590131680-Penman

590131680-Penman - Financial Statement Analysis and...

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Financial Statement Analysis and Security Valuation Fourth Edition Stephen H. Penman Columbia University McGraw-Hill Irwin Boston Burr Ridge, IL Dubuque, IA Madison, Wl New York San Francisco St. Louis Bangkok Bogota Caracas Kuala Lumpur Lisbon London Madrid Mexico City
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Contents List of Cases xxiii List of Accounting Clinics xxiv Chapter 1 Introduction to Investing and Valuation 2 Investment Styles and Fundamental Analysis 3 Bubble, Bubble 6 How Bubbles Work 7 Analysts During the Bubble 8 Fundamental Analysis Anchors Investors 8 The Setting: Investors, Firms, Securities, and Capital Markets 8 The Business of Analysis: The Professional Analyst 12 Investing in Firms: The Outside Analyst 12 Investing within Firms: The Inside A nalyst 13 The Analysis of Business 14 Strategy and Valuation 14 Mastering the Details 15 The Key Question: Sustainability of Competitive Advantage 17 Financial Statements: The Lens on the Business 17 Choosing a Valuation Technology 17 Guiding Principles 18 Anchoring Value in the Financial Statements 20 How to Use This Book 21 An Outline of the Book 21 The Web Connection 22 Key Concepts 22 A Continuing Case: Kimberly-Clark Corporation 23 Concept Questions 27 Exercises 29 Minicase 31 Chapter 2 Introduction to the Financial Statements 32 The Analyst's Checklist 33 The Form of the Financial Statements 33 The Balance Sheet 34 The Income Statement 34 The Cash Flow Statement 38 The Statement of Stockholders 'Equity 39 The Footnotes and Supplementary Information to Financial Statements 40 The Articulation of the Financial Statements: How the Statements Tell a Story 40 Measurement in the Financial Statements 41 The Price-to-Book Ratio 42 Measurement in the Balance Sheet 44 Measurement in the Income Statement 44 The Price-Earnings Ratio 49 The Reliability Criterion: Don't Mix What You Know with Speculation 49 Tension in Accounting 51 Summary 52 The Web Connection 53 Key Concepts 53 The Analyst's Toolkit 54 A Continuing Case: Kimberly-Clark Corporation 55 Concept Questions 60 Exercises 61 Minicase 66 PART ONE FINANCIAL STATEMENTS AND VALUATION 72 Chapter 3 How Financial Statements Are Used in Valuation 74 The Analyst's Checklist 75 Multiple Analysis 76 The Method of Comparables 76 Screening on Multiples 79 Asset-Based Valuation 82 Fundamental Analysis 84 The Process of Fundamental Analysis 85 Financial Statement Analysis, Pro Forma Analysis, and Fundamental Analysis 86 The Architecture of Fundamental Analysis: ' The Valuation Model 88 Terminal Investments and Going-Concern Investments 89
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Contents xvii Valuation Models for Terminal Investments 90 Valuation Models for Going-Concern Investments 92 Criteria for a Practical Valuation Model 92 What Generates Value? 93 Valuation Models and Asset Pricing Models 9 7 Summary 97 The Web Connection 98 Key Concepts 98 The Analyst's Toolkit 99 A Continuing Case: Kimberly-Clark Corporation 100 Concept Questions 101 Exercises 101 Minicases 105
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This note was uploaded on 10/07/2010 for the course ECTCS ec12947322 taught by Professor Johnathayeri during the Spring '10 term at Life.

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590131680-Penman - Financial Statement Analysis and...

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