Financial Statement Analysis and Security Valuation

Financial Statement Analysis and Security Valuation

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Description

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.show more

Product details

  • Paperback | 800 pages
  • 200 x 252 x 34mm | 1,378.93g
  • McGraw-Hill Education - Europe
  • McGraw Hill Higher Education
  • London, United States
  • 3rd Revised edition
  • 0071254323
  • 9780071254328
  • 1,265,770

Table of contents

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

Author information

Stephen Penman is the L.H. Penney Professor of Accounting at the University of California at Berkeley. He received his Ph.D. from the University of Chicago in 1978. He has published extensively in the Journal of Accounting and Economics, the Journal of Accounting Research, and the Contemporary Accounting Research journal. he currently on the editorial board of the Review of Accounting Studies. He is known around the world for his reserch in Financial Accounting.show more

Rating details

90 ratings
4.12 out of 5 stars
5 43% (39)
4 34% (31)
3 16% (14)
2 4% (4)
1 2% (2)
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