1.1 A formula in Excel
1.2 The ribbon in Excel 2010
1.3 The Excel Options dialogue box
1.4 Spreadsheet tabs and status bar
1.5 Arrange windows
1.6 The Object dialogue box
1.7 The Microsoft Equation editor
1.8 Equation tools in Excel 2010
1.9 Page Setup
1.10 Sales figures
1.11 Sorting data
1.12 Custom Lists
1.13 Comment
1.14 The Format Cells dialogue box
1.15 Conditional formatting
1.16 Data Validation
2.1 Calculation in Excel
2.2 Formula auditing
2.3 Circular reference warning
2.4 Financial statements
2.5 Financial statements
2.6 Function library
2.7 The Insert Function dialogue box
2.8 Autocomplete
2.9 The SUMPRODUCT function
2.10 Look up in a table
2.11 Addition
2.12 Addition with an array formula
2.13 Arrays
2.14 Arrays
2.15 A set of data and intervals
2.16 The FREQUENCY function
2.17 Frequency table
2.18 Solving a system of linear equations by matrix calculations
3.1 Column chart
3.2 Column chart
3.3 Column chart with two series
3.4 Unit costs diagram
3.5 The Edit Series dialogue box
3.6 Dialogue box for Sparklines
3.7 Sparklines
3.8 Excel table
3.9 Dialogue box for Pivot tables
3.10 Pivot table showing the total amount each customer has spent on each product
3.11 Pivot table
3.12 Pivot table
3.13 The Value Field Settings dialogue box
3.14 Pivot table
3.15 The Value Filter dialogue box
3.16 Filtering
3.17 The Slicer dialogue box
3.18 Pivot table with slicers
3.19 Report for sales assistant Olson
3.20 Pivot table with pivot chart
3.21 Pivot table with pivot chart
3.22 Pivot chart
3.23 Creating a two-dimensional data table
3.24 Data table
3.25 Creating a one-dimensional data table
3.26 One-dimensional data table
3.27 Creating a two-dimensional data table
3.28 Multiplication table
4.1 Goal Seek
4.2 Sensitivity analysis with Goal Seek
4.3 The Solver dialogue box
4.4 The Constraint dialogue box
4.5 Optimization problem
5.1 The Data Analysis dialogue box
5.2 F-test with the data analysis tool
6.1 Present value calculation
6.2 Present value calculation
6.3 Present value calculation
6.4 Present value calculation
6.5 Repayment plan
6.6 Calculation of number of periods
6.7 Calculation of effective interest
7.1 Net present value calculation
7.2 Present value profile
7.3 Internal rate of return calculation using the RATE function
7.4 Internal rate of return calculation using the IRR function
7.5 An annuity loan
7.6 Internal rate of return calculation using Goal Seek
7.7 The IRR dialogue box
7.8 Present value profile
7.9 Present value profiles
7.10 Calculation of payback period using Goal Seek
7.11 Calculation of payback period
7.12 Comparing equivalent annual incomes of different machines
7.13 Calculation of optimal lifespan for a machine
8.1 Calculation of standard deviation
8.2 Calculation of average returns and standard deviations
8.3 Calculation of covariance and correlation coefficient
8.4 Calculation of covariance
8.5 Results from a covariance calculation
8.6 Regression line
8.7 Covariance matrix for a portfolio of the two stocks A and B
8.8 Expected returns and standard deviations for different portfolios of A and B
8.9 Covariance matrix for a portfolio of the stocks 1, 2, 3, …, N
8.10 Calculation of expected return and standard deviation
8.11 Calculation of expected return and standard deviation
8.12 Calculation of expected return and standard deviation
8.13 Calculation of standard deviation
8.14 Minimization of a portfolio’s standard deviation
8.15 Standard deviation calculations
8.16 Expected returns and standard deviations for portfolios of the stocks A, B and C
8.17 The efficient frontier
8.18 Calculations for the efficient frontier
8.19 The efficient frontier
8.20 Market portfolio
8.21 Shares of risk-free investment in a portfolio
8.22 Geometrical considerations
8.23 Calculation of a portfolio’s composition
8.24 Expected return for stock i as a function of expected return for the market portfolio
8.25 Calculation of β-value
8.26 Calculations of β-values
8.27 Monthly prices for 5 different stocks and the index FTSE 100
8.28 Calculation of β-values
8.29 Expected return for stock i as a function of βi
8.30 The Capital Asset Pricing Model
8.31 Normal distribution
8.32 The NORMINV function
8.33 Monthly prices from the London Stock Exchange
8.34 Monthly prices from the London Stock Exchange
9.1 Cash flow from machinery investment
9.2 Cash flow projections for investment in machinery
9.3 Using Goal Seek function in Excel to find cost of capital that returns NPV = 0
9.4 Goal Seek function in Excel
9.5 Market returns and risk-free rate, 1981–2010 (mock numbers)
9.6 Return on equity for a company with a beta of 1.35
9.7 Calculating the cost of equity from the dividend discount model
9.8 Dividend and share buy-back, 2003–2012
9.9 Cost of equity with share buy-back
9.10 Cost of risky debt
9.11 Profit and loss statement, and a balance sheet
9.12 Calculating the cost of capital from actual interest paid
9.13 Transforming nominal cost of capital into real cost of capital
9.14 Depreciation and book value
9.15 Straight-line depreciation and book value using Excel formula
9.16 Depreciation using the declining balance method
9.17 MACRS applicable percentage for various classes
9.18 Depreciation using different methods
9.19 Input in spreadsheet
9.20 Finding the taxable income
9.21 Finding the cash flows and net present value of the project
10.1 Data for similar properties
10.2 Relationship between cap rate and value
10.3 Finding the net cash flow
10.4 Inputs for property valuation
10.5 Income and expenses for office building
10.6 Estimating the cash flow to the firm
10.7 Net present value of property
10.8 Data for a commercial property
10.9 Estimating net cash flow
10.10 Estimating the internal rate of return with no debt
10.11 Estimating the cash flows with 80 per cent debt financing
10.12 Estimating the internal rate of return with 80 per cent debt financing and interest rate of 5 per cent
10.13 Estimating the internal rate of return with 80 per cent debt financing and interest rate of 8 per cent
10.14 Estimating the internal rate of return with 30 per cent increase in property price and no debt financing
10.15 Estimating the internal rate of return with 30 per cent increase in property price and 80 per cent debt financing
10.16 Estimating the internal rate of return with 20 per cent decrease in property price and 80 per cent debt financing
11.1 Using the PV function in Excel
11.2 Using the RATE function in Excel
11.3 Using the YIELD and IRR function in Excel
11.4 Using the PRICE function in Excel
11.5 Calculating the duration and using the DURATION function in Excel
11.6 Using the MDURATION function to find the volatility
11.7 Yield to maturity, duration and volatility
11.8 Prices, durations and volatilities for two bonds with different times to maturity
11.9 Duration and price of a bond
11.10 Yield to maturity/Internal rate of return for uneven dates
11.11 Calculation of yield to maturity, duration and volatility
11.12 Portfolio of two bonds for duration matching
11.13 Using the Goal Seek function in Excel
11.14 Rising spot rates
11.15 Market values and yield to maturity for bond A and bond B
11.16 Increasing spot rates
11.17 Yield to maturity with different spot rates
11.18 Yield to maturity for a 5 per cent coupon bond with different maturities and rates
11.19 Yield to maturity for bond in example (b)
11.20 Norwegian government bond yields
11.21 Bond ratings from leading rating agencies
11.22 Probability of combinations of rating A at time 0 and at end of period 2
11.23 Probability of combinations of rating A at time 0 and at end of period 3
11.24 Expected return on a risky bond
12.1 Return from stock investment
12.2 Finding the stock price with different growth rates
12.3 Formulas used to find the return with respect to the internal rate of return
12.4 Finding the return when the stock is bought for 400 using the Goal Seek function
12.5 Mock data for stock market return and risk-free return
12.6 Estimating the expected return from historical average
12.7 Value of stock using the free cash flow to firm method
12.8 Balance and profit and loss statement for a company
12.9 Assumptions for pro forma model
12.10 Pro forma model
12.11 Estimating cash flow from earnings
12.12 Value of equity
12.13 Companies with same operating profit, but different price-earnings ratios
12.14 Overstating value by using the price–earnings ratio inappropriately
12.15 Data for two companies
12.16 Estimating enterprise value
12.17 Comparing different valuation methods
13.1 Pay-off diagrams for a call option
13.2 Pay-off diagrams for a put option
13.3 Protective put
13.4 Bought strangle
13.5 Bull spread
13.6 A bull spread can be obtained by a combination of a bought call option and a sold call option
13.7 Possible cash flows for a stock
13.8 Possible cash flows for a call option
13.9 Binomial model for valuing options
13.10 Binomial model for valuing options
13.11 Possible cash flows for a put option
13.12 Binomial model for valuing options
13.13 Binomial model for valuing options
13.14 Lognormal distribution
13.15 Valuation of options by the Black–Scholes formula model
13.16 Value of a call option as a function of the underlying stock price months and 3 months before maturity
13.17 Time value and intrinsic value for a call option
13.18 Bear spread
13.19 Straddle
13.20 Synthetic stock
13.21 Butterfly
14.1 Simulation
14.2 Uniform probability distribution for units sold per year
14.3 Simulation of operating income per year
14.4 Normal distribution for price per unit
14.5 Dialogue box for the NORMINV function
14.6 Binomial probability distribution
14.7 Discrete probability distribution for fixed cost per year
14.8 Intervals for probabilities
14.9 The VLOOKUP function in Excel
14.10 Data table
14.11 Dialogue box for data table
14.12 The FREQUENCY function dialogue box
14.13 Frequency table and bar charts
14.14 Simulation with the data analysis tool in Excel
14.15 Dialogue box for Random Number Generation
14.16 The histogram dialogue box
14.17 Simulation of a call option’s value
14.18 Simulation of a call option’s value
15.1 The Developer tab on the ribbon
15.2 The VBE
15.3 The VBE
15.4 The Project Explorer window
15.5 The Properties window
15.6 The Project Explorer window with two modules
15.7 Automatic formatting in VBE
15.8 Compiler (syntax) error detected
15.9 The Record Macro dialogue
15.10 (a) List of students with scores. (b) List after running the AboveAverage macro
15.11 Select macro storage
15.12 Macro settings
15.13 Security warning displayed when opening a workbook with macros
15.14 Select Excel Macro-Enabled Workbook when saving a workbook containing macros
15.15 Trying to save a workbook with a wrong type
16.1 The Options dialogue
16.2 Worksheet after running the CalculateSalary subroutine
16.3 A small part of Excel’s object hierarchy
16.4 Run-time error message
16.5 CurrentRange and UsedRange
16.6 Sales worksheet
16.7 Pivot table example worksheet
17.1 A flowchart for adding numbers from 1 to 100
17.2 An If…End If statement
17.3 An If…Else…End If statement
17.4 Example worksheet
17.5 The Select Case Statement
17.6 The Do While…Loop Statement
17.7 The For…Next Statement
17.8 Repayment plan for serial loan
18.1 The Excel Help dialogue
18.2 Displaying a list of methods and properties
18.3 Showing a list of arguments
18.4 Displaying a list of constants
18.5 The Object Browser dialogue
18.6 Syntax error message
18.7 Run-time error message
18.8 Line with a breakpoint
18.9 The Debug toolbar
18.10 VBA message box
18.11 VBA message box with Icon
18.12 VBA message box with second button as the default button
18.13 VBA input box
18.14 VBA input box
18.15 Excel input box
18.16 Validation error
18.17 Using Excel’s input box to select a range
18.18 The File Open dialogue
18.19 The File Save dialogue
19.1 Call-by-value
19.2 Progress indicator in the status bar
19.3 Erroneous attempt at swapping two variables
19.4 Correct attempt at swapping two variables
19.5 Call-by-reference
19.6 Add Procedure dialogue box
19.7 Simulation of stock prices
20.1 Array after insertion of an element at position 2
20.2 students array after insertion of three elements
20.3 Error message
20.4 Price of stocks
20.5 Reversing the order of the array elements
20.6 Array with 3 rows and 4 columns
20.7 Noughts and crosses board after the code above has executed
20.8 Example worksheet
20.9 The generated table
20.10 Selection sort. The sorted part of the table is shaded
20.11 Result after running the procedure Test above
21.1 New blank UserForm and Toolbox window
21.2 Setting the Name of a UserForm
21.3 UserForm with various controls
21.4 The VBE Options dialogue
21.5 The Tab Order dialogue
21.6 The Call/Put Option dialogue
21.7 UserForm Code window
21.8 The Restaurant worksheet
21.9 The Restaurant Picker Form