Corporate and Securities Research

1. Corporate and Securities Research William A. Schwesig was2@uchicago.edu Margaret A. Schilt schilt@uchicago.edu D'Angelo Law Library

2. What if you don’t have anything in mind and need a topic? • Try the News databases in LexisNexis and Westlaw • Try the BNA topical newsletters: see the Law Library webpage under Law Databases • Read the D’Angelo Law Library Corporate and Securities Research page, on the Law Library website under Research Guides D'Angelo Law Library

3. Example: Finding a topic • BNA databases D'Angelo Law Library

4. Starting Points • As with all legal research, where you start depends on what information you have and what you are trying to find out. Possibilities: A person A company A transaction An industry Issuance of a security D'Angelo Law Library

5. Starting with a Company History Stock ownership Recent stock issuances Corporate Structure Litigation Products and services Recent mergers or acquisitions Stock performance Earnings D'Angelo Law Library

6. Find out more abouti2 Technologies, Inc. • LexisNexis News and Business >Company & Financial > Company Profiles & Directories > U.S. Company Reports D'Angelo Law Library

7. Starting with a Person Experience Expertise Education Positions- current and past Directorships? Officer positions? Associations? Compensation Investments Stock holdings D'Angelo Law Library

8. Find out more about Sanjiv Sidhu • LexisNexis News and Business > Company & Financial > Company Directors & Executives D'Angelo Law Library

9. Find out more about John P. McPadden, Sr. • Sometimes Google is helpful. • If not, try Martindale Hubbell (possible that nominal plaintiff is a lawyer…) • Try searching the business press using Ebsco Business Source Complete and Factiva. D'Angelo Law Library

10. Starting with a Transaction Merger? Acquisition? Sale of assets? Loan? Issuance of stock? Who? When? Where? Why? How? D'Angelo Law Library

11. I2 Technologies approved a management buyout of its wholly-owned subsidiary, Trade Services Corporation (TSC) • LexisNexis News and Business > Company & Financial > Mergers & Acquisitions > Mergerstat M&A Database D'Angelo Law Library

12. Financial Filings:LexisNexis and Westlaw • LexisNexis > News & Business > Company & Financial > Financial Filings > U.S. Financial Filings • Note the database structure: can search individual filings across companies • Westlaw > All Databases > Business & News > Company & Industry Reports, Analysis > Edgar-SEC Filings • Template permits searching by company name and form number (try i2 Technologies and 8-K and then search in results for TSC) D'Angelo Law Library

13. Finding industry information • Use SIC/NAICS codes to find companies with similar businesses D'Angelo Law Library

14. Finding information about the issuance of a particular security: using CUSIP numbers Type of security – debt or equity Purchasers Who was hurt Who benefited Players: management, Board, accountants, lawyers Condition of company before and after Terms D'Angelo Law Library

15. Resources to Use • LexisNexis business resources • SEC filings (See Terms Sheet for definitions and Bill Schwesig’s demo for examples) • Company websites (esp. for transaction docs) • Corporate governance websites; current awareness databases • Print treatises • Commercial business research resources, e.g. Thomson Research, Factiva(see Bill Schwesig’s demo below) D'Angelo Law Library

16. Human Resources At the Reference Desk: • Sheri Lewis • Bill Schwesig • Lyonette Louis-Jacques • Margaret Schilt • Todd Ito D'Angelo Law Library

17. Corporation and Securities Research Bill Schwesig Spring 2009 D'Angelo Law Library

18. Research Guides • Corporate and Securities Researchon DLL web page, under Research Guides www.lib.uchicago.edu/e/law/corpsec.html • Business and Economics www.lib.uchicago.edu/e/busecon/ D'Angelo Law Library

19. Business News • EBSCO Business Source Complete– full text with images, charts, PDF • ABI Inform – business journals and trades • LexisNexis • Westlaw • Factiva – full text searching, news pages • Wall Street Journal on ProQuest • Bloomberg terminal D'Angelo Law Library

20. Corporate Governance Plans • Investor Relations section ofCompany web site • Specific issues, in EDGAR filings • Bylaws (Form S-1, Exhibit 3) • Proxy materials (Schedule 14A) • Management discussion (Form 10-K) D'Angelo Law Library

21. 10-K Annual Report 10-Q Quarterly Report 8-K Current Report(Bad News) Proxy materials Bylaws and articles Registration Statements Insider Trading Sale of Restricted Shares Williams Act (Tender Offers) Material Contracts EDGAR Filings D'Angelo Law Library

22. Annual Reports (10-K) • Description of the Company’s Business • Management Discussion • Financials – Income, Revenues, Debt, Cash Flow • Outstanding Shares, Institutional Ownership • Officers and Directors, Compensation • Material Contracts, Stock Option Plans D'Angelo Law Library

23. Executive Compensation • Salaries: Form 10-K • Executive employment contracts:Exhibit 10, Material Contracts • Total cash value of nonsalary compensation: Proxy materials (Schedule 14A) D'Angelo Law Library

24. Sources of EDGAR Filings • Securities and Exchange Commission • Mergent Online • Thomson One Banker • LexisNexis • Westlaw D'Angelo Law Library

25. SEC • Free at www.sec.gov • 1993 to present • Look up companies by name, ticker, SIC code or by Central Index Key (CIK) • Documents and exhibits are separate hyperlinked documents D'Angelo Law Library

26. LexisNexis • Search all filings and exhibits, or select the forms you are interested in • Filings and exhibits are separate documents • Edgar Online searches all filings and exhibits • Disclosure – financial reports compiled from data in EDGAR filings D'Angelo Law Library

27. Westlaw • EDGAR – good for full-text searching Many Westlaw business databases not available on our Law School subscription plan are available on Westlaw Business, LexisNexis, or Thomson One Banker D'Angelo Law Library

28. Peer Group Analysis • Mergent Online (link to guide) • Thomson One Banker • Factiva D'Angelo Law Library

29. Peer Comparison Reports: Thomson One Banker • Select “Comparables” • Options include: • Overviews • Performance • Financials • Earnings No custom reports D'Angelo Law Library

30. Comparison Reports: Factiva • Companies/Markets tab • Select: Company • Search by name or ticker in Get Company Snapshot • Select Reports (lower left) • Select Ratio Comparison Report D'Angelo Law Library