Financial statement analysis: valuation, credit analysis, executive compensation
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Harlow [u.a.]
Financial Times/Prentice Hall
2012
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XVIII, 478 S. graph. Darst. |
| ISBN: | 9780273752356 |
Staff View
MARC
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| 245 | 1 | 0 | |a Financial statement analysis |b valuation, credit analysis, executive compensation |c Christian V. Petersen and Thomas Plenborg |
| 264 | 1 | |a Harlow [u.a.] |b Financial Times/Prentice Hall |c 2012 | |
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Record in the Search Index
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|---|---|
| adam_text | Contents
Preface
xiii
Publisher s acknowledgements
xvii
1
Introduction to financial statement analysis
1
Learning outcomes 1
Introduction to financial statement analysis
1
International Financial Reporting Standards
2
Decisions and decision models
3
Outline of the book
13
Conclusions
17
Review questions
18
Notes
18
References
18
Part
1
ACCOUNTING DATA
19
Introduction to Part
1 21
2
Introduction to financial statements and bookkeeping
22
Learning outcomes
22
Introduction to financial statements and bookkeeping
22
The income statement and statement of comprehensive income
23
Balance sheet
27
Cash flow statement
30
Statement of changes in owners equity
32
Recording transactions and preparing financial statements
32
Transaction analysis illustrated
37
Financial statements
43
Conclusions
45
Review questions
46
Appendix
2.1 46
3
Accrual-based versus cash-flow-based performance measures
47
Learning outcomes
47
Accrual-based versus cash-flow-based performance measures
47
VII
Contents
The distinction between accrual-based and cash-flow-based
performance measures
48
Conclusions
59
Review questions
59
References 59
Part
2
FINANCIAL ANALYSIS
61
Introduction to Part
2 63
4
The analytical income statement and balance sheet
68
Learning outcomes
68
The analytical income statement and balance sheet
68
Carlsberg s NOPAT and invested capital
79
Conclusions
91
Review questions
92
5
Profitability analysis 93
Learning outcomes
93
Profitability analysis
93
Measurement of operating profitability
94
Alternative interpretations of the return on invested capital
99
Decomposition of return on invested capital
107
Analysis of profit margin and turnover rate of invested capital
111
Return on equity
117
Conclusions
120
Review questions
122
Appendix
5.1 122
6
Growth analysis
127
Learning outcomes
127
Growth
127
Sustainable growth rate
128
Is growth always value creating?
131
What is the quality of growth?
134
Is growth sustainable?
137
Is growth in earnings per share (EPS) always value creating?
140
Does growth in financial ratios caused by share buy-back always add value?
141
The relationship between growth and liquidity 147
Conclusions
148
Review questions
148
Notes
149
References
149
7
Liquidity risk analysis 15°
Learning outcomes
150
Liquidity risk
150
VIII
Contents
Measuring short-term liquidity risk
153
Measuring long-term liquidity risk
158
Shortcomings of financial ratios measuring the short- and long-term liquidity risk
165
Conclusions
165
Review questions
166
Appendix
7.1 166
Notes
170
PartS DECISION MAKING
171
Introduction to Part
3 173
8
Forecasting
174
Learning outcomes
1 74
Forecasting
174
The design of pro forma statements
175
Designing a template for forecasting
181
The estimation of financial value drivers
187
Financial statement analysis
194
Conclusions
199
Review questions
200
Appendix
8.1 200
9
Valuation
208
Learning outcomes
208
Valuation
208
Approaches to valuation
210
The attributes of an ideal valuation approach
212
Present value approaches
212
The relative valuation approach (multiples)
226
The liquidation approach
235
Conclusions
237
Review questions
237
Appendix
9.1 238
Note
244
References
244
10
Cost of capital
245
Learning outcomes
245
Cost of capital
245
Weighted average cost of capital (WACC)
246
Alternative methods of measuring the systematic risk
(Д,)
254
Conclusions
266
Review questions
267
Appendix
10.1 267
Note
270
References
270
ix
Contents
11
Credit
analysis
271
Learning outcomes
1
Corporate credit analysis
271
The fundamental credit analysis approach
272
Pricing credit risk
291
Prediction of corporate default using statistical models
292
Conclusions
297
Review questions
297
Note 297
References
298
12
Accounting-based bonus plans for executives
299
Learning outcomes
299
Introduction to executive compensation
299
Characteristics of an effective bonus plan
301
Components of a bonus plan
306
Choice of performance measures
307
Choice of performance standards
314
Choice of pay to performance structure
318
EVA-based bonus contract
-
a feasible solution
to accounting-based performance measures
322
Conclusions
327
Review questions
327
Note
327
References
328
Part
4
ASSESSMENT OF ACCOUNTING DATA
329
Introduction to Part
4 331
13
Accounting quality
333
Learning outcomes
333
Accounting quality
333
The purpose of financial statement analysis and good accounting quality
336
Assessment of accounting quality
338
Total assessment of accounting quality
370
Conclusions
371
Review questions
371
Note
372
References
372
14
Accounting flexibility in the income statement
373
Learning outcomes
373
Accounting flexibility in the income statement
373
Accounting regulation and flexibility
375
Accounting flexibility in the income statement
380
Accounting flexibility and economic consequences
394
Contents
Accounting issues
in valuation
396
Accounting issues in credit
analysis
404
Accounting issues
in executive compensation
406
Conclusions
408
Review
questions
408
Appendix
14.1
409
Appendix
14.2
409
Notes
410
Reference
410
15
Accounting
flexibility in the balance sheet
411
Learning outcomes
411
Accounting flexibility in the balance sheet
411
Assets, liabilities and related expenses
411
Accounting flexibility and economic consequences
433
Accounting issues in valuation
433
Accounting issues in credit analysis
444
Accounting issues in executive compensation
450
Conclusions
454
Review questions
455
Appendix
15.1
455
Notes
456
References
457
Glossary
458
Index
467
XI
|
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| indexdate | 2024-07-10T00:13:12Z |
| institution | BVB |
| isbn | 9780273752356 |
| language | English |
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| physical | XVIII, 478 S. graph. Darst. |
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| spelling | Petersen, Christian V. Verfasser (DE-588)1017090467 aut Financial statement analysis valuation, credit analysis, executive compensation Christian V. Petersen and Thomas Plenborg Harlow [u.a.] Financial Times/Prentice Hall 2012 XVIII, 478 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Financial statements Corporations Finance Bilanzanalyse (DE-588)4069453-7 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Bilanzanalyse (DE-588)4069453-7 s DE-604 Plenborg, Thomas 1967- Sonstige (DE-588)171753305 oth Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024735407&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Petersen, Christian V. Financial statement analysis valuation, credit analysis, executive compensation Financial statements Corporations Finance Bilanzanalyse (DE-588)4069453-7 gnd |
| subject_GND | (DE-588)4069453-7 (DE-588)4123623-3 |
| title | Financial statement analysis valuation, credit analysis, executive compensation |
| title_auth | Financial statement analysis valuation, credit analysis, executive compensation |
| title_exact_search | Financial statement analysis valuation, credit analysis, executive compensation |
| title_full | Financial statement analysis valuation, credit analysis, executive compensation Christian V. Petersen and Thomas Plenborg |
| title_fullStr | Financial statement analysis valuation, credit analysis, executive compensation Christian V. Petersen and Thomas Plenborg |
| title_full_unstemmed | Financial statement analysis valuation, credit analysis, executive compensation Christian V. Petersen and Thomas Plenborg |
| title_short | Financial statement analysis |
| title_sort | financial statement analysis valuation credit analysis executive compensation |
| title_sub | valuation, credit analysis, executive compensation |
| topic | Financial statements Corporations Finance Bilanzanalyse (DE-588)4069453-7 gnd |
| topic_facet | Financial statements Corporations Finance Bilanzanalyse Lehrbuch |
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