Accounting for Value - Rilegato

Penman, Stephen

Rilegato

ISBN 10: 0231151187 ISBN 13: 9780231151184

Casa editrice: Columbia Business School Pub, 2010

Riassunto

Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book 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 financełthe cost-of-capital, the Capital Asset Pricing Model, and discounted cash flow analysisłStephen 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 on 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.

Su questo libro

L'autore:

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.

Product Description:

Book by Penman Stephen

Su questa edizione

• Editore: Columbia Business School Pub
• Data di pubblicazione: 2010
• ISBN 10: 0231151187
• ISBN 13: 9780231151184
• Rilegatura: Copertina rigida
• Numero di pagine: 244