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Financial Statement Analysis: A Practitioner's Guide (Wiley Finance)by Martin S., Cfa Fridson
Synopses & Reviews
Financial Statement Analysis
The goal of financial statement analysis is to shed light on the true financial condition of a company so realistic valuations can be determined for investment, lending, or merger and acquisition purposes. This important process has become increasingly complex over the years as corporate financial statements have become more difficult to decipher. But with Financial Statement Analysis, Third Edition, youll learn how to handle the practical challenges that are part of this business.
In Financial Statement Analysis, Third Edition, leading investment authority Martin Fridson returns with NYU Professor Fernando Alvarez to provide the analytical framework you need to scrutinize financial statements, whether youre evaluating a companys stock price or determining valuations for a merger or acquisition. This fully revised and up-to-date Third Edition offers detailed, fresh information that will allow you to evaluate financial statements in todays volatile markets and uncertain economy.
This definitive guide to the analysis and use of financial statements arms investors, money managers, bankers, and financial analysts with:
With expanded coverage that includes merger accounting, pension issues, integrity of audits, and the addition of valuable new case studies, Financial Statement Analysis, Third Edition teaches analysts and professional investors new techniques for understanding and interpreting financial statements that are designed to conceal more than reveal.
Filled with real-life examples and expert advice, this comprehensive guide will motivate you to undertake genuine, goal-oriented analysis instead of simply going through the motions of calculating standard financial statement analysis. Pick up Financial Statement Analysis, Third Edition and you will acquire all the insight and professional know-how you need to find the facts behind the fiction of most corporate financial statements.
Book News Annotation:
To help professional and amateur financial analysts be proactive rather than follow prescribed formulas, Merrill Lynch manager and Institutional Investor researcher Fridson and Alvarez (entrepreneurial studies, New York U.) provide a timely discussion of how to read between the lines of financial reporting that they explain is adversarial by nature. They then cover the basic financial statements, and scrutinize profits in a business environment in which fudging the numbers is all too common. Chapters include review questions. Also includes a glossary of terms. Dates are not given for previous editions.
Annotation c. Book News, Inc., Portland, OR (booknews.com)
MARTIN FRIDSON is Managing Director at Merrill Lynch & Company and a member of Institutional Investor’s All-America Fixed Income Research Team. His other books include How to Be a Billionaire, It Was a Very Good Year, and Investment Illusions, all published by Wiley. He is a past governor of the Association for Investment Management and Research.
FERNANDO ALVAREZ is Clinical Associate Professor in the Berkley Center for Entrepreneurial Studies at the Stern School of Business at NYU. His current research focuses on the management of cash flows resulting from changes in working capital requirements, the structure of cash flows, and the sources and uses of capital for the entrepreneurial firm. His research has been funded by the MacArthur Foundation, the Kaufman Foundation, U.S. Trust of Boston, and Wells Fargo Bank.
Praise for Financial Statement Analysis
A Practitioner's Guide
"This is an illuminating and insightful tour of financial statements, how they can be used to inform, how they can be used to mislead, and how they can be used to analyze the financial health of a company."
-Professor Jay O. Light
Harvard Business School
"Financial Statement Analysis should be required reading for anyone who puts a dime to work in the securities markets or recommends that others do the same."
-Jack L. Rivkin
Executive Vice President (retired)
"Fridson and Alvarez provide a valuable practical guide for understanding, interpreting, and critically assessing financial reports put out by firms. Their discussion of profits-'quality of earnings'-is particularly insightful given the recent spate of reporting problems encountered by firms. I highly recommend their book to anyone interested in getting behind the numbers as a means of predicting future profits and stock prices."
Chair-Department of Accounting
Leonard N. Stern School of Business, NYU
"Let this book assist in financial awareness and transparency and higher standards of reporting, and accountability to all stakeholders."
-Patricia A. Small
Treasurer Emeritus, University of California
Partner, KCM Investment Advisors
"This book is a polished gem covering the analysis of financial statements. It is thorough, skeptical, and extremely practical in its review."
-Daniel J. Fuss
Loomis, Sayles &Company, LP
About the Author
“…a cogent and valuable reference for any user of financial statements...” (Financial World, Feb. 2005)
Table of Contents
PART I: READING BETWEEN THE LINES.
Chapter 1: The Adversarial Nature of Financial Reporting.
PART II: THE BASIC FINANCIAL STATEMENTS.
Chapter 2: The Balance Sheet.
Chapter 3: The Income Statement.
Chapter 4: The Statement of Cash Flows.
PART III: A CLOSER LOOK AT PROFITS.
Chapter 5: What Is Profit?
Chapter 6: Revenue Recognition.
Chapter 7: Expense Recognition.
Chapter 8: The Applications and Limitations of EBITDA.
Chapter 9: The Reliability of Disclosures and Audits.
Chapter 10: Mergers-and-Acquisitions Accounting.
Chapter 11: Profits in Pensions.
PART IV: FORECASTS AND SECURITY ANALYSIS.
Chapter 12: Forecasting Financial Statements.
Chapter 13: Credit Analysis.
Chapter 14: Equity Analysis.
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