シラバス Syllabus

授業名 Financial Analysis
Course Title Financial Analysis
担当教員 Instructor Name Frendy
コード Couse Code NUC420_N21A
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 専門教育科目 / Specialized Subject
学位 Degree BBA
開講情報 Terms / Location 2021 UG Nisshin Term2

授業の概要 Course Overview

The Financial Analysis course employs active learning and case method where students will learn how to employ insights gained from the financial statements to make critical and strategic business decisions. This course should provide students with a basic understanding of concepts and techniques necessary to process information disclosed in financial statements as a basis for rational and ethical decision making as investors, entrepreneurs, and analysts.
The Financial Analysis course provides students with understanding, tools, and hands-on experience on how to analyze and interpret financial statements from the perspective of investors, creditors, and other users of financial statements. Students are expected to write a comprehensive analysis of a publicly traded corporation at the end of the course. Students enrolled in this course must have a basic spreadsheet skill as the course will use Microsoft Excel extensively.
○ LG1 - Critical Thinking
■ Students can understand and apply financial statements analysis concepts such as financial ratios and financial forecasts.
■ Students evaluate how financial statements analysis helps users of financial statements users evaluate the performance of the reporting entity.
■ Students assess overall company success or failure using business analysis techniques and tools.

○ LG2 - Diversity Awareness
■ Students can apply the financial statements analysis knowledge to corporations operating in diverse industries and services.

○ LG3 - Ethical Decision Making
■ Students can understand the ethical consequences of fraudulent
financial reporting and apply techniques to measure the quality of financial statements.

○ LG4 - Effective Communication
■ Students are able to discuss the financial analysis case in small-group and class settings.
■ Students can write a comprehensive business analysis report for a publicly listed company.

本授業の該当ラーニングゴール Learning Goals


LG1 Critical Thinking
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG6 Managerial Perspectives (BBA)

受講後得られる具体的スキルや知識 Learning Outcomes

After completion of the course, students are expected to be able to:
1. Understand the role of financial analysis in the context of business decision makings.
2. Use financial statements and other relevant information to diagnose management problems.
3. Critically read, analyze, and discuss case studies related to financial analysis.
4. Effectively use financial statements and other resources to evaluate the financial well-being of a publicly listed company.

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 %

学習方法、レポート、課題に対するフィードバック方法 Course Approach, Report, Feedback methods

This course combines the use of three learning methods: summaries of concepts and tools from the instructor; case analysis and discussion; and writing an independent business analysis project.

Case Method Learning
It is important that students adequately prepare for assigned case discussions prior to each class session. Students will be expected to read the case before the actual class discussion. Individual case solutions to assignments should be uploaded to Google Classroom before the class and it will be graded.
At the beginning of each class session, 20 minutes will be dedicated to group discussions on the case that have been assigned for discussion on that day. The member of each group will be randomly assigned at the beginning of each class session. Within the group, students are expected to reflect on they would answer the assigned questions. Then students should clarify their analysis in the class discussion session. Active discussion on both the group and in-class sessions is encouraged and will be assessed.

Individual Financial Analysis Project
The project will provide students an opportunity to apply all the financial analysis tools and skills they learned throughout the course for a real-world publicly traded company. The company selection must be pre-approved by the instructor to prevent duplicate works. The project will be developed gradually throughout the term, as you learn various aspects of business analysis. Further details on this project will be provided in the class.

授業スケジュール Course Schedule


The Basics of Financial Analysis

Ramanna, K., Serafeim, G. and Sesia, A. (2013) "Urban Water Partners (A)" Harvard Business School No. 111016.


Understanding and Analyzing Income Statements

Frendy (2021) “Financial Statements Analysis of Seven & i Holdings Co. (2019-2021) (A)” NUCB Undergraduate School. Case ID: 21976.


Understanding and Analyzing Balance Sheets

Frendy (2021) “Financial Statements Analysis of Seven & i Holdings Co. (2019-2021) (B)” NUCB Undergraduate School. Case ID: 21977.


Financial Ratio Techniques

Goyal, V. and Mitra, S. K. (2016) “Anandam Manufacturing Company: Analysis of Financial Statements” Ivey Publishing No. W16204.


Understanding and Analyzing Cash Flow

Price III, Richard A. (2013) "Cash Flows at Amazon.com" Issues in Accounting Education, Vol. 28, No. 2, American Accounting Association.


Evaluating Fraud Risk

Hess, Megan F. & Andiola, Lindsay M. (2018) "Fraud Risk Brainstorming at Tesla Motors" Issues in Accounting Education, Vol. 33, No. 2, American Accounting Association.


Financial Analysis Simulation

Narayanan, V. G. & Srinivasan, S. (2018), "Financial Analysis Simulation: Data Detective" Harvard Business School No. 8742.

成績評価方法 Evaluation Criteria

講師用内規準拠 Method of Assessment Weights
予習レポート Preparation Report 25 %
コールドコール Cold Call 0 %
授業内での挙手発言 Class Contribution 45 %
ケース試験 Case Exam 0 %
参加者による相互評価 Peer Assessment 0 %
シミュレーション成績 Simulation 0 %
小テスト Quizzes / Tests 0 %
最終レポート Final Report 30 %
期末試験 Final Exam 0 %
合計 Total 100 %

評価の留意事項 Notes on Evaluation Criteria

The final report represent 30% of the grade. Students are expected to ask questions and actively contribute to the class discussions. Discussion activities in the class will be graded and they represent 45% of the total grade. The individual case studies assignments contributes to 25% of the grade.

The final grade distribution will be assigned following the following criteria:
• 90–100 S
• 80–89 A
• 70-79 B
• 60-69 C
• 40-59 F-Retry
(Students could apply for a make-up report and get another opportunity to revise the final report. Students who submit the revised final report that pass the grade of 60 will be assigned with C grade)
• Below 40 F

Academic Integrity:
Academic integrity is essential to ensure genuine learning. There is no tolerance for plagiarism or academic dishonesty in any form, including, but not limited to, sharing answers with others, copying answers or papers, or passing off someone else’s work as one’s own.

使用ケース一覧 List of Cases


教科書 Textbook

  • Thomas R. Robinson, Elaine Henry, Wendy L. Pirie, Michael A. Broihahn, 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

Information on mandatory readings will be given in the Google Classroom before the class meeting. The textbooks are for your reference and the instructor will deliver summaries of key concepts during the case discussion.

授業調査に対するコメント Comment on Course Evaluation

Teaching this course for the first time.

担当教員のプロフィール About the Instructor 

Frendy, Ph.D., CPA (US-IL) completed his doctorate and master degree from the Graduate School of Economics, Nagoya University, where he was the recipient of the Japanese Government (MEXT) scholarship. He obtained a B.S. in Economics (Honors) with a major in Accounting from the Faculty of Economics and Business, Universitas Gadjah Mada, Indonesia. He holds a U.S. Certified Public Accounting (CPA) license from the State of Illinois and a member of the American Institute of CPAs (AICPA), the Institute of Management Accountants (IMA), and the Japan Accounting Association (JAA). He participated at the 2019 Global Colloquium on Participant-Centered Learning Workshop and the 2020 Case Writing Workshop at the Harvard Business School.

His research interests include corporate governance, sustainable development, auditing, 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 Asian Review of Accounting, 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 in KPMG Indonesia, one of the global Big 4 audit firms.

Refereed Articles

  • (2022) Bridging Academics’ Roles in Knowledge Diffusion in Sustainability‐Driven Public–Private Partnerships: A Case Study of the SDGs Workshop in Central Japan. Sustainability
  • (2022) Stock Jump, Underperformance and Undervaluation: Evidence from Emerging Market. International Journal of Monetary Economics and Finance
  • (2021) Determinants of Real Earnings Management in A Developing Economy: The Risk Structure and Audit Quality. International Journal of Business, Humanities, Education and Social Sciences 3(1): 2685-0931
  • (2020) The Relevance of the Keiretsu Affiliation on Disclosure Quality in Contemporary Japanese Economy. Asia-Pacific Journal of Accounting & Economics
  • (2019) How Does the Revelation of Olympus Fraud Affect Japanese Auditor’s Reputation?. NUCB Insight 8