Fundamental analysis, conducted using quantities derived from financial reports and other sources, is used in performance evaluation, risk assessment, forecasting, and valuation, as well as for other purposes. B7021 covers various modules of fundamental analysis, focusing on equity valuation. This half-semester course is related to the full-semester course “Earnings Quality and Fundamental Analysis (B7008)," but it is different from B7008 not only in its length. While B7008 emphasizes GAAP and earnings quality, B7021 focuses on fundamental analysis, with earnings quality discussed only to the extent that it is part of fundamental analysis.
The course covers four topics: Financial reporting, ratio analysis, fundamental-based relative valuation, and fundamental valuation. Please see Section VII for course outline and summary of content.
While the course covers the theoretical underpinning of the various analyses, it focuses on implementation and practical uses. Many real-world examples will be analyzed, including using Excel tools that will be provided to the students.
Ernst & Young Professor of Accounting & Finance
Professor Nissim earned his PhD in Accounting at the University of California, Berkeley, and joined Columbia Business School in 1997. He was granted tenure in 2005, and full professorship in 2007. He served as the Chair of the Accounting Division during the years 2006–2009 and 2014–2016.
Professor Nissim’s research is primarily in the areas of earnings quality, fundamental analysis, equity valuation, financial institutions...