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STEPHEN PENMAN

STEPHEN PENMAN
Distinguished Professor
Department of Accounting

Courses a.y. 2022/2023

40976 ACCOUNTING 1 - INTRODUCTION TO FINANCIAL ACCOUNTING RESEARCH

Biographical note

I am a Distinguished Professor at Bocconi University since 2021 and I pursued a PhD at the University of Chicago. I have been working at the Columbia Business School since 1999 and at the Haas School of Business at the University of California at Berkeley before then.

 

 


About

In 2019, I was inducted into the Accounting Hall of Fame and in 2020 into the Australian Accounting Hall of Fame.

In 2021, I was awarded with the Innovation in Financial Accounting Education Award by the American Accounting Association.

I am a founding editor of the Review of Accounting Studies and served as managing editor from 2002-2006.


Research interests

My research deals with the valuation of equity and the role of accounting information in security analysis, and a number of my papers deal with accounting policy issues.


Selected Publications

Penman, Stephen; Zhu, Julie
An accounting-based asset pricing model and a fundamental factor
JOURNAL OF ACCOUNTING AND ECONOMICS, 73(1-2), 2022

Penman, Stephen; Zhang, Xiao-Jun
Connecting book rate of return to risk and return: the information conveyed by conservative accounting
REVIEW OF ACCOUNTING STUDIES, 26(1): 391-423, 2021

Penman, Stephen; Zhang, Xiao-Jun
A theoretical analysis connecting conservative accounting to the cost of capital
JOURNAL OF ACCOUNTING AND ECONOMICS, 69(1):1-25., 2020

Penman, Stephen; Nir Yehuda
A Matter of Principle: Accounting Reports Convey Both Cash-Flow News and Discount-Rate News
MANAGEMENT SCIENCE, 65(12): 5449-5956, 2019

Barker, Richard; Penman, Stephen
Moving the conceptual framework forward: accounting for uncertainty
CONTEMPORARY ACCOUNTING RESEARCH, 37(1): 322–357., 2020

Stephen Penman; Francesco Reggiani
A Framework for Identifying Accounting Characteristics for Asset Pricing Models, with an Evaluation of Book-to-Price
EUROPEAN FINANCIAL MANAGEMENT, 24(4): 488-520, 2018

Penman, Stephen; Barker, Richard; Lennard, Andrew; Teixeira, Alan
Accounting for Intangible Assets: Suggested Solutions.
COLUMBIA UNIVERSITY LIBRARIES, 2021

Penman, Stephen
Accounting for risk
FOUNDATIONS AND TRENDS IN ACCOUNTING, 15(4): 373-507, 2021

Stephen Penman; Francesco Reggiani
Fundamentals of Value vs. Growth Investing and an Explanation for the Value Trap
COLUMBIA BUSINESS SCHOOL RESEARCH ARCHIVE, 2014