| 授業名 | Financial Analysis |
|---|---|
| Course Title | Financial Analysis |
| 担当教員 Instructor Name | Frendy |
| コード Couse Code | GLP125_G21N |
| 授業形態 Class Type | 講義 Regular course |
| 授業形式 Class Format | On Campus |
| 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 | 2021 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 contained in the company's financial statements and other relevant sources of information for 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 in the context of financial information.
授業の目的（意義） / Importance of this course
By taking this course, students 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). Students 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 taking part in this course, students 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
By the end of the course, you will 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 9 産業と技術革新の基盤をつくろう（Industry, Innovation and Infrastructure）
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
The most important requirements for this course are a thorough preparation and analysis of the assigned cases, reading material, and active participation in the classroom. Two cases will be discussed for each course day (7 cases and 1 simulation will be discussed during the four-days weekend intensive course). Students are expected to spend at least three hours of individual preparation per-case before the start of the class to ensure students' active participation in the group and class discussions. Students taking this course are expected to have a basic understanding of accounting or finance and are familiar with spreadsheet software. All students are also expected to bring their personal computer/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 students participating in this course. The quality of the participation will be evaluated based on students contribution to move the discussion forward (e.g., introducing new idea/concept or challenging existing approach).
Students are expected to behave professionally and be respectful to his/her peers at all times. In addition to the case discussion preparation, students are expected to submit two kinds of individual written report: four “Case Assignments” before the start of each class and one final “Capstone Financial Analysis Report” at the end of the course. The Case Assignments for each day of the course will be distributed along with the Case Book. 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 written feedbacks on the Case Assignments will be returned a few days after the submission deadlines.
Case Assignments
Frequency: One set of assignment is prepared for each lecture day (4 assignments are due for the whole course).
Content: Solutions to the questions (the questions will be distributed along with the Case Book).
Deadline: Before the class of the day begins (09.20 AM JST).
Submission method: Online submission to Google Classroom, single space, no prescribed format.
Capstone Financial Analysis Report
Frequency: One final report is prepared at the end of the course.
Content:
The final report will give you an opportunity to apply all the financial analysis tools and skills you learned throughout the course. Students 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. The project will be developed gradually throughout the course, as you learn the various aspects of the financial analysis process. Further details on the contents and grading criteria of the final report will be provided at the start of the course.
Deadline: One week after the last meeting of the course
Submission method: Online submission to Google Classroom, no page limit (single space), no prescribed format, PowerPoint slides are not acceptable.
Active and high-quality class participation is required and expected from every students participating in this course. The quality of the participation will be evaluated based on students contribution to move the discussion forward (e.g., introducing new idea/concept or challenging existing approach).
Students are expected to behave professionally and be respectful to his/her peers at all times. In addition to the case discussion preparation, students are expected to submit two kinds of individual written report: four “Case Assignments” before the start of each class and one final “Capstone Financial Analysis Report” at the end of the course. The Case Assignments for each day of the course will be distributed along with the Case Book. 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 written feedbacks on the Case Assignments will be returned a few days after the submission deadlines.
Case Assignments
Frequency: One set of assignment is prepared for each lecture day (4 assignments are due for the whole course).
Content: Solutions to the questions (the questions will be distributed along with the Case Book).
Deadline: Before the class of the day begins (09.20 AM JST).
Submission method: Online submission to Google Classroom, single space, no prescribed format.
Capstone Financial Analysis Report
Frequency: One final report is prepared at the end of the course.
Content:
The final report will give you an opportunity to apply all the financial analysis tools and skills you learned throughout the course. Students 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. The project will be developed gradually throughout the course, as you learn the various aspects of the financial analysis process. Further details on the contents and grading criteria of the final report will be provided at the start of the course.
Deadline: One week after the last meeting of the course
Submission method: Online submission to Google Classroom, no page limit (single space), no prescribed format, PowerPoint slides are not acceptable.
授業スケジュール Course Schedule
第1日（Day1）
09:20~10:00 (40 minutes): Small Group Session10:00~12:00 (120 minutes): Basics of Financial Statements (Session 1) [Urban Water Partners (A)]
12:00~12:40 (40 minutes): Lunch Break
12:40~13:35 (55 minutes): Basics of Financial Statements (Session 1) [Urban Water Partners (A) & (B)]
13:35~13:45 (10 minutes): Break
13:45~15:15 (90 minutes): Basics of Financial Analysis (Session 2) [Anandam Manufacturing Company]
15:15~15:25 (10 minutes): Break
15:25~16:40 (75 minutes): Basics of Financial Analysis (Session 2) [Anandam Manufacturing Company]
●使用するケース
Session 1: 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)
Session 2: Anandam Manufacturing Company: Analysis of Financial Statements
Vinay Goyal, Subrata Kumar Mitra
Ivey Publishing
Case ID: W16204
Pub Date: Apr 6, 2016
第2日（Day2）
09:20~10:00 (40 minutes): Small Group Session10:00~12:00 (120 minutes): Cash Flow Analysis (Session 3) [Cash Flows at Amazon.com]
12:00~12:40 (40 minutes): Lunch Break
12:40~13:35 (55 minutes): Cash Flow Analysis (Session 3) [Cash Flows at Amazon.com]
13:35~13:45 (10 minutes): Break
13:45~15:15 (90 minutes): Ratio Analysis (Session 4) [Financial Policy at Apple, 2013 (A)]
15:15~15:25 (10 minutes): Break
15:25~16:40 (75 minutes): Ratio Analysis (Session 4) [Financial Policy at Apple, 2013 (A) & (B)]
●使用するケース
Session 3: Cash Flows at Amazon.comRichard A. Price III
Issues in Accounting Education Vol. 28, No. 2, 2013
American Accounting Association
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 minutes): Small Group Session10:00~12:00 (120 minutes): Accounting Quality Analysis (Session 5) [First Solar]
12:00~12:40 (40 minutes): Lunch Break
12:40~13:35 (55 minutes): Accounting Quality Analysis (Session 5) [First Solar]
13:35~13:45 (10 minutes): Break
13:45~15:15 (90 minutes): Accounting Quality Analysis (Session 6) [Diamond Foods, Inc.]
15:15~15:25 (10 minutes): Break
15:25~16:40 (75 minutes): Accounting Quality Analysis (Session 6) [Diamond Foods, Inc.]
●使用するケース
Session 5: First Solar: CFRA's Accounting Quality ConcernsSuraj Srinivasan, Ian McKown Cornell
Harvard Business School
Case ID: 113044
Pub Date: Jan 24, 2013 (Revised: Aug 12, 2013)
Session 6: Diamond Foods, Inc.
Suraj Srinivasan, Tim Gray
Harvard Business School
Case ID: 113055
Pub Date: Feb 13, 2013
第4日（Day4）
09:20~10:00 (40 minutes): Small Group Session10:00~12:00 (120 minutes): Fraud Risk (Session 7) [Fraud Risk Brainstorming at Tesla Motors]
12:00~12:40 (40 minutes): Lunch Break
12:40~13:35 (55 minutes): Fraud Risk (Session 7) [Fraud Risk Brainstorming at Tesla Motors]
13:35~13:45 (10 minutes): Break
13:45~15:15 (90 minutes): Simulation (Session 8) [Financial Analysis Simulation: Data Detective]
15:15~15:25 (10 minutes): Break
15:25~16:40 (75 minutes): Simulation Discussion and Debriefing (Session 8) [Financial Analysis Simulation: Data Detective]
●使用するケース
Session 7: Fraud Risk Brainstorming at Tesla MotorsMegan 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 | 10 % |
| 小テスト Quizzes / Tests | 40 % |
| 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 | 0 % |
| 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 40% toward the final course grade. Individual daily assignments (4 assignments) will contribute to the rest of your final grade (10%).教科書 Textbook
- Thomas R. Robinson, Elaine Henry, Wendy L. Pirie, Michael A. Broihahn, and Anthony T. Cope「International Financial Statement Analysis, 3rd Edition」John Wiley & Sons, Inc.（2015）978-1-118-99947-9
参考文献・資料 Additional Readings and Resource
Day 1 (Introduction of 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)
• 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)
• 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
"Not only various methods for analyzing financial statements, the role and steps that financial analysts do in a company for making decision such as capital investment decision were taught, risks were highlighted and many calculations and assumption exercises in individual and group works."
"If there was more time, we could have had more time to understand some complex concept."
"Nice mix between case discussions, group work and lecturing. The amount of cases was relatively low, but allowed sufficient time for discussions"
"If there was more time, we could have had more time to understand some complex concept."
"Nice mix between case discussions, group work and lecturing. The amount of cases was relatively low, but allowed sufficient time for discussions"
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