Financial Statement Analysis and Security Valuation

1. Introduction to Investing and Valuation 2. Introduction to the Financial Statements Part One: Financial Statements and Valuation 3. How Financial Statements Are Used in Valuation 4. Cash Accounting, Accrual Accounting, and Discounted Cash Flow Valuation 5. Accrual Accounting and Valuation: Pricing Book Values 6. Accrual Accounting and Valuation: Pricing Earnings Part Two: The Analysis of Financial Statements 7. Viewing the Business through the Financial Statements 8. The Analysis of the Statement of Shareholders' Equity 9. The Analysis of the Balance Sheet and Income Statement 10. The Analysis of the Cash Flow Statement 11. The Analysis of Profitability 12. The Analysis of Growth and Sustainable Earnings Part Three: Forecasting and Valuation Analysis 13. The Value of Operations and the Evaluation of Enterprise Price-to-Book Ratios and Price-Earnings Ratios 14. Anchoring on the Financial Statements: Simple Forecasting and Simple Valuation 15. Full-Information Forecasting, Valuation, and Business Strategy Analysis Part Four: Accounting Analysis and Valuation 16. Creating Accounting Value and Economic Value 17. Analysis of the Quality of Financial Statements Part Five: The Analysis of Risk and Return 18. The Analysis of Equity Risk and Return 19. The Analysis of Credit Risk and Return

Stephen Penman is the L.H. Penney Professor of Accounting at the University of California at Berkeley. He received his Ph.D. from the University of Chicago in 1978. He has published extensively in the Journal of Accounting and Economics, the Journal of Accounting Research, and the Contemporary Accounting Research journal. he currently on the editorial board of the Review of Accounting Studies. He is known around the world for his reserch in Financial Accounting.