WSJ.com is now available at Penn

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The Penn Libraries are pleased to announce that access to WSJ.com is now available to Penn students, faculty and staff. This subscription includes access to the most recent three months of content published on WSJ.com, including the daily edition of the Wall Street Journal, as well as content exclusive to its online publication. To get started, use this link to set up an account with WSJ.com using your Penn email address.

WSJ.com expands the libraries’ access to content published by the Wall Street Journal Online previously accessible through Dow Jones Factiva to include video, interactive graphics, podcasts and more. WSJ.com offers an interactive version of the daily print edition of WSJ directly from its landing page via the “Today’s Paper” feature. Users can page through a digital replica of the newspaper that is can be browsed by section and downloaded in PDF format.
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With a WSJ.com account, users also gain access to the “My WSJ” feature, which offers a wide variety of industry-specific newsletters and alerts that can be delivered directly to readers’ inboxes. Topics include economics, technology, leadership, culture and arts, politics and much more. Users can further personalize their experience by saving articles for future use and creating a watchlist of companies, funds, indices and other options for easy access to news and daily figures.
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Once you’ve set up an account, be sure to download the WSJ app on your iOS or Android device. Simply login with your username and password to access all of the same features available on WSJ.com for when you are on the go.
sample of wsj.com on mobile device

To read more about how to access the Wall Street Journal through the Penn Libraries, our Business FAQ.

Wharton Faculty Research now available on ScholarlyCommons

The Penn Libraries are very pleased to announce that research papers from all academic departments of the Wharton School of the University of Pennsylvania are now available on ScholarlyCommons, the University of Pennsylvania’s open access institutional repository. Reflecting the core values of inclusion, innovation and impact in the Penn Compact 2020, ScholarlyCommons shares the exceptional works of Penn faculty, staff and students with local, national and global audiences. By gathering Wharton research into a searchable repository, it is easier for scholars worldwide to discover, cite and link to these materials. These research papers can be found by visiting https://repository.upenn.edu/wharton_faculty.

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With the support of Deputy Dean Michael Gibbons and the Wharton Faculty IT committee, the ScholarlyCommons team reviewed thousands of papers to date to verify copyright permissions for inclusion in the repository. The initial collection of more than 2,200 papers will continue over the coming months as additional publications are cleared and added. The Wharton material was made available on the ScholarlyCommons site in late November 2017 and has already garnered over 21,000 downloads.

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Readership Distribution for Wharton Faculty Papers (11/23/17-1/21/18)

Wharton faculty should contact their Lippincott Library liaison librarian or the ScholarlyCommons team with questions or for more information about setting up accounts on ScholarlyCommons. These accounts provide download statistics for individual authors. Penn librarians can work with individual departments, centers and programs to provide specific pages that highlight the research of their unit; see for example cross-disciplinary collaborations with the Penn Wharton Public Policy Initiative and the Leonard Davis Institute of Health Economics. Contact the ScholarlyCommons team for a consultation. For more information about the Wharton Departmental Papers permissions review project, please visit the project FAQ.

That’s no moon…it’s a Data-Planet!

data planet logoLippincott Library has a new resource for your data needs: Data-Planet. Data-Planet offers a wide array of statistical and economic data – you can find everything from historical prices of oil and natural gas, to annual lobbying expenditures by US lobbyists, to the number of houses built in a given year, to the average travel time to work in a particular state. You can even combine multiple data sets to look at them side-by-side.

But how do you find data? You can start broad with a keyword search to find any data sets with those keywords in the title or description or you can browse through the available data by topic or by source. For example, click Browse by Subject to browse through Data-Planet‘s Banking, Finance, and Insurance or Housing and Construction data. Click Browse by Source to look at their data from the World Bank, the IMF, Dow Jones, and many other sources.

international statistical overviewYou can click the magnifying glass to the right of the search bar to find US State Statistical Overviews and International Statistical Overviews. From there, click a state or country to generate a list of all available data sets about that state or country. If you get lost, just click Help in the upper-right corner to find a map – you can check Data-Planet‘s general Help Guide or look through their subject-specific guides.

So now that you know how to find data, let’s talk about what you can do with it. Once you choose a data set or two, you can visualize the data as a trend chart, pie chart, ranking bar graph, or a map. You can also look at the data in a table, add custom columns to the table, and export the data in a variety of formats.

real estate data visualization

Let’s say you want to compare the median listing price, median sale price, and median home value per square foot for all homes in Philadelphia County. Drill down through Browse by Subject – Housing and Construction – Zillow Real Estate Metrics – Other Metrics, then hold the Ctrl key and click each data set of interest to select multiple data sets. You can look at the whole data set, or use the filters at the top of the screen to limit your results to data from a specific state or county. Other data sets let you filter by industry, commodity, agency, bureau, and more.

real estate mapData-Planet‘s default visualization is a trend chart like the one above, but just click another visualization option to switch. The map visualization is particularly useful for granular data sets like real estate data, because much of the real estate data in Data-Planet goes to the county, zip code, or census-block level. You can even create a DOI (Digital Object Identifier) for any data visualizations you create in Data-Planet. The DOI records the date and time a particular visualization was created and acts as a permanent identifier anyone can use to cite your visualization. I created a DOI for the chart above, and you can check it out here: https://doi.org/10.6068/DP160527497B239.

These are just a few things you can do with Data-Planet. From looking at data across state lines or industries, to mapping demographic information, there’s a whole planet’s worth of data for you to explore. And if you get lost, you can always contact a Lippincott Librarian for help.

It’s a buyer’s market: Using IBISWorld’s Procurement Reports

Whether you’re looking for a basic industry overview, for market research on a niche industry, or for the competitive landscape in a specialized market, you’ve probably looked at an IBISWorld  industry report.  IBISWorld doesn’t just offer market research through their industry reports collection – they also offer research on industry supply chains through their procurement reports. Here’s how you can use IBISWorld‘s procurement reports in your research.

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To find procurement reports, go to IBISWorld and click the “Login” button to the right of the “Procurement Reports” banner. (Note: You can only access one of IBISWorld‘s collections at a time. You need to go back to IBISWorld‘s homepage to switch between the Procurement Reports and Industry Reports collections.) Now you can keyword search for a specific report or browse the full report collection.

wind power performanceIBISWorld‘s procurement reports are visually and structurally similar to their industry reports, and the procurement reports offer supply chain information that complements many of the available industry reports. For example, IBISWorld offers industry reports on several aspects of wind energy production, including “Wind Turbine Manufacturing in the US”. This report focuses on industry and company performance, covering industry growth and trends along with major companies operating in this industry.

However, a complementary procurement report on “Turbine Repair and Maintenance” focuses on pricing and buyers who are supporting this industry, covering the average cost of wind turbine repair services and analyzing whether buyers looking for this service are entering a buyer’s or seller’s market. In this case, growth is down in the wind turbine manufacturing industry so there aren’t many new turbines to maintain or repair. But there are a large number of turbine maintenance and repair companies competing for work, so prices for repair and maintenance services are being driven down. In other words, it’s a buyer’s market.

scorecardIBISWorld‘s procurement reports also cover the purchasing process for that industry at the end of each report. This is a valuable instructional section that covers lead time for purchasing a product or service, offers a “Buying-Decision Scorecard” to help decide how much to weight factors like cost and qualifications when choosing a supplier, and includes sample negotiation questions for vetting a potential supplier.

IBISWorld‘s Procurement Reports collection is a great resource for researching company and industry supply chains along with industry dynamics. Looking at a procurement report for an industry alongside its industry report is a great way to look at that industry from another perspective, or to see how different parts of an industry affect each other. Check out the Procurement Reports collection next time you’re looking for industry supply chain information.  If you’re not sure where to start, you can always ask a Lippincott Librarian for help.

Find all the news that’s fit to print in Factiva

Looking for the latest issue of the Wall Street Journal? Want to know what reporters for the New York Times have to say about a recent IPO? Interested in how local newspapers are covering a small company or a new business? Factiva has you covered, offering access to a variety of newspapers, magazines, and web news sources, with coverage of many publications going back to the 1980’s. Factiva includes three search options: Search Builder, News Pages, and Company/Markets.

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What’s Your Company’s RQ™ (Research Quotient)?

Research and Development (R&D) expenditure is the amount of money a company spends on developing new products and services each year.  Academic business researchers have intensively investigated the relationship between a company’s R&D and its market value, and have searched for ways to derive a firm’s optimal R&D spending.  A recent innovation in the analysis and measurement of a firm’s R&D has been the development of the concept of Research Quotient (RQ).

A company’s Research Quotient is the percentage increase in the company’s revenue from a 1% increase in its R&D. RQ is a measure of a firm’s ability to generate revenue from its R&D expenditures.  RQ is calculated from a formula that combines a company’s measure of capital, labor and R&D. For more details concerning RQ calculation, click on Manuals and Overviews from the WRDS Research Quotient database.

RQ can be used:

  • To Link R&D spending to firm growth
  • Link R&D spending to market value
  • Derive a firm’s optimal R&D spending

The WRDS RQ database includes RQ measures for all companies in the COMPUSTAT database that report R&D expenditures. The data covers 1972 to 2010 and is updated annually.  The file allows searching by 4 digit SIC and by GV Key (COMPUSTAT’s unique company identifier).

Table 1 is an example of the output showing some of the default variables.

TableOne

  • “Raw RQ” is the “Research Quotient” that identifies the ability of a firm to generate revenue from its R&D expenditures. The higher the RQ the greater the revenue generated.
  • “RSTAR” is a calculation of optimal R&D expenditure.
  • “RD Ratio” is the ratio of R&D expenditure to Revenue.

In Table 2, for clarification, I have supplied tickers and names of companies together with a measure of “RQ” that I calculated from the “Raw RQ” supplied by WRDS. This RQ is analogous to the human IQ measure with a mean of 100 and a standard deviation of 15. An RQ with a mean of 100 is often used by academic writers as a way of making the RQ measure more intuitive.

Table 2 ranks the first 20 companies in the U.S. by their RQ in 2010.

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There are more than 260 four digit SIC codes represented in the 2010 files, but only 10 codes have more than 35 companies. Table 3 collapses the codes into 2 digits, and ranks the average RQ of the largest 15 industry groups.

Table3Formatted

About 78% of the companies in the 2010 file were based in the U.S.  Figure 1 graphs the countries with 3 or more companies in 2010 by average R&D expenditures and average RQ.

Figure1Formatted

The principal developer of the RQ concept is Anne Marie Knott, Professor of Business at Washington University, St. Louis. In a 2012 article in Harvard Business Review, she estimateds that if the 20 largest US firms had optimized their R&D expenditure in 2010, they would increase their aggregate market capitalization by $1 trillion. (Knott, Anne Marie. “The Trillion-Dollar R&D Fix.” Harvard Business Review (90:5) 2012, pp. 76-82.) This article can be accessed using Business Source Complete.

Capital Cube: Not your Father’s Stock Screener.

Financial databases from Bloomberg to Yahoo Finance can screen equities based on a combination of standard financial variables and ratios, analysts’ estimates, industry and location. But if you want to identify companies with, “Aggressive Accounting Practices”, a high “Fundamental Analysis” score or possible “Sandbagging” (understated or hidden earnings) you will need a different type of stock screener. Try Capital Cube. Capital Cube Menu   As can be seen from the Capital Cube menu, the screening options are unusual. Capital Cube creates unique variables by taking the raw financial data from individual companies and comparing the data with averages from a group of peers. For example, a company is tagged as employing “Aggressive Accounting” when “…the company’s net income margin is higher than its peer median while the percentage of accruals is lower than peer median”. Capital Cube states that this situation is usually indicative of a company with an aggressive accounting policy. Capital Cube computes a daily “Fundamental Analysis” score for each company in its database. “The Fundamental Analysis score is calculated by comparing the company’s performance relative to peer companies across multiple attributes like relative valuation, valuation drivers, operations diagnostic, etc.”

Capital Cube graph

 

Capital Cube uses fundamental data from the FactSet financial database. It includes more than 45,000 companies worldwide.

For additional information on equities screening see the Business FAQ:

 How can I screen for equities using criteria of my choice?

For information on FactSet see the Business FAQ:

Can I access FactSet through Lippincott Library?

Corporate Affiliations and ReferenceUSA’s “Way Back” Machines

Web-based company directories have many advantages over their print counterparts, but in one area they frequently fall short; they rarely include historical information. Financial databases of public companies such as Bloomberg, Thomson One, and S&P COMPUSTAT will include extensive historical financial data, but if you are looking for a private company’s address, product line, or executive names as of 1995, you would do better with a 20 year run of a printed directory than with its current online counterpart.  This pattern is changing as information vendors become aware of the market for historical company data. Two examples of corporate directory archives are the historical research sections of Corporate Affiliations and ReferenceUSA.

Corporate Affiliations shows the corporate structure of more than 1 million public and private companies world-wide with subsidiary listings and corporate linkage.  For more information please see:  Private Company Research Part 2:  Corporate Affiliations. The Historical Research module of the database gives company addresses, products, SIC numbers, names of executives and directors, and key financial data for every year from 1993 to date. As the menu below indicates, you can search by company name, or screen by one or more variables. A company (ENRON, for example) does not have to be in business currently to be included in the historical file. To reach the Historical Search menu, follow this path from the main Corporate Affiliations’ menu:

Subscriber Tools => Historical Search

Corp Affiliations History First Menu

 

 

 

 

The record for Motorola Solutions, Inc. shows how the data is presented for a single company.  Clicking on the date tabs (‘1993’ etc.) will include the data for that year in the output.

Corp Affiliations Historical 1

 

The historical treatment of changes in SICs and product descriptions will include as many as 14 SIC numbers and descriptions for each company.

Corrp Ailliations Historical 2

 

 

 

 

 

The company record for all years and all variables can be downloaded as a text .CSV format which EXCEL will read.

Here is the result of a screen for companies in Philadelphia in 1993.

Corp affiliation Phila

 

The WEB display of the results is only a small fraction of the EXCEL record, which will give details for all variables (SIC, executive name, financial data, etc.). If the entire date range is requested, the downloaded record will list the companies alphabetically and then give variable details for each year.

However, there is a display limit of 1,000 records per search.  For example, a search for all companies in France with data for all years will produce a set of more than 1,000 records, but only 1,000 records from the set will be displayed.

ReferenceUSA’s current company directory contains 24 million U.S. company records plus records for an additional 1.5 million Canadian companies. The database’s historical businesses  module contains 151 million U.S. company records from 2003 through 2013.

To see the menu below:

U.S. Historical Business Database => Custom Search

REfUSA Main Menu

 

 

 

 

 

 

REFUSA beer list 2003

For example, a screen for breweries (Primary NAICS 312120)  in Pennsylvania in 2003 will produce this display:

 

Clicking on an individual company name will display a record giving the 2003 address, phone, sales volume, employee size, SIC/NAICS codes, as well as graphs of sales volume and number of employees for all available years between 2003 and 2013.

Downloading the records in  EXCEL and requesting “detail” will display all the variables available for the company for the given year. However, there is a limit of 250 records per download.  Requesting all records for a company for the range of years (2003 – 2013) will give a line of data for each year. In this way, you can determine if a company changes its name during the ten year period. For example, the company listed as “Pittsburgh Brewing”  from 2003-2008 is listed as “Iron City Brewing” between 2009 and 2012 and then as “Pittsburgh Brewing” again in 2013.

Companies can be mapped by number of locations, employee or sales size and displayed as “heat maps”. For example, the heat maps below show the doubling of  the number of breweries in Pennsylvania  between 2003 and 2013 (from 27 locations to 69).

CombinedHeat

The  availability of  the “back files” of ReferenceUSA and Corporate Affiliations are an important step in filling the gap in digital historical directory information.

For additional information on company histories see this posting: Don’t Know Much About “Corporate” History.

Also see our Research Guides:  Company Information and Business History Resources.

 

Put our Services to the Test

Welcome to Lippincott and the start of a new academic year!  We have a number of services to help make your life at Penn a lot easier.  Some of these services are described here.

 

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DOCUMENT DELIVERY. Available to MBAs,  PhD candidates and Faculty. Please send an email to docdel@wharton.upenn.edu to request articles and book chapters. Include the full citation for the fastest reply.

BUSINESS FAQ.  Your 24/7 librarian. Search by keyword to find resources on your topic such as financial ratios, consumer demographics, analyst reports and many more.

RESEARCH ASSISTANCE.  Email us, chat, call us at 215-898-5924 or contact a subject specialist on your topic. Ask for a Consultation for yourself or your team. We know where to find the academic resources that you need.

WHARTON LAB COMPUTERS AND PRINTERS.  Too crowded over at Wharton?  Come over to Lippincott and use the Wharton Lab Computers here.  These computers are reserved for Wharton students and have all the same programs and features that are available on Wharton computers.  Sign in using your Wharton account information.

GROUP STUDY ROOMS.  Have a team project or group presentation?  Reserve a room  for your meeting.  Some rooms are larger and can accomodate up to 12 people.

YABLON FINAYablon 1NCIAL RESOURCES LAB.  Bloomberg and Capital IQ are at your fingertips.  Log in with your Wharton account information.  First time you use Bloomberg, create your own account.  Librarians log you into Capital IQ.

 

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DATAPOINTS is the Lippincott Library’s blog. Follow us to learn tricks and tips about Bloomberg and many other Library databases.  Look for postings on new Library resources.  See this post, for example: Top 10 Resources for MBAs .

WORKSbloomberg120611_2_560HOPS.  Wednesdays are Bloomberg days.  Every week we provide Bloomberg training from 3:30 – 4:30 in the Yablon Financial Resources Lab.  You can register here: Business Workshops.   It’s hands-on so be sure to come a few minutes early to create your own Bloomberg account.

We also offer other workshops on Job Search, Company Information and Business Research Skills.  See the training schedule to find out what workshops are being offered. Registration is recommended.

RESEARCH TO GO.  Every Monday -Thursday we come to you.  Reference Librarians are available from 12:30 – 1:30 in Huntsman Hall 251.  Drop in and get fast answers to your job search or research questions.8-27-2014 2-49-11 PM

TEXT BOOKS.  Available for many Wharton courses at the Lippincott Reserve Desk.  Most can be checked out for three hours and used in the Library.

 

SUBJECT/COURSE GUIDES.  Subject Specialist have prepared Guides by subject area or course.  Use these to find resources for your projects and assignments.  Contact a Specialist for additional information.

FRANKLIN is the Library Catalog.  Use this to search for books, journals, videos and more.

MARK’S CAFE.  Food.  Drink.  Comfort.

Take advantage of the services available to you.  Hope to see you soon.

 

 

 

 

 

 

 

 

The Long and Short of Preqin’s Hedge Fund Analyst Database

Sometimes called “Mutual Funds for the Superrich” hedge funds are aggressively managed investment portfolios that attempt to generate high returns through the use of strategies such as leverage, long, short and derivative positions.

Preqin’s Hedge Fund Analyst database provides a comprehensive over view of the hedge fund industry. It includes information on hedge fund performance, profiles, managers, fund items and controls. You can search by individual firm (manager) fund, or create lists of firms or funds with the characteristics you want.

For example, to find the ten largest hedge fund managers ranked by assets under management (AUM) click on Hedge Funds in Preqin’s main menu, then on Fund Managers, and finally on League Tables. Continue reading