{"product_id":"accounting-for-value-hardcover","title":"Accounting for Value - Hardcover","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eStephen Penman\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003e\u003ci\u003eAccounting for Value\u003c\/i\u003e 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. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eLaying 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. \u003cp\u003e\u003c\/p\u003eAccounting 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.\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003eStephen Penman is George O. May Professor of Accounting and Morgan Stanley Research Scholar at the Columbia Business School. He is the author of \u003ci\u003eFinancial Statement Analysis and Security Valuation\u003c\/i\u003e, for which he received a Wildman Medal Award, and an editor of the \u003ci\u003eReview of Accounting Studies\u003c\/i\u003e.\u003c\/p\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 264\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.87 x 9.24 x 6.36 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eIllustrated:\u003c\/strong\u003e Yes\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e December 30, 2010\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":45301894250598,"sku":"9780231151184","price":53.75,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0599\/7255\/0758\/files\/Z3QzMFZyYzFRK3BybDg0TEgxZ0ZBQT09.webp?v=1773975027","url":"https:\/\/infinitylightwa.com\/products\/accounting-for-value-hardcover","provider":"Infinity Light","version":"1.0","type":"link"}