Detail

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.

• Summer 2012
  (PhD) Valuation and Financial Statement Analysis (PHD)
  
• Fall 2012
  Financial Statement Analysis and Valuation (MBA)
  
• Spring 2011
  (PhD) Valuation and Financial Statement Analysis (PHD)
  
• Fall 2011
  Financial Statement Analysis and Valuation (EMBA)
  Financial Statement Analysis and Valuation (MBA)
  
• Fall 2010
  Financial Statement Analysis and Valuation (EMBA)
  Financial Statement Analysis and Valuation (MBA)
  
• Fall 2009
  Financial Statement Analysis and Valuation (EMBA)
  Financial Statement Analysis and Valuation (MBA)
  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Returns to Buying Earnings and Book Value: Accounting for Growth and Risk In Review of Accounting Studies (2010)
Author(s): Stephen Penman, Francesco Reggiani