Stephen H. Penman

Columbia University - Columbia Business School, Accounting, Business Law & Taxation

George O. May Professor of Accounting

665 West 130 Street

Kravis Hall

New York, NY 10027

United States

Bocconi University

Via Roentgen

5th floor

Milano 20136

Italy

  • Columbia University - Columbia Business School, Accounting, Business Law & Taxation

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SCHOLARLY PAPERS

60

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Rank 71

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176,497

TOTAL CITATIONS
Rank 2,391

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Top 2,391

in Total Papers Citations

442

Scholarly Papers (60)

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1.

A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation

Number of pages: 68 Posted: 31 Mar 1997
Stephen H. Penman and Theodore Sougiannis
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of Illinois at Urbana-Champaign - Department of Accountancy
Downloads 47,825 (62)
Citation 41

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2.

Ratio Analysis and Equity Valuation

Number of pages: 68 Posted: 11 May 1999
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 19,870 (355)
Citation 15

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3.

Accounting Conservatism, the Quality of Earnings, and Stock Returns

Number of pages: 39 Posted: 23 Jan 2000
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 12,596 (802)
Citation 72

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4.

Modeling Sustainable Earnings and P/E Ratios with Financial Statement Analysis

Forthcoming
Number of pages: 57 Posted: 31 Jul 2002 Last Revised: 17 Aug 2011
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 10,793 (1,067)
Citation 53

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sustainable earnings, earnings quality, financial statement analysis, price-earnings ratios

5.

Combining Earnings and Book Value in Equity Valuation

Number of pages: 53 Posted: 05 Nov 1997
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 8,987 (1,422)
Citation 22

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6.

Financial Statement Analysis of Leverage and How it Informs About Profitability and Price-to-Book Ratios

Number of pages: 45 Posted: 08 Dec 2001
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 8,461 (1,586)
Citation 17

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Financing leverage; Operating liability leverage; Rate of return on equity; Price-to-book ratio

7.

A Synthesis of Equity Valuation Techniques and the Terminal Value Calculation for the Dividend Discount Model

Number of pages: 32 Posted: 05 Nov 1997
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 7,703 (1,838)
Citation 12

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8.

The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble

Downloads 7,211 ( 2,064)
Citation 6

The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble

Number of pages: 44 Posted: 17 Aug 2002
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 7,211 (2,048)
Citation 6

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quality of earnings, financial reporting, stock market bubbles

The Quality of Financial Statements: Perspectives from the Recent Stock Market Bubble

Posted: 02 Oct 2002
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation

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quality of earnings, financial reporting, stock market bubbles

9.

On Comparing Cash Flow and Accrual Accounting Models for Use in Equity Valuation

Downloads 5,633 ( 3,160)
Citation 6

On Comparing Cash Flow and Accrual Accounting Models for Use in Equity Valuation

Number of pages: 23 Posted: 10 Sep 2001
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 5,633 (3,117)
Citation 6

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Equity valuation; Dividend discounting; Discounted cash flow; Accrual accounting

On Comparing Cash Flow and Accrual Accounting Models for Use in Equity Valuation

Posted: 16 Oct 2001
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation

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Equity valuation; Dividend discounting; Discounted cash flow; Accrual accounting

10.

The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting

Downloads 3,943 ( 5,786)
Citation 9

The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting

Number of pages: 50 Posted: 14 Oct 2004
Stephen H. Penman and Nir Yehuda
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of Delaware - Accounting & MIS
Downloads 3,081 (8,522)
Citation 6

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Equity pricing, accruals, cash flows

The Pricing of Earnings and Cash Flows and an Affirmation of Accrual Accounting

Review of Accounting Studies, Vol. 14, No. 4, pp. 453-479
Number of pages: 46 Posted: 25 Aug 2011 Last Revised: 19 Oct 2011
Stephen H. Penman and Nir Yehuda
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of Delaware - Accounting & MIS
Downloads 862 (58,515)
Citation 3

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Accruals, Cash Flow, Accrual Accounting

11.

The Book-to-Price Effect in Stock Returns: Accounting for Leverage

Number of pages: 64 Posted: 30 Aug 2005
Stephen H. Penman, Scott A. Richardson and A. Irem Tuna
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, London Business School and London Business School
Downloads 3,113 (8,540)
Citation 8

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Book-to-price, Leverage, Enterprise book-to-price, Stock Returns

12.

Returns to Buying Earnings and Book Value: Accounting for Growth and Risk

Downloads 2,844 ( 9,793)
Citation 20

Returns to Buying Earnings and Book Value: Accounting for Growth and Risk

Number of pages: 55 Posted: 09 Feb 2010 Last Revised: 17 Aug 2011
Francesco Reggiani and Stephen H. Penman
Free University of Bozen-Bolzano and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 2,053 (16,198)
Citation 3

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Returns to Buying Earnings and Book Value: Accounting for Growth and Risk

Number of pages: 49 Posted: 29 Feb 2012
Stephen H. Penman and Francesco Reggiani
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Free University of Bozen-Bolzano
Downloads 511 (115,055)
Citation 3

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Returns to Buying Earnings and Book Value: Accounting for Growth and Risk

Columbia Business School Research Paper
Number of pages: 56 Posted: 25 Aug 2011
Stephen H. Penman and Francesco Reggiani
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Free University of Bozen-Bolzano
Downloads 280 (227,061)
Citation 14

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13.

Fundamentals of Value vs. Growth Investing and an Explanation for the Value Trap

Financial Analysts Journal, Fourth Quarter 2018, Vol. 74, No. 4: 103–119.
Number of pages: 37 Posted: 12 Sep 2014 Last Revised: 07 Dec 2018
Stephen H. Penman and Francesco Reggiani
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Free University of Bozen-Bolzano
Downloads 2,539 (11,746)
Citation 17

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14.

A Framework for Financial Reporting Standards: Issues and a Suggested Model

Downloads 2,218 (14,573)
Citation 2

A Framework for Financial Reporting Standards: Issues and a Suggested Model

Accounting Horizons, Vol. 24, No. 3, 2010, University of Alberta School of Business Research Paper No. 2013-678
Number of pages: 26 Posted: 02 Aug 2009 Last Revised: 10 Jun 2013
Robert J. Bloomfield, Theodore E. Christensen, Karim Jamal, Stephen R. Moehrle, James A. Ohlson, Stephen H. Penman, Gary Previts, Thomas L. Stober, Shyam Sunder, Ross L. Watts and Robert H. Colson
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, University of Alberta - Department of Accounting, Operations & Information Systems, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Case Western Reserve University - Department of Accountancy, University of Notre Dame - Department of Accountancy, Yale University - School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Grant Thornton LLP
Downloads 2,218 (14,283)
Citation 2

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FASB, IASB, Conceptual Framework, Accounting Standards, Financial Reporting

A Framework for Financial Reporting Standards: Issues and a Suggested Model

University of Alberta School of Business Research Paper No. 2013-1004
Posted: 15 Jan 2010 Last Revised: 12 Jun 2013
Robert J. Bloomfield, Theodore E. Christensen, Robert H. Colson, Karim Jamal, Stephen R. Moehrle, James A. Ohlson, Stephen H. Penman, Gary Previts, Thomas L. Stober, Shyam Sunder and Ross L. Watts
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, Grant Thornton LLP, University of Alberta - Department of Accounting, Operations & Information Systems, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Case Western Reserve University - Department of Accountancy, University of Notre Dame - Department of Accountancy, Yale University - School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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FASB, IASB, Conceptual Framework, Accounting Standards, Financial Reporting

15.

An Empirical Analysis of the Effect of Changes in Interest Rates on Accounting Rates of Return, Growth, and Equity Values

Number of pages: 51 Posted: 26 Apr 2001
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 2,075 (16,255)
Citation 1

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16.

An Accounting-Based Characteristic Model for Asset Pricing

Number of pages: 64 Posted: 30 Nov 2011 Last Revised: 10 Nov 2015
Stephen H. Penman, Francesco Reggiani, Scott A. Richardson and A. Irem Tuna
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Free University of Bozen-Bolzano, London Business School and London Business School
Downloads 1,654 (23,186)
Citation 16

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17.

Accounting Anomalies, Risk and Return

Downloads 1,585 (24,713)
Citation 14

Accounting Anomalies, Risk and Return

Number of pages: 47 Posted: 29 Sep 2011 Last Revised: 15 Mar 2012
Stephen H. Penman and Julie Lei Zhu
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 1,127 (40,239)
Citation 6

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Accounting Anomalies, Risk and Return

The Accounting Review, Vol. 89, No. 5, 2014
Number of pages: 47 Posted: 09 Oct 2017
Stephen H. Penman and Julie Zhu
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Fanhai International School of Finance(FISF), Fudan University
Downloads 458 (131,258)
Citation 8

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18.

A Perspective on the Joint IASB/FASB Exposure Draft on Accounting for Leases

Accounting Horizons, Vol. 25, No. 4, 2011, University of Alberta School of Business Research Paper No. 2013-681, Johnson School Research Paper Series No. 16-2011
Number of pages: 16 Posted: 28 Feb 2011 Last Revised: 11 Jun 2013
Yuri Biondi, Robert J. Bloomfield, Jonathan C. Glover, Karim Jamal, James A. Ohlson, Stephen H. Penman, Eiko Tsujiyama and T. Jeffrey Wilks
Université Paris-Dauphine, PSL Research University - National Center for Scientific Research, Cornell University - Samuel Curtis Johnson Graduate School of Management, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Waseda University - Graduate School of Commerce and Brigham Young University
Downloads 1,563 (25,262)
Citation 3

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19.

The Association between Changes in Interest Rates, Earnings, and Equity Values

Number of pages: 41 Posted: 14 Jul 2003
Doron Nissim and Stephen H. Penman
Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 1,561 (25,320)
Citation 5

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interest rates, expected inflation, earnings, equity valuation

20.

Response to the Financial Accounting Standards Board's and the International Accounting Standard Board's Joint Discussion Paper Entitled, 'Preliminary Views on Revenue Recognition in Contracts with Customers'

Accounting Horizons, Vol. 24, No. 1, 2010, University of Alberta School of Business Research Paper No. 2013-682, Johnson School Research Paper Series No. 37-09
Number of pages: 19 Posted: 04 Jul 2009 Last Revised: 11 Jun 2013
Robert H. Colson, Robert J. Bloomfield, Theodore E. Christensen, Karim Jamal, Stephen R. Moehrle, James A. Ohlson, Stephen H. Penman, Gary Previts, Thomas L. Stober, Shyam Sunder and Ross L. Watts
Grant Thornton LLP, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, University of Alberta - Department of Accounting, Operations & Information Systems, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Case Western Reserve University - Department of Accountancy, University of Notre Dame - Department of Accountancy, Yale University - School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,305 (33,013)
Citation 1

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Financial Accounting Standards Board, International Accounting Standards Board, Revenue Recognition, Contracts

21.

A Matter of Principle: Accounting Reports Convey Both Cash-Flow News and Discount-Rate News

Columbia Business School Research Paper No. 14-16
Number of pages: 52 Posted: 10 Mar 2014 Last Revised: 15 Jul 2017
Stephen H. Penman and Nir Yehuda
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of Delaware - Accounting & MIS
Downloads 1,270 (34,343)
Citation 10

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expected returns, cash-flow news, expected-return news, accounting information

22.

An Accounting-Based Asset Pricing Model and a Fundamental Factor

Journal of Accounting & Economics (JAE), Vol. 73, No. 1, 2022
Number of pages: 71 Posted: 10 Jun 2019 Last Revised: 31 Dec 2021
Stephen H. Penman and Julie Zhu
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Fanhai International School of Finance(FISF), Fudan University
Downloads 1,223 (36,277)
Citation 17

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23.

Accounting for Intangible Assets: There is Also an Income Statement

Number of pages: 27 Posted: 25 Aug 2011
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 1,145 (39,922)
Citation 9

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24.

Connecting Book Rate of Return to Risk and Return: The Information Conveyed by Conservative Accounting

Columbia Business School Research Paper No. 14-21
Number of pages: 60 Posted: 01 Mar 2014 Last Revised: 20 Jul 2020
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 1,130 (40,713)
Citation 13

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book rate of return, conservative accounting, risk and return

25.

Conceptual Issues in Financial Reporting

University of Alberta School of Business Research Paper No. 2013-686
Number of pages: 25 Posted: 29 May 2011 Last Revised: 11 Jun 2013
Yuri Biondi, Jonathan C. Glover, Karim Jamal, James A. Ohlson, Stephen H. Penman, Shyam Sunder, Eiko Tsujiyama and T. Jeffrey Wilks
Université Paris-Dauphine, PSL Research University - National Center for Scientific Research, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Yale University - School of Management, Waseda University - Graduate School of Commerce and Brigham Young University
Downloads 1,028 (46,625)
Citation 1

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Conceptual Framework, Consistency, Verifiability, Conventions

26.

A Research Based Perspective on SEC’s Proposed Rule on ROADMAP FOR Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) by U.S. Issuers

Accounting Horizons, Vol. 24, No. 1, 2010, University of Alberta School of Business Research Paper No. 2013-683, Johnson School Research Paper Series No. 21-09
Number of pages: 16 Posted: 16 Apr 2009 Last Revised: 11 Jun 2013
Karim Jamal, Robert H. Colson, Robert J. Bloomfield, Theodore E. Christensen, Stephen R. Moehrle, James A. Ohlson, Stephen H. Penman, Gary Previts, Thomas L. Stober, Shyam Sunder and Ross L. Watts
University of Alberta - Department of Accounting, Operations & Information Systems, Grant Thornton LLP, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Case Western Reserve University - Department of Accountancy, University of Notre Dame - Department of Accountancy, Yale University - School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 1,017 (47,328)
Citation 11

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U.S. GAAP, IFRS, SEC, Reconciliation, Roadmap

27.

A Fundamental Factor Model

Columbia Business School Research Paper No. 18-76
Number of pages: 78 Posted: 03 Nov 2018 Last Revised: 06 Dec 2018
Stephen H. Penman and Julie Zhu
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Fanhai International School of Finance(FISF), Fudan University
Downloads 959 (51,345)

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28.

Accounting for Revenues: A Framework for Standard Setting

Accounting Horizons, Vol. 25, No. 3, September 2011, University of Alberta School of Business Research Paper No. 2013-690
Number of pages: 28 Posted: 27 Mar 2011 Last Revised: 11 Jun 2013
Yuri Biondi, Robert J. Bloomfield, Jonathan C. Glover, Karim Jamal, James A. Ohlson, Stephen H. Penman and Eiko Tsujiyama
Université Paris-Dauphine, PSL Research University - National Center for Scientific Research, Cornell University - Samuel Curtis Johnson Graduate School of Management, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Waseda University - Graduate School of Commerce
Downloads 909 (55,258)
Citation 6

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29.

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Downloads 871 (58,624)
Citation 9

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Number of pages: 56 Posted: 26 Nov 2016 Last Revised: 02 Mar 2020
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 697 (77,547)
Citation 5

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conservative accounting, risk and return, earnings yield, earnings growth, accruals

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Journal of Accounting & Economics (JAE), Forthcoming, Columbia Business School Research Paper
Number of pages: 56 Posted: 06 Aug 2019
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 174 (359,856)
Citation 4

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conservative accounting, risk and return, earnings growth, accruals, earnings yield

30.

Valuation: Accounting for Risk and the Expected Return

Columbia Business School Research Paper No. 15-89
Number of pages: 43 Posted: 14 Oct 2015
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 868 (58,894)
Citation 1

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31.

Accounting-Based Estimates of the Cost of Capital: A Third Way

Downloads 866 (59,075)
Citation 3

Accounting-Based Estimates of the Cost of Capital: A Third Way

Number of pages: 69 Posted: 24 Sep 2016 Last Revised: 06 Oct 2016
Stephen H. Penman and Julie Lei Zhu
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 598 (94,478)
Citation 2

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Accounting-Based Estimates of the Cost of Capital: A Third Way

Number of pages: 69 Posted: 09 Oct 2017 Last Revised: 12 Oct 2017
Stephen H. Penman and Julie Zhu
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Fanhai International School of Finance(FISF), Fudan University
Downloads 268 (237,568)
Citation 1

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32.

A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price

European Financial Management, Forthcoming
Number of pages: 51 Posted: 04 May 2017 Last Revised: 26 Mar 2018
Stephen H. Penman, Francesco Reggiani, Scott A. Richardson and A. Irem Tuna
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Free University of Bozen-Bolzano, London Business School and London Business School
Downloads 846 (61,024)
Citation 5

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33.

Safe Equities: An Alternative Allocation to Bonds

Number of pages: 39 Posted: 13 Feb 2024
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 804 (65,372)

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Financial accounting, capital markets, asset pricing, valuation

34.

Accounting for Asset Pricing Factors

Columbia Business School Research Paper
Number of pages: 68 Posted: 08 Jul 2021 Last Revised: 21 Jan 2025
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 784 (67,561)
Citation 2

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35.

The Implied Cost of Capital: Accounting for Growth

Columbia Business School Research Paper Forthcoming
Number of pages: 44 Posted: 25 Oct 2019 Last Revised: 01 Mar 2021
Stephen H. Penman, Julie Zhu and Haofei Wang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Fanhai International School of Finance(FISF), Fudan University and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 747 (72,033)
Citation 3

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36.

The Accruals-Cash Flow Relation and the Evaluation of Accrual Accounting

Number of pages: 42 Posted: 25 Jun 2020 Last Revised: 23 Dec 2020
Hyung Il Oh and Stephen H. Penman
College of Business, Korea Advanced Institute of Science and Technology (KAIST) and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 715 (76,240)
Citation 2

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37.

Response to the Financial Accounting Standards Board's and the International Accounting Standard Board's Joint Discussion Paper Entitled, 'Preliminary Views on Financial Statement Presentation'

Johnson School Research Paper Series No. #32-09
Number of pages: 18 Posted: 24 Jun 2009 Last Revised: 19 Aug 2022
Robert H. Colson, Robert J. Bloomfield, Theodore E. Christensen, Karim Jamal, Stephen R. Moehrle, James A. Ohlson, Stephen H. Penman, Thomas L. Stober and Ross L. Watts
Grant Thornton LLP, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, University of Alberta - Department of Accounting, Operations & Information Systems, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of Notre Dame - Department of Accountancy and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 674 (82,152)
Citation 1

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Financial Accounting Standards Board, International Accounting Standards Board, Exposure Draft, Financial Statement Presentation

38.

Accounting for Carbon

Number of pages: 43 Posted: 07 Mar 2024 Last Revised: 06 Mar 2025
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 656 (85,051)
Citation 5

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39.

Profitability Decomposition and Operating Risk

Columbia Business School Research Paper Forthcoming
Number of pages: 46 Posted: 18 Mar 2021
Meng Li, Doron Nissim and Stephen H. Penman
Blackrock Factor Based Strategies Group, Columbia University - Columbia Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 595 (96,323)
Citation 2

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40.

Towards a New Financial Statement Analysis

Number of pages: 65 Posted: 30 May 2024
Stephen H. Penman and Christina Dargenidou
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of Exeter Business School
Downloads 575 (100,607)

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Financial statement analysis, forecasting profitability, risk to equity investing

41.

Accounting for Intangible Assets: Suggested Solutions

Number of pages: 37 Posted: 25 Nov 2020
Richard Barker, Andrew Lennard, Stephen H. Penman and Alan Teixeira
University of Oxford - Said Business School, Financial Reporting Council, Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Independent
Downloads 550 (106,321)

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42.

A Fundamental Explanation for the Size Premium in Returns and its Variation Over Time

Number of pages: 42 Posted: 09 Aug 2022
Stephen H. Penman and Francesco Reggiani
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Free University of Bozen-Bolzano
Downloads 516 (115,080)
Citation 1

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43.

Buying Risky Growth and an Explanation for Returns to Trading on P/E Ratios

Number of pages: 32 Posted: 27 Aug 2023
Stephen H. Penman, Robert Gutsche, Liudmila Gorkun-Voevoda and Alexandru Rif
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of St. Gallen - School of Finance, University of St. Gallen - SEPS: Economics and Political Sciences and University of St. Gallen - School of Finance
Downloads 470 (128,740)

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Buying Growth, Risk, P/E Investing

44.

Comments on Proposed SEC 2010-2015 Draft Strategic Plan

Accounting Horizons, Vol. 24, No. 1, 2010, University of Alberta School of Business Research Paper No. 2013-696, Johnson School Research Paper Series No. 04-2010
Number of pages: 12 Posted: 28 Nov 2009 Last Revised: 11 Jun 2013
Robert J. Bloomfield, Theodore E. Christensen, Jonathan C. Glover, Susan F. Haka, Karim Jamal, James A. Ohlson, Stephen H. Penman, Kathy R. Petroni, Eiko Tsujiyama and Ross L. Watts
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Michigan State University - Eli Broad College of Business and Eli Broad Graduate School of Management, Waseda University - Graduate School of Commerce and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 469 (129,087)

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SEC Plan, Disclosure Accounting Standards, Enforcement

45.

Comments on Canadian Accounting Standards Board Exposure Draft on Generally Accepted Accounting Principles for Private Enterprises

Accounting Horizons, Vol. 24, No. 1, 2010, University of Alberta School of Business Research Paper No. 2013-693, Johnson School Research Paper Series No. 38-09
Number of pages: 14 Posted: 07 Jul 2009 Last Revised: 11 Jun 2013
Robert J. Bloomfield, Theodore E. Christensen, Robert H. Colson, Karim Jamal, Stephen R. Moehrle, James A. Ohlson, Stephen H. Penman, Gary Previts, Thomas L. Stober, Shyam Sunder and Ross L. Watts
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, Grant Thornton LLP, University of Alberta - Department of Accounting, Operations & Information Systems, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Case Western Reserve University - Department of Accountancy, University of Notre Dame - Department of Accountancy, Yale University - School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
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accounting standards, private GAAP

46.

Income Statement Mismatching Conveys Information and Has Not Reduced the Informativeness of Earnings Over Time

Columbia Business School Research Paper, Forthcoming
Number of pages: 50 Posted: 18 Feb 2021 Last Revised: 28 Oct 2021
Hyung Il Oh and Stephen H. Penman
College of Business, Korea Advanced Institute of Science and Technology (KAIST) and Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 442 (138,711)

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Earnings Matching, Investment Risk, Information in Earnings

47.

Deriving Fama and French Factors

Columbia Business School Research Paper No. 4895017
Number of pages: 35 Posted: 18 Jul 2024 Last Revised: 21 Jan 2025
Stephen H. Penman and Xiao-Jun Zhang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of California, Berkeley
Downloads 387 (161,421)

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48.

Empirical Research on Capitalizing Intangible Assets is Logically Incoherent

Downloads 386 (161,885)
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Empirical Research on Capitalizing Intangible Assets is Logically Incoherent

Columbia Business School Research Paper No. 4959045
Number of pages: 16 Posted: 25 Oct 2024
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 225 (282,773)

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Empirical Research on Capitalizing Intangible Assets is Logically Incoherent

Number of pages: 16 Posted: 25 Nov 2024
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 161 (385,281)
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49.

Accounting for Risk and Return in Equity Valuation

Journal of Applied Corporate Finance, Vol. 23, Issue 2, pp. 50-58, 2011
Number of pages: 11 Posted: 01 Mar 2023
Stephen H. Penman
Columbia University - Columbia Business School, Accounting, Business Law & Taxation
Downloads 332 (191,004)

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50.

Estimating an Equity Yield to Maturity: Deficiencies of the Implied Cost of Capital (ICC) and an Alternative

Number of pages: 49 Posted: 16 Feb 2022
Stephen H. Penman, Julie Zhu and Haofei Wang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Fanhai International School of Finance(FISF), Fudan University and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
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Implied Cost of Capital, Earnings Growth, Risk

51.

Returns on Risky Portfolios Are Explained by a Two-Factor ICAPM Model Based on Firms’ Fundamentals

Columbia Business School Research Paper No. 4020541
Number of pages: 48 Posted: 30 Jan 2022
Stephen H. Penman, Julie Zhu and Haofei Wang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Fanhai International School of Finance(FISF), Fudan University and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 267 (240,008)

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52.

A Proposal for Goodwill Accounting

Number of pages: 32 Posted: 15 May 2024
Stephen H. Penman and Hyung Il Oh
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and College of Business, Korea Advanced Institute of Science and Technology (KAIST)
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Goodwill Accounting, Business Combinations, Acquisitions

53.

Benchmarking Investment Fund Performance for the Multiperiod Investor

Number of pages: 46 Posted: 01 Nov 2022
Stephen H. Penman and Yuan Zou
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and Harvard University - Business School (HBS)
Downloads 212 (300,790)

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54.

Explaining Return Anomalies with a Two-factor ICAPM Model

Number of pages: 40 Posted: 11 May 2022
Stephen H. Penman, Julie Zhu and Haofei Wang
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Fanhai International School of Finance(FISF), Fudan University and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 199 (319,184)

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55.

Bayesian Predictive Inference for Normative Accounting Policy: Accounting for R&D

Columbia Business School Research Paper No. 4890988
Number of pages: 55 Posted: 12 Jul 2024 Last Revised: 06 Jan 2025
Stephen H. Penman, David Johnstone and David Johnstone
Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of Wollongong - School of Accounting, Economics & Finance and University of Sydney Business School
Downloads 126 (469,954)

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56.

Moving the Conceptual Framework Forward: Accounting for Uncertainty

Contemporary Accounting Research, Forthcoming, Columbia Business School Research Paper No. 18-54
Posted: 26 Jun 2018
Richard Barker and Stephen H. Penman
University of Oxford - Said Business School and Columbia University - Columbia Business School, Accounting, Business Law & Taxation

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Conceptual Framework, IASB, Uncertainty, Financial Statement Presentation, Recognition, Measurement

57.

Some Conceptual Tensions in Financial Reporting

Accounting Horizons, Volume 26, Issue 1 (March 2012), University of Alberta School of Business Research Paper No. 2013-1003
Posted: 19 Sep 2011 Last Revised: 12 Jun 2013
Yuri Biondi, Jonathan C. Glover, Karim Jamal, James A. Ohlson, Stephen H. Penman, Shyam Sunder and Eiko Tsujiyama
Université Paris-Dauphine, PSL Research University - National Center for Scientific Research, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Yale University - School of Management and Waseda University - Graduate School of Commerce

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conceptual tensions, stocks-flows, ex ante, ex post, conventions-economic features, design-evolution

58.

Comments on the Proposed SEC's 2010-2015 Draft Strategic Plan

Accounting Horizons, Forthcoming
Posted: 15 Jan 2010
Robert J. Bloomfield, Theodore E. Christensen, Jonathan C. Glover, Susan F. Haka, Karim Jamal, James A. Ohlson, Stephen H. Penman, Kathy R. Petroni, Eiko Tsujiyama and Ross L. Watts
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Michigan State University - The Eli Broad College of Business and The Eli Broad Graduate School of Management, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Michigan State University - Eli Broad College of Business and Eli Broad Graduate School of Management, Waseda University - Graduate School of Commerce and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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SEC, Strategic Plan, Enforcement, Disclosure

59.

A Perspective on the Canadian Accounting Standards Board Exposure Draft on GAAP for Private Enterprises

Accounting Horizons, Vol. 24(1), March: 129-137, University of Alberta School of Business Research Paper No. 2013-1001
Posted: 25 Aug 2009 Last Revised: 11 Jun 2013
Karim Jamal, Robert J. Bloomfield, Theodore E. Christensen, Robert H. Colson, Stephen R. Moehrle, Stephen H. Penman, Gary Previts, James A. Ohlson, Thomas L. Stober, Shyam Sunder and Ross L. Watts
University of Alberta - Department of Accounting, Operations & Information Systems, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia - J.M. Tull School of AccountingUniversity of Georgia, Grant Thornton LLP, University of Missouri at Saint Louis - Accounting Area, Columbia University - Columbia Business School, Accounting, Business Law & Taxation, Case Western Reserve University - Department of Accountancy, Hong Kong Polytechnic University - School of Accounting and Finance, University of Notre Dame - Department of Accountancy, Yale University - School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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Regulatory Competition, Private Enterprises, GAAP

60.

The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation

THE ACCOUNTING REVIEW, Vol 72, No 1, January 1997
Posted: 30 Oct 1996
Stephen H. Penman and Theodore Sougiannis
Columbia University - Columbia Business School, Accounting, Business Law & Taxation and University of Illinois at Urbana-Champaign - Department of Accountancy

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