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 ...
Read More
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.
Read Less
Add this copy of Accounting for Value (Columbia Business School to cart. $18.98, good condition, Sold by Goodbooks rated 5.0 out of 5 stars, ships from Tontitown, AR, UNITED STATES, published 2010 by Columbia Business School Publishing.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
Good. Has a sturdy binding with some shelf wear. May have some markings or highlighting. Used copies may not include access codes or Cd's. Slight bending may be present.
Add this copy of Accounting for Value (Columbia Business School to cart. $19.11, good condition, Sold by HPB-Red rated 5.0 out of 5 stars, ships from Dallas, TX, UNITED STATES, published 2010 by Columbia Business School Publish.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
Good. Connecting readers with great books since 1972! Used textbooks may not include companion materials such as access codes, etc. May have some wear or writing/highlighting. We ship orders daily and Customer Service is our top priority!
Add this copy of Accounting for Value to cart. $19.91, very good condition, Sold by ThriftBooks-Reno rated 5.0 out of 5 stars, ships from Reno, NV, UNITED STATES, published 2010 by Columbia Business School Publishing.
Add this copy of Accounting for Value to cart. $19.91, good condition, Sold by ThriftBooks-Dallas rated 5.0 out of 5 stars, ships from Dallas, TX, UNITED STATES, published 2010 by Columbia Business School Publishing.
Add this copy of Accounting for Value (Columbia Business School to cart. $20.89, fair condition, Sold by Goodwill Books rated 5.0 out of 5 stars, ships from Hillsboro, OR, UNITED STATES, published 2010 by Columbia University Press.
Add this copy of Accounting for Value to cart. $29.45, like new condition, Sold by TextbookRush rated 5.0 out of 5 stars, ships from Grandview Hts, OH, UNITED STATES, published 2010 by Columbia University Press.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
Fine. All orders ship SAME or NEXT business day. Expedited shipments will be received in 1-5 business days within the United States. We proudly ship to APO/FPO addresses. 100% Satisfaction Guaranteed!
