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McGraw-Hill Companies, The
Financial Statement Analysis and Security Valuation W/ S&P Package / Edition 1

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

by Stephen Penman


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Product Details

ISBN-13: 9780072508093
Publisher: McGraw-Hill Companies, The
Publication date: 05/04/2001
Edition description: Standard & Poor's Card
Pages: 792
Product dimensions: 8.20(w) x 10.30(h) x 1.30(d)

About 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.

Table of Contents

1. Introduction to Investing and Valuation

2. Introduction to the Financial Statements

Part I: Investment Returns, Valuation Models, and the Financial Statements

3. Investment Returns

4. Valuation Models and Forecasting Dividends and Cash Flows

5. Accounting Measurement and Valuation from Earnings Forecasts

6. An Accrual Accounting Valuation Model

Part II: The Analysis of Financial Statements

7. Business Activities and 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 III: Forecasting and Valuation Analysis

13. Valuation of Operations and the Analysis of Price-to-Book Ratios

14. Simple Forecasting and Simple Valuation

15. Full-Information Forecasting, Valuation, and Business Strategy Analysis

16. The Analysis of Price-Earnings Ratios

Part IV: Accounting Analysis and Valuation

17. Creating accounting Value and Economic Value

18. The Quality of Current Accounting

19. The Quality of Forecasted Accounting

Part V: The Analysis of Risk

20. The Analysis of Equity Risk and the Cost of Capital

21. The Analysis of Credit Risk

Appendix: A Summary of Formulas


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