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Mark Wohar · Journal of Banking & Finance

    Centre for Economic Forecasting, London Business School
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macroeconomic-modelling discussion list 
Computing in Economics and Finance

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

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CEPR Resources

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Market Models Website

Asset Price Dynamics, Volatility, and Prediction by Stephen Taylor

Research Papers and Articles

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Data

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Research Papers and Articles

Java Applets in Finance

Best Weblinks in Finance

Data

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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