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Financial Statement Analysis : Valuation Approach

Financial Statement Analysis : Valuation Approach - 03 edition

ISBN13: 978-0130328342

Cover of Financial Statement Analysis : Valuation Approach 03 (ISBN 978-0130328342)
ISBN13: 978-0130328342
ISBN10: 0130328340
Cover type: Hardback
Edition/Copyright: 03
Publisher: Prentice Hall, Inc.
Published: 2003
International: No

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Financial Statement Analysis : Valuation Approach - 03 edition

ISBN13: 978-0130328342

Leonard Soffer and Robin Soffer

ISBN13: 978-0130328342
ISBN10: 0130328340
Cover type: Hardback
Edition/Copyright: 03
Publisher: Prentice Hall, Inc.

Published: 2003
International: No
Summary

For undergraduate/graduate courses in Financial Statement Analysis and Valuation.

This text combines finance, accounting, and business strategy theory with enough real accounting information to teach students how to actually use financial statement data in valuation and analysis--as well as understand the corporate finance theory behind it.

Features

  • Emphasis on both theory and practice throughout--Presents rigorous financial theory in a practical way.
    • Gives students the necessary skills to 1) interpret information for financial analysis and valuation, 2) deal with the imprecision and vagueness that often accompany disclosures, and 3) avoid common pitfalls in valuation analysis.
  • Integrated discussion of accounting, finance, and business strategy--Covers the concepts needed to analyze and value a business.
    • Enables students to understand the business strategy and the finance needed for the valuation; as well as find, interpret, and analyze information in the financial statements.
  • Survey of all valuation models--Includes the five cash flow models: the free cash flow model; the dividend discount model, the flows to equity model; the adjusted present value model; and the residual income model; as well as a thorough discussion of multiples.
    • Familiarizes students with all commonly used models.
  • Practical, real-word applications--Includes a running Starbucks example throughout and provides other examples from actual financial statements.
    • Allows students to use actual financial statements and disclosures effectively, and requires them to think critically and make assumptions and estimates from these statements. This prepares them for the work they will do in their careers.
  • Coverage of special topics--Not usually found in other texts.
    • Teaches students how to properly value pensions and employee stock options using financial statement data.

Author Bio

Soffer, Leonard : University of Illinois at Chicago

Leonard Soffer is Associate Professor of Accounting at the University of Illinois at Chicago, where he teaches courses in Corporate Valuation and Advanced Accounting to both undergraduate and graduate students. He has also taught graduate students at the Kellogg Graduate School of Management and the University of Chicago Graduate School of Business, as well as executive education students at Kellogg and in an executive education program for a major accounting and consulting firm.

Professor Soffer has a B.S. in Accountancy from the University of Illinois at Urbana-Champaign, an M.B.A. in finance and information systems from the Kellogg Graduate School of Management, and a Ph.D. in Accounting from the University of California at Berkeley. He is a Certified Public Accountant and a winner of the prestigious Elijah Watt Sells Award for his performance on the C.P.A. exam. Professor Soffer is a member of the American Accounting Association, the American Institute of C.PA.s and the Illinois C.P.A. Society. He serves on the Accounting Principles Committee of the Illinois C.PA. Society.

Professor Soffer's research focuses on security analysis, the role of security analysts, and the use of financial statement information. His work has appeared in the Journal of Accounting Research, the Review of Accounting Studies, Contemporary Accounting Research, the Journal of Accounting, Auditing and Finance, Accounting Horizons, Managerial Finance, the Review of Accounting and Finance, and Investor Relations Quarterly. He is a member of the editorial board of the Review of Accounting and Finance. Professor Soffer's research has been cited in Business Week, Crain's Chicago Business, and Worth Magazine. He has appeared on the Chicago CBS television affiliate and on WebFN, a Web-based business news station, to discuss the state of the accounting profession, his research, and regulation of financial disclosures.

Prior to entering academia, Professor Soffer worked in accounting and corporate finance positions, most recently as manager of corporate development for USG Corporation, where he worked on acquisitions, divestitures and corporate strategy issues for the Chicago-based construction products firm. Professor Soffer has served on the board of directors of a not-for-profit corporation providing services to the developmentally disabled. He and his wife/co-author live in the Chicago area with their three children.

Soffer, Robin :

Robin Soffer is a consultant specializing in financial analysis and business strategy. As part of her consulting work, she runs the financial training programs at

Table of Contents

I. INTRODUCTION TO SECURITY ANALYSIS.

1. Introduction to Security Analysis.
2. Security Analysis and Efficient Markets.

II. BUSINESS AND FINANCIAL ANALYSIS.

3. Business Analysis.
4. Financial Statements.
5. Financial Statement Analysis.

III. CASH FLOW VALUATION MODELS.

6. The Economic Balance Sheet and an Overview of Cash Flow Based Valuation Models.
7. Discount Rates in Valuation.
8. The Dividend Discount and Flows to Equity Models.
9. Free Cash Flow Model and Analysis.
10. Free Cash Flow Forecasting.
11. The Adjusted Present Value Model.
12. The Residual Income Model.

IV. SPECIAL ISSUES IN VALUATION

13. Understanding the Income Tax Disclosure.
14. Cash Flow Valuation and Employee Stock Options.
15 Cash Flow Valuation and Pension and Other Post-Employment Benefit Plans.

V. MULTIPLES VALUATION.

16. A "Theory" of Multiples.
17. PE Ratios and Earnings Growth.
18. Additional Issues in Multiples Analysis.

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