Financial Statement Analysis: A Practitioner's Guide
ISBN: 0470635606
EAN13: 9780470635605
Language: English
Publication Date: July 5, 2011
Pages: 400
Dimensions: 1.50" H x 9.10" L x 6.10" W
Weight: 1.35 lbs.
Format: Hardcover
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Book Overview
Praise for Financial Statement Analysis FOURTHEDITION I love this book. It helps to develop the questioningmind--the mind of a financial detective. It teaches the art ofskepticism and critical thinking. Readers go beyond definition andcalculation and learn interpretation. -- Philip L. Cooley , PhD, Prassel DistinguishedProfessor of Business, Trinity University Over my decades of involvement with high-yield bonds, MartyFridson has been the leading speaker of truth. As he so accuratelystates in Financial Statement Analysis , the credit investoris required to engage in a game of cat-and-mouse with companymanagement's intent on minimizing their cost of capital by puttinga positive gloss on their financial statements. The Fourth Editionof Marty's terrific book is the bible on how to detect and dealwith these efforts. -- Howard Marks , Chairman, Oaktree CapitalManagement Financial Statement Analysis is a unique text; itcombines great academic work with numerous real-life examples toform a highly useful reference for equity investors, debt holders, and investors who straddle both asset classes. Whether you are aninvestor, an investment advisor, or a teacher, Financial StatementAnalysis will prove very valuable. -- Margaret M. Cannella , former head of Global CreditResearch, J.P. Morgan and Adjunct Professor, Columbia BusinessSchool Marty has seen it all He has had a front-row seat to see thebirth, death, and rebirth of the high-yield bond market . . .several times over In the Fourth Edition of Financial StatementAnalysis , Marty clearly demonstrates that despite the enactmentof Sarbanes-Oxley in 2002, and other attempts to curtail abuse ofthe system, one needs a critical analytical eye to be certain thatmanagement is not trying to obfuscate the truth. The case studiesprovide excellent and timely examples of some of the techniquesthat companies have used to mislead investors. -- Edward Z. Emmer , former global head of Corporate andGovernment Ratings and Equity Research, Standard & Poor's Those who read financial statements without understanding thestrategic context in which they are written will land on the losingend of the gripping episodes with which bond-market legend MartyFridson illustrates in the Fourth Edition of his classic reference, Financial Statement Analysis . And all of us who depend onthe markets sending capital to its best use should hope thatinvestors read this book first. -- David Musto , Professor of Finance, the Wharton Schoolof the University of Pennsylvania This book rightly urges resolute skepticism when inspectingfinancial statements. Its great value, though, is in theplain-spoken stripping down of real-world and illustrative examplesthat show how to see past the numbers to the practicalities andincentives behind them--and so help analysts and journalistsalike ask the right questions. -- Richard Beales , Assistant Editor, ReutersBreakingviews
Editor Reviews
From the Back Cover Financial statement analysis is an essential skill for individuals involved in investment management, corporate finance, commercial lending, and the extension of credit. Over the years, it has become an increasingly complex endeavor, as corporate financial statements have become more difficult to decipher. But with the Fourth Edition of Financial Statement Analysis , you'll learn how to handle the practical challenges that are part of the business. Written by leading investment authority Martin Fridson and Columbia Graduate Business School Professor Fernando Alvarez, this reliable resource outlines the analytical framework needed to scrutinize financial statements, whether you're evaluating a company's stock price or determining valuations for a merger or acquisition. Fully revised to reflect new concerns and challenges in this field, the Fourth Edition of Financial Statement Analysis will put you in a better position to get past the sometimes biased portrait of a company's performance. Divided into four comprehensive parts--Reading Between the Lines, The Basic Financial Statements, A Closer Look at Profits, and Forecasts and Security Analysis--this practical guide contains: Insights that will allow you to evaluate financial statements effectively in volatile markets and an uncertain economy Discussions on properly interpreting balance sheets, income statements, and cash flow statements Valuable new case studies of fraudulent reporting Tips for maximizing the accuracy of forecasts and a structured approach to credit and equity evaluation Revelations about how earnings can be exaggerated or even fabricated And much more All too often, financial statements conceal more than they reveal. But by undertaking genuine, goal-oriented analysis--instead of simply going through the motions of calculating standard financial ratios--you can uncover the true financial condition of a company. Filled with real-world examples and expertadvice, Financial Statement Analysis, Fourth Edition will help you excel at interpreting financial statements and enable you to use this information to make better business decisions.
From the front Cover Praise for Financial Statement Analysis FOURTH EDITION I love this book. It helps to develop the questioning mind--the mind of a financial detective. It teaches the art of skepticism and critical thinking. Readers go beyond definition and calculation and learn interpretation. -- Philip L. Cooley , PhD, Prassel Distinguished Professor of Business, Trinity University Over my decades of involvement with high-yield bonds, Marty Fridson has been the leading speaker of truth. As he so accurately states in Financial Statement Analysis , the credit investor is required to engage in a game of cat-and-mouse with company management's intent on minimizing their cost of capital by putting a positive gloss on their financial statements. The Fourth Edition of Marty's terrific book is the bible on how to detect and deal with these efforts. -- Howard Marks , Chairman, Oaktree Capital Management Financial Statement Analysis is a unique text; it combines great academic work with numerous real-life examples to form a highly useful reference for equity investors, debt holders, and investors who straddle both asset classes. Whether you are an investor, an investment advisor, or a teacher, Financial Statement Analysis will prove very valuable. -- Margaret M. Cannella , former head of Global Credit Research, J.P. Morgan and Adjunct Professor, Columbia Business School Marty has seen it all! He has had a front-row seat to see the birth, death, and rebirth of the high-yield bond market . . . several times over! In the Fourth Edition of Financial Statement Analysis , Marty clearly demonstrates that despite the enactment of Sarbanes-Oxley in 2002, and other attempts to curtail abuse of the system, one needs a critical analytical eye to be certain that management is not trying to obfuscate the truth. The case studies provide excellent and timely examples of some of the techniques that companies have used to mislead investors. -- Edward Z. Emmer , former global head of Corporate and Government Ratings and Equity Research, Standard & Poor's Those who read financial statements without understanding the strategic context in which they are written will land on the losing end of the gripping episodes with which bond-market legend Marty Fridson illustrates in the Fourth Edition of his classic reference, Financial Statement Analysis . And all of us who depend on the markets sending capital to its best use should hope that investors read this book first. -- David Musto , Professor of Finance, the Wharton School of the University of Pennsylvania This book rightly urges resolute skepticism when inspecting financial statements. Its great value, though, is in the plain-spoken stripping down of real-world and illustrative examples that show how to see past the numbers to the practicalities and incentives behind them--and so help analysts and journalists alike ask the right questions. -- Richard Beales , Assistant Editor, Reuters Breakingviews

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