Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem

Mark E. Wohar · **Ranking of the Economics Journals, Economics Departments and Economists**

       The Bank of England
       Office of National Statistics UK
       HM Treasury
Royal Economic Society Home Page 
Econometric Society Home Page 
H.M. Treasury Directory Index 
Project LINK Research Centre 
Social Science Information Gateway - SOSIG 
Welcome to the ESRC 
The BBC Home Page 
The Econometrics Journal Online 
CAMBRIDGE UNIVERSITY PRESS JOURNAL BOOK REVIEW EDITORS 
USCWeb, the University of Southern California 
USCWeb, the University of Southern California (Plain-Text Page) 
DG 1A HomePage (European Commission) - European Union : External Relations : DG 1A 
RUSSIAN ECONOMIC TRENDS 
EEG HOME PAGE 
macroeconomic-modelling discussion list 
Computing in Economics and Finance 
    Centre for Economic Forecasting, London Business School
   NetEc working paper archive
   The Bank of England
   Office of National Statistics UK
   HM Treasury
Money Macro and Finance Research Group 
Royal Economic Society Home Page 
Econometric Society Home Page 
H.M. Treasury Directory Index 
Project LINK Research Centre 
Social Science Information Gateway - SOSIG 
Welcome to the ESRC 
The BBC Home Page 
Money Macro and Finance Research Group 
The Royal Statistical Society 
CAMBRIDGE UNIVERSITY PRESS JOURNAL BOOK REVIEW EDITORS 
USCWeb, the University of Southern California 
USCWeb, the University of Southern California (Plain-Text Page) 
DG 1A HomePage (European Commission) - European Union : External Relations : DG 1A 
RUSSIAN ECONOMIC TRENDS 
Welcome to the Research Assessment Exercise (RAE) 2001 
Elsevier Journals in Economics and Finance 
EEG HOME PAGE 
macroeconomic-modelling discussion list 
Computing in Economics and Finance

	Job Openings for Economists
	Most complete listing of available jobs for economists. Includes listings for U.S. academic, U.S. non-academic, and foreign positions.
	Chronicle of Higher Education
	The Chronicle's job listings are restricted to academic positions.

Penn-World Tables	EuroStat	European Union	Office of National Statistics	Bureau of Labor Statistics
Bureau of Economic Analysis	Statistics Canada	U.S. Business Cycles Indicators	Economagic	United Nations
OECD	NBER	CEPR	World Bank (Research)	IMF (Research)
Oxford's Nuffield College	Resources for Economists on the Internet	The Conference Board

Giancarlo Corsetti	Brad DeLong	Jordi Gali	Paul Krugman	Nouriel Roubini
Helene Rey	Gilles Saint-Paul	Xavier Sala-i-Martin	Harald Uhlig	Jaume Ventura
Romain Wacziarg	Robert Gordon

Princeton (IES)	Harvard	MIT (Sloan)	NYU (Stern)	Chicago (GSB)
U Penn (Wharton)	Berkeley (Haas)	Columbia (BS)	LSE	UCL
EDIRC

Virtual Stock Exchange	You can practice investing in the stock market for free, and see how you would do. The site is also planning to offer access to pay-to-play competitions where you can win money. Found by Jean Jasmine O. Sevilla.
Motley Fool	This well-known site has investment news and easy-to-understand advice. Found by Fernando Meza.
Bankrate.com	This page will help you find the best interest rate for a credit card, auto loan, or mortgage. There are also different financial calculators. For example, you can calculate payments on an auto loan, calculate payments to get rid of credit card debt, find the cost of raising a child, or figure out how long it will take you to become a millionaire. Found by Krysia Salagaj.
X-rates	Use the currency calculator on the left-hand side of the page to convert one country's money to another. Found by Jackeline Gonzalez.
Fuel Economy	Find the cheapest gas in L.A. (or anywhere else in the U.S.) Also, you can compare miles per gallon for different cars. Found by Aram Khachoyan.
Investing On Line	Some basic information about investing online.

U.S. National Debt Clock	A clock that shows the national debt along with the amount the U.S. government has spent since you've logged onto the page. If you go to the bottom of the page and click on "other clocks" you can get to a clock that keeps track of different crimes.
Drug War Facts	This page looks boring at first, but there's a lot of interesting information here.
OPEC Online	Everyone's favorite cartel has something to say. Have some oil under your backyard? Maybe they'll let you join.

Resources for Economists on the Internet	Provides links to data sources and research. Found by Toby Reyes.
Economagic	A great source for data. If you subscribe, you can download data in Excel spreadsheets. A regular “level 1” subscription is $10 for 8 weeks.
Bureau of Labor Statistics	Tons of data paid for by your tax dollars. Found by Michael Sudjati.
WebEc	Gives links to resources concerning every branch of economics you can imagine, and some you can't imagine.
Econdata.net	Has a large number of links to data sources, organized by type of data.
Dismal Science	Provides current economic news and statistics. Found by Jamie Neri.
Mansfield University Econ	Provides links to a wide variety of economic data.
San Fernando Valley Economics Research Center	This center, housed in the California State University-Northridge Economics Department, provides data and analysis concerning the San Fernando Valley economy. Found by Cristina Banas.
Valley of the Stars	Gives economic data for the San Fernando Valley. Found by Danielle King.
Economics of Networks	Rated one of the top 5 sites by The Economist magazine. This site has information on the economics of computer networks as well as detailed information about the Microsoft antitrust case. Found by Sarah Oganesyan.

USEFUL DATA LINKS
The World Bank's Databases	www.worldbank.org/data
UN's Human Development Reports	http://hdr.undp.org/hd
IMF's Country Information	www.imf.org/external.country/index.htm
CIA World Fact Book	www.odci.gov/cia/publications/factbook
Harvey's Country Risk Analysis	www.duke.edu/~charvey/Country_risk/couindex.htm
Roubini's Global Macro and Financial Policy Site	www.stern.nyu.edu/globalmacro/
NBER's Links to Data	www.nber.org/data/
Heritage Foundation's Index of Economic Freedom	www.heritage.org/research/features/index
Transparency International's Database on Corruption	www.corisweb.org
Economist Magazine	www.economist.com/countries
Bank for International Settlements' Link to Central Banks	www.bis.org/cbanks.htm

Input	Detail	Links for data
Riskfree Rate	Treasury rates: US Government rates: Other	http://www.cnnfn.com/markets/bondcenter/ http://www.bloomberg.com/markets/iyc.html (For G-8 countries) http://www.bradynet.com/prices.html (Has Brady bond rates)
Risk Premium	Historical: US Country Rating Implied Premium: US Country premiums	http://www.stern.nyu.edu/~adamodar (Updated data) Moody’s: http://www.moodys.com (Click on sovereign ratings) S&P: http://www.standardandpoors.com http://www.stern.nyu.edu/~adamodar (Updated data)
Risk Parameters	Beta: Market Regression Bottom-up Beta Leverage Business Breakdown	http://www.riskmetrics.com http://www.stern.nyu.edu/~adamodar (Updated data) http://www.stern.nyu.edu/~adamodar (Updated data: Sector betas) http://www.sec.gov/edgarhp.htm (Segment breakdown in 10-K)
Cost of Debt	Bond Rating Synthetic Rating Default Spreads Marginal tax rate	http://www.bondsonline.com http://www.stern.nyu.edu/~adamodar (Spreadsheets: ratings.xls) http://www.ratings.com/corporates/index.htm (for latest ratios) http://www.bondsonline.com (Check corporates) KPMG Survey - Marginal tax rates by country (pdf file)
Weights	Market Value of Equity Market Value of Debt	http://www.morningstar.net (Type symbol for quick report and check under valuation) http://www.sec.gov/edgarhp.htm (Debt maturity will be footnote to 10-K))
Cash Flows	Earnings Checks Operating Leases Net Capital Expenditures R & D Expenses Working Capital	http://www.sec.gov/edgarhp.htm (Check details of 10-k, 10-Q) http://www.morningstar.net (Type symbol for quick report and check under financials for last 5 years) http://www.sec.gov/edgarhp.htm (Footnote to 10-K) http://www.sec.gov/edgarhp.htm (Statement of Cash Flows) http://www.sec.gov/edgarhp.htm (Statement of Cash Flows) http://www.sec.gov/edgarhp.htm (Statement of Cash Flows) (All of the above data will also be in an annual report. You can try http://www.reportgallery.com or try ****.com where *** is the name of your firm)
Growth	Historical Growth Analyst forecast of growth Fundamental Growth	http://www.stern.nyu.edu/~adamodar (For sector growth) http://www.morningstar.net (Type symbol for quick report and check under Growth rates for 3 yr number) http://www.zacks.com/free.html (for EPS next year and recommendations) http://www.morningstar.net (Type symbol for quick report and check Growth rates for 5-yr projection)) http://www.stern.nyu.edu/~adamodar (Updated data for sector fundamentals)
Growth Patterns	Barriers to Entry Stable Growth Inputs: Industry	http://www.stern.nyu.edu/~adamodar (Updated data)
Normalizing Earnings	Industry Average Margin	http://www.stern.nyu.edu/~adamodar (Updated data)
Other Valuation Issues	Cash Options outstanding	http://www.sec.gov/edgarhp.htm (Balance Sheet) http://www.sec.gov/edgarhp.htm (
Relative Valuation	Multiples for comparables Fundamentals for comparables	http://www.morningstar.net (To screen a sector or market by multiple) http://biz.yahoo.com/research/indgrp (click for companies in each sector; you can get fundamentals on each separately in Profile)
Option Pricing Models	Valuing troubled firms Valuing natural resource firms Valuing patents	http://www.sec.gov/edgarhp.htm (for debt and maturity) http://www.stern.nyu.edu/~adamodar (Updated data: Sector variances)

Input	Readings
Bias in Valuation	The Rise of Jack Grubman The Fall of Jack Grubman The Consequences of a Sell Recommendation A Sage on Enron
Valuation Approaches	Dumb Investors, Smart Markets Why don't they teach you to invest like Warren Buffet? Valuation Basics (courtesy of the Motley Fool) Why don't they teach you to invest like Warren Buffett? An open letter to Warren Buffett (from a non-admirer)
Riskfree Rate	Estimating Riskfree Rates
Risk Premium	Classic Rule of Risk Premium under attack (WSJ) Greenspan on the Risk Premium Estimating Risk Premiums Those were the days... An argument for lower risk premiums Historical Risk Premiums: A reexamination
Risk Parameters	Estimating Risk Parameters A contrary view on betas
Cost of Debt	S&P on the Ratings Process Off Balance Sheet Items
Estimating Earnings	R& D's effects on earnings Smoothing Earnings Is this debt? One-time Write off? The Accounting Black Box The Practices of Five Companies: GE, Coke, AIG, Williams and IBM Warnings Signs in Earnings Report
Cash Flows	A Primer on Financial Statements Adjusting for Operating Leases Adjusting for R&D Expenses Accounting versus Cash Earnings
Growth and Growth Patterns	Estimating Growth The inside of earnings growth in the 1990s Evaluating analyst growth estimates Competitive Advantage Period
Other Valuation Issues	Dealing with Cash and Cross Holdings Dealing with Management Options The Dark Side of Valuation Option backlash at companies Options at dot.com firms The Value of Transparency
Value Enhancement	Microsoft learning cost-cutting from GE Learning from the Super Companies Dare to keep your stock price low Value Enhancement: Back to Basics EVA as elixir An EVA debate
Acquisitions	Synergy in Mergers The Keys to Success in M & A: The KPMG Report Stocks versus Cash Acquisitions: The Performance of Acquirers New Rules on Goodwill
Relative Valuation	Malkiel on PE ratios Interest rates and PE ratios
Option Pricing Models	Making real options real Literature on real options in venture capital and R&D Real Options in Valuation Real Options and Business Strategy How much is flexibility worth? Get Real Reality Check: A skeptical look at real options The Real Power of Real Options


Derivations, In-Practice Questions and Discussion	What is the difference between stock price maximization, firm value maximization and stockholder wealth maximization? What is the objective function in corporate finance for a private firm? What is the objective function for a non-profit organization? Are markets short term? What is the German/Japanese alternative to stockholder wealth maximization and does it work?
Readings	Stop whining about Wall Street Bull Market Charges Ahead, lead by Activist Investors The Civilized Hostile Takeover Charity and Markets Steady Safe


Derivations, In-Practice Questions and Discussion	A Derivation of the Capital Asset Pricing Model Variants of the Capital Asset Pricing Model Testing the CAPM: Issues and Discussion More on the Arbitrage Pricing Model Estimating the Macro Economic Factors in a Multi-Factor Model Building a Regression Model Why not use bond betas to arrive at the cost of debt? Credit Scores as Alternatives to Bond Ratings
Readings	Operating Risk as a Measure of Risk Market Risk and Time Horizon Investors must recall risk Historical Risk Premiums: A Re-examination Risk Premium in Emerging Markets Classic Rule of Risk Premium under Attack Are risk premiums too low? (Greenspan testimony) A Contrary View on Betas Margin for Safety.. An alternative to beta? Diversification Rediscovered Can you diversify and pick stocks at the same time? What makes your stock price go up or down?


Derivations, In-Practice Questions and Discussion	Working Capital, Net Working Capital and Non-Cash Working Capital Operating versus Capital Expenditures Depreciation, Amortization and Other Non-cash Charges Capital Expenditures and Depreciation ROC, Cost of Capital, NPV and EVA ROE, Cost of Equity and Equity EVA Equity Analysis versus Firm Analysis Currency Effects on Investment Analysis Real versus Nominal Investment Analysis Net Present Value, IRR or Modified IRR Corporate Strategy and Project Quality What is the cost of using excess capacity? How should we treat product cannibalization in capital budgeting? When is the option to delay a project a valuable option? When is the option to expand a project a valuable option? The Right Option Pricing Model to Use in Valuing Real Options Are strategic considerations valuable options?
Readings	Measuring Earnings The Content of an Annual Report EVA as elixir Synergy in Mergers


Derivations, In-Practice Questions and Discussion	A Simple Test of Debt The Treatment of Hybrid Securities The Treatment of Warrants and Convertibles Valuing Flexibility Dilution as a Bogey Extensions on the WACC Approach Building in Constraints Applying Cost of Capital Approach to Financial Service Firms Normalizing Earnings: Some Simple Approaches Getting Inputs for Present Value Approach Minimizing WACC versus Adjusted Present Value Approaches Building a Cross-Sectional Regression Determinants of whether a firm is a takeover target Determinants of whether a firm is under risk of bankruptcy Determinants of project quality Duration: Traditional Measure versus Regression Simple versus Multi-variate regression
Readings	Stock Buybacks are not always good news Catastrophe Bonds Mismatching Financing: The Indonesian Experience Bowie Bonds... anyone? MIPs: Debt or Equity Miller-Modigliani - Forty years later...


Derivations, In-Practice Questions and Discussion	Dividends versus Stock Buybacks: The Determinants Spin-offs, Split-offs and Divestitures: The Determinants Stock Dividends and Stock Splits An Intuitive Explanation of FCFE Estimating FCFE for a financial service firm Analyzing Project Quality for a Firm An Intuitive Explanation of FCFE Estimating FCFE for a financial service firm Analyzing Project Quality for a Firm
Readings	Stock Buybacks: Out of Control? Time for Dividends? Microsoft: Pressure for Dividends? AT & T cuts dividends Why tech firms do not pay dividends


Derivations, In-Practice Questions and Discussion	How do you choose between firm and equity valuation? How do you estimate an expected growth rate? How do you estimate how long expected growth will last? What is terminal value and how is it estimated? What is a stable growth rate and why can it not be greater than the discount rate? What is an exit multiple andhow is it used in DCF valuation? What are the most common errors in dividend discount model valuation? What are the most common errors in FCFE/FCFF model valuation? How do you value a firm that is losing money? How do you value a financial service firm? How do you value a private firm?
Readings	Estimating Earnings Growth Top-down versus Bottom-up Growth Revamping the Earnings Statement

Data Source	Comments	Instructions on Getting Information
Value Line	Old fashioned but very effective at delivering substantial amounts of information on one page.
Bloomberg	Clearly the best all-round source of data on any firm almost anywhere in the world. It has two shortcomings. It is not very user-friendy, making it difficult to wade through the data to get the information you need, and it is often difficult to download the data that you need from the terminal.	Getting Data from Bloomberg

Topic	Data Sets	Download Excel file	Archived Data	Description
Corporate Governance	Insider and Institutional Holdings by Industry Sector	Download	1998, 1999, 2000, 2001, 2002	This data set includes insider holdings and institutional holdings as a percent of outstanding stock, classified by industry.
Discount Rate Estimation	Historical Returns on Stocks, Bonds and Bills - United States	Download		This data set includes actual returns on stocks, bonds and bills for the United States from 1928 to the most recent year. It is a useful starting point for estimating historical equity premiums.
	Implied Equity Risk Premiums - United States	Download		These risk premiums are estimated based upon a simple 2-stage Dividend discount model and reflect the risk premium which would justify they current level of the index, given the dividend yield, expected growth in earnings and the level of the long term bond rate.
	Risk Premiums for Other Markets	Download		These are risk premiums estimates for other markets based upon the country ratings assigned by Standard and Poors'.
	Levered and Unlevered Betas by Industry	U.S. firms Europe Emerg Mkt	1998, 1999, 2000, 2001, 2002	This data set lists betas by industrial sector. The betas are computed using 5 years of monthly returns for each stock and then averaged (simple). The unlevered betas are estimated using the average market debt/equity ratios by industrial sector. (Hamada betas).
	Total Beta By Industry Sector	Download	1998, 1999, 2000, 2001, 2002	These are betas adjusted to reflect a firm's total exposure to risk rather than just the market risk component. It is a function of the market beta and the portion of the total risk that is market risk. These betas might provide better estimates of costs of equity for undiversified owners of businesses.
	Costs of Capital by Industry Sector	Download	1998, 1999, 2000, 2001, 2002	This data set lists costs of equity, costs of debt, market debt ratios and costs of capital by industrial sector.
Performance Measures	Jensen's Alpha By Industry	Download		This data set lists annualized Jensen's alphas by industry, as well as R-squared values.
Performance Measures	EVA and Equity EVA by Industry	Download	1998, 1999, 2000, 2001, 2002	This lists out the average economic value added and equity economic value added by industry sector. While I have not made any adjustments to the operating income and book value of capital, this is a good starting point for comparisons.
Capital Structure	Debt Ratio Trade Off Variables by Industry	Download	1998, 1999, 2000, 2001, 2002	This data set lists the industry averages of the market debt ratio, the effective tax rate (tax benefit), insider holdings (discipline), variance in operating income (bankruptcy risk) and fixed assets to total assets (agency costs).
	Ratings, Spreads and Interest Coverage Ratios	Download		This data set lists S&P bond ratings classes, with normal spreads over the treasury bond rate and typical interest coverage ratios
	Operating Lease effect on debt	Download		This summarizes the impact of converting operating lease commitments into debt on market debt to capital ratios, operating income and return on capital, categorized by industry.
	Cross Sectional Regression of Debt Ratio			This summarizes the results of the latest cross sectional regression of the market debt ratio (total debt to capital) against financial variables.
	Duration, Cyclicality and Inflation Measures by Sector	Download		This lists the coefficients obtained when we regress sector market value changes (quarterly) against changes in long term interest rates, GNP growth and inflation.
	Macro Economic Data for Debt Design	Download		This data set includes annual data on interest rates, inflation rates, GNP growth and the weighted dollar from 1981 on...
Dividend Policy	Dividend Policy Trade Off Variables by Industry	Download	1998, 1999, 2000, 2001, 2002	This data set lists the industry averages of the dividend yield and payout ratios, as well as other variables that might be relevant in examining the trade off involved in paying dividends.
Dividend Policy	Cross Sectional Regression of Dividend Ratios			This summarizes the results of the latest cross sectional regression of the dividend yield and payout ratio against financial variables.
Cash Flow Estimation	Capital Expenditures, Depreciation,Reinvestment Rate and Sales to Capital Ratios by Industry	Download	1998, 1999, 2000, 2001, 2002	This lists out average capital expenditures and depreciation by industry sector, as a percent of operating income. It is a useful resource during valuation. It also includes the sales to capital ratio which is useful when valuing young firms with negative earnings.
	Operating and Net Margins by Industry Sector	Download	1998, 1999, 2000, 2001, 2002	This reports average operating and net margins by industry sector for the most recent time period.
	Working Capital Requirements by Industry Sector	Download	1998, 1999, 2000, 2001, 2002	This lists out average inventory, accounts receivable, accounts payable and non-cash working capital by industry sector, as a percent of revenues.
Growth Rate Estimation	Return on Equity decomposition by Industry sector :	Download	1998, 1999, 2000, 2001, 2002	This data set reports average return on equity (net income/book value of equity) by industry sector and decomposes these returns into a pure return on assets and leverage.
	Fundamental Growth Rate in EPS by Industry	Download	1998, 1999, 2000, 2001, 2002	This data set summarizes growth rates from fundamentals (ROE * Retention Ratio) by industry group.
	Historical Growth Rate in Earnings by Industry	Download	1998, 1999, 2000, 2001, 2002	This data set summarizes growth in earnings over the last 5 years by industry.
	Fundamental Growth Rate in EBIT by Industry	Download	1998, 1999, 2000, 2001, 2002	This data set summarizes growth rates from fundamentals (ROC*Reinvestment Rate) by industry group.
Multiples	PE Ratios, PEG Ratios and Expected Growth Rates by Industry Sector	U.S. Europe Emerg Mkt	1998, 1999, 2000, 2001, 2002	This lists out the PE ratio, expected growth (Value Line) and the PE/growth by industry group for the most recent time period.
	Price and Value to Book Ratios and ROE by Industry Sector	U.S. Europe Emerg Mkt	1998, 1999, 2000, 2001, 2002	This lists outs Price/Book value ratios and ROE by industry group for the most recent time period.
	Price and Value to Sales Ratios and Margins by Industry Sector	U.S. Europe Emerg Mkt	1998, 1999, 2000, 2001, 2002	This lists out Price/Sales ratios and margins by industry group for the most recent time period.
	Value/EBIT & Value/EBITDA Multiples by Industry Sector	U.S. Europe Emerg Mkt	1998, 1999, 2000, 2001, 2002	This lists out Firm Value / EBITDA by industry group for the most recent time period. Firm Value is the market value of equity plus the book value of debt.
	Regressions of Multiples against fundamentals		1998, 1999, 2000, 2001, 2002	This lists the output from the latest regressions of multiples against fundamentals (PE, PBV and PS ratios).
Option Pricing Models	Firm Value and Equity Standard Deviations (for use in real option pricing models)	Download	1998, 1999, 2000, 2001, 2002	This lists out average annualized stock price variance (in daily stock prices) over the previous five years, and the average firm value standard deviation over the same period.

Book	Menu Items
Investment Fables (PHFT)	Description Web Site for book (Coming soon)
Investment Philosophies (Wiley)	Description Manuscript Web site for book
Damodaran on Valuation (Wiley)	Description
Investment Valuation (Wiley)	Description of Book Problems and Solutions Corrections
Investment Valuation (Second Edition) (Wiley)	Manuscript Web site for book
The Dark Side of Valuation (PHFT)	Description of Book Dark Side of Valuation Web site
Corporate Finance (First Edition) (Wiley)	Description of Book Corporate Finance Theory Web Site
Corporate Finance (Second Edition) (Wiley)	Description of Book Corporate Finance 2nd Edition Web Site
Investment Management (co-edited with Peter Bernstein)	Description of Book Articles/Exercises
Applied Corporate Finance: A User's Manual (Wiley)	Description of Book Applied Corporate Finance Web Site

Topic	Data
Investment Philosophies
Risk	The Most and Least Volatile Stocks The Highest and Lowest Beta Stocks Highest R-squared companies Risk Premium for the United States Companies with AAA ratings
Accounting Statements	Companies with largest cash balances Firms with the highest returns on capital Most Levered firms
The Basics of Valuation	Main data page for datasets
Trading and Taxes	Stocks with highest Bid-ask Spreads Mutual funds with highest trading costs Mutual funds with highest tax drag on returns
Market Efficiency	Funds with highest Sharpe Ratios Funds with highest Treynor Indices
Technical Analysis and Charting	Stocks with highest relative strength Stocks with the biggest increase in trading volume
Value Investing	Stocks that pass the Graham screens Stocks with lowest price to book ratios Stocks with low price to book and high returns on equity Stocks with lowest PE ratios Stocks with lowest price to sales ratios Stocks with low price to sales and high margins Stocks with highest dividend yields Loser Stocks: Stocks that have gone down the most over last year.
Growth Investing	Stocks with highest expected growth Stocks with lowest PEG ratios Stocks with low PEG ratios and below average risk
Information Trading	Stocks with most insider holdings Stocks with the biggest increases in earnings per share over previous year.
Arbitrage	Price Limits and Contract specifications Most widely traded ADRs Most discounted closed end funds
Market Timing	PE Ratios for U.S stocks Intrinsic value of S&P 500 index Relative value of S&P 500 index Relative valuation of emerging markets
Indexing	Best performing mutual funds Funds with highest trading costs

CNNfn	Yahoo!Finance	Bloomberg	WSJ	FT
dowjones.com	Behavioural Finance	APT	Annual Report Gallery	Bestrates.com
Market Guide	Wall Street Research Net	NYSE	AMEX	NASDAQ
NY Fed	Philadelphia Stock Exchange	CBOE	Chicago Mercantile Exchange	Numa.com

Journal of Finance	Journal of Financial Economics	Review of Financial Studies	CNNfn	Yahoo!Finance
Bloomberg	WSJ	FT	dowjones.com	Behavioural Finance
APT	Annual Report Gallery	Bestrates.com	Market Guide	Wall Street Research Net
Philadelphia Stock Exchange	Chicago Board Options Exchange	Chicago Mercantile Exchange	Numa.com	Amex

The Digital Economist	This site has tutoring for both Macro and Microeconomics.
Economics Interactive Tutorial	Provides tutoring on production costs, supply and demand, elasticity, monopoly and risk aversion. Found by Malka Faershtein.
Econlinks	This page has links to everything: Articles, data, online texts, career options, even jokes! Look towards the bottom of the page for a link for tutoring. Found by Marine Abdunuryan.
AmosWeb	Explanations of economic terms, ask Mr. Economy a question, or try some multiple choice test questions.
Cybereconomics	This is an on-line textbook covering both micro and macroeconomics.
Game Theory Page	Professor David Levine's game theory page. Towards the bottom of the page there are links to games you can play against the computer
Coase Theorem	A detailed explanation of the Coase Theorem by David Friedman, David Friedman is an excellent economist in his own right and is the author of "Hidden Order: The Economics of Everyday Life."
Teach Me Finance	A good page if you are taking a finance class. Found by David Rowland.

Links to homepages of professional interest

Data links

Software links

Links

Frequently Requested:

Resources for:

From John Kane's Homepage

Useful links:

News Reports

News Sources

Tracking the Crisis and Recession

Weblogs and Perspectives

Economics and Economic Policy Links

International Organizations

U.S. Government Agencies

Current and Historical Data

Economic Links

Data

News

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Other Great Web Links

CEPR Resources

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Statistical Computing and Data links

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Research Papers and Articles

Best Weblinks in Finance

Data

Research Centers and Institutions

Homepages

More Links

Research Papers and Articles

Java Applets in Finance

Best Weblinks in Finance

Data

Research Centers and Institutions

Homepages

Gordon Phillips' Online Lecture Notes

Key Papers and Articles on Value-at-Risk (VaR) and Volatility

Some Popular Papers in Finance

Some good links

Economics

Finance

Historical financial data

Financial

Commodities

Implied volatility data

Intraday data

Long term financial data

Damodaran's

Project Data Sources

Readings and Discussion Topics

The Objective Function

The Investment Decision: Measuring Hurdle Rates

The Investment Decision: Measuring Returns on Investments

The Financing Decision

The Dividend Decision

Valuation

Company Valuations

DCF Valuations

Relative Valuations

Option Pricing Applications in Valuation

Acquisition Valuation

Value Enhancement

Financial Links

Books

A Chronology of Important Financial, Economic and Political Events in Emerging Markets

Compiled by Geert Bekaert and Campbell R. Harvey

Last Updated: November 23, 2002

ACIT

B&ESI

IEN

IESBS

IES

International Economics Section, Princeton, Gene Grossman

IESC