Business Analysis and Valuation Using

Krishna G. Palepu is the Ross Graham Walker Professor of Business Administration and the Chair of the Accounting and Control Department at the Harvard Business School.

Part 1 Framework

A Framework for Business Analysis and Valuation Using Financial Statements

1

(1)

The Role of Financial Reporting in Capital Markets

2

(1)

From Business Activities to Financial Statements

3

(4)

From Financial Statements to Business Analysis

7

(3)

Summary

10

(1)

Discussion Questions

10

Part 2 Business Analysis and Valuation Tools

Strategy Analysis

1

(1)

Industry Analysis

1

(1)

Degree of Actual and Potential Competition

2

(3)

Relative Bargaining Power in Input and Output Markets

5

(2)

Applying Industry Analysis: The Personal Computer Industry

7

(2)

Competitive Strategy Analysis

9

(1)

Sources of Competitive Advantage

10

(1)

Achieving and Sustaining Competitive Advantage

11

(1)

Applying Competitive Strategy Analysis

12

(1)

Corporate Strategy Analysis

13

(4)

Summary

17

(1)

Discussion Questions

18

Overview of Accounting Analysis

1

(1)

The Institutional Framework for Financial Reporting

1

(6)

Doing Accounting Analysis

7

(6)

Accounting Analysis Pitfalls

13

(1)

Value of Accounting Data and Accounting Analysis

14

(1)

Summary

15

(1)

Discussion Questions

15

Asset Analysis

1

(1)

Historical Cost and Conservatism

1

(1)

Asset Reporting Challenges

2

(13)

Common Misconceptions about Asset Accounting

15

(2)

Summary

17

(1)

Discussion Questions

18

Liability and Equity Analysis

1

(1)

Liability Definition and Reporting Challenges

1

(12)

Common Misconceptions about Liability Accounting

13

(1)

Equity Definition and Reporting Challenges

13

(3)

Summary

16

(1)

Discussion Questions

16

Revenue Analysis

1

(1)

The Revenue Recognition Rule

1

(2)

Revenue Reporting Challenges

3

(11)

Summary

14

(1)

Discussion Questions

14

Expense Analysis

1

(1)

Matching and Conservatism

1

(1)

Expense Reporting Challenges

2

(14)

Summary

16

(1)

Discussion Questions

17

Entity Accounting Analysis

1

(1)

Entity Reporting Challenges

1

(12)

Summary

13

(1)

Discussion Questions

14

Financial Analysis

1

(1)

Ratio Analysis

1

(21)

Cash Flow Analysis

22

(6)

Summary

28

(1)

Discussion Questions

29

Prospective Analysis: Forecasting

1

(1)

Relation of Forecasting to Other Analyses

1

(1)

The Techniques of Forecasting

2

(5)

Elements of the Detailed Forecast

7

(5)

Sensitivity Analysis

12

(4)

Summary

16

(1)

Appendix: The Behavior of Components of ROE

17

(2)

Discussion Questions

19

Prospective Analysis: Valuation Theory and Concepts

1

(1)

Defining Value for Shareholders

2

(1)

The Discounted Abnormal Earnings Valuation Method

3

(4)

Valuation Using Price Multiples

7

(2)

Determinants of Value-to-Book and Value-Earnings Multiples

9

(3)

Shortcut Forms of Earnings-Based Valuation

12

(3)

The Discounted Cash Flow Model

15

(1)

Comparing Valuation Methods

16

(3)

Summary

19

(1)

Appendix: Reconciling the Discounted Dividends and Discounted Abnormal Earnings Models

20

(1)

Discussion Questions

21

Prospective Analysis; Valuation Implementation

1

(1)

Detailed Forecasts of Performance

1

(4)

Terminal Values

5

(8)

Computing a Discount Rate

13

(3)

Computing Estimated Values

16

(5)

Summary

21

(1)

Discussion Questions

21

Part 3 Business Analysis and Valuation Applications

Equity Security Analysis

1

(1)

Investor Objectives

2

(1)

Equity Security Analysis and Market Efficiency

3

(2)

Approaches to Fund Management and Securities Analysis

5

(2)

The Process of a Comprehensive Security Analysis

7

(4)

Financial Statement Data and Security Prices

11

(4)

Summary

15

(1)

Discussion Questions

16

Credit Analysis and Distress Prediction

1

(1)

The Market for Credit

2

(1)

The Credit Analysis Process

3

(8)

Financial Statement Analysis and Public Debt

11

(4)

Prediction of Distress and Turnaround

15

(1)

Summary

16

(1)

Discussion Questions

17

Mergers and Acquisitions

1

(1)

Motivation for Merger or Acquisition

1

(4)

Acquisition Pricing

5

(6)

Acquisition Financing

11

(5)

Acquisition Outcome

16

(2)

Summary

18

(1)

Discussion Questions

19

Corporate Financing Policies

1

(1)

Factors That Determine Firms' Debt Policies

1

(1)

The Optimal Long-Term Mix of Debt and Equity

2

(6)

The Financing of New Projects

8

(3)

Factors That Determine Firms' Dividend Policies

11

(4)

Summary

15

(1)

Discussion Questions

16

Management Communications

1

(1)

Communicating with Investors

1

(3)

Communication Through Financial Reporting

4

(4)

Other Forms of Communicating with Investors

8

(4)

Summary

12

(1)

Discussion Questions

12

Index

1

(15)

Author Index

16

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Business Analysis and Valuation Using Financial Statements, Text and Cases

Author Biography

Table of Contents

Supplemental Materials