BAD
350 Managerial Finance
Fall 2004
|
Instructor |
Tim Greening, Ph.D. |
|
work e-mail (emergency) |
|
|
home e-mail (normal) |
|
|
Phone |
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|
Office Hours |
By appointment |
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Prerequisites |
ACCT 101 required; BAD 260 is recommended |
1. Brigham & Houston,
Fundamentals of Financial Management, 10th edition by
Southwestern Publishers, 2005. It must have CD-rom software and the Wall Street
Journal prepackaged. The Wall
Street Journal will be required reading for the course.
2. HP 10BII or HP 12C Financial Calculator is
required.
3. Harvard Case Packet for BAD
350
4. During the first week of
class, please purchase a disk that you can dedicate to this course. Save all
versions of your papers and Excel worksheets. Also purchase a binder. At the end
of the course, you will submit a portfolio of your work for review.
5. Suggested further
reading:
Fooled by Randomness: The
Hidden Riddle of Chance in Life and the Markets, by Nassim N.
Taleb
The Intelligent Investor, by Benjamin Graham and Jason Zweig
This course provides an
overview of the basic concepts and principles of financial management. Topics include financial statement
analysis, financial ratios, time value of money, risk/reward
analysis including market measures of risk and return, capital budgeting (when
to build), and mergers & acquisitions (when to buy). Together the class and instructor will
attempt to integrate finance theory and mathematics with the "real world" by
extensive discussion of examples drawn from current business news and case
studies. Supplementary articles
will be introduced periodically (Wall Street Journal, New York Times, and http://www.investopedia.com/) to
acquaint students with the opinions of professional financial managers as well
as academics on the use of different techniques used to analyze
investments. Each student will choose a company to analyze for the
semester and will make presentations to the class for discussion. By the end of
the semester, successful students should have gained a basic understanding of
financial principles and tools that they can apply to their professional careers
and personal investment decisions.
The
business curriculum provides the opportunity for students to learn the tools and
methods of managing companies and organizations and to apply them in an
ethically responsible manner for the benefit of all stakeholders. In accordance
with this mission, a successful student in BAD 350 will be able
to:
1.
Appreciate the
ethical foundation
of effective long-run business decisions and promote social responsibility and
ethical leadership in managerial decision-making. Ethics are discussed in
relation to financial ratio manipulation (Sears versus Wal-Mart and DeLeon
case), financial reporting (Enron, WorldCom), managerial compensation (Tyco
International), and pension management.
2. Communicate
effectively. This course focuses on the not only the
derivation of the numbers but also on communicating what the numbers mean. Each
student will select a publicly listed firm to follow throughout the semester,
applying the tools developed in this course to understanding the company's
performance and outlook. Students
will present their findings to the class and will be expected to explain and
defend their analyses. Written
assignments will be graded on presentation as well as
content.
3. Utilize
technology
and electronic learning to address business applications. Each chapter requires
the use of Excel and financial calculators to solve empirical problems.
Spreadsheet exercises and mini-cases are presented at the companion website. In
addition, students will be asked to utilize various Internet sites to find
financial information, company filings, credit opinions and analyst
recommendations.
4. Utilize quantitative
analytical methods in making business
decisions. Chapters 5-8 in particular emphasize the use of various tools to
analyze decisions ranging from capital budgeting to debt refinancing. For
example, students will learn to use Net Present Value (NPV) profiles to assess
how expected interest rates will drive the decision to accept or reject a
proposed investment in real or financial assets.
5. Understand the basics of risk management and market measures of risk. Market instruments for managing risk such as credit derivatives, futures and options play an increasingly important role at both financial and non-financial firms. Students will acquire a basic understanding of how to use these instruments and other techniques to manage risk.
By
the end of the semester, a successful student will be able
to:
Please refer to http://brigham.swlearning.com/ for
downloads and current events associated with each chapter! Please refer to http://blackboard.dom.edu/ to download
course material.
Policies regarding exams,
homework assignments, and attendance
Assignment |
Points |
|
| |
|
Spreadsheet Model
#1 |
10 |
|
Spreadsheet Model
#2 |
10 |
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Case
Studies (select
4 to hand in) |
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|
10 | |
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Case: DeLeon
Foods |
10 |
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Case: Sears vs.
Wal-Mart |
10 |
|
10 | |
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Case: Airline |
10 |
|
Case:
|
10 |
|
10 | |
|
10 | |
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Subtotal |
100 |
|
HW Problems (as assigned) |
100 |
|
Quiz I
|
25 |
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Quiz II
|
25 |
|
Quiz
III |
25 |
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Quiz
IV |
25 |
|
|
100 |
|
Public Company
Analysis Project |
|
|
20 | |
|
20 | |
|
20 | |
|
40 | |
Subtotal |
100 |
Total |
400 |
·
None of the
exams will be deliberately comprehensive although concepts developed in earlier
chapters will necessarily be employed in later chapters. No make-up exams will
be given without prior notification and official documentation for
absences.
·
All
examinations will be based on a combination of class notes and the required
text. If you should miss a lecture, contact me as soon as possible since
additional information and examples may be given in class that are not found in
your textbook. Any student
caught cheating on an exam will receive an automatic F for the course. No
cheat sheets will be allowed.
·
All papers
should be typed (single-spaced (double-spaced between paragraphs), 12 pt Times
Roman font, 1 inch margins)
·
Homework
assignments should be submitted in a clear and legible manner (typed or Excel
worksheet where appropriate). Since homework will be discussed in class on the
due date, no late homework will be accepted. All homework will be graded on a
scale of 1 (grade F) to 5 (grade A).
·
Lecture
attendance is required and students are responsible for all assignments during
their absences. Because the interaction between students is an important
component of the learning process, the following guidelines are established:
o
Absenteeism in
excess of 3 sessions will result in a one-letter grade reduction in the final
cumulative grade. Absenteeism in excess of 5 sessions will result in a
two-letter grade reduction in the final cumulative grade.
o
Leaving class
early or arriving late in excess of 5 times will result in a one-letter grade
reduction in the final cumulative grade.
·
The final
cumulative grade will be calculated using the table below. The instructor
reserves the right to make use of + and - as deemed necessary by merit.
o
A: 90% and up;
B: 80% - 89%; C: 70% - 79%
o D: 60% - 69%; F: below 59%
· Incompletes will only be given if student presents clear justification/rationale/documentation as appropriate.
All students are required to complete two spreadsheet problems by the designated due dates. They are located in your textbook. The spreadsheet problems will require the use of Excel in order to derive answers and solve practitioners problems. It is assumed that students have a general working knowledge of Excel already. Students must submit a hard copy and a copy on disk or by e-mail. It is the student's responsibility to verify the instructor's receipt of the spreadsheet by e-mail..
The Case Studies selected
for this course are a combination of Harvard Cases and cyberproblems that
require the use of spreadsheets and the Internet to understand the corporation.
To complete the Cyberproblems, link to http://www.swlearning.com/finance/brigham/ffm10e/ffm10e.html and answer the questions as
they appear. To complete the cases, link onto blackboard for specific
questions.
For the Cases only
(non-Cyberproblems) each student is required to hand in a 2-4 page typed (12
point Roman font, 1-inch margins, single-spaced) reaction paper for each Harvard
cases and answer any questions particular addressed within the case. The paper should
include:
|
(1) |
Summary of the main
points of the case |
|
(2) |
Answer the main
questions of the case (as posted on
blackboard) |
|
(3) |
Discuss
strengths/weaknesses/potential avenues for improvement or further
discussion |
|
(4) |
What have you learned
about financial management? |
No late assignments will be accepted!!!! All cases will be discussed on the designated due dates. Please see blackboard for specific questions for each case. On the day the case is due, it is expected that all students participate in discussion related to the case. Just a few tips:
·
When writing your case, try
to keep the analysis as professional as possible; this implies that you write in
the third person; however, you must interject your
opinions.
·
The first paragraph of the
memo should briefly summarize its content. Be concise and to the point. Limit
the summary to a page at most.
·
Make an appointment to see
me for help! I will read all your drafts and provide you with input to help you
earn a better grade! You may see me for help any time up to 3 days prior to the
due date.
·
Each paper will probably be
at least 2-4 pages (single space, standard margins Attach all work (Excel
spreadsheets) to the back and reference it within the paper itself.
Public Company Projects
You are required to produce a series of papers on a publicly listed company. A public company is one with debt or equity securities which are "listed" (traded) on a public stock or bond exchange. Each paper will be cumulative and each team is required to create a portfolio, which is to be handed into the instructor before each presentation, including financial reports, news articles, Internet citations, pictures, brochures, etc. that reflect the firm and its changes over the past two years.
1.
Project I:
2.
Project II: In this project, make corrections from Project
I and continue with analysis.
3. Project III: In
this project, make corrections from Project I and II and continue with
analysis.
4. Project
IV: In this project, make corrections from Project I, II, and III, and
complete analysis.
At what price, if
any, would you purchase the common stock of the company?
At what price, if
any, would you purchase the debt of the company?
Would you do
business with the company as a supplier, customer, or
employee?
b. How do your views of the company
compare with the market's views?
Just a few tips:
·
When writing
your paper, keep the analysis as
professional as possible; this implies that you write in the third person and
that you cite all sources not only within the text of your paper but also at the
end in a Works Cited page.
·
Make an
appointment to see me for help with the project!!! I will read all your drafts
and provide you with input to help you earn a better
grade!
·
Each project
should be, at least, 4 pages in length (double-spaced, standard
margins).
·
Remember: Try to pace yourself when
working on this paper; do not leave the paper until the last few weeks of this
course!!!!!
·
Access annual
reports either online through http://www.annualreportservice.com/.
Using the annual reports, examine the changes in the securitys EPS, EBIT, P/E
ratio, dividend ratio, ROE, ROA, and debt/equity ratio (Websites such as http://www.stockmaster.com/, http://www.wsrn.com/, http://www.companysleuth.com/, will
already have these calculated for the last year or trailing 12 months)
·
Please provide
a Works Cited page for the annual report service used to evaluate your
company.
Class and Assignment
Schedule
Classes meet from
.
|
Date |
Topics |
Assignments |
Week 1 Thursday September 2 Module 1: Overview of Finance and Building Financial Statements | ||
|
|
Syllabus &
Overview Access to
Blackboard |
Read: Chapt. 1 (pp
4-27) http://www.investopedia.com/articles/00/120800.asp
http://www.investopedia.com/articles/04/031004.asp
http://www.investopedia.com/articles/fundamental/03/061803.asp
|
|
|
Overview of
Finance |
Prepare Assign #1 (p.
28: 1-4, 1-5, 1-7, 1-8) Prepare Disney
Cyberproblem Read Chapter 2 (pp.
35-57) http://www.investopedia.com/articles/01/070401.asp
http://www.investopedia.com/articles/fundamental/03/091703.asp
http://www.investopedia.com/articles/fundamental/03/031203.asp
|
|
|
Must Know
Equations |
Assign #1
Due
Prepare Assign #2 (p.
63: 2-5, 2-8, 2-9, 2-10,2-12, p.64: 2-7, 2-8, 2-10) http://www.investopedia.com/university/ratios/
|
Week 2 (Thursday, September 9) | ||
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No
Classes |
Disney Cyberproblem DuePrepare Assign #2:
Prepare DeLeon Case
(p. 70) |
|
|
Review of HW and Basic
Equations of Chapter
2 |
Assign #2
Due
Read Chapter 3 (p.
75-102) |
|
|
Ratio
Analysis |
DeLeon Case
Due
Prepare Assign #3 (p.
103: 3-1,3-3,3-4, 3-6, 3-7 p. 108: 3-21, 3-22,
3-24) |
Week 3 Thursday, September
16 | ||
|
|
Review of HW &
Basic Equations of Chapter
3 |
Assign #3 Due
Prepare Sears versus
Wal-Mart Case Read: Chapter 6 TVM
(pp. 217-241) |
Module 2: Time Value of Money How do You Evaluate Stocks & Bonds? | ||
|
|
Time Value of
Money |
Prepare Assign #4 (p.
252: 6-3, 6-4, p. 253: 6-1 through 6-9 Read Chapter 6 TVM (p.
241-250) |
|
|
TVM
(continued) |
Assign #4
Due. Sears versus Wal-Mart
Due
Prepare Assign #5
(p.253: 6-10, 6-17, 6-23) |
Week 4 Thursday, September 23 | ||
|
|
Quiz #1
|
Read: Chapter 7 (pp.
266-278) Assign #5
Due |
|
|
Bond
Valuation |
Read Chapter 7 (pp.
278-297) Prepare Assign 6a (p.
300: 7-1, 7-5, 7-13) |
|
|
Bond
Valuation |
Read Chapter 7 (p.
278-300) Prepare Assign 6b (p.
300: 7-4, 7-6, 7-7, 7-8, 7-15) Prepare Cyberproblem
Bonds |
Week 5 Thursday,
September 30 | ||
|
|
Bond Valuation HW
Review |
Assign 6a & 6b
Due
Public Company Report
I Due
Read Chapter 8 (p.
305- 321) Prepare Assign 7a: p.
348 (8-1 thru 8-4, and 8-18) http://www.investopedia.com/articles/fundamental/04/041404.asp
|
|
|
Stock
Valuation |
Cyberproblem Bonds DueRead Chapter 8 (p.
322-330, 334-340) Prepare Assign 7b: p.
348 (8-5, 8-6, 8-7, 8-14) http://www.investopedia.com/articles/01/112101.asp
|
|
|
Stock Valuation
Again |
Keep reading Chapter
8 Read: Chapter 4 (p.
118-147) Prepare: Case:
Mutual of Chicago Insurance Co. |
Week 6 Thursday, October
7 | ||
|
|
Stock Valuation HW
Review |
Assign 7a & 7b
Due
Read Chapter 4 (p.
148-156) Prepare Assign 8 (p. 158: 4-5, 4-6, 4-11, 4-12, page 160: 4-5, 4-8, 4-9, 4-14, 4-15) http://www.investopedia.com/articles/03/112703.asp
http://www.moneysense.ca/investing/stocks_markets/article.jsp?content=175903
|
|
|
Markets & Yield
Curves |
Due: Mutual of
|
|
|
Markets & Yield
Curves |
Read: Chapter 5: pp.
168-204 Prepare Assign 9 (p.
207: 5-1 through 5-8; p.209 5-1, 5-3, 5-19, 5-21) Prepare Spreadsheet 1:
Page 212 (5-22: Bartman & Reynolds) |
Week 7 Thursday, October
14 | ||
|
|
Review for Quiz
|
Assign 8
Due
Prepare Assign 9 &
Spreadsheet 1 |
|
|
Quiz
#2 |
Keep preparing Assign
9 & Spreadsheet 1 Prepare Report
II |
|
Module 3: Risk &
Return Finding Standard Deviation, Beta, and
SML | ||
|
|
Risk
& Return |
Keep
preparing http://www.coba.usf.edu/departments/finance/faculty/besley/notes/risk.pdf http://www.investopedia.com/articles/01/102401.asp
http://www.investopedia.com/articles/investment_strategies/chapter2.asp
|
Week 8 Thursday, October 21 | ||
|
|
Risk
& Return |
Prepare: Airline
Industry & Sept. 11th Case |
|
|
Risk
& Return |
Assign 9
Due
Read: Chapter 9: p.
359-377 |
|
|
Risk
& Return |
Read: Chapter 9
(Continued) Public Company Report II is Duehttp://www.investopedia.com/articles/fundamental/03/061103.asp
|
Week 9
Thursday, October 28 | ||
|
|
Cost
of Capital |
Spreadsheet 1 is
Due
Prepare: Assign 10:
(p. 382: 9-4, 9-5, p. 383: 9-1, 9-2, 9-7, 9-8) http://www.investopedia.com/articles/fundamental/03/061103.asp
|
|
|
Discuss
Case & Cost of Capital |
Airline Case is
Due
Read: Chapter 17:
645-665 |
Module 4: The Role of Finance in Managing Growth and Risk | ||
|
|
Capital
Budgeting |
Assign 10 is DuePrepare Assign 11 (p.
674: 17-7,17-10,17-11) Prepare Cyberproblem
AT&T |
Week 10 Thursday, November 4 | ||
|
|
Financial
Modelling and Forecasting |
Public Company Report III is Due Read: Chapter 21:
795-828 |
|
|
Working
Capital Management |
Assign 11 is DuePrepare Assign 12:
21-8 Prepare Spreadsheet
II: Webmaster (p. 448) |
|
|
Special
Topic |
Analyze Market Reaction to the Election |
Week 11 Thursday, November 11 | ||
|
|
Mergers
and Acquisitions |
Assign 12 is dueSpreadsheet II is
Due Read Chapter 18:
683-716 |
|
|
Quiz
#3 |
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|
|
|
Prepare:
Prepare Public Company
Report IV |
Week 12 Thursday, November 18 | ||
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|
Prepare Assign 13:
TBD Read: Chapter 13:
477-508 |
|
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Case
Discussion |
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Assign 13 is Due |
Week 13 Thursday, December 2 | ||
|
|
Capital
Structure/Leverage |
Public Company Report IV is DueCyberproblem AT&T Due |
|
|
|
Prepare Assign 14: p.
512: 13-4, 13-6 Prepare Cyberproblem
McDonalds |
|
|
Quiz
#4 |
Catch-up Review and
Quiz |
Week 14 Thursday, December 9 | ||
|
Mon., Nov.
29th |
Cap
Structure/Leverage |
Assign 14 is dueCyberproblem McDonalds
Due |
|
Wed., Dec.
1st |
|
|
|
Fri., Dec.
3rd |
DJIA
Present. |
Wrap up. Lessons
learned. |
Over the past few years, our
Department Chair, Anne Drougas, has established a list of easy access websites
that make a course in finance a little more palatable. You may use the sites to
research your securities or to access definitions or supplements to the course
material. This list is by no means comprehensive in nature; however, if you find
an additional website that may be of interest to any student, please feel free
to mention it in class so that this list may be modified. Main resources
include:
1. http://www.investopedia.com/ : This
website allows you to link to basic articles, definitions, and tutorials on all
financial principles! Here are a list of tutorials that you WILL
need:
2. http://www.teachmefinance.com/ : Basic
Tutorials on Finance in a user-friendly format
3. http://economics.about.com/: Find
interesting information on basic economic principles (articles
too)
4.
http://pages.stern.nyu.edu/~adamodar:
GREAT website based out of NYU!
5.
http://finance.yahoo.com/: Download company
and industry financials!
6. Module 1: Overview of
Finance & Basic Statements
a. Ten Basic Financial
Concepts: http://www.investopedia.com/university/concepts/
b. Reading the Balance Sheet:
http://www.investopedia.com/articles/04/031004.asp
c. Accounting Report Tutorial:
http://www.investopedia.com/university/fundamentalanalysis/
d. LIFO versus FIFO: http://www.investopedia.com/articles/02/060502.asp
e. Ratio Analysis: http://www.investopedia.com/university/ratios/
f. Ratio Analysis: part 2 http://www.prenhall.com/divisions/bp/app/cfldemo/RA/RatioAnalysis.html
g. Ratio
Analysis: part 3 http://www.bized.ac.uk/compfact/ratios/intro1.htm
h. Understanding the P/E ratio:
http://www.investopedia.com/university/peratio/
i.
What is ROE? http://www.investopedia.com/articles/fundamental/03/100103.asp
j.
Free Cash Flow:
http://www.investopedia.com/articles/fundamental/03/091703.asp
7. Module 2: Time Value of
Money
a. Understanding TVM: http://www.investopedia.com/articles/03/082703.asp
i. Annuities: http://www.investopedia.com/articles/03/101503.asp
b. Bond Tutorial: http://www.morganstanleyindividual.com/education/bonds/value/pf-138.html
i. Bond Tutorial: http://www.teachmefinance.com/bondvaluation.html
ii. Reading Bond & Stock
Tables: http://www.investopedia.com/university/tables/
iii. Basics of Bonds: http://www.investopedia.com/university/bonds/
iv. Advanced Bond Analysis: http://www.investopedia.com/university/advancedbond/
c. Basics of Stocks: http://www.investopedia.com/university/stocks/
i. Dividend Discount
Model:
http://www.investopedia.com/articles/fundamental/04/041404.asp
ii. Stock Tutorial: http://www.moneychimp.com/articles/valuation/stockvalue.htm
iii. Stock Tutorial -part
2
http://www.prenhall.com/divisions/bp/app/cfldemo/SV/CGStock.html
iv. Stock Tutorial part 3 http://www.stocksense.com/valuation.html
8. Module 3: Risk & Return
Finding Standard Deviation, Beta, and SML
a. Risk & Diversification:
http://www.investopedia.com/university/risk/
b. Beta: What is it? http://www.investopedia.com/articles/01/102401.asp
c. CAPM: What is it? http://www.investopedia.com/articles/frank/061202.asp
i. Tutorials on Standard
Deviation
http://www.wfu.edu/users/palmitar/Law&Valuation/chapter%202/2-2-3.htm
ii. http://www.indexfunds.com/articles/20030808_Risk.htm
iii. http://www.coba.usf.edu/departments/finance/faculty/besley/notes/risk.pdf
9. Module 4: Building Cash
Flows Using All the Tools
a. Tutorial on NPV: http://www.toolkit.cch.com/text/P06_6530.asp
b. Tutorial on NPV: http://www.prenhall.com/divisions/bp/app/cfldemo/CB/NetPresentValue.html
c. Understanding WACC: http://www.investopedia.com/articles/fundamental/03/061103.asp
d. Cost of Capital Tutorials:
i. http://www.teachmefinance.com/costofcapital.html
ii. http://www.valuationresources.com/EconomicData/CostCapital.htm
iii. http://www.expectationsinvesting.com/tutorial8.shtml
(Gateway example)
e. EVA & WACC: http://www.investopedia.com/articles/fundamental/03/031203.asp
Websites for Careers in
Finance, Investments, and Valuation
Techniques | |||
|
Ch 1:
Jobs |
|
|
|
|
www.careers-in-finance.com |
www.wetfeet.com |
Careers.wsj.com |
www.wageweb.com |
|
www.thecorporatelibrary.com |
www.corpgov.net |
|
|
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Ch 3: Ratios Analysis
|
|
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|
|
www.reportgallery.com |
www.freeedgar.com |
www.quicken.com |
Finance.yahoo.com |
|
www.ibm.com/investor/financialguide |
www.valueline.com
|
|
|
|
Financial
Statements |
|
|
|
|
www.corporateinformation.com |
www.jaxworks.com |
www.prars.com |
www.sternstewart.com |
|
http://edgarscan.pwcglobal.com |
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Time Value of
Money |
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|
|
www.globalfinddata.com |
www.quicken.com |
www.smartmoney.com |
www.bls.gove/cpi#news |
|
www.stls.frb.org |
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Bonds and
Stocks |
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|
|
Money.cnn.com/markets/bondcenter |
Bonds.yahoo.com |
www.bloomberg.com |
www.ustreas.gov |
|
www.bondsonline.com |
www.finpipe.com |
www.fintools.com |
www.smartmoney.com |
|
www.investingbonds.com |
www.bondmarkets.com |
www.moodys.com |
|
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www.standardandpoors.com |
|
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www.123world.com/stockexchanges
|
www.djindexes.com |
www.nyse.com |
www.nasdaq.com |
|
www.dividenddiscountmodel.com
|
www.valuepro.net |
www.barra.com |
finance.yahoo.com |
|
Risk &
Return |
|
|
|
|
http://pages.stern.nyu.edu/~adamodar |
www.globalfindata.com |
www.mscidata.com |
www.wsrn.com |
|
http://finance.yahoo.com/ |
www.duke.edu/~charvey |
|
|
|
Cost of
Capital |
|
|
|
|
http://pages.stern.nyu.edu/~adamodar |
|
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Corporate
Governance |
|
|
|
|
www.federalreserve.gov/releases/z1/current/data.htm
|
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| |
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IPOs and
SEOs |
|
|
|
|
www.ventureeconomics.com |
www.vnpartners.com |
www.freeedgar.com |
www.ipo.com |
|
http://bear.cba.ufl.edu/ritter |
www.tfibcm.com |
http://cbs.marketwatch.com |
|
|
Debt
Policy |
http://finance.yahoo.com |
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Dividends |
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www.companyboardroom.com |
www.cfonews.com |
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Working
Capital |
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http://pages.stern.nyu.edu/~adamodar |
www.gecapital.com |
www.treasuryandrisk.com |
www.intltreasurer.com |
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www.americanbankder.com |
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Cash &
Inventory |
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www.federalreserve.gov |
www.ny.frb.org |
www.stls.frb.org |
www.nacha.org |
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www.treasuryandrisk.com |
www.phoenixhecht.com |
www.intltreasurer.com |
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Mergers |
www.mergerstat.com |
http://cnn.news.com |
www.cfonews.com |
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Bankruptcy |
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www.bankruptcydata.com |
www.bankrupt.com |
www.abiworld.org |
www.kmv.com |
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www.jaxworks.com/zscore2.htm |
www.myfico.com |
finance.yahoo.com |
www.dnb.com |
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www.creditworthy.com |
www.nacm.org |
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www.nyfrb.org/pihome/addpub/credit.html
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