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Updates

 
Recent updates
Teaching

MBA Classes: The Spring 2013 Valuation class and the Fall 2012 Corporate Finance class are now entirely archived and available to anyone who is interested. I have also added webcasts of shorter executive classes on corporate finance and valuation. 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. The Fall 2013 Valuation class is also online. The Spring 2014 corporate finance and valuation classes will unfold online as they happen, starting witht the first class on February 3, 2014. (January 2014)

Executive Classes: The three-day executive valuation class that I taught in June 2013, is now accessible. You can download the material for the class and watch the webcasts. (July 2012). The three-day corporate finance class that I taught in January 2014 is also accessible. You can download the material and watch the webcasts (January 2014)

Book/MOOCs: I am trying to span the digital divide by converting my books into book/online class combinations. The first of these is not available for my Investment Philosophies book and you can get the full version here or a stripped down version here. In the next few months, I plan to add my Applied Corporate Finance and Investment Valuation books to this mix. (September 2013)

Other
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. (April 2012)

Valuation Tools: I have been adding a series of webcasts, designed to convert theory into practice and data into information. You can see the collection that I have accumulated so far by going here.

Writing

Blog posts: I completed a series of posts on value investing, building on the chapter in my book, Investment Philosophies. (June 2012)

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, as is the third edition of Applied Corporate Finance. The third edition of Investment Valuation just came out and the second edition of Investment Philosophies reached the bookstores in July 2012. The fourth edition of Applied Corporate Finance will come out this year.

Research/Papers: Recently added papers include
  1. Country Risk: The Residue of Globalization - The 2013 Edition
  2. Noise and Value: Dealing with Uncertainty
  3. Value Investing: Investing for Grown Ups? (My take on value investing... and why there isn't more "value" in value investing...)
  4. The Equity Risk Premium: Determinants, Estimation and Implications: The 2014 Edition
  5. Corporate Governance: A Risk Manual
  6. 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?
  7. What is the riskfree rate?
  8. Valuing companies across the life cycle from young companies to distressed firms.
  9. Valuing companies in segments from financial services to commodity & cyclical to multinational firms.
  10. Claims on Equity: Valuing differential voting rights, liquidity and cash flow claims
  11. Measuring Returns: ROE, ROIC and ROC
  12. A Survey Paper on Valuation
  13. To Hedge or not to hedge: That is the question
  14. Value at Risk: Where is the beef?
  15. Strategic Risk Taking: A marriage of corporate finance and corporate strategy
  16. Simulations, Decision Trees and Scenario Analysis in Valuation
Data

Country Risk Premium Update: Updated country equity risk premiums in January 2014. Contains both ratings-based and CDS based equity risk premiums. (June 2012)

Annual Data Update: Now updated through January 2014. 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 2014. I have also switched my data source for US stocks from Value Line to a mix of a data services, including Capital IQ, Bloomberg and the Fed.

Tools
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. (Last version updated in June 2012)

Glossary: I have added a glossary section on commonly used financial ratios and measures. I hope you find it useful. (January 2012)

Tools webcasts: As part of my corporate finance and valuation classes, I have developed a series of short webcasts, illustrating the use of the tools described in this class on real companies.