finmodeling 0.1 → 0.2

data/spec/reformulated_income_statement_spec.rb

@@ -14,7 +14,7 @@ describe FinModeling::ReformulatedIncomeStatement  do
 
     @inc_stmt_2009 = @filing_2009.income_statement
     is_period_2009 = @inc_stmt_2009.periods.last
-    @reformed_inc_stmt_2009 = @inc_stmt_2009.reformulated(is_period_2009)
+    @reformed_inc_stmt_2009 = @inc_stmt_2009.reformulated(is_period_2009, ci_calc=nil)
 
     @bal_sheet_2009 = @filing_2009.balance_sheet
     bs_period_2009 = @bal_sheet_2009.periods.last
@@ -22,7 +22,7 @@ describe FinModeling::ReformulatedIncomeStatement  do
 
     @inc_stmt_2011 = @filing_2011.income_statement
     is_period_2011 = @inc_stmt_2011.periods.last
-    @reformed_inc_stmt_2011 = @inc_stmt_2011.reformulated(is_period_2011)
+    @reformed_inc_stmt_2011 = @inc_stmt_2011.reformulated(is_period_2011, ci_calc=nil)
 
     @bal_sheet_2011 = @filing_2011.balance_sheet
     bs_period_2011 = @bal_sheet_2011.periods.last
@@ -171,7 +171,7 @@ describe FinModeling::ReformulatedIncomeStatement  do
   end
 
   describe "analysis" do
-    subject {@reformed_inc_stmt_2011.analysis(@reformed_bal_sheet_2011, @reformed_inc_stmt_2009, @reformed_bal_sheet_2009) }
+    subject {@reformed_inc_stmt_2011.analysis(@reformed_bal_sheet_2011, @reformed_inc_stmt_2009, @reformed_bal_sheet_2009, e_ror=0.10) }
 
     it { should be_an_instance_of FinModeling::CalculationSummary }
     it "contains the expected rows" do
@@ -191,7 +191,7 @@ describe FinModeling::ReformulatedIncomeStatement  do
   
       @inc_stmt_2011_q3 = @filing_2011_q3.income_statement
       is_period_2011_q3 = @inc_stmt_2011_q3.periods.threequarterly.last
-      @reformed_inc_stmt_2011_q3 = @inc_stmt_2011_q3.reformulated(is_period_2011_q3)
+      @reformed_inc_stmt_2011_q3 = @inc_stmt_2011_q3.reformulated(is_period_2011_q3, ci_calc=nil)
 
       @diff = @reformed_inc_stmt_2011 - @reformed_inc_stmt_2011_q3
     end
@@ -248,7 +248,8 @@ describe FinModeling::ReformulatedIncomeStatement  do
     before (:all) do
       @company = FinModeling::Company.find("aapl")
       @filings = FinModeling::CompanyFilings.new(@company.filings_since_date(Time.parse("2010-10-01")))
-      @policy = FinModeling::GenericForecastingPolicy.new
+      @last_operating_revenues = @filings.last.income_statement.latest_quarterly_reformulated(nil, nil, nil).operating_revenues.total
+      @policy = FinModeling::GenericForecastingPolicy.new(:operating_revenues => @last_operating_revenues)
   
       prev_bs_period = @filings.last.balance_sheet.periods.last
       next_bs_period_value = prev_bs_period.value.next_month.next_month.next_month
@@ -260,7 +261,7 @@ describe FinModeling::ReformulatedIncomeStatement  do
     end
 
     let(:last_re_bs) { @filings.last.balance_sheet.reformulated(@filings.last.balance_sheet.periods.last) }
-    let(:last_re_is) { @filings.last.income_statement.latest_quarterly_reformulated(nil) }
+    let(:last_re_is) { @filings.last.income_statement.latest_quarterly_reformulated(nil, nil, nil) }
     let(:next_re_is) { FinModeling::ReformulatedIncomeStatement.forecast_next(@next_is_period, @policy, last_re_bs, last_re_is) }
     let(:next_re_bs) { FinModeling::ReformulatedBalanceSheet.forecast_next(@next_bs_period, @policy, last_re_bs, next_re_is) }
 
@@ -270,24 +271,24 @@ describe FinModeling::ReformulatedIncomeStatement  do
     it "should have the given period" do
       subject.period.to_pretty_s == @next_is_period.to_pretty_s
     end
-    it "should set operating_revenue to last year's revenue times the revenue growth" do
-      expected_val = last_re_is.operating_revenues.total * (1.0 + FinModeling::Rate.new(@policy.revenue_growth).annualize(from=365, to=365/4.0))
-      subject.operating_revenues.total.should == expected_val
+    it "should set operating_revenue to last year's revenue" do
+      expected_val = last_re_is.operating_revenues.total
+      subject.operating_revenues.total.should be_within(0.1).of(expected_val)
     end
     it "should set OISAT to operating revenue times sales PM" do
-      expected_val = subject.operating_revenues.total * @policy.sales_pm
-      subject.income_from_sales_after_tax.total.should == expected_val
+      expected_val = subject.operating_revenues.total * @policy.sales_pm_on(@next_is_period.value["end_date"])
+      subject.income_from_sales_after_tax.total.should be_within(0.1).of(expected_val)
     end
     it "should set NFI to fi_over_nfa times last year's NFA" do
-      expected_val = last_re_bs.net_financial_assets.total * (@policy.fi_over_nfa/4)
-      subject.net_financing_income.total.should == expected_val
+      expected_val = last_re_bs.net_financial_assets.total * (@policy.fi_over_nfa_on(@next_is_period.value["end_date"])/4) # FIXME use Rate.annualize
+      subject.net_financing_income.total.should be_within(0.1).of(expected_val)
     end
     it "should set comprehensive income to OISAT plus NFI" do
       expected_val = subject.income_from_sales_after_tax.total + subject.net_financing_income.total
-      subject.comprehensive_income.total.should == expected_val
+      subject.comprehensive_income.total.should be_within(0.1).of(expected_val)
     end
     it "should have an empty analysis (with the same rows)" do
-      subject.analysis(next_re_bs, last_re_is, last_re_bs)
+      subject.analysis(next_re_bs, last_re_is, last_re_bs, e_ror=0.10)
     end
   end
 end

data/spec/reformulated_shareholder_equity_statement_spec.rb

@@ -0,0 +1,43 @@
+# reformulated_income_statement_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::ReformulatedShareholderEquityStatement  do
+  before(:all) do
+    deere_2011_annual_rpt = "http://www.sec.gov/Archives/edgar/data/315189/000110465910063219/0001104659-10-063219-index.htm"
+    filing = FinModeling::AnnualReportFiling.download deere_2011_annual_rpt
+    stmt = filing.shareholder_equity_statement
+    period = stmt.periods.last
+
+    @equity_chg = stmt.equity_change_calculation.summary(:period => period)
+    @re_ses = stmt.reformulated(period)
+  end
+
+  describe "transactions_with_shareholders" do
+    subject { @re_ses.transactions_with_shareholders }
+    it { should be_a FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of( @equity_chg.filter_by_type(:share_issue  ).total +
+                                            @equity_chg.filter_by_type(:minority_int ).total +
+                                            @equity_chg.filter_by_type(:share_repurch).total +
+                                            @equity_chg.filter_by_type(:common_div   ).total) }
+  end
+
+  describe "comprehensive_income" do
+    subject { @re_ses.comprehensive_income }
+    it { should be_a FinModeling::CalculationSummary }
+    its(:total) { should be_within(0.1).of( @equity_chg.filter_by_type(:net_income   ).total +
+                                            @equity_chg.filter_by_type(:oci          ).total +
+                                            @equity_chg.filter_by_type(:preferred_div).total) }
+  end
+
+  describe "analysis" do
+    subject { @re_ses.analysis }
+
+    it { should be_a FinModeling::CalculationSummary }
+    it "contains the expected rows" do
+      expected_keys = [ "Tx w Shareholders ($MM)", "CI ($MM)" ]
+      subject.rows.map{ |row| row.key }.should == expected_keys
+    end
+  end
+
+end

data/spec/reoi_valuation_spec.rb

@@ -0,0 +1,146 @@
+require 'spec_helper'
+
+describe FinModeling::ReOIValuation do
+  before (:all) do
+    @company = FinModeling::Company.find("aapl")
+    @filings = FinModeling::CompanyFilings.new(@company.filings_since_date(Time.parse("2012-10-01")))
+    @cost_of_capital  = FinModeling::Rate.new(0.086) # 8.6% (made up)
+    @forecasts = @filings.forecasts(@filings.choose_forecasting_policy(@cost_of_capital.value), num_forecast_periods=4)
+    @num_shares = 934882640
+  end
+
+  describe ".new" do
+    subject { FinModeling::ReOIValuation.new(@filings, @forecasts, @cost_of_capital, @num_shares) }
+
+    it { should be_a FinModeling::ReOIValuation }
+  end
+
+  describe ".summary" do
+    let(:valuation) { FinModeling::ReOIValuation.new(@filings, @forecasts, @cost_of_capital, @num_shares) }
+    subject { valuation.summary }
+
+    it { should be_a FinModeling::CalculationSummary }
+    its(:title) { should == "ReOI Valuation" }
+    its(:totals_row_enabled) { should be_false }
+    it "should have the right row keys" do
+      expected_keys = []
+      expected_keys << "ReOI ($MM)"
+      expected_keys << "PV(ReOI) ($MM)"
+      expected_keys << "CV ($MM)"
+      expected_keys << "PV(CV) ($MM)"
+      expected_keys << "Book Value of Common Equity ($MM)"
+      expected_keys << "Enterprise Value ($MM)"
+      expected_keys << "NFA ($MM)"
+      expected_keys << "Value of Common Equity ($MM)"
+      expected_keys << "# Shares (MM)"
+      expected_keys << "Value / Share ($)"
+      subject.rows.map{ |x| x.key }.should == expected_keys
+    end
+
+    it "should show today, plus the forecasted periods" do
+      period_strings = []
+      period_strings << @filings.re_bs_arr.last.period.to_pretty_s
+      period_strings += @forecasts.reformulated_balance_sheets.map{ |x| x.period.to_pretty_s + "E" }
+      subject.header_row.vals.should == period_strings
+    end
+
+    it "should show all forecasted ReOIs" do
+      prev_re_bses = [@filings.re_bs_arr.last] + @forecasts.reformulated_balance_sheets[0..-2]
+      re_ises =  @forecasts.reformulated_income_statements
+      re_ois = re_ises.zip(prev_re_bses).map{ |pair| pair[0].re_oi(pair[1], @cost_of_capital.value).to_nearest_million }
+
+      reoi_row = subject.rows.find{ |x| x.key == "ReOI ($MM)" }
+      reoi_row.vals[1..-1].should == re_ois
+    end
+
+    it "should the present value of the first N-1 ReOI forecasts" do
+      reoi_row = subject.rows.find{ |x| x.key == "ReOI ($MM)" }
+      pv_reoi_row = subject.rows.find{ |x| x.key == "PV(ReOI) ($MM)" }
+
+      1.upto(reoi_row.vals.length-2) do |col_idx|
+        days_from_now = valuation.periods[col_idx].value - Date.today
+        discount_rate  = FinModeling::Rate.new(@cost_of_capital.value + 1.0)
+        d = discount_rate.annualize(from_days=365, to_days=days_from_now)
+        expected_pv_reoi = reoi_row.vals[col_idx] / d
+        pv_reoi_row.vals[col_idx].should be_within(100.0).of(expected_pv_reoi) # rounding error bc the test is working off of nearest-million values
+      end
+    end
+
+    it "should the continuing value, based on the last period's ReOI" do
+      reoi_row = subject.rows.find{ |x| x.key == "ReOI ($MM)" }
+      cv_row   = subject.rows.find{ |x| x.key == "CV ($MM)" }
+
+      expected_cv = reoi_row.vals.last / @cost_of_capital.value # FIXME: this is an assumption of zero-growth CV
+      cv_row.vals[-2].should be_within(10.0).of(expected_cv)
+    end
+
+    it "should the present value of the continuing value" do
+      cv_row = subject.rows.find{ |x| x.key == "CV ($MM)" }
+      pv_cv_row = subject.rows.find{ |x| x.key == "PV(CV) ($MM)" }
+
+      1.upto(cv_row.vals.length-2) do |col_idx|
+        if cv_row.vals[col_idx]
+          days_from_now = valuation.periods[col_idx].value - Date.today
+          discount_rate  = FinModeling::Rate.new(@cost_of_capital.value + 1.0)
+          d = discount_rate.annualize(from_days=365, to_days=days_from_now)
+          expected_pv_cv = cv_row.vals[col_idx] / d
+          pv_cv_row.vals[col_idx].should be_within(2.0).of(expected_pv_cv)
+        end
+      end
+    end
+
+    it "should show the current book value of equity" do
+      bv_cse_row = subject.rows.find{ |x| x.key == "Book Value of Common Equity ($MM)" }
+
+      bv_cse_row.vals[0].should be_within(1.0).of(@filings.re_bs_arr.last.common_shareholders_equity.total.to_nearest_million)
+    end
+
+    it "should show the enterprise value" do
+      pv_reoi_row = subject.rows.find{ |x| x.key == "PV(ReOI) ($MM)" }
+      pv_cv_row = subject.rows.find{ |x| x.key == "PV(CV) ($MM)" }
+      bv_cse_row = subject.rows.find{ |x| x.key == "Book Value of Common Equity ($MM)" }
+      ev_row = subject.rows.find{ |x| x.key == "Enterprise Value ($MM)" }
+
+      expected_ev = pv_reoi_row.vals[1..-2].inject(:+) + pv_cv_row.vals.select{ |x| x }.inject(:+) + bv_cse_row.vals.select{ |x| x }.inject(:+)
+
+      ev_row.vals[0].should be_within(2.0).of(expected_ev)
+    end
+
+    it "should show the book value of net financial assets" do
+      bv_nfa_row = subject.rows.find{ |x| x.key == "NFA ($MM)" }
+
+      bv_nfa_row.vals[0].should be_within(1.0).of(@filings.re_bs_arr.last.net_financial_assets.total.to_nearest_million)
+    end
+
+    it "should show the value of common equity" do
+      ev_row = subject.rows.find{ |x| x.key == "Enterprise Value ($MM)" }
+      bf_nfa_row = subject.rows.find{ |x| x.key == "NFA ($MM)" }
+      cse_row = subject.rows.find{ |x| x.key == "Value of Common Equity ($MM)" }
+
+      expected_cse = ev_row.vals[0] + bf_nfa_row.vals[0]
+
+      cse_row.vals[0].should be_within(1.0).of(expected_cse)
+    end
+
+    it "should show the book value of net financial assets" do
+      num_shares_row = subject.rows.find{ |x| x.key == "# Shares (MM)" }
+
+      num_shares_row.vals[0].should be_within(1.0).of(@num_shares.to_nearest_million)
+    end
+
+    it "should show the value per share" do
+      cse_row = subject.rows.find{ |x| x.key == "Value of Common Equity ($MM)" }
+      num_shares_row = subject.rows.find{ |x| x.key == "# Shares (MM)" }
+      value_per_share_row = subject.rows.find{ |x| x.key == "Value / Share ($)" }
+
+      expected_value_per_share = cse_row.vals[0] / num_shares_row.vals[0]
+
+      value_per_share_row.vals[0].should be_within(1.0).of(expected_value_per_share)
+    end
+
+    it "should print successfully" do # FIXME: delete this. it's just for hacking
+      subject.print
+    end
+  end
+
+end

data/spec/shareholder_equity_statement_calculation_spec.rb

@@ -0,0 +1,59 @@
+# shareholder_equity_statement_calculation_spec.rb
+
+require 'spec_helper'
+
+describe FinModeling::ShareholderEquityStatementCalculation  do
+  before(:all) do
+    deere_2011_annual_rpt = "http://www.sec.gov/Archives/edgar/data/315189/000110465910063219/0001104659-10-063219-index.htm"
+    filing = FinModeling::AnnualReportFiling.download deere_2011_annual_rpt
+    @stmt = filing.shareholder_equity_statement
+    @period = @stmt.periods.last
+  end
+
+  describe ".equity_change_calculation" do
+    subject { @stmt.equity_change_calculation }
+    it { should be_a FinModeling::EquityChangeCalculation }
+    its(:label) { should match /(stock|share)holder.*equity/i }
+
+    #let(:right_side_sum) { @stmt.liabs_and_equity_calculation.leaf_items_sum(:period=>@period) }
+    #specify { subject.leaf_items_sum(:period=>@period).should be_within(1.0).of(right_side_sum) }
+
+    it "should have the same last total as the balance sheet''s cse" do
+      pending
+    end
+  end
+
+  describe ".is_valid?" do
+    context "always... ?" do
+      it "returns true" do
+        @stmt.is_valid?.should be_true
+      end
+    end
+  end
+
+  describe ".reformulated" do
+    subject { @stmt.reformulated(@period) }
+    it { should be_a FinModeling::ReformulatedShareholderEquityStatement }
+  end
+
+  describe ".write_constructor" do
+    before(:all) do
+      file_name = "/tmp/finmodeling-shareholder-equity-stmt.rb"
+      item_name = "@stmt"
+      file = File.open(file_name, "w")
+      @stmt.write_constructor(file, item_name)
+      file.close
+
+      eval(File.read(file_name))
+      @loaded_stmt = eval(item_name)
+    end
+
+    context "after write_constructor()ing it to a file and then eval()ing the results" do
+      subject { @loaded_stmt }
+      it { should have_the_same_periods_as @stmt }
+      #it { should have_the_same_reformulated_last_total(:net_operating_assets).as(@stmt) }
+    end
+  end
+
+end
+

data/spec/spec_helper.rb

@@ -1,5 +1,8 @@
+require 'rspec'
+
+$:.unshift(File.expand_path(File.join(File.dirname(__FILE__), "../lib")))
 require 'finmodeling'
 
 require 'mocks/sec_query'
 require 'mocks/calculation'
-
+require 'matchers/custom_matchers'

data/spec/string_helpers_spec.rb

@@ -3,21 +3,23 @@
 require 'spec_helper'
 
 describe String do
-  describe "matches_regexes?" do
-    it "returns false if no regexes are provided" do
-      s = "asdfasdf"
-      regexes = []
-      s.matches_regexes?(regexes).should be_false
+  let(:s) { "asdfasdf" }
+
+  describe "matches_any_regex?" do
+    context "if no regexes are provided" do
+      let(:regexes) { [] }
+      subject { s.matches_any_regex?(regexes) }
+      it { should be_false }
     end
-    it "returns false if the string does not match any of the regexes" do
-      s = "asdfasdf"
-      regexes = [/\d/, /[A-Z]/]
-      s.matches_regexes?(regexes).should be_false
+    context "if the string does not match any of the regexes" do
+      let(:regexes) { [/\d/, /[A-Z]/] }
+      subject { s.matches_any_regex?(regexes) }
+      it { should be_false }
     end
-    it "returns true if the string matches one or more of the regexes" do
-      s = "asdfasdf"
-      regexes = [/sdf/, /ddd/, /af+/]
-      s.matches_regexes?(regexes).should be_true
+    context "if the string matches one or more of the regexes" do
+      let(:regexes) { [/sdf/, /ddd/, /af+/] }
+      subject { s.matches_any_regex?(regexes) }
+      it { should be_true }
     end
   end
 end

data/spec/time_series_estimator_spec.rb

@@ -0,0 +1,61 @@
+require 'spec_helper'
+
+describe FinModeling::TimeSeriesEstimator do
+
+  describe ".new" do
+    let(:a) { 1.0 }
+    let(:b) { 0.2 }
+    subject { FinModeling::TimeSeriesEstimator.new(a, b) }
+
+    it { should be_a FinModeling::TimeSeriesEstimator }
+    its(:a) { should be_within(0.01).of(a) }
+    its(:b) { should be_within(0.01).of(b) }
+  end
+
+  describe ".estimate_on" do
+    let(:a) { 1.0 }
+    let(:b) { 0.2 }
+    let(:estimator) { FinModeling::TimeSeriesEstimator.new(a, b) }
+
+    context "when predicting today's outcome" do
+      let(:date) { Date.today }
+      subject { estimator.estimate_on(date) }
+
+      it { should be_a Float }
+      it { should be_within(0.01).of(a) }
+    end
+
+    context "when predicting any other day" do
+      let(:date) { Date.parse("2014-01-01") }
+      let(:num_days) { date - Date.today }
+      subject { estimator.estimate_on(date) }
+
+      it { should be_a Float }
+      it { should be_within(0.01).of(a + (b*num_days)) }
+    end
+  end
+
+  describe "#from_time_series" do
+    let(:ys) { [ 10, 20 ] }
+    let(:dates) { [ (Date.today - 1), (Date.today) ] }
+    subject { FinModeling::TimeSeriesEstimator.from_time_series(dates, ys) }
+    let(:expected_a) { 20 }
+    let(:expected_b) { 20-10 }
+
+    it { should be_a FinModeling::TimeSeriesEstimator }
+    its(:a) { should be_within(0.01).of(expected_a) }
+    its(:b) { should be_within(0.01).of(expected_b) }
+  end
+
+  describe "#from_const" do
+    let(:y) { [ 10 ] }
+    subject { FinModeling::TimeSeriesEstimator.from_const(y) }
+    let(:expected_a) { 10 }
+    let(:expected_b) { 0 }
+
+    it { should be_a FinModeling::TimeSeriesEstimator }
+    its(:a) { should be_within(0.01).of(expected_a) }
+    its(:b) { should be_within(0.01).of(expected_b) }
+  end
+
+end

data/spec/trailing_avg_forecasting_policy_spec.rb

@@ -0,0 +1,37 @@
+require 'spec_helper'
+
+describe FinModeling::TrailingAvgForecastingPolicy  do
+  before (:all) do
+    @vals = { :revenue_estimator        => FinModeling::TimeSeriesEstimator.new(0.04, 0.0), 
+              :sales_pm_estimator       => FinModeling::TimeSeriesEstimator.new(0.20, 0.0), 
+              :fi_over_nfa_estimator    => FinModeling::TimeSeriesEstimator.new(0.01, 0.0), 
+              :sales_over_noa_estimator => FinModeling::TimeSeriesEstimator.new(2.00, 0.0) }
+  end
+
+  let(:policy) { FinModeling::TrailingAvgForecastingPolicy.new(@vals) }
+  let(:date) { Date.today }
+
+  describe ".revenue_on" do
+    subject { policy.revenue_on(date) }
+    it { should be_a Float }
+    it { should be_within(0.01).of(@vals[:revenue_estimator].a) }
+  end
+
+  describe ".sales_pm_on" do
+    subject { policy.sales_pm_on(date) }
+    it { should be_a Float }
+    it { should be_within(0.01).of(@vals[:sales_pm_estimator].a) }
+  end
+
+  describe ".fi_over_nfa_on" do
+    subject { policy.fi_over_nfa_on(date) }
+    it { should be_a Float }
+    it { should be_within(0.01).of(@vals[:fi_over_nfa_estimator].a) }
+  end
+
+  describe ".sales_over_noa_on" do
+    subject { policy.sales_over_noa_on(date) }
+    it { should be_a Float }
+    it { should be_within(0.01).of(@vals[:sales_over_noa_estimator].a) }
+  end
+end

data/spec/weighted_avg_cost_of_capital_spec.rb

@@ -0,0 +1,32 @@
+require 'spec_helper'
+
+describe FinModeling::WeightedAvgCostOfCapital do
+  let(:equity_market_val)      { 2.2*1000*1000*1000 }
+  let(:debt_market_val)        { 997.0*1000*1000 }
+  let(:cost_of_equity)         { FinModeling::Rate.new(0.0087) }
+  let(:after_tax_cost_of_debt) { FinModeling::Rate.new(0.0031) }
+
+  describe '.new' do
+    subject { FinModeling::WeightedAvgCostOfCapital.new(equity_market_val, debt_market_val, cost_of_equity, after_tax_cost_of_debt) }
+
+    it { should be_a FinModeling::WeightedAvgCostOfCapital }
+  end
+
+  describe '.rate' do
+    let(:wacc) { FinModeling::WeightedAvgCostOfCapital.new(equity_market_val, debt_market_val, cost_of_equity, after_tax_cost_of_debt) }
+    subject { wacc.rate }
+
+    let(:total_val) { equity_market_val + debt_market_val }
+    let(:e_weight) { equity_market_val / total_val }
+    let(:d_weight) { debt_market_val / total_val }
+    let(:expected_wacc) { (e_weight * cost_of_equity.value) + (d_weight * after_tax_cost_of_debt.value) }
+    its(:value) { should be_within(1.0).of(expected_wacc) }
+  end
+
+  describe '.summary' do
+    let(:wacc) { FinModeling::WeightedAvgCostOfCapital.new(equity_market_val, debt_market_val, cost_of_equity, after_tax_cost_of_debt) }
+    subject { wacc.summary }
+
+    it { should be_a FinModeling::CalculationSummary }
+  end
+end

data/tools/create_equity_change_training_vectors.rb

@@ -0,0 +1,49 @@
+#!/usr/bin/env ruby
+
+$LOAD_PATH << "."
+
+require 'finmodeling'
+
+def get_args
+  if ARGV.length != 1
+    puts "usage #{__FILE__} <stock symbol or report URL>"
+    exit
+  end
+
+  args = { :stock_symbol => nil, :filing_url => nil }
+  arg = ARGV[0]
+  if arg =~ /http/
+    args[:filing_url] = arg
+  else
+    args[:stock_symbol] = arg.downcase
+  end
+
+  return args
+end
+
+def get_company_filing_url(stock_symbol)
+  company = FinModeling::Company.find(stock_symbol)
+  raise RuntimeError.new("couldn't find company") if company.nil?
+  raise RuntimeError.new("company has no annual reports") if company.annual_reports.length == 0
+  filing_url = company.annual_reports.last.link
+
+  return filing_url
+end
+
+def get_filing(filing_url)
+  filing = FinModeling::AnnualReportFiling.download(filing_url)
+  return filing
+end
+
+def print_items(filing)
+  return if !filing.has_a_shareholder_equity_statement?
+  items =  filing.shareholder_equity_statement.equity_change_calculation.leaf_items
+  items.each do |item| 
+    puts "                         { :eci_type=>:c, :item_string=>\"#{item.pretty_name}\" }," 
+  end
+end
+
+args = get_args
+filing_url = args[:filing_url] || get_company_filing_url(args[:stock_symbol])
+filing = get_filing(filing_url)
+print_items(filing)

data/tools/time_specs.sh

@@ -0,0 +1,7 @@
+#!/bin/bash
+
+for i in `/bin/ls spec/*spec.rb`; do
+  /usr/bin/time -f "%E" rspec -c -fd -I. -Ispec $i > /dev/null 2>/tmp/jbl_time.txt
+  ELAPSED=`cat /tmp/jbl_time.txt`; echo "$ELAPSED $i"
+  rm /tmp/jbl_time.txt
+done