My name is Aswath Damodaran and I teach corporate finance and valuation at the Stern School of Business at New York University. I describe myself as a teacher first, who also happens to love untangling the puzzles of corporate finance and valuation, and writing about my experiences. As a result, I happen to be at the intersection of three businesses, education, publishing and financial services, that are all big, inefficiently run and deserve to be disrupted. I may not have the power to change the status quo in any of these businesses, but I can stir the pot, and this website is my attempt to do so.
Broadly speaking, the website is broken down into four sections. The first, teaching, includes all of my classes, starting with the MBA classes that I teach at Stern and including the shorter (2 to 3-day) executive sessions I have on corporate finance and valuation. You will find not only the material for the classes (lecture notes, quizzes) but also webcasts of the classes that you can access on different forums. I also have classes specifically tailored to an online audience on valuation, corporate finance and investment philosophies. The second, writing, includes links to almost everything I have written and continue to write, starting with my books and extending to my practitioner papers (on equity risk premiums, cash flows and other things valuation-related). The third, data, contains the annual updates that I provide on industry averages, for US and global companies, on both corporate finance and valuation metrics (including multiples). It is also where I provide my estimates of equity risk premiums and costs of capital. The fourth, tools, incorporates the spreadsheets that I have developed over time to value and analyze companies and short in-practice webcasts on how to analyze companies.
I have been told that my website is ugly and I apologize for its clunky look and feel. While some of you have offered to make it look better for me (and I thank you for your kindness), I need to be able to tweak, modify and adapt the website as I go along and to do that, I have to work with what I know about website design (which is not much). You can try the search engine below and if that does not work, try this guide to the site.
Implied Equity Risk Premium Update
Implied ERP on December 1, 2018= 5.29% (Trailing 12 month, with adjusted payout), 5.68% (Trailing 12 month cash yield); 6.55% (Average CF yield last 10 years); 5.32% (Net cash yield); 4.00% (Normalized Earnings & Payout)
Implied ERP in previous month =5.32% (Trailing 12 month, with adjusted payout), 5.76% (Trailing 12 month cash yield); 6.64% (Average CF yield last 10 years); 5.38% (Net cash yield); 4.06% (Normalized Earnings & Payout)
Teaching: Corporate Finance (MBA and undegraduate) for Spring 2016 (and the Valuation class for Fall 2015 are now fully archived. The Valuation class for Fall 2016 is archived here. The Spring 2017 Corporate Finance class can be found here and the Spring 2017 Valuation (undergraduate) class is linked here. I will be back teaching both classes in the spring of 2019.
Writing: Paper on valuing Tesla (with Brad Cornell) won readers' award (Bernstein-Levy) in Journal of Portfolio Management. Download the latest version of my annual equity risk premium update by clicking here and the latest version of my annual country risk update by clicking here. My book on Narrative and Numbers, from Columbia University Press, should be in bookstores and the third edition of The Dark Side of Valuation will be out in 2018.
Data: The latest overall data update was on January 5, 2018. My country risk premiums get updated midyear as well; here is the July 2018 update. Check under data for downloads and links, as well as archived data from prior years.
Tools: Check under tools for additions to spreadsheets and webcast. uValue is available at the iTunes store.