Clifford S. Ang, CFA, AVIA


csa@cliffordang.com | 1111 Broadway Ste 1500, Oakland, CA 94607 | (510) 285-1285
Clifford Ang Distinguished Alumni Award

Welcome to my website! I am the author of two books. Applied Valuation: A Pragmatic Approach (DeGruyter) and Analyzing Financial Data and Implementing Financial Models Using R (Springer). I am also an Executive Vice President at Compass Lexecon, an economic consulting firm, where I specialize in valuing businesses and hard-to-value assets. I am a Chartered Financial Analyst charterholder, which is conferred by the CFA Institute. I also hold the Accredited Business Valuation Analyst certification, which is conferred by the Business Valuation Institute UK (BVIUK). I am also an Expert Member at BVIUK. I have also held teaching appointments at several universities, the last of which was at DePaul University in Chicago. I have taught courses on valuation, investments, corporate finance, international financial management, and investment management. I am also a recipient of the 2023 Distinguished Alumni Award from the University of the Philipines Virata School of Business. Below you will find more information about me and my books, publications, and presentations. To contact me, please send an email to csa@cliffordang.com. Additional information is available on my LinkedIn page.

Applied Valuation & Analyzing Financial Data and Implementing Financial Models Using R

Applied Valuation: A Pragmatic Approach. Valuation is part art and part science. While there are wrong ways to value a stock, there may be no single correct way to value a stock. Applied Valuation: A Pragmatic Approach helps to bridge theory and how valuations can be implemented in practice. It offers pragmatic solutions that are in line with valuation principles, and explains the implications of certain approaches and rules of thumb that are commonly used in practice, so the reader understands why or when such methods make sense.

Valuation is a highly case-specific exercise and slight changes in the conditions at the time of the valuation could change the approach and inputs that an analyst should be using. This book discusses how to develop the intuition and skills that would allow you to determine the appropriate or reasonable approach to take regardless of what situation may arise in the future.

Also including in-depth case studies of Walmart and Tesla, this book examines concepts like projections, discount rates, terminal value, and relative valuation to equip students, practitioners, and the general reader with a better understanding of the methods that will help them build their own framework to value businesses and analyze valuation issues.

My book is available on the De Gruyter website, as well as on Amazon and Barnes & Noble.

Analyzing Financial Data and Implementing Financial Models Using R. 2nd Edition: The second edition of my book was published in June 2021 and is available at Springer and Amazon. The e-book version of the 2nd edition has been downloaded 22,000 times. Sticking to the same style as the first edition, the second edition continues to handhold you through every step of the financial modeling process. I have expanded the amount of material in the new edition, including new chapters on equities, simulation, and trading strategies. Even the topics covered in the first edition have been almost completely re-written and include all-new examples. The options data used in the 2nd edition can be downloaded by clicking this link to CBOE AMZN Options 12-31-2019.dat and this for the link to the IMF GDP data. You can click on the following to find the latest errata.

1st Edition: The first edition was published in 2015 and, since that time, the e-book version has been downloaded 75,000 times. You can purchase the first edition from Amazon and Springer, among other places. You can click on the following for the latest errata, the Call Options Data, and Put Options Data.

Economic Consulting. I am an Executive Vice President in the Oakland and Chicago offices of Compass Lexecon, an international economic consulting firm. In my 18 years as an economic consultant, I have worked on hundreds of engagements involving firms across a broad-spectrum of industries concerning issues such as appraisals, valuation, lost profits, securities, market efficiency, loss causation, and damages. I specialize in the valuation of businesses and hard-to-value assets, as well as analyzing complex financial statement issues. My bio on the CL website can be accessed by clicking this link.

Equity and Bond Valuation at Data Camp. I also teach the equity valuation & bond valuation courses at DataCamp. Approximately 20,000 participants have taken my courses.

Publications and Presentations

 

 

csa@cliffordang.com | 1111 Broadway Ste 1500, Oakland, CA 94607 | (510) 285-1285
© 2024 Clifford S. Ang. All rights reserved.