Stephen Penman Accounting for Value

ISBN 13: 9780231151184

Accounting for Value

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9780231151184: Accounting for Value

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.

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Stephen Penman
Editore: Columbia University Press (2011)
ISBN 10: 0231151187 ISBN 13: 9780231151184
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Descrizione libro Columbia University Press, 2011. HRD. Condizione libro: New. New Book.Shipped from US within 10 to 14 business days. Established seller since 2000. Codice libro della libreria IB-9780231151184

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Penman, Stephen
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Descrizione libro Columbia Univ Pr, 2011. HRD. Condizione libro: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Codice libro della libreria KB-9780231151184

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Descrizione libro Columbia University Press, United States, 2011. Hardback. Condizione libro: New. 231 x 150 mm. Language: English . Brand New Book. 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. Codice libro della libreria AAS9780231151184

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Stephen Penman
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ISBN 10: 0231151187 ISBN 13: 9780231151184
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Descrizione libro Columbia University Press, United States, 2011. Hardback. Condizione libro: New. 231 x 150 mm. Language: English . Brand New Book. 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. Codice libro della libreria AAS9780231151184

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ISBN 10: 0231151187 ISBN 13: 9780231151184
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Descrizione libro Columbia University Press. Hardcover. Condizione libro: New. 0231151187 Brand New Book. Ships from the United States. 30 Day Satisfaction Guarantee!. Codice libro della libreria 14615584

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Descrizione libro Columbia University Press, 2010. Hardcover. Condizione libro: New. Codice libro della libreria 0231151187

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Descrizione libro Columbia University Press. Hardback. Condizione libro: new. BRAND NEW, Accounting for Value, Stephen Penman, 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. Codice libro della libreria B9780231151184

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Descrizione libro Columbia University Press 2011-01-28, 2011. Condizione libro: New. Brand new book, sourced directly from publisher. Dispatched within 2 working days from our warehouse. Book will be sent in robust, secure packaging to ensure it reaches you securely. Codice libro della libreria NU-ING-00664345

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Descrizione libro Columbia University Press, 2010. Condizione libro: New. 2010. Hardcover. Series: Columbia Business School Publishing. Num Pages: 264 pages, 13 line drawings, 15 tables. BIC Classification: KFCF; KFFM; KJMD. Category: (P) Professional & Vocational. Dimension: 235 x 158 x 22. Weight in Grams: 592. Series: Columbia Business School Publishing. 264 pages, 13 line drawings, 15 tables. Cateogry: (P) Professional & Vocational. BIC Classification: KFCF; KFFM; KJMD. Dimension: 235 x 158 x 22. Weight: 482. . . . . . . Codice libro della libreria V9780231151184

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Stephen Penman
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Descrizione libro Columbia University Press, 2011. HRD. Condizione libro: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Codice libro della libreria IB-9780231151184

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