WEB SITES FOR DISCERNING FINANCE
PART II: VALUATION
- American Association of Individual Investors
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.
Percentage Rate (APR) vs. Annual Percentage Yield (APY): How the
Distinction Affects You". Excellent article courtesy of
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
Behavioral Finance, Stock
Valuation and Stock Image. A tool and a science to value stocks and
understand and master stock markets and investment -- with a
behavioral finance viewpoint -- courtesy of Peter Greenfinch.
- Bloomberg.com. Financial markets news and
Calculator. Nice interactive bond valuation calculator. Note: for
the "yield to maturity" input you need to put in your "nominal" required
The Bond Strategist. Previews and
reviews of credit markets and their related economies.
Business Valuation Techniques Information at Business.com. Links to
information on analytical approaches to valuing a firm, including cash
flow, economic value added, ratio comparison and
valuing equity as an option.
Calculator | Mortgage Loan
Calculator. A comprehensive online mortgage loan calculator plus
links to many more financial calculators courtesy of
of Deposit Calculator. This calculator finds out how much
interest you can earn on a Certificate of Deposit (CD). Just enter a few
pieces of information and it will calculate your Annual Percentage Yield
(APY) and ending balance.
- CFA Institute.
[Fomerly the Association for Investment Management and
Research (AIMR).] Learn about the CFA Institute, the Chartered
Financial Analyst (CFA) designation and more.
ClearStation. Enter a
stock ticker symbol and get Key Ratios (and stock beta), Profile
& Fundamentals, Interactive Graphs, and more.
Continuously Compounded Interest Formula and Calculator. Cool
calculator also handles other compounding periods.
- Dr. Ed Yardeni's Economics
Great site for economic and financial information.
- The Efficient Market Hypothesis.
Nice essay on "The Efficient Market Hypothesis & The Random Walk Theory" courtesy of
EVA Valuation Tutorial. Economic Value Added (EVA) valuation
tutorial courtesy of software company Valuatum. (TIP: Seems to work
better when used with Explorer browser.)
Observations, opinion, research and links from financial economists
Eugene Fama and Kenneth French.
Estimating Yields on Treasury Securities. How to compute yields on
Treasury securities -- discount yield and investment yield methods.
FedStats. Gateway to
from over 100 U.S. Federal agencies.
Finance Library: Starting Your Investment Portfolio and Building Credit. Links to a lot of
good investment-related information.
The Financial Forecast
Center. Stock market, interest rate, inflation, and currency
exchange rate data, trends, and forecasts.
- Financial Pipeline. Dedicated
to financial education and understanding. Check out "valuation"
topics in Stocks and Bonds sections.
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.
Fool.com: Dividend Discount Model (DDM). Nice article, courtesy of
The Motley Fool, addresses two of the more basic forms of
the DDM -- the stable model and the two-stage model.
A service provided by Moody's
Economy.com that helps you
find free eeconomic data, financial data, economic charts, economic
analysis, and demographic data.
Started With Excel. Excellent set of Excel spreadsheet tutorials
courtesy of Dr. Sharon Garrison. NOTE: Excel spreadsheets can be used
to solve a wide variety of time-value-of-money (and other
investing and financial news from a Canadian perspective.
- 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
- How to Value Stocks.
A whole series of articles relating to common stock valuation from the folks at
The Motley Fool.
Interest Factor Tables. FVIF, PVIF, FVIFA, and PVIFA tables. Note: You will have to
download an Adobe Acrobat PDF file.
"An Introduction to Investment Theory". Excellent online textbook by Prof.
William Goetzmann introduces the foundations of portfolio theory -- risk versus
return, CAPM, beta, SML, APT, and more.
Investing for Your
Future. A neat FREE, eleven-part, home study course developed by
the Rutgers Cooperative Extension system for beginning investors. See,
for example, Unit 2: Investing Basics.
- Investing-in-Bonds.Com. Bond basics
Magazine. Some heavy-duty content on investment theory and
Tutorials and Lessons. Check out
Bond and Debt Basics, and
Risk and Diversification in particular.
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.
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",
"Maximize Your Retirement Investments".
- The Investor's
Clearinghouse. Investing basics and more from the Alliance for
Valuation: Financial Valuation in Legal Contexts. An entire set of
course material courtesy of Prof. Alan R. Palmiter of the Wake Forest
University School of Law.
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.
Major Rating Agencies.
Links to major rating agencies and long-term bond rating definitions.
Online. Offers a wealth of information on company
finanicals, descriptions, history, etc.
- Microsoft's Money Central Investor.
the site is a free portfolio manager. You can manage and track multiple
portfolios representing either "real" or "play" money investments.
- MoneyChimp: Investor
Education and Financial Calculators. Articles and
interactive features that explain finance and investment. (Formerly,
/ 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.
Calculator. Use this calculator (courtesy of KJE Computer
Solutions) to generate an amortization schedule
for a mortgage. Quickly see how much interest you will pay, and your principal
- The Motley Fool. Wonderful online
investment education site, whose mission is to "To educate, amuse and
enrich" -- and they do!
Mutual Fund Advisor.
Articles on mutual funds, a glossary of mutual fund terms,
listed mutual funds by family and information about them, news,
historical facts and more.
U.S. Economic Calendar. Highlights daily economic events and
provides analysis thereby helping you interpret economic news and
relate to market movements.
NetAdvantage. NetAdvantage is a comprehensive source of business and investment
information that offers online access to Standard & Poor's research-related
products such as industry surveys, stock reports, corporation records, The Outlook,
mutual fund reports and more.
Path to Investing.
investor education, essential resources, and expert insights from the
Foundation for Investor Education.
Predict Wall Street -- The
Stock Market Prediction Community. Provides continually updated
forecasts of stock prices based on the collective wisdom of its users.
Since the stock market moves based on the collective thinking of
thousands of individuals, the more people who predict on PredictWallStreet.com, the
more potentially useful the information on the site becomes.
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.
Quote.com. FREE worldwide quotes,
charts, and news covering all major financial markets.
- Reuters | Stock Quotes. A
rich source of financial information. Enter a company name (or
ticker symbol) for a "Stock Overview" and click on "Go." Along with other inforamtion,
you will find an estimate of a company's
Accounts Explained. Explanations that deal with aspects such as
interest rates, balances, Check 21, and more. Courtesy of
securities news and research -- at schwab.com -- all in Chinese.
SIFMA: Securities Industry and Financial
Markets Association. Represents the securities industry on
legislative issues and initiatives, and also serves as a forum for
outreach, training, education and community involvement.
- Statistical Analysis Web Sites
Odds: Inside Statistics. A video instructional series on
statistics for college and high school classrooms and adult
learners; 26 half-hour video programs and coordinated books. Users will
need to sign up to view each program, but this process is offered
at no charge.
Asset Correlations. Tool
that finds correlations between assets and between asset classes.
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.
Statistics Every Writer
Should Know. Described in plain English, are some basic concepts in
statistics that every writer (and finance student) should know.
Homepage. Really cool Electronic Statistics Textbook offering
training in the understanding and application of statistics courtesy of
Correlation and Regression. Nice interactive site that performs
and regression calculations courtesy of
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.
Z-Score and Normal Distribution Java Applets. Links to Java applets
useful for finding probabilities related to normal distributions.
Watch. Up-to-date stock market news and information.
Visit this site's Overviews (Tutorials) related to Valuation:
Time Value of Money and
Valuation of Corporate Securities.
- Time Value of Money Web Sites
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.
Annuity Problems. Practice time-value-of-money annuity problems
with answers and detailed solutions.
but Ordinary: Calculating the Present and Future Value of Annuities.
Nice article courtesy of Investopedia.com.
Continuously Compounded Interest Formula and Calculator. Courtesy of
Annuities". Article explains how to
determine the future/present value of a growing annuity (i.e., an
in which the payments/receipts increase each period at a constant
Rule of 72 (with
calculator). Get "doubling your money" exact answers plus "Rule
of 72" estimates courtesy of MoneyChimp.com.
Visit this site's Overviews (Tutorials) related to Valuation:
Time Value of Money and
Valuation of Corporate Securities.
TI BA II PlusÖ
Professional Calculator Tutorials. Free, interactive online
"movie" tutorials designed to help students learn the
BA II Plus Professional's features.
Time Value of Money, Financial
Calculator and Microsoft Excel Tutorials|TVMCalcs.com. Excellent
source of financial calculator, time value of money mathematics, and
Microsoft Excel tutorials -- courtesy of Dr. Timothy Mayes.
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
The Time Value of
Money (TVOM) Tutorial. This extensive tutorial reviews the basic
'Time Value of Money' (TVOM) or 'interest rate' formulas and
Using your financial calculator for financial calculations.
Professor Michael Kinsman provides explanations of your calculator's
financial functions (covers HP-12c, HP10B,
HP17B II, and TI BA II).
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.
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.
Value Quotes. Quotes on
personal and business value.
Market Efficiency?" Nice article explaining the concept of "market
efficiency" courtesy of Investopedia.com.
Yahoo! Bond Center. General
information about bonds, a glossary, the latest bond news, and a message
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.
YCharts -- 500,000 Stock Charts, Stock
Ratings and Economic Indicators. Visualize financial data through
simple charts, which include free access to over 40,000 economic
indicators, as well as 90+ metrics on all US Public stocks.
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
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