投资学 (博迪) 第10版课后习题答案19 Investments 10th Edition Textbook Solutions Chapter 19

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1、Chapter19-FinancialStatementAnalysisCHAPTER19:FINANCIALSTATEMENTANALYSISPROBLEMSETS1.ThemajordifferenceinapproachofinternationalfinancialreportingstandardsandU.S.GAAPaccountingstemsfromthedifferencebetweenprinciplesandrules.U.S.GAAPaccountingisrules-b

2、ased,withextensivedetailedrulestobefollowedinthepreparationoffinancialstatements;manyinternationalstandards,EuropeanUnionadaptedIFRS,allowmuchgreaterflexibility,aslongasconformitywithgeneralprinciplesisdemonstrated.EventhoughU.S.GAAPisgenerallymoredet

3、ailedandspecific,issuesofcomparabilitystillariseamongU.S.companies.Comparabilityproblemsarestillgreateramongcompaniesinforeigncountries.2.Earningsmanagementshouldnotmatterinatrulyefficientmarket,whereallpubliclyavailableinformationisreflectedinthepric

4、eofashareofstock.Investorscanseethroughattemptstomanageearningssothattheycandetermineacompany’strueprofitabilityand,hence,theintrinsicvalueofashareofstock.However,iffirmsdoengageinearningsmanagement,thentheclearimplicationisthatmanagersdonotviewfinanc

5、ialmarketsasefficient.3.Bothcreditratingagenciesandstockmarketanalystsarelikelytobemoreorlessinterestedinalloftheratiosdiscussedinthischapter(aswellasmanyotherratiosandformsofanalysis).SincetheMoody’sandStandardandPoor’sratingsassessbonddefaultrisk,th

6、eseagenciesaremostinterestedinleverageratios.Astockmarketanalystwouldbemostinterestedinprofitabilityandmarketpriceratios.4.ROA=ROS×ATOTheonlywaythatCrustyPiecanhaveanROShigherthantheindustryaverageandanROAequaltotheindustryaverageisforitsATOtobelowert

7、hantheindustryaverage.5.ABC’sassetturnovermustbeabovetheindustryaverage.Debt6.ROE=(1Taxrate)[ROA(ROAInterestrate)−+−]EquityROEA>ROEBFirmsAandBhavethesameROA.AssumingthesametaxrateandassumingthatROA>interestrate,thenFirmAmusthaveeitheralowerinterestrat

8、eorahigherdebtratio.19-1Copyright©2014McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Chapter19-FinancialStatementAnalysisNetincomeNetincomeSalesAssets7.ROE==鬃EquitySalesAs