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UVA-F-1486
The Financial Detective, 2005
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UVA-F-1486
Version 2.1
THE FINANCIAL DETECTIVE, 2005
Financial characteristics of companies vary for many reasons. The two most prominent
drivers are industry economics and firm strategy.
Each industry has a financial norm around which companies within the industry tend to
operate. An airline, for example, would naturally be expected to have a high proportion of fixed
assets (airplanes), while a consulting firm would not. A steel manufacturer would be expected to
have a lower gross margin than a pharmaceutical manufacturer because commodities such as steel
are subject to strong price...