value accounting

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Value Accounting teaches investors and analysts how to deal with accounting evaluation equity investment. The book's novel approach shows that valuation and accounting are roughly the same: valuation is actually a value accounting problem. Aside from many tools of modern finance - capital cost, CAPM and discounted cash flow analysis - Stephen Penman returns to the common sense principle guiding basic investment for a long time: price is the price you pay, but value is what you get; investment risk is Pay too much risk; anchor what you know rather than guess; beware of paying too much for speculative growth. Penman linked these ideas with the quantification of accounting provision and provided smart investors with practical tools. Accounting for value prevents the payment of too many fees for stocks and can help investors find the answer to the possible return on purchase growth. Strikingly, the analysis puts forward the necessity of calculating "cost of capital", which often frustrates the application of modern valuation techniques. Consider value recasting the relationship between "value" and "growth" investment, and explain why income-price and book-to-price ratios predict stock returns. At the end of the book, Penman has smart investor thinking, like a clever accountant, who is better able to handle the bubble and collapse of our times. For accounting regulators, Penman also provided a formula for smart accounting reforms and involved controversial issues such as fair value accounting.

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