1 - Finance and the Financial Manager

 

Free Corporate Finance Tutorials

Description: This site offers in-depth comprehensive Finance Tutorials ranging from Time Value of Money, Bond Valuation & Terminology, Major Finance Theorems such as Modigliani & Miller (M&M Propositions I & II), Indifference EBIT, Power of Compounding Interest and more. Online Finance Quizzes also included!: http://www.financescholar.com

All kinds of finance-related sites:
http://www.financewise.com/

News about financial management:
http://www.forbes.com/

Careers in finance for the finance major and the financial manager:
http://www.mwsu.edu/htmldocs/departments/bus_admin/fin_careers.html

Links to all kinds of finance sites:
http://www.wiso.gwdg.de/ifbg/finance.html

Information for the small business financial manager:
http://www.edgeonline.com/

 

  2 - Present Value and the Opportunity Cost of Capital

How to calculate present value:
http://www.eco.utexas.edu/~wilcoxen/notes/pv.shtml

How to use an Excel spreadsheet for present value calculations:
http://www.unb.ca/web/transpo/mynet/mtw21b.htm

Understanding the concepts of present and future value:
http://invest-faq.com/articles/analy-fut-prs-val.html

Incorporating risk premia into the cost of capital:
http://www.geocities.com/WallStreet/Market/1839/irates.html

Different interest rates for a variety of purposes, and some calculators:
http://www.bankrate.com/brm/default.asp

 

  3 - How to Calculate Present Value

Calculators for evaluating financial decisions of all kinds:
http://www.financenter.com/

A great shareware calculator with graphics:
http://ourworld.compuserve.com/homepages/love_greg/fincalc/index.html

More calculators, concepts and formulas:
http://ourworld.compuserve.com/homepages/Larry_Freeman/Finance.htm

The concept of net present value as applied to bonds:
http://ingrimayne.saintjoe.edu/econ/MaximizingBeha/BondPrices.html

 

  4 - The Value of Common Stocks

A great site for valuing small-capitalization firms:
http://www.periscopeanalytics.com/home/

All kinds of information for evaluating stocks:
http://www.ganesha.org/invest/index.html

Information about Nasdaq traded stocks:
http://www.nasdaq.com/

Learn about stocks on the New York Stock Exchange:
http://www.nyse.com/

Valuation information from Zacks:
http://www.ultra.zacks.com/cgi-bin/UAW/Login-UAW

 

  5 - Why Net Present Value Leads to Better Investment Decisions than Other Criteria

An excellent article showing how capital budgeting is used in decision making:
http://www.nacubo.org/website/members/bomag/cbg396.html

Evaluation of a sample energy-saving project:
http://www.windpower.dk/tour/econ/econ.htm

How net present value analysis helps answer business questions:
http://asbdc.ualr.edu/fod/1518.htm

Putting project cost analysis in perspective for the small business:
http://www.eastcentral.ab.ca/Courses/budgeting.html

 

  6 - Making Investment Decisions with the Net Present Value Rule

A sample case looking at an acquisition:
http://viking.som.yale.edu/will/finman540/acquira3.htm

A Net Present Value calculator from Professor Roswell Mathis:
http://www-ec.njit.edu/~mathis/interactive/FCCalcBase4.html

All kinds of information and tools for NPV analysis:
http://fpc.net66.com/

Evaluating firms on an NPV basis:
http://www.ssinvestor.com/

The inputs to NPV decisions:
http://www.businesslink.net/biztopics136.html

 

  7 - Introduction to Risk, Return and the Opportunity Cost of Capital

Calculating the cost of capital with a risk premium:
http://www.ibbotson.com/Research/papers/Equity_Risk_Pre/default.asp

Another approach to calculating cost of capital:
http://www.financeadvisor.com/coc.htm

The Economic Value Added approach:
http://www.virchowkrause.com/l-eva.htm

A good article comparing value added to cash flow and risk:
http://www.fwc.se/1/1_7.html

 

  8 - Risk and Return

BARRA’s equity risk data:
http://www.barra.com/InvData/EquityRiskData.asp

Historical information on risk and return:
http://www.briefing.com/

Interesting topics on risk from Professor Will Goetzmann at Yale:
http://viking.som.yale.edu/will/finman540/learncurve/learncurve.html

Use this NYU site to download historical data on market risk and return:
http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html

Risk and return in capital markets:
http://www.cox.smu.edu/faculty/smacdona/Classes/Fin_management/risk and return/ppframe.htm

A great site with many free risk analysis tools:
http://www.riskview.com/html-inf/home2.html

 

  9 - Capital Budgeting and Risk

Forecasts and data for corporate risk measurement:
http://www.riskmetrics.com/corp/

Some sources of risk as identified in the Indian market:
http://www.financialexpress.com/fe/daily/19981214/34855624p.html

Risk management for corporations:
http://www.victoryrisk.com/

Project risk and project financing:
http://members.aol.com/AllenWeb/infosite.htm

Professor Gordon Bodnar has several excellent papers on risk and corporate project management:
http://finance.wharton.upenn.edu/~bodnarg/

 

  10 - A Project is Not a Black Box

What happens to firms that make bad project decisions:
http://bankrupt.com/

Try the on-line demo here to see how good business judgement has to create the cash flow projections:
http://www.4pm.com/articles/palette.html

Discusses some of the "hidden" costs and benefits that should be included in a capital budget:
http://www.ecostrategies.com/seranaly.htm

How some firms approach project costing for NPV analysis:
http://www.salestoolz.com/capital.html

Insights into costing from Professor Campbell Harvey:
http://www.duke.edu/~charvey/Classes/ba350/project/project.htm

 

  11 - Where Positive Net Present Values Come From

A discussion of the role of business intelligence in project value:
http://personal.anderson.ucla.edu/richard.goodman/scip/documents/Rosenkranz/index.htm

Maximizing present value in information technology projects:
http://www.itpolicy.gsa.gov/mke/caplan1.htm

See the report about value-increasing and value-decreasing factors within a firm:
http://www.moodys.com

Web site for the Journal of Applied Corporate Finance:
http://www.sternstewart.com/journal/overview.shtml

Tax rules for businesses affecting cash flows can be found here:
http://www.irs.ustreas.gov/prod/bus_info/index.html

 

  12 - Making Sure Managers Maximize NPV

Chief Financial Officer Magazine. Find news on what motivates managers:
http://www.cfonet.com/

News, research and contacts for over 100,000 companies:
http://www.companylink.com/

A bibliography of research on motivating managers to maximize firm value through effective contracting:
http://crcse.business.pitt.edu/pages/biblio.html

An article from Deloitte and Touche discussing how managers should behave to maximize project value:
http://dttus.com/pub/telecom/valuebm/vbm0003.htm

A Wall Street Journal feature describing pay linked to Economic Value Added:
http://www.wsj.com/public/current/articles/SB860677161420803500.htm

 

  13 - Corporate Financing and the Six Lessons of Market Efficiency

Information on corporations worldwide:
http://www.corporateinformation.com/

Fortune magazine’s online news:
http://cgi.pathfinder.com/fortune/

Business Week Online:
http://www.businessweek.com/

Wall Street Week’s Featured Corporations:
http://www.insidewallstreet.com/featured_companies.html

 

  14 - An Overview of Corporate Financing

Annual reports on 1000s of companies on line:
http://www.reportgallery.com/

Detailed information on 18,000 companies:
http://profiles.wisi.com/

Financial information on all kinds of companies:
http://www.disclosure.com/disclosure/

The corporate finance network:
http://www.corpfinet.com/

Information about corporations and corporate financing:
http://www.hoovers.com/

 

  15 - How Corporations Issue Securities

Standard and Poors Corporation provides information on rating security issues:
http://www.standardandpoors.com/ratings/

Information on registration of new securities offerings:
http://www.FreeEDGAR.com/default.htm

List of new IPOs:
http://cbs.marketwatch.com/news/current/ipo_rep.htx?source=htx/http2_mw

The changing mix of corporate financing:
http://www.cob.ohio-state.edu/~fin/resources_education/credit.htm

The role of the proxy statement in investor relations:
http://www.investorama.com/features/proxystatements.html

 

  16 - The Dividend Controversy

Guide to understanding financial data in an annual report from IBM:
http://www.ibm.com/annualreport/1996/htmljs/UnderstandingFinancials/

Professor Campbell Harvey’s notes on dividend policy:
http://www.cob.ohio-state.edu/~fin/overview.htm

http://www.duke.edu/~charvey/Classes/ba350/capstruc/capstruc.htm

Information about stock dividends during the last year and a discussion of cash versus stock dividends:
http://www.e-analytics.com/splitd.htm

Information about dividend reinvestment plans:
http://www.dripcentral.com/

 

  17 - Does Debt Policy Matter

Standard and Poors rates firms according to their overall financial health:
http://www.standardandpoors.com/ratings/

How corporate bond ratings are established:
http://www.ganesha.org/invest/index.html#bond

The concept of value at risk:
http://www.gtnews.com/contents1/delo0363.html

Corporate performance diagnostics:
http://www.peerscape.com/

Research on the role of debt in manager behavior :
http://informs.org/Conf/NO95/TALKS/SE35A.1.html

 

  18 - How Much Should a Firm Borrow

Interactive bond valuation graph:
http://www.duke.edu/~charvey/applets/Bond/test.html

Determining capital needs:
http://www.dtonline.com/finance/bgdetcap.htm

Information about new bond financing deals:
http://www.netresource.com/wsn/index.html

Information on bond ratings from a variety of sources:
http://www.bondsonline.com/rating.htm

How investors value firms, and how debt plays a role:
http://www.fool.com/School/HowtoValueStocks.htm

 

  19 - Interactions of Investment and Financing Decisions

Venture capital as a source of project financing:
http://www.vnpartners.com/primer.htm

Sources of funding for growth:
http://www.dtonline.com/finance/bgother.htm

A look at the balance sheet and how its components are related:
http://www.fool.com/Features/1996/sp0708a.htm#4

The corporate monitoring project engages you to make sure firms make good decisions:
http://www.corpmon.com/index.htm

View the specialized reports section of this site to see how capital and investment are interrelated:
http://www.v1.com/

 

  20 - Spotting and Valuing Options

The Chicago Board of Trade has information, simulations, and product descriptions on options and futures:
http://www.cbot.com/

The Chicago Mercantile Exchange is a major center for options and futures trading:
http://www.cme.com/

Free information sources center for commodities, options and futures:
http://commoditytrader.net/

This is a web site that analyzes options data from the major commodity exchanges and includes such things as historical implied volatilities and volatility skew graphs. It also has a comprehensive online pricing function. :
http://www.pmpublishing.com/volatility/

Information about financial derivatives of all kinds:
http://www.numa.com/index.htm

 

  21 - Applications of Option Pricing Theory

Tick data on a variety of contracts, including simulations and other information:
http://www.cisco-futures.com/

Alternative option pricing model:
http://www.fdm.uni-freiburg.de/UK/

Center for futures and options research:
http://w3.aces.uiuc.edu/ACE/ofor/aboutofor.html

Download demo versions of software tools for calculating option values and margin account balances:
http://www.fyii.net/software/software.htm

 

  22 - Warrants and Convertibles

The demo portion of this site shows how to value warrants:
http://www.stockwarrants.com/

Worldwide warrants from Societe General:
http://www.warrants.socgen.com/

Definition of convertible securities and links to sites tracking convertibles:
http://www.convertbond.qpg.com/

analysis of the performance of convertible bonds relative to other asset classes:
http://www.ibbotson.com/research/papers/Convertible_Bonds/default.asp

Summary of hybrid securities’ performance by Professor K. G. Burke :
http://www.millsaps.edu/~burkekg/int2c17.htm

 

  23 - Valuing Debt

See "Valuing Debt" on this page:
http://www.finpipe.com/

All about bond pricing:
http://www.investinginbonds.com/

A look at the yield curve, updated daily:
http://www.bloomberg.com/markets/C13.html

Professor Pamela Peterson’s bond value calculator:
http://garnet1.acns.fsu.edu/~ppeters/webwork/java/bondcalc.htm

Another bond valuation calculator:
http://www.fintools.com/mitibdcalc.html

 

  24 - The Many Different Kinds of Debt

See the "Types of Debt" topic for descriptions of many debt instruments:
http://www.finpipe.com/

A wealth of information about the debt markets:
http://www.bonds-online.com/

Information about the debt markets:
http://www.AshtonAnalytics.com/

Understanding corporate bonds:
http://www.bondmarkets.com/publications/IGCORP/what.htm

A menu of choices for corporations issuing different kinds of debt:
http://www.fcnbd.com/corporate/capital/mezzanine/index.html

 

  25 – Leasing

Corporate lease analysis. This product is for sale, but the site has insightful examples and a free demo:
http://www.lsemod.com/

guide to leasing decisions:
http://www.leasingcanada.com/

The basics of leasing from the Online Women’s business Center:
http://www.onlinewbc.org/docs/finance/lease_basics.html

The Equipment Leasing Association:
http://elaonline.com/index.htm

Lease versus purchase calculator:
http://www.smartcalc.com/cgi-bin/smartcalc/AUT3.cgi

 

  26 - Managing Financial Risk

Risk management lab at the University of Texas:
http://www.utexas.edu/research/ccf/index.html

Risk management lab at University of Toronto:
http://www-risklab.erin.utoronto.ca/research.htm

Information about swaps:
http://home.earthlink.net/~green/whatisan.htm

Discussion and links on the topic of corporate risk management:
http://riskmail.lsu.edu/

One company’s approach to making managers manage financial risk:
http://www.stuart.iit.edu/fmtreview/fmtrev2.htm

 

  27 - Managing International Risks

The Chicago Board of Trade’s information center on managing European foreign exchange risk with Euro contracts:
http://www.cme.com/eurofx/

MATIF is the French futures and options exchange and offers investors products such as Stock index, interest rate, foreign exchange, and commodities. The web site has historical data and statistics:
http://www.matif.fr/indexN4.htm

The London International Financial Futures and Options Exchange (LIFFE) is Europe's premier financial derivatives exchange and the third largest futures and options exchange in the world:
http://www.liffe.com/

Issues in currency risk management:
http://www.florin.com/v4/valore4.html

Country risk rankings and risk management:
http://www.duke.edu/~charvey/Country_risk/couindex.htm

 

  28 - Financial Analysis and Planning

This site has tax information for businesses as well as sources for start-ups to get help in financial planning:
http://www.business.gov/

Banking Strategies Magazine has articles about financial analysis and planning:
http://www.bai.org/banking/right.html

A look at the DuPont model:
http://www.cfonet.com/html/Articles/CFO/1998/98JAtist.html

How investors use financial analysis to value firms:
http://www.stockscreener.com/

Basics of financial analysis, tutorials and tools:
http://www.onlinewbc.org/docs/finance/index.html

 

  29 - Short Term Financial Planning

Business Finance Magazine has resources and software reviews for financial planning:
http://www.businessfinancemag.com/

Financial planning resources of all kinds:
http://www.toolkit.cch.com/

Information for the treasury manager:
http://www.intltreasurer.com/

Many short term financial management resources on this page:
http://www.accountingnet.com/

Financial analysis tools:
http://www.mlb.ilstu.edu/ressubj/subject/business/ratio.htm

 

  30 - Credit Decisions

The Federal Reserve Bank of New York’s guide to credit management:
http://www.ny.frb.org/pihome/addpub/credit.html

Useful tips and online resources for credit management:
http://www.creditworthy.com/

The premier guide to corporate credit decisions:
http://www.dnb.com/

A discussion of the credit scoring process:
http://www.ftc.gov/bcp/conline/pubs/credit/scoring.htm

National Association of Credit Management:
http://www.nacm.org/

 

  31 - Cash Management

Cash Management Magazine articles and strategies:
http://www.fcnbd.com/corporate/cash/cashmag/cashmag.htm

Guide to preparing a cash flow forecast:
http://www.sb.gov.bc.ca/smallbus/workshop/cashflow.html

First Union’s quarterly magazine with a focus on cash management:
http://www.fpsc.com/firstunion/

A guide to improving cash management:
http://ioma.com/ioma/cfer/

Automated collection systems for cash management:
http://www.nacha.org/

 

  32 - Short Term Lending and Borrowing

Short-term financial management tools:
http://www.edgeonline.com/index.stm?404;http://www.edgeonline.com/btoolbox.asp

RMA’s guide to evaluating short-term financial decisions:
http://www.rmahq.org/Annual_Studies/studies_fr.html

Guide to the prime rate:
http://www.hsh.com/indices/prime.html

More information on financing growth, with an emphasis on working capital:
http://www.dtonline.com/finance/bgcover.htm

Short term investment and money fund rates:
http://www.ibcdata.com/index.html

 

  33 – Mergers

Good source of merger data:
http://www.secdata.com/

Calculate the Z-score of a merger target to evaluate financial health:
http://www.inc.com/interactive/finance/01029813.html

Mergers and profits:
http://cnnfn.com/yourmoney/9703/31/yomo_takeover_pkg/

Along with individual firm data, this site is an important source of merger data:
http://www.disclosure.com/disclosure/

 

  34 - Control, Governance and Financial Architecture

Internal control and corporate governance resources:
http://pw1.netcom.com/~jstorres/internalaudit/resources.html

The Corporate Governance Network:
http://www.corpgov.net/

Chief Financial Officer magazine:
http://www.cfopub.com/html/sitemap.html

Active corporate governance strategies:
http://www.lens-inc.com/

A discussion of board compensation as a tool for reducing agency issues:
http://equity.stern.nyu.edu/Webzine/Sternbusiness/Fall96/board.html

 

  35 - Conclusion - What We Do and Do Not Know About Finance

Downloadable research from the finance faculty at Berkeley:
http://www.haas.berkeley.edu/finance/

The very extensive site from Ohio State University with research papers and links to many other sites:
http://www.cob.ohio-state.edu/~fin/

Financial markets research center at Vanderbilt University:
http://mba.vanderbilt.edu/fmrc/

CNN financial news – what’s happening in finance right now?:
http://cnnfn.com/

AICPA’s guide to the "new finance" for financial managers:
http://www.aicpa.org/cefm/index.htm