Financial Statement Analysis and Security Valuation
2nd Edition
Published on 16. September 2003
Book
Hardback
768 pages
978-0-07-253317-0 (ISBN)
Description
Penman's Financial Statement Analysis and Security Valuation 2/e focuses on the output of financial statements, not the input. As such, the book asks what financial statements tell you, not how they are prepared. The idea is to get students to see accounting "working." The book focuses on using financial statements in valuation. The text takes the approach that the best way to accurately value a firm is to look at the future earnings of the firm. The main pretext of the book is that financial statement analysis and valuation analysis are inextricably entwined: valuation is an exercise in financial statement analysis. Financial statement analysis is directed by the need to get information for valuation. Accordingly, the book brings finance and accounting concepts together. The book stresses concepts, but the idea is to show how to move from concepts to practice.
More details
Edition
2nd edition
Language
English
Place of publication
United States
Publishing group
McGraw-Hill Education - Europe
Target group
College/higher education
Illustrations
Illustrations
Dimensions
Height: 262 mm
Width: 208 mm
Thickness: 33 mm
Weight
1542 gr
ISBN-13
978-0-07-253317-0 (9780072533170)
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Schweitzer Classification
Person
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.
Content
1.Introduction to Investing and Valuation2.Introduction to the Financial StatementsPart 1 Financial Statements and Valuation3.How Financial Statements Are Used in Valuation4.Cash Accounting, Accrual Accounting and Discounted Cash Flow Valuation5.Accrual Accounting and Valuation: Pricing Book Values6.Accrual Accounting and Valuation: Pricing EarningsPart 2 The Analysis of Financial Statements7.Business Activities and Financial Statements8.The Analysis of the Statement of Shareholders' Equity9.The Analysis of the Balance Sheet and Income Statement10.The Analysis of the Cash Flow Statement11.The Analysis of Profitability12.The Analysis of Growth and Sustainable EarningsPart 3 Forecasting, Valuation and Strategy13.The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios14.Simple Forecasting and Simple Valuation15.Full-Information Forecasting, Valuation, and Business Strategy AnalysisPart 4 Accounting Analysis and Valuation16.Creating Accounting Value and Economic Value17.Analysis of the Quality of the Financial StatementsPart 5 The Analysis of Risk 18.The Analysis of Equity Risk and the Cost of Capital19.The Analysis of Credit Risk