by Stephen Penman
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| Amazon Price: | $145.40 & eligible for FREE Super Saver Shipping on orders over $25. |
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| Lowest New Price: | $89.99 |
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Product Description
This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.
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Average Customer Review:
1 of 1 people found the following review helpful:
 Excellent book, 2008-04-28
I think this is a terrific book for learning the intricacies of financial statements. It takes you through a rigorous dissection of each of the primary statements - balance sheet, income statement, cash flow, statement of shareholder's equity - and then demonstrates how each interacts with the other. A very fascinating approach.
Many earlier reviewers rated the book poorly because they could not get access to the review question answers for self-study. I contacted Professor Penman myself and he sent them to me. Very nice guy and reasonable.
1 of 1 people found the following review helpful:
The best in fundamental analysis, 2008-04-19
This book surely is the best in fundamental analysis. A didatic approach with good balance between theory and practice and good suplementary material.
1 of 2 people found the following review helpful:
 Not a good teaching tool, 2008-03-03
This has been the worst textbook I have had to use! The book is poorly written, and does not convey its message in a clear and concise manner. I have had to re-read several passages, and still can't make sense of them. I have also found that when trying to solve the problems at the end of the chapter, I have not had great success in finding the assistance I need to solve them by going back to the reading. The examples are not very well written, which makes it that much more difficult to solve the problems. This may be a good text book to supplement a live lecture, but it is not a good book for online classes.
5 of 5 people found the following review helpful:
 Not very valuable to readers for self-study, 2007-11-21
The contents and approach of the book is interesting. However, without an access, even in any kind of limited fashion, to the solutions, this book becomes not very valuable to readers who are intending to use it for self-study.
2 of 3 people found the following review helpful:
 The Best book in Fundamental Analysis, 2007-09-27
This is an excelente book in Fundamental & Valuation reading, The idea of The author is that reformulation on the tradicional statement must be done for investor propose. He do it, and he teach how to do the work in a eassy form. But first of it, he teach about the fundamental essential and he use value drivers for analysis and estimation value.
The author thinks and demostrated that the Fundamental model are much better than other model of valuation like discount Free Cash flow.
In a line of Graham, Dodds, The fundamental analysis of this book is very deep in concept that I founded very usefull. IS a best book than other traditional. I think that de exercise present in the book must have the answer in a internet site, If this is done, dont doubt:It will be The best book in Fundamental an valuation.
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