Stephen H. Penman

George O. May Professor of Accounting; Chair of Accounting Division

Accounting

BCom (Hon), University of Queensland Queensland, 1970; MBA, PhD, University of Chicago, 1978

Joined CBS in 1999

Download Curriculum Vitae (PDF)

Stephen Penman

Office
612 Uris

Phone
212-854-9151

E-mail
shp38@columbia.edu

Fax
212-316-9219

Teaching and research interest

Stephen H. Penman is the George O. May Professor in the Graduate School of Business, Columbia University. Prior to his appointment at Columbia in 1999 he was the L.H. Penney Professor in the Walter A. Haas School of Business at the University of California at Berkeley. From 1990-95 he served as Chairman of the Professional Accounting Program and Chairman of the Accounting Faculty at Berkeley where he initiated and chaired the Haas School's Annual Conference on Financial Reporting. He has served as a Visiting Professor at Columbia University and the London Business School, and as the Jan Wallander Visiting Professor at the Stockholm School of Economics.

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 is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has conducted seminars on fundamental analysis and equity evaluation for academic and professional audiences. In 1991, he 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. His new book, Accounting for Value, was published in 2011. He is managing editor of the Review of Accounting Studies and is on the editorial board of the Schmalenbach Business Review. In 2009, Professor Penman was awarded an Honorary Doctorate by the Stockholm School of Economics at the School centenary celebration ceremony, which took place in Stockholm Cathedral in the presence of the King and Queen of Sweden.

Chapters

Valuation Models: An Issue of Accounting Theory In Routledge Companion to Financial Accounting Theory (2014)
Author(s): Stephen Penman

More Information Download (PDF)

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 (2012)
Author(s): Stephen Penman

More Information Download (PDF)

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 (1999)
Author(s): Stephen Penman

More Information

Journal articles

A Fundamentalist Perspective on Accounting and Implications for Accounting Research In China Journal of Accounting Research (2013)
Author(s): Guohua Jiang, Stephen Penman

More Information Download (PDF)

Returns to Buying Earnings and Book Value: Accounting for Growth and Risk In Review of Accounting Studies (2013)
Author(s): Stephen Penman, Francesco Reggiani

More Information Download (PDF)

Returns to Buying Earnings and Book Value: Accounting for Growth and Risk In Review of Accounting Studies (2013)
Author(s): Stephen Penman, Francesco Reggiani

More Information

Accounting Standard Setting: Thoughts on Developing a Conceptual Framework In China Journal of Accounting Studies (2013)
Author(s): Stephen Penman

More Information Download (PDF)

Accounting for Revenues: A Framework for Standard Setting In Accounting Horizons (2011)
Author(s): James Ohlson, Stephen Penman

More Information

Accounting for Risk and Return in Equity Valuation In Journal of Applied Corporate Finance (2011)
Author(s): Stephen Penman

More Information

Accounting for Value In The European Financial Review (2011)
Author(s): Stephen Penman

More Information

A Framework for Financial Accounting Standards: Issues and a Suggested Framework In Accounting Horizons (2010)
Author(s): James Ohlson, Stephen Penman

More Information

Financial Forecasting, Risk, and Valuation: Accounting for the Future In Abacus (2010)
Author(s): Stephen Penman

More Information

The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting In Review of Accounting Studies (2009)
Author(s): Stephen Penman, Nir Yehuda

More Information Download (PDF)

Accounting for Intangible Assets: There Is Also an Income Statement In Abacus (2009)
Author(s): Stephen Penman

More Information

Eye on the Prize: Directions for Accounting Research In China Accounting Review (2008)
Author(s): Stephen Penman

More Information

The Book-to-Price Effect in Stock Returns: Accounting for Leverage In Journal of Accounting Research (2007)
Author(s): Stephen Penman, Scott Richardson, Irem Tuna

More Information

Accounting for Employee Stock Options and Other Contingent Equity Claims: Taking a Shareholder's View In Journal of Applied Corporate Finance (2007)
Author(s): James Ohlson, Stephen Penman

More Information

Financial Reporting Quality: Is Fair Value a Plus or a Minus? In Accounting and Business Research: International Accounting Policy Forum (2007)
Author(s): Stephen Penman

More Information

Handling Valuation Models In Journal of Applied Corporate Finance (2006)
Author(s): Stephen Penman

More Information

Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios In Review of Accounting Studies (2003)
Author(s): Doron Nissim, Stephen Penman

More Information Download (PDF)

The Association Between Changes in Interest Rates, Earnings, and Equity Values In Contemporary Accounting Research (2003)
Author(s): Doron Nissim, Stephen Penman

More Information

The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble In Accounting Horizons (2003)
Author(s): Stephen Penman

More Information

Accounting Conservatism, the Quality of Earnings, and Stock Returns In The Accounting Review (2002)
Author(s): Stephen Penman, Xiao-Jun Zhang

More Information

Tying Valuation to Performance with Financial Analysis In Journal of Management Accounting, Japan (2002)
Author(s): Stephen Penman

More Information Download (PDF)

Fundamental Analysis: Lessons from the Recent Stock Market Bubble In Security Analysts Journal (2001)
Author(s): Stephen Penman

More Information

Ratio Analysis and Equity Valuation: From Research to Practice In Review of Accounting Studies (2001)
Author(s): Doron Nissim, Stephen Penman

More Information Download (PDF)

On Comparing Cash Flow and Accrual Accounting Models for Use in Equity Valuation In Contemporary Accounting Research (2001)
Author(s): Stephen Penman

More Information

A Synthesis of Equity Valuation Techniques and the Terminal Value Calculation for the Dividend Discount Model In Review of Accounting Studies (1998)
Author(s): Stephen Penman

More Information Download (PDF)

A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation In Contemporary Accounting Research (1998)
Author(s): Stephen Penman, Theodore Sougiannis

More Information

Combining Earnings and Book Value in Equity Valuation In Contemporary Accounting Research (1998)
Author(s): Stephen Penman

More Information

Comprehensive Income In Accounting Horizons (1997)
Author(s): Stephen Penman

More Information

The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation In The Accounting Review (1997)
Author(s): Stephen Penman, Theodore Sougiannis

More Information

The Articulation of Price-Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth In Journal of Accounting Research (1996)
Author(s): Stephen Penman

More Information

Financial Statement Information and the Pricing of Earnings Changes In Accounting Review (1992)
Author(s): Stephen Penman

More Information

Disaggregated Accounting Data as Explanatory Variables for Returns In Journal of Accounting, Auditing and Finance (1992)
Author(s): James Ohlson, Stephen Penman

More Information

Return to Fundamentals In Journal of Accounting, Auditing and Finance (1992)
Author(s): Stephen Penman

More Information

An Evaluation of Accounting Rate-of-Return In Journal of Accounting, Auditing and Finance (1991)
Author(s): Stephen Penman

More Information

Voluntary Forecast Disclosure, Nondisclosure, and Stock Prices In Journal of Accounting Research (1990)
Author(s): Baruch Lev, Stephen Penman

More Information

Financial Statement Analysis and the Prediction of Stock Returns In Journal of Accounting and Economics (1989)
Author(s): Jane Ou, Stephen Penman

More Information

Accounting Measurement, Price-Earnings Ratio and the Information Content of Security Prices In Journal of Accounting Research (1989)
Author(s): Jane Ou, Stephen Penman

More Information

The Distribution of Earnings News over Time and Seasonalities in Aggregate Stock Returns In Journal of Financial Economics (1987)
Author(s): Stephen Penman

More Information

Volatility Increases Subsequent to Stock Splits: An Empirical Aberration In Journal of Financial Economics (1985)
Author(s): James Ohlson, Stephen Penman

More Information

A Comparison of the Information Content of Insider Trading and Management Earnings Forecasts In Journal of Financial and Quantitative Analysis (1985)
Author(s): Stephen Penman

More Information

Abnormal Returns to Investment Strategies Based on the Timing of Earnings Reports In Journal of Accounting and Economics (1984)
Author(s): Stephen Penman

More Information

Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements In Journal of Accounting Research (1984)
Author(s): Anne Chambers, Stephen Penman

More Information

The Predictive Content of Earnings Forecasts and Dividends In Journal of Finance (1983)
Author(s): Stephen Penman

More Information

Insider Trading and the Dissemination of Firms' Forecast Information In Journal of Business (1982)
Author(s): Stephen Penman

More Information

Book Rate of Return and Prediction of Earnings Changes: An Empirical Investigation In Journal of Accounting Research (1982)
Author(s): Robert Freeman, James Ohlson, Stephen Penman

More Information

An Empirical Investigation of the Voluntary Disclosure of Corporate Earnings Forecasts In Journal of Accounting Research (1980)
Author(s): Stephen Penman

More Information

Accounting Changes and Stock Prices: An Examination of Selected Uncontrolled Variables In Journal of Accounting Research (1976)
Author(s): Ian Eggleton, Stephen Penman, John Twombly

More Information

Disclosure Rules, Information-Production and Capital Market Equilibrium: The Case of Forecast Disclosure Rules In Journal of Accounting Research (1976)
Author(s): Nicholas Dopuch, Nicholas Gonedes, Stephen Penman

More Information

What Net Asset Value?—An Extension of a Familiar Debate In Accounting Review (1970)
Author(s): Stephen Penman

More Information

Books

Accounting for Value (2010)
Author(s): Stephen Penman

More Information

Financial Statement Analysis and Security Valuation (2009)
Author(s): Stephen Penman

More Information

Working Papers

Companies with Market Value below Book Value Are More Common in Europe than in the U.S.: Evidence, Explanations, and Implications Global Valuation Institute Paper (2013)
Author(s): Mauro Bini, Stephen Penman

More Information Download (PDF)

Accounting Anomalies, Risk and Return Working Paper (2011)
Author(s): Stephen Penman, Julie Zhu

More Information Download (PDF)

Accounting for Revenues: A Framework for Standard Setting Financial Accounting Standards Committee (2011)
Author(s): Stephen Penman, James Ohlson

More Information

The Design of Financial Statements Working Paper No. 3 (2010)
Author(s): Stephen Penman

More Information

Accounting for Intangible Assets: There Is Also an Income Statement Occasional Paper Series (2009)
Author(s): Stephen Penman

More Information Download (PDF)

Returns to Buying Earnings and Book Value: Accounting for Growth and Risk Working Paper No. 3 (2008)
Author(s): Stephen Penman, Francesco Reggiani

More Information Download (PDF)

Principles for the Application of Fair Value Accounting CEASA White Paper Series (2008)
Author(s): Stephen Penman, Doron Nissim

More Information Download (PDF)

Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis Working Paper (2006)
Author(s): Stephen Penman, Xiao-Jun Zhang

More Information

Debt Versus Equity: Accounting for Claims Contingent on Firms' Common Stock Performance CEASA White Paper Series (2005)
Author(s): James Ohlson, Stephen Penman

More Information Download (PDF)

Ratio Analysis and Equity Valuation Working paper (2005)
Author(s): Doron Nissim, Stephen Penman

More Information Download (PDF)

Forthcoming Articles

Accounting Anomalies, Risk and Return In The Accounting Review (2014)
Author(s): Stephen Penman, Julie Zhu

More Information