To get started..

Thank you for visiting my web site. Though I would prefer that the site stand or fall on its own merits, I have added a short bio and a mission statement to the site.

Quick Links

MBA Valuation Class

MBA Corporate Finance Classs

My blog: Musings on Markets

My books and research

Spreadsheets

Updated data

Cost of Capital Central: Webcasts & Links

Implied Equity Risk Premium (US): Updated monthly

Recent Additions

1. iPad & iPhone Valuation app: Anant Sundaram (at Dartmouth College) and I have just developed a valuation app (uValue) for the iPad that we think is suprisingly versatile and best of all, it is free. Give it a shot, if you have an iPad. There is an iPhone/iPod Touch version (uValue Mobile) that is also now available.
2. Cost of Capital Central: I put together a series of eight 20-25 minute webcasts, with links to spreadsheets and data on the cost of capital. While much of what I say here is what I also say in my regular classes and writings, it is all in one place for those who are interested.
3. My blog: I don't want to sound new age, but I have added a blog starting September 15, 2008. It is still evolving but I hope to put my thoughts on the events of the day there. Please visit it when you get a chance.
4. Classes: The Fall 2011 Valuation class is now entirely archived and available to anyone who is interested. I have also added webcasts of shorter executive classes on corporate finance and valuation. The Spring 2012 corporate finance and valuation classes will be webcast and you can follow along, if you are interested. If you want to get as close to a full classroom experience, try this page for the corporate finance class and this one for the valuation class.
5. Books: My newest book, "The Little Book of Valuation" is now at bookstores. The second edition of The Dark Side of Valuaton is also out and as is the third edition of Applied Corporate Finance. The third edition of Investment Valuation and the second edition of Investment Philosophies are at the printers and should be getting to bookstores in a few months. Coming soon: I am working on a new book on what I have learned, unlearned and relearned from the market crisis and the third edition of Investment Valuation...
6. Glossary: I have added a glossary section on commonly used financial ratios and measures. I hope you find it useful.
7. Data: Now updated through January 2012. I have also added a market cap breakdown for US companies of risk measures and multiples and archives of past year's data sets. The next update will be in January 2013.
8. Research/Papers: Recently added papers include
   1. Value Investing: Investing for Grown Ups? (My take on value investing... and why there isn't more "value" in value investing...)
   2. The Equity Risk Premium: Determinants, Estimation and Implications: The 2012 Edition
   3. Corporate Governance: A Risk Manual
   4. What if series...
      1. Into the abyss: What if nothing is risk free?
      2. A New Risky World Order: Unstable Risk Premiums - Implications for Practice
      3. Comatose Markets: What is liquidity is not the norm?
   5. What is the riskfree rate?
   6. Valuing companies across the life cycle from young companies to distressed firms.
   7. Valuing companies in segments from financial services to commodity & cyclical to multinational firms.
   8. Claims on Equity: Valuing differential voting rights, liquidity and cash flow claims
   9. Measuring Returns: ROE, ROIC and ROC
   10. A Survey Paper on Valuation
   11. To Hedge or not to hedge: That is the question
   12. Value at Risk: Where is the beef?
   13. Strategic Risk Taking: A marriage of corporate finance and corporate strategy
   14. Simulations, Decision Trees and Scenario Analysis in Valuation

If you have never visited the site before or find it overwhelming, you should begin in one of three places - the guide to the site that lists in broad terms what the site contains, a glossary/background section that contains a glossaries of financial terms and primers on key areas that back up finance and a beginner's area, where I provide an introduction to finance and what it does (and does not do) In the topics section, I group material based upon three areas in finance - , and . In each of these sections, I have sub-grouped material into lecture notes, spreadsheets, datasets and webcasts.

In the second section, I categorize material based upon on corporate finance, valuation and investment management, and upon - corporate finance, equity instruments and investment management. Under each book, you will find a description of the book and other supporting material, including solutions to the problems, overheads, links and derivations. Under each class, you will find the syllabus, lecture notes, problem sets and associated material, as well as webcasts of the classes.

In the third section, you can find for use in valuation (betas, margins etc.) as well as that may be useful in valuation and corporate finance. You are welcome to download and use this material. Happy Hunting!

Finally, I also have , primarily relating to estimation issues in finance, and hot concepts in finance (real options and the effect of changing the tax treatment of dividends) as well as on how to value start-up firms with negative earnings, limited history and no comparables that you can download. I would appreciate any comments that you have on the topics. I also have material that I have used in a variety of on valuation and corporate finance. Finally, I am attaching a link to that you can access - some of these are controlled by other entities but most are of my class room lectures.

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