Financial Statement Analysis and Security Valuation - Rilegato

Penman, Stephen

Rilegato

ISBN 10: 0073379662 ISBN 13: 9780073379661

Casa editrice: McGraw-Hill Education, 2009

Riassunto

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.

Su questo libro

L'autore:

The George O. May Professor and the Morgan Stanley Research Scholar in the Graduate School of Business, Columbia University. He also serves as co-director of Columbia's Center for Excellence in Accounting and Security Analysis. Prior to his appointment at Columbia in 1999, Stephen Penman was the L.H. Penny Professor in the Walter A. Haas School of Business at the University of California at Berkeley. From 1990-95 he served a Chairman of the Professional Accounting Program and Chairman of the Accounting Faculty at Berkeley. He also initiated and chaired Berkeley's Annual Conference on Financial Reporting. He has served as a Visiting Professor at Columbia University and the London Business School of Economic. Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago.

Contenuti:

List of Cases

List of Accounting Clinics

1 Introduction to Investing and Valuation

2 Introduction to the Financial Statements

Part One Financial Statements and Valuation

3 How Financial Statements Are Used in Valuation

4 Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation

5 Accrual Accounting and Valuation: Pricing Book Values

6 Accrual Accounting and Valuation: Pricing Earnings

Part Two The Analysis of Financial Statements

7 Viewing the Business Through the Financial Statements

8 The Analysis of the Statement of Shareholders’ Equity

9 The Analysis of the Balance Sheet and Income Statement

10 The Analysis of the Cash Flow Statement

11 The Analysis of Profitability

12 The Analysis of Growth and Sustainable Earnings

Part Three Forecasting and Valuation Analysis

13 The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios

14 Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation

15 Full-Information Forecasting, Valuation, and Business Strategy Analysis

Part Four Accounting Analysis and Valuation

16 Creating Accounting Value and Economic Value

17 Analysis of the Quality of Financial Statements

Part Five The Analysis of Risk and Return

18 The Analysis of Equity Risk and Return

19 The Analysis of Credit Risk and Return

Appendix A Summary of Formulas

Index

Su questa edizione

• Editore: McGraw-Hill Education
• Data di pubblicazione: 2009
• ISBN 10: 0073379662
• ISBN 13: 9780073379661
• Rilegatura: Copertina rigida
• Numero edizione: 4
• Numero di pagine: 754