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Tuesday, 30 June 2009
Accounting for Value
Author: Stephen Penman Edition: Publisher: Columbia University Press Binding: Hardcover ISBN: 0231151187 Price: You Save: 40%
Accounting for Value (Columbia Business School Publishing)
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments.Accounting for Value review. 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 growthRead full reviews of Managerial Accounting: Creating Value in a Dynamic Business Environment.
Read Cost Accounting, Student Value Edition: A Managerial Emphasis reviews by
Cost Accounting, Student Value Edition: A Managerial Emphasis
Course Overview: Management/Managerial Accounting (undergraduate and MBA) The managerial accounting course follows financial accounting in a two-course sequence for first and second year business majors. It is found at both two and four year schools, as well as in MBA programs. The purpose of managerial accounting is to provide managers with information useful in planning and controlling the activities of a business. It deals with internal, rather than external information. Managerial accounting reports include budgets, performance reports, and analysis of economic alternatives such as make-or
Managerial Accounting: Creating Value in a Dynamic Business Environment US 7th edition by Hilton If your class is using the 8th edition consider the following: The content of the 7th edition is nearly identical to Managerial Accounting: Creating Value in a Dynamic Business Environment 8 th edition ISBN #0073526924 The only major difference is the cover and the price!!! Publishers constantly come out with newer editions to make more money giving them reason to charge 0+ for a book. The thing
Store Search search Title, ISBN and Author Financial Managerial Accounting, Student Value Edition with Access Code by Horngren Estimated delivery 3-12 business days Format Paperback Condition Brand New Details ISBN 0132962357 ISBN-13 9780132962353 Title Financial Managerial Accounting, Student Value Edition with Access Code Author Horngren Format Paperback Edition 3rd Publisher Prentice Hall Dimensions 8.3 in. x 1.7 in. x 10.8 in. About Us Grand Eagle Retail is the ideal place for all your read
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.
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