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Contributor Biographies

Stephen Penman

Professor of Accounting, Graduate School of Business, Columbia University, New York, USA
Stephen PenmanStephen Penman

Stephen H. Penman is the George O. May professor in the Graduate School of Business, Columbia University. Prior to this he was the L. H. Penney professor in the Walter A. Haas School of Business at the University of California at Berkeley, and has served as a visiting professor at London Business School and Stockholm School of Economics. He has a first-class honors degree in commerce from the University of Queensland, Australia, and MBA and PhD degrees from the University of Chicago. His research is on equity valuation and the role of accounting information in security analysis. He is managing editor of the Review of Accounting Studies and is on the editorial board of the Schmalenbach Business Review, and in 2002 he was awarded the Wildman Medal for his book, Financial Statement Analysis and Security Valuation.

Articles by this Author

  • Accounting for Value: Why the Accountancy Bodies Are Losing Their Way in the Standard-Setting Process
    by Stephen Penman
    I approach accountancy by asking what it measures that is of use to an investor. Basically, I am looking for accountancy to be a set of tools for measuring value—the real value of a business. My book was first and foremost a book on valuation, aimed at investors and those to whom they entrust their savings. This last group includes investment advisors, analysts, and portfolio managers. Beyond them, of course, I hope that it will also be useful...

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