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 enlarge | Author: Stephen Penman
Publisher: McGraw-Hill/Irwin
Category: Book
Buy New: $89.99
New (32) Used (21) from $89.00
Rating:  13 reviews
Sales Rank: 470626
Media: Hardcover
Edition: 3
Pages: 800
Number Of Items: 1
Shipping Weight (lbs): 3.4
Dimensions (in): 10 x 8 x 1.4
ISBN: 0073127132
Dewey Decimal Number: 332.632042
EAN: 9780073127132
ASIN: 0073127132
Publication Date: January 30, 2006
Availability: Usually ships in 1-2 business days
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| Customer Reviews:
Showing reviews 6-10 of 13
 Great Text BUT no access to the site materials September 11, 2007
Ayman S. Alalfy (ME)
3 out of 3 found this review helpful
great text but shame on the publisher not providing access to the solutions of the materials inside the book.
Good Text, Horrible Service July 29, 2007
Andre Navas
10 out of 10 found this review helpful
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.
Incomplete May 13, 2007
MD, MBA
16 out of 18 found this review helpful
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.
 Heir to the Throne June 23, 2006
Kevin Lee
4 out of 4 found this review helpful
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!
Best Fundamental Analysis Textbook September 19, 2004
Andrew Berens (New Orleans, LA USA)
15 out of 15 found this review helpful
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.
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