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Author: Stephen Penman
Publisher: Columbia University Press
ISBN: 0231521855
Category : Business & Economics
Languages : en
Pages : 265
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Book Description
Accounting 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 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 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. Accounting 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.
Author: Stephen Penman
Publisher: Columbia University Press
ISBN: 0231521855
Category : Business & Economics
Languages : en
Pages : 265
Get Book Here
Book Description
Accounting 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 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 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. Accounting 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.
Author: Harvey Hendrickson
Publisher: Routledge
ISBN: 1134748531
Category : Business & Economics
Languages : en
Pages : 577
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Book Description
C. Rufus Rorem, (1894-1988) was a pioneer in the development of group medical insurance and pre-paid health care. At the time the concepts were radical, but in 1937 he became head of the American Hospital Association's committee on hospital services, which fostered the first prepaid hospitalization plans in New York and other cities, followed in the 1940's by doctors' group practice. This collection includes out of print and difficult to access primary and secondary sources on Rorem’s work, including his 1929 dissertation which presents his major, and still relevant writings on financial accounting theory and practice in a comprehensive, integrated context.
Author: G.W. Dean
Publisher: Routledge
ISBN: 1000166937
Category : Business & Economics
Languages : en
Pages : 323
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Book Description
This book, first published in 1982, collects papers about market price valuations capable of different interpretations. Many give quite explicit support for the selling price case. Others are incapable of reasonable interpretation other than in support for selling price valuations. And still others are not inconsistent with the selling price case. Together they provide valuable historical analysis of selling price valuations in diverse contexts.
Author: Frank L. Clarke
Publisher: Sydney University Press
ISBN: 1920898271
Category : Business & Economics
Languages : en
Pages : 490
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Book Description
The Tangled Web of Price Variation Accounting covers a wide range of topics in the area of price variation - from purchasing power, prices and inflation, to price level variations and serviceability.
Author: Graeme S. Dorrance
Publisher: Springer
ISBN: 1349158585
Category : Business & Economics
Languages : en
Pages : 193
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Book Description
Author: International Accounting Standards Board
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
Author: Jerry J. Weygandt
Publisher: John Wiley & Sons
ISBN: 1119752620
Category : Business & Economics
Languages : en
Pages : 1458
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Book Description
Financial and Managerial Accounting, 4th Edition, provides students with a clear introduction to the fundamental financial and managerial concepts needed for anyone pursuing a career in accounting or business. Through a focus on accounting transactions, real-world industry examples, and robust assessment, students develop a solid understanding of how to apply accounting principles and techniques in practice. By connecting the classroom to the business world with an emphasis on decision making and key data analysis skills appropriate at the introductory level, Financial and Managerial Accounting ensures students are more engaged and better prepared for careers as professionals in the modern business world.
Author: Steen Thomsen
Publisher: Djøf Forlag
ISBN: 8771983058
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Corporate Governance and Board Decisions takes the reader on an exciting journey through the principles and practice of corporate governance. Written by two internationally respected experts, this book explains how corporate governance contributes to value creation for both business and society, and how transparency, checks and balances, incentive alignment, and stewardship are essential when trying to reduce decision errors and opportunism. This advanced introduction is aimed at master’s level courses in corporate governance. It addresses students who wish to understand both corporate governance and the directors who practice it. It combines academic rigor with practical recommendations in an informal style. Corporate Governance and Board Decisions is a thoroughly revised and updated replacement of Corporate Governance: Mechanisms and Systems (2012).
Author: Scott Moeller
Publisher: Bloomsbury Publishing
ISBN: 1849300593
Category : Business & Economics
Languages : en
Pages : 639
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Book Description
Collated by Scott Moeller of Cass Business School, this collection brings together the informative articles a budding finance practitioner needs to operate effectively in today's corporate environment. Bringing together core finance knowledge and cutting-edge research topics in an engaging and effective way, this text is the ideal companion for all practitioners and students of finance. You will find insights into the practical applications of theory in key areas such as balance sheets and cash flow, financial regulation and compliance, funding and investment, governance and ethics, mergers and acquisitions, and operations and performance. Contributors to this collection include some of the leading experts in their respective fields: Aswath Damodaran, Harold Bierman, Jr, Andreas Jobst, Frank J. Fabozzi, Ian Bremmer, Javier Estrada, Marc J. Epstein, Henrik Cronqvist, Daud Vicary Abdullah, Meziane Lasfer, Dean Karlan, Norman Marks, Seth Armitage, and many others. In this collection you will discover: * Over 80 best-practice articles, providing the best guidance on issues ranging from risk management and capital structure optimization through to market responses to M&A transactions and general corporate governance * Over 65 checklists forming step-by-step guides to essential tasks, from hedging interest rates to calculating your total economic capital * 55 carefully selected calculations and ratios to monitor firms' financial health * A fully featured business and finance dictionary with over 5,000 definitions
Author: Henry E. Riggs
Publisher: Springer Nature
ISBN: 3031025717
Category : Technology & Engineering
Languages : en
Pages : 159
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Book Description
Financial statements and information drawn from them confront us daily: in the media, in corporate annual reports, in the treasurer’s reports for clubs or religious groups, in documents provided to employees and managers, as one considers alternative investments, in documents provided by homeowners’ association and government agencies Various readers of a company’s “financial score” make decisions based on financial information: the company’s managers devise actions to improve operations; investors buy or sell the corporation’s securities; creditors decide how much to lend; customers judge the reliability of this supplier; potential employees decide whether to invest their careers in the company. If you are training to be an accountant, find another book. This book’s objective is to increase your ability to draw useful information from financial statements, and thus to make better decisions—in both your personal life and your professional life. Studying this book should help you be a better manager. That is both its objective and its perspective. The book starts at square one; it assumes no prior knowledge on your part. To increase your financial literacy, you will learn the common nomenclature (but not esoteric jargon) used by accountants and financial experts. You will be equipped to ask insightful questions of experts, to engage them and your colleagues in thoughtful debates about financial and accounting issues, and to make better decisions. Table of Contents: The Balance Sheet / The Income Statement / Valuation / Timing / Capital Structure / Cash Flow / Evaluating with Ratios / Cost Accounting / Budgeting and Forecasting / Rules and Integrity / Appendix: Scorekeeping at Not-for-Profits
