11/21/2011

Finance: Applications and Theory (McGraw-Hill/Irwin Series in Finance, Insurance and Real Estate) Review

Finance: Applications and Theory (McGraw-Hill/Irwin Series in Finance, Insurance and Real Estate)
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I'm not quite sure where to even begin with how upset I am about this book. I paid roughly $150 for it through Amazon, and it is the required textbook for a graduate level finance class I am taking. Short answer, this book is not ready for use and should not be implemented in any bachelor's or master's course at this time. The editing is horrible and there was no attention to quality assurance. I'm not sure who validated this book, but they did not do their job.
In the very first week of my graduate class, the professor had to email all the students and let us know that the formulas in the book were incorrect and had typos for chapters 1-2. Since then the trend has continued and we are essentially being told to avoid using the book unless it is absolutely necessary. The instructions in our class webpage area now ask the students to only use the PowerPoint presentations for each chapter from the publisher, and to use the interactive online examples for each chapter, which are also from the publisher, but not to bother reading the hardcopy textbook unless we are absolutely uncertain about the material. Essentially, the online files for the PP slides and the interactive quizes are being updated with the corrected information as all the mistakes in the textbook are sent to the publisher. I would return this book to Amazon and request a refund if I could, but I am required to keep a copy until my course is complete. My undergraduate finance textbook, which was on it's 7th edition I think and I was able to buy used for less than $10 is a far superior reference.

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While developing Finance: Applications & Theory, McGraw-Hill engaged professors in a number of activities to better understand the goals, challenges, and successes involved in teaching the Undergraduate Corporate Finance course. We connected with more than 600 corporate finance instructors through reviews, focus groups, class tests, and course surveys. You spoke; we listened; and the result is a market-driven corporate finance book that will help students succeed in the classroom and in their careers.

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