CONTENTS
Part 1 Framework
1 A Fromework for Business Anolysis and VoIuotion
Using FinQncioI Stotements
The Role of Financial Reporting in Capital Markets
From Business Activities to Financial Statements
From Financial Statements to Business Analysis
Summary
Discussion Questions
CASE: Korea Stock Exchange l998
Part 2 Business AnaIysis and VoIuation TooIs
2 Strategy Analysis
Industry Ana1ysis
Degree of Actual and Potential Competition
Relative Bargaining Power in Input and Output Markets
Applying Industry Analysis f The Personal Computer Industry
Competitive Strategy Analysis
Sources of Competitive Advantage
Achieving and Sustaining Competitive Advantage
Applying Competitive Strategy Analysis
Corporate Strategy Analysis
Summary
Discussion Questions
CASE: America Online, Inc.
3 Overview of Accounting AnaIysis
The Institutional Framework for Financial Reporting
Doing Accounting Analysis
Accounhng Analysis Pitfalls
Value of Accounting Data and Accounting Analysis
Summary
Discussion Questions
CASE: Harnischfeger Corporation
4 Asset AnoIysis
Historical Cost and Conservatism
Asset Reporting Challenges''
Common Misconceptions about Asset Accounting
Summary
Discussion Questions
CASE: Boston Chicken, Inc.
5 LiobiIity ond Equity Anolysis
Liability Definition and Reporting Challenges
Common Misconceptions about Liability Accounting
Equity Definition and Reporting Challenges
Summary
Discussion Questions
CASE: Manufactured Homes, Inc.
6 Revenue Anolysis
The Revenue Recognition Rule
Revenue Reporting Challenges
Summary
Discussion Questions
CASE: Oracle Systems Corporation
7 Expense Analysis
Matching and Conservatism
Expense Reporting Challenges
Summary
Discussion Questions
CASE: Pre-Paid Legal Services, Inc.
8 Entity AccOunting AnoIysis
Entity Reporting Challenges
Summary
Discussion Questions
CASE: Thermo Electron CorPoration
9 Finonciol Anolysis
Ratio Analysis
Cash Flow Analysis
Summary
Discussion Questions
CASE: The Home Depot, Inc.
10 Prospective Anolysis. Forecosting
Relation of Forecasting to Other Analyses
The Techniques of Forecasting
Elements of the Detai1ed Forecast
Sensitivity Analysis
Summary
Appendix f The Behavior of Components of ROE
Discussion Questions
CASE: Maxwell Shoe Company, lnc.
11 Prospective AnoIysisf Voluotion Theory ond ConceptS
Defining Va1ue for Shareholders
The Discounted Abnormal Earnings Valuation Method
Valuation Using Price Multiples
Determinants of Value-to-Book and Value-Earnings Multiples
Shortcut Forms of Earnings-Based Valuation
The Discounted Cash FIow Model
Comparing Valuation Methods
Summary
Appendix4 Reconciling the Discounted Dividends and Discounted
Abnormal Earnings Models
Discussion Questions
CASE: Schneider and Square D
12 Prospective Anolysis: Voluotion ImpIementation
Detailed Forecasts of Performance
Terminal Values
Computing a Discount Rate
Computing Estimated Values
Summary
Discussion Questions
CASE: The Gap, Inc.
Part 3 Business AnaIysis and Valuation AppIications
13 Equity Security Anolysis
lnvestor Objectives
Equity Security Analysis and Market Effciency
Approaches to Fund Management and Securities Analysis
The Process of a Comprehensive Security Analysis
Financial Statement Data and Security Prices
Summary
Discussion Questions
CASE: Arch Communications Group Inc.
14 Credit Anolysis ond Oistress Prediction
The Market for Credit
The Credit Analysis Process
Financial Statement Analysis and Public Debt
Prediction of Distress and Turnaround
Summary
Discussion Questions
CASE: Adelphia Communications CorPoration
15 Mergers Qnd Acquisitions
Motivation fOr Merger or Acquisition
Acquisition Pricing
Acquisition Financing
Acquisition Outcome
Summary
Discussion Questions
CASE: The UP john Company: The UP john - Pharmacia Merger
16 Corporote Finoncing PoIicies
Factors That Determine Firms'' Debt Policies
The Optimal Long-Term Mix of Debt and Equity
The Financing of New Projects
Factors That Determine Firms'' Dividend Policies
Summary
Discussion Questions
CASE: CUC International, Inc. A
17 Monogement Communicotions
Communicating with Investors
Communication Through Financial Reporting
Other Forms of Communicating with lnvestors
Summary
Discussion Questions
CASE:Sensormatic Electronics Cor''Poration--l995
Part 4 Additional Cases
Anacomp, Inc.
Brierley Investments Limited
The City of New York
Comdisco, Inc. A
Comdisco, Inc. B
CompUSA
The Computer Industry in l992
Debt Ratings in the Chemical Industry
Donna Karan International lnc.
Echlin Versus SPX
Kansas City Zephyrs Baseball Club, Inc.
The Murray Ohio Manufacturing Company
OIympic Financial Ltd.
Revco D.S., Inc.
lndex
Author lndex
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