Thank you for visiting my web site. I have tried to accumulate as much content as I can into this site, and navigating it can be a challenge. I have attempted to categorize the information into the following sections. You can also use the search engine below to search the site (I must confess I do not know how efficient or inefficient it is)

Recent Additions

1. Bio and Mission: I have added a very short bio and a mission statement to the site.
2. 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.
3. Classes: The Spring 2009 classes will be webcasts starting on January 26, 009. The Fall Valuation class and thee Spring 2008 classes webcasts are also accessible. I have also added webcasts of shorter executive classes on corporate finance and valuation.
4. Books: Most recent addition is "Strategic Risk Taking " I am working on the second edition of The Dark Side of Valuaton and hope to be done in the next few months. i will be starting on two other projects this year - the third edition of Applied Corporate Finance and a new book on what I have learned, unlearned and relearned from the market crisis..
5. Glossary: I have added a glossary section on commonly used financial ratios and measures. I hope you find it useful.
6. Data: Now updated through January 2009. 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 2010.
7. Research/Papers: Recently added papers include
   1. What is the riskfree rate?
   2. The Equity Risk Premium: Determinants, Estimation and Implications (9/08)
   3. Claims on Equity: Valuing differential voting rights, liquidity and cash flow claims
   4. Measuring Returns: ROE, ROIC and ROC
   5. A Survey Paper on Valuation
   6. To Hedge or not to hedge: That is the question
   7. Value at Risk: Where is the beef?
   8. Strategic Risk Taking: A marriage of corporate finance and corporate strategy
   9. Simulations, Decision Trees and Scenario Analysis in Valuation
8. Other: My valuations of Google in September 2005 and September 2006.

If the search engine does not work, try the site map. If that does not work, email me. 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 - corporate finance, valuation and investment management.

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 my books on corporate finance, valuation and investment management, and upon my classes - 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 updated data for use in valuation (betas, margins etc.) as well as spreadsheets that may be useful in valuation and corporate finance.

You are welcome to download and use this material. Happy Hunting!

Finally, I also have some papers, 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 seminars on valuation and corporate finance. Finally, I am attaching a link to webcasts that you can access - some of these are controlled by other entities but most are of my class room lectures.

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