Wongxiaoming Essays

2041 Words Dec 13th, 2014 9 Pages
-1?



The Aim of the Course
To develop and apply technologies for valuing firms and for strategic planning to generate value within the firm. • • Features of the approach: A disciplined approach to valuation: minimizes ad hockery
– Built on theoretical and empirical findings from scientific research
I

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Marries fundamental analysis and financial statement analysis
– Exploits accounting as a system for measuring value added – Exposes good (and “bad”) accounting from a valuation perspective

L

Financial Statement Analysis and Security Valuation

• • •

Integrates financial statement analysis with corporate finance Focuses on technologies that can be used in practice
– Based on real world examples

Adopts activist
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28.2010 Microsoft reported 13% year-over-year growth to SI . billion of revenueforthe first quarterot fiscal 2011 asthe companys three main businesses perf - The Windows division continuedtedo the = corporatePCrefreshesrollsthrough. l --- -- of Office20l0helpedpropelthebusiness ' tosaleso 85.1tillion.llpl3.5%from8 'ionin -- tr of2010. Another lrigti spot |ver&~ division,v\hichreoordedthes - = dotrbledigitgrowtlrafterbeiig - t ediigs quamers. Thereh ‘' ificarrte ---Y recentmon i~~ l -- icrosoft's strategicdirecf ~- - - osoffs ~ inessdivision,le 0. Nokia. ' whowasflill ~ ‘anointedsu: ssoras 11 - itect.wi avirgthecornpanyfhe -=- rolewi filledbya oftisarrextrensrly 1-~ ~- - '== - -= y.anafilitythutr'wals such eandmplecannotmadtweexpectthat Micros 'lbemtrenchedinenterpriseforaverylong ' .Ho Jhecomparryhasmisedonverylarge unit - assearclrandnrobilevwthoutaclear leader that is respected by the tng'mersat M‘ ltvvebelievethecorrrparrrwilllilrelyoonfinueto eoulside of its three core businesses. ‘Ihesls May 07. 2010 The disruptive change brougrtabout by cloixl computing will chaleme Microsoft's core Windows and Office franchises. but itwill also presentthe fimrwith an oppomnitytocapture alargerslnre ofenterprise IT speniing. Clout computing is a singular threat to Microsoft became

to mcess their information and from a mrltitude of hardware and software |:f his strikes y at the Windows platfomr. which is ' Microsoft’: moat

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