Financial Statement Analysis and Security Valuation
Average customer rating: 2 out of 5 stars
  • The Best book in Fundamental Analysis
  • Great Text BUT no access to the site materials
  • Good Text, Horrible Service
  • Incomplete
Financial Statement Analysis and Security Valuation
Stephen Penman
Manufacturer: McGraw-Hill/Irwin
ProductGroup: Book
Binding: Hardcover

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ASIN: 0073127132

Book Description

This book describes valuation as an exercise in financial statement analysis. Students learn to view a firm through its financial statements and to carry out the appropriate financial statement analysis to value the firm's debt and equity. The book takes an activist approach to investing, showing how the analyst challenges the current market price of a share by analyzing the fundamentals. With a careful assessment of accounting quality, accounting comes to life as it is integrated with the modern theory of finance to develop practical analysis and valuation tools for active investing.

Customer Reviews:

4 out of 5 stars The Best book in Fundamental Analysis.......2007-09-27

This is an excelente book in Fundamental & Valuation reading, The idea of The author is that reformulation on the tradicional statement must be done for investor propose. He do it, and he teach how to do the work in a eassy form. But first of it, he teach about the fundamental essential and he use value drivers for analysis and estimation value.
The author thinks and demostrated that the Fundamental model are much better than other model of valuation like discount Free Cash flow.
In a line of Graham, Dodds, The fundamental analysis of this book is very deep in concept that I founded very usefull. IS a best book than other traditional. I think that de exercise present in the book must have the answer in a internet site, If this is done, dont doubt:It will be The best book in Fundamental an valuation.

1 out of 5 stars Great Text BUT no access to the site materials.......2007-09-11

great text but shame on the publisher not providing access to the solutions of the materials inside the book.

1 out of 5 stars Good Text, Horrible Service.......2007-07-29

This is such an excellent text. McGraw Hill has to provide access to the solutions so that individual investors who are trying to teach themselves can learn the material. This is ludicrous. It stinks.

1 out of 5 stars Incomplete.......2007-05-13

The book itself is great. I bought it with the idea that I would read it and teach myself the material since completing an MBA two years ago. I was denied access to solutions for the exercises and other resources reserved for instructors and students in degree programs. All information provided to instructors was denied to me by the publisher. For the money spent on this volume, all of the educational resources should be made available either through instructors in formalized degree programs or by some other means to people like myself not in degree programs. Otherwise, this text should not be made available to the general public on Amazon. That stated, the book itself is superb...if you want to read it like a novel.
Financial Statement Analysis and Security Valuation
Average customer rating: 5 out of 5 stars
  • Heir to the Throne
  • Best Fundamental Analysis Textbook
  • Easily the best book in the field...
  • A Banking Professional
  • Excellent!
Financial Statement Analysis and Security Valuation
Stephen Penman
Manufacturer: McGraw-Hill/Irwin
ProductGroup: Book
Binding: Hardcover

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ASIN: 007253317X

Book Description

Penman's Financial Statement Analysis and Security Valuation 2/e focuses on the output of financial statements, not the input. As such, the book asks what financial statements tell you, not how they are prepared. The idea is to get students to see accounting "working." The book focuses on using financial statements in valuation. The text takes the approach that the best way to accurately value a firm is to look at the future earnings of the firm. The main pretext of the book is that financial statement analysis and valuation analysis are inextricably entwined: valuation is an exercise in financial statement analysis. Financial statement analysis is directed by the need to get information for valuation. Accordingly, the book brings finance and accounting concepts together. The book stresses concepts, but the idea is to show how to move from concepts to practice.

Customer Reviews:

5 out of 5 stars Heir to the Throne.......2006-06-23

For decades Graham and Dodd's "Security Analysis" has been the Bible of Value Investing. But now Stephen Penman, Columbia professor who teaches what Graham did, stakes his claim as a truly worthy successor, with this textbook.

I felt a profound expansion of my understanding of fundamental analysis when I read Security Analysis. Penman's textbook is the only other book that has provided me with a similar deepening of my understanding. Indeed, if Graham were still around, I am quite sure this is the book he would have written.

If you seek a strong foundation and understanding of how accounting information and valuation work together, there is no better book i have come across. All the other texts seem to pale in comparison.

Here's a small extract:
"A valuation model not only tells you how to think about the value generation in the future, but it also tells you how to account for the value generation. A valuation model is really a model of proforma accounting for the future. Should you account for the future in terms of dividends? should you account for the future in terms of cash flows? Or should you use accrual accounting for the future? You see, then, that accounting and valuation are very much alike. Valuation is a matter of accounting for value."

Statements like these will give a dedicated value investor a high. If you are one, make sure u read this book!

5 out of 5 stars Best Fundamental Analysis Textbook .......2004-09-20

I must first disclose that I am a student in Professor Penman's class at Columbia, therefore I may have some insights and access to items that other readers may not have. Nonetheless, this textbook is amazing! I am in my last 2 electives before graduating from a dual MBA program at Columbia/LBS, and this textbook and class are "pulling everything together." I have taken 5 finance courses and 3 accounting classes and thus, have a pretty good background in finance/accounting, despite being a physician with no practical experience in the financial services industry (yet).

THE BOOK: What I have found different about this text book and every other finance/valuation textbook I have used in my studies including Brealey and Myers (the finance bible)is that it handles both the broad, conceptual aspects and the nuts-and-bolts valuation tools extremely well. Penman is able to start with a broad concept and then introduce valuation tools/techniques that build on these concepts. This makes it easier to understand and remember the valuation process (at least for me). The graphs and diagrams are equally helpful (for a change) and re-enforce the textual information. In contrast, the McKinsey valuation textbook (bible #2) is good on the conceptual aspects, but lacks tremendously in the detailed analysis sections. The additional workbook for the McKinsey book fails miserably as well. This textbook has it all, and provides an excellent framework and tool set to enter the financial services industry.

5 out of 5 stars Easily the best book in the field..........2004-08-23

Penman's book is rapidly becoming THE textbook for MBA courses in fundamental analysis and equity valuation, and rightly so. The approach he suggests just plain makes good economic sense, and he is able to offer a method that allows the users of financial statements to get to the core of how economic profits are created, and perhaps most importantly, how those profits should be valued.

In the end, of course, no one has all of the answers -- a major weakness in the book, in my opinion, is a less-than-complete discussion of the issues surrounding the determination of the elusive "cost of operations". He rather vaguely suggests the application of a basic statistical method that I won't go into here (read the book and see what you think!), but the discussion is a little thin and will hopefully be beefed up in future editions. But, hey, like I said: no one has really cracked the case on this perennial grey area, and Penman's ideas are as good as any I've encountered.

Again, though, this book provides the reader with some rather powerful tools with which to tackle financial statements. My only regret is that I bought the softcover international edition to save some cash -- I can honestly say that this is the only textbook I've ever purchased where I wished I had picked up the hardcover edition. Don't make the same mistake. This is a text you will want to refer to time and time again, so just go ahead and buy the real, hardcover deal. I know I'll be picking up my own hardcover copy once the next edition is released.

Professor Penman, if you happen to read the reviews here, thanks for the effort and please keep striving to improve on this landmark text!!

5 out of 5 stars A Banking Professional.......2004-07-13

Very much thorough and practical point of view. Awesome! An art piece of integrating in-depth accounting and valuation!

5 out of 5 stars Excellent!.......2003-08-22

I've studied innumerable books on Security Analysis, but have yet to find one that satisfied my desire to fully integrate financial statement analysis with valuation--until now! Penman's book does an excellent job of presenting all the various valuation methods and critiquing the strengths and weaknesses of each one. He does a superb job of showing the relationship between cash flow and accrual accounting and how each relates to valuation. He also shows how corporate strategy affects both the financials and valuation and how to do decent pro formas. For the studious stock analyst, this book is well worth the extra time required to digest its many insights. I rate this book second only to the original Graham and Dodd's Security Analysis.
Applied Equity Analysis: Stock Valuation Techniques for Wall Street Professionals
Average customer rating: 3.5 out of 5 stars
  • great book for those in finance
  • for SELL-SIDE analysts only
  • One of the Best
  • Probably the best
  • Very readable, very insightful, and extremely practical
Applied Equity Analysis: Stock Valuation Techniques for Wall Street Professionals
James English
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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ASIN: 0071360514

Book Description

Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise—and covers the entire valuation process from financial statement analysis through the final investment recommendation. Its integrated approach to valuation builds viable connections between a firm’s competitive situation and the ultimate behavior of its common stock. Techniques explained include EVA, newer hybrid valuation techniques, and relative multiple analysis.

Download Description

Applied Equity Analysis treats stock valuation as a practical, hands-on tool rather than a vague, theoretical exercise--and covers the entire valuation process from financial statement analysis through the final investment recommendation.

Customer Reviews:

4 out of 5 stars great book for those in finance.......2006-06-20

This book is great if you're in the field of finance. This is not for the average consumer looking for investment advice. I've been in corporate financial planning and analyis for the past five years and always wondered how equity analysts built their models. This books will give you insight into their thinking and also give enough detail to build your own models. I would have rated it five stars if the book included a CD with his examples in Excel. The author does have website where you can download sample models.

2 out of 5 stars for SELL-SIDE analysts only.......2006-01-14

I bought this book based on the strong reviews as a complement to Damodaran's classic on valuation, but felt disappointed.

To qualify my comments: First, I am not a sell-side analyst, and secondly, I haven't finished the book. After about 50 pages, I threw in the towel.

My first stylistic objection to the book is its low content density. There is tremendous repetition and examples are trotted out in excruciating detail, even where the conclusions are fairly obvious. For example, on p. 34: "At competitive equilibrium, the firm can identify no incremental investment opportunities likely to generate returns in excess of capital costs. Competitive equilibrium is often defined as a condition in which investment opportunities generate returns equal to capital costs, but existing investments continue to earn abnormal rates." To me these two sentences are already redundant. But in case you still didn't get it, further DOWN on the SAME PAGE: "...This situation is called economic equilibrium, or economic parity. What does equilibrium mean? When returns are forced down to capital costs, then economic rents and/or abnormal earnings disappear and no further incentive to enter the business exists".

But the most frequently repeated point of the first two chapters, is best summed up on p. 19: "As I say many times in the coming pages [and he's not kidding, there], equity analysis is not prophecy; it's opinion. It was never meant to be objective description, but it is strong advocacy." If you're the sell-side analyst, having to "dress up a pig" to help your firm gain some banking business, this book might offer some ideas. But where does this leave the consumer of such analysis? "It's the investor's job to 'diversify' by considering a variety of analysts' positions." (p.9)

I think better advice for the investor might be to learn how to perform sound analysis themselves. For that, I recommend Damodaran's book. I lost my faith in this book's intent to provide balanced (let alone predictive) analysis.

5 out of 5 stars One of the Best.......2005-11-01

There are reams and reams of investment valuation books on the market -- that is obvious.

In my opinion, the three no one should be without are Applied Equity Analysis, Stephen Penman's monster tome "financial statements and...", and lastly, Aswath Damadoran's book, "investment valuation."

Most hyperventilating MBAs default to Damadoran; I really enjoy the simplicity behind Applied Equity Analysis.

Caution: Neither of the 3 are what you'd call "light reading."

If you have any money left, honorable mention goes to Cooke's "security analysis on wall street."

5 out of 5 stars Probably the best.......2004-07-15

I've been looking for a practical step by step book on equity analysis from a practitioners viewpoint. This is it. Other books try to take shortcuts. This book does not take short-cuts, but neither is it bogged down with unncessary academic exercises. If you really want to understand how to do valuation and applied equity analysis I can't recommend any book more highly. It is head and shoulders above anything else out there. Penman's book (from Columbia Business School) is also good but it is a VERY serious and weighty book that probably should only be attacked after you have read this one. Get this book by English and you will not be sorry. I have spent way too much time reading hundreds of other books that weren't nearly as educational. Again, however, it is only for the serious investor.

5 out of 5 stars Very readable, very insightful, and extremely practical.......2001-09-23

James English's "Applied Equity Analysis" is a how-to manual on evaluating stocks based on his 20 years of experience at JP Morgan. The book is very well-written and readable since the author employs plain english (no pun intended) to make his three major points: 1) accounting numbers--while by no means perfect--are excellent tools in evaluating stocks, 2) accounting-based stock valuation is superior to (but does not neccessarily supplant) cash flows, and 3) competition ensures that eye-popping financial performance doesn't last forever.

Contrary to another reviewer, English employs excellent examples to clarify and explain his points. Some examples: Gateway 2000's earnings history was used to explain how to find and interpret non-recurring items (NRI) on financial statements. Ratio analysis was demonstrated by looking at the PC industry in 1998. Emerson Electric was the company chosen to show why mature companies were still good buys. Many other examples abound, and English does a successful job in tying their relevance to his arguements.

But successful use of examples is not just the only strength of the book. The author also tackles a range of topics complete with insightful and clear discussions: the flaws of the Efficient Market Hypothesis (EMH), Economic Value Added (EVA), financial statement analysis, fundamental analysis, etc.

A quick glance at the table of contents below gives you an idea of the scope of English's book. I highly recommend this book to not just Wall Street analysts, anyone who is interested in finding fundamental value in evaluating stocks instead of following the crowd.

Pt. 1 Getting Started
Ch. 1 A Day in the Life
Ch. 2 Fundamentals of Equity Valuation
Ch. 3 Strategy and Competition I: The Firm's External Environment
Ch. 4 Strategy and Competition II: The Firm's Internal Competitive Resources
Ch. 5 Fundamentals of Stock Behavior
Pt. 2 The Basic Tools
Ch. 6 Reading a Financial Statement: The Accuracy, Sustainability, and Predictability of Financial Information
Appendix 6-1 Gateway Financial Statements
Ch. 7 Reading a Financial Statement: the Composition of Returns
Appendix 7-1 Comparative Financial Analysis: Personal Computer Industry
Ch. 8 Reading a Financial Statement: Early-Stage Companies and Investment Capacity
Ch. 9 Reading a Financial Statement: Later-Stage Companies and the Transition to Maturity
Ch. 10 Economic Value Added: An Alternative to Traditional Analysis Techniques
Appendix 10-1 Gateway's Cost of Capital
Pt. 3 Financial Models
Ch. 11 Financial Modeling: Base Case Assumptions and Model Design
Appendix 11-1 Dell Computer Corporation Consolidated Statement of Income
Ch. 12 Financial Modeling: The Income Statement and Balance Sheet
Ch. 13 Financial Modeling: The Statement of Cash Flows
Pt. 4 Equity Valuation
Ch. 14 Valuation: Foundations and Fundamentals
Ch. 15 Combat Finance: Relative Methods and Companion Variable Models
Ch. 16 Hybrid Valuation Techniques
Ch. 17 The Quirky Price/Earnings Ratio
Ch. 18 Valuation of Speculative Stocks
Ch. 19 Equity Analysis and Business Combinations
Pt. 5 Getting It Down on Paper
Ch. 20 Financial Writing: Don't Bury the Lead
Bibliography
Index
Security Analysis
Average customer rating: 4.5 out of 5 stars
  • The 1934 edition is the last edition you should buy.
  • Best Book on Stocks
  • Best investing book I've ever read
  • A MUST read
  • A MUST read
Security Analysis
Sidney Cottle , Roger F. Murray , and Frank E. Block
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

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ASIN: 0070132356

Book Description

Maintaining the high standards of prior editions, Security Analysis puts at your fingertips the authoritative guidance on analyzing securities that generations of investment bankers have come to rely on.

Customer Reviews:

2 out of 5 stars The 1934 edition is the last edition you should buy........2007-04-08

My star rating is for the 1934 edition, but this review may appear for other editions of the book.

The 1934 edition came out before the creation of the SEC and deals with a lot of accounting irregularities that are not such a problem today. I suggest you buy a newer edition.

Some people seem to have a preference for the 1940 edition. The 1951 edition was the first one written after the Great Depression, so it dealt with businesses in a more normal economic environment. The 1962 edition was the last written directly by Graham and Dodd, but it is currently unavailable. The 1988 edition is the most recent edition of Security Analysis, but it was updated by other authors years after Graham had died. The 1988 edition is the one currently used as a textbook for Columbia University's Security Analysis course.

5 out of 5 stars Best Book on Stocks.......2007-01-16

The best book for stock analysis. The thing that impresses me the most is that it takes investors emotions into account--the main reason people don't make money in stocks.

5 out of 5 stars Best investing book I've ever read.......2006-01-17

Yes, this is the best investing book I've ever read, but I never read the 2nd or 3rd editions so maybe they are better? I do know that the 5th edition is absolutely horrible, it wasn't written by Graham and has nothing to do with this book, and you won't learn anything about investing from reading it.

You do need a strong background in accounting to understand this book. There are some archaic accounting terms used in the book that no longer apply today. A law school course in Corporations Law is helful here too.

Nevertheless, every more modern book on "value investing" never really explained it as well as this book written in 1934.

Yes, the book is long, but who said investing should be easy? If you want easy money, go to Vegas. I made hundreds of thousands of dollars in the stock market after I read this book. This book is more valuable than a college education and a lot cheaper.

5 out of 5 stars A MUST read.......2005-08-10

Security Analysis is the most important book ever written about the subject. (...)

Sven Klein, Santa Barbara, CA

5 out of 5 stars A MUST read.......2005-08-07

Security Analysis is the most important book ever written about the subject. It should be mandatory to read this book prior to getting any security license.

Sven Klein, Santa Barbara, CA
Financial Statement Analysis: A Valuation Approach (Pie)
Average customer rating: 4 out of 5 stars
  • Ensure that the CD is included
  • Good reference for valuating companies using financial statements
Financial Statement Analysis: A Valuation Approach (Pie)
Leonard C. Soffer , and Robin J. Soffer
Manufacturer: Prentice Hall
ProductGroup: Book
Binding: Paperback

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ASIN: 0130328340

Customer Reviews:

4 out of 5 stars Ensure that the CD is included.......2007-09-19

The book description does not say that the book should come with a CD - which is integral to the product.
The book is easy to read and up to date for when it was written; very practical.

4 out of 5 stars Good reference for valuating companies using financial statements.......2007-07-04

I used this book in two "Business Analysis using Financial Statements" financial accounting classes and found it to be useful the few times I needed to use it as a reference.

The text represents what I think is a fair mix of both accounting (the reading and interpretation of financial statements) and finance (the valuation) perspectives. It contains more or less what I would have expected from a book with "A Valuation Approach" in the title: multiples, various valuation models (DCF, APV, etc), etc. But it's technically an accounting book in my mind, so it also contains examples for all of the major topics that it covers using 10-Ks, 10-Qs, and other SEC statements as examples.
Financial Statement Analysis and Security Valuation
Average customer rating: Not rated
    Financial Statement Analysis and Security Valuation
    Steven Penman
    Manufacturer: McGraw Hill Higher Education
    ProductGroup: Book
    Binding: Paperback

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    ASIN: 0071254323
    Financial Statement Analysis & Security Valuation w/ S&P package
    Average customer rating: 3.5 out of 5 stars
    • A Terrible Text
    • Rich in substance
    • Master piece of this subject!
    Financial Statement Analysis & Security Valuation w/ S&P package
    Stephen Penman
    Manufacturer: McGraw-Hill/Irwin
    ProductGroup: Book
    Binding: Hardcover

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    ASIN: 0072508094

    Book Description

    This text focuses on the output of financial statements, not the input. As such, the book asks what financial statements tell you, not how they are prepared. The idea is to get students to see accounting "working." The particular use of financial statements that the book focuses on is valuation. The text takes the approach that the best way to accurately value a firm is to look at the future earnings of the firm. The main pretext of the book is that financial statement analysis and valuation analysis are inextricably entwined: valuation is an exercise in financial statement analysis. Financial statement analysis is directed by the need to get information for valuation. Accordingly, the book brings finance and accounting concepts together. The book stresses concepts, but the idea is to show how to move from concepts to practice.

    Customer Reviews:

    1 out of 5 stars A Terrible Text.......2003-06-23

    This is a required text for Bussiness Analysis and Valuation at the University of Western Australia, so unfortunately I had to read it.
    This book explains everything in a very long winded, round about way, making simple ideas difficult to comprehend. There are no key points that are highlighted seperate from the main body of witing, making revision tedious. The exercises at the back of this book often miss out vital parts of the question, or have errors, making them impossible to do with out the solutions, that do not come with book.
    If possible I would highly recommend that you avoid this book.

    5 out of 5 stars Rich in substance.......2002-10-03

    The book spans from the introduction of financial statements to the theory and application of complex accounting analysis and valuation. It brings both fields together in accounting based valuation. It has a good structure, many examples, is clearly written (albeit at times lenghty), and is very rich in substance.

    What I really liked about the text, though, is that it is grounded in principles and uses these to take you through many of the currently relevant, controversial and complex accounting issues many of us who have been dealing with the subject matters will have run into. This will make you think these issues through and reach an informed opinion.

    5 out of 5 stars Master piece of this subject!.......2001-03-02

    This is by far the best one available in the market. Each chapter is well structured and tied together. You can not afford to miss any of them to get a good understanding of this topic. Basic finance background is needed to benefit from this book. Great insight and understanding.
    Financial Analyst's Indispensible Pocket Guide
    Average customer rating: 4 out of 5 stars
    • I recommend !
    • Useful overview, but not perfect
    • A great book for those studying or who've completed the CFA
    • Good starting point
    Financial Analyst's Indispensible Pocket Guide
    Ram Ramesh
    Manufacturer: McGraw-Hill
    ProductGroup: Book
    Binding: Paperback

    GeneralGeneral | Popular Economics | Business & Investing | Subjects | Books
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    OptionsOptions | Investing | Business & Investing | Subjects | Books
    PricingPricing | Management & Leadership | Business & Investing | Subjects | Books
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    1. CFA Fundamentals CFA Fundamentals
    2. Schaum's Quick Guide to Business Formulas: 201 Decision-Making Tools for Business, Finance, and Accounting Students Schaum's Quick Guide to Business Formulas: 201 Decision-Making Tools for Business, Finance, and Accounting Students
    3. The Portable Financial Analyst: What Practitioners Need to Know, 2nd Edition The Portable Financial Analyst: What Practitioners Need to Know, 2nd Edition
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    ASIN: 0071361561

    Book Description

    Financial Analyst’s Indispensable Pocketguide is the first reference to give the more than 20,000 candidates who take AIMR-administered CFA exams annually—and the 60,000-plus CFAs and finance professionals who currently practice investment management—a single broad-based resource for specific terminology and information. Much more than just a dictionary, this dynamic book explains and expands upon the fundamental concepts that comprise a financial analyst’s lexicon.Within each section, Ramesh arranges fundamental terms alphabetically, then provides CFA-related tips and profiles of industry leaders. Key topics include:
    *Timeless tips for CFA candidates and practitioners
    *Graphics and mnemonics to help with important concepts
    *Derivatives, equity valuation, and portfolio management

    Customer Reviews:

    5 out of 5 stars I recommend !.......2007-05-14

    It is a very practical guide for handy information. It is quite usefull for my daily work needs.

    3 out of 5 stars Useful overview, but not perfect.......2001-06-14

    I'm not a CFA candidate, but I've been an investor for years and always appreciate learning more about the field. My father was president of the CFA for a couple of years, and after 15 years working on Wall Street I have a reasonably broad understanding of some finance.

    What impressed me most about the book was how short and terse the definitions were. Clearly they are useful and present good insight into what's important and why.

    What impressed me least was the lack of mathematical rigour (perhaps one can't have both brievity and exactness?). For example, many of the formulas only work for specific instances, and details about yield/rate conventions are omitted.

    Overall, it struck me as useful overview and quick reminder to financial analysis and the language/terms used. It's not really indispensable, and is not authoritative. But for a quick refresher, or ballpark estimates it's fine.

    4 out of 5 stars A great book for those studying or who've completed the CFA.......2001-05-13

    This is the only book of its kind, so far. The author compiled this pocket guide after completing his CFA program and realising that the vast concepts, terms and designations learnt were soon being forgotten.

    That being the case, candidates of, as well as those who have completed, the CFA program would find this book a useful one-stop guide to all those concepts, terms and designations learnt in the pursuit of the CFA designation.

    The book is arranged broadly around the various topics of the CFA program i.e. Quantitative Methods, Economics, Financial Statements Analysis, Equities, Fixed Income, Derivatives, Real Estate, Portfolio Management, Ethics, Behavioural Finance. As such, the CFA candidate would find this book more useful than say, a general finance/business masters student.

    But I reckon that this book, though published as recent as this year, is already in need of an update. The CFA syllabus is constantly evolving. As a result, a number of concepts in say, Level 1 of the CFA Program, are not found in this book. Also, a number of the textbooks used in the CFA program which the author had based his book on, have either been superseded by newer editions or replaced all together.

    All in all, I found this to be a useful book and a unique concept. Until a better book comes along, I will be using this book religiously to prepare for the CFA exams as well as to refresh my memory.

    4 out of 5 stars Good starting point.......2001-04-02

    As a CFA candidate, I find this to be a useful summary of the key concepts that we are taught during the course of the programme. However, regard it as more of a "Cliff's Notes" of the programme -- with all its inevitable shortcomings -- but a handy little reference piece nonetheless. After completion of the programme and years down the road, I am sure that I will find it quite useful in helping to jog my memory and the sleepless nights that the CFA programme gave me! -- I hope, however, that a revised version will be introduced and perhaps with a less odd title. It is not a book for everyone, but anyone who wishes that s/he had made notes whilst studying for the CFA programme will find this book useful.
    Financial Statement Analysis and Security Valuation
    Average customer rating: Not rated
      Financial Statement Analysis and Security Valuation
      Steven Penman
      Manufacturer: McGraw Hill Higher Education
      ProductGroup: Book
      Binding: Paperback

      FinanceFinance | Business & Investing | Subjects | Books | Banks & Banking | Corporate Finance | Foreign Exchange | Inflation | Interest
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      ASIN: 007123263X
      Securities Valuation
      Average customer rating: Not rated
        Securities Valuation
        Thomas S.Y. Ho , and Sang Bin Lee
        Manufacturer: Oxford University Press, USA
        ProductGroup: Book
        Binding: Paperback

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        Similar Items:
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        ASIN: 0195172752

        Book Description

        Securities Valuation: Applications of Financial Modeling is a clear, concise guide to securities valuation and the principles of financial theory. It describes state-of-the-art methods for valuing a broad range of securities: equity, equity and interest rate options, swaps and swaptions, treasuries, corporate bonds with and without credit risks, mortgage-backed securities, collateralized mortgage obligations, credit derivative swaps, and more. Thomas Ho and Sang Bin Lee use their combined fifty years of experience in academia, financial business, and public services to present students and general readers with twenty-six challenging cases. These cases describe the contexts in which financial models are used, the practical complications of these models, and ways to deal with their limitations. Each chapter begins with a problem in valuation, formulates models for it, and then provides the solutions. The assumptions, input data, and output solutions for each model are clearly stated. The model is illustrated by a numerical example rendered in Excel. A companion website-www.thomasho.com-contains more than 130 Excel files of all the financial models from this book and its three companion volumes. Users can download the models, analyze them on their spreadsheets, and use them to do practice exercises Securities Valuation: Applications of Financial Modeling is ideal for undergraduate and graduate courses in finance and mathematical finance as well as for professional training programs. It is part of a series on financial modeling by the authors that also includes The Oxford Guide to Financial Modeling. Future titles in the series will focus on financial modeling for options, futures, and derivatives and financial modeling for financial institutions.

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