finance
Section 1 if the financier is shopping first…
Section 2… of securities…
Section 3… evaluated permanently on a capital market…
Section 4… It is also and especially a negotiator…
Section 5… not to mention being a spoilsport in the round…
Section 6… and a risk manager!
Summary, Questions, bibliography
Part 1 financial diagnosis
Title 1 fundamental financial mechanisms
Section 1 economic cycles (operating and investment)
Section 2 financial resources
Summary, Questions, exercises, bibliography
Section 1 the generation of wealth
Section 2 the different presentations of the income statement
Summary, Questions, exercises, bibliography
Chapter 4 the economic assets and financial resources
Section 1 Review: definitions and concepts
Section 2 economic reading of the balance sheet
Section 3 heritage reading of the balance sheet
Section 4 an example detailed in economic performance
Summary, Questions, exercises, bibliography
Chapter 5 of the result in the change in net debt
Section 1 analysis of the results from a cash flow perspective
Section 2 the table of cash flow
Section 3 construction of the table of cash flow
Summary, Questions, exercises, bibliography
Title 2 financial accounting reading
Chapter 6 accounting information
Section 1 the presentation of the accounts
Section 2 accounting principles
Summary, Questions, bibliography
Chapter 7 the consolidated accounts
Section 1 the consolidation methods
Section 2 specific peacebuilding issues
Section 3 the technical aspects of the consolidation
Summary, Questions, exercises, bibliography
Chapter 8 the complex points of the analysis of the accounts
Title 3 financial diagnosis: analysis and forecasts
Chapter 9 Introduction to the financial diagnosis
Section 1 What did analysis financial?
Section 2 economic diagnosis of the company
Section 3 the diagnosis of the accounting policy of the company
Section 4 Plan type of financial analysis
Section 5 different methods
Section 6 the financial rating
Section 7 the method of scores
Section 8 the expert systems and neural networks
Summary, Questions, exercises, bibliography
Chapter 10 analysis margins: structure
Section 1 the formation of the operating result
Section 2 the allocation of the operating result
Section 3 the income statement pro forma (social and consolidated accounting)
Section 4 financial diagnosis
Section 5 Application to Bricolage
Summary, Questions, exercises, bibliography
Chapter 11 analysis margins: risks
Section 1 the simple mechanism of the effect point dead
Section 2 a more complex use allows to take a step back
Section 3 of the analysis to forecast: the notion of normative margin
Section 4 Application to Bricolage
Summary, Questions, exercises, bibliography
Chapter 12 analysis of the need for working capital and investments
Section 1 Nature of the need for working capital
Section 2 turns of the need for working capital
Section 3 financial assessment of the need for working capital
Section 4 investment analysis it
Section 5 Application to Bricolage
Summary, Questions, exercises, bibliography
Chapter 13 the analysis of financing
Section 1 dynamic analysis of funding
Section 2 the static analysis of financing
Section 3 Application to Bricolage
Summary, Questions, exercises, bibliography
Chapter 14 the analysis of accounting profitability
Section 1 analysis of the profitability of the company
Section 2 leverage
Section 3 interest and leverage limits
Section 4 Application to Bricolage
Summary, Questions, exercises, bibliography
Chapter 15 Conclusion of financial diagnosis
Section 1 the solvency
Section 2 the creation of value
Section 3 financial analysis in the absence of accounting documents
Section 4 Application to Bricolage
Summary, Questions, exercises
Part 2 investors and the logic of the financial markets
Chapter 16 the financial markets
Section 1 the development of the capital market
Section 2 functions of a financial system
Section 3 the role of the banks to businesses
Section 4 a theoretical framework: efficient markets
Section 5 another theoretical framework under construction:
behavioral finance
Section 6 behaviors of investors
Summary, Questions, bibliography
Title 1 the basic mechanics of finance
Chapter 17 the compensation of time
Section 1 the inexorable mechanics of finance
Section 2 the theoretical basis for the rate of money without risk
Summary, Questions, bibliography
Chapter 18 capitalization and discount
Section 1 the capitalization
Section 2 refresh
Summary, Questions, exercises, bibliography
Chapter 19 current value and net present value
Section 1 present value and net present value of a financial security
Section 2 what these values depend on?
Section 3 simplification of present value calculations examples
Summary, Questions, exercises, bibliography
Chapter 20 the rate of actuarial return
Section 1 how to determine the actuarial rate of return?
Section 2 the actuarial rate of return as a criterion of choice of investment
Section 3 the boundaries of the actuarial rate of return
Section 4 a little more financial mathematics: interest rates and actuarial rate of return
Summary, Questions, exercises, bibliography
Title 2 finance in uncertain future
Chapter 21 the risk of a financial security
Section 1 analysis of the different risks
Section 2 risk and fluctuation of the value of a financial
Section 3 measures of profitability and risk
Section 4 market risk and specific risk
Section 5 Beta
Summary, Questions, exercises, bibliography
Section 1 the risk of a portfolio
Section 2 the choice between several risky assets and the efficient frontier
Section 3 the choice between several risky assets and a risk-free asset
Section 4 asset management in practice
Summary, Questions, exercises, bibliography
Chapter 23 rate of return required and markets in balance
Section 1 the profitability required by an investor: the CAPM
Section 2 the right of market
Section 3 the boundaries of the CAPM
Section 4 multifacteurs models
Section 5 chaos theory and other tracks
Section 6 the structure of interest rates
Summary, Questions, exercises, bibliography
Title 3 key financial titles
Section 1 basics
Section 2 the actuarial rate of return of an obligation
Section 3 titles of variable rate debt
Section 4 the volatility of debt
Section 5 solvency risk and the role of credit rating
Summary, Questions, exercises, bibliography
Chapter 25 other debt products
Section 1 the debt market products
Section 2 banking products
Section 3 funding sitting on assets of the company
Summary, Questions, bibliography
Section 1 basics
Section 2 the multiple
Section 3 the stock dashboard
Section 4 the plan type of analysis of the value of an action
Section 5 organization of stock markets and orders in France
Section 6 the technical adjustment of the per share data
Summary, Questions, exercises, bibliography
Section 1 Definitions and basis of the option
Section 2 the mechanisms of balance of the value of the options
Section 3 the analysis of the option
Section 4 the determinants of the value of an option
Section 5 the methods of assessment of options
Section 6 an optional position management tools
Summary, Questions, exercises, bibliography
Section 1 warrant
Section 2 the convertible bond
Section 3 the preference shares
Section 4 other hybrid securities
Summary, Questions, exercise, bibliography
Chapter 29 the placement of securities
Section 1 General principles of the distribution of the securities
Section 2 the IPO
Section 3 the capital increase
Section 4 reclassifications of blocks of shares
Section 5 the obligations
Section 6 convertible or exchangeable bonds
Section 7 Credit Union
Summary, Questions, exercise, bibliography
Part 3 the value
Chapter 30 value and corporate finance
Section 1 the purpose of finance: creating value
Section 2 the creation of value and markets in balance
Section 3 the value and theories of the Organization
Section 4-how to create value?
Section 5 the value and taxation
Summary, Questions, exercise, bibliography
Chapter 31 measures of value creation
Section 1 Overview of all
Section 2 the VAN: the sole financial criterion
Section 3 mi-comptables/mi-financiers hybrid criteria
Section 4 the equity criteria
Section 5 the accounting criteria
Section 6 a step back
Summary, Questions, exercises, bibliography
Chapter 32 the investment choices
Section 1 rule of the VAN and importance of sorting
Section 2 main reasoning
Section 3 different types of cash flow to remember
Section 4 the other criteria of investment choices
Summary, Questions, exercises, bibliography
Chapter 33 the cost of capital
Section 1 the cost of capital and the risk of economic assets
Section 2 the calculation of the cost of capital
Section 3 some practical applications
Section 4 that entrepreneurs can influence the cost of capital?
Summary, Questions, exercises, bibliography
Chapter 34 the risk in investment
Section 1 analysis of the risk through the business plan
Section 2 the mathematical risk measures
Section 3 the contribution of real options
Summary, Questions, exercises, bibliography
Chapter 35 practice of the valuation of the company
Section 1 Overview of the different methods
Section 2 evaluation by available cash-flow (DCF method)
Section 3 the multiples method
Section 4 the heritage method or the sum of the parts
Section 5 comparison of valuations
Section 6 premiums and discounts
Summary, Questions, exercises, bibliography
Part 4 financial policy
Title 1 the financial structure of the company
Chapter 36 financial Structure and theory of market equilibrium
Section 1 the value of economic assets
Section 2 of the debt and equity
Section 3 the old approach (pre-1958)
Section 4 lighting of the theory of market equilibrium
Summary, Questions, exercises, bibliography
Chapter 37 financial Structure, taxation, and theory of organizations
Section 1 tax interest of debt
Section 2 debt like control internal leaders
Section 3 the choice of a financial structure: made a signal to the market
Section 4 of the pecking order theory
Summary, Questions, exercises, bibliography
Chapter 38 debt, equity and options theory
Section 1 how to read in the light of the options
Section 2 the contribution of the theory of equity valuation options
Section 3 the contribution of the theory of the options in the analysis of the financial decisions of the company
Section 4 methods of resolving conflicts between shareholders and creditors
Section 5 analysis of the liquidity of the company
Section 6 Conclusion
Summary, Questions, exercises, bibliography
Chapter 39 choose its financial structure
Section 1 the major concepts
Section 2 factors of choice of a financial structure
Section 3 the choice of financing and accounting and financial criteria
Summary, Questions, exercise, bibliography
Title 2 politics of debt and equity
Chapter 40 policy distribution or return money to shareholders
Section 1 self-financing
Section 2 self-financing and financial criteria
Section 3 why make funds to shareholders?
Summary, Questions, exercises, bibliography
Chapter 41 the implementation of the distribution policy
Section 1 the distribution of dividends
Section 2 the exceptional dividend, the share buybacks over the water and the reduction of capital
Section 3 the choice between dividends, share buybacks and reductions in capital. 889
Summary, Questions, exercises, bibliography
Chapter 42 the capital increase
Section 1 the capital increase is a sale of shares, which the product back to the company, and which implies a sharing
Section 2 the capital increase and financial theories
Section 3 old and new shareholders
Section 4 the increase in capital and financial criteria
Summary, Questions, exercises, bibliography
Chapter 43 the implementation of debt policy
Section 1 the structure of the debt
Section 2 the covenants or safeguard clauses
Section 3 renegotiate its debt
Section 4 Why keep liquidity in the asset?
Section 5 the levers of a good debt policy
Summary, Questions, exercises, bibliography
Section 5 financial management
Title 1 governance and financial engineering
Chapter 44 the company or finance the start-up
Section 1 the financial characteristics of the company which creates
Section 2 some basic principles of financing for starting a business
Section 3 investors in startups
Section 4 the Organization of the relations between the contractor and financial investors
Section 5 financial management of a start-up
Section 6 details of the assessment of young companies
Section 7 an example based on a real case: Example.com
Summary, Questions, exercises, bibliography
Chapter 45 share ownership and the Organization of a group
Section 1 the geography of the capital or the structure of the shareholding
Section 2 How consolidate control of shareholders?
Section 3 the Organization of a group diversified
Summary, Questions, exercises, bibliography
Section 1 should or not do quote his company?
Section 2 preparation of the stock exchange
Section 3 terms of stock exchange
Section 4 the IPO discount
Section 5 successful its IPO
Section 6 out of the stock market
Summary, Questions, exercise, bibliography
Chapter 47 corporate governance
Section 1 What is corporate governance?
Section 2 governance of company and financial theories
Section 3 value and corporate governance
Summary, Questions, bibliography
Chapter 48 control negotiations
Section 1 Why buy or sell a business?
Section 2 the choice of a negotiating tactic
Section 3-How to buy a company publicly traded in France?
Section 4 taking control of a company publicly traded in Europe and the United States
Summary, Questions, bibliography
Chapter 49 mergers and demergers
Section 1 the principle of fusion
Section 2 mechanics of the merger
Section 3 splits
Summary, Questions, exercises, bibliography
Section 1 mounting
Section 2 different actors
Section 3 LBO and financial theories
Section 4 of the LBO market: after the crisis, a rebound unsure
Summary, Questions, bibliography
Chapter 51 bankruptcy and restructuring
Section 1 bankruptcy
Section 2 the right to bankruptcy in France
Section 3 the law of bankruptcy in the world
Section 4 of the bankruptcy and financial theories
Section 5 restructuring
Summary, Questions, exercises, bibliography
Title 2 management of the need for working capital fund, the Treasury risk and real estate
Chapter 52 need in working capital management
Section 1 common sense reflections
Section 2 management of the Receivables
Section 3 management post suppliers
Section 4 the management of stocks
Section 5 Conclusion
Summary, Questions, exercises, bibliography
Section 1 basic elements
Section 2 a corporate treasury management
Section 3 cash within a management group
Section 4 the investment products
Section 5 changes in the job of Treasurer
Summary, Questions, bibliography
Chapter 54 in the company risk management
Section 1 Introduction to risk management
Section 2 the financial risk measure
Section 3 the principles of risk management
Section 4 organized markets OTC markets versus
Summary, Questions, exercises, bibliography
Chapter 55 management of real estate exploitation
Section 1 modes of financing of real estate
Section 2 criteria of choice of real estate financing
Section 3 of value Creation and perception of investors
Summary, Questions, exercises, bibliography
Part 6 BONUS
Chapter 56 chapter bonus *: the historical evolution of financial analysis
Section 1 the discovery of orthodoxy or the analysis of the risk of the creditor
Section 2 the discovery of business or industrial risk
Section 3 financial analysis in a market economy
Summary, Questions, bibliographyFinance and strategy as a post-face
Annexes
Glossary
Index of concepts
Index of proper names
Two sites bonus on the vernimmen
- The Vernimmenenligne.net site: find the digital version in page mode of the work Finance d company and take advantage of additional services: updating of the annual edition, a search engine by keywords, 14 years of archives of the monthly newsletter, podcasts from corporate finance courses at HEC Paris by the authors and their Moocs and access first to the new vintages.
- The iPad version of the Vernimmen: download the book Business Finance 2016 directly on your iPad (via the iBookstore)! Interactive book 2016 is enriched with a glossary of the main terms and offers the possibility to access the Vernimmen letters cited in this edition.
FAQ
Is it affordable?
Yes completely, this book starts from scratch, and that's fine.
Know that I read fully the beast 2011 edition, it seems to me, and you'll learn much more than you can imagine. If it is well a professional paper on finance to read it is this one.
Known for the accuracy, reliability and completeness of its contents, the book is completed by:
- -two Internet sites (vernimmen.net and vernimmenenligne.net) that count more than 200,000 monthly users.
- -a monthly free letter (the letter Vernimmen.net, 133 back issues), with more than 60,000 subscribers in order to be closer to the news.
- – and iPhone and Android applications.
With sales growing (more than 160,000 copies sold), a publication annualized guaranteeing an update of all the statistics, the Vernimmen 2016 is more than ever the absolute reference for professionals and students of finance. This 14th edition is of course to date of the new tax, legal, financial, stock market and accounting of the past year.
Why this award?
2020 pages, the bible actually 800 and a few. Imagine the work required to write as much, it's almost 10 years (between sources and writing), I don't even talking about the price of the paper.
It's like comparing an F1 car in the face of a twingo is certain that f1 is more expensive, but if the goal is to run, would be surprised that you earn with the Twingo.
Has more content than wikipedia'?
Believe me wikipedia is a little kid in the face of the vernimmen on topics. Wikipedia is going to have 1 or 2 pages here where the vernimmen will have 20 pages. There is strictly no site on the internet that can even compared with this book.
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