| 授業名 | Financial Analysis |
|---|---|
| Course Title | Financial Analysis |
| 担当教員 Instructor Name | Frendy |
| コード Couse Code | GLP124_G22N |
| 授業形態 Class Type | 講義 Regular course |
| 授業形式 Class Format | Hybrid |
| 単位 Credits | 2 |
| 言語 Language | EN |
| 科目区分 Course Category | 基礎科目100系 / Basic |
| 学位 Degree | MBA |
| 開講情報 Terms / Location | 2022 GSM Nagoya Spring |
授業の概要 Course Overview
Misson Statementとの関係性 / Connection to our Mission Statement
The Financial Analysis course is designed to provide an understanding of on how to analyze and interpret qualitative and quantitative information from financial statements and other relevant sources of information for sustainable and ethical business decision making. This course employs cases and a simulation from a portfolio of diverse set of industries and business environments in which students can apply their critical thinking skills and hone their ethical decision-making ability from the financial perspective.
授業の目的（意義） / Importance of this course
By taking this course, participants are expected to apply financial analysis techniques to analyze financial and non-financial information and make decisions from the perspective of business managers, investors, and other users of financial information. This course will benefit those of you currently or planning to work as managers, analysts, entrepreneurs, and those planning to take finance related professional credentials such as CPA (Certified Public Accountant) or CFA (Chartered Financial Analyst). Participants taking this course are expected to have a basic understanding of accounting or finance and are familiar with spreadsheet software.
到達目標 / Achievement Goal
By studying this course, participants will be able to:
• Understand financial analysis concepts, techniques, and practices which include: strategy analysis, accounting quality analysis and ratio analysis to assess the overall company performance.
• Incorporate strategy, fraud risk, and ethical aspects of financial analysis.
• Engage in a financial analysis simulation.
• Take a role of an analyst and write a comprehensive financial analysis report.
• Understand financial analysis concepts, techniques, and practices which include: strategy analysis, accounting quality analysis and ratio analysis to assess the overall company performance.
• Incorporate strategy, fraud risk, and ethical aspects of financial analysis.
• Engage in a financial analysis simulation.
• Take a role of an analyst and write a comprehensive financial analysis report.
本授業の該当ラーニングゴール Learning Goals
*本学の教育ミッションを具現化する形で設定されています。
LG1 Critical Thinking
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG7 Global Perspective (GLP)
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG7 Global Perspective (GLP)
受講後得られる具体的スキルや知識 Learning Outcomes
Upon the completion of the course, participants are expected to be able to:
• Understand the role of financial analysis in the context of informed and ethical business decision makings.
• Use financial statements and other relevant information to analyze business problems.
• Practice a financial analysis simulation using real world data.
• Critically review case studies, debate, and effectively communicate well researched ideas and action plans to peers.
• Develop critical writing skills through the case studies assignments and capstone financial analysis case.
• Understand the role of financial analysis in the context of informed and ethical business decision makings.
• Use financial statements and other relevant information to analyze business problems.
• Practice a financial analysis simulation using real world data.
• Critically review case studies, debate, and effectively communicate well researched ideas and action plans to peers.
• Develop critical writing skills through the case studies assignments and capstone financial analysis case.
SDGsとの関連性 Relevance to Sustainable Development Goals
Goal 12 つくる責任、つかう責任（Responsible Consumption and Production）
教育手法 Teaching Method
| 教育手法 Teaching Method | % of Course Time | |
|---|---|---|
| インプット型 Traditional | 20 % | |
| 参加者中心型 Participant-Centered Learning | ケースメソッド Case Method | 80 % |
| フィールドメソッド Field Method | 0 % | 合計 Total | 100 % |
事前学修と事後学修の内容、レポート、課題に対するフィードバック方法 Pre- and Post-Course Learning, Report, Feedback methods
＜Course Prerequisites
• Two cases will be discussed for each course day (7 cases and 1 simulation will be discussed during the four-days weekend intensive course). Participants are suggested to spend at least three hours of preparation per-case before the start of the class to ensure students' active participation in the group and class discussions.
• Participants are expected to be familiar with the basic operation of spreadsheet software (Microsoft Excel or Google Sheet).
• All participants are expected to bring their personal computers/tablets in the class to practice the financial analysis techniques using collaborative Google Sheet that will be prepared by the instructor for each case. Using smartphone for this purpose is not advised.
• Active and high-quality class participation is required and expected from every participant in this course. The quality of the participation will be evaluated based on contribution to move the discussion forward (e.g., introducing new idea/concept or challenging existing discussion points).
• All the submission of the Case Assignments and the Capstone Financial Analysis Report will be handled through Google Classroom.
• All the Case Assignments and the Capstone Financial Analysis Report submissions must be submitted in a timely manner. All late submissions will be penalized. Late notification will not serve as justification for incomplete or late submissions.
• Grades and write feedbacks on the Case Assignments will be returned a few days after the submission deadlines.
• Content: Solutions to the case assignment questions (the questions will be distributed along with the Case Book).
• Due date: Before the group discussion starts on the first day of class (09.20 AM JST).
• Submission method: Online submission to Google Classroom (single space & no PowerPoint).
＜Capstone Financial Analysis Report (Individual)
• The final report will give you an opportunity to apply all the financial analysis tools and skills participants learned throughout the course. Participants will play a role of an analyst and will be responsible to submit a comprehensive financial analysis report of a public company of his/her choosing.
• Further details on the contents and grading criteria of the final report will be explained at the start of the course.
• Deadline: Two weeks after the last day of the course.
• Submission method: Online submission to Google Classroom.
• Submission format: 1 PDF file (no more than 10 sheets of A4 pages, no prescribed format, PowerPoint slides are not acceptable) and 1 spreadsheet file (Microsoft Excel or Google Sheet).
• Two cases will be discussed for each course day (7 cases and 1 simulation will be discussed during the four-days weekend intensive course). Participants are suggested to spend at least three hours of preparation per-case before the start of the class to ensure students' active participation in the group and class discussions.
• Participants are expected to be familiar with the basic operation of spreadsheet software (Microsoft Excel or Google Sheet).
• All participants are expected to bring their personal computers/tablets in the class to practice the financial analysis techniques using collaborative Google Sheet that will be prepared by the instructor for each case. Using smartphone for this purpose is not advised.
• Active and high-quality class participation is required and expected from every participant in this course. The quality of the participation will be evaluated based on contribution to move the discussion forward (e.g., introducing new idea/concept or challenging existing discussion points).
• All the submission of the Case Assignments and the Capstone Financial Analysis Report will be handled through Google Classroom.
• All the Case Assignments and the Capstone Financial Analysis Report submissions must be submitted in a timely manner. All late submissions will be penalized. Late notification will not serve as justification for incomplete or late submissions.
• Grades and write feedbacks on the Case Assignments will be returned a few days after the submission deadlines.
• Content: Solutions to the case assignment questions (the questions will be distributed along with the Case Book).
• Due date: Before the group discussion starts on the first day of class (09.20 AM JST).
• Submission method: Online submission to Google Classroom (single space & no PowerPoint).
＜Capstone Financial Analysis Report (Individual)
• The final report will give you an opportunity to apply all the financial analysis tools and skills participants learned throughout the course. Participants will play a role of an analyst and will be responsible to submit a comprehensive financial analysis report of a public company of his/her choosing.
• Further details on the contents and grading criteria of the final report will be explained at the start of the course.
• Deadline: Two weeks after the last day of the course.
• Submission method: Online submission to Google Classroom.
• Submission format: 1 PDF file (no more than 10 sheets of A4 pages, no prescribed format, PowerPoint slides are not acceptable) and 1 spreadsheet file (Microsoft Excel or Google Sheet).
授業スケジュール Course Schedule
第1日（Day1）
09:20~10:00 (40 min.) Group Discussion Session10:00~10:05 (5 min.) Short Break
10:05~12:00 (115 min.) Case Discussion 1
12:00~13:00 (60 min.) Lunch Break
13:00~14:10 (70 min.) Case Discussion 2
14:10~14:20 (10 min.) Short Break
14:20~16:00 (100 min.) Case Discussion 3
16:00~16:10 (10 min.) Short Break
16:10~16:40 (30 minutes): Closing Session
●使用するケース
Session 1: Analyzing Two Investments—An Instructional Case to Introduce Basic Financial Accounting ConceptsWendy J. Bailey & Janet A. Samuels
Issues in Accounting Education Vol. 33, No. 4, November 2018
American Accounting Association
Session 2: Urban Water Partners (A) & (B)
Karthik Ramanna, George Serafeim, & Aldo Sesia
Harvard Business School
Case ID: 111016 & 111029
Pub Date: Aug 13, 2010 (Revised: Jan 28, 2013) & Aug 13, 2010 (Revised: Jan 24, 2013)
第2日（Day2）
09:20~10:00 (40 min.) Group Discussion Session10:00~10:05 (5 min.) Short Break
10:05~12:00 (115 min.) Case Discussion 1
12:00~13:00 (60 min.) Lunch Break
13:00~14:10 (70 min.) Case Discussion 2
14:10~14:20 (10 min.) Short Break
14:20~16:00 (100 min.) Case Discussion 3
16:00~16:10 (10 min.) Short Break
16:10~16:40 (30 minutes): Closing Session
●使用するケース
Session 3: Healthway Medical Corporation Limited: Do Stock Valuation Metrics Render Financial Analysis Redundant?Ming Jian, Patricia Tan, & Nandini Vijayaraghavan
ABCC at Nanyang Tech University
Case ID: NTU129
Pub Date: Jul 27, 2017 (Revised: Apr 13, 2021)
Session 4: Financial Policy at Apple, 2013 (A) & (B)
Mihir A. Desai & Elizabeth A. Meyer
Harvard Business School
Case ID: 214085 & 214094
Pub Date: Jun 19, 2014 & Jun 5, 2014
第3日（Day3）
09:20~10:00 (40 min.) Group Discussion Session10:00~10:05 (5 min.) Short Break
10:05~12:00 (115 min.) Case Discussion 1
12:00~13:00 (60 min.) Lunch Break
13:00~14:10 (70 min.) Case Discussion 2
14:10~14:20 (10 min.) Short Break
14:20~16:00 (100 min.) Case Discussion 3
16:00~16:10 (10 min.) Short Break
16:10~16:40 (30 minutes): Closing Session
●使用するケース
Session 5: First Solar: CFRA's Accounting Quality Concerns (SDGs Goal 12: Responsible Consumption and Production)Suraj Srinivasan & Ian McKown Cornell
Harvard Business School
Case ID: 113044
Pub Date: Jan 24, 2013 (Revised: Aug 12, 2013)
Session 6: Diamond Foods, Inc. (SDGs Goal 12: Responsible Consumption and Production)
Suraj Srinivasan & Tim Gray
Harvard Business School
Case ID: 113055
Pub Date: Feb 13, 2013
第4日（Day4）
09:20~10:00 (40 min.) Group Discussion Session10:00~10:05 (5 min.) Short Break
10:05~12:00 (115 min.) Case Discussion 1
12:00~13:00 (60 min.) Lunch Break
13:00~14:10 (70 min.) Case Discussion 2
14:10~14:20 (10 min.) Short Break
14:20~16:00 (100 min.) Case Discussion 3
16:00~16:10 (10 min.) Short Break
16:10~16:40 (30 minutes): Closing Session
●使用するケース
Session 7: Fraud Risk Brainstorming at Tesla Motors (SDGs Goal 12: Responsible Consumption and Production)Megan F. Hess & Lindsay M. Andiola
Issues in Accounting Education Vol. 33, No. 2, May 2018
American Accounting Association
Session 8: Financial Analysis Simulation: Data Detective
V.G. Narayanan & Suraj Srinivasan
Harvard Business School
Case ID: 8742
Pub Date: Jun 21, 2018
成績評価方法 Evaluation Criteria
*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
| 講師用内規準拠 Method of Assessment | Weights |
|---|---|
| コールドコール Cold Call | 0 % |
| 授業内での挙手発言 Class Contribution | 50 % |
| クラス貢献度合計 Class Contribution Total | 50 % |
| 予習レポート Preparation Report | 15 % |
| 小テスト Quizzes / Tests | 0 % |
| シミュレーション成績 Simulation | 0 % |
| ケース試験 Case Exam | 0 % |
| 最終レポート Final Report | 35 % |
| 期末試験 Final Exam | 0 % |
| 参加者による相互評価 Peer Assessment | 0 % |
| 合計 Total | 100 % |
評価の留意事項 Notes on Evaluation Criteria
Active contribution in the class through vigorous discussion and debate represents 50% of the final grade. The capstone financial analysis case will be worth 35% towards total grade. Individual daily preparation reports (case assignments) will contribute to the rest of the grade (15%).教科書 Textbook
- 配布資料
参考文献・資料 Additional Readings and Resource
Day 1 (Introduction of Accounting and Financial Analysis)
• H. David Sherman and S. David Young, “Where Financial Reporting Still Falls Short” Harvard Business Review, July–August 2016, pp. 76–84. https://hbr.org/2016/07/where-financial-reporting-still-falls-short
• S. P. Kothari, Sloan School of Management Financial Accounting Lecture Notes - Summer 2004. https://ocw.mit.edu/courses/sloan-school-of- management/15-511-financial-accounting-summer-2004/lecture-notes/
Day 2 (Financial Analysis Techniques)
• CFA Level 1 Reading 26 – Financial Analysis Techniques. https://www.youtube.com/watch?v=03cG6DgLRI0
Day 3 (Accounting Quality Analysis)
• Harris Collingwood, “The Earnings Game: Everyone Plays, Nobody Wins” Harvard Business Review, June 2001. https://hbr.org/2001/06/the-earnings-game-everyone-plays-nobody-wins
Day 4 (Fraud Risk)
• Chartered Institute of Management Accountants, "Fraud risk management: A guide to good practice" 2008.
https://www.cimaglobal.com/Documents/ImportedDocuments/cid_techguide_fraud_risk_management_feb09.pdf.pdf
• H. David Sherman and S. David Young, “Where Financial Reporting Still Falls Short” Harvard Business Review, July–August 2016, pp. 76–84. https://hbr.org/2016/07/where-financial-reporting-still-falls-short
• S. P. Kothari, Sloan School of Management Financial Accounting Lecture Notes - Summer 2004. https://ocw.mit.edu/courses/sloan-school-of- management/15-511-financial-accounting-summer-2004/lecture-notes/
Day 2 (Financial Analysis Techniques)
• CFA Level 1 Reading 26 – Financial Analysis Techniques. https://www.youtube.com/watch?v=03cG6DgLRI0
Day 3 (Accounting Quality Analysis)
• Harris Collingwood, “The Earnings Game: Everyone Plays, Nobody Wins” Harvard Business Review, June 2001. https://hbr.org/2001/06/the-earnings-game-everyone-plays-nobody-wins
Day 4 (Fraud Risk)
• Chartered Institute of Management Accountants, "Fraud risk management: A guide to good practice" 2008.
https://www.cimaglobal.com/Documents/ImportedDocuments/cid_techguide_fraud_risk_management_feb09.pdf.pdf
授業調査に対するコメント Comment on Course Evaluation
“I really appreciated assignments feedbacks, that helped to keep motivation level high and understand even more from the cases.”
“The final report is a considerable task, but professor drove us through every single aspect to be included and also provided the relevant/necessary material to know how to calculate and interpretate the financial information.”
“Great hands-on Excel teaching with understand multiple perspective of financial concepts and interpretations of the data.”
“Have some accounting lectures in the beginning of the class will help us understand the class smoothly.”
“The final report is a considerable task, but professor drove us through every single aspect to be included and also provided the relevant/necessary material to know how to calculate and interpretate the financial information.”
“Great hands-on Excel teaching with understand multiple perspective of financial concepts and interpretations of the data.”
“Have some accounting lectures in the beginning of the class will help us understand the class smoothly.”
担当教員のプロフィール About the Instructor
Frendy, Ph.D., CPA (IL), completed his doctorate and master's degree at the Graduate School of Economics, Nagoya University, where he received the Japanese Government (MEXT) scholarship. He obtained a B.S. in Economics (Honors), majoring in Accounting, from the Faculty of Economics and Business, Universitas Gadjah Mada, Indonesia. He holds a U.S. Certified Public Accounting license from the State of Illinois and is a member of the American Institute of CPAs (AICPA), the Institute of Management Accountants (IMA), and the Japan Accounting Association (JAA). He participated in the 2019 Global Colloquium on Participant-Centered Learning Workshop and the 2020 Case Writing Workshop at Harvard Business School.
His research interests include sustainable development, sustainability reporting & disclosures, corporate governance, audit, and financial accounting. He has presented papers at the American Accounting Association (AAA) Annual Meeting, the European Accounting Association (EAA) Annual Congress, the Japan Accounting Association Annual Conference, and other international conferences. He has published articles in international journals such as the Journal of Contemporary Accounting and Economics, the Journal of Accounting Literature, the Asian Review of Accounting, Regional Studies, Regional Science, and the Asia-Pacific Journal of Accounting & Economics. He serves as an editorial board member of the Indonesian Journal of Accounting Research and the Journal of Indonesian Economy and Business.
（実務経験 Work experience）
He has work experience as an audit associate at KPMG Indonesia, one of the global Big 4 audit firms, and as an external expert for a change management project for Kreston Digital Indonesia.
Refereed Articles
- (2024) Leveraging place-based resources for quality education: insights from a forest community outreach project in Japan. International Journal of Sustainability in Higher Education 1467-6370
- (2023) Digitalization in management accounting systems for urban SMEs in a developing country: A mediation model analysis. Cogent Economics & Finance 11 2332-2039
- (2023) Employing String Similarity Metrics of Partners to Estimate Audit Team Continuity: Determinant and Its Effects on Audit Outcomes and Pricing. Journal of Accounting Literature 0737-4607
- (2023) Regional Sustainable Development Using a Quadruple Helix Approach in Japan. Regional Studies, Regional Science
- (2022) Using Fuzzy TOPSIS and Balanced Scorecard for Kaizen Evaluation. Business Systems Research