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Financial Statement Analysis and Security Valuation, by Stephen H. Penman
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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.
- Sales Rank: #1855846 in Books
- Published on: 2009-06-01
- Original language: English
- Number of items: 1
- Dimensions: 10.04" h x 1.10" w x 7.95" l, 2.87 pounds
- Binding: Paperback
- 800 pages
About the Author
Stephen Penman is the L.H. Penney Professor of Accounting at the University of California at Berkeley. He received his Ph.D. from the University of Chicago in 1978. He has published extensively in the Journal of Accounting and Economics, the Journal of Accounting Research, and the Contemporary Accounting Research journal. he currently on the editorial board of the Review of Accounting Studies. He is known around the world for his reserch in Financial Accounting.
Most helpful customer reviews
7 of 7 people found the following review helpful.
The author has passion for the subject (rare!) and tries to merge the finance and accounting perspectives (also rare!)
By Jackal
Most books on financial statement analysis are written by professors that neither are passionate about the subject nor are interested in practical applications. A recent mistake was to spend $50 on International Financial Statement Analysis (CFA Institute Investment Series). The current book is different because the author really seems to care about the topic and he freely dishes out advice. He is part of the Graham & Dodd value-based investment crowd.
It is hard to find similar material outside textbooks, so you will have to bear with the extremely tedious format of US textbooks (whether you are a student or not). The key alternative is Valuation: Measuring and Managing the Value of Companies, 5th Edition (Wiley Finance), which is written for managers and largely lacks the accounting perspective. If I only could buy one book, that would be my choice.
A strength of the current book is an attempt to bridge the accounting and finance perspectives. Briefly, the accountants like accrual accounting, the finance guys like cash flow, and most of the time they do not talk to each other. The current book presents several ratios and perspectives that could be used in financial model building. In that regard it is more advanced than the recommended book above.
A key weakness with the current book is that it does not go into sufficient depth on important topics in valuation, like goodwill after acquisitions, pension reserves, revenue recognition, capitalisation of R&D, etc. This is a weakness shared with all the textbooks that I have seen. A second key weakness is that the book only covers US accounting standards. I guess it is fair to draw the line somewhere, but for practitioners it is a serious weakness.
The author has a brief book Accounting for Value (Columbia Business School Publishing) focusing on the theory of valuation. Its content is similar, but I actually prefer the textbook because it provides some useful numerical examples. Please also note that at the time of writing this review, there is a fifth edition of the book listed, but it does not seem available for sale yet. I rate the current book four stars.
4 of 4 people found the following review helpful.
Best Financial Statement Book Period
By James Kociuba
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.
3 of 3 people found the following review helpful.
A fantastic book - must for all financial and business analysts
By Kaushik Desarkar
We had this book as the recommended text book in Strathclyde University (Glasgow) and initially I got a bit knocked out by Penman's approach because finance starts with CASH FLOWS and the writer does not approve the DCF Method. But once I settled into the book, trust me, its a BIBLE for FSA. Because the approach links Economic activity and Eco profit to valuation thus allowing greater clarity in understanding where VALUE actually comes from - something not so explicit when using DCF. And the best part of the book is the the 2-step to obtain FCF against the lengthy approach in Mckinsey Valuations and other text books. A good knowledge of excel can really help you get the best out of the book since using VLOOKUP and SUMIF you can create the templates just as described in the text book.The book does not use complicated language - basic concepts are from standard finance text books - Brealey & Myers, Ross Westerfield Jaffe, but the beauty lies in the way Penman integrates them into a holistic approach that can be used across various GAAPs and business functions.
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