Business Analysis and Valuation: Using Financial Statements, by Krishna G. Palepu Paul M. Healy Victor L. Bernard

By Krishna G. Palepu Paul M. Healy Victor L. Bernard

Monetary Statements are the root for a variety of enterprise research. there's robust call for between company scholars for direction fabrics that supply a framework for utilizing financial plan information in a number of enterprise research and valuation contexts. enterprise research and Valuation utilizing monetary Statements, 2d variation by way of Palepu/Healy/Bernard offers that framework

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Extra resources for Business Analysis and Valuation: Using Financial Statements, Text and Cases, 2nd Edition

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We’re not an auctions company. ”19 Amazon’s rapid expansion attracted controversy among the investment community. Some analysts argued that Amazon could create value through its broad corporate focus because of the following reasons: • Amazon has established a valuable brand name on the Internet. Given that electronic commerce is a relatively new phenomenon, customers are likely to rely on well known brands to reduce the risk of a bad shopping experience. Amazon’s expansion strategy is sensible because it exploits this valuable resource.

Economies of scale might arise from large investments in research and development (the pharmaceutical or jet engine industries), in brand advertising (soft-drink industry), or in physical plant and equipment (telecommunications industry). FIRST MOVER ADVANTAGE. Early entrants in an industry may deter future en- trants if there are first mover advantages. For example, first movers might be able to set industry standards, or enter into exclusive arrangements with suppliers of cheap raw materials.

First, communication costs inside an organization are reduced because confidentiality can be protected and credibility can be assured through internal mechanisms. Second, the headquarters office can play a critical role in reducing costs of enforcing agreements between organizational subunits. Third, organizational subunits can share valuable nontradable assets (such as organizational skills, systems, and processes) or nondivisible assets (such as brand names, distribution channels, and reputation).

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