Web3ch1 - CHAPTER ONE Introduction to Investing and...

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CHAPTER ONE Introduction to Investing and Valuation Stephen H. Penman Welcome to the web site chapter supplements for Financial Statement Analysis and Security Valuation , 3 rd edition. The web page for each chapter explains the themes and concepts in the chapter in more detail, runs through further examples and applications of the analytical tools, and adds material that might, in retrospect, have been included in the book. And it will point you to further reading on the issues and to the relevant research that has produced the ideas in the chapter. Read each chapter before coming to the web page. After going through the web page, work the concept questions and exercises at the back of the chapter. Thinking and doing. If you have any suggestion for additions to the web pages, please email [email protected] The page for Chapter One is organized under the following headings: Finding Your Way Around the Book’s Web Site The Themes in Chapter One Investment Fund Styles Linking to Historical Stock and Bond Returns Value-Based Management What is the Value of a Share? Tenets of Fundamental Analysis Valuation Models for a Savings Account Readers’ Corner Lessons from the 1990s Bubble
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Finding Your Way Around the Book’s Web Site The web site has two sections. The Information Center gives an overview of the book. The Learning Center contains additional materials for students in the Student Edition and teaching resources for instructors in the Instructor Edition. The Student Edition The Student Edition contains material relevant to the whole book, under Course-wide Content, and chapter specific material that is accessed by clicking on a specific chapter. Course-wide Content The Web Links link you to many sites on the web where you will find financial statements, earnings forecasts, financial analysis, current financial news, research tools, research information, analysis engines, links to company web sites, financial web browsers, and more. Explore this links page. Choose a “first-stop” financial resources site. Choose a medium for financial news. Practice using the research engines. Get connected to the SEC EDGAR database. (This database is discussed further in the Web site for Chapter 2). The Links are only to sites that are free of charge. If your university or college has access to proprietary sites, like First Call, Dow Jones News Retrieval or Research Insight, add these to your set of Links. Look for additional links available in the services from you library. Note that some links can go stale, so may no longer be available. Market Insight links you financial statement information supplied by Standard & Poors. This is the educational version of data supplied to professionals, limited to 500 firms, a subset of firms on the COMPUSTAT data bases. Along with the financial statement information comes company and industry profiles, reports and projections on the economy, stock reports, EDGAR reports, and more.
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