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/
Information about mergers and
acquisitions:
http://www.mergernetwork.com/
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