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ACCT/FINC 447 HOMEPAGE Financial Analysis for Finance and Accounting The purpose of this course is to provide a systematic framework for the comprehensive analysis of financial information in the context of making a specific recommendation or decision. Two types of decisions will be the primary focus of analysis: (1) credit decisions (e.g., a specific commercial loan decision) and (2) investment decisions (e.g., recommend buying or selling a specific stock for an investment portfolio designed with a goal in mind such as retirement). Financial analysis skills are generic; that is, basic analysis tools can be used in many complex financial circumstances. Emphasis in class will be on evaluating real world problems as found in Financial Analysis: A User Approach and Earnings
Magic and the Unbalance Sheet: The
Search for Financial Reality. Also
see Earnings Magic page. The internet is a primary source of financial information and will be used frequently (see Internet Resources). See my book webpage: garygiroux.com and my blog: garygiroux_blog. What is financial analysis? Financial analysis is the conversion of financial data into useful information for decision-making. Therefore, virtually any use of financial statements or other financial data for some purpose is financial analysis and, essentially, is the primary focus of finance and accounting professionals. Financial analysis can be internal (e.g., decision analysis by a company using internal data to understand or improve management and operating results) or external (e.g., comprehensive analysis for such purposes as commercial lending or investment activities). The focus of this course is external financial analysis, although the basic techniques are applicable for internal analysis. Given the scandals of the 21st century, earnings management has become one of the most significant factors in financial accounting and a critical part of financial analysis. Corporate executives attempt to use operations and accounting to achieve some goal, the most obvious being meeting quarterly earnings forecasts. The misuse of accounting to achieve these goals is earnings manipulation. Detecting the use of earnings management (especially if manipulation is present) is a key component in determining the quality of earnings and, therefore, in properly evaluating the expected stock price (or intrinsic value). Grades: I’ve finished the grading. The average on the final was 154 (86%),
average total points, 447 (89%). If
you want your grade, send me an email with your UIN and section number. The Value Chain of Information What are we doing today? Calendar Subscribe to the Wall Street Journal Contact me by email: g-giroux@tamu.edu Statement on Scholastic Dishonesty Power point Slides: Financial Analysis Projects—Fall 2011
Financial Analysis Projects—Spring 2011 Financial Analysis Projects—Fall 2010 Financial Analysis Projects—Spring 2010 Financial Analysis Projects—Fall 2009 Financial Analysis Projects—Spring 2009
Financial Analysis Projects; Annual Reports & Proxy Statements—Fall
2008 Examples from Earlier Semesters
Annual Reports & Proxy Statements from Earlier Semesters Exams: Note: Chapter 11 Web Quiz at the Wiley site: the correct answer to #3 is B. Chapter 4 Quiz, #7 cannot be calculated. Papers & Spreadsheets: Dow Analysis: Scandals |
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Accounting History: History
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Course Evaluations:
Course evaluations are on line this semester: go to http://pica.tamu.edu to do the evaluations.
To appraise this
course,
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Go to http://pica.tamu.edu.
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Click on “Student Login”
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Login with your NetID and password
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Select this course for an appraisal.
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Submit the appraisal before midnight Tuesday, April 29.
Financial
Analyst Position: JP Morgan