Sponsored
Accounting for Value - by Stephen Penman (Hardcover)
$24.73 sale price when purchased online
$44.95 list price
Target Online store #3991
About this item
Highlights
- Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments.
- About the Author: Stephen Penman is George O. May Professor of Accounting and Morgan Stanley Research Scholar at the Columbia Business School.
- 264 Pages
- Business + Money Management, Finance
Description
Book Synopsis
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value.
Laying aside many of the tools of modern finance--the cost-of-capital, the CAPM, and discounted cash flow analysis--Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.Review Quotes
For a practical book that will help you understand the use of accounting in understanding stock valuation, Accounting for Value is the resource you are looking for you.-- "Stocker Blog"
I highly recommend the essential and fundamentals oriented book Accounting for Value by Stephen Penman, to anyone who is serious about investing in sound, fundamental stocks. This book will benefit the beginning or experienced investor, accountants, and anyone interested in the coupling of accounting with equity valuation.-- "Blog Business World"
Penman's book...contains gems on every page - to the point that no one who deals with the market in any capacity should pass by this text until they have committed to memory as many points therein as their limited, mark one, human brains, can hold.--Anthony Harrington "QFinance Blog"
About the Author
Stephen Penman is George O. May Professor of Accounting and Morgan Stanley Research Scholar at the Columbia Business School. He is the author of Financial Statement Analysis and Security Valuation, for which he received a Wildman Medal Award, and an editor of the Review of Accounting Studies.Dimensions (Overall): 9.24 Inches (H) x 6.36 Inches (W) x .87 Inches (D)
Weight: 1.06 Pounds
Suggested Age: 22 Years and Up
Number of Pages: 264
Genre: Business + Money Management
Sub-Genre: Finance
Publisher: Columbia Business School Publishing
Theme: General
Format: Hardcover
Author: Stephen Penman
Language: English
Street Date: December 30, 2010
TCIN: 82931949
UPC: 9780231151184
Item Number (DPCI): 247-05-5932
Origin: Made in the USA or Imported
If the item details above aren’t accurate or complete, we want to know about it.
Shipping details
Estimated ship dimensions: 0.87 inches length x 6.36 inches width x 9.24 inches height
Estimated ship weight: 1.06 pounds
We regret that this item cannot be shipped to PO Boxes.
This item cannot be shipped to the following locations: American Samoa (see also separate entry under AS), Guam (see also separate entry under GU), Northern Mariana Islands, Puerto Rico (see also separate entry under PR), United States Minor Outlying Islands, Virgin Islands, U.S., APO/FPO
Return details
This item can be returned to any Target store or Target.com.
This item must be returned within 90 days of the date it was purchased in store, shipped, delivered by a Shipt shopper, or made ready for pickup.
See the return policy for complete information.