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Description
Accounting for ValueAccounting 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
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.Binding Type: Hardcover
Publisher: Columbia University Press
Published: 12/10/2010
ISBN: 9780231151184
Pages: 244
Weight: 1.06lbs
Size: 9.24h x 6.36w x 0.87d
Review Citations: Choice 06/01/2011
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Product Reviews
★★★★★ 3
Perfect size, good privacy
Size: 4 Panel-88‘’Wide, Color: Black
This is a good divider. The dark, thick panels provide blockage from the light. Assembly was not very hard, but it wasn't simple. I ordered this product two times in the past couple of weeks. The first time I assembled it, I noticed that the picture assembly directions aren't completely accurate. The labeled parts don't match the labels on the instructions. The wrench included in my box is too big for any of the bolts or screws used for assembly. After getting the right tools and matching against the instructions, I finally got it assembled. The divider I ordered this week is missing two wheels and there is no number for calling the supplier; thus, I seem forced to return it, instead of easily getting the two wheels. Once assembled, I am pleased with the end product and I consider it a good value.
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Reviewed in the United States on February 6, 2024
★★★★★ 5
Good but missing canopy
Size: 4 Panel-88‘’Wide, Color: Black
But I still haven’t recieved my canopy
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Reviewed in the United States on May 17, 2026
★★★★★ 5
Nice and strong
Color: Black, Size: Wheel-6 Panel
Nice and strong, tedious, putting together, but very good quality
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Reviewed in the United States on March 17, 2026
★★★★★ 5
if you are going to be moving them a lot, buy something more sturdy.
Color: Black, Size: Wheel-6 Panel
I use these at our churchc.
They are pretty good, not terribly study and the screw that hold the faabric have pulled out in a couple of places.
But they wqould work especially well if you were not constantly moving them as we do.
They are a bit of a pain to assemble.
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Reviewed in the United States on January 20, 2026
★★★★★ 4
Easy to put together , decent quality
Color: Black, Size: Wheel-6 Panel
Purchased for office, easy to put together , durable quality , exactly what we needed to partition a small space
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Reviewed in the United States on November 15, 2025