Analysis of Financial Statements

Informationen zum Autor PAMELA PETERSON DRAKE, PHD, CFA, is the J. Gray Ferguson Professor of Finance and Head of the Department of Finance and Business Law in the College of Business at James Madison University. Prior to joining James Madison, she was an associate dean and professor of finance at Florida Atlantic University and, previous to that, a professor at Florida State University. She has published articles in numerous journals and collaborated with Frank Fabozzi on the previous edition of this book as well as Foundations and Applications of the Time Value of Money, Capital Budgeting, and Financial Management and Analysis, all published by Wiley. She received a BS in accountancy from Miami University and her PhD in finance from The University of North Carolina at Chapel Hill. FRANK J. FABOZZI, PHD, CFA, CPA, is Professor of Finance at EDHEC Business School and a member of the EDHEC-Risk Institute. Prior to joining EDHEC in August 2011, he held various professorial positions in finance at Yale University's School of Management from 1994 to 2011 and was a visiting professor of finance and accounting at MIT's Sloan School of Management from 1986 to 1992. He is also editor of the Journal of Portfolio Management. Klappentext The fully update Third Edition of the most trusted book on financial statement analysisRecent financial events have taught us to take a more critical look at the financial disclosures provides by companies. In the Third Edition of Analysis of Financial Statements, Pamela Peterson-Drake and Frank Fabozzi once again team up to provide a practical guide to understanding and interpreting financial statements. Written to reflect current market conditions, this reliable resource will help analysts and investors use these disclosures to assess a company's financial health and risks.Throughout Analysis of Financial Statements, Third Edition, the authors demonstrate the nuts and bolts of financial analysis by applying the techniques to actual companies. Along the way, they tackle the changing complexities in the area of financial statement analysis and provide an up-to-date perspective of new acts of legislation and events that have shaped the field.* Addresses changes to U.S. and international accounting standards, as well as innovations in the areas of credit risk models and factor models* Includes examples, guidance, and an incorporation of information pertaining to recent events in the accounting/analysis community* Covers issues of transparency, cash flow, income reporting, and much moreWhether evaluating a company's financial information or figuring valuation for M&A's, analyzing financial statements is essential for both professional investors and corporate finance executives. The Third Edition of Analysis of Financial Statements contains valuable insights that can help you excel at this endeavor. Zusammenfassung Analyzing financial statements is one of the most important tools professional investors and corporate finance executives need up-to-date information on. Tackling the changing complexities in the area of financial statement analysis, the new edition addresses changes to U.S. Inhaltsverzeichnis Preface xiAbout the Authors xiiiPART ONE The Basics 1CHAPTER 1 Introduction 3What Is Financial Analysis? 4Where Do We Find the Financial Information? 8Who Gets What Type of Information and When? 10What Does Sarbanes-Oxley Mean to Companies and Investors? 28What Does the Dodd-Frank Act Mean for Companies and Investors? 32Summary 34Review 35CHAPTER 2 Financial Statements 37Accounting Principles: What Are They? 37What Do the Basic Financial Statements Tell Us? 39Accounting Flexibility 56How Does Accounting in the United States Differ from Accounting Outside of the United States? 58Summary 59Review 60CHAPTER 3 The Quality of Financial Information 63It's All in the Timing 65Too Man...

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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 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

Dettagli sul prodotto

• Autori: Drake, Pamela Peterson Drake, Pp Drake, Fabozzi, Frank J Fabozzi, Frank J. Fabozzi, Frank J. (School of Management Fabozzi, Pamela Peterson Drake, Pamela Fabozzi Peterson Drake, PETERSON DRAKE PAMELA FABOZZI FR
• Editore: Wiley, John and Sons Ltd
• Lingue: Inglese
• Formato: Copertina rigida
• Pubblicazione: 07.12.2012
• EAN: 9781118299982
• ISBN: 978-1-118-29998-2
• Pagine: 352
• Serie: Frank J. Fabozzi Series; Frank J. Fabozzi; Frank J. Fabozzi Series
• Categoria: Scienze sociali, diritto, economia > Economia > Economia aziendale