Author: Stephen H. Penman
Publisher:
ISBN: 9780071267809
Category : Financial statements
Languages : en
Pages : 754
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Book Description
Valuation is at the heart of investing. A considerable part of the information for valuation is in the financial statements.Financial Statement Analysis and Security Valuation, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to value firms. The 5th edition shows how to handle the accounting in financial statements and use the financial statements as a lens to view a business and assess the value it generates.
Author: Guochang Zhang
Publisher: Springer Science & Business Media
ISBN: 1461481600
Category : Business & Economics
Languages : en
Pages : 250
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Book Description
The purpose of this book is to offer a more systematic and structured treatment of the research on accounting‐based valuation, with a primary focus on recent theoretical developments and the resulting empirical analyses that recognize the role of accounting information in making managerial decisions. Since its inception, valuation research in accounting has evolved primarily along an “empirically driven” path. In the absence of models constructed specifically to explain this topic, researchers have relied on economic intuition and theories from other disciplines (mainly finance and economics) as a basis for designing empirical analyses and interpreting findings. Although this literature has shed important light on the usefulness of accounting information in capital markets, it is obvious that the lack of a rigorous theoretical framework has hindered the establishment of a systematic and well‐structured literature and made it difficult to probe valuation issues in depth. More recently, however, progress has been made on the theoretical front. The two most prominent frameworks are (i) the “linear information dynamic approach” and (ii) the “real options‐based approach” which recognizes managerial uses of accounting information in the pursuit of value generation. This volume devotes its initial chapters to an evaluation of the models using the linear dynamic approach, and then provides a synthesis of the theoretical studies that adopt the real options approach and the empirical works which draw on them. The book also makes an attempt to revisit and critique existing empirical research (value-relevance and earnings-response studies) within the real options-based framework. It is hoped that the book can heighten interest in integrating theoretical and empirical research in this field, and play a role in helping this literature develop into a more structured and cohesive body of work. Value is of ultimate concern to economic decision-makers, and valuation theory should serve as a platform for studying other accounting topics. The book ends with a call for increased links of other areas of accounting research to valuation theory.
Author: Thomas A. Lee
Publisher: Routledge
ISBN: 1000344436
Category : Business & Economics
Languages : en
Pages : 856
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Book Description
Originally published in 1997, the principal object of the editors in compiling this collection of Robert R. Sterling’s work was to make more of his publications accessible in a convenient form to the academic and professional accounting communities, and to current and future generations of accounting students. While it is not a complete portfolio of his published work to date, this anthology contains all of Sterling’s major articles. Through his long-term quest for a science of accounting, Sterling sought to bring together accounting educators, practitioners, regulators, and researchers in order to identify credible advancements in accounting knowledge, authoritative changes to accounting practice, and transforming improvements to accounting education.
Author: Aswath Damodaran
Publisher: Now Publishers Inc
ISBN: 1601980140
Category : Business & Economics
Languages : en
Pages : 102
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Book Description
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Author: James Harris Bliss
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 880
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Book Description
Author: American Accounting Association
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 366
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Book Description
Author: Stephen Penman
Publisher:
ISBN: 9781680838909
Category :
Languages : en
Pages : 148
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Book Description
Accounting for Risk is about using accounting information to assess risk and the required return for bearing that risk. The focus is on investing in firms and the equity claims on firms: How much should an investor discount the price of a share in a firm for risk, and how can accounting information help to answer that question? That discount is variously called the required return, the expected return, or the cost of capital. The monograph links two strands of research - the first is accounting-based valuation research where value is assessed from expected cash flows, earnings, or residual earnings. The focus has been on forecasting those payoffs however forecasting payoffs is only one part of valuation. The other issue is how those expected payoffs should be discounted for risk. This monograph engages the question whether accounting information aid in the determination of risk and the discount rate? The second strand of research is asset pricing. While "asset pricing" might suggest this research is involved in determining prices, it is actually in pursuit of the required return to investing - the risk discount to price. Can accounting information about risk and return be utilized in building operational pricing models? Accounting for Risk also enhances financial statement analysis. While traditional financial statement analysis--ratio analysis--was conducted without much reference to finance theory, modern financial statement analysis derives from accounting-based valuation models that are based on the no-arbitrage theory on the pricing of expected dividends. That brings accounting and finance closer together. The key is an understanding of the accounting principles underlying the recognition and measurement in the financial statements. This requires an appreciation of how accounting handles risk, thereby generating accounting numbers that convey information about risk and expected return.
Author: Harry Glen Baldwin
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 130
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Book Description
Author: Aswath Damodaran
Publisher: John Wiley & Sons
ISBN: 9780471414902
Category : Business & Economics
Languages : en
Pages : 1014
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Book Description
Valuation is a topic that is extensively covered in business degree programs throughout the country. Damodaran's revisions to "Investment Valuation" are an addition to the needs of these programs.
Author: Christopher S. Chapman
Publisher: Elsevier
ISBN: 0080879306
Category : Business & Economics
Languages : en
Pages : 1584
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Book Description
Winner of the Management Accounting section of the American Accounting Association notable contribution to Management Accounting Literature AwardVolume One of the Handbook of Management Accounting Research series sets the context for the Handbooks, with three chapters outlining the historical development of management accounting as a discipline and as a practice in three broad geographic settings.Volume Two provides insights into research on different management accounting practices. Volume Three features contributions from some of the most influential researchers in various areas of management accounting research, consolidates the content of volumes one and two, and concludes with examples of management accounting research from around the world.Volumes 1, 2 and 3 are also available as individual product. * ISBN Volume 1: 978-0-08-044564-9* ISBN Volume 2: 978-0-08-044754-4* ISBN Volume 3: 978-0-08-055450-1 - Three volumes of the popular Handbooks of Management Accounting Research series now available in one complete set - Examines particular management accounting practices and specific organizational contexts - Adopts a global perspective of management accounting practice - Award: "Winner of the Management Accounting section of the American Accounting Association notable contribution to Management Accounting Literature Award."
