Equity Valuation and Analysis: 5th Edition

This is the book we use for our class.This is the real book to read if you want to understand systemically the fundamental logic behind valuation.Forget about books like <<intelligent investor>> and other books that claims about transforming the reader to a equity investor.If you would really like to understand why and how, follow this book and it's online materials.

I use the text for a graduate accounting course in financial statement analysis. The book does a nice job presenting a valuation framework for equity securities and identifying some of the key limitations of the conventional accounting model. The authors' framework with slight modification can be applied to impairment analysis conducted under US and international accounting standards. I would like to see expanded coverage of risk analysis and the role of big data. Currently, the text like others in the area takes an accounting-centric perspective that could be broadened to include the role of other complementary information sources in valuation.