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Submitted URL: http://damodaran.com/
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Submission: On March 21 via api from GB — Scanned from GB
Effective URL: http://people.stern.nyu.edu/adamodar/New_Home_Page/home.htm
Submission: On March 21 via api from GB — Scanned from GB
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My name is Aswath Damodaran, and I teach corporate finance and valuation at the
Stern School of Business at New York University. I am a teacher first, who also
happens to love untangling the puzzles of corporate finance and valuation, and
writing about my experiences. As a result, I am at the intersection of three
businesses, education, publishing and financial services, that are all big,
inefficiently run and deserve to be disrupted. I may not have the power to
change the status quo in any of these businesses, but I can stir the pot, and
this website is my attempt to do so.
Broadly speaking, the website is broken down into four sections. The first,
teaching, includes all of my classes, starting with the MBA classes that I teach
at Stern and including the shorter (2-day to 3-day) executive sessions I have on
corporate finance and valuation. You will find not only the material for the
classes (lecture notes, quizzes), but also webcasts of the classes that you can
access on different platforms. I also have classes specifically tailored to an
online audience on valuation, corporate finance and investment philosophies, as
well as my quirky versions of accounting and statistics classes. The second,
writing, includes links to almost everything I have written and continue to
write, starting with my books and extending to my practitioner papers (on equity
risk premiums, cash flows and other things valuation-related). The third, data,
contains the annual updates that I provide on industry averages, for US and
global companies, on both corporate finance and valuation metrics (including
multiples). It is also where I provide my estimates of equity risk premiums and
costs of capital. The fourth, tools, incorporates the spreadsheets that I have
developed over time to value and analyze companies and short in-practice
webcasts on how to analyze companies.
I have been told that my website is ugly, and I apologize for its clunky look
and feel. While some of you have offered to make it look better for me, and I
thank you for your kindness, I need to be able to tweak, modify and adapt the
website as I go along and to do that, I have to work with what I know about
website design, which is not much. You can try the search engine below and if
that does not work, try this guide to the site.
×
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Custom Search
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Date
Implied Equity Risk Premium Update
Implied ERP on March 1, 2022= 5.37% (Trailing 12 month, with adjusted payout);
4.75% (Trailing 12 month cash yield); 7.40% (Average CF yield last 10 years);
4.47% (Net cash yield); 3.68% (Normalized Earnings & Payout)
Implied ERP in previous month =5.17% (Trailing 12 month, with adjusted payout);
4.56% (Trailing 12 month cash yield); 7.11% (Average CF yield last 10 years);
4.31% (Net cash yield); 3.53% (Normalized Earnings & Payout)
Downloadable datasets (For more data, go here)
1. Implied ERP by month for previous months
2. Implied ERP (annual) from 1960 to Current
3. Implied ERP (daily) from February 14, 2020 - December 31, 2020
4. My annual update paper on ERP (March 2021)
5. My annual update paper on Country Risk (July 2021)
6. My data on ERP & CRP by country (January 2022)
Downloadable spreadsheets (For more spreadsheets, go here)
1. Spreadsheet to compute current ERP for current month (includes a COVID
adjustment)
2. Spreadsheet to value the S&P 500 (January 1, 2021)
3. Valuation Spreadsheet for non-financial service firms (Corona edition) with
video guidance
Other Updates
Teaching: The Spring 2019 Corporate Finance class, now fully archived, can be
found here and the archived Spring 2019 Valuation class is linked here. The
online versions of these classes can be found here and NYU is offering
certificate versions here. I also taught three classes in the spring of 2020,
but half the class was taught online, and you can find the links here: Corporate
Finance and Valuation to the MBAs and Valuation to the undergraduates. In spring
2021, I will be teaching all three classes again and you can find the links to
them here. If you need a short brush up on the basics of finance, I have added a
class on the foundations of finance as well as a minimalist accounting class to
my online list. In 2021, I added a statistics class to the mix, again taught
from the perspective of someone who uses statistics rather than a statistical
expert.
Writing: This paper on valuing Tesla (with Brad Cornell) won readers' award
(Bernstein-Levy) in Journal of Portfolio Management. Download the latest version
of my annual equity risk premium update by clicking here and the latest version
of my annual country risk update by clicking here. I also have a paper on
valuing users, subscribers and members. My book on Narrative and Numbers, from
Columbia University Press, should be in bookstores and the third edition of The
Dark Side of Valuation came out in 2018. Finally, Brad and I have written a new
paper on what we call the big market delusion, on how the allure of big markets
coupled with overconfident entrepreneurs/investors can create over pricing
across companies. In 2020, we added a paper on ESG, a concept that has been
oversold and overhyped by its proponents, as well as a paper on value
investing's travails in the last decade. In 2020, I also wrote a series of
fourteen posts on the COVID crisis, with the emphasis on markets, in real time,
which I have now put together as a paper (way too long) on what I learned and
unlearned. I just added a paper on the disruption coming to the IPO process.
Data: The latest overall data update was on January 5, 2022; my next one will be
in January 2023. My country risk premiums also get updated midyear; my latest
update was on January 1, 2022. Check under data for downloads and links, as well
as archived data from prior years.
Tools: Check under tools for additions to spreadsheets and webcast. uValue is
available at the iTunes store.
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