Business analysis & valuation: using financial statement; text and cases
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
London
South-Western/Thomson
2008
|
| Ausgabe: | 4. ed., internat. student ed. |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016385063&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | getr. Zählung graph. Darst. |
| ISBN: | 9780324302929 0324302924 |
Internformat
MARC
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| 003 | DE-604 | ||
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| 020 | |a 9780324302929 |9 978-0-324-30292-9 | ||
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| 035 | |a (DE-599)BVBBV023198793 | ||
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| 100 | 1 | |a Palepu, Krishna G. |d 1954- |e Verfasser |0 (DE-588)129394181 |4 aut | |
| 245 | 1 | 0 | |a Business analysis & valuation |b using financial statement; text and cases |c Krishna G. Palepu ; Paul M Healy |
| 250 | |a 4. ed., internat. student ed. | ||
| 264 | 1 | |a London |b South-Western/Thomson |c 2008 | |
| 300 | |a getr. Zählung |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 505 | 8 | |a Includes bibliographical references and index | |
| 650 | 4 | |a aBusiness enterprises |a xValuation | |
| 650 | 4 | |a aFinancial statements | |
| 650 | 4 | |a aBusiness enterprises |a xValuation |a vCase studies | |
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| 689 | 0 | 1 | |a Bilanzanalyse |0 (DE-588)4069453-7 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Healy, Paul M. |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m Digitalisierung UB Passau |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016385063&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 883 | 1 | |8 1\p |a cgwrk |d 20201028 |q DE-101 |u https://d-nb.info/provenance/plan#cgwrk | |
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-016385063 | |
Datensatz im Suchindex
| _version_ | 1819355597055721472 |
|---|---|
| adam_text | Contents
Part One
framework
A Framework for Business Analysis and Valuation
Using Financial Statements
/-/
The Role of Financial Reporting in Capital Markets
1-2
From Business Activities to Financial Statements
1-3
Influences of the Accounting System on Information Quality
1-4
From Financial Statements to Business Analysis
1-8
Summary I
-10
Discussion Questions
1-І
I
Notes
/-//
Part Two
Business Analysis and Valuation tools
2:
Strategy Analysis
2-І
Industry Analysis
2-І
Degree of Actual and Potential Competition
2-2
Bargaining Power in Input and Output Markets
2-5
Applying Industry Analysis:The Personal Computer Industry
7-6
Competition in the Personal Computer Industry
2-6
The Power of Suppliers and Buyers
2-7
Limitations
of Industry Analysis
2-8
Competitive Strategy Analysis
2-8
Sources of Competitive Advantage
2-9
Achieving and Sustaining Competitive Advantage
2-Ю
Applying Competitive Strategy Analysis
2-Ю
Corporate Strategy Analysis
2-12
Sources of Value Creation at the Corporate Level
2-12
Applying Corporate Strategy Analysis
2-14
Summary
2- / 6
Discussion Questions
2-17
Notes
2-18
3:
Overview of Accounting Analysis
3-І
The Institutional Framework for Financial Reporting
З-1
Accrual Accounting
З-1
Delegation of Reporting to Management
3-2
Generally Accepted Accounting Principles
3-3
External Auditing
3-4
Legal Liability
3-5
Factors Influencing Accounting Quality
3-5
Noise from Accounting Rules
3-5
Forecast Errors
3-5
Managers Accounting Choices
3-6
Steps in Performing Accounting Analysis
3-7
Accounting Analysis Pitfalls
3- / 2
Value of Accounting Data and Accounting Analysis
3-13
Summary
3- / 4
Discussion Questions
3-14
Notes
3-і 5
4:
Implementing Accounting Analysis
4-і
Recasting Financial Statements
4-2
Asset Distortions
4-3
Who owns or controls resources?
4-7
Can economic benefits be measured with reasonable certainty?
4-і
Have fair values of assets declined below book value?
4-8
Overstated Assets
4-9
Understated Assets
4-15
Liability Distortions
4-22
Has an obligation been incurred?
4-23
Can the obligation be measured?
4-23
Understated Liabilities
4-23
Equity Distortions
4-3
1
Summary
4-32
Discussion Questions
4-33
Notes
4-38
Appendix: Recasting Financial Statements into Standardized Templates
4-41
5:
Financial Analysis
5-/
Ratio Analysis
5-/
Measuring Overall Profitability
5-6
Decomposing Profitability: Traditional Approach
5-7
Decomposing Profitability: Alternative Approach
5-8
Assessing Operating Management: Decomposing Net Profit Margins
5-І
I
Evaluating Investment Management: Decomposing Asset Turnover
5-15
Evaluating Financial Management: Analyzing Financial Leverage
5- / 8
Putting It All Together: Assessing Sustainable Growth Rate
5-23
Historical Patterns of Ratios for U.S. Firms
5-25
Cash Flow Analysis
5-2
J
Cash Flow and Funds Flow Statements
5-26
Analyzing Cash Flow Information
5-27
Analysis of Wal-Mart s and Target s Cash Flow
5-30
Summary
5-3
1
Discussion Questions
5-32
Notes
5-33
Appendix Part A: Wal-Mart Stores, Inc. Financial Statements
5-35
Appendix Part B: Target Corporation Financial Statements
5-39
Prospective Analysis: Forecasting
6-і
The Overall Structure of the Forecast
6-І
A Practical Framework for Forecasting
6-2
Performance Behavior: A Starting Point
6-3
Sales Growth Behavior
6-3
Earnings Behavior
6-4
Return on Equity Behavior
6-5
The Behavior of Components of ROE
6-6
Relationship of Forecasting to the Other Analyses
6-7
Macroeconomic Factors
6-8
Sales Growth
6-8
NOPAT Margins
6-Ю
Working Capital to Sales
6-Ю
Long -Term Assets to Sales
6- / /
Capital Structure
6-І
I
Making Forecasts
6- / /
The Overall One Year Ahead Forecast
6-12
Overall Forecasts for Years Two to Ten
6-13
Cash Flow Forecasts
6-
1
5
Sensitivity Analysis
6- / 6
Seasonally and Interim Forecasts
6- / 6
Summary
6-18
Discussion Questions
6-19
Notes
6-20
Appendix: The Behavior of Components of ROE
6-22
7:
Prospective Analysis:
Valuation Theory and Concepts
7-І
The Discounted Dividends Valuation Method
7-2
The Discounted Abnormal Earnings Valuation Method
7-2
Accounting Methods and Discounted Abnormal Earnings
7-4
Valuation Using Price Multiples
7-5
Main Issues with Multiples-Based Valuation
7-5
Determinants of Value-to-Book and
Value-Earnings Multiples
7-7
Shortcut Forms of Earnings-Based Valuation
7- / 0
Abnormal Earnings Simplification
7- / 0
ROE and Growth Simplifications
7-І
I
The Discounted Cash Flow Model
7-12
Comparing Valuation Adethods
7-
1
3
Differences in Focus
7-13
Differences in Required Structure
7-14
Differences in Terminal Value Implications
7-/ 4
Summary
7- / 6
Discussion Questions
7- / 7
Notes
7-18
Appendix A: Asset Valuation Methodologies
7-20
Appendix B: Reconciling the Discounted Dividends and
Discounted Abnormal Earnings Models
7-22
8:
Prospective
Analysis:Valuat¡on
Implementation 8-/
Computing
a Discount Rate
8-І
Weighting the Costs of Debt and Equity
8-/
Adjusting Cost of Equity for Changes in Leverage
8-4
Estimating Wal-Mart s Cost of Capital
8-5
Detailed Forecasts of Performance
8-6
Making Performance Forecasts for Valuing Wal-Mart
8-8
Terminal Values
8-9
Terminal Values with the Competitive Equilibrium Assumption
8-9
Competitive Equilibrium Assumption Only on Incremental Sales
б-
/ 0
Terminal Value with Persistent Abnormal Performance
and Growth
8-Ю
Terminal Value Based on a Price Multiple
8-/ /
Selecting the Terminal Year
8- / 2
Estimates of Wal-Mart s Terminal
Avalué
8- / 2
Computing Asset and Equity Values
8- / 3
Value Estimates Versus Market Values
8-
1
4
Sensitivity Analysis
8- / 5
Some Practical Issues in Valuation
8-16
Dealing with Accounting Distortions
8-
1
6
Dealing with Negative Book Values
8- / 6
Dealing with Excess Cash and Excess Cash Flows
8-17
Summary
8-17
Discussion Questions
8-18
Notes
8-19
part three
business analysis and valuation
Applications
Equity Security Analysis
9-і
Investor Objectives and Investment Vehicles
9-2
Equity Security Analysis and Market Efficiency
9-3
Market Efficiency and the Role of Financial Statement Analysis
9-3
Market Efficiency and Managers Financial Reporting Strategies
9-4
Evidence of Market Efficiency
9-4
Approaches to Fund Management and Securities Analysis
9-5
Active Versus Passive Management
9-5
Quantitative Versus Traditional Fundamental Analysis
9-5
Formal Versus Informal Valuation
9-6
The Process of Comprehensive Security Analysis
9-6
Selection of Candidates for Analysis
9-6
Inferring Market Expectations
9-7
Developing the Analyst s Expectations
9- / 0
The Final Product of Security Analysis
9- / /
Performance of Security Analysts and Fund Managers
9- / /
Performance of Sell-Side Analysts
9- / /
Performance of Fund Managers
9- / 2
Summary
9- / 3
Discussion Questions
9-і4
Notes
9-і 5
10:
Credit Analysis and Distress Prediction lo-i
Why do Firms use Debt Financing?
/ 0-2
The Market for Credit
/0-3
Commercial Banks
/ 0-3
Non-Bank Financial Institutions
/ 0-4
Public Debt Markets
/ 0-4
Sellers Who Provide Financing
/ 0-4
The Credit Analysis Process in Private Debt Markets
10-4
Financial Statement Analysis and Public Debt
10-10
The Meaning of Debt Ratings
10-10
Factors That Drive Debt Ratings
10-12
Prediction of Distress and Turnaround
10-14
Models for Distress Prediction
10-15
Investment Opportunities in Distressed Companies
10-16
Summary
10-16
Discussion Questions
10-17
Notes
10-18
II: Mergers and Acquisitions
//-/
Motivation for Merger or Acquisition
/ /■■ /
Motivation for the Exxon-Mobil Merger
/1-4
Acquisition
Pricing
/ /-5
Analyzing Premium Offered to Target Stockholders
/1-5
Analyzing Value of the Target to the Acquirer
11-7
Exxon s Pricing of Mobil
11-10
Acquisition Financing and Form of Payment
/ /-/ /
Effect of Form of Payment on Acquiring Stockholders
/ / - / /
Effect of Form of Payment on Target Stockholders
11-13
Exxon s Financing of Mobil
11-14
Acquisition Outcome
11-14
Other Potential Acquirers
11-14
Target Management Entrenchment
11-15
Antitrust and Security Issues
11-16
Analysis of Outcome of Exxon s Offer for Mobil
/ /-/ 7
Summary
11-17
Discussion Questions
//-/8
Notes
11-19
12:
Communication and Governance
12-1
Governance Overview
/ 2-2
Management Communication with Investors
/ 2-4
A Word of Caution
12-4
Example: Communication Issues for
FPIC Insurance Group
12-5
Communication Through Financial Reporting
/ 2-6
Accounting as a Means of Management Communication
/ 2-6
Factors That Increase the Credibility of
Accounting Communication
/ 2-6
Limitations of Financial Reporting for
Investor Communication
12-7
Example: Accounting Communication for
FPIC Insurance Group
12-8
Communication Through Financial Policies
/ 2-9
Dividend Payout Policies
12-9
Stock Repurchases
12-10
Financing Choices
12-10
Hedging
12-11
Example: Stock Buybacks at FPIC Insurance Group
12-1
1
Alternate Forms of Investor Communication
12-12
Analyst Meetings
12-12
Voluntary Disclosure
12-12
Example: Other Forms of Communication at
FPIC Insurance Group
12-13
The Role of the Auditor
12-14
Challenges Facing Audit Industry
12-14
Role of Financial Analysis Tools in Auditing
12-15
Example: Auditing FPIC Insurance Group
/2-/7
The Role of the Audit Committee
12-17
Summary
12-19
Discussion Questions
12-19
Notes
12-21
Index i-i
Author Index i-is
|
| any_adam_object | 1 |
| author | Palepu, Krishna G. 1954- Healy, Paul M. |
| author_GND | (DE-588)129394181 |
| author_facet | Palepu, Krishna G. 1954- Healy, Paul M. |
| author_role | aut aut |
| author_sort | Palepu, Krishna G. 1954- |
| author_variant | k g p kg kgp p m h pm pmh |
| building | Verbundindex |
| bvnumber | BV023198793 |
| callnumber-first | H - Social Science |
| callnumber-label | HF5681 |
| callnumber-raw | HF5681.V3 |
| callnumber-search | HF5681.V3 |
| callnumber-sort | HF 45681 V3 |
| callnumber-subject | HF - Commerce |
| classification_rvk | QP 770 |
| contents | Includes bibliographical references and index |
| ctrlnum | (OCoLC)635030018 (DE-599)BVBBV023198793 |
| discipline | Wirtschaftswissenschaften |
| edition | 4. ed., internat. student ed. |
| format | Book |
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| id | DE-604.BV023198793 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T13:10:26Z |
| institution | BVB |
| isbn | 9780324302929 0324302924 |
| language | English |
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| physical | getr. Zählung graph. Darst. |
| publishDate | 2008 |
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| publisher | South-Western/Thomson |
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| spellingShingle | Palepu, Krishna G. 1954- Healy, Paul M. Business analysis & valuation using financial statement; text and cases Includes bibliographical references and index aBusiness enterprises xValuation aFinancial statements aBusiness enterprises xValuation vCase studies Bilanzanalyse (DE-588)4069453-7 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4069453-7 (DE-588)4078594-4 (DE-588)4522595-3 |
| title | Business analysis & valuation using financial statement; text and cases |
| title_auth | Business analysis & valuation using financial statement; text and cases |
| title_exact_search | Business analysis & valuation using financial statement; text and cases |
| title_full | Business analysis & valuation using financial statement; text and cases Krishna G. Palepu ; Paul M Healy |
| title_fullStr | Business analysis & valuation using financial statement; text and cases Krishna G. Palepu ; Paul M Healy |
| title_full_unstemmed | Business analysis & valuation using financial statement; text and cases Krishna G. Palepu ; Paul M Healy |
| title_short | Business analysis & valuation |
| title_sort | business analysis valuation using financial statement text and cases |
| title_sub | using financial statement; text and cases |
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| topic_facet | aBusiness enterprises xValuation aFinancial statements aBusiness enterprises xValuation vCase studies Bilanzanalyse Unternehmensbewertung Fallstudiensammlung |
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