diaries do not have direct plete access to this information, they rely on their knowledge of the firm ’s industry and petitive strategies to interpret financial statements. essful intermediaries have at least as good an understanding of the industry economics as do the firm ’s managers, and a reasonably good understanding of the firm ’petitive strategy. Although outside analysts have an information disadvantage relative to the firm ’s manag- ers, they are more objective in evaluating the economic consequences of the firm ’s invest- ment and operating decisions. Figure 1-3 provides a schematic overview of how business intermediaries use financial statements to plish four key steps: (1) business strategy analysis, (2) accounting analysis, (3) financial analysis, and (4) prospective analysis.
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