Financial Statement Analysis and Security Valuation

4.12 avg rating
( 89 ratings by GoodReads )
 
9780073127132: Financial Statement Analysis and Security Valuation

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.

"synopsis" may belong to another edition of this title.

From the Publisher:

Focus on the output of financial statements, not the input (user focus vs. preparer). A number of financial statement analysis texts have chapters that explain how the accounting is done, many with material similar to that in intermediate accounting texts. This text asks what the financial statements tell you, not how they are prepared. However, the user of financial statements has to have some knowledge of accounting. Part 4 of the text covers many accounting details, but in a way that examines accounting methods from the point of view of how they help or hinder analysis. This way, students develop a critical perspective on the accounting to supplement the descriptive one acquired in accounting courses.
The text brings finance and accounting concepts together. In a typical program, students get their accounting "here" and their finance "there." Finance professors often do not cover how accrual accounting helps in valuation and settle for cash-flow analysis. Accounting professors teach accrual accounting and financial statement (ratio) analysis, but sometimes don't make the link to investment questions. This book links accounting and finance so that the financial statement analysis is guided by concepts of finance and central issues in finance equity and debt valuation within an accounting framework.
Penman takes a disciplinary approach to the subject. That is, it builds the analysis from "first principles" in a systematic way so students can see where things are coming from. The author believes that in the area of investments, where there are many suspect techniques, the student needs to have the confidence that the analysis is rigorous and sound. An alternative approach is to teach by metaphor through cases without a formal framework. Cases are included as applications of the analysis, but the book is, in the real sense, a textbook.
The text takes an activist approach to investing (and using financial statements for investing.) It does not assume that the market is efficient. It encourages students to think that a stock might be mispriced, so it gives students a motivation to be active about doing analysis. This in no way prejudges the market efficiency issue. It is a pedagogical device and the student might well discover, through analysis, that a particular stock's price is efficient.
This text shows how to move from concepts to practice. It is "product" oriented in that it aims to show how to build a concrete valuation technology based on the financial statements. Most of the analysis can be built into a spreadsheet program.
This text is "state of the art." It reflects recent developments in research and practice, particularly the use of residual-income (economic profit) techniques. Author Stephen Penman is among the top financial accounting academics in the world. He is extremely well known for his research, which is the framework of this textbook.
Penman incorporates cases, problems, and exercises from real world companies including Wal-Mart and Hewlett-Packard. The real world emphasis is a major strength of the text.The web site will have links to data sources and the financial press, including Standard & Poors (COMPUSTAT) data and Business Week sites, as well as relevant public sites. It will also include additional material and examples and a number of devices to help instructors deliver the course efficiently.

About the Author:

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.

"About this title" may belong to another edition of this title.

Top Search Results from the AbeBooks Marketplace

International Edition
International Edition

1.

Penman
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Softcover Quantity Available: 3
International Edition
Seller
bookscollection
(Delhi, DELHI, India)
Rating
[?]

Book Description Book Condition: Brand New. PAPERBACK,Book Condition New, Brand New, Softcover, International Edition. We Do not Ship APO FPO AND PO BOX.NOT LOOSE LEAF VERSION,NO SOLUTION MANUAL, NO CD, NO ACCESS CARD Cover Image & ISBN may be different from US edition but contents as US Edition. Printing in English language. Quick delivery by USPS/UPS/DHL/FEDEX/ARAMEX ,Customer satisfaction guaranteed. We may ship the books from Asian regions for inventory purpose. Bookseller Inventory # ABEJULNAD286

More Information About This Seller | Ask Bookseller a Question

Buy New
15.33
Convert Currency

Add to Basket

Shipping: 3.11
From India to U.S.A.
Destination, Rates & Speeds
International Edition
International Edition

2.

PENMAN
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Quantity Available: 5
International Edition
Seller
firstbookstore
(New Delhi, India)
Rating
[?]

Book Description Book Condition: Brand New. Brand New Paperback International Edition, Perfect Condition. Printed in English. Excellent Quality, Service and customer satisfaction guaranteed!. Bookseller Inventory # AIND-8797

More Information About This Seller | Ask Bookseller a Question

Buy New
19.06
Convert Currency

Add to Basket

Shipping: FREE
From India to U.S.A.
Destination, Rates & Speeds
International Edition
International Edition

3.

PENMAN
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Softcover Quantity Available: 5
International Edition
Seller
Romtrade Corp.
(STERLING HEIGHTS, MI, U.S.A.)
Rating
[?]

Book Description Book Condition: New. Brand New Paperback International Edition.We Ship to PO BOX Address also. EXPEDITED shipping option also available for faster delivery. Bookseller Inventory # AUSBNEW-8797

More Information About This Seller | Ask Bookseller a Question

Buy New
20.99
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds
International Edition
International Edition

4.

Penman,Stephen
Published by McGraw-Hill/Irwin
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Hardcover Quantity Available: 7
International Edition
Seller
Ben's Book Shop
(Wilmington, DE, U.S.A.)
Rating
[?]

Book Description McGraw-Hill/Irwin. Hardcover. Book Condition: New. 0073127132 International Edition Paperback OR Softcover Edition with Same Contents. Fast Delivery. Book Cover and ISBN may be different from the US Edition. Customer satisfaction guaranteed. Bookseller Inventory # INDSKT-9780070668195

More Information About This Seller | Ask Bookseller a Question

Buy New
21.12
Convert Currency

Add to Basket

Shipping: 3.20
Within U.S.A.
Destination, Rates & Speeds

5.

Penman,Stephen
Published by McGraw-Hill/Irwin (2006)
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Hardcover Quantity Available: 3
Seller
Murray Media
(North Miami Beach, FL, U.S.A.)
Rating
[?]

Book Description McGraw-Hill/Irwin, 2006. Hardcover. Book Condition: New. Bookseller Inventory # P110073127132

More Information About This Seller | Ask Bookseller a Question

Buy New
40.66
Convert Currency

Add to Basket

Shipping: 2.40
Within U.S.A.
Destination, Rates & Speeds

6.

Stephen Penman
Published by McGraw-Hill/Irwin (2006)
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Hardcover Quantity Available: 1
Seller
Ergodebooks
(RICHMOND, TX, U.S.A.)
Rating
[?]

Book Description McGraw-Hill/Irwin, 2006. Hardcover. Book Condition: New. 3. Bookseller Inventory # DADAX0073127132

More Information About This Seller | Ask Bookseller a Question

Buy New
40.24
Convert Currency

Add to Basket

Shipping: 3.20
Within U.S.A.
Destination, Rates & Speeds

7.

Stephen Penman
Published by McGraw-Hill/Irwin (2006)
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Hardcover Quantity Available: 1
Seller
Irish Booksellers
(Rumford, ME, U.S.A.)
Rating
[?]

Book Description McGraw-Hill/Irwin, 2006. Hardcover. Book Condition: New. book. Bookseller Inventory # 0073127132

More Information About This Seller | Ask Bookseller a Question

Buy New
47.81
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

8.

Stephen H. Penman
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Quantity Available: 1
Seller
Castle Rock
(Pittsford, NY, U.S.A.)
Rating
[?]

Book Description Book Condition: Brand New. Book Condition: Brand New. Bookseller Inventory # 97800731271321.0

More Information About This Seller | Ask Bookseller a Question

Buy New
62.76
Convert Currency

Add to Basket

Shipping: 3.20
Within U.S.A.
Destination, Rates & Speeds

9.

Stephen Penman
Published by Irwin Professional Pub (2006)
ISBN 10: 0073127132 ISBN 13: 9780073127132
New Hardcover Quantity Available: 1
Seller
Revaluation Books
(Exeter, United Kingdom)
Rating
[?]

Book Description Irwin Professional Pub, 2006. Hardcover. Book Condition: Brand New. 3rd edition. 776 pages. 10.25x8.25x1.50 inches. In Stock. Bookseller Inventory # __0073127132

More Information About This Seller | Ask Bookseller a Question

Buy New
94.62
Convert Currency

Add to Basket

Shipping: 6
From United Kingdom to U.S.A.
Destination, Rates & Speeds