Many pic financial reports now include information on ratios or these can be found on such systems as Extel or Datastream. A useful exercise for students would be to give them a set of financial statements, or ask them to obtain one, of a pic, and get them to calculate ratios and compare them with any published information available. Students could also attempt an analysis of the company in simplistic terms or be given a published analysis (e.g. from the Financial Times or elsewhere) and be asked to comment on it. These sorts of exercises lend themselves to group work by stu¬ dents and group presentations.