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PART II: VALUATION

Link-sets

Statistical Analysis

Time Value of Money

• American Association of Individual Investors (AAII).
  http://www.aaii.com
• Amortization Calculator. Interactive program calculates your periodic payment for a given loan balance and stated, or nominal, interest rate. In addition, creates a loan amortization schedule and it can handle a balloon payment too.
  http://www.bretwhissel.net/amortization/amortize.html
• "Annual Percentage Rate (APR) vs. Annual Percentage Yield (APY): How the Distinction Affects You". Excellent article courtesy of Investopedia.com.
  https://www.investopedia.com/personal-finance/apr-apy-bank-hopes-cant-tell-difference/
• Barron's Online. Presents an overview of world markets, expert investment ideas and advice, and a complete statistical review of the preceding week's trading and financial activity.
  http://www.barrons.com/
• Bloomberg.com. Financial markets news and information.
  http://www.bloomberg.com
• The Bond Strategist. Previews and reviews of credit markets and their related economies.
  http://bondheads.com/
• CFA Institute. [Fomerly the Association for Investment Management and Research (AIMR).] Learn about the CFA Institute, the Chartered Financial Analyst (CFA) designation and more.
  http://www.cfainstitute.org/
• Continuously Compounded Interest Formula and Calculator. Cool calculator also handles other compounding periods.
  http://www.moneychimp.com/articles/finworks/continuous_compounding.htm
• The Efficient Market Hypothesis. Nice essay on "The Efficient Market Hypothesis & The Random Walk Theory" courtesy of Investor Home.
  http://www.investorhome.com/emh.htm
• Fama/French Forum. Observations, opinion, research and links from financial economists Eugene Fama and Kenneth French.
  http://www.dimensional.com/famafrench/
• Fedpoint 28: Estimating Yields on Treasury Securities. How to compute yields on Treasury securities -- discount yield and investment yield methods.
  http://www.newyorkfed.org/aboutthefed/fedpoint/fed28.html
• Finance Library: Starting Your Investment Portfolio and Building Credit. Links to a lot of good investment-related information.
  http://www.hostmerchantservices.com/articles/starting-your-investment-portfolio-and-building-credit/
• The Financial Forecast Center. Stock market, interest rate, inflation, and currency exchange rate data, trends, and forecasts.
  http://www.forecasts.org/
• FINRA -- Financial Industry Regulatory Authority. The largest independent regulator for all securities firms doing business in the United States. Their Investors section offers articles, interactive tools, alerts and other resources to help make you a better investor.
  http://www.finra.org/
• FreeLunch.com. A service provided by Moody's Economy.com that helps you find free eeconomic data, financial data, economic charts, economic analysis, and demographic data.
  http://www.economy.com/freelunch/default.asp
• Globeinvestor.com. Stocks, investing and financial news from a Canadian perspective.
  http://www.globeinvestor.com/
• Homepage of Professor William F. Sharpe. Links to the work of the Nobel laureate who developed the capital-asset pricing model (CAPM) -- e.g., learn about The Sharpe Ratio.
  http://www.stanford.edu/~wfsharpe/
• Investor Education and Assistance. The SEC's Office of Investor Education and Assistance provides a variety of services to address the problems and questions you may face as an investor.
  http://www.sec.gov/investor.shtml
• Investor Protection Trust. Non-commercial investor education materials. Start your journey to becoming an educated investor by reading the "Seven Investor Education Booklets" that can be found in a link on the right-hand side of the homepage. The booklets include such topics as "The Basics for Investing in Stocks", "A Primer for Investing in Bonds", and "Maximize Your Retirement Investments".
  http://www.investorprotection.org/
• Linear Interpolation Equation Formula Calculator. Sometimes we are forced to use trial-and-error plus interpolation to find the approximate Yield to Maturity (YTM) on a bond. This online calculator helps you with the interpolation.
  http://www.ajdesigner.com/phpinterpolation/linear_interpolation_equation.php
• MoneyChimp: Investor Education and Financial Calculators. Articles and interactive features that explain finance and investment. (Formerly, DataChimp.)
  http://www.moneychimp.com/
• Mortgage / Bond Calculator. Calculator determines the present value for mortgages, pure discount bonds, and coupon bonds. It will also calculate the rate of return (or bond yield-to-maturity) that makes the present value equal to a known market price for the security. It will also build an amortization table for you.
  http://www.econmodel.com/classic/calculators/pv1.php
• The Motley Fool. Wonderful online investment education site, whose mission is to "To educate, amuse and enrich" -- and they do!
  http://www.fool.com/
• NASDAQ. Highlights daily economic events and provides analysis thereby helping you interpret economic news and relate to market movements.
  http://www.nasdaq.com/
• Price Check Calculator. Helps you estimate a fair price to pay for a stock based on three main things: the company's earnings, the rate at which those earnings are projected to grow, and the stock's volatility. You can also tweak the variables to see how the valuation might change.
  http://www.smartmoney.com/pricecheck/
• SIFMA: Securities Industry and Financial Markets Association. Represents the securities industry on regulatory and legislative issues and initiatives, and also serves as a forum for outreach, training, education and community involvement.
  http://www.sifma.org/
• Statistical Analysis Web Sites
  1. Online Statistics Education: An Interactive Multimedia Course of Study. Informative site provides everything a hard-covered stats book does but it is in an easily navigable web format. And, it is FREE.
     http://onlinestatbook.com/2/
  2. Statistics Every Writer Should Know. Described in plain English, are some basic concepts in statistics that every writer (and finance student) should know.
     http://www.robertniles.com/stats/
  3. Web Interface for Statistics Education (WISE). Contains interactive statistics tutorials and links to databases, on-line statistics journals and discussion groups, and links to other sites dedicated to statistics.
     http://wise.cgu.edu/
  4. Z-Score and Normal Distribution Java Applets. Links to Java applets useful for finding probabilities related to normal distributions.
     http://psych.colorado.edu/~mcclella/java/zcalc.html
• Stock Market Watch. Up-to-date stock market news and information.
  http://thestockmarketwatch.com/markets/today.aspx
• Time Value of Money Web Sites
  1. Annuities: Ordinary? Due? What do I do?. Tutorial (with quiz) to help you better identify, understand, and calculate future and present values of both ordinary annuities and annuities due.
     http://web.utk.edu/~jwachowi/annuity1.html
  2. Annuity Problems. Practice time-value-of-money annuity problems with answers and detailed solutions.
     http://web.utk.edu/~jwachowi/annuity_prob.pdf
  3. Anything but Ordinary: Calculating the Present and Future Value of Annuities. Nice article courtesy of Investopedia.com.
     http://www.investopedia.com/articles/03/101503.asp
  4. Continuously Compounded Interest Formula and Calculator. Courtesy of MoneyChimp.com.
     http://www.moneychimp.com/articles/finworks/continuous_compounding.htm
  5. "Growing Annuities". Article explains how to determine the future/present value of a growing annuity (i.e., an annuity in which the payments/receipts increase each period at a constant percentage).
     http://web.utk.edu/~jwachowi/growing_annuity.pdf
  6. Rule of 72 (with calculator). Get "doubling your money" exact answers plus "Rule of 72" estimates courtesy of MoneyChimp.com.
     http://www.moneychimp.com/features/rule72.htm
  7. TI BA II Plus™ Professional Calculator Tutorials. Free, interactive online "movie" tutorials designed to help students learn the BA II Plus Professional's features.
     http://www.atomiclearning.com/ti_ba2
  8. Time Value of Money Formulas "Rosetta Stone". In "Engineering Economy" a different set of notations is used for "time value of money" formulas than is generally used in finance/accounting. Dr. Lee at FIU provides his "Industrial Financial Decisions" students with this handy summary of formulas in both engineering-speak and finance-speak.
     http://web.eng.fiu.edu/leet/EIN5359IndFinDec/EQ_Comparison_Excel.DOC
• ValuationResources.Com. Business valuation resources including links to valuation publications, industry resources, economic data, public company information, mergers and acquisitions data, etc. -- some of the data providers linked to require a fee, but many do not.
  http://valuationresources.com
• ValuePro Stock Value Calculator. Gives a baseline valuation for publicly traded common stocks. Just enter the stock's ticker symbol. Users may also change any of the inputs and revalue.
  http://www.valuepro.net/index.shtml
• Value Quotes. Quotes on personal and business value.
  http://www.valuequotes.net/
• WallStreetMojo: Basic and Advanced Excel & VBA Guides & Free Resources.
  https://www.wallstreetmojo.com/category/excel/
• "What is Market Efficiency?" Nice article explaining the concept of "market efficiency" courtesy of Investopedia.com.
  http://www.investopedia.com/articles/02/101502.asp
• Yahoo! Bond Center. General information about bonds, a glossary, the latest bond news, and a message board.
  http://finance.yahoo.com/bonds
• Yield to Maturity Calculator. Will help you to determine the "annualized" (nominal annual) YTM of a bond that pays interest semiannually. This "annualized" YTM is found by first determining the semiannual YTM, and then doubling that figure. This is exactly what bond traders do in calculating a YTM.
  http://www.investopedia.com/calculator/AOYTM.aspx
• Zacks Investment Research. Find company information using their pull-down menu with company ticker symbol. Requesting a "PDF Snapshot" will get you a company's beta too.
  http://www.zacks.com/

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