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Analysis of Financial Statements

 E-Book
Sofort lieferbar | Lieferzeit:3-5 Tage I
ISBN-13:
9781118334140
Einband:
E-Book
Seiten:
352
Autor:
Pamela Peterson Drake
Serie:
Frank J. Fabozzi Series
eBook Typ:
PDF
eBook Format:
E-Book
Kopierschutz:
Adobe DRM [Hard-DRM]
Sprache:
Englisch
Beschreibung:

The fully update Third Edition of the most trusted bookon financial statement analysis
Recent financial events have taught us to take a more criticallook at the financial disclosures provides by companies. In theThird Edition of Analysis of Financial Statements,Pamela Peterson-Drake and Frank Fabozzi once again team up toprovide a practical guide to understanding and interpretingfinancial statements. Written to reflect current market conditions,this reliable resource will help analysts and investors use thesedisclosures to assess a company's financial health and risks.

Throughout Analysis of Financial Statements, ThirdEdition, the authors demonstrate the nuts and bolts offinancial analysis by applying the techniques to actual companies.Along the way, they tackle the changing complexities in the area offinancial statement analysis and provide an up-to-date perspectiveof new acts of legislation and events that have shaped thefield.
* Addresses changes to U.S. and international accountingstandards, as well as innovations in the areas of credit riskmodels and factor models
* Includes examples, guidance, and an incorporation ofinformation pertaining to recent events in the accounting/analysiscommunity
* Covers issues of transparency, cash flow, income reporting, andmuch more

Whether evaluating a company's financial information or figuringvaluation for M&A's, analyzing financial statements isessential for both professional investors and corporate financeexecutives. The Third Edition of Analysis of FinancialStatements contains valuable insights that can help you excelat this endeavor.
Preface xi

About the Authors xiii

PART ONE The Basics 1

CHAPTER 1 Introduction 3

What Is Financial Analysis? 4

Where Do We Find the Financial Information? 8

Who Gets What Type of Information and When? 10

What Does Sarbanes-Oxley Mean to Companies and Investors? 28

What Does the Dodd-Frank Act Mean for Companies and Investors?32

Summary 34

Review 35

CHAPTER 2 Financial Statements 37

Accounting Principles: What Are They? 37

What Do the Basic Financial Statements Tell Us? 39

Accounting Flexibility 56

How Does Accounting in the United States Differ from AccountingOutside of the United States? 58

Summary 59

Review 60

CHAPTER 3 The Quality of Financial Information 63

It's All in the Timing 65

Too Many Choices? 76

So What's Their Business? 86

Restatements and Financial Analysis 87

Tell-Tale Signs 90

Summary 92

Review 95

PART TWO Analysis of Financial Statements 99

CHAPTER 4 Financial Analysis 101

What Are Financial Ratios and How Do We Use Them? 102

What Are the Different Types of Financial Ratios? 105

Analysis of Return-on-Investment Ratios 122

How Can We Use Common-Size Analysis to Analyze FinancialStatements? 127

Integrated Ratio Analysis 130

What Are the Pitfalls and Pratfalls of Financial Ratio Analysis?137

Summary 143

Review 144

CHAPTER 5 Equity Analysis 147

Earnings 147

Price-Earnings Ratio 158

Dividends 161

Other Fundamentals 173

Book-to-Market Ratio 175

Summary 178

Review 179

CHAPTER 6 Cash Flow Analysis 181

Measures of Cash Flow 181

Cash Flows and the Statement of Cash Flows 184

Free Cash Flow 189

The Usefulness of Cash Flows in Financial Analysis 196

Summary 202

Review 203

PART THREE Applying Financial Analysis 205

CHAPTER 7 Measuring Company Performance 207

Traditional Performance Measures 210

Measures of Value Added 212

Summary 237

Review 238

CHAPTER 8 Corporate Credit Analysis 241

Types of Credit Risk 241

Factors to Consider in Corporate Credit Analysis 252

Summary 263

Review 264

CHAPTER 9 Analysis of Equity Risk Using Fundamentals FactorModels 267

Measuring Risk 267

Asset Pricing Model 271

Factor Models 275

Fundamental Factor Models 276

Summary 280

Review 281

CHAPTER 10 The Lessons We Learn 283

The Lessons 288

The Future of Financial Analysis in the Post-Crisis Era 298

Review 299

Answers to End-of-Chapter Questions 301

Index 305
InhaltsangabePreface xi

About the Authors xiii

PART ONE

The Basics 1

CHAPTER 1

Introduction 3

What Is Financial Analysis? 4

Where Do We Find the Financial Information? 8

Who Gets What Type of Information and When? 10

What Does Sarbanes-Oxley Mean to Companies and Investors? 28

What Does the Dodd-Frank Act Mean for Companies and Investors? 32

Summary 34

Review 35

CHAPTER 2

Financial Statements 37

Accounting Principles: What Are They? 37

What Do the Basic Financial Statements Tell Us? 39

Accounting Flexibility 56

How Does Accounting in the United States Differ from Accounting Outside of the United States? 58

Summary 59

Review 60

CHAPTER 3

The Quality of Financial Information 63

It’s All in the Timing 65

Too Many Choices? 76

So What’s Their Business? 86

Restatements and Financial Analysis 87

Tell-Tale Signs 90

Summary 92

Review 95

PART TWO

Analysis of Financial Statements 99

CHAPTER 4

Financial Analysis 101

What Are Financial Ratios and How Do We Use Them? 102

What Are the Different Types of Financial Ratios? 105

Analysis of Return-on-Investment Ratios 122

How Can We Use Common-Size Analysis to Analyze Financial Statements? 127

Integrated Ratio Analysis 130

What Are the Pitfalls and Pratfalls of Financial Ratio Analysis? 137

Summary 143

Review 144

CHAPTER 5

Equity Analysis 147

Earnings 147

Price-Earnings Ratio 158

Dividends 161

Other Fundamentals 173

Book-to-Market Ratio 175

Summary 178

Review 179

CHAPTER 6

Cash Flow Analysis 181

Measures of Cash Flow 181

Cash Flows and the Statement of Cash Flows 184

Free Cash Flow 189

The Usefulness of Cash Flows in Financial Analysis 196

Summary 202

Review 203

PART THREE

Applying Financial Analysis 205

CHAPTER 7

Measuring Company Performance 207

Traditional Performance Measures 210

Measures of Value Added 212

Summary 237

Review 238

CHAPTER 8

Corporate Credit Analysis 241

Types of Credit Risk 241

Factors to Consider in Corporate Credit Analysis 252

Summary 263

Review 264

CHAPTER 9

Analysis of Equity Risk Using Fundamentals Factor Models 267

Measuring Risk 267

Asset Pricing Model 271

Factor Models 275

Fundamental Factor Models 276

Summary 280

Review 281

CHAPTER 10

The Lessons We Learn 283

The Lessons 288

The Future of Financial Analysis in the Post-Crisis Era 298

Review 299

Answers to End-of-Chapter Questions 301

Index 305

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