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If you're a junkie for investment research and have
a love of hard arguments and sophisticated mathematics,
these sites are full of good stuff. But don't be embarrassed
if you can't make head nor tail of what you see there!
Most people don't really need to understand all this
technical stuff, although it can be lots of fun for
anyone with a nerdy streak.
Some good places to hunt down home pages for finance
professors and other economic geeks:
http://www.cob.ohio-state.edu/~fin/findir/
http://www.amherst.edu/~jsirons/ewwp.html
http://rfe.wustl.edu/EconFAQ.html
The department of finance at Ohio State (which oversees
the prestigious Journal of Finance) runs a website
with links to hundreds of academic research centers
around the world. If you're interested in finding out
what's going on anywhere inside the ivory tower, this
is a great place to start:
http://www.cob.ohio-state.edu/~fin/journal/jofsites.htm
If, like me, you're a hard-core researchivore, you
might be interested in subscribing to an academic service,
the Social Science Research Network, that sends e-mail
notification of new "working papers" by economists,
psychologists, historians, and other scholars. For propeller-heads
only:
www.ssrn.com
A leading institution that funds and publishes academic
research in economics and finance is the National Bureau
of Economic Research. These guys even have what passes
for a sense of humor among economists: a recent paper
documented that there's a correlation between the price
of alcohol and the rates of violence on college campuses.
Among the broader areas covered: behavioral finance,
stock and bond valuation, business history, international
markets, pension and retirement issues, questions in
public policy:
www.nber.org
Bill Schwert at the University of Rochester has put
together a website that's a rich storehouse of authoritative
insights about market efficiency, stock price volatility,
the performance of IPOs, the behavior of stocks that
go through mergers or takeovers, and seasonal patterns
in stock returns. Schwert also has the courtesy to make
much of his raw data available for those who are curious
or would like to use it for their own purposes. His
research is impeccable; his papers are complex but full
of elegant charts that help make market history understandable.
http://schwert.ssb.rochester.edu/papers.htm
http://schwert.ssb.rochester.edu/gws.htm
William Bernstein, a neurologist who moonlights as
a financial planner, has an extraordinarily informative
site covering asset allocation, market efficiency and
portfolio theory.
http://www.efficientfrontier.com
Will Goetzmann, professor of finance at Yale University's
School of Management, has a terrific home page full
of thought-provoking research on mutual funds and financial
markets worldwide.
http://viking.som.yale.edu/
As creative as he is productive, finance professor
Meir Statman of Santa Clara University makes dozens
of his papers available for free download. Covering
everything from diversification to the emotional pitfalls
of hindsight and regret, they're amply rewarding for
advanced investors.
http://lsb.scu.edu/finance/faculty/Statman/Default.htm
http://lsb.scu.edu/finance/faculty/Statman/articles.htm
Terry Odean of the University of California at Berkeley
has done groundbreaking research showing how well individual
investors actually fare in the real world. (Hint: We're
not as great as we think.) He shows definitively that
those who trade less outperform those who trade more
-- and that women outperform men as investors. If you
want to learn what the experience of other people can
teach you about your own likely performance, this is
an excellent place to start.
http://faculty.haas.berkeley.edu/odean/
http://faculty.haas.berkeley.edu/odean/Current%20Research.htm
It's still a good idea to keep your pocket calculator
handy and a fully-loaded version of Excel on your hard
drive, but the Internet makes lots of good calculators
available for free. Here are some I've found especially
useful.
1. INFLATION CALCULATORS
What's the value in today's dollars of an amount
from the past? How much was $1.00 in today's money worth
a hundred years ago? These sites calculate how inflation
changes the purchasing power of money over time.
A link list of inflation calculators compiled by Roy
Davies, a British science librarian and son of an eminent
financial historian. Here you can find the current value
of such things as spices in London in 1438 or the Norwegian
krone back to 1865:
http://www.ex.ac.uk/~RDavies/arian/current/howmuch.html
http://www.orst.edu/dept/pol_sci/fac/sahr/sahr.htm
http://eh.net/ehresources/howmuch/dollarq.php
http://www.westegg.com/inflation/
2. FINANCIAL CALCULATORS (MISCELLANEOUS)
Concisely annotated, this exhaustive (and sometimes
exhausting) clearinghouse site may be the most complete
directory of financial calculators anywhere on the Web.
I recommend it as the finder of last, not first, resort;
chances are, whatever you're looking for is here, but
it's best to use this site for searching only when nothing
else has worked:
http://www.martindalecenter.com/Calculators1A_1_Finance.html
3. EXPENSE CALCULATORS
The U.S. Securities and Exchange Commission offers
a cost calculator for mutual fund investors. This relatively
crude tool requires you to input the fund's expenses
yourself (the SEC asks you to look them up in the fund's
prospectus!); no allowance is made for the fund's own
brokerage costs; the prompts abound with jargon like
"deferred sales charge"; and, most irksomely
of all, each item of data you enter summons up a new
screen. Andrew Tobias' www.personalfund.com
is better, but requires paid registration. At least
the SEC calculator is free:
http://www.sec.gov/investor/tools/mfcc/get-started.htm
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