Finance for Executives: Managing for Value Creation, 8th Edition

Gabriel Hawawini, Claude Viallet

Copyright 2025
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Finance for Executives: Managing for Value Creation 8th Edition by Gabriel Hawawini/Claude Viallet

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Overview
Meet the Authors
What's New
Features
Table of Contents
Pricing

Overview

Now in its 8th edition, Finance for Executives provides a comprehensive overview of the financial practice professionals at executive level are likely to encounter. With its clear and accessible writing style, the text underpins theory with numerous real-world examples from a range of international companies explaining financial management in a modern business environment.

In this 8th edition, the authors reiterate their belief that managers should manage their firm’s resources ethically with the objective of increasing their firm’s value with a new chapter on sustainability and corporate finance.

Meet the Authors

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Gabriel Hawawini

Gabriel Hawawini is an Emeritus Professor of Finance at INSEAD where he held the Henry Grunfeld Chair in Investment Banking and served as Dean. He previously taught at New York University, the City University of New York, Columbia University and the Wharton School of the University of Pennsylvania. He is the author of numerous books and research papers on financial markets and corporate finance. In addition to teaching value-based management seminars around the world, he also sits on the boards of several companies.

Claude Viallet

Claude Viallet was Emeritus Professor of Finance at INSEAD. Before joining INSEAD, he worked as a project manager at a major oil company and as Chief Financial Officer of a service company in Paris. In addition to his tenure at INSEAD, Professor Viallet was a Visiting Professor of Finance at the Kellogg School of Management of Northwestern University. He organized, directed and taught management-development programs and provided consulting services to companies around the world.

What's New

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Up-to-date financial information and company reports illustrate the financial theory and continuously reconnect all theory to the world of business.
A new chapter on Sustainability and Corporate Finance explains contemporary issues executives increasingly face within their business and how to tackle these issues.

Features

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Key concepts are explained in the context of financial management issues that executives commonly face.
Examples from international firms, such as GSK and Sanofi, highlight the building blocks of financial analysis.
Real-world examples illustrate the valuation of bonds, stocks and companies entrenching diagnostic techniques.
Case studies on the application of the NPV rule (TechnoServe), the estimation of the cost of capital (RTL broadcasting) and valuation (Carodel Asia) reiterate key principles of financial management in a business environment.
End-of-chapter self-test and review problems invite students to practise and check their work.

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Part I: Financial Concepts and Techniques
Chapter 1. Financial Management and Value Creation: An Overview
Chapter 2. The Time Value of Money
Chapter 3. Risk and Return

Part II: Evaluating Business Performance
Chapter 4. Interpreting Financial Statements
Chapter 5. Analyzing Operational Efficiency and Liquidity
Chapter 6. Analyzing Profitability, Risk, and Growth

Part III: Making Investment Decisions
Chapter 7. Using the NPV Rule to Make Value-Creating Investment Decisions
Chapter 8. Alternatives to the Net Present Value Rule
Chapter 9. Identifying and Estimating a Project’s Cash Flows

Part IV: Making Financing Decisions
Chapter 10. Valuing Bonds and Common Stocks
Chapter 11. Raising Capital and Paying Out Cash
Chapter 12. Estimating the Cost of Capital
Chapter 13. Designing a Capital Structure

Part V: Making Business Decisions
Chapter 14. Valuing and Acquiring a Business
Chapter 15. Managing Corporate Risk
Chapter 16. Understanding Forward, Futures and Options and their Contribution to Corporate Finance
Chapter 17. Making International Business Decisions
Chapter 18. Sustainability and Corporate Finance
Chapter 19. Managing for Value Creation