Valuation is at the heart of investing. Much of the information for valuation is contained in the financial statements. Financial Statement Analysis and Safety Assessment, 5 e by Stephen Penman shows students how to extract information from financial statements and use that data to evaluate firms.
The 5th edition shows you how to keep records in financial statements and use financial statements as a lens to review the business and assess the value it creates.
The George O. May Professor and Morgan Stanley Research Scholar at the Graduate School of Business, Columbia University. He is also co-director of Columbia's Center for Excellence in Accounting and Security Analysis. Prior to his appointment to Columbia in 1999, Stephen Penman was L.H. Penny Professor at the Walter A. Haas School of Business at the University of California at Berkeley. From 1990 to 1995 he was president of the professional accounting program and chair of the accounting faculty at Berkeley. He also initiated and chaired the Berkeley Annual Conference on Financial Reporting. He was Visiting Professor at Columbia University and the London Business School of Economic. Professor Penman received an honors degree in Commerce from the University of Queensland, Australia, and an M.B.A. and a PhD. degrees from the University of Chicago.