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PART 1Chapter 1 described the role of the financial manager. More information on careers and salaries in finance can be found at:www.careers-in-finance.com www.careers.wsj.com www.wageweb.com Material on corporate governance is available on: www.corpgov.net www.thecorporatelibrary.com Chapters 2 & 3 show how to value future cash flows. Many Web sites that are concerned with personal finance provide discussions of the time value of money and calculators. For example try: www.bankrate.com www.money.cnn.com www.quicken.com www.smartmoney.com Chapter 4 explains how bonds and stocks are valued. Helpful material and data on bond markets are available on: www.finpipe.com (good explanations of bond markets from a Canadian site perspective) www.investinginbonds.com (Bond Market Association contains useful bond data and links) www.investorguide.com/university.html (good explanations of bond and equity markets) bonds.yahoo.com www.money.cnn.com/markets/bondcenter (market commentary) www.federalreserve.gov (the research section contains historical data on interest rates) www.stls.frb.org (Federal Reserve Bank of St. Louis) www.ustreas.gov (U.S. Treasury, includes current bond prices and yields) Most major stock exchanges have good Web sites. See, for example: www.nyse.com (New York Exchange) www.nasdaq.com (NASDAQ) www.londonstockexchange.com (London Stock Exchange) www.tse.or.jp (Tokyo Stock Exchange) www.123world.com/stockexchanges (links to national exchanges) www.rba.co.uk (links to national exchanges) www.fibv.com (World Federation of Stock Exchanges, very useful comparative statistics) Data on stock market indexes can be found on: www.djindexes.com (Dow Jones indexes) www.spglobal.com (Standard & Poor's indexes) www.msci.com (return data for MSCI set of indexes) www.barra.com (market indices with information on dividend yields, P/Es, etc.) Here is a selection of sites with market commentary and data on individual firms and stocks. finance.yahoo.com (particularly useful) www.bloomberg.com hoovers.com www.investor.reuters.com www.cbs.marketwatch.com www.finance.lycos.com money.cnn.com moneycentral.msn.com (links to main sites for several overseas markets) www.euroland.com (useful source of quotes for European markets) www.zacks.com (includes consensus earnings forecasts) www.valueline.com (includes free sample analyses and long-term earnings forecasts for Dow Jones stocks) Two useful sites for estimating stock values with the dividend discount model are: www.dividenddiscountmodel.com www.valuepro.net PART 2Chapter 7 provides an overview of long-term returns on stocks and bonds. You can find long-term securities price data on:www.globalfindata.com www.econ.yale.edu/~shiller (Robert Shiller's home page) In Chapter 8 we explain why risk can be measured by "beta." Equity betas for individual stocks can be found on Yahoo! (or you can download the stock prices from Yahoo! and calculate your own measures): finance.yahoo.com Chapter 9 looks at portfolio construction. Campbell Harvey's home page includes software to calculate efficient frontiers for portfolios of two or three assets: www.duke.edu/~charvey Data on the Fama-French factors are published on Ken French's Web site: mba.tuck.dartmouth.edu/pages/faculty/ken.french PART 3Software for project analysis (Chapter 10) is available on:www.jaxworks.com (simple illustration of accounting break-even analysis) www.crystalball.com (demo of Crystal Ball™ simulation software) home.uchicago.edu/~rmyerson (Roger Myerson's home page provides downloadable software for risk analysis and simulation) The Corporate Library is a very useful source of information on executive compensation. Business Week and Forbes produce regular reports on remuneration, and the Web site of Towers Perrin, the human resource consultancy, provides some extracts from its database: www.thecorporatelibrary.com www.towersperrin.com www.forbes.com www.businessweek.com Chapter 12 describes how performance may be measured by EVA. Stern Stewart's site provides articles and data on EVA: www.sternstewart.com PART 4Chapter 14 provides an overview of corporate financing. Useful sources of data on financing for U.S. corporations include:www.census.gov/csd/qfr (balance sheet and income data) www.federalreserve.gov/releases (flow of funds accounts; includes data on asset holdings by class of investor) Chapter 15 discusses venture capital financing. Relevant sites include: www.redherring.com www.nvca.org (Web site of the National Venture Capital Association) www.evca.com (Web site of the European Venture Capital Association) www.asianfn.com (Web site of the Asian Venture Capital Association) www.ventureeconomics.com (includes statistics on venture capital activity) www.pwcmoneytree.com (includes results of quarterly survey of venture capital activity) www.v1.com (includes statistics on venture capital activity) www.vnpartners.com/primer.htm (a useful primer on venture capital) Sites on initial public offerings include: www.hoovers.com www.ipodata.com cbsmarketwatch.com www.redherring.com biz.yahoo.com/ipo www.edgar-online.com Nasdaq provides a useful explanation of how to go public together with some data on new listings: www.nasdaq.com Underwriter league tables are published on: www.tfibcm.com There are several routes for accessing the SEC's huge database of prospectuses and registration statements: www.sec.gov/edgar.shtml edgarscan.pwcglobal.com www.edgar-online.com PART 5Dividend policy and leverage decisions may be influenced by tax rates. Here are some sites with information on tax rates:www.taxsites.com (includes links to sites providing tax rates for a variety of countries) finance.yahoo.com (information on personal tax rates) www.quicken.com (information on personal tax rates) You can get information on recent dividend announcements on: www.fulldisclosure.com aol.ccbn.com www.ex-dividend.com For information on the capital structure of individual firms as well as industries: finance.yahoo.com ValuePro provides software and data for estimating WACCs: www.valuepro.net PART 6The options exchanges contain explanations of options markets and lots of data:www.cboe.com www.iseoptions.com Here are two other useful sources of options data: finance.yahoo.com www.pcquote.com/options Campbell Harvey's home page contains demonstrations of how option values are affected by changing volatility, etc.: www.duke.edu/~charvey There are a number of good options sites, many of which provide data and calculators for Black-Scholes values and implied standard deviations: www.cfo.com www.fintools.com www.numa.com www.optionscentral.com www.pcquote.com/options www.pmpublishing.com (includes historical implied volatilities) www.schaffersresearch.com The following sites are concerned with the real options discussed in Chapter 22: www.puc-rio.br/marco.ind www.crystalball.com (also includes attractive software for Black-Scholes and binomial calculations) PART 7Part 1 introduced the basics of bond valuation and we listed several Web sites. Here are a few more sites:www.fintools.com (has a somewhat more advanced bond calculator) www.loanpricing.com (includes data on bond issuance volumes) For some nice illustrations of changes in the term structure over time see: www.smartmoney.com www.stockcharts.com/charts/yieldcurve.html Chapters 24 and 25 focus on risky corporate bonds. The Web sites of the rating agencies provide lots of information on default risk and corporate bond yields: www.moodys.com www.standardandpoors.com www.fitchibca.com www.bondsonline.com (mainly a subscription service but includes data on bond spreads) For material on the estimation of default probabilities, see: www.moodyskmv.com (Moody's KMV) www.riskmetrics.com (includes a detailed description of Creditmetrics risk analysis) Some sites that focus on project finance: www.ipfa.org (International Project Finance Association) www.hbs.edu/projfinportal (maintained by Benjamin Esty with excellent links including links to specific large projects) The following sites contain material on leasing, which is covered in Chapter 26: www.elaonline.com (Equipment Leasing Association) www.chooseleasing.org PART 8Chapter 27 discusses futures markets. The major futures exchanges have useful sites that provide data and explain how futures markets work:www.cbot.com (Chicago Board of Trade) www.cme.com (Chicago Mercantile Exchange) www.nymex.com (New York Mercantile Exchange) www.lme.com (London Metal Exchange) www.eurexchange.com (Eurex) www.liffe.com (London International Financial Futures and Options Exchange) The site for the Bank for International Settlements includes periodic surveys of derivative and currency markets: www.bis.org Commodity and futures quotes and comments are available on: www.commoditytrader.net ISDA is the trade association for swap dealers: www.isda.org There are numerous sites with spot currency rates. They include official sites and more user-friendly commercial ones: www.federalreserve.gov www.stls.frb.org www.ny.frb.org (the New York Fed's Web site also includes a good description of the foreign exchange market) www.oecd.org (the OECD's Web site also includes "effective" or "real" exchange rates) www.bankofengland.co.uk (includes "effective" or "real" exchange rates and, for sterling only, forward exchange rates) www.ecb.int (the Web site of the European Central Bank includes nominal and "effective" or "real" exchange rates for the euro) www.oanda.com www.x-rates.com www. economist.com/markets/currency/map.cfm (map of the world allowing you to find cross-rates between two countries and change in rate) www.globalfindata.com (this marvelous site includes some very long-term exchange rate data) The OECD Web site is a good source of short- and long-term interest rates by country: www.oecd.org The following sites provide useful financial information for a variety of countries: www.corporateinformation.com (company data and links to finance-related sites for each country) www.emgmkts.com (data and commentary on emerging markets) www.securities.com (news on emerging markets) For sample rankings of countries by political risk see: www.prsgroup.com PART 9For an introductory guide to understanding financial statements see:www.ibm.com/investor/financialguide For financial ratios see: www.jaxworks.com (simple illustrations of the calculation and interpretation of some common financial ratios) edgarscan.pwcglobal.com (a very nice site that calculates company financial ratios. Use the Benchmarking Assistant to compare ratios across years and companies.) For easy access to annual reports see: www.reportgallery.com www.prars.com (to order hard copies of annual reports) Downloadable software for short- and long-term financial planning is available on: www.crystalball.com www.jaxworks.com (has a number of simple spreadsheets for financial planning) www.toolkit.cch.com (another site with simple spreadsheets for financial planning) The Web site of the Bank of International Settlements and the central banks provide material on payment systems: www.bis.org www.federalreserve.gov www.ecb.int (for material on the European Central Bank's "Target" payments system) The Web sites of most major banks provide information on cash management services. See, for example: www.bankone.com www.bankofamerica.com Other sites dealing with cash management include: www.directpayment.org www.nacha.org (material on electronic payments) www.phoenixhecht.com (a comprehensive Web site on cash management with useful links) GE's Web site contains information on sources and costs of short-term finance: www.gecfosolutions.com Central bank Web sites, such as those for The Federal Reserve and regional Feds, are generally good sources of reference for short-term interest rates. www.federalreserve.gov (also contains results of the quarterly survey of the terms of business lending by banks) www.ny.frb.org www.stls.frb.org www.oecd.org (the OECD Web site contains interest rate series for different countries) Dun and Bradstreet and the three main credit-reporting agencies have useful Web sites: www.dnb.com (examples of Dun and Bradstreet credit reports, articles on credit management, and an introductory guide to understanding financial statements) www.equifax.com www.experian.com www.transunion.com Fair Isaac Corporation is the leading provider of credit scoring for consumers. See: www.fairisaac.com www.myfico.com finance.yahoo.com (Yahoo's credit analyzer allows you to estimate your personal credit rating) Some other sources concerned with credit management: www.creditworthy.com www.nacm.org (includes links to sites on credit-related issues) www.ftc.gov/bcp/conline/pubs/credit/scoring.htm (a guide to credit scoring) PART 10Most Web sites that provide market commentary (see list at start of Part One) also contain material on recent mergers. Other sites concerned with mergers include:www.mergernetwork.com (information on businesses for sale) www.mergerstat.com (some data on merger activity) For material on bankruptcy see: www.abiworld.org (Web site of the American Bankruptcy Institute) www.bankrupt.com www.bankruptcydata.com (largely a subscription site) www.law.cornell.edu/uscode/11 (the bankruptcy code) www.uscourts.gov/library/bankbasic.pdf (a useful guide to the bankruptcy process) SOME USEFUL WEB SITESAt the front of each Part in the book we list a sample of relevant Web sites. Here are some sites you should find generally useful.Good sources for financial news: www.cfonews.com www.dowjones.com www.economist.com (The Economist) www.ft.com (The Financial Times) www.wsj.com (Wall Street Journal—partly restricted to subscribers) www.brint.com (cross-references to press comments on business and financial issues) Web addresses for some other journals that are read by financial managers: www.businessweek.com www.cfo.com www.corporatefinancemag.com www.euromoney.com (free access on registration) www.forbes.com www.fortune.com www.institutionalinvestor.com (free access on registration) www.risk.net Some useful sites with market commentary and data on individual firms and stocks: www.bloomberg.com www.corporateinformation.com (a good international site on company information) finance.yahoo.com (an outstanding source of stock price and company information) www.hoovers.com www.wisi.com (another good international site) www.reportgallery.com (easy access to annual reports) Some home pages with a variety of useful data, calculators, etc.: www.duke.edu/~charvey (Campbell Harvey's home page) www.stern.nyu.edu/~adamodar (Aswath Damodoran's home page) www.econ.yale.edu/~shiller (Robert Shiller's home page) welch.econ.brown.edu/ (Ivo Welch's home page) Links to other finance sites: www.afponline.org www.ceoexpress.com www.cob.ohio-state.edu/fin/journal/jofsites.htm (good site maintained by Ohio State College of Business) www.corpfinet.com www.courses.dsu.edu/finance www.financewise.com www.finpipe.com |