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A Cross-Industry Analysis of Financial Ratios Comparabilities and Corporate Performance
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By J. Edward Ketz, Rajib K. Doogar, and David E. Jensen
ISBN: 0-89930-463-X
ISBN-13: 978-0-89930-463-2
232 pages, tables
Quorum Books
Publication: 9/18/1990
List Price: $117.95 (UK Sterling Price: £65.00)
Availability:
Media Type: Hardcover
Trim Size: 6 1/8 x 9 1/4
Subjects: Reviews:
  • This volume is a specialized treatise on the comparability of financial ratios across the industry classifications. The treatise is thoroughly written and demonstrates how a financial analyst may use factor-analytic techniques 'to view the fundamental relationships underlying the date from different perspective and to use his or her intimate knowledge of the industry and the economy to make sense of financial numbers.' In short, the book is for the skilled practitioner of security analysis. Most appropriate for use in advanced-level courses in investments, courses that are more commonly taught in business schools than in liberal arts colleges. University and professional collections.
    —Choice
Description: Whether used as predictors or indicators of stock prices, financial risk, merger candidates, or bond yields, financial ratios have been, and continue to be, a popular tool for analyzing a firm and its performance. Practitioners and academics who employ financial ratios often compare and contrast across several industries, but such evaluations assume that the ratios of one industry measure the same underlying concepts as the ratios of another. This book provides evidence on the comparability of financial ratios across several industries, assessing the similarity or dissimilarity of ratios among industry taxonomies, or groups of ratios. Extending previous studies that focused primarily on manufacturing firms, this work surveys a wide variety of both manufacturing and retail corporations, and determines the classification patterns of their respective financial ratios. The taxonomies of thirty two ratios, in seven representative industries, are examined for the ten-year period from 1978 through 1987. Two introductory chapters detail the nature of the research, the data utilized, variables employed, and statistical methodologies, as well as providing a brief summary of the results. A third chapter furnishes results for the entire economy by factors of return, cash flow, cash position, inventory, sales, liquidity, and debt; while seven separate chapters describe the study's conclusions for each of the primary industries: automobile and aerospace; chemical, rubber, and oil; electronics; food; retail; steel; and textile. The work concludes with a summary of the study and its conclusions, and an examination of the limitations of this type of research and possibilities for its extension. This book will be a valuable practical resource for accounting and finance professionals, as well as an important reference for courses in finance, accounting, and management. Public, academic, and business libraries will also find it a useful addition to their collections.
Table of Contents:
  • Purpose and Overview
  • Data, Variables, and Methodology
  • Classification of the Ratios for the Economy
  • Classification and Analysis of Ratios for the Automobile and Aerospace Industry
  • Classification and Analysis of Ratios for the Chemical, Oil, and Rubber Industry
  • Classification and Analysis of Ratios for the Electronics Industry
  • Classification and Analysis of Ratios for the Food Industry
  • Classification and Analysis of Ratios for the Retail Industry
  • Classification and Analysis of Ratios for the Steel Industry
  • Classification and Analysis of Ratios for the Textile Industry
  • Summary and Conclusions
  • Bibliography
  • Index
LC Card Number: 90-8439
LCC Class: HF5681
Dewey Class: 658.15
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