Financial Statement Analysis
31 Posts
At the recent CFA Institute Global Investment Risk Symposium, Ron Ryan, CFA, of Ryan ALM, appealed for greater transparency and the application of commonsense principles in pension accounting, warning that without such changes the solvency of corporations, cities, and states is at stake. Read more
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How accurately does the stock market discount the value of a business based on future streams of actual net income, plus an estimate of terminal value? Dell provides a real-world example. Read more
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A panel of financial social media influencers and startup founders discussed the current state of social investing, as part of New York Social Media Week. Here are some highlights from the event. Read more
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Our ten most-popular articles from the past year include coverage of the ever-unfolding European sovereign debt crisis, how the election cycle affects the markets, and Warren Buffett’s secret sauce. Read more
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The largest corporate fraud in Chilean history offers a cautionary tale not only about improper accounting and misleading financial statements but also about the importance of implementing an organizational culture that encourages employees to take action when they observe unethical behavior. Read more
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Topping the list of the most popular articles from the past month is another entry in our series on lie detection for investment professionals. Other top performers include articles on counterfactual thinking and the Manchester United IPO. Read more
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This well-written and occasionally humorous tutorial on investing in speculative-grade corporate debt covers the essential aspects of high-yield debt, including credit analysis and why one would want to invest in high-yield bonds in the first place. As a basic introduction to the high-yield debt market, the book can’t be beat. Read more
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This entertaining book persuasively argues that it is both naive and dangerous for practitioners to accept financial reports at face value. Using both real-world examples and hypothetical scenarios, the authors demonstrate that in the “real world,” financial statements often conceal as much as they reveal. Read more
1 Comment Jason Voss, CFA, provides a summary of the major research about lying and deceit behaviors, including a brief overview of dozens of research papers. Read more
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