assignmentutor-lab™ 为您的留学生涯保驾护航 在代写财报分析Financial Statement Analysis方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写财报分析Financial Statement Analysis代写方面经验极为丰富，各种代写财报分析Financial Statement Analysis相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 会计代写|财报分析代写Financial Statement Analysis代考|Market Efficiency Implications for Analysis

EMH assumes the existence of competent and well-informed analysts using tools of analysis like those described in this book. It also assumes analysts are continually evaluating and acting on the stream of information entering the marketplace. Extreme proponents of EMH claim that if all information is instantly reflected in prices, attempts to reap consistent rewards through financial statement analysis are futile. This extreme position presents a paradox. On one hand, financial statement analysts are assumed capable of keeping markets efficient, yet these same analysts are assumed as unable to earn excess returns from their efforts. Moreover, if analysts presume their efforts in this regard are futile, the efficiency of the market ceases.

Several factors might explain this apparent paradox. Foremost among them is that $\mathrm{EMH}$ is built on aggregate, rather than individual, investor behavior. Focusing on aggregate behavior highlights average performance and ignores or masks individual performance based on ability, determination, and ingenuity, as well as superior individual timing in acting on information. Most believe that relevant information travels fast, encouraged by the magnitude of the financial stakes. Most also believe markets are rapid processors of information. Indeed, we contend the speed and efficiency of the market are evidence of analysts at work, motivated by personal rewards.

EMH’s alleged implication regarding the futility of financial statement analysis fails to recognize an essential difference between information and its proper interpretation. That is, even if all information available at a given point in time is incorporated in price, this price does not necessarily reflect yalue. A security can be under-or overvalued, depending on the extent of an incorrect interpretation or faulty evaluation of available information by the aggregate market. Market efficiency depends not only on availability of information but also on its correct interpretation. Financial statement analysis is complex and demanding. The spectrum of financial statement users varies from an institutional analyst who concentrates on but a few companies in one industry to an unsophisticated chaser of rumors. All act on information, but surely not with the same insight and mompetence. A mmpetent analysis of information entering the marketplace requires a sound analytical knowledge base and an information mosaic-one to fit new information to aid in evaluation and interpretation of a company’s financial position and performance. Not all individuals possess the ability and determination to expend the efforts and resources to create an information mosaic. Also, timing is crucial in the market.

## 会计代写|财报分析代写Financial Statement Analysis代考|Earnings Announcements

Annual and quarterly financial statements are made available to the public only after the financial statements are prepared and audited. This time lag usually spans one to six weeks. Yet companies almost always release key summary information to the public earlier through an earnings announcement. An earnings announcement is made available to traders on the stock exchange through the broad tape and is often reported in the financial press such as The Wall Strect Joumal. Earnings announcements provide key summary information about company position and performance for both quarterly and annual periods.

While financial statements provide detailed information that is useful in analysis, research shows that much of the immediate stock price reaction to quarterly financial information (at least earnings) occurs on the day of the earnings announcement instead of when the full financial statements are released. This means an investor is unlikely to profit by using summary information that was previously released. The detailed information in financial statements can be analyzed to provide insights about a company’s performance and future prospects that are not available from summary information in earnings announcements.

Rceently, companics have focuscd investors’ attention on pro forma earnings in their earnings announcements. Beginning with GAAP income from continuing operations (excluding discontinued operations, extraordinary items, and changes in accounting principles), the additional transitory items (most notably, restructuring charges) remaining in income from continuing operations are now routinely excluded in computing pro forma income. In addition, companies are also excluding expenses arising from acquisitions, compensation expense in the form of stock options, income (losses) from equity method investees, research and development expenditures, and others. Companies view the objective of this reformulation as providing the analyst community with an earnings figure closer to “core” earnings, purged of transitory and nonoperating charges, which should have the highest relevance for determining stock price.

Significant differences between GAAP and pro forma earnings are not uncommon. For example, for the first three quarters of 2001 , the 100 companies that make up the NASDAQ 100 reported $\$ 82.3$billion in combined losses to the Securities and Exchange Commission (SEC). For the same period, these companies reported$\$19.1$ billion in combined profits to shareholders via headline, “pro forma” earnings reports-a difference of $\$ 101.4$billion or more than$\$1$ billion per company. (Source: John J. May, SmartStock Investor.com, January 21,2002 .)

# 财报分析代考

## 会计代写|财报分析代写Financial Statement Analysis代考|Market Efficiency Implications for Analysis

EMH 假设存在使用本书中描述的分析工具的称职且消息灵通的分析师。它还假设分析师不断评估进入市场的信息流并采取行动。EMH 的极端支持者声称，如果所有信息都立即反映在价格中，那么通过财务报表分析获得一致回报的尝试是徒劳的。这种极端立场提出了一个悖论。一方面，假设财务报表分析师能够保持市场效率，但假设这些分析师无法从他们的努力中获得超额回报。此外，如果分析师认为他们在这方面的努力是徒劳的，那么市场的效率就会停止。

EMH 对财务报表分析无效的所谓暗示未能认识到信息与其正确解释之间的本质区别。也就是说，即使在给定时间点可用的所有信息都包含在价格中，该价格也不一定反映价值。证券可能被低估或高估，这取决于总体市场对可用信息的错误解释或错误评估的程度。市场效率不仅取决于信息的可用性，还取决于正确的解释。财务报表分析复杂且要求很高。财务报表用户的范围从专注于一个行业中的几家公司的机构分析师到不老练的谣言追逐者。一切以信息为依据，但肯定不会有同样的洞察力和能力。对进入市场的信息进行有效的分析需要完善的分析知识库和信息镶嵌，以适应新信息，以帮助评估和解释公司的财务状况和业绩。并非所有人都有能力和决心花费精力和资源来创建信息马赛克。此外，时机对市场至关重要。并非所有人都有能力和决心花费精力和资源来创建信息马赛克。此外，时机对市场至关重要。并非所有人都有能力和决心花费精力和资源来创建信息马赛克。此外，时机对市场至关重要。

## 会计代写|财报分析代写Financial Statement Analysis代考|Earnings Announcements

GAAP 和备考收益之间的显着差异并不少见。例如，2001 年前三个季度，纳斯达克 100 指数的 100 家公司报告了$82.3给美国证券交易委员会 (SEC) 带来 10 亿美元的总损失。同期，这些公司报告了$19.1通过标题“备考”收益报告为股东带来 10 亿美元的综合利润——差异为$101.4亿或以上$1每家公司十亿。（来源：John J. May，SmartStock Investor.com，2002 年 1 月 21 日。）

## 有限元方法代写

assignmentutor™作为专业的留学生服务机构，多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务，包括但不限于Essay代写，Assignment代写，Dissertation代写，Report代写，小组作业代写，Proposal代写，Paper代写，Presentation代写，计算机作业代写，论文修改和润色，网课代做，exam代考等等。写作范围涵盖高中，本科，研究生等海外留学全阶段，辐射金融，经济学，会计学，审计学，管理学等全球99%专业科目。写作团队既有专业英语母语作者，也有海外名校硕博留学生，每位写作老师都拥有过硬的语言能力，专业的学科背景和学术写作经验。我们承诺100%原创，100%专业，100%准时，100%满意。

## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师