Financial Statement Analysis: A Practitioner's Guide (Wiley Finance) - Hardcover

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MARTIN FRIDSON is Global Credit Strategist at BNP Paribas Investment Partners, one of the world's largest asset managers. Over a twenty-five-year span with brokerage firms including Salomon Brothers, Morgan Stanley, and Merrill Lynch, he became known for his innovative work in credit analysis and investment strategy. Fridson has served as president of the Fixed Income Analysts Society, governor of the Association for Investment Management and Research (now CFA Institute), and director of the New York Society of Security Analysts.

FERNANDO ALVAREZ is currently an Adjunct Associate Professor of Finance and Economics at the Columbia University Graduate Business School, where he teaches entrepreneurship finance. From 2003 until 2008, he was associate professor in the Finance and Economics Department and director of entrepreneurship programs at Rutgers Business School, Newark and New Brunswick. Alvarez has taught at New York University's Stern School of Business where he was associate professor on innovation and entrepreneurship, and Babson College where he was assistant professor of finance.

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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.