Accounting for value / Stephen Penman.

Format:

Book

Author/Creator:

Penman, Stephen H.

Language:

English

Subjects (All):

Investment analysis--Accounting.

Investment analysis.

Accounting.

Physical Description:

1 online resource (265 p.)

Place of Publication:

New York : Columbia University Press, 2010.

Language Note:

English

Summary:

Despite their skills and extensive training, many analysts fail to recognize the basics of good accounting and its deployment in valuation. By focusing on abstract concepts such as measurement basis, exit values, and entity concepts, they miss out on the benefits of a practical approach to valuation. While modern finance has advanced important concepts, including diversification and risk measurement, effective and efficient accounting merges these tools with fundamental analysis to divine a true account of value.Launching an innovative examination of equity valuation as a matter of accounting,

Contents:

Return to fundamentals (and an accounting for the history of investment ideas)

Anchoring on fundamentals (and how accounting supplies the anchor)

Challenging market prices with fundamentals (and deploying accounting for the challenge)

Accounting for growth from leverage (and protection from paying too much for growth)

Accounting for growth in the business (and more protection from paying too much for growth)

Accounting for risk and return (and a remedy for ignorance about the cost-of-capital)

Pricing growth (and a revision to value versus growth investing)

Fair value accounting and accounting for value

Adding value to accounting

The intelligent investor and the intelligent accountant.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9786612990403

9781282990401

1282990403

9780231521857

0231521855

OCLC:

818856303