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Stephen H. Penman is the George O. May Professor and the Morgan Stanley Research Scholar 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. 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.

• Fall 2009
  Financial Statement Analysis and Valuation
  
• Fall 2008
  Financial Statement Analysis and Valuation
  
• Fall 2006
  VALUATION/FINANCL STATMTS
  

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

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

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

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

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

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

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

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

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

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

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

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

Accounting Conservatism, the Quality of Earnings, and Stock Returns In Working paper (2005) Coauthor(s): Stephen Penman, Xiao-Jun Zhang

Modeling Sustainable Earnings and P/E Ratios Using Financial Statement Information In (2005) Coauthor(s): Stephen Penman, Xiao-Jun Zhang

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