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Security Analysis

CEASA has been working in Security Analysis with the launch of our series at the 2005 roundtable that brought together a wide group of policymakers from around the country.

Occasional Paper

The Value Trap: Value Buys Risky Growth

Earnings and book values are accounting numbers, so the paper shows how the risk imbedded in earnings-to-price (E/P) and book-to-price (B/P) ratios can be attributed to the way that earnings and book values are measured under accounting principles.

Industry Study

Analysis and Valuation of Insurance Companies

Author: Doron Nissim

To facilitate an informed use of insurers’ financial reports, this manuscript reviews the accounting practices of insurance companies, discusses the financial analysis and valuation of insurers, summarizes relevant insights from academic research, and provides related empirical evidence.

CEASA Comments

Accounting and the Backdating of Employee Stock Options

The recent stock option backdating scandal raises a number of corporate governance and auditing issues.

Occasional Paper

On the Analysis of Firms' Cash Flows

Investors have increasingly turned to the analysis of cash flows as a complement to, or even substitute for, the income statement. This occasional paper deals with this issue by addressing two questions. First, under what circumstances does it make sense to evaluate a firm's performance by focusing on cash flows rather than income/expense flows? Second, given the answer to this question, how can one best conceptualize a schedule of cash flows?

Professor James Ohlson of Arizona State University has been commissioned to prepare this Occasional Paper.


Using Fair-Value Accounting, Fairly

Doron Nissim and Stephen Penman explain why a new market-based approach to valuation may not be the best one for all industries.


Roundtable on Financial Reporting and Analysis of Insurance Companies


XBRL and Interactive Data Roundtable


Roundtable Discussion: From Stock Selection to Portfolio Alpha Generation: The Role of Fundamental Analysis

This roundtable was hosted by CEASA and Morgan Stanley . The goal of this meeting was to provide a forum for participants who have or are working in different areas of the investment process. Most of the participants have been in different positions in their careers and were able to incorporate these different perspectives into the discussion.

One often hears from many corporate officers and other market participants that investors have short-term investment horizons, care only about next quarter's earnings, use simple summary measures (like P/E's), and do not focus on core fundamentals. This conversation aimed to confirm or dispel these perceptions.

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CEASA has recently received gifts of $125,000 each from Morgan Stanley and General Electric. In 2003, a founding gift from Morgan Stanley and GE was instrumental in creating the center, which has since produced a body of independent research for stakeholders across academia, industry, and government. With Morgan Stanley’s and GE's renewed pledge of support, CEASA is well-positioned to lead the next chapter of dialogue around security analysis and accounting issues and to generate practical policy solutions.


CEASA Director of Research, Suzanne Morsfield, awarded research grant from the SWIFT Institute to report on “The Future of Financial Data Standards” with co-authors Stephen Yang of Stevens Institute, and Susan Yount of Workiva.


CEASA co-founder, Stephen Penman, releases new Occasional Paper, “The Value Trap: Value Buys Risky Growth”, co-authored with Francesco Reggiani of Bocconi University.

Submit a Paper to CEASA

CEASA welcomes submissions for online publication of papers analyzing and proposing solutions to current issues surrounding accounting and/or security analysis policy.

Contact us to submit a paper>