notes for last review.docx

notes for last review.docx

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notesforlastreview

✧Coefficientinaregression=stock’sbeta,measuresthesystematicriskofthestock

✧Interceptterm=stock’sex-postalpha,measuresexcessrisk-adjustedreture

Muti-regression

AdjustedR

Multi-regerssion3mainlyproblems!

Detectby

Thereforeyoushouldrejectthenullhypothesisandconcludethatyouhaveaproblemwithconditionalheteroskedasticity.

robuststandarderrors（alsocalledWhite-correctedstandarderrorsorheteroskedasticity-consistentstandarderrors）.

Time-seriesneedcovariancestationaryunderthefollowingconditions:

TestforserialcorrelationforARmodel:

atimeseriesmusthaveafinitemean-revertingleveltobecovariancestationary

Aboutinventory:

theadjustmentaffect3accounts（cash,inventory,equity）:

Forexample,saytheLIFOreserveis$150,andthetaxrateis40%.ToconvertthebalancesheettoFIFO,increaseinventorybythe$150LIFOreserve,decreasecashby$60（$150LIFOreservex40%taxrate）,andincreasestockholders’equity（retainedearnings）by$90[$150reservex（1—40%taxrate）].Thiswillbringtheaccountingequationbackintobalance.Theneteffectoftheadjustmentsisanincreaseinassetsandshareholders’equityof$90,whichisequaltotheLIFOreserve,netoftax.

FIFOCOGS=LIFOCOGS—（endingLIFOreserve—beginningLIFOreserve）

Adjustmenttoincomestatement:

COGS/taxexpense/grossprofit/netprofit

ØThecumulativeeffectofthechangeisreportedasanadjustmenttothebeginningretainedearningsoftheearliestyearpresented.

ReportinginventoryabovehistoricalcostispermittedunderIFRSandU.S.GAAPincertainindustries.Thisexceptionappliesmainlytoproducersanddealersofcommodity-likeproducts,suchasagriculturalandforestproducts,mineralores,andpreciousmetals.

Long-termasset:

AdjustCapitalizedinteresttointerestexpense:

Capitalized&expensecompare:

Finacelease&operatinglease:

Financelease求implieddiscountrate,make:

Presentvalueoffutureminimumleasepayments=allcashflowfrom1tofinal

Intercorporateinvestment:

ThedifferencebetweenreturnonplanassetVS.expectedreturnonplanasset

IncreasingtheexpectedreturnonplanassetshaveNoaffectthebenefitobligationorthefundedstatusoftheplan

Formatureplans,ahigherdiscountratemightincreaseinterestcosts.Inrarecases,

interestcostwillincreasebyenoughtooffsetthedecreaseinthecurrentservicecost,and

periodicpensioncostwillincrease.

Forexample,returnonassets（ROA）wouldlikelybelowerifthegrossamountswerereportedonthebalancesheet（higherdenominator）.Inaddition,leverageratioswouldlikelybehigherwiththegrossamounts

MultinationalOperations

First,youneedtobecomefamiliarwiththeterminologyoftranslation.Second,youneedtobeabletodistinguishbetweenandimplementthetwomethodsofaccountingforforeignoperations（i.e.,measurementviathetemporalmethodortranslationviathecurrentratemethod）.Third,youneedtobeabletoanalyzetheimpactofthesetwomethodsonreportedearnings,cashflows,andfinancialratiosforboththesubsidiaryandtheparent.

报表调整：

CurrentmethodVS.temporalmethod:

•Thecurrentrateistheexchangerateonthebalancesheetdate.

•Theaveragerateistheaverageexchangerateoverthereportingperiod.

•Thehistoricalrateistheactualratethatwasineffectwhentheoriginaltransactionoccurred.

Thereisoneexception.Nonmoitetaryassetsandliabilitiesmeasuredonthebalancesheetat“fairvalue”areremeasuredatthecurrentexchangerate,notthehistoricalrate.

财务评价2模型：

Benithmodel:

criticalvalue-1.78,大于此数值，manipulationmorethanacceptable

AltmanZscoremodel:

highervalue,lesspossibilitytobankrupt

Economicincome:

cashflow+（endingmarketvalue–beginningmarketvalue）

Cashflow=（S-C-D）（1-T）+D=afer-taxoperatingcashflow

beginningmarketvalue-endingmarketvalue=valuedepreciation

Economicprofit:

Nopat-$WACC,其中NOPAT=EBIT（1-T）

interestexpense=beginningofperiodmarketvalue*debtratio*interestrate

Dividendsandsharerepurchaseanalysis:

StableDividendPolicy

InterestconverageratioVS.FCFEconverageratio

Stockpricechangebyex-dividend

M&A:

3Mergerclassification:

A+B=A+BA+B=AA+B=C

DIFFlifecyclecharacterandthemergermethodchoice:

Pre-OfferDefenseMechanismsVS.Post-OfferDefenseMechanisms

Pre:

Poisonpill/poisonput/Restrictivetakeoverlaws/Staggeredboard/Restrictedvotingrights/Supermajorityvotingprovisionformergers/Fairpriceamendment/Goldenparachutes/

Post:

“Justsayno”defense./Litigation/Greenmail/Sharerepurchase./Leveragedrecapitalization/Crownjeweldefense/Pac-mandefense/Whiteknightdefense/Whitesquiredefense.

Herfindahl-HirschmanIndex（HHI）judgementstandardbasedonpost-mergerindex

Lessthan1000:

competitive

Between1000and1800:

moderateconcentrated,changemorethan50points,causedillegalcharge

Morethan1800:

highlyconcentrated,chagemore100,causedillegalcharge

Valuingtargetcompany3methods:

1DCF

+deferredtaxliability/-deferredtaxasset

2comparablecompanyVS.comparabletransactionmethod

Equityvaluation:

3mainlymethods:

DDM,DCF,relativeratiovaluation,residualincome,PEvaluation

CleanSurplus（endingbookvalue=beginningbookvalue+netincome–dividends）Violationsinclude:

Commonadjustmentstothebalancesheetnecessarytoreflectfairvalueincludethefollowing:

Privatecompanyvaluation:

ExcessearningmethodusedforPEfirm:

canbeusedforsmallfirmswhentheirintangibleassetsaresignificant.

Intheexcessearningsmethod,theFCFFmaybegiveninplaceofthenormalizedearnings.Thegrowthrateinfreecashflowmaybegiveninplaceofthegrowthrateofresidualincome.Afterthesesubstitutions,thecalculationsareidenticaltothoseabove

3methodsforvaluingPEfirm:

1incomemethod（freecashflow,capitalizedcashflow,excessincome）2marketmethod（pricemultiple）3asset-basedmethod（basedonnotgoingconcern）

3discountrate:

CAPM,theexpandedCAPM,andbuild-upmethods

threemethodsdiscussedinthefollowingarethe:

guidelinepubliccompanymethod（GPCM）,theguidelinetransactionsmethod（GTM）,andthepriortransactionmethod（PTM）.

twowaystoincorporatecontrolpremiumunderaguidelinepubliccompanymethod:

totaldiscount=1-[（1-DLOC）（l-DLOM）]

DLOM=priceofaputoptiondividedbythestockprice

Realestateinvestmentvaluation:

Realestatemustbeactivelymanaged.

thepercentageofdebtandequityusedbyaninvestortofinancerealestatedoesnotaffecttheproperty’svalue

GrossleaseVS.netlease

Percentagelease

3methodsusedtoevaluaterealestate:

incomemethod,costmethod,salescomparisonapproach

Incomemethod:

directcaptalized&DCFmethodallbasedonNOI