Numbering Code	U-ECON00 20020 SJ43	Year/Term	2022 ・ First semester
Number of Credits	2	Course Type	Seminar
Target Year	2nd year students	Target Student
Language	Japanese	Day/Period	Fri.4
Instructor name	KUSANO MASAKI (Graduate School of Economics Professor)
Outline and Purpose of the Course	The aim of this seminar is to conduct business analysis and valuation using publicly available information, and study the methods for estimating the value of a company. The steps in business analysis and valuation are as follows: (1) Strategy analysis, (2) accounting analysis, (3) financial analysis, and (4) prospective analysis. The primary focus of this seminar will be financial analysis.
Course Goals	Acquiring foundational knowledge on financial analysis will enable the students to use quantitative and qualitative information in order to conduct fundamental analysis.
Schedule and Contents	In line with our goal of instructing students in financial analysis methodology, we will be working through the following items over the course of one to two weeks, with presenters giving reports, and attendees asking questions and engaging in discussion: 1. Introduction 2. How to read balance sheet 3. How to read income statement 4. How to read cash flow statement 5. Profitability analysis 6. Safety analysis 7. Uncertainty-based risk analysis 8. Growth analysis 9. Introduction to financial statements 10. Analysis of statement of shareholders' equity 11. Analysis of balance sheet and income statement 12. Analysis of cash flow statement 13. Analysis of profitability 14. Analysis of growth and sustainable earnings 15. Conclusion
Evaluation Methods and Policy	Grade evaluation will be conducted based on participation (i.e., attendance, reports, comments).
Course Requirements	It would be better if students had either already completed, or are currently taking classes in, the following subjects: Introductory accounting, accounting, financial accounting, managerial finance, and management strategy.
Study outside of Class (preparation and review)	In line with the lesson plan, students are required to closely read assigned texts before class and prepare some questions on points that require further examination.
Textbooks	Textbooks/References	Sakurai Hisakatsu, 『財務諸表分析（第8版）』(Chuokeizai-sha), Stephen Penman, 『アナリストのための財務諸表分析とバリュエーション』 (Yuhikaku Publishing)
References, etc.	Ito Kunio, 『新・企業価値評価』 (Nihon Keizai Shimbun Shuppan-sha); Otomasa Shota, 『財務諸表分析（第3版）』 (Dobunkan Shuppan)