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Product Description
Product Description
From the Back Cover
Key features
*Comprehensive overview of valuation methods
*Unique integration of the theory of valuation and the practice of financial statement analysis
*Extracts from the Financial Times with a linking paragraph to reinforce relevance to practice
*Simple numerical examples to support all stages of analysis
*Draws upon author's experience of working with financial market practitioners.
Reviewer comments
Prof Sir David Tweedie, Chairman of International Accounting Standards Committee
"Dr Barker has produced an extremely readable text appealing both to the novice and the advanced reader. Its comprehensiveness, the real-life cases, its topicality and above all, its clarity, makes the book live. The marriage between finance theory and accounting bring insights both for active participants in the markets and for students of finance and accounting."
Prof Geoff Whittington, PriceWaterhouseCoopers Professor of Finance and Accounting, University of Cambridge
"This book provides a remarkably clear exposition of the latest thinking and research concerning the use of financial accounting information for appraising the financial performance of business firms. It is an essential read for financial analysts, students and all preparers and users of accounts."
Steve Cooper, Head of Equity Valuation and Accounting Research, UBS Warburg
"Recent experience with equity markets mean many investors are looking ever more closely at alternative valuation techniques, the link between value and key value drivers and the problems of using accounting data. This excellent and highly informative book deals with all these issues, and more. Invaluable to the student and practitioner."
David Myddleton, Cranfield Business School
"This strikes me as a unique work, in a central area of accounting and finance. Dr Barker writes with impressive authority - a very thorough work. This is a super book - comprehensive and important, both original and useful."
Prof Maureen McNichols, Graduate School of Business, Stanford University
"The strength of Barker's book is its lucid overview of key conepts in valuation. It provides a very clear articulation of the fundamentals of valuation models and the use of financial statement information to this end."
Dr Richard Barker is a senior lecturer in accounting at Cambridge University's Judge Institute of Management. He has been a visiting scholar at Stanford University, and was previously a management accountant with ICI. His research has focused on professional investors' use of financial statement data. His work has been published by the Financial Times, PricewaterhouseCoopers and the ICAS and ICAEW as well as leading academic journals.
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Customer Reviews
Publisher: Financial Times-Prentice Hall 2001. ISBN: 0 273 63979 X
This book is about the valuation of companies by using financial statements data. The author (a senior lecturer in Accounting of the Judge Institute, Cambridge Business School and director of MBA programme) has successfully made a link between finance theory and accounting. It is primarily concerned with various valuation models available to value a company which should be of interest not only to the market participants such as finance directors, analysts and fund managers, but also to the advanced students in accounting and finance.
Although some of the chapters are more suitable as text in Universities, some are essential readings for professional examinees including CFAs. The main body of the text begins by demonstrating the formal relationship between a company’s share price and the “dividend discount model” (DDM). The book is split into the following chapters: Introduction; Stock market valuation; Growth in dividends and share prices; The price-earnings ratio; Financial accounting; Interpreting the balance sheet; Measuring earnings; Measuring the return on capital; Abnormal earning valuation and EVA; Cash flow models–from shareholder value analysis to CFROI; Summary and review
One of the main strengths of this text is its ability to go beyond the specific technique and look at the meanings of the valuations and the drivers of the valuation. Importantly the role of growth and various accounting variables have been explored in details. There are very few books {it is worth of using this book with two other books titled Financial Statement Analysis and Security Valuation by Penman (2001) and Investment by Damodaran (2002)}, which have such an in-depth coverage of these issues, and importantly it has made an explicit link between finance theory and accounting data. This has made this book extremely useful. It provides many numerical examples/extracts from real life and explains these in a very straightforward manner without making things complicated. (305 words)
Reviewed by Shahed Imam
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