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DETERMINING VALUE

Valuation Models and Financial Statements

This exciting new text addresses a primary concern of financial markets, namely the methods used to value companies. The book bridges a gap, focusing on two complementary dimensions. Firstly, it reviews and critically evaluates valuation models, such as the PE ratio, discounted cash flow and economic value added. Secondly, it practically analyzes the quality and availability of the financial statement data used in valuation models. It will be essential reading for financial market analysts as well as students of accounting and finance, including MBA students, and students taking professional examinations.

Key features

• Comprehensive overview of valuation methods
• Unique integration of the theory of valuation and the practice of financial statement analysis
• Extracts from the Financial Times with a linking paragraph to reinforce relevance to practice
• Simple numerical examples to support all stages of analysis
• Draws upon author's experience of working with financial market practitioners.

Reviewer comments

Sir David Tweedie, Chairman, International Accounting Standards Board

"Dr Barker has produced an extremely readable text appealing both to the novice and the advanced reader. Its comprehensiveness, the real-life cases, its topicality and, above all, its clarity makes the book live. The marriage between finance theory and accounting bring insights both for active participants in the markets and for students of finance and accounting."

Prol,Geoff Whittington, PricewaterhouseCoopers Professor of Financial Accounting, University of Cambridge ,

"This book provides a remarkably clear exposition of the latest thinking and research concerning the use of financial accounting information for appraising the financial performance of business firms. It is an essential read for financial analysts, students and all preparers and users of accounts."

Steve Cooper,

Head of Equity Valuation and Accounting Research, UBS Warburg

"Recent experience with equity markets mean many investors are looking ever more closely at alternative valuation techniques, the link between value and key value drivers and the problems of using accounting data. This excellent and highly informative book deals with all these issues, and more. Invaluable to the student and practitioner."

Prof Maureen McNichols, Graduate School of Business, Stanford University

"The strength of Barker's book is its lucid overview of key concepts in valuation. It provides a very clear articulation of the fundamentals of valuation models and the use of financial statement information to this end."

Prof David Myddleton, Cran field Business School

"This strikes me as a unique work, in a central area of accounting and finance. Dr Barker writes with impressive authority - a very thorough work. This is a super book comprehensive and important, both original and useful."

Dr Richard Barker is a senior lecturer at Cambridge University's Judge Institute of Management. In 1999 he received the University's Pilkington Prize for teaching excellence. He has been a visiting scholar at Stanford University, and was previously a management accountant with ICI. His research has been published by the FT, PricewaterhouseCoopers and leading academic journals. He has been actively involved with organizations such as the ASB, AIMR and UKSIP

228 pages