Accounting for Value

Released on by Stephen Penman
preview-18

  • Accounting for Value Book Detail

  • Author : Stephen Penman
  • Release Date : 2010-12-30
  • Publisher : Columbia University Press
  • Genre : Business & Economics
  • Pages : 265
  • ISBN 13 : 0231521855
  • File Size : 82,82 MB
DOWNLOAD BOOK

Accounting for Value by Stephen Penman PDF Summary

Book Description: 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.

Disclaimer: www.yourbookbest.com does not own Accounting for Value books pdf, neither created or scanned. We just provide the link that is already available on the internet, public domain and in Google Drive. If any way it violates the law or has any issues, then kindly mail us via contact us page to request the removal of the link.

Accounting for Value

Accounting for Value

File Size : 46,46 MB
Total View : 7205 Views
DOWNLOAD

Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation an

When Christ and His Saints Slept

When Christ and His Saints Slept

File Size : 2,2 MB
Total View : 9503 Views
DOWNLOAD

In When Christ and His Saints Slept master storyteller and historian Sharon Kay Penman illuminates one of the lesser-known but fascinating periods of English hi

Accounting for Risk

Accounting for Risk

File Size : 28,28 MB
Total View : 2768 Views
DOWNLOAD

Accounting for Risk is about using accounting information to assess risk and the required return for bearing that risk. The focus is on investing in firms and t