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 Consultant
I am a Vice President at Compass Lexecon, an economic consulting firm that specializes in the application of economics to a variety of legal and regulatory issues. In my over 10 years at CL, I have assisted clients in hundreds of engagements concerning issues such as business valuation, valuation of complex financial instruments, securities, and damages primarily in the context of litigation.

I like writing about pragmatic approaches to tackling issues in the areas of general finance and valuation. I have written a financial modeling textbook that aims to handhold the reader through every step of the process and makes use of R and freely-available data. 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" (SSRN version) and "Estimating Debt Betas and Beta Unlevering Formulas" appear on NACVA's QuickRead. My working paper on the Absence of a Size Effect Relevant to the Cost of Equity is available on SSRN. I have also presented a method to value illiquid debt at the 2012 R in Finance conference (link to presentation).

I like teaching practical applications of finance. I have developed a Bond Valuation and Analysis in R course with DataCamp and am currently working on an Equity Valuation course. Previously, I have taught finance courses at DePaul University, the University of the Philippines, and Ateneo de Manila University, including courses on investments, investment management, and corporate finance. Some of the financial models I used for teaching can be found in

I have been a volunteer at the CFA Institute in various capacities, including being part of the Education Advisory Committee Working Body in which we assist in developing and maintaining the curriculum and specialized bodies of knowledge. 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, my alma mater. To the left 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

"One of the best books that [is] available on Financial Modeling Using R. I find it extremely practical and I would recommend this book for all the Finance guys who use R for data analysis. While reading the book, you will get a feeling that you are attending a workshop and an extremely talented trainer is training you. I wish I read this book before."
- P. Mohanty ( Review on

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 community 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.

This link contains a running list of errata for my book.

For those that have purchased my book, the options data can be downloaded by clicking on the CSV icon below.

Call Options Data ■ Put Options Data


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 below 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.