WEB SITES FOR DISCERNING FINANCE
PART III: TOOLS OF FINANCIAL ANALYSIS AND PLANNING
Accountancy and Islam. Links to a series of lectures (PDF versions)
on accountancy (and finance) and Islam.
Excellent (FREE) online accounting resource. Learn accounting
principles, debits and credits, financial ratios, breakeven point,
improving profits, and more. Site's resources
go a long way toward helping you become more financially literate.
Comprehensive source of study materials for accounting students.
Financial Statement Analysis. Very nice, multi-part tutorial provides a
succinct -- yet advanced -- overview of financial statement
- Altman Z-Score Web Sites
Predictor Z-Score Page. Altman Z-Score calculator uses
statistical techniques to predict a company's probability of
JaxWorks: Z-Score Analysis
Calculation. Online bankruptcy predictor calculator lets
you calculate Altman Z-scores for publicly-held companies.
Z-Score Financial Analysis Tool. Courtesy of Wikipedia.
Instant access to annual reports in their actual format.
Bits, and Cash. Excellent Credit Suisse/First Boston study that
focuses on the "cash conversion cycle."
AuditNet: Free Resources for
Auditors. Web portal for professional auditors with links, tools and
resources. A number of items here should also be of interest to finance
Accounting and bookkeeping tutorials plus learning sites.
Bean Counting 101: A
Course in Accounting for Non-Accountants. A free accounting course
consisting of five tutorial movies.
BizStats.com. Instant access to
useful financial ratios, business statistics & benchmarks,
effective and understandable online analysis of businesses &
Business Plan Center. Offers
a number of useful free planning resources -- e.g., a library of real
business plans, articles, and web resources.
- CAROL World. FREE Company
Annual Reports On-Line (CAROL) for UK, Asia, and Europe.
ClearStation. Enter a
stock ticker symbol and get Key Ratios (and stock beta), Profile
& Fundamentals, Interactive Graphs, and more.
Information Guide: Company Research on the Web. Nicely done research
guide provides eight steps for finding information about
companies on the Web.
Software. Look on the left side of this page for links to free
software designed to accompany Analysis for Financial
Management text by Prof. Robert Higgins. For example, HISTORY
financial analysis of up to 5 years of user-supplied, historical
financial data about a company. PROFORMA converts user-supplied
information and assumptions about a company into proforma financial
forecasts for as many as 5 years into the future. It also performs a
ratio analysis and a sustainable growth analysis of the results.
- Corporate Information. Links to
other sites that offer information about companies -- organized by country.
The DuPont Model. Nice article from CFO Magazine discusses the DuPont
approach to ratio analysis to evaluate a firm's overall effectiveness.
EBITDA: the Good, The Bad, and The Ugly. Nice article, courtesy of
Investopedia.com, that defines EBITDA and discusses how it can be useful
but also misleading. And, for more on EBITDA visit another
"Even Without Fraud, Financial Statements Can Be Misleading."
The Enron scandal may be viewed as "the neutron bomb of accounting," but
even without fraud, financial statements can be misleading, says
Professor James Van Horne. Pro forma earnings, abuses of revenue
recognition, and even playing games with the calendar can make it
difficult to get a true picture.
Excite: Money & Investing. By
submitting a stock's ticker symbol you can get financial statements,
nonfinancial information, selected ratios and statistics, and more.
- Financial Accounting Standards Board.
Ananysis and Planning Solutions Center. IMA and IBM team up to
provide Financial Planning and Analysis resources, including a library
of articles, white papers, and recorded
webinars, a discussion forum, expert blog and topical videos.
Financial Data Finder. Courtesy of Ohio
Shenanigans. Dr. Howard Schilit's excellent PowerPoint
presentation of Seven
Financial Shenanigans and how to detect them. Also, check out his
testimony before the Securities and Exchange Commission (SEC),
September 20, 2000 -- well before the Enron scandal.
Finding Financial Information. This Motley Fool article, by
Matt Richey (my former student, by the way), takes you by the hand and
leads you through the sections of the SEC reports that one needs to
perform certain calculations.
Calculating Cash Flow Ratios. Nice article, courtesy of "The Motley
Fool," discusses two important ratios derived (in part) from the cash
flow statement -- the operating cash flow ratio and the cash current
debt coverage ratio.
- FoolWire: the
Consolidated Balance Sheet. "The Motley Fool" and AOL's Personal
Finance area combine to focus on the Consolidated Balance Sheet -- how
to read it, what are its elements, etc.
Principles. Summarizes all useful knowledge about forecasting so
that it can be used by researchers, practitioners, and educators. The
site is devoted to improving decision making by furthering scientific
FT.com -- Markets
Data. Extensive markets and individual company data information
investing and financial news from a Canadian perspective.
Writing a Business Plan -- Tools, Examples, and Resources. Courtesy
of "Discover Business" and written by Prof. Dennis Masino and Jackie
- Hoover's Online. Company information,
business news, company homepage links, and more. Also, visit Hoover's Online UK for UK and other
European company information.
IAS Plus. Deloitte Touche
Tohmatsu web site provides comprehensive information about
international accounting standards.
- IASB -- International Accounting
Standards Board . The IASB is an
independent accounting standard setter committed to developing, in the
public interest, a single set of high quality, understandable and
enforceable global accounting standards.
Investment Guides. Introduction to reading the financial statements
in a company's annual report.
IFAC - Global
International Federation of Accountants (IFAC) Portal to Global
Accountancy Knowledge, Resources, and News.
- IFRS and Convergence
AICPA: IFRS Resources. Developed by the American Institute of
CPAs, IFRS.com provides comprehensive resources for accounting professionals, auditors,
financial managers and other users of financial statements.
Guide to IAS/IFRS. Knowledge guide to International Accounting
Standards (IAS) and International Financial Reporting Standards
Spotlight On: International Financial
Reporting Standards Roadmap.
IFACnet -- A KnowledgeNet for
Accountants in Business. Search engine that yields results
from more than a dozen Websites of accountancy organizations. Includes
good practice guidance, explanatory articles, tools and techniques,
and continuing professional development information.
Industry Research Desk. Tools for researching specific companies and
Investopedia.com: Footnotes. Nice article explaining how to pull out
important nuggets of financial information from the footnotes to
Investopedia.com: Fundamental Analysis Tutorial on Fundamental
Analysis and Valuing a Company plus detailed explanations of key
Investodedia.com: Industry Handbook. Takes an in-depth look at
different valuation techniques used in particular industries, various
buzz words, does a 5-forces analysis on the state of the market, and
points you in the direction of industry specific resources.
Investopedia.com: Ratio Analysis. Tutorial on ratio analysis plus
detailed descriptions of key ratios.
JaxWorks: Small Business
Spreadsheet Factory. Provides a number of FREE worksheets and
downloads that should interest students and small business owners
from Lucent. Great article from The Motley Fool underscores the
usefulness of basic financial analysis principles. (One of the
article's coauthors is Matt Richey, who also happens to be one of my
best former students.)
Trader. Stock Market Education Website, specializing in
Economic, Fundamental & Technical Analysis.
Online. Offers a wealth of information on company
finanicals, descriptions, history, etc.
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.
Northcote: the Link to UK Annual
Listed Companies. Site helps you to track down information on
specific NYSE-listed firms.
- Online Women's
Center. A rich source of finance training, tutorials, and
PCAOB Online: Public Company Accounting
Oversight Information. Central resource to access CPA registration
filings and research standards and regulations as mandated by
PlanWare -- The Business Planning
Site. Free business plan software, cash flow plans, and
Public Company Accounting Oversight
Board (PCAOB). Official web site of the PCAOB, which was created to
establish and enforce auditing, independence, quality control and ethics
standards for audits of public companies.
- Public Register's Annual
Report Service (PRARS). PRARS will mail annual reports for participating
companies Free to U.S. addresses (a nominal fee
is required if mailed to a non-U.S. address). Also try the Online Annual Report Service.
Quote.com. FREE worldwide quotes,
charts, and news covering all major financial markets.
- Reuters: Business & Finance
rich source of business news and financial information. Go to
their "Stocks" section and enter a company
ticker symbol and you will find an estimate of a company's
beta. A host of other information is available.
Statement Studies. Learn about the RMA's Annual
and the commonly used ratios that are featured.
- SEC EDGAR Database. Corporate
SEC filings from the Electronic Data Gathering, Analysis, and Retrieval
SEC: Interactive Data Viewers.
These viewers allow you use financial information that companies have
provided to the SEC as interactive data in eXtensible Business Reporting
Staff Accounting Bulletin: No. 101 -- Revenue Recognition
in Financial Statements. Since a very large number of
recent financial reporting frauds in the U.S. (and elswhere)
involve overstating revenue, this SEC Bulletin seems especially
SEDAR Home Page.
System for Electronic Document Analysis and Retrieval (SEDAR) makes
Canadian public securities filings (and other company information)
easily accessible to all.
and Uses of Funds -- An Article About Excel. A nice article about
how to create a Sources and Uses Statement in Excel.
Visit this site's Overviews (Tutorials) related to Tools of
Financial Analysis and Planning:
Basic Financial Statements,
Funds Type Statements,
Ratio Analysis, and
Sustainable Growth Measures.
USPages -- the best of US
business. Site allows you to search for all the Fortune 500
corporations in a specific industry, read about them, view business and
financial summaries, see how their stocks are doing and find contact
details for each.
Warren Buffett's Letters To Berkshire Hathaway Shareholders. The
entire collection of Buffet's famously
instructive letters to shareholders of his holding company.
Yahoo! Finance Research &
Education. Links to company reports, analyst research, research
tools, and more.
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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