Financial Statement Analysis and Security Valuation

Financial Statement Analysis and Security Valuation

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Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.
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Product details

  • Hardback | 768 pages
  • 216 x 259 x 33mm | 1,563g
  • MCGRAW-HILL Professional
  • New York, NY, United States
  • English
  • 5th edition
  • 72 Illustrations, unspecified
  • 0078025311
  • 9780078025310
  • 825,669

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 Variation 5 Accrual Accounting and Valuation: Pricing Book Values 6 Accrual Accounting and Valuation: Pricing Earnings 7 Valuation and Active Investing PART TWO: The Analysis of Financial Statements 8 Viewing the Business Through the Financial Statements 9 The Analysis if the Statement of Shareholders' Equity 10 The Analysis of the Balance Sheet and Income Statement 11 The Analysis of the Cash Flow Statement 12 The Analysis of Profitability 13 The Analysis of Growth and Sustainable Earnings PART THREE: Forecasting and Valuation Analysis 14 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios 15 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 17 Creating Accounting Value and Economics Value 18 Analysis of the Quality of Financial Statements PART FIVE: The Analysis of Risk and Return 19 The Analysis of Equity Risk and Return for Active Investing 20 The Analysis of Credit Risk and Return Appendix A Summary of Formulas Index
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About Stephen Penman

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.
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Rating details

129 ratings
4.17 out of 5 stars
5 47% (60)
4 33% (42)
3 15% (19)
2 4% (5)
1 2% (3)
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