About MeI am a Vice President at Compass Lexecon's Chicago, IL and Oakland, CA offices, where I specialize in valuation, corporate finance, and financial statements analysis. I have worked on hundreds of engagements involving firms across a broad spectrum of industries concerning issues such as business valuation, fraudulent conveyance/ solvency, market efficiency, materiality, loss causation, and damages.
My expertise and research are in the areas of asset pricing and corporate finance. I have written a financial modeling textbook, which is described elsewhere on this page. My article "Understatement of the Valuation Impact of Future Stock-Based Compensation Grants: Implications from the Ancestry.com Opinion" appears in the Value Examiner. My articles "Why We Shouldn't Add a Size Premium to the CAPM Cost of Equity" and "Estimating Debt Betas and Beta Unlevering Formulas" appear on NACVA's QuickRead.
I have also held teaching appointments at DePaul University, the University of the Philippines, and Ateneo de Manila University, where I have taught courses in investments, investment management, corporate finance, and international finance.
I am a CFA Charterholder and had been a voluteer at the CFA Institute in support of the CFA program. I am also a member of the Olin Business School Alumni Board at Washington University in St. Louis. Below is a video clip of an interview I did for Olin's centennial celebration.
My BookI am the author of Analyzing Financial Data and Implementing Financial Models Using R (Springer, 2015), which is a financial modeling textbook that handholds students through every step of the analysis and modeling process. In my book, I cover a broad-range of topics from basic data analysis to building equity, fixed income, and option models. I implement all anlayses and models using R (which is free) and I only use data that is freely-accessible to the user (i.e., no specialized databases or fee-based services are used).
A running list of errata for my book can be found here.
My Other Financial Models
I have extensive experience building sophisticated financial models in Excel/VBA and R. I have developed a number of models for teaching purposes, which can be found at models.cliffordang.com. I also presented at the R in Finance Conference in 2012 on a practical method of estimating the market value of illiquid debt. The presentation in that conference can be found here.
My Course on Bond Valuation
I worked with DataCamp, an interactive learning platform for R/Python and Data Science, to develop a bond valuation and analysis course. In this course, I use R to teach students the fundamental concepts of bond valuation. By the end of the course, the student would have learned how to value a bond, estimate a bond's yield to maturity, and calculate a bond's duration and convexity. This course will set the student up for more advanced fixed income coursework.
You can check out the course by clicking on the picture above or this link (you will need to create a free DataCamp account to view the first chapter).
Please also check out below the interview I did after recording the course.
DataCamp also offers a variety of other courses in R and Python. These courses include many general programming related courses, but there are a few Applied Finance courses as well. For the full list of DataCamp courses, you can click on this link.