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Financial Statement Analysis : A Practitioner's Guide (Wiley Finance) (4TH): Fridson, Martin/ Alvarez, Fernando: BOOKS KINOKUNIYA
书籍资料
Financial Statement Analysis : A Practitioner's Guide (Wiley Finance) (4TH)
Financial Statement Analysis : A Practitioner's Guide (Wiley Finance) (4TH)
出版社 : John Wiley & Sons Inc
出版日期 : 2011/07
Binding : Hardcover
ISBN : 9780470635605

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语言 : English
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书籍简介
Source: ENG
Academic Descriptors: F48103000
Place of Publication: United States
Edition: Subsequent
Continuations: Monograph Series,any number
Academic Level: Extracurricular
Table of Contents
 
Preface to Fourth Edition                          xi
Acknowledgments                                    xv
  PART ONE Reading between the Lines
    Chapter 1 The Adversarial Nature of            3  (26)
    Financial Reporting
      The Purpose of Financial Reporting           4  (4)
      The Flaws in the Reasoning                   8  (3)
      Small Profits and Big Baths                  11 (1)
      Maximizing Growth Expectations               12 (6)
      Downplaying Contingencies                    18 (2)
      The Importance of Being Skeptical            20 (4)
      Conclusion                                   24 (5)
  PART TWO The Basic Financial Statements
    Chapter 2 The Balance Sheet                    29 (18)
      The Value Problem                            30 (2)
      Comparability Problems in the Valuation      32 (2)
      of Financial Assets
      Instantaneous Wipeout of Value               34 (1)
      How Good Is Goodwill?                        35 (3)
      Losing Value the Old-Fashioned Way           38 (2)
      True Equity Is Elusive                       40 (1)
      Pros and Cons of a Market-Based Equity       41 (2)
      Figure
      The Common Form Balance Sheet                43 (2)
      Conclusion                                   45 (2)
    Chapter 3 The Income Statement                 47 (32)
      Making the Numbers Talk                      47 (5)
      How Real Are the Numbers?                    52 (25)
      Conclusion                                   77 (2)
    Chapter 4 The Statement of Cash Flows          79 (32)
      The Cash Flow Statement and the Leveraged    81 (5)
      Buyout
      Analytical Applications                      86 (1)
      Cash Flow and the Company Life Cycle         87 (12)
      The Concept of Financial Flexibility         99 (5)
      In Defense of Slack                          104(2)
      Conclusion                                   106(5)
  PART THREE A Closer Look at Profits
    Chapter 5 What Is Profit?                      111(8)
      Bona Fide Profits versus Accounting          111(1)
      Profits
      What Is Revenue?                             112(2)
      Which Costs Count?                           114(2)
      How Far Can the Concept Be Stretched?        116(1)
      Conclusion                                   117(2)
    Chapter 6 Revenue Recognition                  119(30)
      Channel-Stuffing in the Drug Business        119(4)
      A Second Take on Earnings                    123(4)
      Astray on Layaway                            127(1)
      Recognizing Membership Fees                  128(3)
      A Potpourri of Liberal Revenue               131(1)
      Recognition Techniques
      Fattening Earnings with Empty Calories       132(6)
      Tardy Disclosure at Halliburton              138(3)
      Managing Earnings with Rainy Day Reserves    141(2)
      Fudging the Numbers: A Systematic Problem    143(4)
      Conclusion                                   147(2)
    Chapter 7 Expense Recognition                  149(12)
      Nortel's Deferred Profit Plan                149(5)
      Grasping for Earnings at General Motors      154(3)
      Time-Shifting at Freddie Mac                 157(2)
      Conclusion                                   159(2)
    Chapter 8 The Applications and Limitations     161(18)
    of EBITDA
      EBIT, EBITDA, and Total Enterprise Value     162(4)
      The Role of EBITDA in Credit Analysis        166(3)
      Abusing EBITDA                               169(2)
      A More Comprehensive Cash Flow Measure       171(3)
      Working Capital Adds Punch to Cash Flow      174(2)
      Analysis
      Conclusion                                   176(3)
    Chapter 9 The Reliability of Disclosure and    179(12)
    Audits
      An Artful Deal                               180(3)
      Death Duties                                 183(1)
      Systematic Problems in Auditing              184(5)
      Conclusion                                   189(2)
    Chapter 10 Mergers-and-Acquisitions            191(8)
    Accounting
      Maximizing Postacquisition Reported          191(4)
      Earnings
      Managing Acquisition Dates and Avoiding      195(2)
      Restatements
      Conclusion                                   197(2)
    Chapter 11 Is Fraud Detectable?                199(26)
      Telltale Signs of Manipulation               199(2)
      Fraudsters Know Few Limits                   201(1)
      Enron: A Media Sensation                     201(9)
      HealthSouth's Excruciating Ordeal            210(7)
      Milk and Other Liquid Assets                 217(4)
      Conclusion                                   221(4)
  PART FOUR Forecasts and Security Analysis
    Chapter 12 Forecasting Financial Statements    225(40)
      A Typical One-Year Projection                225(12)
      Sensitivity Analysis with Projected          237(5)
      Financial Statements
      Projecting Financial Flexibility             242(3)
      Pro Forma Financial Statements               245(1)
      Pro Forma Statements for Acquisitions        246(7)
      Multiyear Projections                        253(10)
      Conclusion                                   263(2)
    Chapter 13 Credit Analysis                     265(42)
      Balance Sheet Ratios                         266(9)
      Income Statement Ratios                      275(5)
      Statement of Cash Flows Ratios               280(3)
      Combination Ratios                           283(7)
      Relating Ratios to Credit Risk               290(14)
      Conclusion                                   304(3)
    Chapter 14 Equity Analysis                     307(28)
      The Dividend Discount Model                  308(5)
      The Price-Earnings Ratio                     313(3)
      Why P/E Multiples Vary                       316(8)
      The Du Pont Formula                          324(4)
      Valuation through Restructuring Potential    328(6)
      Conclusion                                   334(1)
Appendix Explanation of Pro Forma Adjustments      335(6)
for Hertz Global Holdings, Inc./DTG
Notes                                              341(12)
Glossary                                           353(14)
Bibliography                                       367(2)
About the Authors                                  369(2)
Index                                              371
 

An updated guide to the essential discipline of financial statement analysis In Financial Statement Analysis, Fourth Edition, leading investment authority Martin Fridson returns with Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. This fully revised and up-to-date Fourth Edition offers fresh information that will help you to evaluate financial statements in today's volatile markets and uncertain economy, and allow you to get past the sometimes biased portrait of a company's performance.*Reflects changes in the financial reporting landscape, including issues related to the financial crisis of 2008-2009* Provides guidelines on how to interpret balance sheets, income statements, and cash flow statements* Offers information for maximizing the accuracy of forecasts and a structured approach to credit and equity evaluation Filled with real-life examples and expert advice, Financial Statement Analysis, Fourth Edition will help you gain a firm understanding of the techniques that will help you interpret financial statements, which are designed to conceal more than reveal.

Contents
Preface to Fourth Edition. Acknowledgments. PART ONE Reading between the Lines. Chapter 1 The Adversarial Nature of Financial Reporting. The Purpose of Financial Reporting. The Flaws in the Reasoning. Small Profits and Big Baths. Maximizing Growth Expectations. Downplaying Contingencies. The Importance of Being Skeptical. Conclusion. PART TWO The Basic Financial Statements. Chapter 2 The Balance Sheet. The Value Problem. Comparability Problems in the Valuation of Financial Assets. "Instantaneous" Wipeout of Value. How Good Is Goodwill? Losing Value the Old-Fashioned Way. "True" Equity Is Elusive. Pros and Cons of a Market-Based Equity Figure. The Common Form Balance Sheet. Conclusion. Chapter 3 The Income Statement. Making the Numbers Talk. How Real Are the Numbers? Conclusion. Chapter 4 The Statement of Cash Flows. The Cash Flow Statement and the Leveraged Buyout. Analytical Applications. Cash Flow and the Company Life Cycle. The Concept of Financial Flexibility. In Defense of Slack. Conclusion. PART THREE A Closer Look at Profits. Chapter 5 What Is Profit? Bona Fide Profits versus Accounting Profits. What Is Revenue? Which Costs Count? How Far Can the Concept Be Stretched? Conclusion. Chapter 6 Revenue Recognition. Channel-Stuffing in the Drug Business. A Second Take on Earnings. Astray on Layaway. Recognizing Membership Fees. A Potpourri of Liberal Revenue Recognition Techniques. Fattening Earnings with Empty Calories. Tardy Disclosure at Halliburton. Managing Earnings with "Rainy Day" Reserves. Fudging the Numbers: A Systematic Problem. Conclusion. Chapter 7 Expense Recognition. Nortel's Deferred Profit Plan. Grasping for Earnings at General Motors. Time-Shifting at Freddie Mac. Conclusion. Chapter 8 The Applications and Limitations of EBITDA. EBIT, EBITDA, and Total Enterprise Value. The Role of EBITDA in Credit Analysis. Abusing EBITDA. A More Comprehensive Cash Flow Measure. Working Capital Adds Punch to Cash Flow Analysis. Conclusion. Chapter 9 The Reliability of Disclosure and Audits. An Artful Deal. Death Duties. Systematic Problems in Auditing. Conclusion. Chapter 10 Mergers-and-Acquisitions Accounting. Maximizing Postacquisition Reported Earnings. Managing Acquisition Dates and Avoiding Restatements. Conclusion. Chapter 11 Is Fraud Detectable? Telltale Signs of Manipulation. Fraudsters Know Few Limits. Enron: A Media Sensation. HealthSouth's Excruciating Ordeal. Milk and Other Liquid Assets. Conclusion. PART FOUR Forecasts and Security Analysis. Chapter 12 Forecasting Financial Statements. A Typical One-Year Projection. Sensitivity Analysis with Projected Financial Statements. Projecting Financial Flexibility. Pro Forma Financial Statements. Pro Forma Statements for Acquisitions. Multiyear Projections. Conclusion. Chapter 13 Credit Analysis. Balance Sheet Ratios. Income Statement Ratios. Statement of Cash Flows Ratios. Combination Ratios. Relating Ratios to Credit Risk. Conclusion. Chapter 14 Equity Analysis. The Dividend Discount Model. The Price-Earnings Ratio. Why P/E Multiples Vary. The Du Pont Formula. Valuation through Restructuring Potential. Conclusion. APPENDIX: Explanation of Pro Forma Adjustments for Hertz Global Holdings, Inc./DTG. Notes. Glossary. Bibliography. About the Authors. Index.