Dr. P.V. Viswanath
|Materials of Student Interest/ G-PACT / Workshops|
PERC 2008 -- Pace Equity Research Competition
The Pace Equity Research Competition (PERC) is designed to encourage students to develop their equity research report writing skills. The performance of the participants will be taken into account for selection in the Pace team representing the University in the NYSSA Investment Research Challenge (IRC), an area-wide competition, judged by a panel of high-profile experts. For more information on the NYSSA IRC, please click here.
This year, all participants submitting complete entries will get feedback from the judges on their reports. This means that you are a winner, even ifyou don't win the competition!
Analyze the TOR Minerals International Inc. (NASDAQ: TORM) and write a brief report . The focus of the report should be on the analyst’s (that’s you!) trading recommendation – should the investor buy the stock, hold it (if s/he already owns it) or sell it; this recommendation should be based on a Discounted Cash Flow (DCF) valuation of the stock. The report should discuss your valuation of the stock, including a specific recommendation – buy, sell or hold; and the key factors that led you to your conclusion.
In addition to the valuation of the stock, you should have any one of the additional reports, as below:
The format of the report should be:
You should also include an easy-to-read self-explanatory excel spreadsheet containing the particulars of the DCF valuation of the company -- this should be in the nature of an appendix in addition to your report. Your report should contain references to your valuation appendix (and any other appendices that you wish to attach). Your appendices should not be stand-alone documents; in fact, they should be presented as supporting documents. The entire report (excluding appendices and excel spreadsheet) should consist of no more than three pages (single-spaced).
There are many sources of information about companies, and you are free to use any of them as long as you properly indicate what you have used; however, you should indicate where your data came from. You are also free to consult with any member of the Pace community, both faculty members and students -- however, passing off the work of others as your own is plagiarism and is unacceptable in this competition – you are expected to do your own analysis.
Deadlines and other information:
All entries should be submitted electronically by
midnight, Saturday, October 10th, 2008 to email@example.com.
Please register with Prof. PV Viswanath as soon as possible by emailing him at firstname.lastname@example.org. Entries will be judged by financial analysts
and finance faculty. Each complete entry will be returned with comments
from one or more judges. Entries will be judged on several factors –
originality, quality of writing, perceptiveness and strength of financial
You may use the materials below to get some idea of what a research report should be like, and what it should contain. Keep in mind, however, that the requirements of PERC are not the same as what would be needed in a general research report. In particular, the format required here is much shorter.
There will be several workshops offered both at Pace and at NYSSA to help PERC participants. Click here for more information.