Financial Statement Analysis and Security Valuation

By Stephen H. Penman. 2001

1,132 citations recorded by the source corpus.

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Citations in the corpus

Customer-Base Concentration: Implications for Firm Performance and Capital Markets (2012, unknown): “Following Ertimur, Livnat and Martikainen (2003), I interpret changes in earnings in the context of revenue and expense surprises and include the annual change in net sales scaled by the beginning of year market value of equity (ΔREV) and the annual change in expenses scaled by the beginning of year”
Brand Capital and Firm Value (2014, unknown): “Lundholm and Sloan (2007) and Penman (2010) provide textbook treatments on financial statement analysis and equity valuation. the only source of external finance.”
Changes in Operational Efficiency and Firm Performance: A Frontier Analysis Approach (2013, unknown): “…on the nine fundamental signals, reestimate our future returns regressions using accruals from Richardson et al. 2005, and replace changes in asset turnover with its components of changes in accounts receivable turnover, changes in inventory turnover, and changes in PPE turnover (Penman 2007).”
The Decision Usefulness of Fair Value Accounting – A Theoretical Perspective (2007, background): “The approach is well established in financial analysis (e.g. Penman, 2003, p. 455) and lends vindication, for example, to fair value accounting for investment property and, if one is inclined to assume separability, for financial activities (Feltham and Ohlson, 1995).”
The Use of Valuation Models by UK Investment Analysts (2008, background): “, 2000 ; Penman, 2007 ), it might be expected that analysts will turn to alternative, more sophisticated, valuation methods, such as DCF and/or the residual income valuation model, if these are perceived to better meet their needs.”
Does Valuation Model Choice Affect Target Price Accuracy? (2010, unknown): “Financial statement analysis textbooks explain the relative advantages of multi- and single-period valuation models (e.g., Lundholm and Sloan, 2003; Penman, 2003; Koller et al., 2005).”
What do dividends tell us about earnings quality? (2009, unknown): “accepted as a measure of earnings quality (e.g., Penman 2001 ) and captures salient features of the underlying construct.”
Accrued Earnings and Growth: Implications for Future Profitability and Market Mispricing (2003, background): “Consequently, it is not clear whether the lower persistence of accruals documented in Sloan (1996) is attributable to its role as a component of profitability or to its role as a component of growth in net operating assets.”
Loan Loss Provisions, Earnings Management and Capital Management under IFRS: The Case of EU Commercial Banks (2011, background): “al. (2004) by excluding dividends from the stock price since Penman (2001, p. 106) and Kothari (2001 ,p . 174) argue that dividends have no effect on the value of the firm because firm value depends on the forecasted profitability of current and forecasted future investments.”