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This book cleverly weaves together important but otherwise unreconciled themes, enhancing our conceptual understanding of the nature and usefulness of accounting in valuation. Stephen Penman also updates the Benjamin Graham school of investment thought by incorporating changes in the economy, accounting, and financial modeling. -- Stephen Ryan, New York University, Stern School of Business Accounting for Value is a thoughtful yet widely accessible discourse on how accounting facilitates valuation. It is a gold mine of ideas for investors, academics, and market regulators and establishes Stephen Penman as the modern day standard bearer of the Graham School of Fundamental Investing. Anyone who cares about the role of accounting in this increasingly complex world should read this book. -- Charles M. C. Lee, Joseph McDonald Professor of Accounting, Stanford University In his latest book, Stephen Penman displays his mastery of the language of accounting through an integrated view of the interactions of company balance sheets and income statements. This approach allows an investor to more effectively 'account for value' and identify opportunities in the capital markets. -- Mitchell R. Julis, cochairman and co-CEO, Canyon Partners, LLC
Introduction Chapter 1 Return to Fundamentals (and an Accounting for the History of Investment Ideas) Chapter 2 Anchoring on Fundamentals (and How Accounting Supplies the Anchor) Chapter 3 Challenging Market Prices with Fundamentals (and Deploying Accounting for the Challenge) Chapter 4 Accounting for Growth from Leverage (and Protection from Paying Too Much for Growth) Chapter 5 Accounting for Growth in the Business (and More Protection from Paying Too Much for Growth) Chapter 6 Accounting for Risk and Return (and a Remedy for Ignorance About the Cost-of-Capital) Chapter 7 Pricing Growth (and a Revision to Value Versus Growth Investing) Chapter 8 Fair Value Accounting and Accounting for Value Chapter 9 Adding Value to Accounting Chapter 10 The Intelligent Investor and the Intelligent Accountant
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.
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 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 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