MARC record from Internet Archive

LEADER: 05341cam a2200757 a 4500
001 ocn668990520
003 OCoLC
005 20191109072048.5
008 101005s2011 nyua b 001 0 eng
010 $a 2010042335
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035 $a(OCoLC)668990520$z(OCoLC)635463888$z(OCoLC)710899326
037 $bColumbia Univ Pr, C/O Perseus Distribution 1094 Flex Dr, Jackson, TN, USA, 38301$nSAN 631-760X
050 00 $aHG4529$b.P45 2011
082 00 $a332.63/221$222
084 $a85.25$2bcl
084 $aQP 730$2rvk
084 $aQP 824$2rvk
084 $a332.632$bPEN
049 $aMAIN
100 1 $aPenman, Stephen H.
245 10 $aAccounting for value /$cStephen Penman.
260 $aNew York :$bColumbia University Press,$c©2011.
300 $axviii, 244 pages :$billustrations ;$c24 cm
336 $atext$btxt$2rdacontent
337 $aunmediated$bn$2rdamedia
338 $avolume$bnc$2rdacarrier
504 $aIncludes bibliographical references and index.
505 0 $aReturn to fundamentals (and an accounting for the history of investment ideas) -- Anchoring on fundamentals (and how accounting supplies the anchor) -- Challenging market prices with fundamentals (and deploying accounting for the challenge) -- Accounting for growth from leverage (and protection from paying too much for growth) -- Accounting for growth in the business (and more protection from paying too much for growth) -- Accounting for risk and return (and a remedy for ignorance about the cost-of-capital) -- Pricing growth (and a revision to value versus growth investing) -- Fair value accounting and accounting for value -- Adding value to accounting -- The intelligent investor and the intelligent accountant.
520 $aAccounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book shows that valuation and accounting are much the same: Valuation is actually a matter of accounting for value.
520 $aLaying aside many of the tools of modern financeùthe cost-of-capital, the Capital Asset Pricing Model, and discounted cash flow analysisùStephen 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 on 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.
520 $aAccounting 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. --Book Jacket.
590 $bInternet Archive - 2
590 $bInternet Archive 2
650 0 $aInvestment analysis$xAccounting.
650 0 $aAccounting.
650 7 $aAccounting.$2fast$0(OCoLC)fst00795379
650 7 $aFinanzanalyse$2gnd
650 7 $aRechnungslegung$2gnd
650 7 $aUnternehmensbewertung$2gnd
650 07 $aFinanzanalyse.$2swd
856 41 $3Table of contents$uhttp://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=022540626&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
856 41 $3Table of contents$uhttp://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022540626&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
856 4 $304$qpdf/application$uhttp://www.gbv.de/dms/zbw/636655733.pdf$zlizenzfrei
856 $uhttp://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022540626&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA$zInhaltsverzeichnis
938 $aBaker and Taylor$bBTCP$nBK0009021228
938 $aCoutts Information Services$bCOUT$n13943767
938 $aYBP Library Services$bYANK$n3473207
938 $aBlackwell Book Service$bBBUS$n3473207
994 $a92$bERR
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