Financial Statement Analysis and Security Valuation

ISBN-10: 0073379662

ISBN-13: 9780073379661

Edition: 4th 2010

Authors: Stephen Penman

List price: $255.33
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Description:

This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm�s debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.
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Book details

List price: $255.33
Edition: 4th
Copyright year: 2010
Publisher: McGraw-Hill Higher Education
Publication date: 3/23/2009
Binding: Hardcover
Pages: 784
Size: 8.00" wide x 10.00" long x 1.25" tall
Weight: 3.388
Language: English

Stephen Penman is the George O. May Professor and the Morgan Stanley Research Scholar in the Graduate School of Business, Columbia University. He also serves as co-director of Columbia's Center for Excellence in Accounting and Security Analysis. Prior to his appointment at Columbia in 1999, Stephen Penman was the L.H. Penny Professor in the Walter A. Haas School of Business at the University of California at Berkeley. From 1990-95 he served a Chairman of the Professional Accounting Program and Chairman of the Accounting Faculty at Berkeley. He also initiated and chaired Berkeley's Annual Conference on Financial Reporting. He has served as a Visiting Professor at Columbia University and the London Business School of Economic.Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago. His research is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has conducted seminars on fundamental analysis and equity evaluation for academic and professional audience. In 1991 he was awarded the Notable Contribution to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants, and in 2002 he was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his book, Financial Statement Analysis and Security Valuation, published by McGraw-Hill/Irwin. He is managing editor of the Review of Accounting Studies and is on the editorial board of the Schmalenbach Business Review.

List of Cases
List of Accounting Clinics
Introduction to Investing and Valuation
Introduction to the Financial Statements
Financial Statements and Valuation
How Financial Statements Are Used in Valuation
Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation
Accrual Accounting and Valuation: Pricing Book Values
Accrual Accounting and Valuation: Pricing Earnings
The Analysis of Financial Statements
Viewing the Business Through the Financial Statements
The Analysis of the Statement of Shareholdersn++ Equity
The Analysis of the Balance Sheet and Income Statement
The Analysis of the Cash Flow Statement
The Analysis of Profitability
The Analysis of Growth and Sustainable Earnings
Forecasting and Valuation Analysis
The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
Full-Information Forecasting, Valuation, and Business Strategy Analysis
Accounting Analysis and Valuation
Creating Accounting Value and Economic Value
Analysis of the Quality of Financial Statements
The Analysis of Risk and Return
The Analysis of Equity Risk and Return
The Analysis of Credit Risk and Return
Summary of Formulas
Index
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