by Stephen Penman
|
| Amazon Price: | $131.76 & eligible for FREE Super Saver Shipping on orders over $25. |
| Average Rating: |  |
| Lowest New Price: | $99.95 |
| Availablitiy: | Usually ships in 24 hours |
|
 |
|
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.
Customers who bought this item also bought
Average Customer Review:
0 of 0 people found the following review helpful:
 Dissapointed by this book, 2010-06-09
This book is extremely disorganized and doesn't fully explain very important concept. For the purpose of valuation you need to know subjects like calculation of cost of debt, cost of equity, and.... in details. This book writes about cost of debt just one paragraph. How do you measure weights in calculation of cost of capital? Should it be book value or market value? What happens when company doesn't issue corporate bond? I have read other books one of them Financial Reporting, Financial Statement Analysis, and Valuation from Stickney, Brown and Wahlen. It is very comprehensive, structured and organized and explain everything in detail with lots of examples and practices. Contrary to this book it has unfairly received bad ratings becasue some people find it a bit complicated. But that is the way it is if you want to learn valuation and forcasting and you should know some accounting before studying that.
In short with this book you don't learn valuation if you are a beginner and if you are a pro you don't need this.
0 of 0 people found the following review helpful:
 Best Financial Statement Book Period, 2010-02-26
On Wall Street, this book is a staple. A basic reference that explains financial statement analysis like no other. A must read introduction. The only downside is some of the terms the author uses are a little different than terms used in the Bloomberg or FactSet system, so it takes a little understanding to get that one straight. It will be a long time before someone publishes a better text.
0 of 2 people found the following review helpful:
nice book,great service, 2010-02-22
I have made a mistake when I left my address, after 7 days I found this mistake.They reply on me as soon as I email them and send another copy immediately.Thnx so much.
1 of 1 people found the following review helpful:
Think Like Graham and Buffet, 2010-02-16
This book is well written and explains the pros and cons of several valuation methods. The thought process is practical and pragmatic. By the time you're finished, you should be able to create your own Security Analysis tool in Excel. I don't have an MBA, finance, or accounting degree from (insert fancy biz school name here). I simply have a B.S. in Business Administration from a PAC 10 Party School and I was able to understand the concepts put forth in the book. You do need to have some business background, and I do admit I actually enjoy reading 10-Ks, so maybe it came a little easier to me, but if you can acquire some accounting knowledge from the internet, or read all the accounting clinic supplements first (**on McGraw Hill Web Site -- see below), you should be fine. Another suggestion would be to read "The Intelligent Investor" by Ben Graham, then jump into this book. Essentially, this book is an expansion of the common sense investing approach put forth in "The Intelligent Investor", and I believe Penman is from the same school of thought as Mr. Graham. I highly recommend both books.
**McGraw Hill also offers supplemental materials on their website. I'm not sure what kinds of problems some of the other reviewers were having, but with a few extra clicks, I was able to find and download all the supplemantal materials (Accounting Clinics, Web Ex., Chpt. Guides, etc.). It's not necessarily intuitive, but it's there. Don't give up so easy.
0 of 0 people found the following review helpful:
Think Like an Investor!, 2009-09-23
This is by far the best book on the subject. I have read many books on Financial Statements Analysis, and no book covers the subject so extensively and so carefully. It has comprehensive language and a lot of exercises.
The only drawback of the book is the absence of a thoroughly treatment of the Direct Method for cash budgeting.
I enjoyed the book!
Price is accurate as of the date/time indicated. Prices and product availability are subject to change. Any price displayed on the Amazon website at the time of purchase will govern the sale of this product.
|
Store Categories
|