Clifford S. Ang, CFA

Author of Analyzing Financial Data and Implementing Financial Models Using R
Compass Lexecon · 1111 Broadway, Suite 1500, Oakland, CA 94607 · (510) 285-1285 ·

About Me

Cliff Ang I am a Vice President at Compass Lexecon, an economic consulting firm. I work in our Oakland and Chicago offices. I specialize in valuation, corporate finance, and financial statements analysis. At Compass Lexecon, 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 is in the fields of asset pricing and corporate finance. I have written a financial modeling book, which is described elsewhere on this page. I have also written several practitioner-oriented articles on valuation. My article "Understatement of the Valuation Impact of Future Stock-Based Compensation Grants: Implications from the 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.

Besides my writing, 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. Recently, I have worked with DataCamp to develop applied finance courses. My bond valuation course is up and running and is described elsewhere on this page. We are currently in the process of developing an Equity Valuation course, which should be available in the next few months.

Outside of work, I have been a volunteer at the CFA Institute in support of the CFA program. The CFA charter is widely-recognized as the gold standard for the financial services industry and demonstrates an investment professional's expertise, skill, and ethical focus. 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 CV and LinkedIn page contains additional information about my background.


My Book

I am the author of Analyzing Financial Data and Implementing Financial Models Using R (Springer, 2015) (available here and here, among other places). In writing this book, I envisioned developing a financial modeling text that handholds the student through every step of the process. Nothing is hidden. Nothing is skipped. Every piece of the code is provided and intermediate output is reported for virtually all major steps. The goal is for the student not to get lost in the programming process. Hopefully, I have accomplished that goal.

The book exclusively uses R to program all the models, so students can obtain the software used in the book for free. There is no need to purchase expensive software. Although it is open source, R has a large global communnity that helps make R a fairly robust product. R is one of the the top 5 programming languages in 2016 (see here).

In addition, all data used in the book is freely-accessible to the student. For example, I use data from Yahoo Finance and the Federal Reserve. These are databases that anyone can have access to for free. You won't need to pay for expensive databases and, more importantly, you will also get exposure to real-world data. You will learn how to obtain, clean, and manipulate data that you can use outside of school. The bottom-line is that the only investment the student needs to make (after purchasing the book, of course) is the time reading this book and practicing their financial modeling skills.

My book is available on and Springer. You should also check with your school's library as it may be able to give you access to the book at an inexpensive rate directly from my publisher, Springer. The book is available in hardcover or as an e-book.

For those that have purchased my book, the options data required are found here:
Call Options Data
Put Options Data

This link contains a running list of errata for my book. For those who spot any typos or errors in my book, please feel free to drop me a note.

My Other Financial Models

While teaching, I have developed several financial models for teaching purposes. These models are in R and Excel/VBA and can be found in

I also presented at the R in Finance Conference in 2012 on a practical method of estimating the market value of illiquid debt. My co-author and I showed that you can use information from the prices of the firm's other traded bonds to price the firm's bonds on days the latter did not trade. 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).

I am currently working with DataCamp on an Equity Valuation course. This course teaches students about valuing a firm's equity using the discounted cash flow and comparable company methodologies. The Equity Valuation course should be available in a few months. Hope you can check it out.

Please also check out below the interview I did after recording my Bond Valuation 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.

© 2017 Clifford S. Ang. All rights reserved.