Chapter 2
Chapter 2. Financial Statement and Cash Flow Analysis OPENING FOCUS. Accounting for the numbers Sources: Campbell Harvey, John Graham and Shivaram Rajgopal (2006) The Economic Implications of Corporate Financial Reporting', Journal of Accounting and Accounting is the language of business, but, as we would impact on the earnings per share number in a know, the elements of language can be changed and manner that would surprise the stock market. rearranged to make different stories. So too with Managers would trade off good value projects in accounting information. Studies by professors from favour of smoother earnings. None of these practices Duke University in the USA have shown that execu- are in any way fraudulent or illegal. Rather they tives are adept at making changes to accounting show how closely the managers watch the analysts information, perfectly legally, which can have a who watch the earnings of the companies that the Economics, 40; Rebecca Rosner (2003) Earnings Manipulation in Failing Firms', Contemporary Accounting Research, 20(2): 361 408.
13 Dividend policy Part 5 Additional topics in corporate finance 14 Entrepreneurial finance and venture capital 15 International financial management 16 Risk management 17 Mergers, acquisitions and corporate control. ... Chapter 2 Financial Statement and Cash Flow Analysis 33.
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