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What'snewInthesecondedition,Penmanhasmodifiedthemodeltoprovideflexibilityinteachingst...
What's new
In the second edition, Penman has modified the model to provide flexibility in teaching styles. Each part is a distinct module so the parts may be taught out of order without causing the reader much difficulty. However, it is recommended that the chapters within each part be taught sequentially.
Penman will be available on Primis and the modularity of the text will lend itself nicely to customization.
Chapter 1 has been reduced in size and focuses on getting the reader excited about analysis. The current market bubble is used as a context to motivate the reader. The notion of the financial statement being a lens on the business is introduced and an Enron-style case is used to show a case where that lens has been distorted. Chapter 1 has more emphasis on strategy.
Chapter 2 has been slimmed down and provides an outline of the financial statements and how they are tied together. The idea of comprehensive income is now included in chapter 2 rather than chapter 5.
Part I has been changed to provide a focused module on the valuation models and how they tie to accounting.
Chapter 3 brings the development of valuation models together in one chapter and contrasts fundamental valuation approaches to the method of comparables and asset-based valuation. The chapter begins with ‘simple’ valuation techniques that used to be in chapter 2, then leads the student into the architecture of valuation models. The chapter introduces the dividend discount models as a point of departure for the cash and accrual accounting-based models in chapter 4. The somewhat technical material on stock returns has been moved to an appendix. This chapter ends with a roadmap to the rest of the book.
Chapter 4 begins the development of accounting-based valuation models, with the focus on cash accounting and discounted cash flow analysis. Valuation models and accounting are even more closely integrated, using discounted cash flow analysis to contrast the features of cash accounting and accrual accounting. Responding to market feedback, the material from the first half of the old chapter 5 is now here, as a setup for chapters 5 and 6. The material on the relationship between earnings and stock returns, previously in chapter 5, is in an appendix to chapter 4.
Chapter 5 is largely the old chapter 6 on the residual income model and price-to-book valuation. In the spirit of starting with an easier example and working up, the chapter starts with the valuation of the savings account. The section on changes in premiums has been removed.
Chapter 6 complements the price-to-book valuation with a price-earnings approach. This chapter also sets up the later chapters on P/E analysis. The catalyst for this new chapter is the recent Olson-Jeuttner-Nauroth P/E model. The inclusion of this chapter in Part I means that all the material on valuation models is in one part of the book. The rest of the book is application and refinement of these models. 展开
In the second edition, Penman has modified the model to provide flexibility in teaching styles. Each part is a distinct module so the parts may be taught out of order without causing the reader much difficulty. However, it is recommended that the chapters within each part be taught sequentially.
Penman will be available on Primis and the modularity of the text will lend itself nicely to customization.
Chapter 1 has been reduced in size and focuses on getting the reader excited about analysis. The current market bubble is used as a context to motivate the reader. The notion of the financial statement being a lens on the business is introduced and an Enron-style case is used to show a case where that lens has been distorted. Chapter 1 has more emphasis on strategy.
Chapter 2 has been slimmed down and provides an outline of the financial statements and how they are tied together. The idea of comprehensive income is now included in chapter 2 rather than chapter 5.
Part I has been changed to provide a focused module on the valuation models and how they tie to accounting.
Chapter 3 brings the development of valuation models together in one chapter and contrasts fundamental valuation approaches to the method of comparables and asset-based valuation. The chapter begins with ‘simple’ valuation techniques that used to be in chapter 2, then leads the student into the architecture of valuation models. The chapter introduces the dividend discount models as a point of departure for the cash and accrual accounting-based models in chapter 4. The somewhat technical material on stock returns has been moved to an appendix. This chapter ends with a roadmap to the rest of the book.
Chapter 4 begins the development of accounting-based valuation models, with the focus on cash accounting and discounted cash flow analysis. Valuation models and accounting are even more closely integrated, using discounted cash flow analysis to contrast the features of cash accounting and accrual accounting. Responding to market feedback, the material from the first half of the old chapter 5 is now here, as a setup for chapters 5 and 6. The material on the relationship between earnings and stock returns, previously in chapter 5, is in an appendix to chapter 4.
Chapter 5 is largely the old chapter 6 on the residual income model and price-to-book valuation. In the spirit of starting with an easier example and working up, the chapter starts with the valuation of the savings account. The section on changes in premiums has been removed.
Chapter 6 complements the price-to-book valuation with a price-earnings approach. This chapter also sets up the later chapters on P/E analysis. The catalyst for this new chapter is the recent Olson-Jeuttner-Nauroth P/E model. The inclusion of this chapter in Part I means that all the material on valuation models is in one part of the book. The rest of the book is application and refinement of these models. 展开
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