Financial Statement Analysis and Security Valuation / Edition 3

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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: 9780073127132
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 1/30/2006
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 800
  • Product dimensions: 8.30 (w) x 10.30 (h) x 1.37 (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


List of Cases
List of Accounting Clinics
1 Introduction to Investing and Valuation
2 Introduction to the Financial Statements
Part One Financial Statements and Valuation
3 How Financial Statements Are Used in Valuation
4 Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation
5 Accrual Accounting and Valuation: Pricing Book Values
6 Accrual Accounting and Valuation: Pricing Earnings
Part Two The Analysis of Financial Statements
7 Viewing the Business Through the Financial Statements
8 The Analysis of the Statement of Shareholders’ Equity
9 The Analysis of the Balance Sheet and Income Statement
10 The Analysis of the Cash Flow Statement
11 The Analysis of Profitability
12 The Analysis of Growth and Sustainable Earnings
Part Three Forecasting and Valuation Analysis
13 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios
14 Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation
15 Full-Information Forecasting, Valuation, and Business Strategy Analysis
Part Four Accounting Analysis and Valuation
16 Creating Accounting Value and Economic Value
17 Analysis of the Quality of Financial Statements
Part Five The Analysis of Risk and Return
18 The Analysis of Equity Risk and Return
19 The Analysis of Credit Risk and Return
Appendix A Summary of Formulas
Index
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