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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