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  1. Directory
  2. Faculty
  3. Stephen Penman

Stephen Penman

George O. May Professor Emeritus of Financial Accounting in the Faculty of Business
Accounting Division
Director
MS in Accounting & Fundamental Analysis Program
Columbia Business School
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
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
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
.
Explore Further 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
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).
Explore Further about An Accounting-based Asset Pricing Model and a Fundamental Factor
Journal Article
Barker, Richard, Andrew Lennard, Stephen Penman , and Alan Teixeira
. “Accounting for Intangible Assets: Suggested Solutions.” (September 01, 2020).
Explore Further about Accounting for Intangible Assets: Suggested Solutions
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
.
Explore Further about A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital
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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
.
Explore Further about Moving the Conceptual Framework Forward: Accounting for Uncertainty
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
.
Explore Further about A Matter of Principle: Accounting Reports Convey Both Cash-Flow News and Discount-Rate News
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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
.
Explore Further 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
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
.
Explore Further about Fundamentals of Value vs. Growth Investing and an Explanation for the Value Trap
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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
.
Explore Further 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
Journal Article
Penman, Stephen
. “Conservative Accounting as a Defining Principle for Accounting.”
The Japanese Accounting Review
vol.
6
, (December 01, 2016):
1
-
16
.
Explore Further about Conservative Accounting as a Defining Principle for Accounting
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Journal Article
Penman, Stephen
. “Valuation: The State of the Art.”
Schmalenbach Business Review
vol.
17
, (April 01, 2016):
3
-
23
.
Explore Further about Valuation: The State of the Art
Journal Article
Penman, Stephen
. “Valuation: Accounting for Risk and the Expected Return.”
Abacus
vol.
52
, (January 01, 2016):
106
-
130
.
Explore Further about Valuation: Accounting for Risk and the Expected Return
Journal Article
Penman, Stephen
. “Conservatism as a Defining Principle for Accounting.”
The Japanese Accounting Review
vol.
6
, (January 01, 2016):
1
-
16
.
Explore Further about Conservatism as a Defining Principle for Accounting
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
.
Explore Further 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
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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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
.
Explore Further about Accounting Standard Setting: Thoughts on Developing a Conceptual Framework
Journal Article
Ohlson, James and Stephen Penman
. “Accounting for Revenues: A Framework for Standard Setting.”
Accounting Horizons
vol.
25
, (February 09, 2011):
577
-
592
.
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Journal Article
Penman, Stephen
. “Accounting for Risk and Return in Equity Valuation.”
Journal of Applied Corporate Finance
vol.
23
, (January 01, 2011):
50
-
58
.
Explore Further about Accounting for Risk and Return in Equity Valuation
Journal Article
Penman, Stephen
. “Accounting for Value.”
The European Financial Review
vol.
October/November
, (January 01, 2011):
62
-
65
.
Explore Further about Accounting for Value
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
.
Explore Further about A Framework for Financial Accounting Standards: Issues and a Suggested Framework
Journal Article
Penman, Stephen
. “Financial Forecasting, Risk, and Valuation: Accounting for the Future.”
Abacus
vol.
46
, (June 01, 2010):
211
-
228
.
Explore Further about Financial Forecasting, Risk, and Valuation: Accounting for the Future
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
.
Explore Further about The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting
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Journal Article
Penman, Stephen
. “Accounting for Intangible Assets: There Is Also an Income Statement.”
Abacus
vol.
45
, (September 01, 2009):
358
-
371
.
Explore Further about Accounting for Intangible Assets: There Is Also an Income Statement
Journal Article
Penman, Stephen
. “Eye on the Prize: Directions for Accounting Research.”
China Accounting Review
vol.
6
, (December 01, 2008):
465
-
476
.
Explore Further about Eye on the Prize: Directions for Accounting Research
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
.
Explore Further about The Book-to-Price Effect in Stock Returns: Accounting for Leverage
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
.
Explore Further about Accounting for Employee Stock Options and Other Contingent Equity Claims: Taking a Shareholder's View
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
.
Explore Further about Financial Reporting Quality: Is Fair Value a Plus or a Minus?
Journal Article
Penman, Stephen
. “Handling Valuation Models.”
Journal of Applied Corporate Finance
vol.
18
, (January 01, 2006):
48
-
55
.
Explore Further about Handling Valuation Models
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
.
Explore Further about Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios
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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
.
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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
.
Explore Further about The Association Between Changes in Interest Rates, Earnings, and Equity Values
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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
.
Explore Further about Accounting Conservatism, the Quality of Earnings, and Stock Returns
Journal Article
Penman, Stephen
. “Tying Valuation to Performance with Financial Analysis.”
Journal of Management Accounting, Japan
vol.
10
, (January 01, 2002):
3
-
12
.
Explore Further about Tying Valuation to Performance with Financial Analysis
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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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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
.
Explore Further about Ratio Analysis and Equity Valuation: From Research to Practice
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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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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
.
Explore Further about A Synthesis of Equity Valuation Techniques and the Terminal Value Calculation for the Dividend Discount Model
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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
.
Explore Further about A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation
Journal Article
Penman, Stephen
. “Combining Earnings and Book Value in Equity Valuation.”
Contemporary Accounting Research
vol.
15
, (January 01, 1998):
291
-
324
.
Explore Further about Combining Earnings and Book Value in Equity Valuation
Journal Article
Penman, Stephen
. “Comprehensive Income.”
Accounting Horizons
vol.
11
, (June 01, 1997):
120
-
126
.
Explore Further about Comprehensive Income
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
.
Explore Further about The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation
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
.
Explore Further about The Articulation of Price-Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth
Journal Article
Penman, Stephen
. “Financial Statement Information and the Pricing of Earnings Changes.”
Accounting Review
vol.
67
, (July 01, 1992):
563
-
577
.
Explore Further about Financial Statement Information and the Pricing of Earnings Changes
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
.
Explore Further about Disaggregated Accounting Data as Explanatory Variables for Returns
Journal Article
Penman, Stephen
. “Return to Fundamentals.”
Journal of Accounting, Auditing and Finance
vol.
7
, (January 01, 1992):
465
-
483
.
Explore Further about Return to Fundamentals
Journal Article
Penman, Stephen
. “An Evaluation of Accounting Rate-of-Return.”
Journal of Accounting, Auditing and Finance
vol.
6
, (January 01, 1991):
233
-
255
.
Explore Further about An Evaluation of Accounting Rate-of-Return
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
.
Explore Further about Voluntary Forecast Disclosure, Nondisclosure, and Stock Prices
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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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
.
Explore Further about Accounting Measurement, Price-Earnings Ratio and the Information Content of Security Prices
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
.
Explore Further about The Distribution of Earnings News over Time and Seasonalities in Aggregate Stock Returns
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
.
Explore Further about Volatility Increases Subsequent to Stock Splits: An Empirical Aberration
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
.
Explore Further about A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts
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
.
Explore Further about Abnormal Returns to Investment Strategies Based on the Timing of Earnings Reports
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
.
Explore Further about Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements
Journal Article
Penman, Stephen
. “The Predictive Content of Earnings Forecasts and Dividends.”
Journal of Finance
vol.
38
, (September 01, 1983):
1181
-
1199
.
Explore Further about The Predictive Content of Earnings Forecasts and Dividends
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
.
Explore Further about Insider Trading and the Dissemination of Firms' Forecast Information
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
.
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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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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
.
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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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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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Journal Article
Penman, Stephen
. “Accounting for Risk.”
Foundations and Trends® in Accounting
vol.
15
, no.
4
(July 14, 2025):
373
-
507
.
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Working Paper
Penman, Stephen, Julie Zhu, and Haofei Wang
. Explaining Return Anomalies with a Two-Factor ICAPM Model. Forthcoming.
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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.
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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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Working Paper
Penman, Stephen and Xiao-Jun Zhang
. Accounting for Asset Pricing Factors. December 01, 2021.
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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.
Explore Further about Returns on Risky Portfolios are Explained by a Two-Factor ICAPM Model Based on Firms’ Fundamentals
Working Paper
Penman, Stephen and Hyung Il Oh
. The Accruals-Cash Flow Relation and the Evaluation of Accrual Accounting. August 01, 2021.
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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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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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Working Paper
Penman, Stephen
. Prudent Capital and Prudent Accounting for Banks. August 01, 2017.
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Working Paper
Penman, Stephen and Richard Barker
. Moving the Conceptual Framework Forward: Recognition and Measurement. January 01, 2016.
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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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Working Paper
Penman, Stephen, Francesco Reggiani, Scott Richardson, and Irem Tuna
. An Accounting-based Characteristic Model for Asset Pricing. June 01, 2015.
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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.
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Working Paper
Penman, Stephen and Francesco Reggiani
. The Value Trap: Value Buys Risky Growth. September 01, 2014.
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Working Paper
Penman, Stephen and Julie Zhu
. Accounting Anomalies, Risk and Return. September 01, 2014.
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Working Paper
Barker, Richard and Stephen Penman
. Moving the Conceptual Framework Forward: Accounting for Uncertainty. January 01, 2013.
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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.
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Working Paper
Penman, Stephen and Julie Zhu
. Accounting Anomalies, Risk and Return. March 01, 2011.
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Working Paper
Penman, Stephen
. The Design of Financial Statements. January 01, 2010.
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Working Paper
Penman, Stephen
. "Accounting for Intangible Assets: There Is Also an Income Statement". June 01, 2009.
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Working Paper
Penman, Stephen and Francesco Reggiani
. Returns to Buying Earnings and Book Value: Accounting for Growth and Risk. August 01, 2008.
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Working Paper
Nissim, Doron and Stephen Penman
. Principles for the Application of Fair Value Accounting. July 01, 2008.
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Working Paper
Penman, Stephen and Xiao-Jun Zhang
. Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis. January 01, 2006.
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Working Paper
Ohlson, James and Stephen Penman
. Debt Versus Equity: Accounting for Claims Contingent on Firms' Common Stock Performance. March 01, 2005.
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Working Paper
Nissim, Doron and Stephen Penman
. Ratio Analysis and Equity Valuation. January 01, 2005.
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Newspaper/Magazine Article
Saïd Business School, Oxford University, Richard Barker, Andrew Lennard Financial Reporting Council, U.K., Stephen Penman , and Alan Teixeira Deloitte and University of Auckland
. “Accounting for Intangible Assets: Suggested Solutions.”
Center for Excellence in Accounting & Security Analysis
. September 01, 2020.
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Newspaper/Magazine Article
Saïd Business School, Oxford University, Richard Barker and Stephen Penman
. “Moving the Conceptual Framework Forward Accounting for Uncertainty.”
Center for Excellence in Accounting & Security Analysis
. July 01, 2017.
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Newspaper/Magazine Article
Penman, Stephen
. “Accounting for Intangible Assets: There is Also an Income Statement.”
Center for Excellence in Accounting & Security Analysis
. June 01, 2009.
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Newspaper/Magazine Article
Nissim, Doron and Stephen Penman
. “Principles for the Application of Fair Value Accounting.”
Center for Excellence in Accounting & Security Analysis
. July 01, 2008.
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Newspaper/Magazine Article
Nissim, Doron and Stephen Penman
. “Fair Value Accounting in the Banking Industry.”
Center for Excellence in Accounting & Security Analysis
. May 01, 2007.
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Newspaper/Magazine Article
Ohlson, James A. and Stephen Penman
. “The Design of Financial Statements.”
Center for Excellence in Accounting & Security Analysis
. January 01, 2005.
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Book
Penman, Stephen
. Accounting for Value. 
New York, NY
:
Columbia University Press
, 2010.
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Book
Penman, Stephen
. Financial Statement Analysis and Security Valuation. 
New York
:
McGraw-Hill
, 2009.
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Chapter
Penman, Stephen
. “Valuation Models: An Issue of Accounting Theory.” In
Routledge Companion to Financial Accounting Theory
,
Abingdon
:
Routledge
, Forthcoming.
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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.
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Chapter
Penman, Stephen
. “Can we better Account for Value?” 2016.
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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.
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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.
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  • Courses
  • Case Studies
Course
B9020: Research on Investing with Fundamental Analysis
View Course on Research on Investing with Fundamental Analysis
Course
B8022: Accounting for Value
View Course on Accounting for Value
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.
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In Measuring Profitability, it’s Time to Throw out the Book

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