Financial statement analysis and security valuation:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston [u.a.]
McGraw-Hill
2010
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| Edition: | 4. ed., internat. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIV, 754 S. graph. Darst. |
| ISBN: | 9780071267809 0071267808 |
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MARC
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| 245 | 1 | 0 | |a Financial statement analysis and security valuation |c Stephen H. Penman |
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Record in the Search Index
| _version_ | 1804139244662292480 |
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| adam_text | CONTENTS LIST OF CASES . XXIII LIST OF ACCOUNTING CLINICS XXIV CHAPTER 1
INTRODUCTION TO INVESTING AND VALUATION 2 INVESTMENT STYLES AND
FUNDAMENTAL ANALYSIS 3 BUBBLE, BUBBLE 6 HOW BUBBLES WORK 7 ANALYSTS
DURING THE BUBBLE 8 FUNDAMENTAL ANALYSIS ANCHORS INVESTORS 8 THE
SETTING: INVESTORS, FIRMS, SECURITIES, AND CAPITAL MARKETS 8 THE
BUSINESS OF ANALYSIS: THE PROFESSIONAL ANALYST 12 INVESTING IN FIRMS:
THE OUTSIDE ANALYST 12 INVESTING WITHIN FIRMS: THE INSIDE ANALYST 13 THE
ANALYSIS OF BUSINESS 14 STRATEGY AND VALUATION 14 MASTERING THE DETAILS
15 THE KEY QUESTION: SUSTAINABILITY OF COMPETITIVE ADVANTAGE 17
FINANCIAL STATEMENTS: THE LENS ON THE BUSINESS 17 CHOOSING A VALUATION
TECHNOLOGY 17 GUIDING PRINCIPLES 18 ANCHORING VALUE IN THE FINANCIAL
STATEMENTS 20 HOW TO USE THIS BOOK 21 AN OUTLINE OF THE BOOK 21 THE WEB
CONNECTION 22 KEY CONCEPTS 22 A CONTINUING CASE: KIMBERLY-CLARK
CORPORATION 23 CONCEPT QUESTIONS 27 EXERCISES 29 MINICASE 31 CHAPTER 2
INTRODUCTION TO THE FINANCIAL STATEMENTS 32 THE ANALYST S CHECKLIST 33
THE FORM OF THE FINANCIAL STATEMENTS 33 THE BALANCE SHEET 34 THE INCOME
STATEMENT 34 THE CASH FLOW STATEMENT. 38 THE STATEMENT OF STOCKHOLDERS
EQUITY 39 THE FOOTNOTES AND SUPPLEMENTARY INFORMATION TO FINANCIAL
STATEMENTS 40 TLTC ARTICULATION OF THE FINANCIAL STATEMENTS: HOW THE
STATEMENTS TELL A STORY 40 MEASUREMENT IN THE FINANCIAL STATEMENTS 41
THE PRICC-TO-BOOK RATIO 42 MEASUREMENT IN THE BALANCE SHEET * 44
MEASUREMENT IN THE INCOME STATEMENT 44 THE PRICE-EARNINGS RATIO 49 THE
RELIABILITY CRITERION: DON T MIX WHAT YOU KNOW WITH SPECULATION 49
TENSION IN ACCOUNTING 51 SUMMARY 52 THE WEB CONNECTION 53 KEY CONCEPTS
53 THE ANALYST S TOOLKIT 54 A CONTINUING CASE: KIMBERLY-CLARK
CORPORATION 55 CONCEPT QUESTIONS 60 EXERCISES 61 MINICASE 66 PART ONE
FINANCIAL STATEMENTS AND VALUATION 72 CHAPTER 3 HOW FINANCIAL STATEMENTS
ARE USED IN VALUATION 74 THE ANALYST S CHECKLIST 75 MULTIPLE ANALYSIS 76
THE METHOD OF COMPARABLES 76 SCREENING ON MULTIPLES 79 ASSET-BASED
VALUATION 82 FUNDAMENTAL ANALYSIS 84 THE PROCESS OF FUNDAMENTAL ANALYSIS
85 FINANCIAL STATEMENT ANALYSIS, PRO FORMA ANALYSIS, AND FUNDAMENTAL A
NALYSIS 86 THE ARCHITECTURE OF FUNDAMENTAL ANALYSIS: THE VALUATION MODEL
88 TERMINAL INVESTMENTS AND GOING-CONCERN INVESTMENTS 89 XVI CONTENTS
XVII VALUATION MODELS FOR TERMINAL INVESTMENTS 90 VALUATION MODELS FOR
GOING-CONCERN INVESTMENTS 92 CRITERIA FOR A PRACTICAL VALUATION MODEL 92
WHAT GENERATES VALUE? 93 VALUATION MODELS AND ASSET PRICING MODELS 97
SUMMARY 97 THE WEB CONNECTION 98 KEY CONCEPTS 98 THE ANALYST S TOOLKIT
99 A CONTINUING CASE: KIMBERLY-CLARK CORPORATION 100 CONCEPT QUESTIONS
101 EXERCISES 101 MINICASCS 105 APPENDIX THE REQUIRED RETURN AND ASSET
PRICING MODELS 110 CHAPTER 4 CASH ACCOUNTING, ACCRUAL ACCOUNTING, AND
DISCOUNTED CASH FLOW VALUATION 114 THE ANALYST S CHECKLIST 115 THE
DIVIDEND DISCOUNT MODEL 116 THE DISCOUNTED CASH FLOW MODEL 118 FREE CASH
FLOW AND VALUE ADDED 121 SIMPLE VALUATION MODELS 123 THE STATEMENT OF
CASH FLOWS 124 THE CASH FLOW STATEMENT UNDER 1FRS 126 FORECASTING FREE
CASH FLOWS 127 CASH FLOW, EARNINGS, AND ACCRUAL ACCOUNTING 128 EARNINGS
AND CASH FLOWS 128 ACCRUALS, INVESTMENTS, AND THE BALANCE SHEET 132
SUMMARY 135 THE WEB CONNECTION 136 KEY CONCEPTS 136 THE ANALYST S
TOOLKIT 137 A CONTINUING CASE: KIMBERLY-CLARK CORPORATION 137 CONCEPT
QUESTIONS 138 EXERCISES 139 MINICASES 144 CHAPTER 5 ACCRUAL ACCOUNTING
AND VALUATION: PRICING BOOK VALUES 148 THE ANALYST S CHECKLIST 149 THE
CONCEPT BEHIND THE PRICE-TO-BOOK RATIO 149 BEWARE OF PAYING TOO MUCH FOR
EARNINGS 150 PROTOTYPE VALUATIONS 150 VALUING A PROJECT 150 VALUING A
SAVINGS ACCOUNT 151 THE NORMAL PRICC-TO-BOOK RATIO 152 A MODEL FOR
ANCHORING VALUE ON BOOK VALUE 153 RESIDUAL EARNINGS DRIVERS AND VALUE
CREATION 156 A SIMPLE DEMONSTRATION AND A SIMPLE VALUATION MODEL 158
APPLYING THE MODEL TO EQUITIES 160 THE FORECAST HORIZON AND THE
CONTINUING VALUE CALCULATION 161 TARGET PRICES 164 CONVERTING ANALYSTS
FORECASTS TO A VALUATION 165 APPLYING THE MODEL TO PROJECTS AND
STRATEGIES 166 FEATURES OF THE RESIDUAL EARNINGS MODEL 168 BOOK VALUE
CAPTURES VALUE AND RESIDUAL EARNINGS CAPTURES VALUE ADDED TO BOOK VALUE
169 PROTECTION FROM PAYING TOO MUCH FOR EARNINGS GENERATED BY INVESTMENT
170 PROTECTION FROM PAYING TOO MUCH FOR EARNINGS CREATED BY THE
ACCOUNTING 171 CAPTURING VALUE NOT ON THE BALANCE SHEET* FOR ALL
ACCOUNTING METHODS 172 RESIDUAL EARNINGS ARE NOT AFFECTED BY DIVIDENDS,
SHARE ISSUES, OR SHARE REPURCHASES 172 WHAT THE RESIDUAL EARNINGS MODEL
MISSES 173 REVERSE ENGINEERING THE MODEL FOR ACTIVE INVESTING 173
REVERSE ENGINEERING THE S&P 500 176 USING ANALYSTS FORECASTS IN REVERSE
ENGINEERING 176 IMPLIED EARNINGS FORECASTS AND EARNINGS GROWTH RATES 177
SEPARATING SPECULATION FROM WHAT WE KNOW: VALUE BUILDING BLOCKS 177 THE
WEB CONNECTION 180 SUMMARY 180 KEY CONCEPTS 181 THE ANALYST S TOOLKIT
181 A CONTINUING CASE: KIMBERLY- CLARK CORPORATION 182 CONCEPT QUESTIONS
183 EXERCISES 183 MINICASCS 189 XVIII CONUNU CHAPTER 6 ACCRUAL
ACCOUNTING AND VALUATION: PRICING EARNINGS 192 THE ANALYST S CHECKLIST
193 THE CONCEPT BEHIND THE PRICE-EARNINGS RATIO 193 BEWARE OF PAYING TOO
MUCH FOR EARNINGS GROWTH 194 FROM PRICE-TO-BOOK VALUATION TO P/E
VALUATION 194 PROTOTYPE VALUATION 195 THE NORMAL FORWARD PIE RATIO 197
THE NORMAL TRAILING PIE RATIO 198 A POOR PIE MODEL 199 A MODEL FOR
ANCHORING VALUE ON EARNINGS 199 MEASURING ABNORMAL EARNINGS GROWTH 201 A
SIMPLE DEMONSTRATION AND A SIMPLE VALUATION MODEL 202 ANCHORING
VALUATION ON CURRENT EARNINGS 203 APPLYING THE MODEL TO EQUITIES 204
CONVERTING ANALYSTS FORECASTS TO A VALUATION 205 FEATURES OF THE
ABNORMAL EARNINGS GROWTH MODEL 206 BUY EARNINGS 207 ABNORMAL EARNINGS
GROWTH VALUATION AND RESIDUAL EARNINGS VALUATION 207 ABNORMAL EARNINGS
GROWTH IS NOT AFFECTED BY DIVIDENDS, SHARE ISSUES, OR SHARE REPURCHASES
209 ACCOUNTING METHODS AND VALUATION 209 REVERSE ENGINEERING THE MODEL
FOR ACTIVE INVESTING 211 REVERSE ENGINEERING THE S&P 500 2J2 USING
ANALYSTS FORECASTS IN REVERSE ENGINEERING 212 IMPLIED EARNINGS
FORECASTS AND EARNING GROWTH RATES 213 SEPARATING SPECULATION FROM WHAT
WE KNOW: VALUE BUILDING BLOCKS 213 P/E SCREENING 214 SCREENING ON
EARNINGS YIELD 214 SCREENING ON PEG RATIOS 216 SUMMARY 217 THE WEB
CONNECTION 218 KEY CONCEPTS 218 THE ANALYST S TOOLKIT 218 A CONTINUING
CASE: KIMBERLY-CLARK CORPORATION 2 19 CONCEPT QUESTIONS 220 EXERCISES
220 MINICASES 226 PART TWO THE ANALYSIS OF FINANCIAL STATEMENTS 230
CHAPTER 7 VIEWING THE BUSINESS THROUGH THE FINANCIAL STATEMENTS 232 THE
ANALYST S CHECKLIST 233 BUSINESS ACTIVITIES: THE CASH FLOWS 234 THE
REFORMULATED CASH FLOW STATEMENT 238 THE REFORMULATED BALANCE SHEET 239
BUSINESS ACTIVITIES: ALL STOCKS AND FLOWS 240 THE REFORMULATED INCOME
STATEMENT 241 ACCOUNTING RELATIONS THAT GOVERN REFORMULATED STATEMENTS
241 THE SOURCES OF FREE CASH FLOW AND THE DISPOSITION OF FREE CASH FLOW
242 THE DRIVERS OF DIVIDENDS 242 THE DRIVERS OF NET OPERATING ASSETS AND
NET INDEBTEDNESS * 243 TYING IT TOGETHER FOR SHAREHOLDERS: WHAT
GENERATES VALUE? 244 STOCKS AND FLOWS RATIOS: BUSINESS PROFITABILITY 246
SUMMARY 248 THE WEB CONNECTION 249 KEY CONCEPTS 249 THE ANALYST S
TOOLKIT 250 A CONTINUING CASE: KIMBERLY-CLARK CORPORATION 250 CONCEPT
QUESTIONS 251 EXERCISES 252 CHAPTER 8 THE ANALYSIS OF THE STATEMENT OF
SHAREHOLDERS EQUITY 256 THE ANALYST S CHECKLIST 257 REFORMULATING THE
STATEMENT OF OWNERS EQUITY 257 INTRODUCING NIKE 258 REFORMULATION
PROCEDURES 258 DIRTY-SURPLUS ACCOUNTING 262 COMPREHENSIVE INCOME
REPORTING UNDER U.S. GAAPANDLFRS 263 RATIO ANALYSIS 264 PAYOUT AND
RETENTION RATIOS 264 SHAREHOLDER PROFITABILITY 265 GROWTH RATIOS 265
HIDDEN DIRTY SURPLUS 266 ISSUE OF SHARES IN OPERATIONS 266 ISSUE OF
SHARES IN FINANCING ACTIVITIES 270 CONTENTS XIX HANDLING DILUTED
EARNINGS PER SHARE 2 70 SHARE TRANSACTIONS IN INEFFICIENT MARKETS 272
THE EYE OF THE SHAREHOLDER 274 ACCOUNTING QUALITY WATCH 275 THE WEB
CONNECTION 275 SUMMARY 276 KEY CONCEPTS 276 THE ANALYST S TOOLKIT 277 A
CONTINUING CASE: KIMBERLY-CLARK CORPORATION 278 CONCEPT QUESTIONS 278
EXERCISES 279 MINICASC 285 CHAPTER 9 THE ANALYSIS OF THE BALANCE SHEET
AND INCOME STATEMENT 290 THE ANALYST S CHECKLIST 291 REFORMULATION OF
THE BALANCE SHEET 291 ISSUES IN REFORMULATING BALANCE SHEETS 292
STRATEGIC BALANCE SHEETS 299 REFORMULATION OF THE INCOME STATEMENT 301
TAX ALLOCATION 302 ISSUES IN REFORMULATING INCOME STATEMENTS 306 VALUE
ADDED TO STRATEGIC BALANCE SHEETS 309 COMPARATIVE ANALYSIS OF THE
BALANCE SHEET AND INCOME STATEMENT 312 COMMON-SIZE ANALYSIS 312 TREND
ANALYSIS 314 RATIO ANALYSIS 316 SUMMARY 318 THE WEB CONNECTION 320 KEY
CONCEPTS 320 THE ANALYST S TOOLKIT 321 A CONTINUING CASE: KIMBERLY-CLARK
CORPORATION 32 2 CONCEPT QUESTIONS 323 EXERCISES 323 MINICASCS 332
CHAPTER 10 THE ANALYSIS OF THE CASH FLOW STATEMENT 340 THE ANALYST S
CHECKLIST 341 THE CALCULATION OF FREE CASH FLOW 341 GAAP STATEMENT OF
CASH FLOWS AND REFORMULATED CASH FLOW STATEMENTS 343 RECLASSIFYING CASH
TRANSACTIONS 344 TYING IT TOGETHER 349 CASH FLOW FROM OPERATIONS 350
SUMMARY 353 THE WEB CONNECTION 353 KEY CONCEPTS 354 THE ANALYST S
TOOLKIT 354 A CONTINUING CASE: KIMBERLY-CLARK CORPORATION 354 CONCEPT
QUESTIONS 355 EXERCISES 355 MINICASC 360 CHAPTER 11 THE ANALYSIS OF
PROFITABILITY 362 THE ANALYST S CHECKLIST 363 THE ANALYSIS OF RETURN ON
COMMON EQUITY 363 FIRST-LEVEL BREAKDOWN: DISTINGUISHING FINANCING AND
OPERATING ACTIVITIES AND THE EFFECT OF LEVERAGE 364 FINANCIAL LEVERAGE
364 OPERATING LIABILITY LEVERAGE 366 SUMMING FINANCIAL LEVERAGE AND
OPERATING LIABILITY LEVERAGE EFFECTS ON SHAREHOLDER PROFITABILITY 368
RETURN ON NET OPERATING ASSETS AND RETURN ON ASSETS 369 FINANCIAL
LEVERAGE AND DEBT-TO-EQUITY RATIOS 371 SECOND-LEVEL BREAKDOWN: DRIVERS
OF OPERATING PROFITABILITY 371 THIRD-LEVEL BREAKDOWN 374 PROFIT MARGIN
DRIVERS ,374 TURNOVER DRIVERS 374 BORROWING COST DRIVERS 377 THE WEB
CONNECTION 379 SUMMARY 379 KEY CONCEPTS 379 THE ANALYST S TOOLKIT 380 A
CONTINUING CASE: KIMBERLY-CLARK CORPORATION 380 CONCEPT QUESTIONS 381
EXERCISES 382 MINICASC 390 CHAPTER 12 THE ANALYSIS OF GROWTH AND
SUSTAINABLE EARNINGS 392 THE ANALYST S CHECKLIST 393 WHAT IS GROWTH? 393
CUTTING TO THE CORE: SUSTAINABLE EARNINGS 394 CORE OPERATING INCOME 395
ISSUES IN IDENTIFYING CORE OPERATING INCOME 398 XX CONIENU CORE
OPERATING PROFITABILITY 405 CORE BORROWING COST 407 ANALYSIS OF GROWTH
407 GROWTH THROUGH PROFITABILITY 407 OPERATING LEVERAGE 409 ANALYSIS OF
CHANGES IN FINANCING 4 JO ANALYSIS OF GROWTH IN SHAREHOLDERS EQUITY 411
GROWTH. SUSTAINABLE EARNINGS, AND THE EVALUATION OF P/B RATIOS AND P/E
RATIOS 412 HOW PRICC-TO-BOAK RATIOS AND TRAILING P/E RATIOS ARTICULATE
412 TRAILING PRICE-EARNINGS RATIOS AND GROWTH 415 TRAILING
PRICE-EARNINGS RATIOS AND TRANSITORY EARNINGS 416 PIE RATIOS AND THE
ANALYSIS OF SUSTAINABLE EARNINGS 417 SUMMARY 418 THE WEB CONNECTION 419
KEY CONCEPTS 419 THE ANALYST S TOOLKIT 420 A CONTINUING CASE:
KIMBERLY-CLARK CORPORATION 420 CONCEPT QUESTIONS 421 EXERCISES 422
MINICASES 428 PART THREE FORECASTING AND VALUATION ANALYSIS 438 CHAPTER
13 THE VALUE OF OPERATIONS AND THE EVALUATION OF ENTERPRISE
PRICE-TO-BOOK RATIOS AND PRICE-EARNINGS RATIOS 440 THE ANALYST S
CHECKLIST 441 A MODIFICATION TO RESIDUAL EARNINGS FORECASTING: RESIDUA]
OPERATING INCOME 442 TIIC DRIVERS OF RESIDUAL OPERATING INCOME 445 A
MODIFICATION TO ABNORMAL EARNINGS GROWTH FORECASTING: ABNORMAL GROWTH IN
OPERATING INCOME 447 ABNORMAL GROWTH IN OPERATING INCOME AND THE
DIVIDEND FROM OPERATING ACTIVITIES 447 THE COST OF CAPITAL AND
VALUATION 449 TFTE COST OF CAPITAL FOR OPERATIONS 450 THE COST OF
CAPITAL FOR DEBT 451 OPERATING RISK. FINANCING RISK, AND THE COST OF
EQUITY CAPITAL 452 FINANCING RISK AND RETURN AND THE VALUATION OF EQUITY
453 LEVERAGE AND RESIDUAL EARNINGS VALUATION 453 LEVERAGE AND ABNORMAL
EARNINGS GROWTH VALUATION 455 LEVERAGE CREATES EARNINGS GROWTH 460 DEBT
AND TAXES 463 MARK-TO-MARKET ACCOUNTING: A TOOL FOR INCORPORATING THE
COST OF STOCK OPTIONS IN VALUATION 464 ENTERPRISE MULTIPLES 466
ENTERPRISE PRICE-TO-BOOK RATIOS 467 ENTERPRISE PRICE-EARNINGS RATIOS 468
SUMMARY 472 THE WEB CONNECTION 472 KEY CONCEPTS 473 THE ANALYST S
TOOLKIT 473 A CONTINUING CASE: KIMBERLY-CLARK CORPORATION. 474 CONCEPT
QUESTIONS 476 EXERCISES 477 MINICASE 483 CHAPTER 14 ANCHORING ON THE
FINANCIAL STATEMENTS: SIMPLE FORECASTING AND SIMPLE VALUATION 486 THE
ANALYST S CHECKLIST 487 SIMPLE FORECASTS AND SIMPLE VALUATIONS FROM
FINANCIAL STATEMENTS 488 FORECASTING FROM BOOK VALUES: SF1 FORECASTS 488
FORECASTINGFROM EARNINGS AND BOOK VALUES: SF2 FORECASTS 490 FORECASTING
FROM ACCOUNTING RATES OF RETURN: SF3 FORECASTS 493 SIMPLE FORECASTING:
ADDING INFORMATION TO FINANCIAL STATEMENT INFORMATION 498
WEIGHED-AVERAGE FORECASTS OF PROFITABILITY AND GROWTH 499 GROWTH IN
SALES AS A SIMPLE FORECAST OF GROWTH 499 THE APPLICABILITY OF SIMPLE
VALUATIONS 500 SIMPLE VALUATIONS WITH SHORT-TERM AND LONG-TERM GROWTH
RATES 503 SIMPLE VALUATION AS AN ANALYSIS TOOL 503 REVERSE ENGINEERING
503 ENHANCED STOCK SCREENING 505 SENSITIVITY ANALYSIS 505 SUMMARY 506
THE WEB CONNECTION 507 KEY CONCEPTS 508 THE ANALYSTS TOOLKIT 508 A
CONTINUING CASE: KIMBERLY-CLARK CORPORATION 508 CONCEPT QUESTIONS 509
CONTENT* XXI EXERCISES 510 MINICASCS 516 CHAPTER 15 FULL-INFORMATION
FORECASTING, VALUATION, AND BUSINESS STRATEGY ANALYSIS 522 THE ANALYST S
CHECKLIST 523 FINANCIAL STATEMENT ANALYSIS: FOCUSING THE LENS ON THE
BUSINESS 524 /. FOCUS ON RESIDUAL OPERATING INCOME AND ITS DRIVERS 524
2. FOCUS ON CHANGE 525 3. FOCUS ON KEY DRIVERS 531 4. FOCUS ON CHOICES
VERSUS CONDITIONS 534 FULL-INFORMATION FORECASTING AND PRO FORMA
ANALYSIS 535 A FORECASTING TEMPLATE 538 FEATURES OF ACCOUNTING-BASED
VALUATION 543 VALUE GENERATED IN SHARE TRANSACTIONS 545 MERGERS AND
ACQUISITIONS 545 SHARE REPURCHASES AND BUYOUTS 546 FINANCIAL STATEMENT
INDICATORS AND RED FLAGS 547 BUSINESS STRATEGY ANALYSIS AND PRO FORMA
ANALYSIS 547 UNARTICULATED STRATEGY 549 SCENARIO ANALYSIS 550 THE WEB
CONNECTION 550 SUMMARY 550 KEY CONCEPTS 551 THE ANALYST S TOOLKIT 552 A
CONTINUING CASE: KIMBERLY-CLARK CORPORATION 552 CONCEPT QUESTIONS 553
EXERCISES 554 MINICASES 561 PART FOUR ACCOUNTING ANALYSIS AND VALUATION
568 CHAPTER 16 CREATING ACCOUNTING VALUE AND ECONOMIC VALUE 570 THE
ANALYST S CHECKLIST 571 VALUE CREATION AND THE CREATION OF RESIDUAL
EARNINGS 571 ACCOUNTING METHODS, PRICE-TO-BOOK RATIOS, PRICE-EARNINGS
RATIOS, AND THE VALUATION OF GOING CONCERNS 574 ACCOUNTING METHODS WITH
A CONSTANT LEVEL OF INVESTMENT 574 ACCOUNTING METHODS WITH A CHANGING
LEVEL OF INVESTMENT 577 AN EXCEPTION: LIFOACCOUNTING 581 HIDDEN RESERVES
AND THE CREATION OF EARNINGS 582 CONSERVATIVE AND LIBERAL ACCOUNTING IN
PRACTICE 586 LIFO VERSUS FIFO 587 RESEARCH AND DEVELOPMENT IN THE
PHARMACEUTICALS INDUSTRY 588 EXPENSING GOODWILL AND RESEARCH AND
DEVELOPMENT EXPENDITURES 589 LIBERAL ACCOUNTING: BREWERIES AND HOTELS
590 PROFITABILITY IN THE 1990S 590 ECONOMIC-VALUE-ADDCD MEASURES 591
ACCOUNTING METHODS AND THE FORECAST HORIZON 591 THE QUALITY OF CASH
ACCOUNTING AND DISCOUNTED CASH FLOW ANALYSIS 592 SUMMARY 594 THE WEB
CONNECTION 594 KEY CONCEPTS 595 THE ANALYST S TOOLKIT 595 CONCEPT
QUESTIONS 596 EXERCISES 596 MINICASE 601 CHAPTER 17 ANALYSIS OF THE
QUALITY OF FINANCIAL STATEMENTS 606 THE ANALYST S CHECKLIST 607 WHAT IS
ACCOUNTING QUALITY? 607 ACCOUNTING QUALITY WATCH 608 FIVE QUESTIONS
ABOUT ACCOUNTING QUALITY 609 CUTTING THROUGH THE ACCOUNTING: DETECTING
INCOME SHIFTING 610 SEPARATING WHAT WE KNOW FROM SPECULATION 613 PRELUDE
TO A QUALITY ANALYSIS 614 QUALITY DIAGNOSTICS 616 DIAGNOSTICS TO DETECT
MANIPULATED SALES 619 DIAGNOSTICS TO DETECT MANIPULATION OF CORE
EXPENSES 621 DIAGNOSTICS TO DETECT MANIPULATION OF UNUSUAL ITEMS 627
DETECTING TRANSACTION MANIPULATION 629 CORE REVENUE TUNING 629 CORE
REVENUE STRUCTURING 629 CORE EXPENSE TIMING 630 RELEASING HIDDEN
RESERVES 630 XXII CONTTNU, OTHER CORE INCOME TIMING 631 UNUSUAL INCOME
TIMING 631 ORGANIZATIONAL MANIPULATION: OJF-BALANCC- SHECT OPERATIONS
631 JUSTIFIABLE MANIPULATION? 632 DISCLOSURE QUALITY 632 QUALITY SCORING
633 ABNORMAL RETURNS TO QUALITY ANALYSIS 635 SUMMARY 636 THE WEB
CONNECTION 636 KEY CONCEPTS 636 THE ANALYST S TOOLKIT 637 CONCEPT
QUESTIONS 638 EXERCISES 639 MINICASES 648 PART FIVE THE ANALYSIS OF RJSK
AND RETURN 656 CHAPTER 18 THE ANALYSIS OF EQUITY RISK AND RETURN 658 THE
ANALYST S CHECKLIST 659 THE REQUIRED RETURN AND THE EXPECTED RETURN 659
THE NATURE OF RISK 660 THE DISTRIBUTION OF RETURNS 660 DIVERSIFICATION
AND RISK 664 ASSET PRICING MODELS 665 FUNDAMENTAL RISK 667 RETURN ON
COMMON EQUITY RISK 669 GROWTH RISK 670 VALUE-AT-RISK PROFILING 670
ADAPTATION OPTIONS AND GROWTH OPTIONS 6 75 STRATEGY AND RISK 6 76
DISCOUNTING FOR RISK 676 FUNDAMENTAL BETAS 677 PRICE RISK 678 MARKET
INEFFICIENCY RISK 678 LIQUIDITY RISK 681 INFERRING EXPECTED RETURNS FROM
MARKET PRICES 681 FINESSING THE REQUIRED RETURN PROBLEM 683 EVALUATING
IMPLIED EXPECTED RETURNS WITH VALUC-AT-RISK PROFILES 683 ENHANCED
SCREENING AND PAIRS TRADING 683 RELATIVE VALUE ANALYSIS: EVALUATING
FIRMS WITHIN RHK CLASSES 683 CONSERVATIVE AND OPTIMISTIC FORECASTING AND
THE MARGIN OF SAFETY 685 BEWARE OF PAYING FOR RISKY GROWTH 686 EXPECTED
RETURNS IN UNCERTAIN TIMES 686 SUMMARY 687 THE WEB CONNECTION 687 KEY
CONCEPTS 687 THE ANALYSTS TOOLKIT 688 CONCEPT QUESTIONS 688 EXERCISES
689 CHAPTER 19 THE ANALYSIS OF CREDIT RISK AND RETURN 696 THE ANALYSTS
CHECKLIST 697 THE SUPPLIERS OF CREDIT 697 FINANCIAL STATEMENT ANALYSIS
FOR CREDIT EVALUATION 698 RTFONNULALCD FINANCIAL STATEMENTS 698
SHORT-TERM LIQUIDITY RATIOS 700 LONG-TERM SOLVENCY RATIOS 702 OPERATING
RATIOS 703 FORECASTING AND CREDIT ANALYSIS 703 PRELUDE TO FORECASTING:
THE INTERPRETIVE BACKGROUND 703 RATIO ANALYSIS AND CREDIT-SCORING 704
FULL-INFORMATION FORECASTING 708 REQUIRED RETURN. EXPECTED RETURN, AND
ACTIVE DEBT INVESTING 711 LIQUIDITY PLANNING AND FINANCIAL STRATEGY 712
THE WEB CONNECTION 713 SUMMARY 713 KEY CONCEPTS 713 THE ANALYSTS TOOLKIT
714 CONCEPT QUESTIONS 714 EXERCISES 715 MINTCASE 719 APPENDIX A SUMMARY
OF FORMULAS 723 INDEX 740
|
| any_adam_object | 1 |
| author | Penman, Stephen H. |
| author_facet | Penman, Stephen H. |
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| author_sort | Penman, Stephen H. |
| author_variant | s h p sh shp |
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| bvnumber | BV035584947 |
| callnumber-first | H - Social Science |
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| callnumber-search | HF5681 |
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| callnumber-subject | HF - Commerce |
| classification_rvk | QP 770 QP 827 |
| classification_tum | WIR 659f |
| ctrlnum | (OCoLC)608555605 (DE-599)BVBBV035584947 |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.632042 |
| dewey-search | 332.632042 |
| dewey-sort | 3332.632042 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 4. ed., internat. ed. |
| format | Book |
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| id | DE-604.BV035584947 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T21:41:00Z |
| institution | BVB |
| isbn | 9780071267809 0071267808 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-017640275 |
| oclc_num | 608555605 |
| open_access_boolean | |
| owner | DE-20 DE-473 DE-BY-UBG DE-945 DE-858 DE-384 DE-92 DE-703 DE-523 |
| owner_facet | DE-20 DE-473 DE-BY-UBG DE-945 DE-858 DE-384 DE-92 DE-703 DE-523 |
| physical | XXIV, 754 S. graph. Darst. |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Penman, Stephen H. Verfasser aut Financial statement analysis and security valuation Stephen H. Penman 4. ed., internat. ed. Boston [u.a.] McGraw-Hill 2010 XXIV, 754 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd rswk-swf Bilanzanalyse (DE-588)4069453-7 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Gewinn- und Verlustrechnung (DE-588)4121363-4 s Bilanzanalyse (DE-588)4069453-7 s 1\p DE-604 Unternehmensbewertung (DE-588)4078594-4 s 2\p DE-604 SWBplus Fremddatenuebernahme application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017640275&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Penman, Stephen H. Financial statement analysis and security valuation Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd Bilanzanalyse (DE-588)4069453-7 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4121363-4 (DE-588)4069453-7 (DE-588)4078594-4 |
| title | Financial statement analysis and security valuation |
| title_auth | Financial statement analysis and security valuation |
| title_exact_search | Financial statement analysis and security valuation |
| title_full | Financial statement analysis and security valuation Stephen H. Penman |
| title_fullStr | Financial statement analysis and security valuation Stephen H. Penman |
| title_full_unstemmed | Financial statement analysis and security valuation Stephen H. Penman |
| title_short | Financial statement analysis and security valuation |
| title_sort | financial statement analysis and security valuation |
| topic | Gewinn- und Verlustrechnung (DE-588)4121363-4 gnd Bilanzanalyse (DE-588)4069453-7 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Gewinn- und Verlustrechnung Bilanzanalyse Unternehmensbewertung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017640275&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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