The fully update Third Edition of the most trusted book on financial statement analysis Recent financial events have taught us to take a more critical look at the financial disclosures provides by companies. In the Third Edition of Analysis of Financial Statements, Pamela Peterson-Drake and Frank Fabozzi once again team up to provide a practical guide to understanding and interpreting financial statements. Written to reflect current market conditions, this reliable resource will help analysts and investors use these disclosures to assess a company's financial health and risks. Throughout Analysis of Financial Statements, Third Edition, the authors demonstrate the nuts and bolts of financial analysis by applying the techniques to actual companies. Along the way, they tackle the changing complexities in the area of financial statement analysis and provide an up-to-date perspective of new acts of legislation and events that have shaped the field. * Addresses changes to U.S. and international accounting standards, as well as innovations in the areas of credit risk models and factor models * Includes examples, guidance, and an incorporation of information pertaining to recent events in the accounting/analysis community * Covers issues of transparency, cash flow, income reporting, and much more Whether evaluating a company's financial information or figuring valuation for M&A's, analyzing financial statements is essential for both professional investors and corporate finance executives.
The Third Edition of Analysis of Financial Statements contains valuable insights that can help you excel at this endeavor.
PAMELA PETERSON DRAKE, PhD, CFA, is the J. Gray Ferguson Professor of Finance and Head of the Department of Finance and Business Law in the College of Business at James Madison University. Prior to joining James Madison, she was an associate dean and professor of finance at Florida Atlantic University and, previous to that, a professor at Florida State University. She has published articles in numerous journals and collaborated with Frank Fabozzi on the previous edition of this book as well as Foundations and Applications of the Time Value of Money, Capital Budgeting, and Financial Management and Analysis, all published by Wiley. She received a BS in accountancy from Miami University and her PhD in finance from The University of North Carolina at Chapel Hill. FRANK J. FABOZZI, PhD, CFA, CPA, is Professor of Finance at EDHEC Business School and a member of the EDHEC-Risk Institute. Prior to joining EDHEC in August 2011, he held various professorial positions in finance at Yale University's School of Management from 1994 to 2011 and was a visiting professor of finance and accounting at MIT's Sloan School of Management from 1986 to 1992. He is also editor of the Journal of Portfolio Management.
Preface xi About the Authors xiii PART ONE The Basics 1 CHAPTER 1 Introduction 3 What Is Financial Analysis? 4 Where Do We Find the Financial Information? 8 Who Gets What Type of Information and When? 10 What Does Sarbanes-Oxley Mean to Companies and Investors? 28 What Does the Dodd-Frank Act Mean for Companies and Investors? 32 Summary 34 Review 35 CHAPTER 2 Financial Statements 37 Accounting Principles: What Are They? 37 What Do the Basic Financial Statements Tell Us? 39 Accounting Flexibility 56 How Does Accounting in the United States Differ from Accounting Outside of the United States? 58 Summary 59 Review 60 CHAPTER 3 The Quality of Financial Information 63 It s All in the Timing 65 Too Many Choices? 76 So What s Their Business? 86 Restatements and Financial Analysis 87 Tell-Tale Signs 90 Summary 92 Review 95 PART TWO Analysis of Financial Statements 99 CHAPTER 4 Financial Analysis 101 What Are Financial Ratios and How Do We Use Them? 102 What Are the Different Types of Financial Ratios? 105 Analysis of Return-on-Investment Ratios 122 How Can We Use Common-Size Analysis to Analyze Financial Statements? 127 Integrated Ratio Analysis 130 What Are the Pitfalls and Pratfalls of Financial Ratio Analysis? 137 Summary 143 Review 144 CHAPTER 5 Equity Analysis 147 Earnings 147 Price-Earnings Ratio 158 Dividends 161 Other Fundamentals 173 Book-to-Market Ratio 175 Summary 178 Review 179 CHAPTER 6 Cash Flow Analysis 181 Measures of Cash Flow 181 Cash Flows and the Statement of Cash Flows 184 Free Cash Flow 189 The Usefulness of Cash Flows in Financial Analysis 196 Summary 202 Review 203 PART THREE Applying Financial Analysis 205 CHAPTER 7 Measuring Company Performance 207 Traditional Performance Measures 210 Measures of Value Added 212 Summary 237 Review 238 CHAPTER 8 Corporate Credit Analysis 241 Types of Credit Risk 241 Factors to Consider in Corporate Credit Analysis 252 Summary 263 Review 264 CHAPTER 9 Analysis of Equity Risk Using Fundamentals Factor Models 267 Measuring Risk 267 Asset Pricing Model 271 Factor Models 275 Fundamental Factor Models 276 Summary 280 Review 281 CHAPTER 10 The Lessons We Learn 283 The Lessons 288 The Future of Financial Analysis in the Post-Crisis Era 298 Review 299 Answers to End-of-Chapter Questions 301 Index 305
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3rd Revised edition
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