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Financial statement analysis and security valuation / Stephen H.

Library of Congress Cataloging-in-Publication Data Penman, Stephen H. Cover design: Joanne Mennemeier Typeface: 10/12 Times Roman Compositor: Macmillan Publishing Solutions Printer: Quebecor World Dubuque Inc. Sylvester Design coordinator: Joanne Mennemeier Media project manager: Suresh Babu, Hurix Systems Pvt. Pauley Full service project manager: Teresa Christie, Macmillan Publishing Solutions Senior production supervisor: Debra R. Editorial coordinator: Rebecca Mann Associate marketing manager: Dean Karampelas Project manager: Dana M. 1 2 3 4 5 6 7 8 9 0 QPD/QPD 0 9 ISBN 978-0-07-337966-1 MHID 0-07-337966-2 Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Executive editor: Richard T. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

Louis Bangkok Bogotá Caracas Kuala Lumpur Lisbon London Madrid Mexico City Milan Montreal New Delhi Santiago Seoul Singapore Sydney Taipei TorontoįINANCIAL STATEMENT ANALYSIS AND SECURITY VALUATION Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Financial Statement Analysis and Security Valuationįinancial Statement Analysis and Security Valuation Fourth Editionīoston Burr Ridge, IL Dubuque, IA Madison, WI New York San Francisco St.