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Part 1 Framework
1 A Framework for Business Analysis andValuation Using Financial Statements
The Role of Financial Reporting in CapitalMarkets
From Business Activities to FinancialStatements
From Financial Statements to BusinessAnalysis
Summary
Discussion Questions
CASE: Korea Stock Exchange l998
Part 2 Business Analysis and ValuationTools
2 Strategy Analysis
Industry Ana1ysis
Degree of Actual and Potential Competition
Relative Bargaining Power in Input andOutput Markets
Applying Industry Analysis: The PersonalComputer Industry
Competitive Strategy Analysis
Sources of Competitive Advantage
Achieving and Sustaining CompetitiveAdvantage
Applying Competitive Strategy Analysis
Corporate Strategy Analysis
Summary
Discussion Questions
CASE: America Online, Inc.
3 Overview of Accounting Analysis
The Institutional Framework for FinancialReporting
Doing Accounting Analysis
Accounting Analysis Pitfalls
Value of Accounting Data and AccountingAnalysis
Summary
Discussion Questions
CASE: Harnischfeger Corporation
4 Asset Analysis
Historical Cost and Conservatism
Asset Reporting Challenges
Common Misconceptions about AssetAccounting
Summary
Discussion Questions
CASE: Boston Chicken, Inc.
5 Liability and Equity Analysis
Liability Definition and ReportingChallenges
Common Misconceptions about LiabilityAccounting
Equity Definition and Reporting Challenges
Summary
Discussion Questions
CASE: Manufactured Homes, Inc.
6 Revenue Analysis
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 Analysis
Entity Reporting Challenges
Summary
Discussion Questions
CASE: Thermo Electron Corporation
9 Financial Analysis
Ratio Analysis
Cash Flow Analysis
Summary
Discussion Questions
CASE: The Home Depot, Inc.
10 Prospective Analysis: Forecasting
Relation of Forecasting to Other Analyses
The Techniques of Forecasting
Elements of the Detailed Forecast
Sensitivity Analysis
Summary
Appendix: The Behavior of Components of ROE
Discussion Questions
CASE: Maxwell Shoe Company, Inc.
11 Prospective Analysis: Valuation Theoryand Concepts
Defining Value for Shareholders
The Discounted Abnormal Earnings ValuationMethod
Valuation Using Price Multiples
Determinants of Value-to-Book andValue-Earnings Multiples
Shortcut Forms of Earnings-Based Valuation
The Discounted Cash Flow Model
Comparing Valuation Methods
Summary
Appendix: Reconciling the DiscountedDividends and Discounted Abnormal Earnings
Models
Discussion Questions
CASE: Schneider and Square D
12 Prospective Analysis: ValuationImplementation
Detailed Forecasts of Performance
Terminal Values
Computing a Discount Rate
Computing Estimated Values
Summary
Discussion Questions
CASE: The Gap, Inc.
Part 3 Business Analysis and ValuationApplications
13 Equity Security Analysis
Investor Objectives
Equity Security Analysis and MarketEfficiency
Approaches to Fund Management andSecurities Analysis
The Process of a Comprehensive SecurityAnalysis
Financial Statement Data and SecurityPrices
Summary
Discussion Questions
CASE: Arch Communications Group Inc.
14 Credit Analysis and DistressPrediction
The Market for Credit
The Credit Analysis Process
Financial Statement Analysis and PublicDebt
Prediction of Distress and Turnaround
Summary
Discussion Questions
CASE: Adelphia Communications Corporation
15 Mergers and Acquisitions
Motivation for Merger or Acquisition
Acquisition Pricing
Acquisition Financing
Acquisition Outcome
Summary
Discussion Questions
CASE: The Upjohn Company: The Upjohn -Pharmacia Merger
16 Corporate Financing Policies
Factors That Determine Firms’ Debt Policies
The Optimal Long-Term Mix of Debt andEquity
The Financing of New Projects
Factors That Determine Firms' DividendPolicies
Summary
Discussion Questions
CASE: CUC International, Inc. (A)
17 Management Communications
Communicating with Investors
Communication Through Financial Reporting
Other Forms of Communicating with investors
Summary
Discussion Questions
CASE: Sensormatic ElectronicsCorporation—1995
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.
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