Financial Statement Analysis and Security Valuation

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  • Edition: 4th
  • Format: Hardcover
  • Copyright: 2009-03-23
  • Publisher: McGraw-Hill/Irwin
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This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm�s debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.

Table of Contents

List of Cases
List of Accounting Clinics
Introduction to Investing and Valuation
Introduction to the Financial Statements
Financial Statements and Valuation
How Financial Statements Are Used in Valuation
Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation
Accrual Accounting and Valuation: Pricing Book Values
Accrual Accounting and Valuation: Pricing Earnings
The Analysis of Financial Statements
Viewing the Business Through the Financial Statements
The Analysis of the Statement of Shareholdersn++ Equity
The Analysis of the Balance Sheet and Income Statement
The Analysis of the Cash Flow Statement
The Analysis of Profitability
The Analysis of Growth and Sustainable Earnings
Forecasting and Valuation Analysis
The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
Full-Information Forecasting, Valuation, and Business Strategy Analysis
Accounting Analysis and Valuation
Creating Accounting Value and Economic Value
Analysis of the Quality of Financial Statements
The Analysis of Risk and Return
The Analysis of Equity Risk and Return
The Analysis of Credit Risk and Return
Summary of Formulas
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