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Stephen Penman

Columbia Business School
George O. May Professor Emeritus of Financial Accounting in the Faculty of Business
Accounting Division
Director
MS in Accounting & Fundamental Analysis Program
Areas of Expertise
Asset Management Financial Accounting & Auditing
Contact
Office: 1104 Kravis
Phone: (212) 8549151
E-mail: [email protected]
Links
Curriculum Vitae

Stephen Penman is the George O. May Professor in the Graduate School of Business, Columbia University where he is also co-director of the Center for Excellence in Accounting and Security Analysis and director of the Masters Program in Accounting and Fundamental Analysis.

Prior to his appointment at Columbia in 1999, Penman was the L.H. Penney Professor in the Walter A. Haas School of Business at the University of California at Berkeley. He joined Berkeley in 1977. From 1990-95 he served as Chair of the Professional Accounting Program and Chairman of the Accounting Faculty at Berkeley.

Penman has served as a Visiting Professor at Bocconi University the University of Padua, the London Business School, the Jan Wallander Visiting Professor at the Stockholm School of Economics, and in the Cheng Tsang Mun Chair Visiting Professorship at Singapore Management University. He has also been a visitor at Peking (Beijing) University and the Swedish Institute for Financial Research and a distinguished visiting scholar at Stanford Business School. He is an Honorary Professor at the City University of Hong Kong.

Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago. His research deals with the valuation of equity and the role of accounting information in security analysis, and a number of his papers deal with accounting policy issues. He has published widely in finance and accounting journals and has conducted seminars on accounting and analysis for academic and professional audiences.         

In 1991 Penman was awarded the Notable Contribution to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants, and in 2002 was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his book, Financial Statement Analysis and Security Valuation, published by McGraw-Hill/Irwin and now in its 5th edition. In 1997 he was awarded the Institute for Quantitative Investment Research (INQUIRE) Prize in the U.K. In 2005 he was awarded the Geewax Terker & Co Prize in Investment Research, and in 2011 the Roger F. Murray prize from The Institute for Quantitative Research in Finance (Q-Group). He has earned the Abacus best paper award twice. In 2009 he received an honorary doctorate from the Stockholm School of Economics and, in 2015, was elected to the Financial Economists Round Table. His book, Accounting for Value, was published by Columbia University Press in January, 2011.

Stephen Penman is a founding editor of the Review of Accounting Studies and served as managing editor from 2002-2006. He is on the advisory boards of Phoenician Capital and Boston Harbor Investment Management and has served as an advisor to fundamental asset managers in the U.S., Europe, and China. He also serves on the Board of Directors of UBS Financial Services Inc. Hedge Fund Solutions and is chair of its audit committee.

In 2019, Penman was elected to the Accounting Hall of Fame. In 2020, he was elected to the Australian Accounting Hall of Fame.

More at: http://www8.gsb.columbia.edu/cbs-directory/detail/shp38

Education
BCom (Hon), University of Queensland Queensland, 1970; MBA, PhD, University of Chicago, 1978
Joined CBS
1999

All Activities

  • Research
  • Teaching
  • Awards and Honors
  • Press
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Type
Journal Article
Penman, Stephen and Xiao-Jun Zhang
. “Connecting Book Rate of Return to Risk and Return: The Information Conveyed by Conservative Accounting.”
Review of Accounting Studies
vol.
26
, no.
1
(Forthcoming):
391
-
423
.
Read More about Connecting Book Rate of Return to Risk and Return: The Information Conveyed by Conservative Accounting
Download PDF on Connecting Book Rate of Return to Risk and Return: The Information Conveyed by Conservative Accounting
Type
Journal Article
Penman, Stephen and Julie Zhu
. “An Accounting-based Asset Pricing Model and a Fundamental Factor.”
Journal of Accounting and Economics
vol.
73
, no.
2-3
(August 01, 2022).
Read More about An Accounting-based Asset Pricing Model and a Fundamental Factor
Type
Journal Article
Barker, Richard, Andrew Lennard, Stephen Penman, and Alan Teixeira
. “Accounting for Intangible Assets: Suggested Solutions.” (September 01, 2020).
Read More about Accounting for Intangible Assets: Suggested Solutions
Type
Journal Article
Penman, Stephen and Xiao-Jun Zhang
. “A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital.”
Journal of Accounting and Economics
vol.
69
, (February 01, 2020):
101236
.
Read More about A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital
Download PDF on A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital
Type
Journal Article
Barker, Richard and Stephen Penman
. “Moving the Conceptual Framework Forward: Accounting for Uncertainty.”
Contemporary Accounting Research
vol.
37
, (January 01, 2020):
322
-
357
.
Read More about Moving the Conceptual Framework Forward: Accounting for Uncertainty
Type
Journal Article
Penman, Stephen and Nir Yehuda
. “A Matter of Principle: Accounting Reports Convey Both Cash-Flow News and Discount-Rate News.”
Management Science
vol.
65
, no.
12
(January 01, 2019):
5584
-
5602
.
Read More about A Matter of Principle: Accounting Reports Convey Both Cash-Flow News and Discount-Rate News
Download PDF on A Matter of Principle: Accounting Reports Convey Both Cash-Flow News and Discount-Rate News
Type
Journal Article
Penman, Stephen and Nir Yehuda
. “A Matter of Principle: Accounting Reports Convey both Cash-flow News and Discount-rate News.”
Management Science
vol.
65
, (January 01, 2019):
5584
-
5602
.
Read More about A Matter of Principle: Accounting Reports Convey both Cash-flow News and Discount-rate News
Download PDF on A Matter of Principle: Accounting Reports Convey both Cash-flow News and Discount-rate News
Type
Journal Article
Penman, Stephen and Francesco Reggiani
. “Fundamentals of Value vs. Growth Investing and an Explanation for the Value Trap.”
Financial Analysts Journal
vol.
74
, (January 01, 2018):
102
-
119
.
Read More about Fundamentals of Value vs. Growth Investing and an Explanation for the Value Trap
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Type
Journal Article
Penman, Stephen, Francesco Reggiani, Scott Richardson, and Irem Tuna
. “A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price.”
European Financial Management
vol.
24
, (January 01, 2018):
488
-
520
.
Read More about A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price
Download PDF on A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price
Type
Journal Article
Penman, Stephen
. “Conservative Accounting as a Defining Principle for Accounting.”
The Japanese Accounting Review
vol.
6
, (December 01, 2016):
1
-
16
.
Read More about Conservative Accounting as a Defining Principle for Accounting
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Type
Journal Article
Penman, Stephen
. “Valuation: The State of the Art.”
Schmalenbach Business Review
vol.
17
, (April 01, 2016):
3
-
23
.
Read More about Valuation: The State of the Art
Type
Journal Article
Penman, Stephen
. “Valuation: Accounting for Risk and the Expected Return.”
Abacus
vol.
52
, (January 01, 2016):
106
-
130
.
Read More about Valuation: Accounting for Risk and the Expected Return
Type
Journal Article
Penman, Stephen
. “Conservatism as a Defining Principle for Accounting.”
The Japanese Accounting Review
vol.
6
, (January 01, 2016):
1
-
16
.
Read More about Conservatism as a Defining Principle for Accounting
Type
Journal Article
Penman, Stephen and Francesco Reggiani
. “Returns to Buying Earnings and Book Value: Accounting for Growth and Risk.”
Review of Accounting Studies
vol.
18
, (December 01, 2013):
1021
-
1049
.
Read More about Returns to Buying Earnings and Book Value: Accounting for Growth and Risk
Download PDF on Returns to Buying Earnings and Book Value: Accounting for Growth and Risk
Type
Journal Article
Jiang, Guohua and Stephen Penman
. “A Fundamentalist Perspective on Accounting and Implications for Accounting Research.”
China Journal of Accounting Research
vol.
6
, (December 01, 2013):
233
-
245
.
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Type
Journal Article
Penman, Stephen
. “Accounting Standard Setting: Thoughts on Developing a Conceptual Framework.”
China Journal of Accounting Studies
vol.
1
, (January 01, 2013):
157
-
167
.
Read More about Accounting Standard Setting: Thoughts on Developing a Conceptual Framework
Type
Journal Article
Penman, Stephen
. “Accounting for Value.”
The European Financial Review
vol.
October/November
, (January 01, 2011):
62
-
65
.
Read More about Accounting for Value
Type
Journal Article
Penman, Stephen
. “Accounting for Risk and Return in Equity Valuation.”
Journal of Applied Corporate Finance
vol.
23
, (January 01, 2011):
50
-
58
.
Read More about Accounting for Risk and Return in Equity Valuation
Type
Journal Article
Ohlson, James and Stephen Penman
. “Accounting for Revenues: A Framework for Standard Setting.”
Accounting Horizons
vol.
25
, (January 01, 2011):
577
-
592
.
Read More about Accounting for Revenues: A Framework for Standard Setting
Type
Journal Article
Ohlson, James and Stephen Penman
. “A Framework for Financial Accounting Standards: Issues and a Suggested Framework.”
Accounting Horizons
vol.
24
, (September 01, 2010):
471
-
485
.
Read More about A Framework for Financial Accounting Standards: Issues and a Suggested Framework
Type
Journal Article
Penman, Stephen
. “Financial Forecasting, Risk, and Valuation: Accounting for the Future.”
Abacus
vol.
46
, (June 01, 2010):
211
-
228
.
Read More about Financial Forecasting, Risk, and Valuation: Accounting for the Future
Type
Journal Article
Penman, Stephen and Nir Yehuda
. “The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting.”
Review of Accounting Studies
vol.
14
, (December 01, 2009):
453
-
479
.
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Type
Journal Article
Penman, Stephen
. “Accounting for Intangible Assets: There Is Also an Income Statement.”
Abacus
vol.
45
, (September 01, 2009):
358
-
371
.
Read More about Accounting for Intangible Assets: There Is Also an Income Statement
Type
Journal Article
Penman, Stephen
. “Eye on the Prize: Directions for Accounting Research.”
China Accounting Review
vol.
6
, (December 01, 2008):
465
-
476
.
Read More about Eye on the Prize: Directions for Accounting Research
Type
Journal Article
Penman, Stephen, Scott Richardson, and Irem Tuna
. “The Book-to-Price Effect in Stock Returns: Accounting for Leverage.”
Journal of Accounting Research
vol.
45
, (May 01, 2007):
427
-
467
.
Read More about The Book-to-Price Effect in Stock Returns: Accounting for Leverage
Type
Journal Article
Ohlson, James and Stephen Penman
. “Accounting for Employee Stock Options and Other Contingent Equity Claims: Taking a Shareholder's View.”
Journal of Applied Corporate Finance
vol.
19
, (January 01, 2007):
105
-
110
.
Read More about Accounting for Employee Stock Options and Other Contingent Equity Claims: Taking a Shareholder's View
Type
Journal Article
Penman, Stephen
. “Financial Reporting Quality: Is Fair Value a Plus or a Minus?”
Accounting and Business Research: International Accounting Policy Forum
vol.
Special Issue
, (January 01, 2007):
33
-
44
.
Read More about Financial Reporting Quality: Is Fair Value a Plus or a Minus?
Type
Journal Article
Penman, Stephen
. “Handling Valuation Models.”
Journal of Applied Corporate Finance
vol.
18
, (January 01, 2006):
48
-
55
.
Read More about Handling Valuation Models
Type
Journal Article
Nissim, Doron and Stephen Penman
. “Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios.”
Review of Accounting Studies
vol.
8
, (December 01, 2003):
531
-
60
.
Read More about Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios
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Type
Journal Article
Penman, Stephen
. “The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble.”
Accounting Horizons
vol.
17
, (January 01, 2003):
77
-
96
.
Read More about The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble
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Type
Journal Article
Nissim, Doron and Stephen Penman
. “The Association Between Changes in Interest Rates, Earnings, and Equity Values.”
Contemporary Accounting Research
vol.
20
, (January 01, 2003):
775
-
804
.
Read More about The Association Between Changes in Interest Rates, Earnings, and Equity Values
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Type
Journal Article
Penman, Stephen and Xiao-Jun Zhang
. “Accounting Conservatism, the Quality of Earnings, and Stock Returns.”
The Accounting Review
vol.
77
, (April 01, 2002):
237
-
264
.
Read More about Accounting Conservatism, the Quality of Earnings, and Stock Returns
Type
Journal Article
Penman, Stephen
. “Tying Valuation to Performance with Financial Analysis.”
Journal of Management Accounting, Japan
vol.
10
, (January 01, 2002):
3
-
12
.
Read More about Tying Valuation to Performance with Financial Analysis
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Type
Journal Article
Penman, Stephen
. “Fundamental Analysis: Lessons from the Recent Stock Market Bubble.”
Security Analysts Journal
vol.
39
, (December 01, 2001):
106
-
115
.
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Type
Journal Article
Nissim, Doron and Stephen Penman
. “Ratio Analysis and Equity Valuation: From Research to Practice.”
Review of Accounting Studies
vol.
6
, (March 01, 2001):
109
-
54
.
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Type
Journal Article
Penman, Stephen
. “On Comparing Cash Flow and Accrual Accounting Models for Use in Equity Valuation.”
Contemporary Accounting Research
vol.
18
, (January 01, 2001):
681
-
92
.
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Type
Journal Article
Penman, Stephen
. “A Synthesis of Equity Valuation Techniques and the Terminal Value Calculation for the Dividend Discount Model.”
Review of Accounting Studies
vol.
2
, (December 01, 1998):
303
-
23
.
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Type
Journal Article
Penman, Stephen and Theodore Sougiannis
. “A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation.”
Contemporary Accounting Research
vol.
15
, (January 01, 1998):
343
-
83
.
Read More about A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation
Type
Journal Article
Penman, Stephen
. “Combining Earnings and Book Value in Equity Valuation.”
Contemporary Accounting Research
vol.
15
, (January 01, 1998):
291
-
324
.
Read More about Combining Earnings and Book Value in Equity Valuation
Type
Journal Article
Penman, Stephen
. “Comprehensive Income.”
Accounting Horizons
vol.
11
, (June 01, 1997):
120
-
126
.
Read More about Comprehensive Income
Type
Journal Article
Penman, Stephen and Theodore Sougiannis
. “The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation.”
The Accounting Review
vol.
72
, (January 01, 1997):
1
-
21
.
Read More about The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation
Type
Journal Article
Penman, Stephen
. “The Articulation of Price-Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth.”
Journal of Accounting Research
vol.
34
, (January 01, 1996):
235
-
259
.
Read More about The Articulation of Price-Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth
Type
Journal Article
Penman, Stephen
. “Financial Statement Information and the Pricing of Earnings Changes.”
Accounting Review
vol.
67
, (July 01, 1992):
563
-
577
.
Read More about Financial Statement Information and the Pricing of Earnings Changes
Type
Journal Article
Ohlson, James and Stephen Penman
. “Disaggregated Accounting Data as Explanatory Variables for Returns.”
Journal of Accounting, Auditing and Finance
vol.
7
, (January 01, 1992):
553
-
573
.
Read More about Disaggregated Accounting Data as Explanatory Variables for Returns
Type
Journal Article
Penman, Stephen
. “Return to Fundamentals.”
Journal of Accounting, Auditing and Finance
vol.
7
, (January 01, 1992):
465
-
483
.
Read More about Return to Fundamentals
Type
Journal Article
Penman, Stephen
. “An Evaluation of Accounting Rate-of-Return.”
Journal of Accounting, Auditing and Finance
vol.
6
, (January 01, 1991):
233
-
255
.
Read More about An Evaluation of Accounting Rate-of-Return
Type
Journal Article
Lev, Baruch and Stephen Penman
. “Voluntary Forecast Disclosure, Nondisclosure, and Stock Prices.”
Journal of Accounting Research
vol.
28
, (January 01, 1990):
49
-
76
.
Read More about Voluntary Forecast Disclosure, Nondisclosure, and Stock Prices
Type
Journal Article
Ou, Jane and Stephen Penman
. “Financial Statement Analysis and the Prediction of Stock Returns.”
Journal of Accounting and Economics
vol.
11
, (November 01, 1989):
295
-
329
.
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Type
Journal Article
Ou, Jane and Stephen Penman
. “Accounting Measurement, Price-Earnings Ratio and the Information Content of Security Prices.”
Journal of Accounting Research
vol.
27
, (January 01, 1989):
111
-
144
.
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Type
Journal Article
Penman, Stephen
. “The Distribution of Earnings News over Time and Seasonalities in Aggregate Stock Returns.”
Journal of Financial Economics
vol.
18
, (June 01, 1987):
199
-
228
.
Read More about The Distribution of Earnings News over Time and Seasonalities in Aggregate Stock Returns
Type
Journal Article
Ohlson, James and Stephen Penman
. “Volatility Increases Subsequent to Stock Splits: An Empirical Aberration.”
Journal of Financial Economics
vol.
14
, (June 01, 1985):
251
-
266
.
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Type
Journal Article
Penman, Stephen
. “A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts.”
Journal of Financial and Quantitative Analysis
vol.
20
, (March 01, 1985):
1
-
17
.
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Type
Journal Article
Penman, Stephen
. “Abnormal Returns to Investment Strategies Based on the Timing of Earnings Reports.”
Journal of Accounting and Economics
vol.
6
, (December 01, 1984):
165
-
183
.
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Type
Journal Article
Chambers, Anne and Stephen Penman
. “Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements.”
Journal of Accounting Research
vol.
22
, (January 01, 1984):
21
-
47
.
Read More about Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements
Type
Journal Article
Penman, Stephen
. “The Predictive Content of Earnings Forecasts and Dividends.”
Journal of Finance
vol.
38
, (September 01, 1983):
1181
-
1199
.
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Type
Journal Article
Penman, Stephen
. “Insider Trading and the Dissemination of Firms' Forecast Information.”
<a href="http://www.jstor.org/action/showPublisher?publisherCode=ucpress">Journal of Business</a>
vol.
55
, (October 01, 1982):
479
-
503
.
Read More about Insider Trading and the Dissemination of Firms' Forecast Information
Type
Journal Article
Freeman, Robert, James Ohlson, and Stephen Penman
. “Book Rate of Return and Prediction of Earnings Changes: An Empirical Investigation.”
Journal of Accounting Research
vol.
20
, (January 01, 1982):
639
-
53
.
Read More about Book Rate of Return and Prediction of Earnings Changes: An Empirical Investigation
Type
Journal Article
Penman, Stephen
. “An Empirical Investigation of the Voluntary Disclosure of Corporate Earnings Forecasts.”
Journal of Accounting Research
vol.
18
, (January 01, 1980):
132
-
160
.
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Type
Journal Article
Eggleton, Ian, Stephen Penman, and John Twombly
. “Accounting Changes and Stock Prices: An Examination of Selected Uncontrolled Variables.”
Journal of Accounting Research
vol.
14
, (January 01, 1976):
66
-
68
.
Read More about Accounting Changes and Stock Prices: An Examination of Selected Uncontrolled Variables
Type
Journal Article
Dopuch, Nicholas, Nicholas Gonedes, and Stephen Penman
. “Disclosure Rules, Information-Production and Capital Market Equilibrium: The Case of Forecast Disclosure Rules.”
Journal of Accounting Research
vol.
14
, (January 01, 1976):
89
-
137
.
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Type
Journal Article
Penman, Stephen
. “What Net Asset Value?-An Extension of a Familiar Debate.”
Accounting Review
vol.
45
, (April 01, 1970):
333
-
46
.
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Type
Journal Article
Penman, Stephen
. “Accounting for Risk.”
Foundations and Trends® in Accounting
vol.
15
, no.
4
(October 02, 2023):
373
-
507
.
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Type
Working Paper
Penman, Stephen, Julie Zhu, and Haofei Wang
. Explaining Return Anomalies with a Two-Factor ICAPM Model. Forthcoming.
Read More about Explaining Return Anomalies with a Two-Factor ICAPM Model
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Type
Working Paper
Penman, Stephen, F. Reggiani, S. Richardson, and I. Tuna
. Appendix to "A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price". Forthcoming.
Read More about Appendix to "A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price"
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Type
Working Paper
Penman, Stephen, Julie Zhu, and Haofei Wang
. Estimating an Equity Yield to Maturity: Deficiencies of the Implied Cost of Capital and an Alternative. January 01, 2022.
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Type
Working Paper
Penman, Stephen and Xiao-Jun Zhang
. Accounting for Asset Pricing Factors. December 01, 2021.
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Type
Working Paper
Penman, Stephen, Julie Zhu, and Haofei Wang
. Returns on Risky Portfolios are Explained by a Two-Factor ICAPM Model Based on Firms’ Fundamentals. September 01, 2021.
Read More about Returns on Risky Portfolios are Explained by a Two-Factor ICAPM Model Based on Firms’ Fundamentals
Type
Working Paper
Penman, Stephen and Hyung Il Oh
. The Accruals-Cash Flow Relation and the Evaluation of Accrual Accounting. August 01, 2021.
Read More about The Accruals-Cash Flow Relation and the Evaluation of Accrual Accounting
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Type
Working Paper
Penman, Stephen, Hyung Il Oh, and Hyung Il Oh
. Income Statement Mismatching Conveys Information and Has Not Reduced the Informativeness of Earnings Over Time. April 01, 2021.
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Type
Working Paper
Penman, Stephen and Francesco Reggiani
. A Fundamental Explanation for the Size Effect in Returns and its Variation Over Time. December 01, 2020.
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Type
Working Paper
Penman, Stephen
. Prudent Capital and Prudent Accounting for Banks. August 01, 2017.
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Type
Working Paper
Penman, Stephen and Julie Zhu
. Accounting-Based Estimates of the Cost of Capital: A Third Way. January 01, 2016.
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Type
Working Paper
Penman, Stephen and Richard Barker
. Moving the Conceptual Framework Forward: Recognition and Measurement. January 01, 2016.
Read More about Moving the Conceptual Framework Forward: Recognition and Measurement
Type
Working Paper
Penman, Stephen and Nir Yehuda
. A Matter of Principle: Accounting Reports Convey both Cash-flow News and Discount-rate News. June 01, 2015.
Read More about A Matter of Principle: Accounting Reports Convey both Cash-flow News and Discount-rate News
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Type
Working Paper
Penman, Stephen, Francesco Reggiani, Scott Richardson, and Irem Tuna
. An Accounting-based Characteristic Model for Asset Pricing. June 01, 2015.
Read More about An Accounting-based Characteristic Model for Asset Pricing
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Type
Working Paper
Penman, Stephen and Francesco Reggiani
. The Value Trap: Value Buys Risky Growth. September 01, 2014.
Read More about The Value Trap: Value Buys Risky Growth
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Type
Working Paper
Penman, Stephen and Julie Zhu
. Accounting Anomalies, Risk and Return. September 01, 2014.
Read More about Accounting Anomalies, Risk and Return
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Type
Working Paper
Bini, Mauro and Stephen Penman
. Companies with Market Value below Book Value Are More Common in Europe than in the U.S.: Evidence, Explanations, and Implications. January 01, 2013.
Read More about Companies with Market Value below Book Value Are More Common in Europe than in the U.S.: Evidence, Explanations, and Implications
Download PDF on Companies with Market Value below Book Value Are More Common in Europe than in the U.S.: Evidence, Explanations, and Implications
Type
Working Paper
Barker, Richard and Stephen Penman
. Moving the Conceptual Framework Forward: Accounting for Uncertainty. January 01, 2013.
Read More about Moving the Conceptual Framework Forward: Accounting for Uncertainty
Download PDF on Moving the Conceptual Framework Forward: Accounting for Uncertainty
Type
Working Paper
Penman, Stephen and Julie Zhu
. Accounting Anomalies, Risk and Return. March 01, 2011.
Read More about Accounting Anomalies, Risk and Return
Download PDF on Accounting Anomalies, Risk and Return
Type
Working Paper
Penman, Stephen and James Ohlson
. Accounting for Revenues: A Framework for Standard Setting. February 09, 2011.
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Type
Working Paper
Penman, Stephen
. The Design of Financial Statements. January 01, 2010.
Read More about The Design of Financial Statements
Type
Working Paper
Penman, Stephen
. "Accounting for Intangible Assets: There Is Also an Income Statement". June 01, 2009.
Read More about "Accounting for Intangible Assets: There Is Also an Income Statement"
Download PDF on "Accounting for Intangible Assets: There Is Also an Income Statement"
Type
Working Paper
Penman, Stephen and Francesco Reggiani
. Returns to Buying Earnings and Book Value: Accounting for Growth and Risk. August 01, 2008.
Read More about Returns to Buying Earnings and Book Value: Accounting for Growth and Risk
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Type
Working Paper
Nissim, Doron and Stephen Penman
. Principles for the Application of Fair Value Accounting. July 01, 2008.
Read More about Principles for the Application of Fair Value Accounting
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Type
Working Paper
Penman, Stephen and Xiao-Jun Zhang
. Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis. January 01, 2006.
Read More about Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis
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Type
Working Paper
Ohlson, James and Stephen Penman
. Debt Versus Equity: Accounting for Claims Contingent on Firms' Common Stock Performance. March 01, 2005.
Read More about Debt Versus Equity: Accounting for Claims Contingent on Firms' Common Stock Performance
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Type
Working Paper
Nissim, Doron and Stephen Penman
. Ratio Analysis and Equity Valuation. January 01, 2005.
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Type
Book
Penman, Stephen
. Accounting for Value. 
New York, NY
:
Columbia University Press
, 2010.
Read More about Accounting for Value
Type
Book
Penman, Stephen
. Financial Statement Analysis and Security Valuation. 
New York
:
McGraw-Hill
, 2009.
Read More about Financial Statement Analysis and Security Valuation
Type
Chapter
Penman, Stephen
. “Valuation Models: An Issue of Accounting Theory.” In
Routledge Companion to Financial Accounting Theory
,
Abingdon
:
Routledge
, Forthcoming.
Read More about Valuation Models: An Issue of Accounting Theory
Download PDF on Valuation Models: An Issue of Accounting Theory
Type
Chapter
Penman, Stephen
. “Can we better Account for Value?” In
Columbia Ideas at Work: The Centennial Issue. New York: Columbia Business School
,
Columbia Business School,
, 2016.
Read More about Can we better Account for Value?
Type
Chapter
Penman, Stephen
. “Can we better Account for Value?” 2016.
Read More about Can we better Account for Value?
Type
Chapter
Penman, Stephen
. “Paths to Valuation, Asset Pricing, and Practical Investing: Can Accounting and Finance Approaches Be Reconciled?” In
Bridging the GAAP: Recent Advances in Finance and Accounting
, edited by
Itzhak Venezia and Zvi Wiener
,
3
-
20
.
Singapore
:
World Scientific Publishing
, 2012.
Read More about Paths to Valuation, Asset Pricing, and Practical Investing: Can Accounting and Finance Approaches Be Reconciled?
Download PDF on Paths to Valuation, Asset Pricing, and Practical Investing: Can Accounting and Finance Approaches Be Reconciled?
Type
Chapter
Penman, Stephen
. “The Value of Reporting Comprehensive Income.” In
Trying Again: Proceedings of the Association of Chartered Certified Accountants Conference on the ASB's 1999 Draft Statement of Principles
, edited by
Michael J. Mumford and Michael J. Page
,
93
-
103
.
London
:
ACCA
, 1999.
Read More about The Value of Reporting Comprehensive Income
  • Courses
  • Case Studies
Type
Course
B9020: Research on Investing with Fundamental Analysis
View Course on Research on Investing with Fundamental Analysis
Type
Course
B8022: Accounting for Value
View Course on Accounting for Value
Type
Case Study
Penman, Stephen
. "The Global Case." A set of microcomputer case studies in financial accounting. 
Computer Integration into the Accounting Curriculum: Case Studies
:
Coopers & Lybrand Foundation and American Accounting Association Accounting Education Series
, 1987.
Read More about "The Global Case." A set of microcomputer case studies in financial accounting
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