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Title: Business Analysis & Valuation: Using Financial Statements: Text & Cases by Krishna G., Ph.D. Palepu, Paul M., Ph.D. Healy, Victor L., Ph.D. Bernard ISBN: 0-324-11894-5 Publisher: South-Western College Pub Pub. Date: August, 2003 Format: Hardcover Volumes: 1 List Price(USD): $132.95 |
Average Customer Rating: 3.86 (7 reviews)
Rating: 4
Summary: Useful if cumbersome
Comment: 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"
Rating: 2
Summary: Required Text
Comment: This is a required text at my school, but after having read the first 5 chapters there is almost nothing of value that I have read. I have spoken to several people that have used this text for the class in prior semesters and they told me that they had stopped reading it after the first several chapters also.
Rating: 5
Summary: Excellent Capstone Book
Comment: This book is an excellent description of all the elements that would go into reviewing a potential investment opportunity. It is not a detailed book in one category, such as financial accounting, but it ties business strategy analysis, financial analysis, forecasting analysis, and valuation analysis together. Most other books focus on one area and don't tie all of these together well. This one takes you down the path to evaluating the opportunity to its fullest. It is an excellent capstone book after you have sifted through the details of strategy, finance, and accounting.
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Title: Step-By-Step Business Analysis and Valuation: Using Financial Statements to Value Any Business by Krishna G. Palepu, Victor L. Bernard, Paul M. Healy ISBN: 0324015046 Publisher: South-Western College Pub Pub. Date: 15 March, 1999 List Price(USD): $34.95 |
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Title: The New Corporate Finance by Donald H. Chew ISBN: 007233973X Publisher: McGraw-Hill/Irwin Pub. Date: 24 August, 2000 List Price(USD): $63.55 |
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Title: Valuation: Measuring and Managing the Value of Companies, 3rd Edition by McKinsey & Company Inc., Tom Copeland, Tim Koller, Jack Murrin ISBN: 0471361909 Publisher: John Wiley & Sons Pub. Date: 28 July, 2000 List Price(USD): $80.00 |
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Title: International Financial Management by Jeff Madura ISBN: 032416551X Publisher: South-Western College Pub Pub. Date: 12 March, 2002 List Price(USD): $105.95 |
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Title: Analysis for Financial Management by Robert C. Higgins ISBN: 0072315318 Publisher: McGraw-Hill/Irwin Pub. Date: 06 June, 2000 List Price(USD): $72.80 |
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