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Custom BUAD 5317 - Corporate Valuation and Credit Analysis (W&M)
by Easton
ISBN: 0000000000 | Copyright 2023
Instructor Requests
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| Financial Statement Analysis & Valuation, 6e (pg. 1.12-1) | |
| Module 12 Cost of Capital and Valuation Basics (pg. 1.12-1) | |
| Basics of Valuation (pg. 1.12-3) | |
| Payoffs from Equity and Debt Instruments (pg. 1.12-4) | |
| Steps in Stock Valuation (pg. 1.12-4) | |
| Intrinsic Value (pg. 1.12-5) | |
| Review of Time Value of Money (pg. 1.12-6) | |
| Valuation of a Debt Instrument (pg. 1.12-9) | |
| Valuation of an Equity Instrument (pg. 1.12-9) | |
| Estimating Cost of Capital (pg. 1.12-10) | |
| Diversifiable and Non-Diversifiable Risk (pg. 1.12-11) | |
| Review 12-1 (pg. 1.12-11) | |
| Cost of Equity Capital Using the Capital Asset Pricing Model (pg. 1.12-12) | |
| Cost of Equity Capital Using a Multi-Factor Model (pg. 1.12-13) | |
| Review 12-2 (pg. 1.12-14) | |
| Cost of Debt Capital (pg. 1.12-14) | |
| Review 12-3 (pg. 1.12-16) | |
| Weighted Average Cost of Capital (pg. 1.12-16) | |
| Review 12-4 (pg. 1.12-18) | |
| Dividend Discount Model (pg. 1.12-18) | |
| Recursive Process of Valuation (pg. 1.12-18) | |
| Framework of the Dividend Discount Model (pg. 1.12-19) | |
| Dividend Discount Model with Constant Perpetuity (pg. 1.12-19) | |
| Review 12-5 (pg. 1.12-20) | |
| Dividend Discount Model with Increasing Perpetuity (pg. 1.12-20) | |
| Issues in Applying the Dividend Discount Model (pg. 1.12-21) | |
| Review 12-6 (pg. 1.12-23) | |
| Appendix 12A: Estimating Cost of Equity Capital (pg. 1.12-23) | |
| Guidance Answer (pg. 1.12-28) | |
| Questions (pg. 1.12-29) | |
| Mini Exercises (pg. 1.12-29) | |
| Exercises (pg. 1.12-30) | |
| Problems (pg. 1.12-31) | |
| Analysis Discussion Points (pg. 1.12-34) | |
| Ongoing Analysis Project (pg. 1.12-36) | |
| Solutions to Reviews (pg. 1.12-37) | |
| Module 13 Cash-Flow-Based Valuation (pg. 1.13-1) | |
| Equity Valuation Models (pg. 1.13-3) | |
| Dividend Discount Model (pg. 1.13-3) | |
| Discounted Cash Flow Model (pg. 1.13-4) | |
| Residual Operating Income Model (pg. 1.13-4) | |
| Model Equivalency (pg. 1.13-4) | |
| Valuation Model Inputs (pg. 1.13-4) | |
| Review 13-1 (pg. 1.13-6) | |
| Discounted Cash Flow (DCF) Model (pg. 1.13-6) | |
| DCF Model Structure (pg. 1.13-6) | |
| Steps in Applying the DCF Model (pg. 1.13-7) | |
| Illustrating the DCF Model (pg. 1.13-8) | |
| Extending the DCF Model (pg. 1.13-9) | |
| Analyzing Global Reports (pg. 1.13-15) | |
| Review 13-2 (pg. 1.13-15) | |
| Appendix 13A: Financial Statements for Procter & Gamble (pg. 1.13-16) | |
| Appendix 13B: Derivation of Free Cash Flow Formula (pg. 1.13-18) | |
| Appendix 13C: Deutsche Bank Valuation of Procter & Gamble (pg. 1.13-18) | |
| Guidance Answer (pg. 1.13-29) | |
| Questions (pg. 1.13-29) | |
| Mini Exercises (pg. 1.13-29) | |
| Exercises (pg. 1.13-30) | |
| Problems (pg. 1.13-33) | |
| Analysis Discussion Point (pg. 1.13-37) | |
| Ongoing Analysis Project (pg. 1.13-37) | |
| Solutions to Reviews (pg. 1.13-38) | |
| Module 14 Operating-Income-Based Valuation (pg. 1.14-1) | |
| Equity Valuation Models (pg. 1.14-3) | |
| Dividend Discount Model (pg. 1.14-3) | |
| Discounted Cash Flow Model (pg. 1.14-4) | |
| Residual Operating Income Model (pg. 1.14-4) | |
| Model Equivalency (pg. 1.14-4) | |
| Valuation Model Inputs (pg. 1.14-5) | |
| Review 14-1 (pg. 1.14-6) | |
| Residual Operating Income (ROPI) Model (pg. 1.14-6) | |
| ROPI Model Structure (pg. 1.14-6) | |
| Steps in Applying the ROPI Model (pg. 1.14-7) | |
| Illustrating the ROPI Model (pg. 1.14-8) | |
| Extending the ROPI Model (pg. 1.14-10) | |
| Review 14-2 (pg. 1.14-11) | |
| Steady State in Valuation (pg. 1.14-11) | |
| Multi-Year Forecast Precision (pg. 1.14-12) | |
| Achieving Steady State (pg. 1.14-12) | |
| Forecasting Steady State-An Illustration (pg. 1.14-13) | |
| Review 14-3 (pg. 1.14-15) | |
| Managerial Insights from the ROPI Model (pg. 1.14-15) | |
| Management Focus on Improved Efficiency (pg. 1.14-15) | |
| Management Focus on Improved Profitability (pg. 1.14-16) | |
| Assessment of Valuation Models (pg. 1.14-16) | |
| Analyzing Global Reports (pg. 1.14-17) | |
| Review 14-4 (pg. 1.14-18) | |
| Appendix 14A: P&G Financial Statements (pg. 1.14-18) | |
| Guidance Answer (pg. 1.14-20) | |
| Questions (pg. 1.14-21) | |
| Mini Exercises (pg. 1.14-21) | |
| Exercises (pg. 1.14-23) | |
| Problems (pg. 1.14-26) | |
| Analysis Discussion Point (pg. 1.14-30) | |
| Ongoing Analysis Project (pg. 1.14-31) | |
| Solutions to Reviews (pg. 1.14-32) | |
| Module 15 Market-Based Valuation (pg. 1.15-1) | |
| Valuation Model Using Market Multiples (pg. 1.15-3) | |
| Application of the Model Using Market Multiples (pg. 1.15-4) | |
| Valuation Using Balance Sheet Multiples (pg. 1.15-5) | |
| Valuation Using a Net Operating Asset (NOA) Multiple (pg. 1.15-6) | |
| Valuation Using a Book Value (BV) Multiple (pg. 1.15-6) | |
| Review 15-1 (pg. 1.15-8) | |
| Valuation Using Income Statement Multiples (pg. 1.15-8) | |
| Valuation Using a Net Operating Profit After Tax (NOPAT) Multiple (pg. 1.15-9) | |
| Valuation Using a Net Income (NI) Multiple (pg. 1.15-10) | |
| Valuation Using Industry-Based Multiples (pg. 1.15-11) | |
| Combining Estimates from Differing Multiples (pg. 1.15-11) | |
| Review 15-2 (pg. 1.15-12) | |
| Selecting Comparables for Market Multiples (pg. 1.15-12) | |
| Deriving Price-to-Book from Residual Operating Income Model (pg. 1.15-13) | |
| PB Ratios in Relation to Profitability, Growth, and Risk (pg. 1.15-13) | |
| Deriving Price-to-Earnings from Residual Operating Income Model (pg. 1.15-16) | |
| PE Ratios in Relation to Profitability, Growth, and Risk (pg. 1.15-17) | |
| Review 15-3 (pg. 1.15-18) | |
| Interpreting and Reverse Engineering Market Multiples (pg. 1.15-19) | |
| Interpreting and Reverse Engineering the PB Ratio (pg. 1.15-19) | |
| Interpreting and Reverse Engineering the PE Ratio (pg. 1.15-21) | |
| Perspective on Valuation Multiples and Fundamental Analysis (pg. 1.15-21) | |
| Review 15-4 (pg. 1.15-22) | |
| Guidance Answer (pg. 1.15-23) | |
| Questions (pg. 1.15-23) | |
| Mini Exercises (pg. 1.15-24) | |
| Exercises (pg. 1.15-26) | |
| Problems (pg. 1.15-30) | |
| Analysis Discussion Points (pg. 1.15-34) | |
| Ongoing Analysis Project (pg. 1.15-37) | |
| Solutions to Reviews (pg. 1.15-37) | |
Peter D. Easton
Peter D. Easton is an expert in accounting and valuation and holds the Notre Dame Alumni Chair in Accountancy in the Mendoza College of Business.
Professor Easton’s expertise is widely recognized by the academic research community and by the legal community. Professor Easton frequently serves as a consultant on accounting and valuation issues in federal and state courts.
Professor Easton holds undergraduate degrees from the University of Adelaide and the University of South Australia. He holds a graduate degree from the University of New England and a PhD in Business Administration (majoring in accounting and finance) from the University of California, Berkeley.
Professor Easton’s research on corporate valuation has been published in the Journal of Accounting and Economics, Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies, and Journal of Business Finance and Accounting.
Professor Easton has served as an associate editor for 11 leading accounting journals and he is currently an associate editor for the Journal of Accounting Research, Journal of Business Finance and Accounting, and Journal of Accounting, Auditing, and Finance. He is an editor of the Review of Accounting Studies.
Professor Easton has held appointments at the University of Chicago, the University of California at Berkeley, Ohio State University, Macquarie University, the Australian Graduate School of Management, the University of Melbourne, Tilburg University, National University of Singapore, Seoul National University, and Nyenrode University. He is the recipient of numerous awards for excellence in teaching and in research. Professor Easton regularly teaches accounting analysis and security valuation to MBAs. In addition, Professor Easton has taught managerial accounting at the graduate level.
| Financial Statement Analysis & Valuation, 6e (Easton, McAnally, Sommers) | |
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Errata Last Updated: Oct 30 2023 |
Corrections to identified errors in the first printing of the text. |
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Appendix C Last Updated: Jul 13 2020 |
Appendix C: Comprehensive Case / Harley-Davidson |
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Excel Templates - Students Last Updated: Jul 12 2022 |
Excel templates for use with Module Reviews. |
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Self Study Quizzes Last Updated: Jul 24 2023 |
Brief practice quizzes containing multiple choice questions for each module. Solutions included. |
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