Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements. Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.
About the Author
Stephen Penman is 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. His research is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has conducted seminars on fundamental analysis and equity evaluation for academic and professional audience.
In 1991 he was awarded the Notable Contribution to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants, and in 2002 he was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his book, Financial Statement Analysis and Security Valuation, published by McGraw-Hill/Irwin. He is managing editor of the Review of Accounting Studies and is on the editorial board of the Schmalenbach Business Review.
I have the 2009 version and have read it multiple times from cover to cover. The 2012 version has enough new and relevant material to completely justify the upgrade. I like some of the simplifications that the author has done and I especially like the addition of Chapter 7. Overall - fantastic book.
The book is fine- it's identical to the hardcover edition. I should note that seller did not advertise the book as the international edition (which it is); he only listed it as the paperback (which it is). Other than that, the paper back means it gets beat up a bit quicker than the alternative, but it saved me about $100, so I'm satisfied.
Product Details :
- Hardcover: 768 pages
- Publisher: McGraw-Hill/Irwin; 5 edition (March 12, 2012)
- Language: English
- ISBN-10: 0078025311
- ISBN-13: 978-0078025310
- Product Dimensions: 1.2 x 7.9 x 9.8 inches
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