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The third edition of this popular introduction to the classical underpinnings of the mathematics behind finance continues to combine sound mathematical principles with economic applications.
Concentrating on the probabilistic theory of continuous arbitrage pricing of financial derivatives, including stochastic optimal control theory and Merton's fund separation theory, the book is designed for graduate students and combines necessary mathematical background with a solid economic focus. It includes a solved example for every new technique presented, contains numerous exercises, and suggests further reading in each chapter.
In this substantially extended new edition Bjork has added separate and complete chapters on the martingale approach to optimal investment problems, optimal stopping theory with applications to American options, and positive interest models and their connection to potential theory and stochastic discount factors.
More advanced areas of study are clearly marked to help students and teachers use the book as it suits their needs........
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Sunday, January 15, 2012
arbitrage theory in continuous time (oxford finance)
arbitrage theory in continuous time (oxford finance)
Buy Cheap Arbitrage Theory in Continuous Time (Oxford Finance)
The third edition of this popular introduction to the classical underpinnings of the mathematics behind finance continues to combine sound mathematical principles with economic applications.
Concentrating on the probabilistic theory of continuous arbitrage pricing of financial derivatives, including stochastic optimal control theory and Merton's fund separation theory, the book is designed for graduate students and combines necessary mathematical background with a solid economic focus. It includes a solved example for every new technique presented, contains numerous exercises, and suggests further reading in each chapter.
In this substantially extended new edition Bjork has added separate and complete chapters on the martingale approach to optimal investment problems, optimal stopping theory with applications to American options, and positive interest models and their connection to potential theory and stochastic discount factors.
More advanced areas of study are clearly marked to help students and teachers use the book as it suits their needs........
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Technical Details
See more technical detailsthe general theory of employment [ by: john maynard keynes ]
Buy Cheap The General Theory Of Employment [ By: John Maynard Keynes ]
About the Book
The General Theory of Employment, Interest and Money [1936]
THIS book is chiefly addressed to my fellow economists. I hope that it will be intelligible to others. But its main purpose is to deal with difficult questions of theory, and only in the second place with the applications of this theory to practice. For if orthodox economics is at fault, the error is to be found not in the superstructure, which has been erected with great care for logical consistency, but in a lack of clearness and of generality in the premisses. Thus I cannot achieve my object of persuading economists to re-examine critically certain of their basic assumptions except by a highly abstract argument and also by much controversy. I wish there could have been less of the latter. But I have thought it important, not only to explain my own point of view, but also to show in what respects it departs from the prevailing theory. Those, who are strongly wedded to what I shall call “the classical theoryâ€, will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right. My controversial passages are aimed at providing some material for an answer; and I must ask forgiveness if, in the pursuit of sharp distinctions, my controversy is itself too keen. I myself held with conviction for many years the theories which I now attack, and I am not, I think, ignorant of their strong points.
The matters at issue are of an importance which cannot be exaggerated. But, if my explanations are right, it is my fellow economists, not the general public, whom I must first convince. At this stage of the argument the general public, though welcome at the debate, are only eavesdroppers at an attempt by an economist to bring to an issue the deep divergences of opinion between fellow economists which have for the time being almost destroyed the practical influence of economic theory, and will, until they are resolved, continue to do so.
The writer of a book such as this, treading along unfamiliar paths, is extremely dependent on criticism and conversation if he is to avoid an undue proportion of mistakes. It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics (along with the other moral sciences), where it is often impossible to bring one’s ideas to a conclusive test either formal or experimental. In this book, even more perhaps than in writing my Treatise on Money, I have depended on the constant advice and constructive criticism of Mr. R. F. Kahn. There is a great deal in this book which would not have taken the shape it has except at his suggestion. I have also had much help from Mrs. Joan Robinson, Mr. R. G. Hawtrey and Mr. R. F. Harrod, who have read the whole of the proof-sheets. The index has been compiled by Mr. D. M. Bensusan-Butt of King’s College, Cambridge.
About the Author
John Maynard Keynes, 1883-1946
John Maynard Keynes, 1st Baron Keynes, CB (pronounced /'ke?nz/; 5 June 1883 – 21 April 1946) was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments. He greatly refined earlier work on the causes of business cycles, and advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. His ideas are the basis for the school of thought known as Keynesian economics, as well as its various offshoots.
In the 1930s, Keynes spearheaded a revolution in economic thinking........
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Technical Details
See more technical detailsthe general theory of employment [ by: john maynard keynes ]
Buy Cheap The General Theory Of Employment [ By: John Maynard Keynes ]
About the Book
The General Theory of Employment, Interest and Money [1936]
THIS book is chiefly addressed to my fellow economists. I hope that it will be intelligible to others. But its main purpose is to deal with difficult questions of theory, and only in the second place with the applications of this theory to practice. For if orthodox economics is at fault, the error is to be found not in the superstructure, which has been erected with great care for logical consistency, but in a lack of clearness and of generality in the premisses. Thus I cannot achieve my object of persuading economists to re-examine critically certain of their basic assumptions except by a highly abstract argument and also by much controversy. I wish there could have been less of the latter. But I have thought it important, not only to explain my own point of view, but also to show in what respects it departs from the prevailing theory. Those, who are strongly wedded to what I shall call “the classical theoryâ€, will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right. My controversial passages are aimed at providing some material for an answer; and I must ask forgiveness if, in the pursuit of sharp distinctions, my controversy is itself too keen. I myself held with conviction for many years the theories which I now attack, and I am not, I think, ignorant of their strong points.
The matters at issue are of an importance which cannot be exaggerated. But, if my explanations are right, it is my fellow economists, not the general public, whom I must first convince. At this stage of the argument the general public, though welcome at the debate, are only eavesdroppers at an attempt by an economist to bring to an issue the deep divergences of opinion between fellow economists which have for the time being almost destroyed the practical influence of economic theory, and will, until they are resolved, continue to do so.
The writer of a book such as this, treading along unfamiliar paths, is extremely dependent on criticism and conversation if he is to avoid an undue proportion of mistakes. It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics (along with the other moral sciences), where it is often impossible to bring one’s ideas to a conclusive test either formal or experimental. In this book, even more perhaps than in writing my Treatise on Money, I have depended on the constant advice and constructive criticism of Mr. R. F. Kahn. There is a great deal in this book which would not have taken the shape it has except at his suggestion. I have also had much help from Mrs. Joan Robinson, Mr. R. G. Hawtrey and Mr. R. F. Harrod, who have read the whole of the proof-sheets. The index has been compiled by Mr. D. M. Bensusan-Butt of King’s College, Cambridge.
About the Author
John Maynard Keynes, 1883-1946
John Maynard Keynes, 1st Baron Keynes, CB (pronounced /'ke?nz/; 5 June 1883 – 21 April 1946) was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments. He greatly refined earlier work on the causes of business cycles, and advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. His ideas are the basis for the school of thought known as Keynesian economics, as well as its various offshoots.
In the 1930s, Keynes spearheaded a revolution in economic thinking........
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schaum\'s outline of theory and problems of introduction to mathematical economics (schaum\'s outline series)
Buy Cheap Schaum's Outline of Theory and Problems of Introduction to Mathematical Economics (Schaum's Outline Series)
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Fortunately for you, there's Schaum's Outlines. More than 40 million students have trusted Schaum's to help them succeed in the classroom and on exams. Schaum's is the key to faster learning and higher grades in every subject. Each Outline presents all the essential course information in an easy-to-follow, topic-by-topic format. You also get hundreds of examples, solved problems, and practice exercises to test your skills.
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See more technical detailsschaum\'s outline of theory and problems of introduction to mathematical economics (schaum\'s outline series)
Buy Cheap Schaum's Outline of Theory and Problems of Introduction to Mathematical Economics (Schaum's Outline Series)
Tough Test Questions? Missed Lectures? Not Enough Time?
Fortunately for you, there's Schaum's Outlines. More than 40 million students have trusted Schaum's to help them succeed in the classroom and on exams. Schaum's is the key to faster learning and higher grades in every subject. Each Outline presents all the essential course information in an easy-to-follow, topic-by-topic format. You also get hundreds of examples, solved problems, and practice exercises to test your skills.
This Schaum's Outline gives you
- Practice problems with full explanations that reinforce knowledge
- Coverage of the most up-to-date developments in your course field
- In-depth review of practices and applications
Fully compatible with your classroom text, Schaum's highlights all the important facts you need to know. Use Schaum's to shorten your study time-and get your best test scores!
Schaum's Outlines-Problem Solved.
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Technical Details
See more technical detailsthe theory of investment value (contrary opinion library)
Buy Cheap The Theory of Investment Value (Contrary Opinion Library)
This book was first printed in 1938, having been written as a Ph.D. thesis at Harvard in 1937. Our good friend, Peter Bernstein mentioned this book several times in his excellent Capital Ideas which was published in 1992. Why the book is interesting today is that it still is important and the most authoritative work on how to value financial assets. As Peter says: "Williams combined original theoretical concepts with enlightening and entertaining commentary based on his own experiences in the rough-and-tumble world of investment." Williams' discovery was to project an estimate that offers intrinsic value and it is called the 'Dividend Discount Model' which is still used today by professional investors on the institutional side of markets. Appendix, Tables, Index........
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See more technical detailsmerchandising:theory, principles, and practice (3rd edition)
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Merchandising: Theory, Principles, and Practice, 3rd Edition, focuses on the process of merchandising and the principles applied to the planning, development, and presentation of product lines in both the manufacturing and retailing sectors........
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Technical Details
See more technical detailsSaturday, January 14, 2012
accounting theory: conceptual issues in a political and economic environment
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Now Published by SAGE!
An extensive overview of accounting theory concepts and application
Balancing accounting theory with practical issues, the Seventh Edition of Accounting Theory: Conceptual Issues in a Political and Economic Environment continues to clearly identify the conceptual elements of accounting theory and apply those elements to practice. The book provides an important overview of accounting and financial issues in economic and political contexts, providing students with a strong conceptual framework.
Features of the Seventh Edition
- Continues to provides a solid introduction to international accounting issues citing top academic journals
- Relates more theoretical issues to real world examples coming from the popular news media
- Places greater emphasis on principles based as opposed to rules-based standards
- Includes more pedagogical features such as questions, cases, problems, and writing assignments-many from corporate annual reports
- Offers a historical perspective of accounting standards
Instructor Resources on CDÂ
Available by contacting Sage, these resources include answers to end-of-chapter materials, chapter summaries, test banks, PowerPoint slides for selected chapter highlights, and much more.
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Both undergraduate and graduate-level students of accounting theory will gain a solid foundation of and new insights into the history and development of accounting theory and the accounting field in general.
Meet author James Dodd! www.cbpa.drake.edu/dodd/Â
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Technical Details
See more technical detailsaccounting theory: conceptual issues in a political and economic environment
Buy Cheap Accounting Theory: Conceptual Issues in a Political and Economic Environment
Now Published by SAGE!
An extensive overview of accounting theory concepts and application
Balancing accounting theory with practical issues, the Seventh Edition of Accounting Theory: Conceptual Issues in a Political and Economic Environment continues to clearly identify the conceptual elements of accounting theory and apply those elements to practice. The book provides an important overview of accounting and financial issues in economic and political contexts, providing students with a strong conceptual framework.
Features of the Seventh Edition
- Continues to provides a solid introduction to international accounting issues citing top academic journals
- Relates more theoretical issues to real world examples coming from the popular news media
- Places greater emphasis on principles based as opposed to rules-based standards
- Includes more pedagogical features such as questions, cases, problems, and writing assignments-many from corporate annual reports
- Offers a historical perspective of accounting standards
Instructor Resources on CDÂ
Available by contacting Sage, these resources include answers to end-of-chapter materials, chapter summaries, test banks, PowerPoint slides for selected chapter highlights, and much more.
Intended Audience
Both undergraduate and graduate-level students of accounting theory will gain a solid foundation of and new insights into the history and development of accounting theory and the accounting field in general.
Meet author James Dodd! www.cbpa.drake.edu/dodd/Â
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See more technical detailsenvironmental economics & management theory, policy, and applications
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Provides an applied, practical approach to environmental economic theory that is accessible to students who have had minimal exposure to economics as well as those with an advanced understanding. With a strong focus on policy and real-world issues, Callan/Thomas's ENVIRONMENTAL ECONOMICS AND MANAGEMENT: THEORY, POLICY AND APPLICATIONS, Fifth Edition, complements economic theory with timely, real-world applications. Undergraduate or MBA students gain a clear perspective of the relationship between market activity and the environment. This text integrates a strong business perspective into the development of environmental decision making for a unique vantage point often overlooked in more conventional approaches. Students learn to use economic analytical tools, such as market models, benefit-cost analysis, and risk analysis, effectively to assess environmental problems and to evaluate policy solutions. With a proven, modular structure, this edition provides a well-organized presentation with the flexibility to tailor the presentation to your needs........
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the debt-deflation theory of great depressions
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The credit crunch today is not destroying capital but recognising that capital was destroyed by misallocation in the years of irrational exuberance. If that is so, then we are entering a spiral of debt deflation that will play out slowly for years to come. To understand how that works, we turn to Professor Irving Fisher of Yale (1933)........
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Technical Details
See more technical detailsunderstanding development: theory and practice in the third world
Buy Cheap Understanding Development: Theory and Practice in the Third World
An introduction to the theory and practices of development in the third world, tracing the evolution of development theory over 40 years, and examining why so many of the benefits of development are still not shared by millions........
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Technical Details
See more technical detailsrecursive macroeconomic theory
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Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. The second edition contains substantial revisions to about half the original material, and extensive additional coverage appears in seven chapters new to this edition. The updated and added material covers exciting new topics that further illustrate the power and pervasiveness of recursive methods.Significant improvements to original chapters include a better treatment of the existence of recursive equilibria, an enhanced account of the supermartingale convergence theorem, and an extended treatment of an optimal taxation problem in an economy in which there are incomplete markets. Completely new coverage in the second edition includes an introductory chapter, which gives an overview of the themes uniting the diverse topics treated throughout the book. Two new chapters offer a self-contained account of the optimal growth model and some of its basic applications in macroeconomics and public finance. Other new chapters cover such topics as how to formulate and compute Stackelberg or Ramsey plans in linear economies, sustainable risk-sharing equilibria without commitment, and the application of recursive contracts to topics in international trade. Most chapters conclude with exercises and the book includes two technical appendixes covering functional analysis and control and filtering.
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See more technical detailsrecursive macroeconomic theory
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Recursive methods offer a powerful approach for characterizing and solving complicated problems in dynamic macroeconomics. Recursive Macroeconomic Theory provides both an introduction to recursive methods and advanced material, mixing tools and sample applications. The second edition contains substantial revisions to about half the original material, and extensive additional coverage appears in seven chapters new to this edition. The updated and added material covers exciting new topics that further illustrate the power and pervasiveness of recursive methods.Significant improvements to original chapters include a better treatment of the existence of recursive equilibria, an enhanced account of the supermartingale convergence theorem, and an extended treatment of an optimal taxation problem in an economy in which there are incomplete markets. Completely new coverage in the second edition includes an introductory chapter, which gives an overview of the themes uniting the diverse topics treated throughout the book. Two new chapters offer a self-contained account of the optimal growth model and some of its basic applications in macroeconomics and public finance. Other new chapters cover such topics as how to formulate and compute Stackelberg or Ramsey plans in linear economies, sustainable risk-sharing equilibria without commitment, and the application of recursive contracts to topics in international trade. Most chapters conclude with exercises and the book includes two technical appendixes covering functional analysis and control and filtering.
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Technical Details
See more technical detailsthe theory of moral sentiments (kindle active toc)
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Adam Smith's major work of 1759 develops the foundation for a general system of morals, and is a text of central importance in the history of moral and political thought. Through the idea of sympathy and the mental construct of an impartial spectator, Smith formulated highly original theories of conscience, moral judgment and the virtues. This volume offers a new edition of the text with helpful notes for the student reader, and a substantial introduction that establishes the work in its philosophical and historical context........
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Technical Details
See more technical detailsthe general theory of employment, interest and money
Buy Cheap The General Theory of Employment, Interest and Money
From one of the most influential economists of the modern era, Keynes and his "General Theory" shaped economic thought and government policies for decades to come. Out of this magnum opus arose the Keynesian school of economics. Keynes argues that the level of employment in a modern economy was determined by three factors: the marginal propensity to consume (income that people chose to spend on goods and services), the marginal efficiency of capital (the rate used to see whether investments are worthy) and the rate of interest. This work has enormous implications to the present day in understanding the policies and that have shaped the current environment........
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Technical Details
See more technical detailsthe theory of money and credit
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Economist and philosopher, Ludwig von Mises present his "Theory of Money and Credit" by first looking at the nature and value of money, why there is a demand for money, and how it is used as currency. He goes on to explain the purchasing power of money and how it determines economic and monetary policy, often in a way that results in financial melt-downs........
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- ISBN13: 9781451578171- Condition: New
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financial management: theory & practice (with thomson one - business school edition 1-year printed access card)
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Give future and current managers a thorough understanding of the financial theory that is essential for developing and implementing effective financial strategies in business today. Brigham/Ehrhardt's leading Financial Management: Theory and Practice (13th Edition) is the only text that strikes a perfect balance between solid financial theory and practical applications. Readers gain a strong working knowledge of today's changed financial environment as this edition examines recent financial crises, the global economic crisis, and role of finance in the business and students' personal lives. This book's relevant presentation, numerous examples and emphasis on using Excel spreadsheets shows readers how to increase the value of a firm. Integrated practice using Thomson ONE-Business School Edition gives readers hands-on experience using the same research tool Wall Street professionals rely upon daily. This book is both the ideal choice for today's introductory MBA course as well as a valuable reference tool for students throughout their academic and business careers.
About This Edition
New Features
- Reorganization offers flexible coverage for one-semester or two-semester courses.
This new edition is reorganized to address key concepts and essential topics within the first 17 chapters, ensuring that students receive the coverage they need whether in a one- or a two-semester course. Later chapters provide more advanced and expanded treatment of topics to build upon earlier material and increase student mastery of concepts. - The latest examples reflect today's global economic crisis.
Updated, timely real examples throughout almost every chapter demonstrate the impact of today's financial crisis in all areas of business and life. New "Global Economic Crisis" boxes in many chapters highlight specific finance issues related to the crisis. - Chapter opening graphics emphasize the big picture for students.
New, informative graphics at the beginning of each chapter clearly illustrate how the chapter's topics and concepts fit into the overall financial framework. - Excel tool kits, now integrated with the text, ensure student spreadsheet proficiency.
The authors have created Excel Tool Kits for each chapter to enhance student proficiency with spreadsheets. Tool Kit models, available as self-taught tutorials through the book's website, detail many of the features and functions of Excel. In this edition, actual screen captures from the Excel Tool Kit models appear within the text, allowing students to clearly and more closely follow the models in analysis. - Aplia finance saves time and supports interactive learning.
Today's fastest-growing interactive online homework management system, Aplia engages students in course concepts, ensures that they practice on a regular basis, and helps them prepare for finance with a series of tutorials. Problem sets specific to this edition provide instant grades and detailed feedback. Students have the opportunity to learn from and improve with every question.
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- Professional power of Thomson ONE - Business School Edition lets students work with actual financial tools.
Now students can complete financial research and analysis using the same tool that professional brokers and Wall Street analysts trust every day--Thomson ONE - Business School Edition online database. Educators and students have instant access to leading financial data sources, including Thomson Financial, Worldscope, SEC Disclosure, First Call, Datastream and more. Corresponding Thomson ONE problems in most chapters in the text enable valuable practice. - End-of-chapter spreadsheet problems guide students through building a model.
Partially completed, end-of-chapter spreadsheets contain financial data and instructions on how to "build a model." This structure guides the student through the problem, minimizes unnecessary typing and data entry, and makes it easy to grade the work because all student answers appear in the same location on the spreadsheet. - Unmatched author expertise ensures a clear, contemporary approach.
This premier authorship team combines the extensive teaching background and more than 30 years of text writing experience of Dr. Gene Brigham with the contemporary scholarship and practical, professional expertise of Dr. Mike Ehrhardt. Together, these authors deliver a consistent, accurate, and innovative approach that will keep students first in finance. - Practical application of theory and trends highlights the role of finance today.
The authors clearly illustrate the application of concepts and theories throughout the book's proven presentation, wealth of actual business examples, thought-provoking problem sets, and integrated mini-cases. Comprehensive mini-cases at the end of each chapter further demonstrate applications with corresponding PowerPoint slides and spreadsheets as well as solutions on the Instructor's password-protected website. - A multidisciplinary approach demonstrates how finance affects all areas of business.
The authors interweave various subjects throughout the text discussion to clearly demonstrate how business impacts finance and how all areas of business are affected by finance. - Early coverage of financial statements establishes a strong context for the concepts that follow.
Presenting financial statements early within the text provides a clear picture of what financial management is all about. Students understand how the effects of financial decisions are shared throughout the firm. Early introductions to risk analysis, discounted cash flow techniques, valuation procedures, and EVA/MVA allows the authors to use and reinforce these key concepts throughout the book.
See this title's supplement:
Study Guide for Brigham/Ehrhardt's Financial Management: Theory and Practice (13th Edition)
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