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Accounting for Value (Columbia Business School Publishing) (Hardback)
$42.71 - Save $6.58 (13%) - RRP $49.29 Free delivery worldwide (to United States and
all these other countries) Usually dispatched within 48 hours | |Short Description for Accounting for ValueAccounting 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 comm...
Full description- Publisher: Columbia University Press
- Published: 01 February 2011
- Format: Hardback 264 pages
- See: Full bibliographic data
- Categories: Accounting | Financial Accounting | Finance | Investment & Securities | Management Decision Making
- ISBN 13: 9780231151184 ISBN 10: 0231151187
- Sales rank: 95,422
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Reviews for Accounting for Value
Great book!!
I read Penman´s "Financial Statement Analysis & Security Valuation" last summer and I´ve just finished reading this book. Again, Penman has the valuable ability of clear, straight and comprehensive writing.
This book, in contrast to "Financial Statement Analysis..." is more conceptual and less academic, but if you combine both you get the Graham´s principles from an accounting perspective.
The chapters in the book related to the analysis of growth (from leverage and from the accounting methods used by the firm) clearly explain how you should first challenge the share´s market price and find out how much of that amount is due to an expected growth that, in fact, doesn´t add value.
The chapter explaining why you should treat the CAPM models with skepticism is, simply, great.
Definitly, everyone interested in investing should read this book! by Juan Jose Romero Munoz
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