- Hem
- Böcker
- Kurslitteratur
- Ekonomi & Företagande
- Accounting for Value (inbunden, eng)

Accounting for Value (inbunden, eng)
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach sho...
529 kr
Bara 2 kvar
Skickas inom 4 - 5 vardagar
- Fri frakt
Just nu: Fri frakt på alla köp
Snabb leverans
Alltid låga priser
Produktbeskrivning
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.
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.
Format | Inbunden |
Omfång | 264 sidor |
Språk | Engelska |
Förlag | Columbia University Press |
Utgivningsdatum | 2010-12-30 |
ISBN | 9780231151184 |
Specifikation
Böcker
- Format Inbunden
- Antal sidor 264
- Språk Engelska
- Utgivningsdatum 2010-12-30
- ISBN 9780231151184
- Förlag Columbia University Press
Leverans
Vi erbjuder flera smidiga leveransalternativ beroende på ditt postnummer, såsom Budbee Box, Early Bird, Instabox och DB Schenker. Vid köp över 399 kr är leveransen kostnadsfri, annars tillkommer en fraktavgift från 39 kr. Välj det alternativ som passar dig bäst för en bekväm leverans.
Betalning
Du kan betala tryggt och enkelt via Avarda med flera alternativ: Swish för snabb betalning, kortbetalning med VISA eller MasterCard, faktura med 30 dagars betalningstid, eller konto för flexibel delbetalning.
Specifikation
Böcker
- Format Inbunden
- Antal sidor 264
- Språk Engelska
- Utgivningsdatum 2010-12-30
- ISBN 9780231151184
- Förlag Columbia University Press