Financial Statement Analysis and Security Valuation W/ S&P Package / Edition 1

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Overview

This text 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 particular use of financial statements that the book focuses on is 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.
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Product Details

  • ISBN-13: 9780072508093
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 5/4/2001
  • Edition description: Standard & Poor's Card
  • Edition number: 1
  • Pages: 792
  • Product dimensions: 8.20 (w) x 10.30 (h) x 1.30 (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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