Business Analysis and Valuation: Using Financial Statements, Texts and Cases

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Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts. Key Feature Cases: Cases are supported by textual material that explains the techniques to be used, the theory and evidence behind them, and the detailed institutional context in which the practical applications are conducted to assure that students develop strong practical skills using real world applications. Decision Context: Each case presents business analysis and valuation issues in specific decision contexts, which makes the material more interesting and exciting for students. Four Types of Financial Statement Analysis: (1) Business strategy analysis for developing an understanding of a firm''s competitive strategy (2) Accounting analysis for representing the firm''s business economics and strategy in its financial statements, and for developing adjusted accounting measures of performance, (3) Financial analysis for ratio analysis and cash flow measures of operating, and Prospective analysis. Applications of financial statement analysis include (1) Credit analysis (2) Securities analysis (3) Analysis of mergers, acquisitions, and other corporate restructuring (4) Analysis of financing policies: capital structure and dividend policy (5) Analysis of management communication strategies. Where applicable, relevant institutional details and results of academic research are also incorporated. Table of Contents Part I: Framework A Framework for Business Analysis and Valuation Using Financial Statements Part II: Business Analysis and Valuation Tools Strategy Analysis Overview of Accounting Analysis Implementing Asset Analysis Financial Analysis Prospective Analysis: Forecasting Prospective Analysis: Valuation Theory and Concepts Prospective Analysis: Valuation Implementation Part III: Business Analysis and Valuation Application Equity Security Analysis Credit Analysis and Distress Prediction Mergers and Acquisitions Corporate Financing Policies Communication and Governance Index Author Index