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Indice dei documenti su: Annual reports, Financial management, Financial reporting, Coutry Risk, Debt Sustainability
It is clear that some firms are more forthcoming about their financial affairs than other firms, and that the financial statements of a few firms are designed to obscure rather than reveal information. While differences in accounting standards across countries was viewed as the primary culprit for this lack of transparency until recent years, the convergence in accounting standards globally has made it clear that no matter how strict accounting standards are, firms will continue to use their discretionary power to spin and manipulate the numbers that they convey to financial markets.
When analyzing investment decisions, we did not consider in any detail the largest investment decisions that most firms make, i.e., their acquisitions of other firms. Boeing’s largest investment of the last decade was not a new commercial aircraft but its acquisition of McDonnell Douglas in 1996. At the time of the acquisition, Boeing's managers were optimistic about the merger, claiming that it would create substantial value for the stockholders of both firms. What are the principles that govern acquisitions? Should they be judged differently from other investments?
Analisi di bilancio Comparativa: Teva VS Pfizer
The growth of financial markets in Asia and Latin America and the allure of globalization has made the analysis and assessment of country risk a critical component of valuation in recent years. In this paper, we consider two issues. The first is the whether country risk should be considered explicitly in valuation, and if the answer is yes, how to do it.
This paper is based on an earlier paper, “Realignment of debt service obligations and ability to pay in concessional lending: feasibility and modalities” which was commissioned by the World Bank.