Financial Statement Analysis and Security Valuation / Edition 4

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Overview

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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Product Details

  • ISBN-13: 9780073379661
  • Publisher: McGraw-Hill Higher Education
  • Publication date: 3/23/2009
  • Edition description: Older Edition
  • Edition number: 4
  • Pages: 784
  • Product dimensions: 8.20 (w) x 10.00 (h) x 1.20 (d)

Meet the Author

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.

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Table of Contents

1 Introduction to Investing and Valuation 2
2 Introduction to the Financial Statements 26
Pt. I Investment Returns, Valuation Models, and the Financial Statements
3 Investment Returns 66
4 Valuation Models and Forecasting Dividends and Cash Flows 96
5 Accounting Measurement and Valuation from Earnings Forecasts 130
6 An Accrual Accounting Valuation Model 164
Pt. II The Analysis of Financial Statements
7 Business Activities and Financial Statements 210
8 The Analysis of the Statement of Shareholders' Equity 232
9 The Analysis of the Balance Sheet and Income Statement 266
10 The Analysis of the Cash Flow Statement 308
11 The Analysis of Profitability 336
12 The Analysis of Growth and Sustainable Earnings 376
Pt. III Forecasting and Valuation Analysis
13 Valuation of Operations and the Analysis of Price-to-Book Ratios 416
14 Simple Forecasting and Simple Valuation 454
15 Full-Information Forecasting, Valuation, and Business Strategy Analysis 484
16 The Analysis of Price-Earnings Ratios 526
Pt. IV Accounting Analysis and Valuation
17 Creating Accounting Value and Economic Value 558
18 The Quality of the Current Accounting 594
19 The Quality of Forecasted Accounting 644
Pt. V The Analysis of Risk
20 The Analysis of Equity Risk and the Cost of Capital 684
21 The Analysis of Credit Risk 718
App A Summary of Formulas 745
Index 761
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