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Description
Accounting for ValueAccounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost of capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common sense principles that have long guided fundamental
Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance--the cost-of-capital, the CAPM, and discounted cash flow analysis--Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.Binding Type: Hardcover
Publisher: Columbia University Press
Published: 12/10/2010
ISBN: 9780231151184
Pages: 244
Weight: 1.06lbs
Size: 9.24h x 6.36w x 0.87d
Review Citations: Choice 06/01/2011
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4.3 ★★★★★
Based on 22 reviews
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Product Reviews
★★★★★ 4
Overall good toy for dogs
Color: Blue
My dog loves her snoop. I put little training treats in there for her, and she loves to roll it around and get the treats out. For her, it doesn’t last very long because they do fall out pretty easy, but she is a big dog so a smaller dog might have a harder time than her. Very sturdy and easy to travel with. Not noisy at all. I would say it’s a good, quick play toy for a dog like mine.
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Reviewed in the United States on April 14, 2026
★★★★★ 5
Fav Chew Toy 🦴
Color: Blue, Color: Blue
My baby is half rottweiler and half doberman &’ he has a pretty strong grip when it comes to chew toys. But this one, it’s his favorite toy! He never leaves the house without it. It’s also really fun to add his favorite treats in there when’s he bored to keep him entertained! Not loud at all and will keep him from chewing on other things and not heavy as other rough chew toys!
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Reviewed in the United States on May 31, 2026
★★★★★ 5
Great you made super well
Color: Blue Lil Snoop, Color: Blue Lil Snoop
This is such an awesome toy. It’s super durable strong bounces and a perfect size. We got the small. We got blue because our pup can see it. It allows for creativity and endless limits to what you can make for it to be a fun experience. It has a nice sized hole in the center which allows you to add treats and food. Pop it inward and it slightly if large enough prevents the treats from coming out super fast. The ball rolls bounces and they can grip it nicely.
It is easy to clean
The only thing I didn’t like was the way the plastic tabs were situated inside the toy as you just be careful you don’t allow it to drip inside and dog gets it. No noise just fun. Our 15lb Cavapoo loves it
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Reviewed in the United States on February 17, 2026
★★★★★ 3
No challenge once they figure it out once, or if they have a long nose
Color: Blue
The first time I used this with my 9 month old Shepard mix, it was great. We used about 1/3 cup of her kibble and added the Nook to make it harder. It kept her working for 20-30 minutes. However, now that she knows how to remove the Nook, and stick her snout into the opening and lick up the kibble, it lasts about 5 minutes, and is no longer a challenge. She still enjoys playing with this, even when it is empty, and hasn't it destroyed it yet, so for that 3 stars.
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Reviewed in the United States on April 5, 2026
★★★★★ 5
Buy it — it’ll be your dogs best friend!
Color: Orange
Best treat toy ever! In the beginning of 2025 I bought this for my 12yr old Alaskan Malamute who loves puzzles and brain games. She loved it and played with it every day. Sadly, she passed middle of this year. Now in December, I have purchased this toy again for my newly adopted 10 month Great Dane puppy. Again, it’s an absolute hit! My Dane eats very fast, so I actually use this as a way to break up her meals. I put about half her meal (freeze dried raw kibble) in her slow feeder bowl and fill this toy about two times to feed her the other half. Also, we are crate training and before I leave the house I put treats in this toy and leave it in the crate with her. She has bad separation anxiety, but this toy actually seems to help calm her down because she enjoys it so much. I have bought many treat toys — this one is supreme. It’s not too loud or too difficult for the dogs to play with. So far it has held up without being chewed apart. It’s good quality, great size (orange for large breeds) and honestly, worth every penny.
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Reviewed in the United States on December 12, 2025
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