A recent student enquiry asked for clarification on Thomson ONE.com.
The simplest approach is a screenshot and explanation following our guidance in the Referencing Guide at the University of Manchester – Harvard Referencing Style.
Often it is appropriate for the figure caption to be relatively short and the text referring to the figure to give the details of the source of the data. It should be clear whether the figure is directly provided by the financial database as in this screenshot (Thomson ONE.com, 2013), or the figure is of your own design using data obtained.
The reference year (in this case 2013) will normally be the same as the year accessed. Even though the company accounts information in figure 1 is only till 2010, the web page was dynamically generated in response to a request made in 2013 and therefore is “published in 2013″.
The reference year can differ from the year accessed when referring to the document that has its own date. For example the AstraZeneca annual report for the financial year ending 31 December 2010 is published in 2011 and available through Thomson ONE.com (AstraZeneca, 2011).
The URL in the reference (see below) is a compromise. Thomson ONE.com is a subscription service so the URL is of limited value to readers who do not have access. On the other hand the URL does provide additional confirmation to readers who have Thomson ONE.com access.
AstraZeneca. (2011) AstraZeneca Annual Report and Form 20-F Information 2010 [Online]. Available at: http://www.thomsonone.com/ (Accessed: 20 December 2013)
Thomson ONE.com. (2013) Thomson ONE.com. Thomson Reuters. [Online]. Available at: http://www.thomsonone.com/ (Accessed: 20 December 2013)
Appendix – related posts
Referencing databases (November 2012)
Referencing – new citation guide (February 2013)
From the Lippincott Datapoints blog – an excellent source of Bloomberg tips
Originally posted on Datapoints: A blog from the Lippincott Library of the Wharton School of Business:
Bloomberg’s Trade Flow function (ECTR) has recently been updated. It provides an easy way to produce tables and graphs for world trade including data on total trade, surplus/deficit, exports/imports and net exports. Time series go back to 1980 and include yearly, quarterly, and monthly data. Geographic detail includes geographic regions, 251 countries, and geopolitical regions such as BRICS and the EU.
Bloomberg uses import data provided by the IMF. Bloomberg then determines the figures for exports by imputing them from imports. For example, country A’s exports to Country B are given as Country B’s imports from country A. This calculation is done to make world total imports and exports equal. Reported export figures of countries tend to be lower, and are assumed to be less accurate, than import figures. For example, the IMF reports Total World exports in 2012 as 18,097.2 billion U.S. dollars and Total World imports as 18.267.0 billion dollars. The World seems to have misplaced about 170 billion dollars.
The graphic of China’s trade deficit in 2012 (shown below) displays its trade with the top 20 country trading partners ranked by the size of the deficit. The lines linking country names are color coded indicating the relative size of the deficit. Mousing over the lines will indicate imports and exports between China and its partners. Mousing over the country’s names will show their total imports and exports in world trade.
You hear about the book Initial Public Offerings: The mechanics and performance of IPOs and decide that you want to know more about the research of the author Prof. Arif Khurshed, Manchester Business School, University of Manchester.
You could also do a search in the University of Manchester institutional repository eScholar.
- Manchester eScholar search for Khurshed, Arif (opens in new window)
There are a number of advantages to using eScholar.
- more options for refining your search
- links to get more details on Arif Khurshed’s publications
- recent theses that he has supervised.
The main disadvantage to Manchester eScholar is that it is a relatively new service, officially launched in April 2009, so may have limited information on publications before this date.
After reading the MBS news Gary Davies takes Tesco Professorship you could lookup Prof. Davies academic publications in Scopus.
Perform an author search – surname Davies and organisation Manchester Business School
Select the link to see all the author’s documents in Scopus
(You might want to refine your search – for example, affiliation Manchester Business School OR University of Manchester )
One popular feature of Scopus is that you can order results in terms of “Cited by” so you can start your browsing with those articles that are most cited (by other papers within Scopus). Remember that this will be biased in terms of older articles that have had longer to be cited.
When you find someone of particular relevance to your research area then you might want to investigate keeping up to date services.
Obviously if you are researching an academic researcher not at the University of Manchester then you will have to look for their institutional repository, which may vary in some features from Manchester eScholar.
Researchers often want to get data on the total return for equities (shares) or equity indices. These returns include the reinvestment of dividends.
On Bloomberg Professional there is a Total Return Analysis (TRA) function – this provides a rich set of options for calculating returns between a start date (when you buy) and an end date (when you sell).
To get a time series to calculate total returns you can use the Bloomberg variable Total Return Index (Gross Dividends) (RT116) rather that the default variable Last Price.
This screenshot is a typical graph of the difference between share price return and total return over time.
This was created using Bloomberg’s general Graph (G) function.
It shows a graph for both Last Price and Total Return Index for one equity (GSK LN Equity) over four years (June 30 2009 to June 30 2013)
As in Bloomberg – example equity graph you can right-click on the background, export the data or image to the clipboard and then paste it into Excel or another application.
An alternative is to use the Bloomberg Graph Price (GP) function and then change the selected variable from the default to Total Return Index.
This screenshot is for Disney (DIS US Equity)
Total Return Index has been selected from the drop-down list just to the right of the date fields. (In Bloomberg editable fields appear with a gold background)
A couple of students reported problems searching for company news stories that have appeared in the Financial Times.
- Factiva- covers FT 1981 to present (one month embargo for full-text)
- ABI Inform - covers FT 1996 to present (one month embargo for full – text)
- Financial Times Historical Archive – 1888 to 2009
Factiva from Dow Jones covers a wide range of business news sources so it is a great choice if you want to extend your search to include other sources.
- Find and select source Financial Times (Available to Academic Subscribers only)
- Find and select company Ford Motor Company
- Select Date All Dates
- Additional search text - strateg* and wc>500 [optional - see Factiva – more search options (July 2010)]
- Search and browse your results, refine search parameters as necessary
Further useful Factiva tips
- Factiva – using company and source codes (September 2013)
- How Business News can enhance your Research (June 2011)
- Down to business: finding business information from My Learning Essentials includes an online video on using Factiva.
ABI Inform from ProQuest is one of the most comprehensive business databases providing access to academic journal articles, trade journal articles as well as the Financial Times.
- Select Publications and then search for Financial Times
- Select Financial Times and scroll down to search within this publication
- Try search “ford strategy” – 2528 search results on 29 November 2013
- Browse the results – sort results by relevance means headlines including ford and strategy are at the top of the results – refine search as needed
Previous post - A new look for ABI Inform (July 2011)
The Financial Times Historical Archive delivers news stories as they appeared in the paper. Every item ever printed in the daily business newspaper, from 1888-2009, can be searched and browsed article by article and page by page.
Thomson ONE.com (or T1.com) is Thomson Reuters replacement product for Thomson One Banker. It covers financial data on over 70,000 active and inactive public quoted companies globally – including key ratios, capital structure, latest deals, top holders and events. Market awareness pages provide quick access to world indices, currencies and key exchange metrics like new highs and new lows, LIBOR, Benchmark bond yields and Treasury rates. Like Thomson One Banker, T1.com also provides access to deep content sets such as Ownership, Deals, Private Equity, plus Company Events.
For researching public (quoted) companies Thomson ONE.com is one the best international company databases available to current staff and students at the University of Manchester. Other databases like Bloomberg or Thomson Reuters Datastream are only available on specific PCs in the library.
If you have used Thomson One Banker before, T1.com gives you an improved interface, additional market awareness and news, and convenient access to analysts’ reports that we previously accessed through Thomson Research. All the Business Research Plus tips for Thomson One Banker and Thomson Research will be relevant to Thomson ONE.com.
Thomson ONE.com is only compatible with Internet Explorer versions 7, 8 and 9. In IE 10, set to compatibility mode IE 9. For all versions, allow IE to accept pop-ups. Unfortunately Thomson Reuters corporate clients are not pressing the company to make it available on more recent versions of IE. If you fail to allow pop-ups you will get returned to the T1.com home page and have to redo any searching you had started.
Researchers collecting data on large numbers of companies, or over a long time period, may prefer Thomson Reuters more research oriented database Datastream. Similarly, some researchers looking for deals (e.g. mergers and acquisitions) prefer SDC Platinum (also from Thomson Reuters). For a bit more detail see Researching Financial Markets … (June, 2012)
Passport (formerly GMID) from Euromonitor International is an great source of global market, industry and country data. This includes macroeconomic data such as the consumer prices index for different countries.
On Passport the variable is named “Index of Consumer Prices” so just searching for “CPI” does not find it.
To get the forecast values for future years you need to select Change Time Series from the left-hand side menu and add the additional years that you want. The forecast values appear in italics as in the screenshot below.
At the foot of the table you have links that will take you to the definition of “Index of Consumer Prices” used in Passport, and a note to say that the value is calculated by “Euromonitor International from national statistics/Eurostat/UN/OECD”
Passport (formerly GMID) from Euromonitor International is by no means the only database that provides CPI and other macroeconomic data. Other sources include Bloomberg, Datastream, and Global Financial Database. Consumer prices indices are calculated by various providers e.g. national sources (United Kingdom Office for National Statistics), OECD, IMF, and the World Bank. Quandl is one easy way of searching these free online sources.
Professional analysts provide target prices for the companies they research. This information is available at different levels of detail from different sources, and therefore there is not a single source that is always the best when looking for target price data.
“A target price (TP) forecast reflects the analyst’s estimate of the firm’s stock price level in 12 months, providing easy to interpret, direct investment advice.” (Bilinski, Lyssimachou, and Walker, 2013)
Some target price data is freely available online. If you go to uk.finance.yahoo.com for ARM Holdings PLC you will find:
- Mean target price 1,048.28 UK pence (median, high and low is also available)
- Number of Brokers(Analysts) 25
This is for 15 November 2013 when the ARM share price closed at 944 (UK pence). Yahoo Finance UK – ARM.L – Analyst Opinion.
Thomson Research will give you more information behind the analysts’ target prices. It gives you access to the analyst reports that include the reasoning behind target prices. However, this is at the detailed level: the reports describe the target prices of an analyst, or group of analysts. There is no report that describes the consensus target price, such as the ARM mean target price of 1,048.28p (based on 25 detailed broker target prices).
For more detail see Analysts’ Reports on Thomson Research (which unfortunately only works with IE – Internet Explorer).
Thomson Reuters Datastream only gives access to consensus target prices, in contrast to the detailed target prices on Thomson Research. Datastream does give access to historical consensus target prices.
Bloomberg Professional and Thomson One Banker are sources for both consensus and detailed target price data. If you are looking for numbers, rather than the text behind the numbers, for a single company or a small portfolio these are excellent sources.
The best source for researchers who want to study target prices is IBES (I/B/E/S – Insitutional Brokers’ Estimate System) from Thomson Reuters on WRDS (Wharton Research Data Services). WRDS provides access, supporting documentation and online support to several databases used by leading accounting and finance researchers worldwide. Like other databases on WRDS, IBES has an excellent research reputation.
Recent University of Manchester research looked at target prices across 16 countries over 2002-2009 and found that analyst target price forecast accuracy is higher than a naive price forecast. The study identified various factors that affect target price accuracy – forecasts are more accurate in countries with higher accounting disclosure quality (Bilinski, Lyssimachou, and Walker, 2013).
Bilinski, P., Lyssimachou, D. and Walker, M. (2013) “Target Price Accuracy: International Evidence”, The Accounting Review, 88(3), pp. 825-851.
Target image is from An On-Purpose…On-Target Life for 2013 and Beyond (posted Dec 2012 on Retire Then What? blog)
Quandl has indexed over 7,000,000 time-series datasets from over 400 sources. All these datasets are open and free. The long term goal of Quandl is to make all the numerical data on the internet easy to find and easy to use (Quandl, 2013a).
You have to like a web site that gives you quick and easy access to oil prices, exchange rates, unemployment, world stock market indices, and Fama French factors. The screenshot below is from spot price for Brent crude oil (US Department of Energy, 2013)
Try scrolling down the Quandl home page to the “browse pages” section to get an overview of the coverage, and also look at the Quandl data sources page (Quandl, 2013b).
When using Quandl, like other web resources, you need to do a little work to check that the quality of the data is appropriate.
For example the oil price in the screenshot below is from the US Department of Energy, a reputable source, and if you want you could double-check with other sources – see Oil price – historical data (January 2011). In contrast trying to find non-US stock prices can be tricky – for Unilever you tend to get the prices for US listings rather than the primary listing in Amsterdam or London (Unilever is dual-listed) and the NYSE Euronext figures jump around suggesting some conversion error (NYSE Euronext, 2013)
The “Data Sources” page (Quandl, 2013b) gives a good overview of the range of free datasets available through Quandl. The following list some of the major sources and some that look of particular interest to Business Research Plus readers (approximate dataset counts in brackets).
- United Nations (2,100,000)
- World bank (792,000)
- Eurostat (321,000)
- Federal Reserve Economic Data (61,000)
- US Department of Energy (440,000)
- UK Office of National Statistics (14,000)
- Ken French (U Dartmouth) (25)
Quandl’s search often returns a long list of results and further filtering or revision may be needed. If you want to get 3 month treasury bill data from the Bank of England then a search “uk risk free rate” or “uk treasury bill” will not help because the series name is “End Month Level Of Discount Rate, 3 Month Treasury Bills, Sterling” (Bank of England, 2013).
Quandl was first mentioned on a couple of other business library blogs earlier this year (Datasets in Quandl, reposted Feb 2013) but at that time I didn’t explore further – thanks to the Warwick librarian who prompted this post – Quandl- freely available time-series data.
Bank of England (2103) End Month Level Of Discount Rate, 3 Month Treasury Bills, Sterling. Available at http://www.quandl.com/BOE-Bank-of-England/IUMAJNB-End-Month-Level-Of-Discount-Rate-3-Month-Treasury-Bills-Sterling (Accessed: 05 November 2013)
NYSE Euronext (2013) NYSE Euronext - UNILEVER OS (UNIA). Available at http://www.quandl.com/NYX-NYSE-Euronext/XAMS_UNIA-UNILEVER-OS-UNIA (Accessed: 05 November 2013)
Quandl (2013a) Quandl > About > Overview. Available at http://www.quandl.com/about/overview (Accessed: 04 November 2013)
Quandl (2013b) Quandl > Data > Data Sources. Available at http://www.quandl.com/data/sources (Accessed: 05 November 2013)
US Department of Energy (2013) Europe Brent Crude Oil Spot Price FOB (Dollars per Barrel). Available at http://www.quandl.com/DOE-US-Department-of-Energy/RBRTE-Europe-Brent-Crude-Oil-Spot-Price-FOB (Accessed: 05 November 2013)
Yesterday we had a presentation from our Bureau van Dijk representative on FAME and Orbis. One of the strengths of these two databases is that they both cover public and private companies. ( Fame all UK and Irish registered companies and Orbis the largest 250,000 companies worldwide on the University of Manchester subscription )
Is the italian airline Alitalia public or private? (A student query from last week)
Using Orbis, as we know it is not a UK company, we can search for companies with “alitalia” in their name.
We find :
- ALITALIA COMPAGNIA AEREA ITALIANA SPA - BvD ID number ITRM1225709 – a private company, Italy’s biggest airline that brought the trademark and some assets of the bankrupt Alitalia – Linee Aeree Italiane
(Screenshot – Industry and overview, Full overview below)
- ALITALIA LINEE AEREE ITALIANE S.P.A. – BVD ID number ITRM0135156 – a formerly public quoted company that is now a controlled subsidiary of ALITALIA COMPAGNIA AEREA ITALIANA SPA.
Because Orbis is based on company registrations it can be used to browse a company hierarchy of shareholders/owners and subsidiaries. This information is often not available, or difficult to find, on databases based on public companies and their listing on stock exchanges (e.g. Bloomberg, Datastream, Thomson One)
Alitalia shareholders back £255 million cash call (Reuters news 15 Oct 2013) does on first reading give the impression that Alitalia is a public (quoted) company, but private companies can have shareholders too – it is the listing of shares on an exchange for public dealing that matters.