January 14, 2014
Associate Professor Julien Le Maux (Accounting) has just launched Analyse financière (published by Chenelière Éducation), a book that is sure to be helpful for users of financial statements.
The first part of the book presents a methodology for conducting a rigorous financial analysis. It employs both a dynamic approach based on cash flow and a static approach based on the company’s balance sheet and income statement. The second part looks at nine case studies, with financial analyses of Canadian and international firms in different industries (big box, gold mines, luxuries, etc.).
“The books available too often rely on a list of formulas or simple practical exercises,” says Professor Le Maux. “I wanted to offer a teaching approach based on a methodology of interpreting financial statements, rather than simply calculating ratios, with immediate applications to several case studies of Canadian and international companies.”
A companion website offers all the tools financial statement users need. Each of the case studies in the book is linked to detailed teaching notes available on the site, and an Excel file for calculating all the financial ratios.
Professor Le Maux holds a PhD in Management Science and a Master’s in Finance from Université Paris 1 Sorbonne, as well as a Master’s in Business Law from Université 2 Assas. Before joining HEC Montréal in 2008, he was a senior lecturer at Université Paris 1 Panthéon-Sorbonne. His research interests concern corporate governance, evaluation, accounting fraud and financial management. He has authored many papers on these different themes, which have been published in professional and academic journals.
Analyse financière, by Julien Le Maux, Chenelière Éducation, January 2014, 296 pages. Available at the COOP HEC Montréal.