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Praise for Financial Statement Analysis
A Practitioner's Guide
Third Edition
University Edition

"This is an illuminating and insightful tour of financialstatements, how they can be used to inform, how they can be used tomislead, and how they can be used to analyze the financial healthof a company."
-Professor Jay O. Light
Harvard Business School

"Financial Statement Analysis should be required reading for anyonewho puts a dime to work in the securities markets or recommendsthat others do the same."
-Jack L. Rivkin
Executive Vice President (retired)
Citigroup Investments

"Fridson and Alvarez provide a valuable practical guide forunderstanding, interpreting, and critically assessing financialreports put out by firms. Their discussion of profits-'quality ofearnings'-is particularly insightful given the recent spate ofreporting problems encountered by firms. I highly recommend theirbook to anyone interested in getting behind the numbers as a meansof predicting future profits and stock prices."
-Paul Brown
Chair-Department of Accounting
Leonard N. Stern School of Business, NYU

"Let this book assist in financial awareness and transparency andhigher standards of reporting, and accountability to allstakeholders."
-Patricia A. Small
Treasurer Emeritus, University of California
Partner, KCM Investment Advisors

"This book is a polished gem covering the analysis of financialstatements. It is thorough, skeptical, and extremely practical inits review."
-Daniel J. Fuss
Vice Chairman
Loomis, Sayles & Company, LP

Tabla de contenidos provista por Syndetics

• Part I Reading between the Lines(p. 1)
• Chapter 1 The Adversarial Nature of Financial Reporting(p. 3)
• The Purpose of Financial Reporting(p. 4)
• The Flaws in the Reasoning(p. 8)
• Small Profits and Big Baths(p. 11)
• Maximizing Growth Expectations(p. 12)
• Downplaying Contingencies(p. 18)
• The Importance of Being Skeptical(p. 20)
• Part II The Basic Financial Statements(p. 29)
• Chapter 2 The Balance Sheet(p. 31)
• The Value Problem(p. 32)
• Issues of Comparability(p. 33)
• "Instantaneous" Wipeout of Value(p. 35)
• How Good Is Goodwill?(p. 36)
• Losing Value the Old-Fashioned Way(p. 39)
• True Equity Is Elusive(p. 41)
• Pros and Cons of a Market-Based Equity Figure(p. 44)
• Undisclosed Hazards(p. 47)
• The Common Form Balance Sheet(p. 48)
• Chapter 3 The Income Statement(p. 53)
• Making the Numbers Talk(p. 53)
• How Real Are the Numbers?(p. 59)
• Chapter 4 The Statement of Cash Flows(p. 99)
• The Cash Flow Statement and the LBO(p. 101)
• Analytical Applications(p. 106)
• Cash Flow and the Company Life Cycle(p. 107)
• The Concept of Financial Flexibility(p. 115)
• In Defense of Slack(p. 118)
• Part III A Closer Look at Profits(p. 123)
• Chapter 5 What is Profit?(p. 125)
• Bona Fide Profits versus Accounting Profits(p. 125)
• What Is Revenue?(p. 126)
• Which Costs Count?(p. 128)
• How Far Can the Concept Be Stretched?(p. 130)
• Chapter 6 Revenue Recognition(p. 133)
• Informix's Troubles Begin(p. 133)
• Calling the Signals(p. 138)
• Astray on Layaway(p. 144)
• Recognizing Membership Fees(p. 145)
• A Potpourri of Liberal Revenue Recognition Techniques(p. 148)
• Chapter 7 Expense Recognition(p. 165)
• AOL's Search for Wiggle Room(p. 165)
• IBM's Innovative Expense Reduction(p. 168)
• Simple Analysis Foils Elaborate Deception(p. 169)
• Oxford's Plans Go Astray(p. 171)
• Chapter 8 The Applications and Limitations of EBITDA(p. 177)
• EBIT, EBITDA, and Total Enterprise Value(p. 178)
• The Role of EBITDA in Credit Analysis(p. 182)
• Abusing EBITDA(p. 186)
• A More Comprehensive Cash Flow Measure(p. 188)
• Working Capital Adds Punch to Cash Flow Analysis(p. 191)
• Chapter 9 The Reliability of Disclosures and Audits(p. 197)
• An Artful Deal(p. 198)
• Death Duties(p. 201)
• Chainsaw Al(p. 202)
• Stumbling Down the Audit Trial(p. 205)
• Chapter 10 Mergers-and-Acquisitions Accounting(p. 211)
• The Twilight of Pooling-of-Interests Accounting(p. 212)
• Maximizing Postacquisition Reported Earnings(p. 215)
• Managing Acquisition Dates and Avoiding Restatements(p. 216)
• Chapter 11 Profits in Pensions(p. 221)
• An Admonition from the SEC(p. 226)
• Part IV Forecasts and Security Analysis(p. 229)
• Chapter 12 Forecasting Financial Statements(p. 231)
• A Typical One-Year Projection(p. 231)
• Sensitivity Analysis with Projected Financial Statements(p. 244)
• How Accurate Are Projections in Practice?(p. 250)
• Projecting Financial Flexibility(p. 252)
• Pro Forma Financial Statements(p. 254)
• Multiyear Projections(p. 264)
• Chapter 13 Credit Analysis(p. 291)
• Balance Sheet Ratios(p. 292)
• Income Statement Ratios(p. 304)
• Statement of Cash Flows Ratios(p. 309)
• Combination Ratios(p. 311)
• Relating Ratios to Credit Risk(p. 318)
• Chapter 14 Equity Analysis(p. 341)
• The Dividend Discount Model(p. 342)
• The Price-Earnings Ratio(p. 348)
• Why P/E Multiples Vary(p. 351)
• The Du Pont Formula(p. 359)
• Valuation through Restructuring Potential(p. 362)
• Bibliography(p. 373)
• Glossary(p. 375)
• Notes(p. 393)
• Index(p. 405)

Notas de autor provistas por Syndetics

Martin Fridson is Managing Director at Merrill Lynch & Company and a member of Institutional Investor's All-America Fixed Income Research Team
Fernando Alvarez is Clinical Associate Professor in the Berkley Center for Entrepreneurial Studies at the Stern School of Business at NYU.