Business Analysis and Valuation: Using Financial Statements, Text and Cases (with Thomson ONE Access) (Hardcover)

by Krishna G. Palepu (Author), Paul M. Healy (Author)

Editorial Reviews

Review
“This is an excellent text which tackles the real issues of accounting analysis and valuation. The conversion to IFRS has been done well. The key strengths are the high level of explanation and the use of real life examples, as well as the fact that the text tackles real problems of forecasting, analysis and valuation in a way which no other text I know does.”

Simon Pallett, University of Newcastle

“All needed modifications have been comprehensively and excellently done. These modifications are appropriate, making the book attractive for European readers.”

Lakshmanan Shivakumar, London Business School

“What makes this book attractive for my course is that it continues where other textbooks stop: it focuses on the link between accounting figures and corporate strategy.”

Ignace de Beelde, Ghent University

“I think that the new edition has succeeded in creating an alternative for PHB for European students. While keeping the original text intact, the authors have managed to give it a European tone.”

Sanjay W. Bissessur, University of Amsterdam Business School

Product Description
Financial statements are the basis for a wide range of business analysis. Managers, securities analysts, bankers, and consultants all use them to make business decisions. There is strong demand among business students for course materials that provide a framework for using financial statement data in a variety of business analysis and valuation contexts. BUSINESS ANALYSIS & VALUATION: USING FINANCIAL STATEMENTS, TEXT & CASES, 4E allows you to undertake financial statement analysis using a four-part framework--(1) business strategy analysis for developing an understanding of a firm's competitive strategy; (2) accounting analysis for representing the firm's business economics and strategy in its financial statements, and for developing adjusted accounting measures of performance; (3) financial analysis for ratio analysis and cash flow measures of operating; and (4) prospective analysis. Then, you'll learn how to apply these tools in a variety of decision contexts, including securities analysis, credit analysis, corporate financing policies analysis, mergers and acquisitions analysis, and governance and communication analysis. This text also offers one Harvard case per chapter as well as an entirely separate section (Section 4) for additional cases!

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Product Details

• Hardcover: 984 pages
• Publisher: South-Western College Pub; 4 edition (August 3, 2007)
• Language: English
• ISBN-10: 032430286X
• ISBN-13: 978-0324302868
• Product Dimensions: 10.1 x 8.1 x 1.4 inches
• Shipping Weight: 4.2 pounds (View shipping rates and policies)
• Average Customer Review: 3.6 out of 5 stars See all reviews (11 customer reviews)
• Amazon.com Sales Rank: #132,933 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

22 of 22 people found the following review helpful:

4.0 out of 5 stars Useful if cumbersome, December 15, 2002

By	Charles A. Wilcox "seattle starboard" (Seattle, WA USA) - See all my reviews (REAL NAME)

This review is from: Business Analysis and Valuation: Using Financial Statements, Text and Cases (Hardcover)

This review applies to the edition WITH CASES. This isn't recommended for anyone who is just starting out with choosing investments. Beginners might be better off with a more general overview of financial statement analysis (FSA) like Higgins' "Analysis of Financial Statements" or Fraser and Omriston's "Understanding Financial Statements".

This was one of two textbooks used in a financial statement analysis course I took for my MBA. Most chapters are down-to-earth and as a whole the book is well-written.

The other text we used was Penman's "Financial Statement Analysis and Security Valuation" which was also a great resource as far as gaining a basic understanding of the mechanics of financial statements and how to build a valuation model.

I contrast the two books because while Penman provides a run-down of several different models analysts can use (and does a good job of arguing for the Residual Income Model of valuation model as being the best), Palepu delves into the implications of companies' choices of accounting methods and provides more insight into what different kinds of businesses should look like in terms of their financial statements.

The cases at the end of each chapter add a lot of value to the text because they get students to focus on the specific issues detailed in each chapter. By picking apart different companies' financial statements we learned to use financial statements to assess the success or failure of companies' efforts to carry out their business strategies.

I rate it "Good - 4 stars"

13 of 14 people found the following review helpful:

4.0 out of 5 stars A good book blending accounting, investing and finance !, August 20, 1999

By	Jurgen Schraepen (Japan) - See all my reviews

This review is from: Business Analysis & Valuation (Paperback)

This book is also a bestseller in Japan. Here someone called it "The only textbook now available that broadly explains accounting figures in the valuation model of the firm". This is a good book for beginners. Although the contents might be somewhat easy, the order in which it is written is very meaningful. You will probably have read everything in this book somewhere else, but certainly not in this order ! The importance of the ideas in this book go beyond its contents !!

9 of 9 people found the following review helpful:

5.0 out of 5 stars Excellent Textbook on Business Analysis, October 16, 1998

By A Customer

This review is from: Business Analysis & Valuation: Using Financial Statements : Text & Cases (AB-Accounting Principles) (Hardcover)

This is one of the most useful textbooks on business analysis and valuation. The content is practical while based on robust theories.The analysis consists of four components: business strategy, accounting policy, financial performance and prospect. Quantative and qualitative perspectives are balanced. Their explanation is logical and persuasive. You can develop understanding through tens of attached cases.