Applied math. Part 2: Financials by Bocconi

By Bocconi

Notes for Bocconi utilized Math monetary half summarizing lecture notes and workouts

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Pollock also says: “. . ”3 And P1: TEMP c02 JWBT020-Christy November 18, 2008 7:32 Printer: Yet to come The Accounting Fog Machine 17 Mr. 5 According to . . Richard G. Sloan of the University of Michigan Business School and Scott Richardson of the University of Pennsylvania’s Wharton School, . . companies making the largest (accrual) estimates—and thus reporting the most overstated earnings—initially attract investors like moths to a flame. Later, when the estimates prove overblown, their stocks founder.

Remember, we are investing cash to get a cash return. Accurate accounting estimates make it difficult enough for cash flow investors to understand a company’s cash flows. Inaccurate estimates compound the challenge. If Depreciation were the only cost allocation, cash flow investors would have it relatively easy. But there are countless accruals and allocations besides Depreciation in the thousands and thousands of the FASB’s rule pages: bad debts, warranty costs, restructuring, inventory obsolescence, pension fund, customer discount estimates, and countless more.

Payable −3,000 2,000 −1,000 Change in Working Capital Equipment Purchases Computer Purchases Sale of Vehicles −2,000 −2,000 −2,000 1,000 Total Capex Free Cash Flow −3,000 $8,000 26 P1: VSO c03 JWBT020-Christy November 23, 2008 10:20 Printer: Yet to come Free Cash Flow 27 what is left after we subtract from Revenues all the costs of operating a business—salaries, wages, benefits, rent, utilities, raw materials, supplies, travel and entertainment, interest on loans, property taxes, payroll taxes, and income taxes.

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