As the material on this site accumulates and the users become more diverse,
both in their backgrounds and what they are looking for, I have struggled
with how best to organize and present the material.
- How is the
site structured and what is in each section?
- Where do I start?
- Where do I find information on a specific topic and what do I do when I cannot
- What are the rules on using information that I find on the site?
- Who do I report errors on the
Structure of the Site
The site is structured around four basic sections.
- The teaching section includes all the teaching that I do, starting with my regular semester-long classes but also including my executive classes, my online classes and other sessions. It includes material that I use in my classes as well as webcasts.
- The writing section has links to all of my writing, including books, papers, occassional articles and my blog. It also contains a glossary of terms that we (or at least I) use in finance.
- The data section has data that I compile and report every year on industry-averages of multiples and financial ratios that I provide for both US and global firms. It is also where I have my estimates of equity risk premiums by month and country risk premiums.
- The tools section contains spreadsheets that I have built over time to do valuation and corporate financial analysis. It also contains links to portfolio analysis tools and uValue, an app that I co-developed with Professor Anant Sundaram at Dartmouth.
You can also click here to get to a site
map that you can use to navigate the site.
Where do I start?
The answer really depends upon why you are on the site in the first
- If you are looking for data: The place to go is the updated
data page. I have estimated industry averages for a number of financial
and market varaibles on this page for US, European, Japanese and
Emerging Market companies. If you want to look at the raw data, you
can download individual company data for all companies from this
page. I have also attempted to provide some historical perspective
with archived data going back about 5 years for US companies and
2-3 years for non-US companies.
- If you want to download a spreadsheet: If you are looking
for a spreadsheet to do a corporate financial analysis (project analysis,
optimal capital structure, dividend policy) or a valuation of a mature,
high growth or money losing firm, you should try the spreadsheets
page. The spreadsheets are not supposed to be black boxes. So, please
do make sure that you feel comfortable with what is being done within
the spreadsheets before you use them. And feel free to modify or
adapt these spreadsheets...
- If you want to get information on a specific
topic: I would try the research/papers page first. This is where
I usually highlight topics that I find interesting. After a few iterations
and comments, they invariably become chapters in my books. These
are not conventional research papers but practitioner thought pieces.
- If you want to take a class: You can follow either the
corporate finance or valuation class that I teach at Stern on your
own. The lectures notes for the classes can be downloaded, the webcasts
of the classes are accessible and you can even take the quizzes and
exams if you are so inclined.
- If you are looking to download powerpoint presentations:
If you are an instructor, looking to download the powerpoint presentations
for books or topics, you will find yourself confronted with a request
for a password and a username. Please contact me by email and I will
give you both.
- If you want to just browse: Click on topics or books and
roam through the site. Perhaps, something interesting will catch
- If you are a novice to finance and valuation: I would
suggest that you strart with the background page, where you will
find primers on accounting, statistics and finance as well as introductions
to each of the three topics - corporate finance, valuation and portfolio
management - around which this site is built. Once you have familiarized
yourself with the topics, you can try to use the webcasts
for the MBA classes on my site to see if you can build on your knowledge.
- If you want to get a question answered: I hope you find
the answer somewhere on the site but even if you do not, you can
email me your question. As long as it is not too involved, I will
try to answer it.
Where do I find XXXX and what do I do if I cannot
It depends on what you are looking for. You can try two starting points.
One is the search box on the home page; it is not the most efficient
search engine in the world, but it does reasonably well on individual
topics. The other is in the extended glossary. I have tried to provide
the links that you need from within the glossary. I usually update
the data online at least twice a year for US companies and once a year
for non-US companies. If you do not find the data, you can ask me and
I can let you know whether the data is available or not, and if not,
Rules on using data and spreadsheets
This is an open site with very few rules. I have no problem
with your use of any of the informatiion on this site but I will only
ask two things of you. The first is that you do not try to commercially
exploit the data on this site by turning around and selling it; I know
that you would never even contemplate doing this but it has been done
before. You have every right to use the data or spreadsheets that you
find here as part of your regular occupation or research. The second
is that you acknowledge the parentage when you used the data from this
site. However, I fully understand if you want to use some insight or
data item to impress a friend, colleague or boss... If it does impress
them, act like it is your own.. If you it does not impress, you can
Errors and Missing Links
If you see errors or missing links on this
web site, please do let me know. I hope that you will forgive me, if
I do not fix the errors instantaneously. Some errors are more complicated
and difficult to fix than others.