Penman, Stephen  | Columbia University Press

53,360원  | 20110115  | 9780231151184

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& mdash;the cost-of-capital, the CAPM, and discounted cash flow analysis& mdash;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.

Penman, Stephen  | McGraw-Hill

0원  | 20060203  | 9780073127132

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.

Stephen H. Penman  | 경문사

38,800원  | 20150730  | 9788942008209

이 책은 재무제표 분석과 가치평가를 다룬 개론서로 재무제표 분석과 가치평가의 기초적이고 전반적인 내용을 학습할 수 있도록 구성했다.

Penman, Stephen H.  | McGraw-Hill

0원  | 20001001  | 9780072903331

 | Cram101

0원  | 20140618  | 9781497014268

Never HIGHLIGHT a Book Again! Includes all testable terms, concepts, persons, places, and events. Cram101 Just the FACTS101 studyguides gives all of the outlines, highlights, and quizzes for your textbook with optional online comprehensive practice tests. Only Cram101 is Textbook Specific. Accompanies: 9780078025310. This item is printed on demand.

 | Content Technologies, Inc.

0원  | 20131014  | 9781490223421

Never HIGHLIGHT a Book Again! Includes all testable terms, concepts, persons, places, and events. Cram101 Just the FACTS101 studyguides gives all of the outlines, highlights, and quizzes for your textbook with optional online comprehensive practice tests. Only Cram101 is Textbook Specific. Accompanies: 9780077415310. This item is printed on demand.

 | Cram101

0원  | 20100104  | 9781428855649

Never HIGHLIGHT a Book Again! Includes all testable terms, concepts, persons, places, and events. Cram101 Just the FACTS101 studyguides gives all of the outlines, highlights, and quizzes for your textbook with optional online comprehensive practice tests. Only Cram101 is Textbook Specific. Accompanies: 9780073379661. This item is printed on demand.

 | Cram101

0원  | 20091007  | 9781428827714

Never HIGHLIGHT a Book Again! Includes all testable terms, concepts, persons, places, and events. Cram101 Just the FACTS101 studyguides gives all of the outlines, highlights, and quizzes for your textbook with optional online comprehensive practice tests. Only Cram101 is Textbook Specific. Accompanies: 9780073127132. This item is printed on demand.