Stephen H. Penman

Columbia Business School - Department of Accounting

George O. May Professor of Accounting

3022 Broadway

New York, NY 10027

United States

SCHOLARLY PAPERS

40

DOWNLOADS
Rank 32

SSRN RANKINGS

Top 32

in Total Papers Downloads

135,380

CITATIONS
Rank 960

SSRN RANKINGS

Top 960

in Total Papers Citations

560

Scholarly Papers (40)

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 Business School - Department of Accounting and University of Illinois at Urbana-Champaign - Department of Accountancy
Downloads 43,382 (16)
Citation 120

Abstract:

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 Business School - Department of Accounting
Downloads 14,278 (143)
Citation 78

Abstract:

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 Business School - Department of Accounting and University of California, Berkeley
Downloads 9,776 (275)
Citation 129

Abstract:

4.

Combining Earnings and Book Value in Equity Valuation

Number of pages: 53 Posted: 05 Nov 1997
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 8,067 (428)
Citation 34

Abstract:

5.

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 Business School - Department of Accounting and University of California, Berkeley
Downloads 7,925 (407)
Citation 16

Abstract:

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

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 Business School - Department of Accounting
Downloads 6,791 (559)
Citation 9

Abstract:

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 Business School - Department of Accounting
Downloads 6,730 (596)
Citation 44

Abstract:

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 Business School - Department of Accounting
Downloads 5,228 (946)
Citation 20

Abstract:

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

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

Contemporary Accounting Research, Vol. 18, No. 4, Fall 2001
Posted: 16 Oct 2001
Stephen H. Penman
Columbia Business School - Department of Accounting

Abstract:

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

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

Number of pages: 44 Posted: 17 Aug 2002
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 4,898 (1,060)
Citation 25

Abstract:

quality of earnings, financial reporting, stock market bubbles

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

Accounting Horizons, Forthcoming
Posted: 02 Oct 2002
Stephen H. Penman
Columbia Business School - Department of Accounting

Abstract:

quality of earnings, financial reporting, stock market bubbles

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 Business School - Department of Accounting and University of Texas at Dallas - Department of Accounting & Information Management
Downloads 3,016 (2,470)
Citation 8

Abstract:

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 Business School - Department of Accounting and University of Texas at Dallas - Department of Accounting & Information Management
Downloads 792 (22,523)
Citation 8

Abstract:

Accruals, Cash Flow, Accrual Accounting

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 Business School - Department of Accounting, AQR Capital Management, LLC and London Business School
Downloads 2,412 (3,668)
Citation 33

Abstract:

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

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

Journal of Accounting Research, Vol. 45, No. 2, pp. 427-467, May 2007
Number of pages: 42 Posted: 11 Dec 2007
Stephen H. Penman, Scott A. Richardson and A. Irem Tuna
Columbia Business School - Department of Accounting, AQR Capital Management, LLC and London Business School
Downloads 26 (406,886)
Citation 33

Abstract:

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
Bocconi University - Department of Accounting and Columbia Business School - Department of Accounting
Downloads 1,750 (6,404)
Citation 9

Abstract:

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 Business School - Department of Accounting and Bocconi University - Department of Accounting
Downloads 410 (54,171)
Citation 9

Abstract:

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 Business School - Department of Accounting and Bocconi University - Department of Accounting
Downloads 206 (116,347)
Citation 9

Abstract:

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
Cornell University - Samuel Curtis Johnson Graduate School of Management, University 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 Business School - Department of Accounting, 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 1,963 (5,230)
Citation 4

Abstract:

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
Cornell University - Samuel Curtis Johnson Graduate School of Management, University 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 Business School - Department of Accounting, 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

Abstract:

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

14.

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 Business School - Department of Accounting
Downloads 1,732 (6,362)
Citation 2

Abstract:

15.

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 Business School - Department of Accounting
Downloads 1,174 (11,995)
Citation 3

Abstract:

interest rates, expected inflation, earnings, equity valuation

16.

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
French National Center for Scientific Research (CNRS), Cornell University - Samuel Curtis Johnson Graduate School of Management, Columbia Business School, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia Business School - Department of Accounting, Waseda University - Graduate School of Commerce and Brigham Young University
Downloads 1,132 (10,602)
Citation 2

Abstract:

17.

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
Grant Thornton LLP, Cornell University - Samuel Curtis Johnson Graduate School of Management, University 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 Business School - Department of Accounting, 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 964 (15,390)

Abstract:

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

18.

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
University of Alberta - Department of Accounting, Operations & Information Systems, Grant Thornton LLP, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia, University of Missouri at Saint Louis - Accounting Area, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia Business School - Department of Accounting, 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 868 (18,951)
Citation 3

Abstract:

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

19.

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
French National Center for Scientific Research (CNRS), Columbia Business School, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia Business School - Department of Accounting, Yale University - School of Management, Waseda University - Graduate School of Commerce and Brigham Young University
Downloads 783 (21,163)
Citation 1

Abstract:

Conceptual Framework, Consistency, Verifiability, Conventions

20.

An Accounting-Based Characteristic Model for Asset Pricing

Number of pages: 64 Posted: 30 Nov 2011 Last Revised: 10 Nov 2015
Columbia Business School - Department of Accounting, Bocconi University - Department of Accounting, AQR Capital Management, LLC and London Business School
Downloads 761 (12,253)

Abstract:

21.

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 Business School - Department of Accounting and Boston University - School of Management
Downloads 688 (20,779)
Citation 1

Abstract:

22.

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
French National Center for Scientific Research (CNRS), Cornell University - Samuel Curtis Johnson Graduate School of Management, Columbia Business School, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia Business School - Department of Accounting and Waseda University - Graduate School of Commerce
Downloads 626 (27,323)
Citation 3

Abstract:

23.

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: 27 Jan 2013
Grant Thornton LLP, Cornell University - Samuel Curtis Johnson Graduate School of Management, University 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 Business School - Department of Accounting, University of Notre Dame - Department of Accountancy and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 547 (36,239)

Abstract:

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

24.
Downloads 503 ( 42,405)
Citation 1

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 Business School - Department of Accounting
Downloads 503 (41,883)
Citation 1

Abstract:

Valuation: Accounting for Risk and the Expected Return

Abacus, Vol. 52, Issue 1, pp. 106-130, 2016
Number of pages: 25 Posted: 20 Apr 2016
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 0
Citation 1

Abstract:

Accounting and risk, Accounting and valuation, Expected return, Risk

25.

Accounting for Intangible Assets: There is Also an Income Statement

Number of pages: 27 Posted: 25 Aug 2011
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 476 (37,405)
Citation 3

Abstract:

26.

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: 60 Posted: 10 Mar 2014 Last Revised: 30 Jun 2015
Stephen H. Penman and Nir Yehuda
Columbia Business School - Department of Accounting and University of Texas at Dallas - Department of Accounting & Information Management
Downloads 448 (27,585)

Abstract:

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

27.

The Value Trap: Value Buys Risky Growth

Number of pages: 35 Posted: 12 Sep 2014
Stephen H. Penman and Francesco Reggiani
Columbia Business School - Department of Accounting and Bocconi University - Department of Accounting
Downloads 365 (29,615)

Abstract:

28.

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
Cornell University - Samuel Curtis Johnson Graduate School of Management, University 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 Business School - Department of Accounting, 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 352 (62,222)

Abstract:

accounting standards, private GAAP

29.

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: 64 Posted: 01 Mar 2014 Last Revised: 16 Dec 2016
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 321 (41,370)

Abstract:

book rate of return, conservative accounting, risk and return

30.

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
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia, Columbia Business School, 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 Business School - Department of Accounting, 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 309 (69,523)

Abstract:

SEC Plan, Disclosure Accounting Standards, Enforcement

31.

Handling Valuation Models

Journal of Applied Corporate Finance, Vol. 18, No. 2, pp. 48-55, Spring 2006
Number of pages: 10 Posted: 09 Nov 2006
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 51 (306,692)
Citation 7

Abstract:

32.

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: 12 Jul 2011
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 10 (475,894)

Abstract:

33.

Accounting for Intangible Assets: There is Also an Income Statement

Abacus, Vol. 45, Issue 3, pp. 358-371, September 2009
Number of pages: 14 Posted: 08 Oct 2009
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 4 (503,979)
Citation 3

Abstract:

34.

Financial Forecasting, Risk and Valuation: Accounting for the Future

Abacus, Vol. 46, No. 2, pp. 211-228, June 2010
Number of pages: 18 Posted: 04 Jun 2010
Stephen H. Penman
Columbia Business School - Department of Accounting
Downloads 3 (508,361)
Citation 2

Abstract:

35.

A Theoretical Analysis Connecting Conservative Accounting to the Cost of Capital

Number of pages: 43 Posted: 26 Nov 2016
Stephen H. Penman and Xiao-Jun Zhang
Columbia Business School - Department of Accounting and University of California, Berkeley
Downloads 0 (197,973)

Abstract:

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

36.

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 Business School - Department of Accounting and Boston University - School of Management
Downloads 0 (101,396)

Abstract:

37.

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
French National Center for Scientific Research (CNRS), Columbia Business School, University of Alberta - Department of Accounting, Operations & Information Systems, Hong Kong Polytechnic University - School of Accounting and Finance, Columbia Business School - Department of Accounting, Yale University - School of Management and Waseda University - Graduate School of Commerce

Abstract:

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

38.

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

Accounting Horizons, Forthcoming
Posted: 15 Jan 2010
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia, Columbia Business School, 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 Business School - Department of Accounting, 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

Abstract:

SEC, Strategic Plan, Enforcement, Disclosure

39.

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
University of Alberta - Department of Accounting, Operations & Information Systems, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Georgia, Grant Thornton LLP, University of Missouri at Saint Louis - Accounting Area, Columbia Business School - Department of Accounting, 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

Abstract:

Regulatory Competition, Private Enterprises, GAAP

40.

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 Business School - Department of Accounting and University of Illinois at Urbana-Champaign - Department of Accountancy

Abstract: