ISBN 9789339204693,Financial Statement Analysis and Security Valuation

Financial Statement Analysis and Security Valuation

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ISBN 9789339204693

Tata McGraw - Hill Education

Publication Year 2014

ISBN 9789339204693

ISBN-10 9339204697

Paper Back

Edition 4th
Number of Pages 780 Pages
Language (English)


Financial Statement Analysis and Security Valuation teaches students to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity. The 4th edition works from a conceptual framework that helps the reader understand how businesses work, how they generate value and how the value they generate is captured in financial statements.

Salient Features
This edition emphasizes the role of financial statement analysis in negotiating with Mr. Market over the price to pay for securities (to use the words of Benjamin Graham). Students will be able to understand how earnings forecasts relate to value, reverse engineer the market price to understand the forecast that Mr. Market is making and then challenge that forecast with sound financial statement analysis.
With the bubble valuation of the 1990s as a backdrop, earlier editions emphasized the danger of buying overpriced shares. With multiples falling below historical benchmarks during the credit crisis of the fall of 2008, this edition applies the same analysis to evaluating underpricing.
Each text part is a distinct module, allowing the parts to be taught out of order without inconveniencing the instructor