Accounting for Value PDF
By:Stephen Penman
Published on 2010-12-30 by Columbia University Press
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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.
This Book was ranked at 29 by Google Books for keyword Valuation.
Book ID of Accounting for Value's Books is 5A8fY-RKZLIC, Book which was written byStephen Penmanhave ETAG "gNAkUByiJ5I"
Book which was published by Columbia University Press since 2010-12-30 have ISBNs, ISBN 13 Code is 9780231521857 and ISBN 10 Code is 0231521855
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Book which have "256 Pages" is Printed at BOOK under CategoryBusiness and Economics
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