A312:
Financial Statement Analysis
Course
Overview
The
course picks up where A210 leaves off, and focuses on developing your ability to
interpret financial statement information.
The course develops a framework for analyzing financial ratios and
applying them to forecast future earnings and value companies. In addition, the course overviews valuation using the
dividend discount model, discounted cash flow and accounting-based valuation
approaches, including earnings multiples and comprehensive accounting-based
valuation.
The
course approach is one of learning by doing, so students will have many
opportunities to become more familiar reviewing financial statements,
forecasting future earnings and valuing companies using financial statement
information. In addition, the class
will include several guest speakers, including Howard Schilit, an expert on
“earnings management,” David Siminoff of Capital Research, a fund manager
specializing in internet and media stocks, Bob Grady, Managing Director of Banc
Boston Robertson Stephens, to talk about earnings forecasting and valuation for
IPO firms, and Bruce Cozadd, CFO and Howie Rosen, Research Director of ALZA
Corporation, a pharmaceutical firm with some fascinating accounting/valuation
issues associated with their R&D funding strategy.
There
are two sessions of the class, meeting at 1:20—3:05 pm or 3:20—5:05 on
Tuesday and Fridays. If you have
any questions about the course, please feel free to contact me by email (fmcnich@leland.stanford.edu),
by phone (723-0833) or in my office (Littlefield 286).
I hope you will be able to join us this fall.