Lecture 2 Basic valuation and fin. statements: Method of Comparables Reading Ch.3 Penman. Papers: • Imam S., Barker R., and Clubb C. (2008). The Use of Valuation Models by UK Investment Analysts. European Accounting Review. Vol. 17. No.3, pp.503-535. • Demirakos E., Strong N., and Walker M. (2004). What Valuation Models Do Analysts Use? Accounting Horizons. Vol. 18. No.4, pp.221-240.