All the Way to the Top

Free Online Resources

• Damodaran Online is a fantastic resource maintained by Aswath Damodaran. He is a Professor of Finance and David Margolis Teaching Fellow at the Stern School of Business at New York University and has published five books, including
  • Damodaran on Valuation
  • Investment Valuation and
  • The Dark Side of Valuation
• Open Yale Courses Shiller on Financial Markets
• Sloan School of Management at MIT and
• MIT Free Online Economics Course look to offer some fantastic free online material, though I have yet to dig in deep. From the Sloan School of Management these four courses appear very interesting;
  • Business Analysis Using Financial Statements,
  • Investments,
  • Financial Accounting and
  • Behavioral Economics and Finance.

• SSRN Social Science Research Network is a fantastic resource, with conuntess wonderful investing and finance papers.
  Here is the link to the financial sectionYou’ll find articles by Taleb, like this one, Why We Have Never Used the Black-Scholes-Merton Option Pricing Formula, and many others, including Faber’s articles.

Momentum

• Momentum studies like this, Momentum Strategies by Louis Chan, Narasimhan Jegadeesh and Josef Lakonishok, reveal how past earnings surprises predict large drifts in future returns as analysts and the market are slow to respond.
• Momentum Profits, Non-Normality Risks and the Business Cycle by Ana-Maria Fuertes, Joelle Miffre and Wooi Hou Tan. This paper show It shows that momentum profits are not normally distributed and, relatedly, that the momentum profitability is partly a compensation for systematic negative skewness risk in line with market efficiency.
• For more on momentum.

Reading List