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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.
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.
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.
The recent stock option backdating scandal raises a number of corporate governance and auditing issues.
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.
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
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.
CEASA co-founder, Stephen Penman, releases new Occasional Paper, “The Value Trap: Value Buys Risky Growth”, co-authored with Francesco Reggiani of Bocconi University.
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.
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.