Numbering Code	U-ECON00 30030 SJ43 U-ECON00 40040 SJ43	Year/Term	2022 ・ First semester
Number of Credits	2	Course Type
Target Year		Target Student
Language	Japanese	Day/Period	Fri.5
Instructor name	KUSANO MASAKI (Graduate School of Economics Professor)
Outline and Purpose of the Course	The purpose of this seminar is to use published information to conduct corporate analysis and acquire methods for estimating corporate value. The steps of corporate analysis consist of (1) management strategy analysis, (2) accounting analysis, (3) financial analysis, and (4) future analysis. This seminar will focus on financial analysis and prospects analysis
Course Goals	By acquiring basic knowledge to conduct a financial and prospectus analysis, one could estimate a firm's value by using quantitative and qualitative information.
Schedule and Contents	To conduct a prospectus analysis, it is necessary to integrate the knowledge of accounting and corporate finance. Therefore, a series of seminars on the following subjects will be conducted through reports of the assignee and Q&A sessions. Session 1: Getting Started with the Exercises Session 2: Introduction to Financial Statements Session 3: How to use financial statements for valuation Session 4: Cash basis accounting, accrual basis accounting, discounted cash flow analysis Session 5: Accrual Accounting and Valuation: Pricing based on Book Value Session 6: Accrual Accounting and Valuation: Pricing based on Earnings Session 7: Analysis of the Stockholders' Equity Statement Session 8: Balance Sheet and Income Statement Analysis Session 9: Cash flow statement analysis Session 10: Profitability Analysis Session 11: Analysis of growth potential and sustainable profit Session 12: Evaluation of the value of business activities and business PBR and PER Session 13: Forecasting, valuation, and business strategy analysis using the maximum information available Session 14: Analysis of the quality of financial statements Session 15: Summary
Evaluation Methods and Policy	Performance is evaluated based on normal attendance. However, the evaluation for normal attendance includes participation in seminars, reports, and comments in seminars.
Course Requirements	It is desirable for the students who wish to take this course to have already taken or simultaneously taking the Introduction to Accounting, Accounting, Corporate Analysis, Financial Accounting, Management Strategy, Management Finance, and Econometrics.
Study outside of Class (preparation and review)	Read the textbooks well before the seminar and sort out questions following the course plan.
Textbooks	Textbooks/References	ステファン・ペンマン 『アナリストのための財務諸表分析とバリュエーション』 (有斐閣) [Anarisuto no tameno Zaimu shoyho bunseki to baryue-shon (Yuhikaku) Original English Eddition: Stephan H. Penman, Financial Statement Analysis and Security Valuation, Fifth Edition, (McGraw-Hill Education;2012]
References, etc.	K・G・パレプ，P・M・ヒーリ―，V・L・バーナード 『企業分析入門（第2版）』 (東京大学出版会)[Krishna G. Palepu, Bernard, Victor L., Healy, Paul M.," Business Analysis and Valuation 2nd ed." (Japanese edition by University of Tokyo Press) ]; ラッセル・ランドホルム，リチャード・スローン 『企業価値評価　eValによる財務分析と評価』 (日本経済新聞出版社)[Russell Lundholm, Richard Sloan, "Equity Valuation and Analysis with eVal" (Japanese Edition by Nikkei Inc.)]; 伊藤邦雄 『企業価値経営』 (日本経済新聞出版) [Kunio Ito "Kigyo Kachi Keiei (Corporate Value Management)" (Nikki Inc.)];