Come Into My Trading Room by Elder Alexander - A Complete Guide To Trading

Guide to getting a quant job

WetFeet Insider Guide – Beat The Streets II – I-Banking Interview Practice Guide

Financial knowledge

Wiley – Valuation Measuring and Managing the Value of Companies

Intermediate Financial Theory

Introductory Econometrics for Finance

Principles of Corporate Finance

NYC
_______________________________________________
Advent Financial
Afin Securities International Ltd., Research Division
Agile Equity, LLC, Research Division
Albert Fried & Company, LLC, Research Division
Alembic Global Advisors
Alpha Finance US Corp., Research Division
AMI Research
Ardour Capital Investments, LLC, Research Division
Arete Research Services LLP
Auerbach Grayson & Company Incorporated, Research Division
Auriga USA LLC, Research Division
B. Riley & Co., Inc.
B. Riley & Co., LLC, Research Division
Balis, Lewittes & Coleman Inc., Research Division
Barclays Capital, Research Division
BB&T Capital Markets Inc.
BB&T Capital Markets, Research Division
BBVA Securities Inc., Research Division
BDR Research Group, LLC
Bishop, Rosen & Co., Inc.
Bishop, Rosen & Co., Inc., Research Division
BofA Merrill Lynch, Research Division
Boyar Financial Publishing, LLC
Boyar’s Intrinsic Value Research LLC
Brean Murray, Carret & Co., LLC, Research Division
Brigantine Advisors LLC
Bristol Investment Group, Inc., Research Division
BTG Pactual S.A., Research Division
BTIG, LLC, Research Division
Buckingham Research Group, Inc.
Canaccord Genuity, Research Division
Cantor Fitzgerald & Co., Research Division
Cantor Fitzgerald, LP
Capstone Investments, Research Division
Caris & Company, Inc.
Caris & Company, Research Division
Casimir Capital L.P., Research Division
CentreInvest Inc.
Chardan Capital Markets, LLC, Research Division
Christensen
CIBC World Markets Corp., American Research Division
CJI Capital Markets Inc., Research Division
CL King & Associates, Inc
Coleman & Company Securities, Inc., Research Division
Collins Stewart LLC, Research Division
Corinthian Partners, L.L.C.
Cowen & Co., LLC
Cowen and Company, LLC, Research Division
Creative Global Investments LLC, Research Division
Credit Agricole Securities (USA) Inc., Research Division
Crystal Equity Research, LLC
Crystal Partners & Co., LLP
Crystal Research Associates LLC
Custom Equity Research, Inc., Advisory Arm
Cuttone & Company, Inc.
Cyrano Equity Research Inc.
Dahlman Rose & Company, LLC, Research Division
Daiwa Capital Markets America Inc., Research Division
DBS Vickers Research
Divine Capital Markets LLC
Dudack Research Group
Duncan-Williams, Inc., Research Division
Emissary Capital Group, LLC, Research Division
Englander Research
ESN North America, Inc.
Evercore Partners Inc., Research Division
Favus Institutional Research, LLC
FBN Securities, Inc., Research Division
Fourteen Research Corp.
Fox-Pitt Kelton Cochran Caronia Waller Limited, Research Division
FTN Equity Capital Markets Corp.
GC Research Ltd.
GKN Securities Corp., Research Division
Gleacher & Company, Inc., Research Division
Global Hunter Securities, LLC, Research Division
Gluckstein & Silverspoon
Goldman Sachs Group Inc., Research Division
Great Eastern Securities, Inc., Research Division
Griffen-Rose, LLC
Hapoalim Securities U.S.A., Inc.
Hapoalim Securities USA, Inc., Research Division
Harbinger Research, LLC
Harris Nesbitt Corp.
HCFP Brenner Securities LLC, Research Division
HealthpointCapital, LLC, Research Division
Hornblower & Weeks, Research Division
Hudson Square Research, Inc.
ING Groep N.V., Research Division
InSync Analytics LLC, Research Division
Investrend Research
Irevna Limited
ITG Investment Research Inc.
Jefferies & Company, Inc.
Jefferies & Company, Inc., Research Division
Jesup & Lamont Securities Corporation, Research Division
JMP Securities LLC, Research Division
Joseph Gunnar & Co., LLC, Research Division
JP Morgan Chase & Co, Research Division
Kaufman Bros., L.P.
Kaufman Bros., L.P., Research Division
KBC Securities NV
Keefe, Bruyette, & Woods, Inc., Research Division
Kevin Dann & Partners, Research Division
KeyBanc Capital Markets Inc.
Kim & Company LLC
Kim Eng Research Pte. Ltd.
KTA Research, LLC
Ladenburg Thalmann & Co. Inc., Research Division
Lazard Capital Markets LLC, Research Division
Ledgemont Capital Markets LLC
Leerink Swann LLC, Research Division
Lombard Street Research Limited
Longbow Research LLC
M. R. Beal & Company
M. R. Beal & Company, Research Division
Macquarie Research
Maxim Group LLC, Research Division
McNicoll, Lewis & Vlak LLC, Research Division
MDB Capital Group LLC, Research Division
Mehta Partners, LLC, Research Division
Meridian Equity Partners, Inc., Research Division
Merlin Securities, LLC, Research Division
Merriman Curhan Ford & Co., Research Division
Merriman Holdings, Inc. (NasdaqCM:MERR)
Miller Tabak & Co., LLC, Research Division
Miller Tabak Roberts Securities, LLC, Research Division
Mitsubishi UFJ Securities (USA), Inc., Research Division
Mizuho Securities Co., Ltd., Research Division
MKM Partners LLC, Research Division
MKM Partners, LLC
Monarch Capital Group, LLC
Monness, Crespi, Hardt & Co., Inc., Research Division
Morgan Joseph TriArtisan LLC, Research Division
Morgan Stanley, Research Division
Muriel Siebert & Co., Research Division
Murphy & Durieu, L.P., Research Division
National Securities Corporation, Research Division
Natixis Bleichroeder LLC, Research Division
Natixis Securities North America Inc., Research Division
Needham & Company, LLC, Research Division
New York Global Securities, Inc., Research Division
Noble Financial Group, Inc., Research Division
Numis Securities Ltd., Research Division
o3 Capital Advisors Pvt. Ltd.
Olympia Asset Management, Ltd.
Olympia Capital Markets Group, Research Division
Oppenheimer & Co. Inc., Research Division
Oppenheimer Holdings Inc. (NYSE:OPY)
Opus Group Financial
Oscar Gruss and Son Inc.
Oscar Gruss and Son Inc., Research Division
PAA Research LLC
Pali Capital Inc., Research Division
Pali Capital, Inc.
Palladian Research LLC
Phoenix Partners Group, LP, Research Division
Pivotal Research Group
Portales Partners, LLC
Prime Equity Research
Pritchard Capital Partners, LLC, Research Division
Putnam Lovell
Rapid Ratings Pty Ltd., Research Division
RB Milestone Group, LLC
RBC Capital Markets LLC
RL Renck & Co., Inc.
RL Renck & Co., Inc., Research Division
Robert Fleming Inc.
Robotti & Company Incorporated, Research Division
Rodman & Renshaw Capital Group, Inc. (NasdaqGM:RODM)
Rosetta Group Research L.L.C.
Rothschild Inc., Research Division
S&P Equity Research
Samuel A. Ramirez & Co., Inc., Research Division
Sandler O’Neill + Partners, L.P., Research Division
Sandler O’Neill & Partners, L.P.
Santander, Equity Research
SEB Enskilda, Research Division
SG Corporate & Investment Banking
Sidoti & Company, LLC
Simon Securities Inc., Research Division
Soleil Securities Group, Inc.
Southridge Research Group LLC
Spelman Research Associates, Ltd.
Standard & Poor’s Corporation
Stephens Inc., Research Division
Sterne Agee & Leach Inc., Research Division
Strategic International Securities Research Inc.
Sturza’s Medical Investment Letter
Summer Street Research Partners
SunTrust Robinson Humphrey Capital Markets
Susquehanna Financial Group, LLLP, Research Division
Technology Insights Research LLC
Telsey Advisory Group LLC
The Argus Research Group, Inc.
The National Research Exchange Inc.
The Williams Capital Group, L.P., Research Division
The Zephirin Group, Inc.
ThinkEquity LLC, Research Division
Thomas Weisel Partners Equity Research
Thomas Weisel Partners Group, Inc.
TIAA-CREF, Research Division
Ticonderoga Securities LLC
Tocqueville Asset Management LP, Research Division
Tradition Asiel Securities, Inc., Research Division
TriPoint Global Equities, LLC, Research Division
Tuohy Brothers Investment Research Inc.
UniCredit Research
UOB Kay Hian Research Pte Ltd
US Securities & Futures Corporation, Research Division
Utendahl Capital Partners LP, Research Division
Vector Securities, L.L.C.
Viriathus Research LLC
W. Quillen Securities, Research Division
Wall Street Strategies Corp. (OTCPK:WSSS.Q)
WestLB Panmure
WestPark Capital, Inc.
Wm Smith & Co.
WR Hambrecht + Co., LLC
WR Hambrecht + Co., LLC, Research Division
Wunderlich Securities Inc., Research Division

Greater LA
____________________________________
B. Riley & Co., Inc.
B. Riley & Co., LLC, Research Division
Barclays Capital, Research Division
BB&T Capital Markets Inc.
Black Box Investing, Inc.
Boston Group LP, Research Division
Brimmal Research, LLC
C. K. Cooper & Company
C. K. Cooper & Company, Inc., Research Division
Cantor Fitzgerald, LP
Core Pacific -Yamaichi International (H.K.) Limited, Research Division
Crowell, Weedon & Co., Research Division
Dabney/Resnick/Imperial LLC, Research Division
Emerging Growth Stocks, LLC
EquityNet Research
GHS Dutton, LLC
Global Hunter Securities, LLC, Research Division
GP Group, LLC, Research Division
Harris Nesbitt Corp.
Haugen Custom Financial Systems, Inc.
InterFirst Capital Corp., Research Division
Jefferies & Company, Inc.
Loop Capital Markets, LLC
ManageSource Financial Group, Inc., Research Division
MDB Capital Group LLC, Research Division
Merriman Curhan Ford & Co., Research Division
Merriman Holdings, Inc. (NasdaqCM:MERR)
National Capital Securities, Inc., Research Division
New Earth Capital Group
Putnam Lovell
Roth Capital Partners, LLC, Research Division
Singular Research
Stockcross Financial Services, Inc., Research Division
The Capital Group Companies, Inc., Research Division
The Seidler Companies Inc.
Vista Partners LLC
W.A.B. Capital, LLC
Wedbush Securities Inc., Research Division
Wells Fargo Advisors, LLC
WestPark Capital, Inc.
Wilshire Mutual Funds, Inc – Wilshire 5000 Index Portfolio (MutualFund:WFIV.X)
Wilshire Mutual Funds, Inc. – Small Company Growth Portfolio (MutualFund:DTSG.X)
Wilshire Mutual Funds, Inc.-Wilshire Large Company Growth Portfolio (MutualFund:DTLG.X)

SF Bay Area & Silicon Valley
________________________________
Americal Securities Inc., Research Division
Avondale Partners, LLC
B. Riley & Co., Inc.
B. Riley & Co., LLC, Research Division
Blaylock Robert Van, LLC
BofA Merrill Lynch, Research Division
Brean Murray, Carret & Co., LLC, Research Division
Brigantine Advisors LLC
Canaccord Genuity, Research Division
Cantor Fitzgerald, LP
Caris & Company, Inc.
Caris & Company, Research Division
Charles Schwab & Co. Inc.
Charter Equity Research
Cowen and Company, LLC, Research Division
Custom Equity Research, Inc., Advisory Arm
Duncan-Williams, Inc., Research Division
Farmhouse Equity Research, LLC
GC Research Ltd.
Gleacher & Company, Inc., Research Division
Global Hunter Securities, LLC, Research Division
Goldman Sachs Group Inc., Research Division
Harris Nesbitt Corp.
Howe Barnes Hoefer & Arnett, Inc., Research Division
Infinium Securities, Inc., Research Division
Jefferies & Company, Inc.
Jefferies & Company, Inc., Research Division
JMP Group Inc. (NYSE:JMP)
JMP Securities LLC, Research Division
JP Morgan Chase & Co, Research Division
Kaufman Bros., L.P.
Keefe, Bruyette, & Woods, Inc., Research Division
Longbow Research LLC
Loop Capital Markets, LLC
Merriman Curhan Ford & Co., Research Division
Merriman Holdings, Inc. (NasdaqCM:MERR)
Mitsubishi UFJ Securities (USA), Inc., Research Division
Morgan Stanley, Research Division
Needham & Company, LLC, Research Division
Nollenberger Capital Partners, Inc., Research Division
Pacific Crest Securities, Inc.
Polestar Investment Research LLC
Portsmouth Financial Services, Research Division
Putnam Lovell
RBC Capital Markets LLC
RBC Capital Markets, LLC, Research Division
Redwood Securities Group Incorporated, Research Division
Robert W. Baird & Co. Incorporated, Research Division
Rutberg & Company, LLC
Rutberg & Company, LLC, Research Division
Sandler O’Neill & Partners, L.P.
Semi Equity Partners
Soleil Securities Group, Inc.
Sterne Agee & Leach Inc., Research Division
Stone & Youngberg LLC, Research Division
Susquehanna Financial Group, LLLP, Research Division
ThinkEquity LLC, Research Division
Thomas Weisel Partners Equity Research
Thomas Weisel Partners Group, Inc.
Tiburon Research Group, Inc.
Vista Partners LLC
Wedbush Securities Inc., Research Division
William Blair & Company, L.L.C.
WR Hambrecht + Co., LLC
WR Hambrecht + Co., LLC, Research Division

Dallas
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Baldwin Anthony Securities, Inc., Research Division
Cantor Fitzgerald, LP
Dallas Research & Trading
First Dallas Securities, Research Division
Global Hunter Securities, LLC, Research Division
JP Morgan Chase & Co, Research Division
M. R. Beal & Company
Southwest Securities, Inc.
Stephens Inc., Research Division
Sterne Agee & Leach Inc., Research Division
Stifel, Nicolaus & Co., Inc., Research Division
Stonegate Securities Inc., Research Division
William K. Woodruff & Company, LLC, Research Division
San Diego
___________________________
Avondale Partners, LLC
California Equity Research, LLC
Capstone Investments, Research Division
Caris & Company, Inc.
Caris & Company, Research Division
Ford Equity Research, Inc.
WBB Securities, LLC, Research Division

Greater Houston
____________________________
BofA Merrill Lynch, Research Division
Canaccord Genuity, Research Division
Cantor Fitzgerald, LP
D.E. Wine Investment Inc., Research Division
Dahlman Rose & Company, LLC, Research Division
Duncan-Williams, Inc., Research Division
Global Hunter Securities, LLC, Research Division
Goldman Sachs Group Inc., Research Division
Howard Weil Incorporated
Howard Weil Incorporated, Research Division
Jefferies & Company, Inc.
Jefferies & Company, Inc., Research Division
JP Morgan Chase & Co, Research Division
Loop Capital Markets, LLC
Midkiff & Stone Capital Group, Inc.
Pin Money Investments, LLC, Research Division
Pritchard Capital Partners, LLC, Research Division
RBC Capital Markets LLC
Royalist Independent Equity Research, Ltd.
SunTrust Robinson Humphrey, Inc., Research Division
The Carson Medlin Company
Tudor, Pickering, Holt & Co. Securities, Inc.
Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
Tudor, Pickering, Holt & Co., LLC
U.S. Capital Advisors LLC, Research Division
Wunderlich Securities Inc., Research Division

Chicago
_____________________________
Advanced Equities Inc., Research Division
Ativo Research, LLC
Barrington Research Associates, Inc., Research Division
Brookshire Advisory and Research, Inc.
Cantor Fitzgerald, LP
Credit Suisse Securities LLC – Holt
First Analysis Securities Corporation, Research Division
Fox-Pitt Kelton Cochran Caronia Waller Limited, Research Division
FTN Financial Group
Gar Wood Securities, LLC, Research Division
Harris Nesbitt Corp.
Howe Barnes Hoefer & Arnett, Inc., Research Division
Jackson Securities, LLC, Research Division
JMP Securities LLC, Research Division
KeyBanc Capital Markets Inc.
Loop Capital Markets, LLC
M. R. Beal & Company
Next Generation Equity Research, LLC
Next Generation Holding, L.L.C.
Robert W. Baird & Co. Incorporated, Research Division
Sandler O’Neill & Partners, L.P.
SG Corporate & Investment Banking
Spin-Off Advisors, LLC
Sturdivant & Co., Inc., Research Division
TJM Institutional Services, LLC, Research Division
Wayne Hummer Wealth Management, Research Division
William Blair & Company L.L.C., Research Division
William Blair & Company, L.L.C.
Zacks Investment Research Inc.

Boston
___________________________
America’s Growth Capital, Research Division
Arete Research Services LLP
Avondale Partners, LLC
BB&T Capital Markets Inc.
Brigantine Advisors LLC
Canaccord Genuity, Research Division
Cantor Fitzgerald, LP
Caris & Company, Inc.
Caris & Company, Research Division
CL King & Associates, Inc
Collins Stewart LLC, Research Division
Cowen & Co., LLC
Cowen and Company, LLC, Research Division
Custom Equity Research, Inc., Advisory Arm
Eaton Vance Mutual Funds Trust – Eaton Vance Large-Cap Core Research Fund (MutualFund:EAER.X)
FAC Equities
GC Research Ltd.
Goldman Sachs Group Inc., Research Division
Harris Nesbitt Corp.
ITG Investment Research Inc.
Jefferies & Company, Inc.
Jefferies & Company, Inc., Research Division
JMP Securities LLC, Research Division
Leerink Swann LLC, Research Division
Merriman Curhan Ford & Co., Research Division
Merriman Holdings, Inc. (NasdaqCM:MERR)
Morgan Stanley, Research Division
Needham & Company, LLC, Research Division
Neponset Equity Research, Inc.
Off Wall Street Consulting Group, Inc.
Pacific Crest Securities, Inc.
Pioneer Investment Management, Inc, Research Division
Pulse Trading, Inc.
RBC Capital Markets LLC
Robert W. Baird & Co. Incorporated, Research Division
Sandler O’Neill & Partners, L.P.
Soleil Securities Group, Inc.
Summer Street Research Partners
SunTrust Robinson Humphrey Capital Markets
Susquehanna Financial Group, LLLP, Research Division
Thomas Weisel Partners Group, Inc.
Wellington Management Company LLP, Research Division
William Blair & Company L.L.C., Research Division
WR Hambrecht + Co., LLC, Research Division

Seattle
_____________________________
Cantor Fitzgerald, LP
E.K.Riley Investments, LLC, Research Division
First Washington Corporation, Research Division
KeyBanc Capital Markets Inc.
McAdams Wright Ragen, Inc.
McAdams Wright Ragen, Inc., Research Division
PitchBook Data, Inc.
Stifel, Nicolaus & Co., Inc., Research Division

Denver Area
________________________________
Denver Investment Advisors LLC, Research Division
Gleacher & Company, Inc., Research Division
GVC Capital LLC, Research Division
KeyBanc Capital Markets Inc.
Mejia Capital Consulting
Morgan Keegan & Company, Inc., Research Division
RBC Capital Markets LLC
Robert W. Baird & Co. Incorporated, Research Division
Thomas Weisel Partners Equity Research
Tudor, Pickering, Holt & Co., LLC
Wm Smith & Co.
Wm Smith Securities, Inc.
Wunderlich Securities Inc., Research Division

Greater London
________________________________
Absolute Strategy Research Limited
Actinvest Group Ltd.
Allenby Capital Limited, Research Division
Almeida Capital Ltd.
Ambrian Partners Ltd.
Arbuthnot Securities Limited, Research Division
Arete Research Services LLP
Atlantic Equities LLP
Barclays Capital, Research Division
Beaufort International Associates Limited, Research Division
Charles Stanley Securities, Research Division
City Capital Corporation Limited, Research Division
Collins Stewart plc, Research Division
Consumer Equity Research
Coutts & Co, Research Division
Echelon Research & Advisory LLP
European Securities Network LLP
Exane BNP Paribas
Frost Consulting & Advisory, Research Division
GMP Securities L.P., Research Division
Granville Baird
Hammer Partners SA
HB Markets Plc, Research Division
ING Groep N.V., Research Division
Irevna Limited
Jefferies & Company, Inc.
KBC Securities- CEE Research
Keefe, Bruyette & Woods Limited, Research Division
Libertas Partners LLP, Research Division
MainFirst Bank AG, Research Division
Marble Arch Research
Mirabaud Securities Limited, Research Division
Morgan Grenfell & Co Ltd., Research Division
New Street Research LLP
Ocean Equities Limited, Research Division
Old Park Lane Capital Plc., Research Division
Oraca Ltd.
Pali International Limited, Research Division
Putnam Lovell
RBC Capital Markets LLC
Robert W. Baird & Co. Incorporated, Research Division
Robertson Stephens International, Ltd.
S&P Equity Research
Standard & Poor’s Corporation
Stifel, Nicolaus & Co., Inc., Research Division
SVS Securities Plc, Research Division
Teathers, Research Division
Thomas Weisel Partners Group, Inc.
UOB Kay Hian Research Pte Ltd
Vicarage Capital Limited, Research Division
WestLB AG, Research Division
WestLB Panmure

Hong Kong
____________________________________–
3V Capital Limited, Research Division
ABCI Securities Company Limited, Research Division
Amsteel Securities (HK) Ltd., Research Division
Barclays Capital, Research Division
BofA Merrill Lynch, Research Division
Cantor Fitzgerald, LP
CCB International Securities Limited, Research Division
Christensen
CN Intelligence Group Limited
Core Pacific -Yamaichi International (H.K.) Limited, Research Division
Credit Agricole Securities (USA) Inc., Research Division
CSC Securities (HK) Ltd., Research Division
DBS Vickers Research
East Asia Securities Company Limited, Research Division
Emperor Securities Limited, Research Division
Everbright Securities Co. LTD., Research Division
First Shanghai Securities Limited, Research Division
Fox-Pitt Kelton Cochran Caronia Waller Limited, Research Division
Goldman Sachs Group Inc., Research Division
Guotai Junan Securities (Hong Kong) Limited, Research Division
Haitong International Research Limited
Hani Securities (H.K.) Limited, Research Division
ING Groep N.V., Research Division
Japan Asia Securities Limited, Research Division
Jefferies & Company, Inc.
Jefferies & Company, Inc., Research Division
JP Morgan Chase & Co, Research Division
Keefe, Bruyette & Woods Asia Limited, Research Division
KGI Securities Co. Ltd., Research Division
Kim Eng Research Pte. Ltd.
Kingston Securities Limited, Research Division
Kingsway Financial Services Group Limited, Research Division
Lehman Brothers Asia Ltd.
Lombard Street Research Limited
Macquarie Research
MainFirst Bank AG, Research Division
Mega Securities (Hong Kong) Company Limited, Research Division
Mirae Asset Securities Co., Ltd., Research Division
Morgan Stanley, Research Division
Nava Standard Chartered Securities Investment Ltd., Research Division
Nomura Asian Equity Research
Oriental Patron Financial Group
Oriental Patron Securities Limited, Research Division
OSK Securities Hong Kong Limited, Research Division
Pacific Challenge Securities Limited, Research Division
Piper Jaffray Asia Securities Limited, Research Division
Platinum Broking Company Limited
Platinum Broking Company Limited, Research Division
Polaris Securities (Hong Kong) Limited, Research Division
Primasia Securities Company Limited, Research Division
Quam Research
RBC Capital Markets LLC
RBS Research
Religare Capital Markets, Research Division
REXCAPITAL Securities Limited
Robotti & Company Incorporated, Research Division
S&P Equity Research
SBI E2 Capital Securities Ltd, Research Division
SinoPac Securities Investment Service, Research Division
South China Research Limited
Standard & Poor’s Corporation
Sun Hung Kai Research Limited
Taishin Securities (Hong Kong) Company Limited, Research Division
Tung Tai Securities Company Limited, Research Division
UBS Securities Asia Limited, Research Division
UOB Kay Hian Research Pte Ltd
Wellington Management Company LLP, Research Division
WestPark Capital, Inc.

Singapore
__________________________
AmFraser Securities Pte. Ltd.
AmFraser Securities Pte. Ltd., Research Division
BofA Merrill Lynch, Research Division
Cantor Fitzgerald, LP
Credit Agricole Securities (USA) Inc., Research Division
DBS Vickers Research
Exane BNP Paribas, Research Division
Goldman Sachs Group Inc., Research Division
IIFL Research
ING Groep N.V., Research Division
Jefferies & Company, Inc., Research Division
JP Morgan Chase & Co, Research Division
Kim Eng Research Pte. Ltd.
Lincoln Crowne & Company, Research Division
Macquarie Research
Morgan Stanley, Research Division
Nomura Asian Equity Research
NRA Capital Pte. Ltd.
Pali International Limited, Research Division
Pareto Securities, Research Division
RBS Research
S&P Equity Research
SEB Enskilda, Research Division
SG Securities (Singapore) Pte Ltd., Research Division
SIAS Research Pte Ltd
UOB Kay Hian Research Pte Ltd
Wellington Management Company LLP, Research Division

Zurich
_______________________-
Bank am Bellevue, Research Division
Bank Sarasin, Research Division
Helvea SA, Research Division
Limmat Research
MainFirst Bank AG, Research Division
Mont Blanc Capital Management AG, Research Division
Morgan Stanley, Research Division

Atlanta
_____________
Avondale Partners, LLC
Cantor Fitzgerald, LP
FIG Partners, LLC, Research Division
FinancialDNA, L.L.C., Research Division
Harris Nesbitt Corp.
Jefferies & Company, Inc.
Keefe, Bruyette, & Woods, Inc., Research Division
KeyBanc Capital Markets Inc.
Lenox Equity Research, LLC
Pritchard Capital Partners, LLC, Research Division
RBC Capital Markets LLC
Robert W. Baird & Co. Incorporated, Research Division
Sandler O’Neill & Partners, L.P.
SunTrust Robinson Humphrey Capital Markets
SunTrust Robinson Humphrey, Inc., Research Division
The Carson Medlin Company
Value & Growth Research Associates, Inc.
Wells Fargo Advisors, LLC

Charlotte
____________________________
BB&T Capital Markets Inc.
Cantor Fitzgerald, LP
RBC Capital Markets LLC
Robert W. Baird & Co. Incorporated, Research Division
SunTrust Robinson Humphrey Capital Markets

Sacramento
________________
Dutton Associates, LLC
GHS Dutton, LLC
M. R. Beal & Company

Toronto
______________________
Accountability Research Corporation
Barclays Capital, Research Division
Bloom Burton & Co., Research Division
BMO Nesbitt Burns, Inc.
BofA Merrill Lynch Canada, Inc.
BofA Merrill Lynch, Research Division
C.P.M.S. Computerized Portfolio Management Services, Inc.
Canaccord Genuity, Research Division
Capital Ideas Research
Catalyst Equity Research, Inc.
Clarus Securities Inc.
Clarus Securities Inc., Research Division
Cormark Securities Inc., Research Division
Desjardins Securities Inc., Research Division
Dominick and Dominick Securities Inc., Research Division
Dundee Securities Corporation
Dundee Securities Corporation, Research Division
First Delta Securities Inc.
Fraser Mackenzie Limited
Fraser Mackenzie Limited, Research Division
Genuity Capital Markets
GMP Capital Inc. (TSX:GMP)
GMP Securities L.P., Research Division
Greenius Inc.
Haywood Securities Inc.
Haywood Securities Inc., Research Division
Independent Equity Research Corp.
Independent Insight Inc.
Industrial Alliance Securities Inc., Research Division
Jacob Securities Inc., Research Division
Jennings Capital Inc.
Laurentian Bank Securities, Inc., Research Division
Loewen Ondaatje McCutcheon Limited, Research Division
M Partners Inc., Research Division
Mackie Research Capital Corporation
Macquarie Capital Markets Canada Ltd., Research Division
Macquarie Research
Maison Placements Canada Inc., Research Division
MGI Securities Inc., Research Division
National Bank Financial, Inc., Research Division
NCP Northland Capital Partners Inc., Research Division
NextGen India Investments
Northern Securities Inc.
Northern Securities, Inc., Research Division
Octagon Capital Corporation, Research Division
Oppenheimer Holdings Inc. (NYSE:OPY)
Paradigm Capital, Inc.
Paradigm Capital, Inc., Research Division
Raymond James & Associates, Inc., Research Division
Raymond James Ltd.
RBC Capital Markets LLC
RBC Capital Markets, LLC, Research Division
S&P Equity Research
Salman Partners Inc.
Salman Partners Inc., Research Division
Standard & Poor’s Corporation
Stifel, Nicolaus & Co., Inc., Research Division
Stonecap Securities Inc., Research Division
TD Newcrest Capital Inc., Research Division
Thomas Weisel Partners Canada Inc., Research Division
Thomas Weisel Partners Equity Research
Thomas Weisel Partners Group, Inc.
TMB Research
Toll Cross Securities Inc., Research Division
Toll Cross Securities, Inc.
UOB Kay Hian Research Pte Ltd
Veritas Investment Research Corporation
Versant Partners Inc., Research Division
Wellington West Capital Markets Inc.
Wellington West Capital Markets Inc., Research Division
Wolverton Securities Ltd, Research Division

Hartford & Stamford Areas
__________________________
Bhirud Associates, Inc., Research Division
Cantor Fitzgerald, LP
Chatsworth Securities LLC
Consumer Edge Research, LLC
CRT Capital Group LLC
CRT Capital Group LLC, Research Division
Delco Advisors, Research Division
Dowling & Partners Securities, LLC
Euro Pacific Capital, Inc., Research Division
Excalibur Research Group
GE Asset Management Incorporated, Research Division
Gleacher & Company, Inc., Research Division
Jefferies & Company, Inc.
Keefe, Bruyette, & Woods, Inc., Research Division
Langen McAlenney
Mercury Partners LLC, Research Division
MKM Partners LLC, Research Division
MKM Partners, LLC
Nutmeg Securities Ltd., Research Division
RBC Capital Markets LLC
Robert W. Baird & Co. Incorporated, Research Division
Southridge Research Group LLC
Susquehanna Financial Group, LLLP
Susquehanna Financial Group, LLLP, Research Division
Tokeneke Research LLC
Westport Capital Markets, LLC, Research Division
William Blair & Company, L.L.C.

Germany
______________________
Ardour Capital Investments, LLC, Research Division
B. Metzler seel. Sohn & Co. Holding AG
Bank M-biw Bank für Investments und Wertpapiere AG, Research Division
Bankhaus Lampe KG, Research Division
Berenberg Bank, Research Division
BofA Merrill Lynch, Research Division
CA Cheuvreux, Research Division
Concord Equity Research
Concord Investmentbank AG (DB:CEF)
Danske Markets Equities, Research Division
Dr. Kalliwoda Research GmbH
Equity Analyst Ltd.
European Securities Network LLP
Eurosharelab
Fairesearch GmbH & Co KG
First Berlin Equity Research GmbH
GBC AG
Going Public Media AG, Research Division
GSC Research Gmbh
Hauck & Aufhauser Institutional Research GmbH
Jefferies & Company, Inc.
Jefferies & Company, Inc., Research Division
Kepler Capital Markets
Kepler Capital Markets, Research Division
Landesbank Berlin Holding AG, Research Division
Macquarie Research
MainFirst Bank AG, Research Division
Marble Arch Research
Merck Finck & Co., Research Division
Metzler Equities, Research Division
Midas Research GmbH
Robert W. Baird & Co. Incorporated, Research Division
Robertson Stephens International, Ltd.
S&P Equity Research
SEB Enskilda, Research Division
SES Research GmbH
SG Corporate & Investment Banking
Silvia Quandt Research GmbH
SRC Research GmbH
SRH AlsterResearch AG
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Capital budgeting is the process of allocating capital after determining project feasibility. Determining project feasibility is a 3 part process:

Step 1] Qualitative Analysis – Relationship/Branding feasibility, Socio-Cultural & Political feasibility
Step 2] Forecasting Performance – Financial Modeling & Structural analysis (Most critical!)
Step 3] Quantitative Analysis –IRR (or MIRR), NPV, Payback period and other quantitative analysis

Note: Step 1 & 2 are far more critical & demanding, however, the focus of this article is Step 3

What’s all the fuss about?

In real world situations, a company may have a choice of investing in several competing projects at the same time while resources may be sufficient for just one. This is where it may have to make a choice as to which project must be selected based on feasibility measured on different dimensions (at times one conflicting with the other). By dimensions we mean Qualitative & Quantitative factors the weights of which may change based on circumstances and priorities. E.g. for building a stronger/long-term relationship with a large prospective client a manager may choose to overlook quantitative factors in anticipation of securing future projects. However, as mentioned earlier Qualitative factors are beyond the purview of this article. Now, when choosing between quantitative methods one might come across conflicting results. E.g. Project A may have a superior IRR while Project B may have a better NPV.

Which metric should one choose and what are the pitfalls involved in calculating them? This article delves into popular quantitative project analysis techniques with a view to cut through the haze and get to the most appropriate/robust method suited to real world situations.

What is IRR & how does it work?

IRR is one of the most popular return analysis tool used in Project Appraisal, Private Equity Deals, LBO analysis & calculating Bond YTMs too! Put simply, Internal Rate of Return measures the return generated by an asset assuming that the reinvestment rate of cash flows thus generated, is the same as the IRR itself. In Short: IRR is an iterative process where reinvestment rate is the same as the IRR itself!

Note: When measured correctly, IRR equals the Compounded Annual Growth Rate (CAGR)

What is MIRR and why is it considered better than IRR?

The biggest problem with IRR, as cited by popular academicians, is that the Reinvestment Rate of interim cash flows is same as the IRR itself. In real world situations however, a company may not have the opportunity to get the same IRR as before. Put simply, IRRs of each new project will differ and hence the manager must find a way to incorporate that change instead of just assuming the same RR (Reinvestment
Rate) as IRR.

MIRR to the rescue: The Modified Internal Rate of Return provides the flexibility of modifying the RR as desired. Managers may find it difficult to forecast RRs down the investment horizon and hence a safe assumption would be to set it equal to the Cost of Capital, below which, incremental projects will result in ‘Value Destruction’ (The concept of EVA™).

In Short: MIRR delinks the Reinvestment Rate from IRR thereby giving the manager an option to choose a different/more realistic rate (usually Cost of Capital) thereby giving a more reliable conclusion.

Does that mean MIRR is the best?

No. Both IRR & MIRR fail to capture the Present Value of money and are hence called ‘Internal’ Rates! The best method must factor Internal Return as well as the Cost of Capital to determine Present Value. The Net Present Value (NPV) method aims to capture both and hence is the preferred choice by managers the world over.

What is NPV?

The NPV method ‘discounts’ operating cash flows at a rate that captures the cost of capital (i.e. the capital used/contributed to generate cash flows). The NPV method aims to capture the amount available after meeting the cost of all capital contributors (all claimholders). In fact, the NPV method is what leads to the concept of value creation through Economic Profit. Thus even if the IRR of Project A is better than Project B, a relatively lower Cost of Capital may swing the decision in favor of Project B.

In Short: A positive NPV is a must and the higher the better. The relationship between NPV and IRR is that “IRR is the rate at which NPV = Zero” When Cost of Capital is more than IRR the NPV will be Negative

Note: Discounting/Compounding is beyond the scope of this article

Now what’s Cost of Capital?

Suppose you were to setup a business you would start by estimating the asset requirement based on the market you want to cater (Local, National or International) and then determine how it must be funded. E.g. If Assets worth Rs.10,000 must be bought you may be able to invest just Rs.3000 while the balance Rs.7000 may have to be borrowed (i.e. Raising Debt). Now, you will have a certain opportunity cost of the money invested (popularly measured by CAPM) say 15% while the lender of Rs.7000 debt may ask for a fixed return of 7.86%. This implies that you will have to generate a minimum return of (15% x 3000) + (7.86% x 7000) = Rs.1,000. Implying a minimum return of 1,000/10,000 = 10%, also called the Weighted Average Cost of Capital (WACC) or simply Cost of Capital.

Note: The explanation was an oversimplification of the process and real world calculations are far more complicated

How does NPV work?

From the example above if we assume that the business generates Cash flows of Rs. 4,000…3,500…1,500…2,000…2,500 over a 5 year horizon. The NPV would be calculated as under:

Finally what do I choose?

NPV will always rule above all, as the Return on Funds deployed must always exceed their cost (i.e. IRR must always be > WACC). Between IRR & MIRR, IRR will always result in more ‘noise’ as compared to MIRR and will hence result in an incorrect feasibility study. What may appear to be just a 1-2% difference would result in huge difference when measured in monetary terms rather than percentages!

In Short: The order of preference must be NPV, MIRR & IRR. However, the answer is not that simple, read on…

What’s the larger picture?

It should be noted that the Structural Analysis (i.e. Revenue Stream, Payment Schedules etc.) and Financial Modeling (i.e. actual framework of the Income Statement, Balance Sheet & Cash Flow Statement that will be used to create the forecast) of the projected cash flows is the most critical, the results of which are used as an input for any kind of quantitative analysis (i.e. IRR, MIRR or NPV analysis!)

What’s the bottom-line?

Now that you have understood that quantitative analysis is just a small part of a much larger framework. It should now be obvious that blindly choosing one metric over the other would be naïve! Although NPV is a superior metric it does not by itself disclose scope for improvement. This is the very reason why we recommend that a project should not be rejected simply because it has a lower NPV, unless there is no way to improve it. Let’s see how…

IRR = Max Potential Return: IRR reveals the maximum return potential of a project assuming no interference from external factors like funding constraints and the ‘funding mix’. Put simply, if two projects have identical Funding Costs the one having a higher IRR will have a higher NPV and hence should be selected. This also implies that NPV should be first ‘tested for improvement’.

Testing NPV for improvement: NPV is affected by two components – IRR of cash flows and Cost of Funding. IRR of projects is far tougher to improve as compared to the ‘Funding mix’ (which in turn determines the Cost of Capital i.e. WACC). Theoretically, IRR can be improved by improving efficiency, but that’s a different story altogether! In most cases, it is more or less controlled by external factors, typically industry specific. Comparatively, WACC is more elastic and some critical steps may help reduce it!

The role of Capital Structure in managing WACC: Optimum Capital Structure, by many, is believed to be a theoretical concept as practitioners believe that following a ‘Target Structure’ is nearly impossible as market conditions will not allow one to keep it stable unless the firm is at a ‘Matured stage’, where expansion needs are limited and capital management becomes far simpler! High growth companies are driven by Capex and the funding mix is not as important as getting the right amount while for matured companies the priority reverses!

Many practitioners believe “Raise money when you can, and not when you should” However, if debt is raised without really being required at a certain time it will increase the risk and hence the Cost of Equity. Modern theory suggests that Optimum Capital Structure should be based not on interest tax shields but rather the risk specific to the firm and industry on a long term basis.

Risk-Expected Return relationship: Incremental risk increases the cost of equity, irrespective of whether cash rewards (dividends) are paid or not. If there are senior claimholders over Equity the Cost of Equity is bound to increase and the higher the claim of seniors higher the Cost of Equity. Put simply, it is this risk that can and must be tested for improvement.

Basically, risk can be broken into two broad categories – firm specific (fairly elastic) and industry specific (mostly inelastic). Firm specific risk can be further broken down into Operating & Financial Risk.

- Operating risk results from fixed operating costs such as Fixed Assets, Rent, Lease etc. One way to curb operating costs is to control excess capacity additions in good times – Easier said than done! This is the most common cause of risk, typical in cyclical sectors where ‘bad timing’ of capex can increase risk by under utilization of capacity.

- Financial risk is an outcome of fixed financial costs i.e. Interest. As mentioned before this is difficult to control and is dependent on too many factors (mostly external) only few of which can be controlled by a company. Put simply, if a company has superior operating risk managing capabilities it will be perceived as less risky by the debt issuer and will thus reduce interest cost as well.

In Short: Companies with poor operational performance will always have higher financial costs/risk.
From the above discussion it should be clear that operating risk is easier to control and will help reduce overall risk thereby reducing the cost of capital and increasing NPV!

Bottom-Line: IRR (or more correctly MIRR) should be used to judge maximum potential of a project based on which a firm must try to reduce risk to maximize NPV. Easier said than done but the right way out!