Business, Finance & Law Books
Taylor & Francis Designing for Playful Engagement in Museums
Designing for Playful Engagement in Museums is filled with creative fodder for practitioners who wish to make more memorable and engaging experiences that promote a sense of presence, effectively evoke emotions, tell stories that transport them, and harness visitorsâ innate playfulness.Providing readers with a framework for understanding playful engagement, Rodley details four concepts that, used effectively, can create a new generation of compelling visitor experiences. The book combines research and examples from the cultural and for-profit sectors with new insights from current research in psychology, neuroscience and human computer interaction to explore why these concepts are valuable to designers. Reflections from leading practitioners from around the globe and across the experience design spectrum provide unique insights into the current state of practice. This is augmented by examples from the authorâs thirty-plus years of experience developing visitor experiences in a variety of science, art, and history museums.Designing for Playful Engagement in Museums provides practitioners with a concrete way of thinking about engagement that centers visitors. The book will be of particular interest to professionals in museums, libraries and archives, but will also be essential reading for academics and students engaged in the study of museums, heritage, digital humanities and experience design.
£31.34
John Wiley & Sons Investments Analysis and Management 15th Edition
Book Synopsis
£132.26
Oxford University Press Governance
Book SynopsisGenerally referring to all forms of social coordination and patterns of rule, the term 'governance' is used in many different contexts. In this Very Short Introduction, Mark Bevir explores the main theories of governance and considers their impact on ideas of governance in the corporate, public, and global arenas.Trade Review[A] a well written, strong account of the story of governance * Political Studies Review *Table of ContentsLIST OF ABBREVIATIONS; FURTHER READING; INDEX
£9.49
Oxford University Press An Inquiry into the Nature and Causes of the
Book SynopsisIn addressing the nature and causes of the wealth of nations, Adam Smith made one of the most potent contributions to subsequent ideological history. In the west since the early nineteenth century he has been the patron saint of homo economicus. More recently, successive British governments have invoked his policy recommendations of free trade and laissez-faire to aid their extension of privatization and market effectiveness into areas such as health and education. Smith, however, not only viewed merchants and manufacturers with deep suspicion, but also tempered his celebration of a self-regulating market with a darker vision of the dehumanizing potential of a profit-oriented society. He did not write an economics textbook, but rather a panoramic narrative about the struggle for individual liberty and general prosperity in history, a subject he shared with other writers of the Enlightenment.Trade Reviewthe selection of material is judicious and the commentary brilliant and entertaining * Mark Davis, Professor of Mathematics, Imperial College London *
£9.49
Purchasing and Supply Chain Management
Book Synopsis
£74.09
Taylor & Francis Performing Organizational Paradoxes
Book SynopsisPerforming Organizational Paradoxes takes a constitutive, process approach to organizational paradoxes. It underscores the performative nature of paradox through underlying dialectical tensions, its sociomaterial foundations, and power features that bring paradoxes to life, sustain them, and enable their transformation. The book first situates a constitutive approach in the extant organizational paradox literature, by broadening the constitutive approach and addressing the many debates and inaccuracies around it. For the novice, several early chapters devote themselves to considering how paradoxical tensions present themselves, invite responses, and interrelate through their organizing outcomes. For the advanced, latter chapters consider the ubiquity of power and paradox, how bodies escape the quarantine of their paradox narratives, how inventive category work can resist power-imbued paradoxes, and an agenda for future research that challenges scholars to do more on the process side of paradox.Filling an important gap in the existing literature, this book will be a key resource for scholars and students in the fields of communication, management, educational administration, organizational psychology and any other fields that study organizations.
£37.99
Biteback Publishing Return to Growth
Book SynopsisIn Volume Two of this arresting and powerful manifesto for economic change, Jon Moynihan analyses the UK's decades-long stagnant economy and looks at what can be done to resuscitate it.
£20.00
The University of Chicago Press An Inquiry into the Nature and Causes of the
Book Synopsis
£21.00
Cengage Learning, Inc Quantitative Methods for Business
Book SynopsisYou don't have to be a mathematician to maximize the power of quantitative methods. Written for the current-or future-business professional, QUANTITATIVE METHODS FOR BUSINESS, 13E makes it easy for you to understand how you can most effectively use quantitative methods to make smart, successful decisions. The book's hallmark problem-scenario approach guides you step by step through the application of mathematical concepts and techniques. Memorable real-life examples demonstrate how and when to use the methods found in the book, while instant online access provides you with Excel worksheets, LINGO, and the Excel add-in Analytic Solver Platform. The chapter on simulation includes a more elaborate treatment of uncertainty by using Microsoft Excel to develop spreadsheet simulation models. The new edition also includes a more holistic approach to variability in project management. Completely up to date, QUANTITATIVE METHODS FOR BUSINESS, 13E reflects the latest trends, issues, and practicesTable of ContentsPreface. 1. Introduction. 2. Introduction to Probability. 3. Probability Distributions. 4. Decision Analysis. 5. Utility and Game Theory. 6. Time Series Analysis and Forecasting. 7. Introduction to Linear Programming. 8. Linear Programming: Sensitivity Analysis and Interpretation of Solution. 9. Linear Programming Applications in Marketing, Finance, and Operations Management. 10. Distribution and Network Models. 11. Integer Linear Programming. 12. Advanced Optimization Applications. 13. Project Scheduling: PERT/CPM. 14. Inventory Models. 15. Waiting Line Models. 16. Simulation. 17. Markov Processes. Appendix A: Building Spreadsheet Models. Appendix B: Binomial Probabilities. Appendix C: Poisson Probabilities. Appendix D: Areas for the Standard Normal Distribution. Appendix E: Values for e-��. Appendix F: References and Bibliography. Appendix G: Self-Test Solutions and Answers to Even-Numbered Problems.
£83.59
McGraw-Hill Education Case Studies in Finance
Book SynopsisCase Studies in Finance links managerial decisions to capital markets and the expectations of investors. At the core of almost all of the cases is a valuation task that requires students to look to financial markets for guidance in resolving the case problem. The focus on value helps managers understand the impact of the firm on the world around it. These cases also invite students to apply modern information technology to the analysis of managerial decisions.The cases may be taught in many different combinations. The eight-part sequence indicated by the table of contents relates to course designs used at the authors'' schools. Each part of the casebook suggests a concept module, with a particular orientation.
£55.79
Swift Press Vassal State
Book Synopsis'Provocative and detailed ... Excellent' The Telegraph'Shocking and meticulous' Danny Dorling'An eye-opening revelation ... a must-read' Joel BakanTHE TELEGRAPH BEST BOOKS OF 2024British politicians love to vaunt the benefits of the UK's supposed special relationship' with the US. But are we really America's economic partner or its colony?Vassal State lays bare the extent to which US corporations own and control Britain's economy: how American business chiefs decide what we're paid, what we buy, and how we buy it. US companies have carved up Britain between them, siphoning off enormous profits, buying up our most lucrative firms and assets, and extracting huge rents from UK PLC all while paying little or no tax. Meanwhile, policymakers, from Whitehall mandarins to NHS chiefs, shape their decisions to suit the whims of our American corporate overlords. Based on his 40 years of business experience, devastating new research, and interviews with the major players, Angus Hanton exposes why Britain has become the poor transatlantic relation and what we can do to change it.
£11.69
John Wiley & Sons Inc Improving Performance
Book SynopsisImproving Performance is recognized as the book that launched the Process Improvement revolution. It was the first such approach to bridge the gap between organization strategy and the individual. Now, in this revised and expanded new edition, Gary Rummler reflects on the key needs of organizations faced with today''s challenge of managing change in today''s complex world. The book shows how to apply the three levels of performance and link performance to strategy, move from annual programs to sustained performance improvement, redesign processes, overcome the seven deadly sins of performance improvement and much more.Table of ContentsList of Figures and Tables v Foreword ix Preface xi The Authors xvii Part One: A Framework for Improving Performance 1 1 Viewing Organizations as Systems 3 2 Three Levels of Performance: Organization, Process, and Job/Performer 12 Part Two: Exploring The Three Levels of Performance 27 3 The Organization Level of Performance 29 4 The Process Level of Performance 42 5 The Job/Performer Level of Performance 62 Part Three: Applying The Three Levels of Performance 75 6 Linking Performance to Strategy 77 7 Moving from Annual Programs to Sustained Performance Improvement 86 8 Diagnosing and Improving Performance: A Case Study 97 9 Project Definition: The Ten Essential Steps 110 10 Process Analysis and Design: The Ten Essential Steps 140 11 Overcoming the Seven Deadly Sins of Process Improvement 174 12 Measuring Performance and Designing a Performance Management System 182 13 Managing Processes and Organizations as Systems 211 14 Designing an Organization Structure That Works 226 15 Creating a Performance-Based Human Resource Development Function 244 16 Developing an Action Plan for Performance Improvement 259 Index 264 Instructor’s Guide 270
£59.85
John Wiley & Sons Inc RedBlooded Risk
Book SynopsisAn innovative guide that identifies what distinguishes the best financial risk takers from the rest From 1987 to 1992, a small group of Wall Street quants invented an entirely new way of managing risk to maximize success: risk management for risk-takers. This is the secret that lets tiny quantitative edges create hedge fund billionaires, and defines the powerful modern global derivatives economy. The same practical techniques are still used today by risk-takers in finance as well as many other fields. Red-Blooded Risk examines this approach and offers valuable advice for the calculated risk-takers who need precise quantitative guidance that will help separate them from the rest of the pack. While most commentators say that the last financial crisis proved it''s time to follow risk-minimizing techniques, they''re wrong. The only way to succeed at anything is to manage true risk, which includes the chance of loss. Red-Blooded Risk presents specific, actionTrade Review"Wickedly original, one of the most fascinating accounts I have ever seen. A rollicking and highly opinionated read." (Risk Professional, October 2011) “No one who reads Red-Blooded Risk: The Secret History of Wall Street will ever again regard risk management as a necessary but unproductive appendage of the financial industry. Other authors have chronicled how quantitative finance influenced investment management, but Aaron Brown has made a compelling case for a far more profound economic impact. . . If Red-Blooded Risk: The Secret History of Wall Street dealt with nothing more than the inadequacy of models used in highly important activities, it would represent a valuable contribution to financial economics. Brown’s book, however, covers a great deal more than econometric malpractice. Probably no other book offers as much insight into the process with so little resort to mathematical notation. Especially valuable are Brown’s discussions of middle-office risk management and value at risk, comparatively recent innovations that are essential to understanding modern financial institutions. Readers of Red-Blooded Risk should be prepared to have many of their assumptions challenged. Red-Blooded Risk is one of the most original and thought-provoking books reviewed in these pages in the past 20 years. No one who reads it will ever again regard risk management as a necessary but unproductive appendage of the financial industry. Other authors have chronicled how quantitative finance influenced investment management, but Aaron Brown has made a compelling case for a far more profound economic impact.” —Martin S. Fridson, CFA Institute Publications Book Reviews “Red-Blooded Risk mixes risk history and philosophy nimbly and provides a perspective that can be both refreshing and challenging (often on the same page). While the book is not without weaknesses, it is also brimming with original perspectives and controversial opinions. Those who work in risk management or quantitative finance will enjoy Brown’s story-telling and expert perspectives, even if they do not share his views, while non-quants will find his insights and confessions to be a useful glimpse into the psyche and ethos of an influential group of early quantitative risk takers. —Roger M. Stein, Research and Academic Relations, Moody’s Corporation, as reviewed in Quantitative Finance (August 6, 2012)Table of ContentsAcknowledgments xi Chapter 1 What This Book Is and Why You Should Read It 1 Risk, Danger, and Opportunity 2 Red- Blooded Risk Management 4 Risk and Life 7 Play and Money 9 Frequentism 11 Rationality 13 Bets 15 Exponentials and Culture 18 Payoff 20 Chapter 2 Red Blood and Blue Blood 23 Chapter 3 Pascal’s Wager and the Seven Principles of Risk Management 29 Principle I: Risk Duality 32 Principle II: Valuable Boundary 33 Principle III: Risk Ignition 35 Principle IV: Money 38 Outside the VaR Boundary 40 Principle V: Evolution 45 Principle VI: Superposition 48 Principle VII: Game Theory 49 Chapter 4 The Secret History of Wall Street: 1654– 1982 57 Pascal and Fermat 58 Poker 61 Advantage Gamblers 62 Sports Betting 63 Quants to Wall Street 66 Finance People 68 Real Finance 69 Chapter 5 When Harry Met Kelly 73 Kelly 74 Harry 76 Commodity Futures 79 If Harry Knew Kelly 84 Investment Growth Theory 88 eRaider.com 92 MPT Out in the World 96 Chapter 6 Exponentials, Vampires, Zombies, and Tulips 101 Types of Growth 102 The Negative Side 105 Tulips 106 Tulip Propaganda 108 Quantitative Tulip Modeling 111 Money 112 Chapter 7 Money 117 Chapter 8 The Story of Money: The Past 125 Property, Exchange, and Money 126 Paleonomics 128 Transition 131 What Money Does 134 Risk 135 Government and Paper 138 Paper versus Metal 142 1776 and All That 145 Andrew Dexter 147 A Short Digression into Politics and Religion 150 Chapter 9 The Secret History of Wall Street: 1983– 1987 155 Efficient Markets 157 Anomalies 159 The Price Is Right Not! 161 Efficiency versus Equilibrium 162 Beating the Market 165 Paths 170 Sharpe Ratios and Wealth 174 1987 177 Chapter 10 The Story of Money: The Future 179 Farmers and Millers 180 Money, New and Improved 183 A General Theory of Money 185 Value and Money 189 Numeraire 191 Clearinghouses 196 Cash 197 Derivative Money 200 The End of Paper 203 Chapter 11 Cold Blood 207 Chapter 12 What Does a Risk Manager Do?—Inside VaR 213 Professional Standards 213 Front Office 215 Trading Risk 217 Quants on the Job 218 Middle Office 222 Back Office 225 Middle Office Again 227 Looking Backward 228 Risk Control 230 Beyond Profit and Loss 232 Numbers 234 The Banks of the Charles 236 Waste 238 The Banks of the Potomac 241 The Summer of My Discontent 245 Validation 247 Chapter 13 VaR of the Jungle 251 Chapter 14 The Secret History of Wall Street: 1988– 1992 255 Smile 256 Back to the Dissertation 258 Three Paths 262 An Unexpected Twist 265 Surprise! 267 Computing VaR 271 Chapter 15 Hot Blood and Thin Blood 277 Chapter 16 What Does a Risk Manager Do?— Outside VaR 283 Stress Tests 283 Trans-VaR Scenarios 287 Black Holes 289 Why Risk Managers Failed to Prevent the Financial Crisis 290 Managing Risk 296 Unspeakable Truth Number One: Risk Managers Should Make Sure Firms Fail 299 Unspeakable Truth Number Two: There’s Good Stuff beyond the VaR Limit 305 Unspeakable Truth Number Three: Risk Managers Create Risk 309 Chapter 17 The Story of Risk 313 Chapter 18 Frequency versus Degree of Belief 323 Statistical Games 324 Thorp, Black, Scholes, and Merton 329 Change of Numeraire 333 Polling 336 The Quant Revolution 341 Chapter 19 The Secret History of Wall Street: 1993– 2007 345 Where Did the Money Come From? 348 Where Did They Put the Money? 359 Where Did the Money Go? 364 Chapter 20 The Secret History of Wall Street: The 2007 Crisis and Beyond 369 Postmortem 379 A Risk Management Curriculum 387 One Hundred Useful Books 393 About the Author 401 About the Illustrator 403 Index 405
£23.80
John Wiley & Sons Inc The New Trading for a Living Psychology
Book SynopsisThe best-selling trading book of all time updated for the new era The New Trading for a Living updates a modern classic, popular worldwide among both private and institutional traders.Table of ContentsPreface xiii Introduction 1 1. Trading—The Last Frontier 1 2. Psychology is the Key 3 3. The Odds against You 5 One Individual Psychology 9 4. Why Trade? 9 5. Reality versus Fantasy 10 6. Self-Destructiveness 16 7. Trading Psychology 19 8. Trading Lessons from AA 21 9. Losers Anonymous 23 10. Winners and Losers 27 Two Mass Psychology 31 11. What is Price? 32 12. What is the Market? 33 13. The Trading Scene 36 14. The Market Crowd and You 39 15. Psychology of Trends 43 16. Managing versus Forecasting 46 Three Classical Chart Analysis 49 17. Charting 50 18. Support and Resistance 55 19. Trends and Trading Ranges 60 20. Kangaroo Tails 65 Four Computerized Technical Analysis 69 21. Computers in Trading 69 22. Moving Averages 74 23. Moving Average Convergence-Divergence: MACD Lines and MACD-Histogram 80 24. The Directional System 89 25. Oscillators 95 26. Stochastic 95 27. Relative Strength Index 99 Five Volume and Time 103 28. Volume 103 29. Volume-Based Indicators 107 30. Force Index 112 31. Open Interest 117 32. Time 121 33. Trading Timeframes 126 Six General Market Indicators 133 34. The New High–New Low Index 133 35. Stocks above 50-Day MA 139 36. Other Stock Market Indicators 140 37. Consensus and Commitment Indicators 142 Seven Trading Systems 149 38. System Testing, Paper Trading, and the Three Key Demands for Every Trade 151 39. Triple Screen Trading System 154 40. The Impulse System 162 41. Channel Trading Systems 166 Eight Trading Vehicles 173 42. Stocks 175 43. ETFs 176 44. Options 178 45. CFDs 186 46. Futures 187 47. Forex 194 Nine Risk Management 197 48. Emotions and Probabilities 197 49. The Two Main Rules of Risk Control 202 50. The Two Percent Rule 203 51. The Six Percent Rule 208 52. A Comeback from a Drawdown 210 Ten Practical Details 215 53. How to Set Profit Targets: “Enough” is the Power Word 215 54. How to Set Stops: Say No to Wishful Thinking 219 55. Is This an A-trade? 225 56. Scanning for Possible Trades 230 Eleven Good Record-Keeping 233 57. Your Daily Homework 234 58. Creating and Scoring Trade Plans 238 59. Trade Journal 243 A Journey without an End: How to Continue Learning 249 Sources 253 Acknowledgments 257 About the Author 259 Index 261
£47.96
John Wiley & Sons Inc Grow the Core
Book SynopsisGrow the Core stands conventional wisdom about business growth on its head and provides a proven formula for growing your business in recessionary times. These days, it s a common belief among business leaders across industry sectors that the best way to grow their businesses is to expand into new markets.Trade ReviewIncludes useful tips, including how to strengthen a core brand with a limited communication budget. (Supply Business, January 2013) For a marketer, retail buyer, entrepreneur or interested consumer, this is a great book looking at whether businesses should stick to what they know of their original or most profitable brand or whether businesses should expand into other broader areas. (Supply Management, February 2013) The marketing division of any well-established company should study this book- you never know when the mighty might fall. (Professional Manager, May 2013)Table of ContentsThanks xi Introduction xiii Part I: Why Grow the Core? 1 1. Defining the core 3 What is the core? 3 Anchoring the core 7 Key takeouts 9 Checklist 9 2. Stretching the brand, forgetting the core 11 Getting it right… brand stretch can work – Apple 11 Getting it wrong… brand ego tripping – Virgin 13 Snow White and the 17 dwarves 20 Neglecting the core – Bausch & Lomb 24 Key takeouts 25 Checklist 26 3. The case for the core 27 Two ways to make a million – Heinz soup 27 The case for the core 30 A new marketing mind-set – Scooty 30 The challenges of growing the core 32 Key takeouts 36 Checklist 36 Part II: Grow the Core Principles 37 4. The core growth drivers 39 Core growth driver 1: Penetration 39 Driving penetration with distinctiveness 44 Fresh consistency – James Bond 48 Driving penetration with distribution 57 Core growth driver 2: Premiumisation 58 The Grow the Core workouts 59 The best brand in the world – Nespresso? 61 Key takeouts 65 Checklist 66 5. Renovation or re-invention? 67 Renovate the core – Walkers 69 Re-position the core – Lucozade 72 Re-define the core – Bertolli 76 Re-invent the core – Kodak and TomTom 77 Key takeouts 82 Checklist 83 Part III: Grow the Core Workouts 85 6. Workout 1: Bake the brand into your product 87 Bake in your brand – The Geek Squad 89 Using product to grow your core 1: Amplify a product truth – Morrisons and Castle Lite 92 Using product to grow your core 2: More of what you want – McDonald’s 97 Using product to grow your core 3: Less of what you don’t want – Walkers 99 Key takeouts 100 Checklist 100 7. Workout 2: Create a distinctive identity 103 Identity crisis 105 Being the 1 in 1000 106 Balancing freshness and consistency – Tropicana 108 Updating your identity – Nivea 110 Creating your identity – Charlie Bigham’s 111 Suggesting a benefit – Waitrose Essentials 113 Re-positioning – Green & Black’s 115 Adding value – Molton Brown 115 Packvertising – innocent 116 Family ties – Nescaf´e and Red Bull 118 Amplifying brand properties – Felix 121 Five-minute focus groups 122 Key takeouts 124 Checklist 124 8. Workout 3: Communicate with cut-through 127 Communication breakdown 129 Fresh consistency 132 Think like a TV producer 137 Creating a campaign – Sainsbury’s 138 Refreshing what made you famous – Hovis 140 What about social media? 144 Key takeouts 161 Checklist 162 9. Workout 4: Go beyond promotion to activation 163 Grab and go – innocent’s Big Knit 166 Creating an activation property – Carling ‘Be the Coach’ 168 Amplifying the property – Nike 172 Key takeouts 175 Checklist 176 10. Workouts 5 and 6: Drive your distribution 177 Workout 5: Existing channels 180 Workout 6: New channels 182 Key takeouts 188 Checklist 189 11. Workouts 7 and 8: Extend the core 191 Delivering a double whammy 193 Workout 7: Pack extension – WD-40 196 Workout 8: Product extension – Ryvita 199 Key takeouts 202 Checklist 202 Part IV: The Grow the Core Workplan 203 12. Grow the core – getting started 205 Stage 1: Insight 207 Stage 2: Ideas 214 Stage 3: Exploration 214 Stage 4: Action 215 Key takeouts 220 Checklist 221 References 223 Also by 227 Index 229
£16.14
Bloomberg Press Visual Guide to Elliott Wave Trading
Book Synopsis
£37.50
John Wiley & Sons Inc The Travels of a TShirt in the Global Economy
Book SynopsisThe keys to global business success, as taught by a T-shirt''s journey The Travels of a T-Shirt in the Global Economy is a critically-acclaimed narrative that illuminates the globalization debates and reveals the key factors to success in global business. Tracing a T-shirt''s life story from a Texas cotton field to a Chinese factory and back to a U.S. storefront before arriving at the used clothing market in Africa, the book uncovers the political and economic forces at work in the global economy. Along the way, this fascinating exploration addresses a wealth of compelling questions about politics, trade, economics, ethics, and the impact of history on today''s business landscape. This new printing of the second edition includes a revised preface and a new epilogue with updates through 2014 on the people, industries, and policies related to the T-shirt''s life story. Using a simple, everyday T-shirt as a lens through which to explore the business, economic, morTable of ContentsPreface ix Prologue xvii Part I King Cotton 1 1 How America Has Dominated the Global Cotton Industry for 200 Years 3 2 The History of American Cotton 9 3 Back at the Reinsch Farm 24 4 All God’s Dangers Ain’t the Subsidies 49 Part II Made in China 75 5 Cotton Comes to China 77 6 The Long Race to the Bottom 92 7 Sisters in Time 105 8 The Unwitting Conspiracy 120 Part III Trouble at the Border 141 9 Returning to America 143 10 Dogs Snarling Together 156 11 Perverse Effects and Unintended Consequences of T-Shirt Trade Policy 171 12 45 Years of ‘‘Temporary’’ Protectionism End in 2009—Now What? 196 Part IV My T-shirt Finally Encounters a Free Market 213 13 Where T-Shirts Go after the Salvation Army Bin 215 14 How Small Entrepreneurs Clothe East Africa with Old American T-Shirts 227 15 Mitumba: Friend or Foe to Africa? 239 Conclusion 253 Epilogue: Developments 2009–2014 262 I: American Cotton Is Still King 262 II: The Race to the Bottom Speeds Up 270 III: The Alphabet Armies March On 277 IV: Competition Heats Up in the Used Clothing Business 282 Acknowledgments 286 Notes 288 Bibliography 310 Index 335
£15.30
John Wiley & Sons Inc Getting Started in Chart Patterns
Book SynopsisYour plain-English guide to understanding and using technical chart patterns Chart pattern analysis is not only one of the most important investing tools, but also one of the most popular.Table of ContentsPreface to First and Second Editions ix Acknowledgments xi Chapter 1 Introduction to Chart Patterns 1 Chapter 2 Identifying Chart Patterns 7 Chapter 3 The Truth about Trendlines 17 Chapter 4 Support and Resistance 35The Most Important Chart Patterns Chapter 5 Ten Buy Signals 53 Chapter 6 Ten Sell Signals 119 Chapter 7 Special Situations 191 Chapter 8 Busted Patterns 225Making Money by Trading Failure Chapter 9 More Trades 255Putting It All Together Chapter 10 The Art of Trading 285Checklists Chapter 11 Crunching the Numbers 323 Glossary 327 Visual Index of Chart Patterns 333 About the Author 339 Index 341
£17.85
John Wiley and Sons Ltd Accounting Ethics
Book SynopsisA trusted resource on the complex ethical questions that define the accounting professionAn accountant's practice depends on making difficult decisions. To achieve the best results, individual accountants and accounting firms need a clear understanding of the ethical duties and decision-making involved in the four major functions of modern accountingauditing, management accounting, tax accounting, and consultingas well as a strong sense of ethical conduct to guide the certification and validation of reliable financial records. Now in its third edition, Accounting Ethics is a thorough and engaging exploration of the ethical issues that accountants encounter in their professional lives. Since the publication of the first edition in 2002, Accounting Ethics has become an indispensable resource for accounting courses and certification programs worldwide, known for its focus on real-world application, practical advice, reader-friendly guidance, and Table of ContentsPreface to the Third Edition vii Introduction to Accounting Ethics 1 1 The Nature of Accounting and the Chief Ethical Difficulty:True Disclosure 9 2 Ethical Behavior in Accounting: What is Ethics? 35 3 Ethical Behavior in Accounting: Ethical Theory 57 4 Accounting as a Profession: Characteristics of a Profession 75 5 Accounting Codes of Conduct 83 6 The Rules of the Code of Conduct 103 7 The Auditing Function 129 8 The Ethics of Managerial Accounting 157 9 The Ethics of Tax Accounting 177 10 Ethics Applied to the Accounting Firm 197 Appendix A: Summary of Sarbanes–Oxley Act of 2002 219 Appendix B: IMA Statement of Ethical Professional Practice 231 Index 235
£24.65
Crown Publishing Group (NY) The Systems Leader
Book Synopsis
£20.00
McGraw-Hill Education The McKinsey Edge Success Principles from the
Book SynopsisWHAT DOES IT TAKE TO BE A GREAT LEADER?The ultimate guide to managing your careerâat every level, through every transitionâThe McKinsey Edge culls the best practices of an exclusive group of executives and consultants from McKinsey & Company, the legendary consulting firm that services eighty percent of the worldâs largest corporations. Drawing on his time as an Engagement Manager with McKinsey, Hattori presents rigorously selected, battle-tested tips that will give you the edge you need to up your game, raise your profile, and take your career to the next levelâusing a proven four-step program: Learn more effective ways to get ahead by making multiple self-improvements. Strengthen your skills of communication, connection, and understanding to influence your team and other stakeholders. Increase your productivity and performance using tools that work best for your specific environment. Push yourself further to focusTable of ContentsAcknowledgments xiIntroduction 1 CHAPTER ONE: Building the Better Self 9Get Ahead 10Principle 1 Focus on What Really Matters 11Principle 2 Start with the Hard Stuff in the Morning 15Principle 3 Catch Small Signals and Make a Difference 18Principle 4 Have a 30- Second Answer to Everything 20Principle 5 Frontload Your Project 22Principle 6 Create the Right End Output Image 27Hang Tight 31Principle 7 Smile When You Are Under Stress 32Principle 8 Go Beyond Your Self- Perceived Limit 34Principle 9 Always Imagine the Worst- Case Scenario 37Principle 10 Start Following Up 40Principle 11 Push Back with Less Emotion 42Multiple Reflections 47Principle 12 Be Flexible on the Perception of Your Passion 48Principle 13 “What Would Marvin Do?” Find Your Role Models 51Principle 14 Know What Gives You the Most Energy in Your Day 54Principle 15 Go Jogging to Smell the Flowers 57Principle 16 Create a Commitment Plan 59 Chapter Two: Growing with Others 63Communication 64Principle 17 Always Memorize the First Three Sentences of a Presentation 65Principle 18 Communicate Using Fewer Words 67Principle 19 Pause Three Seconds Before Answering Difficult Questions 69Principle 20 Question More and Talk Less 72Principle 21 Turn No into Yes 75Principle 22 Don’t Show Half- Baked Output 77Connection 79Principle 23 Instantly Find a Connection in the Room 80Principle 24 Be a Giver, Not a Receiver 81Principle 25 Find the Best Intent in People 83Principle 26 Learn Team Members’ Defining Moments and Personal Sides 85Principle 27 Think of Everyone as a Helpful Individual, Not a “Resource” 88Principle 28 Go Out for a Meal with Interesting People Every Week 90Understanding 93Principle 29 Consciously Gauge Your People 94Principle 30 Assign Team Members Meaningful Tasks 96Principle 31 Create Followership Through Deliberate On- the- Job Coaching 98Principle 32 Deliver Feedback Using Positive Criticism 100Principle 33 Please Your Assistants and Support Staff 102 Chapter Three: Excelling in Process Management 105Productivity Themes and Enablers 106Principle 34 Always Prepare an Agenda Before Meetings 107Principle 35 Create “Four Boxes” To Dos 109Principle 36 Focus on Outcomes Not Activities 111Principle 37 Know Your Meeting Modes in Advance 114Principle 38 Proactively Manage E- mail Communication Using the 5D Rules 117Principle 39 Speak Up as Early as Possible 119Principle 40 Create a Minimalist Presentation Tool Kit 122Principle 41 Create an Easy- to- Use Template for Updates 127 Chapter Four: Going the Extra Mile 131The Challenge to Achieve Lasting Growth 132Principle 42 Give Away Knowledge and Tools Unsparingly 133Principle 43 Get Rid of Your Physical Barriers 136Principle 44 Ask the Second Order Questions 138Principle 45 Learn to Write Fewer Notes 141Principle 46 Prepare to Renew Your Life 143Principle 47 Create Your Own “Profile” as a Leader 146 Chapter Five: Become a Thinker and a Writer 149Thinking Sets Leaders Apart 149Marvin Bower on the Value of Writing 151 Appendix I: McKinsey Structure 153Notes 157Index 161
£18.69
Cambridge University Press Institutional Genes
Book Synopsis
£42.75
John Wiley & Sons Rethinking Investing
Book Synopsis
£12.60
Pearson Education Smart Solution Book The
Book SynopsisDavid Cotton spent 21 years with Arthur Andersen and PwC before becoming a freelance trainer in 2002. He has worked in four continents and more than 40 countries, delivering a wide range of training in management, leadership, communication skills, business networking, confidence building, dealing with difficult people, change management, business strategy, coaching and mentoring. David's clients span local and national government and nearly every industry sector and include the European Parliament, European Commission and many of its agencies, the United Nations, BBC, Syrian Ministry for Foreign Affairs, Russian Federal Commission, Croatian MOD, PwC, most of the major Middle Eastern oil and gas companies, Manchester Business School and many others. He has published scores of articles and more than a dozen books, including Key Management Development Models (FT Publishing, 2015).Trade Review“The essential guide for any problem solving situation. Effective, practical and very accessible. Highly recommended.” Chris Garthwaite, CEO CGA Consulting "There isn't a single individual or organisation that could fail to benefit from the many practical approaches to problem-solving in this book. Everyone should read it!” Andrew Hilton, Managing Director, Corporate Training Partnerships Ltd “F. Durrenmatt says 'What concerns everyone, can only be solved by everyone' - and David's book is the practical guide to getting everyone fully engaged with a creative technique to solve any of your challenges.” Peter Schwanh™ußer, Partner, papilio ag, ZurichTable of ContentsAbout the author Acknowledgements Introduction Part 1 - Which tools to use and when Tools for broad problem areas Tools for specific problems Part 2 - Problem solving essentials Barriers to problem solving Framing a problem Stages in problem solving Preparation for group problem solving Equipment needed Part 3 - Problem solving techniques for individuals and small groups 1. Force field analysis and graphical force field analysis 2. Tough questions 3. Ritual dissent (and ritual assent) 4. Brain-friendly brainstorming 5. Reverse brainstorming 6. Procrastination 7. Cartesian logic 8. Brainwriting 9. Individual and collective mind mapping 10. Structured walkthroughs 11. Life through a lens 12. Nominal group technique 13. GROW for problem-solving 14. Head/Heart-Push/Pull 15. Osborne-Parnes critical problem solving process 16. Appreciative inquiry 17. Competitive ideas 18. Why not? 19. MUSE 20. Ishikawa fishbone diagrams 21. Deming’s PDSA Cycle (The ‘Shewhart Cycle’) 22. 3D stakeholder mapping 23. Two words technique 24. The association grid 25. Delphi technique 26. Lotus blossom technique 27. Photographic associations 28. Random word technique 29. Challenging assumptions 30. Metaphorical problem-solving 31. Who else has solved this problem? 32. How-How? 33. The 5 Whys/Question Everything 34. Jelly Baby Tree 35. Future shock 36. What if? 37. What if we didn’t? 38. Reframing 39. Ripple effect (systems thinking) 40. What I need from you 41. Concentration diagrams 42. Pareto analysis – simplified version 43. Solution effect analysis 44. The work map 45. Competing values framework 46. Timelining 47. One question 48. Peer assist 49. Action learning 50. Story circles 51. Swim Lane diagrams (Rummler-Brache diagrams) Part 4 - Large group problem solving techniques 52. Crawford’s Slip 53. Charrette Procedure 54. Starbursting 55. Open space 56. World café 57. Pro-action cafe Part 5 - Problem solving business games When and how to use business games 58. Retirement speeches 59. Convince me 60. Evolution 61. It’s in the news 62. The trial 63. Tortoise and hare 64. Art gallery 65. Proverbial problem solving 66. There are no rules 67. Documentary 68. Pitch Perfect Part 6 – Sharing and implementing solutions Sharing solutions Implementing solutions
£16.14
Pearson Education Limited Introduction to Materials Management Global
Book SynopsisTable of ContentsPreface 1. Introduction to Materials Management 2. Production Planning System 3. Master Scheduling 4. Material Requirements Planning 5. Capacity Management 6. Production Activity Control 7. Purchasing 8. Forecasting and Demand Management 9. Inventory Fundamentals 10. Order Quantities 11. Independent Demand Ordering Systems 12. Physical Inventory and Warehouse Management 13. Physical Distribution 14. Products and Processes 15. Lean Production 16. Total Quality Management Readings Index
£67.14
John Wiley & Sons Inc Quantitative Finance For Dummies
Book SynopsisTable of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 3 Where to Go from Here 3 Part 1: Getting Started With Quantitative Finance 5 Chapter 1: Quantitative Finance Unveiled 7 Defining Quantitative Finance 8 Summarising the mathematics 8 Pricing, managing and trading 9 Meeting the market participants 9 Walking like a drunkard 10 Knowing that almost nothing isn’t completely nothing 11 Recognising irrational exuberance 14 Wielding Financial Weapons of Mass Destruction 15 Going beyond cash 17 Inventing new contracts 18 Analysing and Describing Market Behaviour 20 Measuring jumpy prices 20 Keeping your head while using lots of data 21 Valuing your options 21 Managing Risk 22 Hedging and speculating 22 Generating income 23 Building portfolios and reducing risk 23 Computing, Algorithms and Markets 24 Seeing the signal in the noise 24 Keeping it simple 25 Looking at the finer details of markets 25 Trading at higher frequency 26 Chapter 2: Understanding Probability and Statistics 27 Figuring Probability by Flipping a Coin 28 Playing a game 31 Flipping more coins 32 Defining Random Variables 33 Using random variables 34 Building distributions with random variables 35 Introducing Some Important Distributions 38 Working with a binomial distribution 39 Recognising the Gaussian, or normal, distribution 40 Describing real distributions 41 Chapter 3: Taking a Look at Random Behaviours 45 Setting Up a Random Walk 45 Stepping in just two directions 47 Getting somewhere on your walk 48 Taking smaller and smaller steps 49 Averaging with the Central Limit Theorem 50 Moving Like the Stock Market 53 Generating Random Numbers on a Computer 54 Getting random with Excel 55 Using the central limit theorem again 58 Simulating Random Walks 58 Moving Up a Gear 60 Working a stochastic differential equation 60 Expanding from the origin 61 Reverting to the Mean 62 Part 2: Tackling Financial Instruments 65 Chapter 4: Sizing Up Interest Rates, Shares and Bonds 67 Explaining Interest 68 Compounding your interest 68 Compounding continuously 69 Sharing in Profits and Growth 71 Taking the Pulse of World Markets 72 Defining Bonds and Bond Jargon 74 Coupon-bearing bonds 75 Zeroing in on yield 76 Cleaning up prices 78 Learning to like LIBOR 79 Plotting the yield curve 80 Swapping between Fixed and Floating Rates 81 Chapter 5: Exploring Options 85 Examining a Variety of Options 86 Starting with plain vanilla options 86 Aiming for a simple, binary option 87 Branching out with more exotic options 87 Reading Financial Data 88 Seeing your strike price 88 Abbreviating trading information 89 Valuing time 89 Getting Paid when Your Option Expires 90 Using Options in Practice 92 Hedging your risk 92 Placing bets on markets 93 Writing options 94 Earning income from options 94 Distinguishing European, American and other options 95 Trading Options On and Off Exchanges 96 Relating the Price of Puts and Calls 96 Chapter 6: Trading Risk with Futures 99 Surveying Future Contracts 99 Trading the futures market 101 Marking to market and margin accounts 101 Dealing in commodity futures 102 Index futures 105 Interest rate futures 106 Seeing into the Future 107 Paying in cash now 108 Connecting futures and spot prices 109 Checking trading volume 110 Looking along the forward curve 110 Rolling a Position 112 Keeping a consistent position 113 Adjusting backwards 113 Converging Futures to the Spot Price 114 Using Futures Creatively 115 Calendar spreads 116 Commodity spreads 116 Seasonality in Futures Prices 117 Part 3: Investigating and Describing Market Behaviour 119 Chapter 7: Reading The Market’s Mood: Volatility 121 Defining Volatility 122 Using Historical Data 124 Weighting the data equally 124 Weighting returns 125 Shrinking Time Using a Square Root 127 Comparing Volatility Calculations 128 Estimating Volatility by Statistical Means 132 The symmetric GARCH model 132 The leverage effect 134 Going Beyond Simple Volatility Models 135 Stochastic volatility 135 Regime switching 136 Estimating Future Volatility with Term Structures 137 Chapter 8: Analysing All the Data 139 Data Smoothing 139 Putting data in bins 140 Smoothing data with kernels 143 Using moving averages as filters 147 Estimating More Distributions 149 Mixing Gaussian distributions 149 Going beyond one dimension 150 Modelling Non-Normal Returns 151 Testing and visualising non-normality 151 Maximising expectations 153 Chapter 9: Analysing Data Matrices: Principal Components 159 Reducing the Amount of Data 160 Understanding collinearity 163 Standardising data 166 Brushing up some maths 167 Decomposing data matrices into principal components 170 Calculating principal components 173 Checking your model with cross- validation 174 Applying PCA to Yield Curves 177 Using PCA to Build Models 180 Identifying clusters of data 180 Principal components regression 181 Part 4: Option Pricing 183 Chapter 10: Examining the Binomial and Black-Scholes Pricing Models 185 Looking at a Simple Portfolio with No Arbitrage 186 Pricing in a Single Step 187 Entering the world of risk neutral 188 Calculating the parameters 191 Branching Out in Pricing an Option 192 Building a tree of asset prices 192 Building a tree of option prices by working backwards 192 Pricing an American option 194 Making Assumptions about Option Pricing 195 Introducing Black-Scholes – The Most Famous Equation in Quantitative Finance 196 Solving the Black-Scholes Equation 199 Properties of the Black-Scholes Solutions 202 Generalising to Dividend-Paying Stocks 204 Defining other Options 205 Valuing Options Using Simulations 206 Chapter 11: Using the Greeks in the Black-Scholes Model 209 Using the Black-Scholes Formulae 210 Hedging Class 211 That’s Greek to Me: Explaining the Greek Maths Symbols 213 Delta 213 Dynamic hedging and gamma 216 Theta 218 Rho 219 Vega 219 Relating the Greeks 220 Rebalancing a Portfolio 220 Troubleshooting Model Risk 221 Chapter 12: Gauging Interest-Rate Derivatives 223 Looking at the Yield Curve and Forward Rates 224 Forward rate agreements 227 Interest-rate derivatives 228 Black 76 model 230 Bond pricing equations 232 The market price of risk 234 Modelling the Interest-Rate 234 The Ho Lee model 234 The one-factor Vasicek model 235 Arbitrage free models 237 Part 5: Risk and Portfolio Management 239 Chapter 13: Managing Market Risk 241 Investing in Risky Assets 241 Stopping Losses and other Good Ideas 244 Hedging Schemes 245 Betting without Losing Your Shirt 247 Evaluating Outcomes with Utility Functions 249 Seeking certainty 250 Modelling attitudes to risk 251 Using the Covariance Matrix to Measure Market Risk 253 Estimating parameters 254 Shrinking the covariance matrix 254 Chapter 14: Comprehending Portfolio Theory 257 Diversifying Portfolios 258 Minimising Portfolio Variance 259 Using portfolio budget constraints 260 Doing the maths for returns and correlations 262 Building an efficient frontier 266 Dealing with poor estimates 267 Capital Asset Pricing Model 268 Assessing Portfolio Performance 270 Sharpe ratio 270 Drawdowns 272 Going for risk parity 273 Chapter 15: Measuring Potential Losses: Value at Risk (VaR) 275 Controlling Risk in Your Portfolio 276 Defining Volatility and the VaR Measure 277 Constructing VaR using the Covariance Matrix 279 Calculating a simple cash portfolio 280 Using the covariance matrix 281 Estimating Volatilities and Correlations 282 Simulating the VaR 283 Using historical data 283 Spinning a Monte Carlo simulation 284 Validating Your Model 285 Backtesting 285 Stress testing and the Basel Accord 286 Including the Average VaR 286 Estimating Tail Risk with Extreme Value Theory 289 Part 6: Market Trading and Strategy 291 Chapter 16: Forecasting Markets 293 Measuring with Technical Analysis 294 Constructing candlesticks 294 Relying on relative strength 295 Checking momentum indicators 298 Blending the stochastic indicator 299 Breaking out of channels 300 Making Predictions Using Market Variables 301 Understanding regression models 302 Forecasting with regression models 304 Predicting from Past Values 306 Defining and calculating autocorrelation 306 Getting to know autocorrelation models 308 Moving average models 309 Mentioning kernel regression 311 Chapter 17: Fitting Models to Data 313 Maximising the Likelihood 314 Minimising least squares 316 Using chi-squared 318 Comparing models with Akaike 318 Fitting and Overfitting 319 Applying Occam’s Razor 322 Detecting Outliers 322 The Curse of Dimensionality 324 Seeing into the Future 325 Backtesting 325 Out-of-sample validation 327 Chapter 18: Markets in Practice 329 Auctioning Assets 330 Selling on eBay 331 Auctioning debt by the US Treasury 332 Balancing supply and demand with double-sided auctions 333 Looking at the Price Impact of a Trade 336 Being a Market Maker and Coping with Bid-Ask Spreads 337 Exploring the meaning of liquidity 338 Making use of information 339 Calculating the bid-ask spread 342 Trading Factors and Distributions 343 Part 7: The Part Of Tens 345 Chapter 19: Ten Key Ideas of Quantitative Finance 347 If Markets Were Truly Efficient Nobody Would Research Them 347 The Gaussian Distribution is Very Helpful but Doesn’t Always Apply 348 Don’t Ignore Trading Costs 349 Know Your Contract 349 Understanding Volatility is Key 350 You Can Price Options by Building Them from Cash and Stock 350 Finance Isn’t Like Physics 351 Diversification is the One True Free Lunch 351 Find Tools to Help Manage All the Data 352 Don’t Get Fooled by Complex Models 353 Chapter 20: Ten Ways to Ace Your Career in Quantitative Finance 355 Follow Financial Markets 355 Read Some Classic Technical Textbooks 356 Read Some Non-technical Books 356 Take a Professional Course 357 Attend Networking Meetings and Conferences 357 Participate in Online Communities 358 Study a Programming Language 358 Go Back to School 359 Apply for that Hedge Fund or Bank Job 359 Take Time to Rest Up and Give Back 359 Glossary 361 Index 369
£18.39
John Wiley & Sons Inc Influencer Marketing For Dummies
Book SynopsisThe easy way to get 'in' with influencer marketing Are you a marketing guru looking to stay at the top of your game? Then you need to be in the know on influencer marketing.Table of ContentsIntroduction 1 Part I: Getting Started with Influencer Marketing 5 Chapter 1: Influencer Marketing 101 7 Chapter 2: Digging Deeper into Influencer Marketing 25 Part II: Identifying Influencers 39 Chapter 3: The Best Influencers: The Power of Women on Your Bottom Line 41 Chapter 4: The New Rules of Engagement 51 Chapter 5: Outsourcing Influencer Marketing 65 Part III: The Main Platforms for Influencer Marketing 71 Chapter 6: Blog Influencers 73 Chapter 7: Instagram Influencers 89 Chapter 8: Twitter Influencers 103 Chapter 9: Facebook Influencers 117 Chapter 10: Pinterest Influencers 127 Chapter 11: Video Influencers 139 Part IV: Measuring Your Success 153 Chapter 12: Meeting Metrics 155 Chapter 13: Integrating Influencer Marketing with Your Sales Funnel 167 Chapter 14: Using the Type of Marketing You Need: Influencer or Direct Marketing 175 Chapter 15: Setting and Measuring the Right Goals for Your Influencer Marketing Campaigns 185 Part V: Creating Stellar Influencer Marketing Campaigns 193 Chapter 16: The Six Secrets to Influencer Marketing Success 195 Chapter 17: Putting It All Together 207 Chapter 18: Five Pros Doing It Right 215 Part VI: The Part of Tens 225 Chapter 19: Ten Reasons Influencer Marketing Campaigns Fail 227 Chapter 20: Ten Online Resources for Influencer Marketing Information 237 Appendix: Federal Trade Commission Guidelines 243 Index 249
£17.84
HarperCollins Publishers The Five Giants
Book SynopsisAn accessible and entertaining narrative history of the establishment, development and unravelling of the British Welfare State now fully revised to cover Blair's first term. Lively writing in the style of Peter Hennessy.Giant Want. Giant Disease. Giant Ignorance. Giant Squalor. And the insidious Giant Idleness, which destroys wealth and corrupts men. These were evils to be vanquished by the postwar reconstruction of Britain. Timmins' book recaptures brilliantly the high hopes of the period in which the Welfare State began to be created, and conveys the cranky zeal of its inventor, William Beveridge. The onslaught on the five Giants was the work of five gargantuan programmes that made up the core of Beveridge's Welfare State. These were social security, health, education, housing and a policy of full employment. It is notoriously difficult to write about such subjects and keep the reader reading, but Timmins performs wonders of narrative clarity, anecdote and human detail in a book thTrade Review‘A splendid book – knowledgeable, readable and fair.’ Sunday Telegraph ‘A tour de force – thoroughly researched and vividly written…a masterpiece.’ Sunday Times ‘Extraordinarily comprehensive without ever being incomprehensible.’ Roy Hattersley, Independent
£14.39
John Wiley & Sons Inc Organization
Book SynopsisThe definitive organization management text for executives and aspiring business leaders Organization: Contemporary Principles and Practices, Second Edition is the completely updated and revised landmark guide to macro organization theory and design, fully grounded in current international practice.Trade Review“John Child excels once again at connecting the past, present and future of organizational thought and managerial practice. By deepening its theoretical foundations and expanding its discussion of 21st-century topics, this second edition is an exciting and insightful journey for faculty and students alike.” —Guido Möllering, Professor of Organization and Management, Jacobs University Bremen “This is an outstanding contribution to literature from a world class academic. His contribution to the field of organizational studies is without parallel and this work is a monumental contribution to the global literature on organizational behavior.” —Sir Cary Cooper, Lancaster University Management School “John Child has done it again. This accessible and scholarly book brings the analysis of organizational forms where it belongs at the very centre of the fields of organization and strategy.” —Andrew Pettigrew, Saïd Business School, Oxford University “Conventional, sluggish bureaucracies are being introduced to a new structural vocabulary as they attempt to respond to the challenge of globalization. John Child provides a lucid and engaging guide to this changing world of organizations.” —W. Richard Scott, Department of Sociology, Stanford UniversityTable of ContentsPreface to Second Edition viii Preface from the First Edition ix Part I The Broad Picture 1 Chapter 1 Organization and Its Importance 3 Chapter 2 Perspectives on Organizational Design until Recent Times 27 Chapter 3 New Conditions, New Organization 53 Part II New Internal Forms 85 Chapter 4 Simpler Structures – Reducing Hierarchy 87 Chapter 5 Achieving Integration 109 Chapter 6 Control 143 Chapter 7 Questions of Reward 171 Chapter 8 Payment Systems 191 Part III New Network Forms 215 Chapter 9 Outsourcing and Offshoring 217 Chapter 10 Virtual Organization 241 Chapter 11 Strategic Alliances 269 Chapter 12 Organizing Across Borders 291 Part IV Achieving Effective Organizations 331 Chapter 13 Managing Organizational Change 333 Chapter 14 Organizing for Learning 371 Chapter 15 Generating and Utilizing Trust 405 Chapter 16 Corporate Governance in New Organizational Forms 427 Part V Designing Organizations for the 21st Century 451 Chapter 17 Meeting Strategic Business Needs 453 Chapter 18 Meeting Strategic Social Needs 477 Author Index 497 Subject Index 507
£31.49
John Wiley & Sons Inc Handbook of Corporate Equity Derivatives and
Book SynopsisEquity strategies are closely guarded secrets and as such, there is very little written about how investors and corporate can utilise equity vehicles as part of their growth strategies.Table of ContentsPreface xvii About the Author xix 1 Main Strategic Equity Derivative Instruments 1 1.1 Equity Forwards 1 1.1.1 Equity Forwards 1 1.1.2 Example of a Cash-settled Equity Forward on a Stock 2 1.1.3 Example of a Physically Settled Equity Forward on a Stock 3 1.1.4 Calculating the Forward Price of a Stock 4 1.2 Equity Swaps 6 1.2.1 Total Return Equity Swaps 6 1.2.2 Price Return Equity Swaps 7 1.2.3 Case Study: Physically Settled Total Return Equity Swap on Deutsche Telekom 7 1.2.4 Case Study: Cash-settled Total Return Equity Swap on Deutsche Telekom 12 1.2.5 Determination of the Initial Price 15 1.2.6 Determination of the Settlement Price 16 1.2.7 Equity Notional Resets 17 1.2.8 Case Study: Total Return Equity Swap on EuroStoxx 50 17 1.2.9 Compo Equity Swaps 21 1.2.10 Quanto Equity Swaps 23 1.2.11 Uses of Equity Swaps 25 1.3 Stock Lending and Borrowing 26 1.3.1 Stock Lending and Borrowing 26 1.3.2 Stock Lending/Borrowing Transaction Flows 27 1.3.3 Counterparty Credit Risk 28 1.3.4 Advantages of Stock Lending and Borrowing 29 1.3.5 Drawbacks of Stock Lending and Borrowing 29 1.4 Call and Put Options 30 1.4.1 Call Options 30 1.4.2 Put Options 33 1.4.3 European vs. American Style 36 1.4.4 Time Value vs. Intrinsic Value 36 1.4.5 In, At or Out-of-the-money 37 1.4.6 Variables that Influence an Option Price 38 1.4.7 Historical Volatility vs. Implied Volatility 40 1.4.8 Put–Call Parity 41 1.4.9 Options’ Sensitivities, the “Greeks” 42 1.4.10 Delta Hedging 44 1.4.11 Offsetting Dividend Risk 45 1.4.12 Adjustments to Option Terms Due to Other Corporate Actions 46 1.4.13 Volatility Smile 47 1.4.14 Implied Volatility Term Structure 48 1.4.15 Composite and Quanto Options 49 1.5 Dividend Swaps 50 1.5.1 Dividend Swaps 50 1.5.2 Applications of Dividend Swaps 50 1.5.3 Risks 52 1.5.4 Main Dates in a Dividend Distribution 52 1.5.5 Case Study: Single-stock Dividend Swap 52 1.5.6 Case Study: Index Dividend Swap 56 1.5.7 Pricing Implied Dividends 58 1.6 Variance Swaps and Volatility Swaps 58 1.6.1 Variance Swaps Product Description 59 1.6.2 Calculation of the Realized Volatility and the Realized Variance 61 1.6.3 Volatility Swaps Product Description 62 1.6.4 Volatility Swaps vs. Variance Swaps 63 1.6.5 Applications of Variance and Volatility Swaps 63 2 Equity Capital Markets Products 65 2.1 Main Equity Capital Markets Products 65 2.1.1 Capital Increase Products 65 2.1.2 Secondary Placement Products 66 2.1.3 Equity-linked Products 66 2.2 Initial Public Offerings 66 2.2.1 Product Description 66 2.2.2 Benefits of Going Public 67 2.2.3 Drawbacks of Going Public 67 2.2.4 The IPO Process 68 2.2.5 Phase 1: Preparation of the Company 68 2.2.6 Phase 2: Preparation of the Offering 69 2.2.7 Phase 3: Marketing of the Offering 75 2.2.8 Phase 4: Placement of the Offering 77 2.2.9 Key Success Factors Affecting an IPO 80 2.2.10 Key Risk Factors Affecting an IPO 81 2.2.11 Case Study: Visa’s IPO 82 2.3 Case Study: Google’s Dutch Auction IPO 85 2.4 Rights Issues (or Rights Offerings) 87 2.4.1 Product Description 87 2.4.2 Main Definitions of a Rights Issue 88 2.4.3 Advantages and Weaknesses of a Rights Issue 89 2.4.4 Rights Offerings Success Factors 90 2.4.5 Calculation of the TERP 90 2.4.6 Case Study: ING’s EUR 7.5 billion Rights Issue 91 2.5 Rights Issues of Convertible Bonds 95 2.5.1 Case Study: Banco Popolare Rights Issue of a Convertible Bond 95 2.6 Accelerated Book-Buildings 98 2.6.1 Product Description 98 2.6.2 Advantages and Weaknesses of an ABB 99 2.6.3 Estimating the Discount 99 2.6.4 Case Study: IPIC’s Disposal of 11.8% of Barclays 100 2.7 At the Market Offerings 100 2.7.1 Product Description 100 2.7.2 Case Study: US Treasury Placement of Citigroup Shares 101 3 Convertible Bonds and Mandatory Convertible Bonds 103 3.1 Introduction to Convertible Bonds 103 3.1.1 What are Convertible Bonds? 103 3.1.2 Convertible vs. Exchangeable Bonds – Exchange Property 104 3.2 Who Buys Convertible Bonds? 105 3.3 Convertible Bonds: The Issuer Perspective 106 3.4 Case Study: Infineon’s Convertible Bond 107 3.4.1 Main Terms of Infineon’s Convertible Bond 107 3.4.2 Conversion Price, Ratio, Premium and Lockout Period 108 3.4.3 Hard No Call Period, Hard Call and Soft Call Options 109 3.4.4 Put Rights 110 3.4.5 Additional Clauses: Cash Option, Cash Top-up, Lock-up Period, Tax Call 111 3.4.6 Value of a Convertible Bond at Maturity 112 3.4.7 Value of a Convertible Bond during its Life 112 3.5 Delta Share Repurchase Strategy 114 3.6 Mandatory Convertible Bonds 115 3.7 Rationale for Issuing Mandatory Convertibles 115 3.8 Rationale for Investing in Mandatory Convertibles 116 3.9 Fixed Parity Mandatory Convertibles 116 3.9.1 Case Study: Banco Santander’s Fixed Parity Mandatory Convertible 116 3.10 Variable Parity Mandatory Convertibles 118 3.11 Dividend Enhanced Convertible Securities 118 3.11.1 Conversion Mechanics of a DECS 118 3.11.2 Anatomy of a DECS 120 3.11.3 Embedded Derivatives in a DECS 121 3.11.4 Pricing a DECS 122 3.12 Case Study: UBS’s DECS 122 3.13 Special Clauses in Convertibles 124 3.13.1 Dividend Protection Clauses 124 3.13.2 Coupon Deferral Clauses 125 3.13.3 Call Option Make-whole Clauses 126 3.13.4 Change-of-control Make-whole Clauses 126 3.13.5 Clean-up Call Clauses 127 3.13.6 Net Share Settlement Clauses 127 3.14 Contingent Convertibles: FRESHES, CASHES and ECNS 127 3.14.1 Case Study: Fortis’s FRESH Instrument 128 3.14.2 Case Study: Unicredit’s CASHES Instrument 131 3.14.3 Case Study: Lloyds ECN 136 3.14.4 Case Study: Rabobank’s SCN 139 4 Strategic Equity Transactions around Convertible/Exchangeable Bonds 141 4.1 Issuing an Exchangeable with a Third-party Guarantee 141 4.1.1 Case Study: Controlinveste’s Exchangeable Bonds on Portugal Telecom 141 4.1.2 Transaction Overview 142 4.1.3 Dividend Swap and Transaction Flows during the First Four Years 143 4.1.4 Transaction Flows in Case of Exchanges or at Maturity 145 4.1.5 Exchange Property Pledge and other Security Mechanisms 146 4.1.6 Attractiveness of the Transaction to the Issuer and to BCP 147 4.2 Issuing a Convertible Through a Third Party 147 4.2.1 Case Study: Novartis LEPOs and Put Options with Deutsche Bank 147 4.2.2 Transaction Overview 147 4.2.3 Deutsche Bank’s Exposure to Novartis’s Stock Price 149 4.2.4 Effect of Deutsche Bank’s Zero-coupon Convertibles on the Exchange Price 151 4.2.5 Attractiveness of Deutsche Bank’s Zero-coupon Exchangeables to Investors 152 4.2.6 Advantages to Novartis and Relevance of a Call Right 152 4.3 Crystallizing a Gain in a Convertible Investment Through Warrants 153 4.3.1 Case Study: Richemont Warrants Issue on Back of Convertible Preference Shares 153 4.3.2 Warrants’ Terms 154 4.3.3 Analysis of R&R’s Position 154 4.3.4 Main Benefits to Richemont of the Warrants Issue 155 4.3.5 Effect on BAT’s Stock Price of the Warrants Issue 156 4.4 Monetizing a Stake with an Exchangeable Plus a Put 156 4.4.1 Case Study: Deutsche Bank’s Exchangeable into Brisa 156 4.4.2 Transaction Overview 157 4.4.3 Analysis of Deutsche Bank’s Overall Position 158 4.5 Increasing Likelihood of Conversion with a Call Spread 161 4.5.1 Case Study: Chartered Semiconductor’s Call Spread with Goldman Sachs 161 4.5.2 Goldman Sachs’s Overall Position 162 4.5.3 CSM’s Overall Position 163 4.5.4 Attractiveness of the Transaction to CSM 166 4.5.5 Additional Remarks 167 4.6 Decreasing Likelihood of Conversion with a Call Spread 169 4.6.1 Case Study: Microsoft’s Convertible Plus Call Spread 169 4.7 Double Issuance of Exchangeable Bonds 169 4.7.1 Case Study: ABC’s Double Exchangeable 169 4.8 Buying Back Conversion Rights 172 4.8.1 Case Study: Cap Gemini’s Repurchase of Conversion Right from Société Générale 172 4.9 Buying Back Convertible/Exchangeable Bonds 175 4.9.1 Case Study: TUI’s Convertible Bond 175 4.10 Pre-IPO Convertible Bonds 178 5 Hedging and Yield Enhancing Strategic Stakes 181 5.1 Hedging a Strategic Stake 181 5.1.1 Hedging with a Put Option 181 5.1.2 Hedging with a Put Spread 184 5.1.3 Hedging with a Collar 186 5.1.4 Hedging with a Put Spread Collar 188 5.1.5 Hedging with a Fly Put Spread 189 5.1.6 Hedging with a Knock-out Put 191 5.1.7 Summary of Main Hedging Strategies 193 5.1.8 Hedging with Ladder Puts 193 5.1.9 Hedging with Variable Premium and Variable Expiry Timer Puts 195 5.1.10 Hedging with Pay-later Puts 197 5.2 Yield Enhancement of a Strategic Stake 199 5.2.1 Lending the Stock 199 5.2.2 Selling Part of the Upside with a Call 200 5.2.3 Monetization of Dividend Optionality 202 5.2.4 Reduction of Dividend Withholding Taxes with a Stock Lending Strategy 204 5.2.5 Reduction of Dividend Withholding Taxes with a Converse Strategy 205 6 Disposal of Strategic Stakes 207 6.1 Most Common Disposal Strategies 207 6.1.1 Case Study Assumptions 207 6.1.2 Market Dribbling Out or Gradual Sale 208 6.2 Deterministic Disposal Strategies 209 6.2.1 ABB – Block Trade 209 6.2.2 Mandatory Exchangeable Bond 211 6.2.3 Indirect Issue of an Exchangeable Bond 211 6.3 Enhanced Disposal Strategies 212 6.3.1 Direct Issue of an Exchangeable Bond 213 6.3.2 Sale of a Call Option 214 6.3.3 One-speed Range Accrual 216 6.3.4 Double-speed Range Accrual 220 6.3.5 Double-speed Range Accrual with Final Call 221 6.3.6 Double-speed Range Accrual with Deduction 222 6.3.7 Double-speed Range Accrual with Knock-out 222 6.4 Derecognition Strategies 224 6.4.1 Sale + Cash-settled Equity Swap 224 6.4.2 Physically Settled Equity Swap + Call Option 227 6.5 Combination of ABB and a Call Option/Exchangeable 229 6.5.1 Case Study: Germany’s Disposal of Fraport with JP Morgan’s Collaboration 229 7 Strategic Equity Derivatives in Mergers and Acquisitions 235 7.1 Keeping Voting Rights in Proxy Contests 237 7.1.1 Case Study: Montalban Partners’ Disposal of Gold International 237 7.2 Submitting Resolutions to an AGM 239 7.2.1 Case Study: Laxey’s Stock Lending Transaction 240 7.3 Increasing Likelihood of Success of a Merger Arbitrage Position 242 7.3.1 Case Study: Perry’s Equity Swaps with Bear Stearns and Goldman Sachs 242 7.4 Avoiding Mandatory Offer Rules 247 7.4.1 Case Study: Agnelli Family Equity Swap with Merrill Lynch 247 7.5 Increasing Likelihood of Success of a Takeover 251 7.5.1 Case Study: Unipol’s Takeover of BNL and Call/Put Combination with Deutsche Bank 251 8 Stock Options Plans Hedging 257 8.1 Main Equity-based Compensation Plans 257 8.1.1 Main Equity-based Compensation Plans 257 8.1.2 Terminology of Stock Option Plans and SARs 258 8.2 IFRS Accounting for Equity-based Compensation Plans 259 8.2.1 Accounting for Stock Options Plans 261 8.2.2 Accounting for Stock Appreciation Rights 263 8.3 Case Study: ABC’s ESOP and SAR 265 8.3.1 Main Terms of ABC’s ESOP and SAR 265 8.3.2 Accounting for ABC’s ESOP 266 8.3.3 Accounting for ABC’s SAR 270 8.4 Main ESOP/SAR Hedging Strategies 273 8.4.1 Underlying Risks in ESOPs and SARs 273 8.4.2 Hedging with Treasury Shares 274 8.4.3 Hedging with Equity Swaps 275 8.4.4 Hedging a SAR with an Enhanced Equity Swap 279 8.4.5 Hedging with Standard Call Options 280 8.4.6 Hedging with Auto Call Options 282 8.4.7 Hedging with Timer Call Options 282 8.5 HSBC’s Performance Share Plan 283 8.5.1 Terms of HSBC’s Performance Share Plan 283 8.5.2 Accounting for the Plan 284 8.5.3 Hedging the Plan 285 9 Equity Financings 287 9.1 Case Study: Equity Collateralized Bond 287 9.1.1 Bond Terms 287 9.1.2 Main Documents of the Financing 288 9.1.3 Parties to an Equity Financing 289 9.1.4 Accounts in an Equity Financing 290 9.1.5 Credit Enhancement Tools 291 9.1.6 Early Termination Events 292 9.1.7 Events of Default 295 9.1.8 Syndicating the Equity Financing with a Credit Default Swap 297 9.1.9 Recourse vs. Non-recourse Equity Financings 299 9.2 Sale + Equity Swap 300 9.2.1 Transaction Description 300 9.2.2 Equity Swap Terms 300 9.2.3 Equity Swap Flows 305 9.2.4 Advantages and Weaknesses 307 9.3 Prepaid Forward + Equity Swap + Pledge 308 9.3.1 Product Description 308 9.3.2 Equity Derivatives Terms 308 9.3.3 Transaction Flows 314 9.3.4 Advantages and Weaknesses 316 9.4 Repo Financing 316 9.4.1 Product Description 316 9.5 Stock Loan Financing 317 9.5.1 Product Description 317 9.6 Put Financing 318 9.6.1 Product Description 318 9.6.2 Advantages and Weaknesses 319 9.7 Collared Financing 320 9.7.1 Product Description 320 9.7.2 Advantages and Weaknesses 321 9.8 Revolving Margin Loan Facilities 322 9.8.1 Case Study: Oil SPE’s Revolving Margin Loan Facility 322 10 Share Buybacks and Other Transactions on Treasury Shares 327 10.1 Open Market Repurchase Programs 327 10.2 Accelerated Repurchase Programs 329 10.2.1 Case Study: Hewlett Packard’s ASR with Merrill Lynch 329 10.3 VWAP-Linked Repurchase Programs 332 10.3.1 Execution on a Best Effort Basis 332 10.3.2 Execution on a Guaranteed Basis 333 10.3.3 Advantages and Weaknesses of a VWAP-linked Strategy 333 10.3.4 Execution at a Discounted VWAP 334 10.3.5 Execution at a Capped VWAP 337 10.4 Prepaid Collared Repurchase Programs 338 10.4.1 Case Study: Hewlett Packard’s PCRP with BNP Paribas 339 10.5 Deep-in-the-money Call Purchase 340 10.5.1 Case Study: ABC’s Acquisition of a Deep-in-the-money Call Option 341 10.6 Asian Call Purchase 343 10.7 Publicly Offered Repurchase Programs 345 10.7.1 Case Study: Corporacion Dermoestetica’s Public Offer to Acquire Own Shares 345 10.8 Public Offer of Put Options 346 10.8.1 Case Study: Swisscom’s Public Offer of Put Options 346 10.9 Private Sale of a Put Option 347 10.10 Acquisition of Shares with a Range Accrual 348 10.10.1 One-speed Range Accrual 348 10.10.2 Double-speed Range Accrual 352 10.10.3 Double-speed Range Accrual with Final Put 354 10.11 Other Transactions on Treasury Shares 355 10.11.1 Case Study: ABC’s Restructuring of Call on Own Shares 355 10.11.2 Case Study: Gilead’s Share Repurchase Program Financed with Convertible Bonds 361 11 Bank Regulatory Capital 365 11.1 An Overview of Basel III 365 11.1.1 Precedent Bank Regulatory Capital Accords 365 11.1.2 The Capital Ratio 366 11.1.3 Bank Regulatory Capital 367 11.1.4 Risk-weighted Assets 367 11.2 Tier 1 Capital 369 11.2.1 Common Equity Tier 1 Capital 369 11.2.2 Additional Tier 1 Capital 373 11.3 Tier 2 Capital 376 11.3.1 Criteria for Inclusion in Tier 2 Capital 376 11.3.2 Trigger Conditions for Hybrid Instruments 379 11.4 Deductions from Common Equity Tier 1 Capital 380 11.4.1 Goodwill and Other Intangible Assets (Except Mortgage Servicing Rights) 380 11.4.2 Deferred Tax Assets 380 11.4.3 Cash Flow Hedge Reserve 382 11.4.4 Shortfall of the Stock of Provisions to Expected Losses 383 11.4.5 Gain-on-sale Related to Securitization Transactions 383 11.4.6 Gains and Losses on Fair Valued Own Liabilities due to Changes in Own Credit Risk 383 11.4.7 Defined Benefit Pension Fund Assets and Liabilities 383 11.4.8 Treasury Stock 385 11.4.9 Reciprocal Stakes in Unconsolidated Financial Companies 385 11.4.10 Less than 10% Stakes in Unconsolidated Financial Companies 385 11.4.11 Significant Stakes in Unconsolidated Financial Companies 387 11.4.12 Combined Deduction of Significant Investments in Unconsolidated Financial Entities, MSRs and DTAs 388 11.4.13 Basel II 50/50 Deductions 389 11.5 Other Capital Buffers 389 11.5.1 Capital Conservation Buffer 389 11.5.2 Countercyclical Buffer 391 11.6 Transitional Arrangements 392 11.6.1 Transitional Period 392 11.6.2 Capital Instruments Failing Criteria for Eligibility in Capital 393 11.7 Leverage Ratio 393 11.8 Liquidity Coverage Ratio 394 11.9 Net Stable Funding Ratio 396 11.10 Case Study: Calculation of Minority Interests 397 11.11 Case Study: Creating Minority Interests 399 11.12 Case Study: Reducing Risk Weighting 401 11.13 Case Study: Releasing Common Equity 401 11.14 Case Study: Reducing an Unconsolidated Financial Stake 403 11.15 Case Study: Commerzbank’s Capital Structure Enhancement with Credit Suisse 404 Bibliography 407 Index 409
£58.50
John Wiley & Sons Inc Chart Patterns
Book SynopsisTake chart patterns beyond buy triggers to increase profits and make better trades Chart Patterns: After the Buy goes beyond simple chart pattern identification to show what comes next. Author and stock trader Thomas Bulkowski is one of the industry''s most respected authorities in technical analysis; for this book, he examined over 43,000 chart patterns to discover what happens after you buy the stock. His findings are detailed here, to help you select better buy signals, avoid disaster, and make more money. Bulkowski analyzed thousands of trades to identify common paths a stock takes after the breakout from a chart pattern. By combining those paths, he discovered the typical routes a stock takes, which he calls configurations. Match your chart to one of those configurations and you will know, before you buy, how your trade will likely perform. Now you can avoid potentially disastrous trades to focus on the big winners. Each chapter illustrates theTable of ContentsPreface ix Acknowledgments xi About the Author xiii Chapter 1 Big m 1 Chapter 2 Big W 27 Chapter 3 Broadening Bottoms 53 Chapter 4 Broadening Tops 85 Chapter 5 Double Bottoms 119 Chapter 6 Double Tops 147 Chapter 7 Earnings Miss 169 Chapter 8 Flags and Pennants 185 Chapter 9 Head-and-Shoulders Bottoms 205 Chapter 10 Head-and-Shoulders Tops 231 Chapter 11 Measured Move Down 255 Chapter 12 Measured Move Up 267 Chapter 13 Price Mirrors 277 Chapter 14 Price Mountains 283 Chapter 15 Rectangles 291 Chapter 16 Reversals and Continuations 325 Chapter 17 Straight-Line Run Down 333 Chapter 18 Straight-Line Run Up 347 Chapter 19 Tops and Bottoms 361 Chapter 20 Trends and Countertrends 371 Chapter 21 Triangle Apex and Turning Points 383 Chapter 22 Triangles, Ascending 391 Chapter 23 Triangles, Descending 427 Chapter 24 Triangles, Symmetrical 465 Chapter 25 Vertical Run Down 495 Chapter 26 Vertical Run Up 509 Glossary 523 Index 531
£37.50
John Wiley & Sons Inc Intermittent Demand Forecasting
Book SynopsisCovering the work in intermittent demand forecasting and the research findings in the following topics: time series (parametric) methods; bootstrapping, both parametric and non-parametric; causal models; and neural networks, this book shows how these methods may be implemented and how they may complement existing operational functions, and more.Trade ReviewIntermittent demand forecasting may seem like a specialized area but actually is at the center of sustainability efforts to consume less and to waste less. Boylan and Syntetos have done a superb job in showing how improvements in inventory management are pivotal in achieving this. Their book covers both the theory and practice of intermittent demand forecasting and my prediction is that it will fast become the ‘bible’ of the field. Spyros Makridakis, Professor, University of Nicosia, and Director, Institute for the Future and the Makridakis Open Forecasting Center (MOFC) We have been able to support our clients by adopting many of the ideas discussed in this excellent book, and implementing them in our software. I am sure that these ideas will be equally helpful for other supply chain software vendors and for companies wanting to update and upgrade their capabilities in forecasting and inventory management. Suresh Acharya, VP, Research and Development, Blue Yonder As product variants proliferate and the pace of business quickens, more and more items have intermittent demand. Boylan and Syntetos have long been leaders in extending forecasting and inventory methods to accommodate this new reality. Their book gathers and clarifies decades of research in this area, and explains how practitioners can exploit this knowledge to make their operations more efficient and effective. Thomas R. Willemain, Professor Emeritus, Rensselaer Polytechnic InstituteTable of ContentsPreface xix Glossary xxi About the Companion Website xxiii 1 Economic and Environmental Context 1 1.1 Introduction 1 1.2 Economic and Environmental Benefits 3 1.2.1 After-sales Industry 3 1.2.2 Defence Sector 4 1.2.3 Economic Benefits 5 1.2.4 Environmental Benefits 5 1.2.5 Summary 6 1.3 Intermittent Demand Forecasting Software 6 1.3.1 Early Forecasting Software 6 1.3.2 Developments in Forecasting Software 6 1.3.3 Open Source Software 7 1.3.4 Summary 7 1.4 About this Book 7 1.4.1 Optimality and Robustness 7 1.4.2 Business Context 8 1.4.3 Structure of the Book 9 1.4.4 Current and Future Applications 10 1.4.5 Summary 10 1.5 Chapter Summary 11 Technical Note 11 2 Inventory Management and Forecasting 13 2.1 Introduction 13 2.2 Scheduling and Forecasting 13 2.2.1 Material Requirements Planning (MRP) 13 2.2.2 Dependent and Independent Demand Items 14 2.2.3 Make to Stock 15 2.2.4 Summary 15 2.3 Should an Item Be Stocked at All? 15 2.3.1 Stock/Non-Stock Decision Rules 16 2.3.2 Historical or Forecasted Demand? 18 2.3.3 Summary 18 2.4 Inventory Control Requirements 19 2.4.1 How Should Stock Records be Maintained? 19 2.4.2 When are Forecasts Required for Stocking Decisions? 22 2.4.3 Summary 24 2.5 Overview of Stock Rules 25 2.5.1 Continuous Review Systems 25 2.5.2 Periodic Review Systems 26 2.5.3 Periodic Review Policies 28 2.5.4 Variations of the (R, S) Periodic Policy 29 2.5.5 Summary 30 2.6 Chapter Summary 30 Technical Notes 31 3 Service Level Measures 33 3.1 Introduction 33 3.2 Judgemental Ordering 34 3.2.1 Rules of Thumb for the Order-Up-To Level 34 3.2.2 Judgemental Adjustment of Orders 34 3.2.3 Summary 35 3.3 Aggregate Financial and Service Targets 35 3.3.1 Aggregate Financial Targets 36 3.3.2 Service Level Measures 36 3.3.3 Relationships Between Service Level Measures 38 3.3.4 Summary 39 3.4 Service Measures at SKU Level 39 3.4.1 Cost Factors 39 3.4.2 Understanding of Service Level Measures 40 3.4.3 Potential Service Level Measures 40 3.4.4 Choice of Service Level Measure 41 3.4.5 Summary 42 3.5 Calculating Cycle Service Levels 42 3.5.1 Distribution of Demand Over One Time Period 43 3.5.2 Cycle Service Levels Based on All Cycles 44 3.5.3 Cycle Service Levels Based on Cycles with Demand 45 3.5.4 Summary 47 3.6 Calculating Fill Rates 48 3.6.1 Unit Fill Rates 48 3.6.2 Fill Rates: Standard Formula 49 3.6.3 Fill Rates: Sobel’s Formula 51 3.6.4 Summary 53 3.7 Setting Service Level Targets 53 3.7.1 Responsibility for Target Setting 53 3.7.2 Trade-off Between Service and Cost 54 3.7.3 Setting SKU Level Service Targets 55 3.7.4 Summary 56 3.8 Chapter Summary 56 Technical Note 57 4 Demand Distributions 59 4.1 Introduction 59 4.2 Estimation of Demand Distributions 60 4.2.1 Empirical Demand Distributions 60 4.2.2 Fitted Demand Distributions 62 4.2.3 Summary 64 4.3 Criteria for Demand Distributions 64 4.3.1 Empirical Evidence for Goodness of Fit 64 4.3.2 Further Criteria 64 4.3.3 Summary 65 4.4 Poisson Distribution 65 4.4.1 Shape of the Poisson Distribution 66 4.4.2 Summary 67 4.5 Poisson Demand Distribution 67 4.5.1 Poisson: A Priori Grounds 67 4.5.2 Poisson: Ease of Calculation 67 4.5.3 Poisson: Flexibility 68 4.5.4 Poisson: Goodness of Fit 69 4.5.5 Testing for Goodness of Fit 70 4.5.6 Summary 72 4.6 Incidence and Occurrence 72 4.6.1 Demand Incidence 72 4.6.2 Demand Occurrence 73 4.6.3 Summary 74 4.7 Poisson Demand Incidence Distribution 75 4.7.1 A Priori Grounds 75 4.7.2 Ease of Calculation 75 4.7.3 Flexibility 76 4.7.4 Goodness of Fit 76 4.7.5 Summary 79 4.8 Bernoulli Demand Occurrence Distribution 79 4.8.1 Bernoulli Distribution: A Priori Grounds 79 4.8.2 Bernoulli Distribution: Ease of Calculation 80 4.8.3 Bernoulli Distribution: Flexibility 81 4.8.4 Bernoulli Distribution: Goodness of Fit 81 4.8.5 Summary 82 4.9 Chapter Summary 82 Technical Notes 83 5 Compound Demand Distributions 87 5.1 Introduction 87 5.2 Compound Poisson Distributions 88 5.2.1 Compound Poisson: A Priori Grounds 89 5.2.2 Compound Poisson: Flexibility 89 5.2.3 Summary 89 5.3 Stuttering Poisson Distribution 90 5.3.1 Stuttering Poisson: A Priori Grounds 91 5.3.2 Stuttering Poisson: Ease of Calculation 91 5.3.3 Stuttering Poisson: Flexibility 93 5.3.4 Stuttering Poisson: Goodness of Fit for Demand Sizes 93 5.3.5 Summary 95 5.4 Negative Binomial Distribution 96 5.4.1 Negative Binomial: A Priori Grounds 96 5.4.2 Negative Binomial: Ease of Calculation 96 5.4.3 Negative Binomial: Flexibility 97 5.4.4 Negative Binomial: Goodness of Fit 98 5.4.5 Summary 99 5.5 Compound Bernoulli Distributions 100 5.5.1 Compound Bernoulli: A Priori Grounds 100 5.5.2 Compound Bernoulli: Ease of Calculation 100 5.5.3 Compound Bernoulli: Flexibility 100 5.5.4 Compound Bernoulli: Goodness of Fit 101 5.5.5 Summary 101 5.6 Compound Erlang Distributions 101 5.6.1 Compound Erlang Distributions: A Priori Grounds 103 5.6.2 Compound Erlang Distributions: Ease of Calculation 104 5.6.3 Compound Erlang-2: Flexibility 104 5.6.4 Compound Erlang-2: Goodness of Fit 104 5.6.5 Summary 105 5.7 Differing Time Units 105 5.7.1 Poisson Distribution 106 5.7.2 Compound Poisson Distribution 106 5.7.3 Compound Bernoulli and Compound Erlang Distributions 107 5.7.4 Normal Distribution 108 5.7.5 Summary 110 5.8 Chapter Summary 110 Technical Notes 111 6 Forecasting Mean Demand 117 6.1 Introduction 117 6.2 Demand Assumptions 118 6.2.1 Elements of Intermittent Demand 119 6.2.2 Demand Models 119 6.2.3 An Intermittent Demand Model 120 6.2.4 Summary 121 6.3 Single Exponential Smoothing (SES) 121 6.3.1 SES as an Error-correction Mechanism 122 6.3.2 SES as aWeighted Average of Previous Observations 122 6.3.3 Practical Considerations 125 6.3.4 Summary 126 6.4 Croston’s Critique of SES 126 6.4.1 Bias After Demand Occurring Periods 126 6.4.2 Magnitude of Bias After Demand Occurring Periods 128 6.4.3 Bias After Review Intervals with Demands 128 6.4.4 Summary 129 6.5 Croston’s Method 129 6.5.1 Method Specification 129 6.5.2 Method Application 130 6.5.3 Summary 131 6.6 Critique of Croston’s Method 132 6.6.1 Bias of Size-interval Approaches 132 6.6.2 Inversion Bias 132 6.6.3 Quantification of Bias 133 6.6.4 Summary 134 6.7 Syntetos–Boylan Approximation 134 6.7.1 Practical Application 134 6.7.2 Framework for Correction Factors 135 6.7.3 Initialisation and Optimisation 135 6.7.4 Summary 138 6.8 Aggregation for Intermittent Demand 138 6.8.1 Temporal Aggregation 138 6.8.2 Cross-sectional Aggregation 141 6.8.3 Summary 142 6.9 Empirical Studies 143 6.9.1 Single Series, Single Period Approaches 143 6.9.2 Single Series, Multiple Period Approaches 144 6.9.3 Summary 145 6.10 Chapter Summary 145 Technical Notes 146 7 Forecasting the Variance of Demand and Forecast Error 151 7.1 Introduction 151 7.2 Mean Known, Variance Unknown 151 7.2.1 Mean Demand Unchanging Through Time 152 7.2.2 Relating Variance Over One Period to Variance Over the Protection Interval 152 7.2.3 Summary 153 7.3 Mean Unknown, Variance Unknown 153 7.3.1 Mean and Variance Unchanging Through Time 154 7.3.2 Mean or Variance Changing Through Time 155 7.3.3 Relating Variance Over One Period to Variance Over the Protection Interval 156 7.3.4 Direct Approach to Estimating Variance of Forecast Error Over the Protection Interval 158 7.3.5 Implementing the Direct Approach to Estimating Variance Over the Protection Interval 160 7.3.6 Summary 160 7.4 Lead Time Variability 161 7.4.1 Consequences of Recognising Lead Time Variance 161 7.4.2 Variance of Demand Over a Variable Lead Time (Known Mean Demand) 162 7.4.3 Variance of Demand Over a Variable Lead Time (Unknown Mean Demand) 163 7.4.4 Distribution of Demand Over a Variable Lead Time 164 7.4.5 Summary 165 7.5 Chapter Summary 165 Technical Notes 166 8 Inventory Settings 169 8.1 Introduction 169 8.2 Normal Demand 170 8.2.1 Order-up-to Levels for Four Scenarios 170 8.2.2 Scenario 1: Mean and Standard Deviation Known 170 8.2.3 Scenario 2: Mean Demand Unknown Standard Deviation Known 172 8.2.4 Scenario 3: Mean Demand Known Standard Deviation Unknown 175 8.2.5 Scenario 4: Mean and Standard Deviation Unknown 176 8.2.6 Summary 177 8.3 Poisson Demand 177 8.3.1 Cycle Service Level System when the Mean Demand is Known 177 8.3.2 Fill Rate System when the Mean Demand is Known 178 8.3.3 Poisson OUT Level when the Mean Demand is Unknown 179 8.3.4 Summary 181 8.4 Compound Poisson Demand 181 8.4.1 Stuttering Poisson OUT Level when the Parameters are Known 181 8.4.2 Negative Binomial OUT Levels when the Parameters are Known 183 8.4.3 Stuttering Poisson and Negative Binomial OUT Levels when the Parameters are Unknown 183 8.4.4 Summary 184 8.5 Variable Lead Times 184 8.5.1 Empirical Lead Time Distributions 184 8.5.2 Summary 185 8.6 Chapter Summary 185 Technical Notes 186 9 Accuracy and Its Implications 193 9.1 Introduction 193 9.2 Forecast Evaluation 194 9.2.1 Only One Step Ahead? 194 9.2.2 All Points in Time? 194 9.2.3 Summary 195 9.3 Error Measures in Common Usage 195 9.3.1 Popular Forecast Error Measures 195 9.3.2 Calculation of Forecast Errors 197 9.3.3 Mean Error 197 9.3.4 Mean Square Error 198 9.3.5 Mean Absolute Error 198 9.3.6 Mean Absolute Percentage Error (MAPE) 198 9.3.7 100% Minus MAPE 199 9.3.8 Forecast Value Added 199 9.3.9 Summary 200 9.4 Criteria for Error Measures 200 9.4.1 General Criteria 200 9.4.2 Additional Criteria for Intermittence 201 9.4.3 Summary 201 9.5 Mean Absolute Percentage Error and its Variants 201 9.5.1 Problems with the Mean Absolute Percentage Error 202 9.5.2 Mean Absolute Percentage Error from Forecast 202 9.5.3 Symmetric Mean Absolute Percentage Error 203 9.5.4 MAPEFF and sMAPE for Intermittent Demand 204 9.5.5 Summary 205 9.6 Measures Based on the Mean Absolute Error 205 9.6.1 MAE: Mean Ratio 205 9.6.2 Mean Absolute Scaled Error 206 9.6.3 Measures Based on Absolute Errors 207 9.6.4 Summary 208 9.7 Measures Based on the Mean Error 208 9.7.1 Desirability of Unbiased Forecasts 209 9.7.2 Mean Error 209 9.7.3 Mean Percentage Error 210 9.7.4 Scaled Bias Measures 210 9.7.5 Summary 211 9.8 Measures Based on the Mean Square Error 211 9.8.1 Scaled Mean Square Error 212 9.8.2 Relative Root Mean Square Error 212 9.8.3 Percentage Best 213 9.8.4 Summary 213 9.9 Accuracy of Predictive Distributions 214 9.9.1 Measuring Predictive Distribution Accuracy 214 9.9.2 Probability Integral Transform for Continuous Data 215 9.9.3 Probability Integral Transform for Discrete Data 215 9.9.4 Summary 217 9.10 Accuracy Implication Measures 218 9.10.1 Simulation Outline 218 9.10.2 Forecasting Details 218 9.10.3 Simulation Details 219 9.10.4 Comparison of Simulation Results 220 9.10.5 Summary 221 9.11 Chapter Summary 221 Technical Notes 221 10 Judgement, Bias, and Mean Square Error 225 10.1 Introduction 225 10.2 Judgemental Forecasting 225 10.2.1 Evidence on Prevalence of Judgemental Forecasting 226 10.2.2 Judgemental Biases 226 10.2.3 Effectiveness of Judgemental Forecasts: Evidence for Non-intermittent Items 229 10.2.4 Effectiveness of Judgemental Forecasts: Evidence for Intermittent Items 230 10.2.5 Summary 231 10.3 Forecast Bias 232 10.3.1 Monitoring and Detection of Bias 232 10.3.2 Bias as an Expectation of a Random Variable 234 10.3.3 Response to Different Causes of Bias 235 10.3.4 Summary 236 10.4 The Components of Mean Square Error 236 10.4.1 Calculation of Mean Square Error 236 10.4.2 Decomposition of Expected Squared Errors 236 10.4.3 Decomposition of Expected Squared Errors for Independent Demand 238 10.4.4 Summary 239 10.5 Chapter Summary 240 Technical Notes 240 11 Classification Methods 243 11.1 Introduction 243 11.2 Classification Schemes 244 11.2.1 The Purpose of Classification 244 11.2.2 Classification Criteria 245 11.2.3 Summary 245 11.3 ABC Classification 246 11.3.1 Pareto Principle 246 11.3.2 Service Criticality 246 11.3.3 ABC Classification and Forecasting 247 11.3.4 Summary 248 11.4 Extensions to the ABC Classification 248 11.4.1 Composite Criterion Approach 249 11.4.2 Multi-criteria Approaches 250 11.4.3 Classification for Spare Parts 250 11.4.4 Summary 251 11.5 Conceptual Clarifications 251 11.5.1 Definition of Non-normal Demand Patterns 251 11.5.2 Conceptual Framework 252 11.5.3 Summary 253 11.6 Classification Based on Demand Sources 254 11.6.1 Demand Generation 254 11.6.2 A Qualitative Classification Approach 254 11.6.3 Summary 255 11.7 Forecasting-based Classifications 255 11.7.1 Forecasting and Generalisation 256 11.7.2 Classification Solutions 257 11.7.3 Summary 258 11.8 Chapter Summary 259 Technical Notes 260 12 Maintenance and Obsolescence 263 12.1 Introduction 263 12.2 Maintenance Contexts 264 12.2.1 Summary 265 12.3 Causal Forecasting 265 12.3.1 Causal Forecasting for Maintenance Management 266 12.3.2 Summary 268 12.4 Time Series Methods 268 12.4.1 Forecasting in the Presence of Obsolescence 269 12.4.2 Forecasting with Granular Maintenance Information 272 12.4.3 Summary 273 12.5 Forecasting in Context 273 12.6 Chapter Summary 275 Technical Notes 276 13 Non-parametric Methods 279 13.1 Introduction 279 13.2 Empirical Distribution Functions 280 13.2.1 Assumptions 281 13.2.2 Length of History 281 13.2.3 Summary 282 13.3 Non-overlapping and Overlapping Blocks 282 13.3.1 Differences Between the Two Methods 282 13.3.2 Methods and Assumptions 284 13.3.3 Practical Considerations 284 13.3.4 Performance of Non-overlapping Blocks Method 285 13.3.5 Performance of Overlapping Blocks Method 285 13.3.6 Summary 286 13.4 Comparison of Approaches 286 13.4.1 Time Series Characteristics Favouring Overlapping Blocks 286 13.4.2 Empirical Evidence on Overlapping Blocks 287 13.4.3 Summary 289 13.5 Resampling Methods 289 13.5.1 Simple Bootstrapping 289 13.5.2 Bootstrapping Demand Sizes and Intervals 290 13.5.3 VZ Bootstrap and the Syntetos–Boylan Approximation 292 13.5.4 Extension of Methods to Variable Lead Times 293 13.5.5 Resampling Immediately After Demand Occurrence 293 13.5.6 Summary 294 13.6 Limitations of Simple Bootstrapping 294 13.6.1 Autocorrelated Demand 294 13.6.2 Previously Unobserved Demand Values 295 13.6.3 Summary 296 13.7 Extensions to Simple Bootstrapping 296 13.7.1 Discrete-time Markov Chains 296 13.7.2 Extension to Simple Bootstrapping Using Markov Chains 297 13.7.3 Jittering 299 13.7.4 Limitations of Jittering 300 13.7.5 Further Developments 300 13.7.6 Empirical Evidence on Bootstrapping Methods 300 13.7.7 Summary 302 13.8 Chapter Summary 302 Technical Notes 303 14 Model-based Methods 305 14.1 Introduction 305 14.2 Models and Methods 305 14.2.1 A Simple Model for Single Exponential Smoothing 306 14.2.2 Critique ofWeighted Least Squares 307 14.2.3 ARIMA Models 307 14.2.4 The ARIMA(0,1,1) Model and SES 308 14.2.5 Summary 309 14.3 Integer Autoregressive Moving Average (INARMA) Models 309 14.3.1 Integer Autoregressive Model of Order One, INAR(1) 310 14.3.2 Integer Moving Average Model of Order One, INMA(1) 312 14.3.3 Mixed Integer Autoregressive Moving Average Models 312 14.3.4 Summary 313 14.4 INARMA Parameter Estimation 313 14.4.1 Parameter Estimation for INAR(1) Models 313 14.4.2 Parameter Estimation for INMA(1) Models 314 14.4.3 Parameter Estimation for INARMA(1,1) Models 314 14.4.4 Summary 315 14.5 Identification of INARMA Models 315 14.5.1 Identification Using Akaike’s Information Criterion 315 14.5.2 General Models and Model Identification 316 14.5.3 Summary 317 14.6 Forecasting Using INARMA Models 317 14.6.1 Forecasting INAR(1) Mean Demand 318 14.6.2 Forecasting INMA(1) Mean Demand 318 14.6.3 Forecasting INARMA(1,1) Mean Demand 319 14.6.4 Forecasting Using Temporal Aggregation 319 14.6.5 Summary 319 14.7 Predicting the Whole Demand Distribution 319 14.7.1 Protection Interval of One Period 320 14.7.2 Protection Interval of More Than One Period 320 14.7.3 Summary 322 14.8 State Space Models for Intermittence 322 14.8.1 Croston’s Demand Model 323 14.8.2 Proposed State Space Models 324 14.8.3 Summary 325 14.9 Chapter Summary 325 Technical Notes 325 15 Software for Intermittent Demand 329 15.1 Introduction 329 15.2 Taxonomy of Software 330 15.2.1 Proprietary Software 330 15.2.2 Open Source Software 332 15.2.3 Hybrid Solutions 333 15.2.4 Summary 333 15.3 Framework for Software Evaluation 333 15.3.1 Key Aspects of Software Evaluation 334 15.3.2 Additional Criteria 335 15.3.3 Summary 336 15.4 Software Features and Their Availability 336 15.4.1 Software Features for Intermittent Demand 336 15.4.2 Availability of Software Features 337 15.4.3 Summary 338 15.5 Training 339 15.5.1 Summary 340 15.6 Forecast Support Systems 340 15.6.1 Summary 341 15.7 Alternative Perspectives 341 15.7.1 Bayesian Methods 342 15.7.2 Neural Networks 342 15.7.3 Summary 343 15.8 Way Forward 343 15.9 Chapter Summary 345 Technical Note 345 References 347 Author Index 365 Subject Index 367
£58.46
Oxford University Press Economics Rules
Book SynopsisThe economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics. Dani Rodrik argues that the multiplicity of theoretical frameworks - what economists call ''models'' that exist side by side is economics'' great strength. Economists are trained to hold diverse, possibly contradictory models of the world in their minds. This is what allows them, when they do their job right, to comprehend the world, make useful suggestions for improving it, and to advance their stock of knowledge over time. In short, it is what makes economics a ''science'' a different kind of science from physics or some other natural sciences, but a science nonetheless. But syncretism is not a comfortable state of mind, and economists often jettison Trade ReviewDani Rodrik ... provides an edifying discussion of these basic tools, of the economist's trade [economic models] * Ben Chu, Books of the Year 2015, Independent *one of the world's most perceptive policy analysts * Martin Wolf, Books of the Year 2015: Best Books 2015 Economics, Financial Times *Rodriks central message is that economics is a collection of models with which to see the world ... The challenge is to choose which model applies to the situation at hand. This choice requires theoretical open-mindedness and empirical investigation and is, as Rodrik succinctly puts it, a craft not a science. That idea that good economics is about good craftsmanship as much as anything else is a hugely valuable contribution. Rodrik is well placed to make these arguments because he is himself a master craftsman. * Martin Sandbu, The Financial Times *I hope open-minded critics of economics will read Economics Rules to learn how the best of economists approach the subject, and how important their work is * The Enlightened Economist, Diane Coyle *terrific * The Enlightened Economist, Diane Coyle *Table of ContentsIntroduction: The Use and Misuse of Economic Ideas 1: What Models Do 2: The Science of Economic Modeling 3: Navigating among Models 4: Models and Theories 5: When Economists Go Wrong 6: Economics and Its Critics Epilogue: The Twenty Commandments
£12.34
Vintage Publishing Treasure Islands
Book SynopsisWITH NEW AND UPDATED MATERIALBillionaire Warren Buffet, currently the third wealthiest man in the world, paid the lowest rate of tax among his office staff, including his receptionist.In 2006 the world''s three biggest banana companies did nearly 400 million worth of business in Britain but paid just 128,000 in tax between them.In January 2009, US law enforcement fined Lloyds TSB $350 million after it admitted secretly channelling Iranian and Sudanese money into the US banking system.Tax havens are the most important single reason why poor people and poor countries stay poor. They lie at the very heart of the global economy, with over half the world trade processed through them. They have been instrumental in nearly every major economic event, in every big financial scandal, and in every financial crisis since the 1970s, including the latest global economic downturn. In Treasure Islands, Nicholas Shaxson shows how this hapTrade ReviewAn utterly superb book -- Jeffrey SachsShaxson combines meticulous research with amusing anecdotes, resulting in a very readable account of the murky world of offshore and a strong moral message that the system needs to be changed * Financial Times *Excellent... Shaxson comes as close as anyone ever has in getting the crux of the tax haven conundrum, which is to attempt to answer the question: why are they tolerated? - Evening Standard * Evening Standard *A fascinating, chilling book -- Paul KrugmanNot just a crucial exposé of the corrupt systems endemic in the global economy, but also a rousing call to do something about them -- Holly Kyte * Sunday Telegraph *
£10.44
Random House USA Inc Why Nations Fail
Book Synopsis
£26.40
Brookings Institution For the Worlds Profit
Book Synopsis
£29.37
Thames & Hudson Ltd Hegarty on Creativity
Book SynopsisCreativity isn't an occupation, its a preoccupation. It is at the very core of what makes us human. Its also a fundamental challenge that everyone faces in the modern world, be they in business, in education or a struggling artist or musician. This book takes 50 provocations and themes that lie at the heart of creative thinking.
£9.89
John Wiley & Sons Inc The Art of Opportunity
Book SynopsisInnovate your way toward growth using practical, research-backed frameworks The Art of Opportunity offers a path toward new growth, providing the perspective and methods you need to make innovation happen. Written by a team of experts with both academic and industry experienceand a client roster composed of some of the world's leading companiesthis book provides you with the necessary tools to help you capture growth instead of chasing it. The visual frameworks and research-based methodology presented in The Art of Opportunity merge business design thinking and strategic innovation to help you change your growth paradigm. You'll learn creative and practical methods for exploring growth opportunities and employ a new approach for identifying what opportunity looks like in the first place. Put aside the old school way of focusing on new products and new markets, to instead applying value creation to find your new opportunity, craft your offeriTrade ReviewThe Art of Opportunity is all about creatively discovering new growth opportunities for your company and crafting a collaborative strategy that will get you there. Not only is the content powerful, the design is stimulating for the eyes as well as the mind. Read this book and start innovating!Ken Blanchard, coauthor of The New One Minute Manager® and Collaboration Begins with You The Art of Opportunity will help trigger strategic renewal inside your organization. Creative, inspiring, fresh, and empirically grounded, this playbook to growth is bound to be an executive reference for many years to come.Deryck J van Rensburg, President Coca-Cola Global Ventures From the coffee table to the conference table --The Art of Opportunity challenges our traditional business models and mindsets while providing a path and approach to success.Paul Snyder, Vice President Corporate Responsibility, InterContinental Hotels Group The Art of Opportunity is not just another book on strategy with some new strategy! Sniukas, Lee and Morasky created a practical tool - a process to design future businesses. It is easy to read and use and spiced with brainstorming sessions you can run with your team. By using the book, I’m willing to bet companies can save fortunes on consultancy. Every business that wants to grow should go through this process.Domenico Traverso, President Work Function Division at Danfoss Power Solutions Visually beautiful, The Art of Opportunity is a fresh, new take on design thinking that offers practical tools for strategic innovation.Mark Polson, Vice President Creativity & Strategic Capability Building | Estée Lauder Companies Clear, artful, and inspiring. A highly readable, practical, step-by-step guide for anyone who wants to identify, design and launch strategic growth initiatives.Dave Gray, Founder, XPLANE This book will dramatically alter both your business and personal life as you experience the very useful approach to innovation and strategy. Get on board and enjoy this inspirational journey.Dr. Bob Lorber, CEO - The Lorber Kamai Consulting GroupCo-Author: “Putting The One Minute Manager to Work” and Co-Author: “Doing What Matters” Refreshingly pragmatic advice for business growth and development. This visualization approach was successful in aligning resources to solve my complex business issue.David Lary, Vice President Commercial Channel Partner Development and Programs, Print and Personal Systems, Hewlett-Packard The Art of Opportunity is a concise, richly detailed primer for organizations seeking growth through innovation and change through disruption.Jay Samit, Bestselling author of Disrupt You! Master Personal Transformation, Seize Opportunity and Thrive in the Era of Endless Innovation The Art of Opportunity is not your typical strategy book. It offers a fresh approach to designing growth strategy with methods that are equally valuable to leaders of established businesses and new ventures.Jeff Wright, Vice President Strategy & Marketing, Autodesk The Art of Opportunity is not just a book, but a road map helping to guide companies as they venture down the innovation path in search of new growth opportunities. It offers readers an actionable lens that includes the vital components of storytelling and what it means to take a user-centered approach in the new world of business model design thinking. Saul Kaplan, Founder and Chief Catalyst Business Innovation Factory, Author The Business Model Innovation Factory I love this book. Whether you’re pushing an idea inside a large corporation, or creating your next big deal, this book gives you the framework, the tools and the right questions to ask – not just to get you started, but to keep you going. In short, this book tells you how to organize your thinking with clarity, vision, precision and vigor.Richard Black, Chief Data Architect, Deutsche Bank; former Chief Technology Officer, Bank of England Strategy made fun! An innovative way of making strategic innovation come alive. This book will bring out the best of both the right and left half of your brain. Great for novice strategists and old hands alike.Ron Meyer, Professor of Corporate Strategy at Tias Business School, Tilburg University Opportunities abound. We confront them every day, but they rarely appear as opportunities and do not come with labels to identify them as opportunities. As a blind person myself, I’m excited that the authors of this book use visualization as a tool to bring opportunities into our businesses and lives. Read, learn, and imagine.Jim Stovall, bestselling author of The Ultimate Gift The Art of Opportunity presents a clear field guide for creating new value for organizations. The methods and stories affirm that the most valuable parts of business are more art than science. Ignore at your own risk.Michael Graber, Managing Partner of Southern Growth Studio The Art of Opportunity humanizes business innovation in its approach and accessible, visual presentation. A must-read for entrepreneurs who aim to disrupt industries.Chip Joyce, CEO & Co-Founder Allied Talent, LLC The Art of Opportunity is a beautifully crafted piece of work, so richly illustrated that at times I felt like I was reading a graphic novel. It is packed with fresh and varied case studies, most of which I hadn’t come across before. But more importantly, this book is really useful. Whether you’re an entrepreneur in the first throes of wrestling with a business idea, or a seasoned strategist at a large organization looking for new paths toward new opportunities, this is one of those rare “how to” guides that actually over-delivers on the how tos. My own copy will be well thumbed, for sure.Mark Barden, co-author of A Beautiful Constraint The Art of Opportunity is an innovation cocktail with a nice twist of visual thinking that will inspire application and growth.Jim Wallace, Global Head of Agency Strategy & Management, HP Innovation-obsessed visual thinkers, unite! This book may be your bible.Sunni Brown, Chief Human Potentialist, Best-Selling Author of Gamestorming and The Doodle Revolution A wonderful new tool for those feeling “stuck” with old approaches and business processes that are no longer effective.Max Thelen, former CEO, Filter Proven strategies from market innovators? Check. Step-by-step guides to structure your exploration? Check. Innovative visual explanations to engage and inspire? Triple-Check. If you’re a market-maker, don’t miss this book.Kevin Tate, Co-Founder, StepChange Group In today’s complex business environment where staying ahead of marketplace changes is critical to survival, the authors have compiled an in-depth exploration of business design thinking and its practical applications to business growth. A book for anyone in business. It is provocative and challenging.Michael Graham, Managing Partner Greysage, LLC How to make something challenging and complex easier to understand, easier to do by breaking it down into manageable and clear tasks. This book gives you very practical steps and advice on building new initiatives.Stuart Curley, Vice President Enterprise Architecture at Northgate IS What a bold and compelling book! It offers a thought-provoking new perspective on strategy and some important food for thought on how to discover and seize new opportunities. The strengths of The Art of Opportunity lie in its practical approach to validate strategies. It does not just claim that experimentation is important but shows how you can actually validate a strategy through experimentation. Bravo!Anja Förster & Peter Kreuz, Bestselling Authors, Entrepreneurs and Angel Investors In my job I am expected to know this information, but this book presents all necessary information so clearly, it’s a piece of art! I am convinced that The Art of Opportunity will help thousands of managers gain knowledge much quicker than they could ever have done so in their working life. Well done, and thank you so much for the effort!Silvester de Keijzer, Board Member Swiss Made Im. For anyone trying to navigate the complexities of value creation, The Art of Opportunity gets to the heart of how to operationalize entrepreneurship and innovation as the real engines behind strategic growth.Wayne A. Simmons & Keary L. Crawford, Authors: "GrowthThinking: Building the New Growth Enterprise” Growing a business is all about identifying and leveraging opportunities. But where to start? How to know where to look? This book not only makes you change your thinking, it gets you moving, too, with novel and practical exercises that provide managers with a customizable pathway to growth.Professor Helen Perks, University of Nottingham, UK The Art of Opportunity provides a refreshing view on how to grow performance in an increasingly visual and collaborative world. It is compelling and simple and just what the business landscape needs. Worthy read.Crystal Fernando, Head of Global Commercial Delivery, InterContinental Hotels Group A fantastic and beautiful design thinking manifesto for the visual learner in all of us.Matt Moog, CEO of PowerReviews Sniukas, Lee, and Morasky have crafted a beautiful, full-color journey to innovation that takes you from beginning to end. The engaging visuals draw you in to understand the approach, while the simple step-by-step instructions get the thoughts out of your head and ready to execute. A must read for anyone looking to tackle an opportunity they have spotted.C. Todd Lombardo, Chief Design Strategist, Fresh Tilled Soil The Art of Opportunity is a key innovation masterpiece that is going to help me with our work with intrapreneurs at the largest entertainment media companies in the world.John Huffman IV, Founder, HUFFMAN CO Step by step, The Art of the Opportunity encourages a fresh, visual look at how to deliver new value to customers.Doug Van Aman, Principal, Van Aman Communications The Art of Opportunity blazes a welcome trail to successful business growth.Kevin O’Keefe, business leader and bestselling author of The Average American Impactful and practical. An excellent guide for strategic reflection and action.Omar Baig, Head of Digital, Knowledge and Information Service. OECD The Art Of Opportunity presents compelling evidence, based on extensive experience, for the application of business design thinking by combining strategic innovation with inspiration from others. Their pragmatic approach offers existing businesses a framework to innovate or adapt in complex changing environments. Loved it!Anne Bartlett-Bragg, PhD, Managing Director, Ripple Effect Group Being, Knowing and Doing are must-have disciplines for any team to succeed.This book helps guide teams with crisp insights and methodologies to rapidly frame innovation projects.Ed Soo Hoo, Industry Fellow At UC Berkeley Center for Entrepreneurship and Technology In working with over 150 SMEs in the last 12 months, I have found they want business support that is practical, visual, and guides them to make the right decisions by inspiration and example. The Art of Opportunity does this brilliantly. It brings key visual tools into one place and shows you how to use and implement them at every stage for your business’ success. Excellent book, a must buy.Mark Copsey, Director RedKite Innovations, growth coach and lecturer Leeds Beckett University A clear and practical approach to uncovering growth opportunities hidden within your business and how to make them a reality and driving the top line.Robert McKinnon, Former SVP and Head of PMO, InterContinental Hotels Group Read this book with a marker pen in hand, because you'll want to start creating your next strategic innovation straight away. This practical guidebook to business design thinking will help you make the most of your customer opportunities.Simon Terry, Chairman, Change Agents Worldwide Whilst managing Apple Education in EMEA, we discovered the power and resilience of visual communications, giving us the ability to translate complex digital engagement into simple, informative and meaningful illustrations and graphics. Today, The Art of Opportunity helps move this work forward another important stage.Alan Greenberg, former Apple Director Education EMEA, then Asia. Currently Advisory Board of 8GT Fund Sniukas, Lee, and Morasky have artfully made complicated strategic design principles accessible to anyone looking to grow or build a business. The Art of Opportunity is a visually engaging guidebook that helps businesses of any size tap into their creativity to develop effective business strategies.Catherine Palmer, Senior Industry Marketing Manager, Autodesk, Inc. The Art of Opportunity clearly details how to achieve success through proven strategic innovation and visual thinking methodologies. The authors expertly plot a path along the journey based on years of experience in helping companies realize significant growth. Let great things happen to you by reading this book.K.C. Teis, Vice President of Experience Design, Rackspace It’s not often a series of artful lateral choices are presented so elegantly that they can be pragmatically implemented like science. A must read for leaders looking to innovate with their existing teams to create new value.Shayne Smart – Founder Geneva Conventions in Pictures In a new era you can't stop to innovate.Andres Pacheco, Head of Training, Ripley Enterprises Chile Practical. Transformative. Actionable. Leaders should equip their staff with this innovative guide. Follow the instructions. Your business will grow.Michael Neil, Chief Marketing Officer, Asset-Map An easy-to-follow blueprint for customer-centric innovation to drive business growth. Had I had this book 10 years ago, I'd have saved tons on agency fees!Heinz Waelchli, Chief Customer Officer at SnapAV A guidebook for strategic innovation: where to play, how to play and how to win.Lars Crama, Chief Commercial Officer, InnoLeaps Sniukas, Lee and Morasky provide a powerful framework that encourages and empowers readers to apply their own creativity to developing their growth strategyRobert Shepherd, Chief Development Officer and SVP Development, Design & Openings - Europe, InterContinental Hotels Group Move over Michael Porter - The Art of Opportunity presents an innovative new approach for strategic business thinking, and how to master the art of business design.Jed Singer - President, Socialight Media A fresh approach to business design thinking that is engaging to read and easy to apply.Claire Francois, Technology Marketing Advisor, Shell The Art of Opportunity combines great insight, industry best practice, and practical exercises in a way that’s constantly engaging and frequently surprising.Mark Baker “The Art of Opportunity” sheds a long overdue light on areas of business that are indeed more art than science. Each page offers practical insights needed to seize opportunities and bring ideas to fruition.Louis Patler, President, The B.I.T. Group, Author, Make Your Own Waves / The Surfer’s Rules for Innovators and Entrepreneurs In the world powered by innovation, “The Art of Opportunity” provides a pragmatic approach to focus your team and turn their thoughts and ideas into achievable business success. The approach presented in the book, supported by great exercises makes it a hugely helpful tool to deliver the opportunity that is always within the reach of your organisation, but sometimes feels too far away. We all strive to be successful; “The Art of Opportunity” helps us to truly become successful.Rafal Tomczyk, General Aviation Transformation Manager - Strategy Implementation Based on what we learned in “The Art of Opportunity,” our agency has changed our entire approach for attracting new clients. We find more opportunities by focusing on the needs of the customer—we’re human centered now, that sets us apart and we’re confident we’ll win more often now.Jeff Chesebro, President, Princeton Partners One of the most comprehensive looks at the powerful integration of innovation strategy and business design to uncover new opportunities and commercialize existing ones.Soon Yu, Global Vice President of Innovation, VF Corporation The Art of Opportunity is stunning, insightful, practical and takes the powerful concepts behind design thinking and explains them with tools, case studies, and real-world examples. The future of business requires that we all embrace art and analytics, information and intuition, planning and empathy – The Art of Opportunity shows us the way. David Howitt, Founder & CEO of Meriwether Group, Author of "Heed Your Call"Table of Contents 1 ARTFUL INNOVATION x Foreword xii Acknowledgments xv Introduction xvi Reader’s Journey 4 WHAT IS STRATEGIC INNOVATION? 5 Traditional Strategic Management 6 Strategic Innovation 8 Where to Play: Find Your Opportunity 8 How to Play: Craft Your Strategy 9 How to Win: Create Value 10 WHAT IS BUSINESS DESIGN THINKING? 10 The Five Principles of Business Design Thinking 12 Getting Started 2 DISCOVER YOUR NEW GROWTH OPPORTUNITY 18 UNDERSTAND YOUR CUSTOMER AND NONCUSTOMER 20 Customer and Noncustomer 24 Understand Customer Needs, Expectations, and Choice 29 Identify Barriers to Consumption and Hurdles to Satisfaction 32 Inspiration: Cardinal Health 33 Inspiration: Klinik Hirslanden 34 How to Understand Your Customer and Noncustomer 34 Gather Information 35 Make Observations and Create Themes 35 Transform Findings into Insights 36 Inspiration: Ripple Effect Group 38 Activity: Persona Mapping 40 Activity: Create an Interview Guide 42 Activity: Customer Journey Mapping 44 Activity: Reveal Observation Headlines 46 UNDERSTAND YOUR FIRM 48 Resources and Capabilities 50 Inspiration: Caesars Palace 52 Resource Sparks: The Four Dimensions for Mapping and Assessing Resources 54 Methods to Understand Your Firm 56 Activity: Map Your Resources 58 Activity: Map Your Ecosystem 60 FRAME YOUR GROWTH INITIATIVE 62 Art of Opportunity Growth Types 62 Evolutionary Growth 63 Adjacent Growth 64 Breakthrough Growth 65 The Breakthrough Question 66 FRAME YOUR GROWTH OPPORTUNITY 66 Decision Making 67 Kinds of Decision-Making Strategies 68 Decision-Making Process 70 Activity: Create Your Growth Initiative Brief 72 Activity: Explore Your Opportunity Insights 74 Activity: Select Your Opportunity 76 VISUALIZE YOUR OPPORTUNITY 78 Employ Storytelling and Visual Frameworks 82 Activity: Visualize Your Opportunity 3 CRAFT YOUR STRATEGY 88 THE ELEMENTS OF YOUR STRATEGY 90 Design Your Offering 90 Products 91 Services 91 Customer Experiences 92 Inspiration: Hilti 94 Offering Sparks: 10 Ways to Design a New Offering 106 Activity: Offering Brainstorm 108 Activity: Design Your Offering 111 Shape Your Business Model 112 The Static Perspective 112 The Dynamic Perspective 113 The Strategic Perspective 113 The Operational Perspective 113 Our Definition of a Business Model 114 Business Model Components 114 Activities 116 Resources 117 Sequence 118 Roles 120 Business Model in Practice 122 Inspiration: Eden McCallum 124 Inspiration: Klinik Hirslanden 126 Business Model Sparks: 8 Ways to Design a New Business Model 136 Activity: Visualize Your Current Business Model 138 Activity: Design Your New Business Model 140 Activity: Flip Your Business Model Assumptions 143 Structure Your Revenue Model 144 Revenue Streams 146 Pricing Mechanisms 148 Payment Mechanisms 150 Inspiration: ProSiebenSat.1 152 Inspiration: Fahrenheit 212 153 Inspiration: 826 Valencia 154 Revenue Model Sparks to Consider 156 Activity: Revenue Model Card Sort 158 SET YOUR STRATEGY: CREATING VALUE 161 Creating Value 162 Customer Value 164 Firm Value 166 Ecosystem Value 168 Inspiration Summary: Value Propositions by Company 170 Activity: Set Your Strategy 172 VISUALIZE YOUR STRATEGY 173 Final Note on Crafting Your Strategy 174 Activity: Visualize Your Strategy 4 LAUNCH YOUR NEW GROWTH BUSINESS 182 THE THREE PHASES OF A NEW GROWTH BUSINESS 185 The Inception Phase: Validating Your Opportunity And Piloting Your Strategy 186 Three Steps for Validation and Piloting 192 How to Validate Your Pilot 192 Activities for Presenting Your Validation Data 192 In-House Observations 192 Field Observations 193 Simulation 193 Interviews 194 Research 194 Small-Scale Experimentation 194 Additional Resources to Explore 196 Activity: What to Test 198 Activity: How to Test 200 Learning from Your Pilot 200 Achieving Success 201 Encountering Challenges 201 Gaining Insights 202 The Evolution Phase: Adapting Your Strategy 204 Inspiration: ProSiebenSat.1 206 Inspiration: Fahrenheit 212 210 Activity: Start, Stop, Change, Continue 212 Activity: Design Next Steps 214 Visualize Your Growth Plan 216 Activity: Visualize Your Growth Plan 218 The Diffusion Phase: Scaling Up Your Business 220 Operational Challenges 222 Establish Clear Roles and Responsibilities 222 Build an Organizational Culture of Sharing, Listening, Collaboration, Experimentation, and Support 223 Take a Holistic, Systems Approach to Planning and Executing the Scaling-up Process 223 Build a Plan and Employ a Process of Regular and Rigorous Review and Adjustment 223 Create a Clear and Simple Way to Track and Measure Your Progress 5 MASTERING THE ART: BUSINESS DESIGN THINKING 228 WHAT IS BUSINESS DESIGN THINKING? 229 Foundation of Business Design Thinking 230 Process and Methodology 232 PRINCIPLES OF BUSINESS DESIGN THINKING 232 1. Keep a Human-Centered Focus 234 2. Think Visually and Tell Stories 235 3. Work and Co-Create Collaboratively 236 4. Evolve through Active Iteration 237 5. Maintain a Holistic Perspective 238 Inspiration: Oracle 240 Inspiration: ExactTarget 242 A NEW WAY OF WORKING 244 Inspiration: Microsoft 254 Notes 256 About the Authors 259 Index
£19.99
John Wiley & Sons Inc Energy Trading and Risk Management
Book SynopsisA comprehensive overview of trading and risk management in the energy markets Energy Trading and Risk Management provides a comprehensive overview of global energy markets from one of the foremost authorities on energy derivatives and quantitative finance.Table of ContentsPreface xiii Acknowledgments xxv About the Author xxvii About the Contributors xxix Chapter 1 Energy Markets Fundamentals 1 1.1 Physical Forward and Futures Markets 3 1.2 Spot Market 5 1.3 Intraday Market 10 1.4 Balancing and Reserve Market 10 1.5 Congestion Revenue Rights, Financial Transmission Rights, and Transmission Congestion Contracts 11 1.6 Chapter Wrap-Up 12 References 13 Chapter 2 Quant Models in the Energy Markets: Role and Limitations 15 2.1 Spot Prices 17 2.1.1 Random Walk Jump-Diffusion Model 19 2.1.2 Mean Reversion: Ornstein-Uhlenbeck Process 23 2.1.3 Mean Reversion: Schwartz Type 1 Stochastic Process 25 2.1.4 Mean Reversion with Jumps 25 2.1.5 Two-Factor Model 26 2.1.6 Negative Prices 27 2.2 Forward Prices 28 2.2.1 Forward and Futures Markets 28 2.2.2 Contango and Backwardation 30 2.3 Chapter Wrap-Up 31 References 31 Chapter 3 Plain Vanilla Energy Derivatives 33 3.1 Definition of Energy Derivatives 34 3.2 Global Commodity Exchanges 35 3.3 Energy Derivatives Pricing Models 36 3.4 Settlement 37 3.5 Energy Derivatives Quant Models: Role and Limitations 38 3.6 Options 40 3.6.1 Volatility 42 3.7 Vanilla Options 43 3.7.1 Option Style 44 3.7.2 Exchange-Traded and Over-the-Counter Options 44 3.7.3 In-the-Money, At-the-Money, and Out-of-the-Money Options 45 3.7.4 Put-Call Parity 46 3.8 European Options 47 3.9 American Options 50 3.10 Swaps 52 3.11 Swaps to Futures 54 3.12 Chapter Wrap-Up 54 References 54 Chapter 4 Exotic Energy Derivatives 59 4.1 Asian Options 60 4.1.1 Classes of Asian Options 61 4.1.2 Payoffs of Asian Options 62 4.1.3 Solutions to Asian Options 63 4.1.4 Asian Options in the Energy Markets 63 4.2 Barrier Options 63 4.2.1 Eight Types of Barrier Options 64 4.2.2 Partial Barrier Options 65 4.2.3 Solutions to Barrier Options 66 4.2.4 Barrier Options in the Energy Markets 66 4.3 Digital Options 66 4.3.1 Types of Digital Options 67 4.3.2 Solutions to Digital Options 69 4.3.3 Digital Options in the Energy Markets 69 4.4 Real Options 71 4.4.1 Real Options in the Electric Power Markets 71 4.4.2 Case Study: Real Options in the Oil Markets 72 4.4.3 Limitations of the Real Options Valuation Paradigm 73 4.5 Multiasset Options 74 4.5.1 Pricing Multiasset Options 74 4.6 Spread Options 75 4.6.1 Crack Spreads 76 4.6.2 Spark Spreads 82 4.6.3 Dark Spreads 85 4.7 Perpetual American Options 86 4.7.1 Perpetual American Options in the Power Industry 87 4.8 Compound Options 87 4.8.1 Tolling Agreements: Example of Compound Options in Power Markets 89 4.9 Swaptions 90 4.9.1 Energy Swaptions 91 4.10 Swing Options 92 4.11 Chapter Wrap-Up 94 References 94 Chapter 5 Risk Management and Hedging Strategies 99 5.1 Introduction to Hedging 102 5.2 Price Risk 104 5.3 Basis Risk 107 5.3.1 Basis Risk Case Study 108 5.3.2 Metallgesellchaft Case: Stack and Roll Hedging Disaster 109 5.4 The Option “Greeks” 110 5.5 Delta Hedging 111 5.6 Gamma Hedging 113 5.7 Vega Hedging 115 5.8 Cross-Hedging Greeks 116 5.9 Quant Models Used to Manage Energy Risk: Role and Limitations 116 5.9.1 Regression Analysis 117 5.9.2 Stress Test 120 5.9.3 Value at Risk 123 5.10 Chapter Wrap-Up 124 References 124 Chapter 6 Illustrations of Hedging with Energy Derivatives 127 6.1 Hedging with Futures Contracts 129 6.1.1 Case Studies and Examples: Hedging with Futures Contracts 130 6.1.2 Risks Associated with Hedging with Futures Contracts 138 6.2 Hedging with Forward Contracts 141 6.3 Hedging with Options 143 6.3.1 Case Study: Call Options Used to Set a “Cap” on Gasoline Prices 143 6.3.2 Example: How Power Generators Use Options on Futures to Hedge 144 6.3.3 Example: How End Users Utilize Options on Futures to Hedge 145 6.3.4 Example: How Power Marketers Use Options on Futures to Hedge 145 6.4 Hedging with Swaps 146 6.4.1 Example: Fuel Swap 148 6.4.2 Example: Electricity Swap 149 6.4.3 Case Study: Natural Gas Basis Swap 150 6.5 Hedging with Crack Spread Options 151 6.5.1 Case Study: Hedging with Crack Spread Options 153 6.6 Hedging with Spark Spreads 154 6.6.1 Case Study: Power Producer Uses Spark Spread to Protect Margin 154 6.7 Hedging with Other Energy Derivatives 157 6.8 Chapter Wrap-Up 158 References 158 Chapter 7 Speculation 161 7.1 Convergence of Energy and Financial Markets 162 7.2 Trading Terminology 167 7.3 Energy Products Trading Codes 169 7.4 Futures Trading Symbols: Month Code Abbreviation 170 7.5 Fundamental and Technical Analyses 171 7.6 Trading Tools: Charts and Quotes 173 7.7 Energy Trading Market Participants 176 7.8 Speculation in the Oil Markets 182 7.9 Speculation in the Electricity Markets 184 7.10 Speculation in the Natural Gas Markets 185 7.11 Chapter Wrap-Up 187 References 187 Chapter 8 Energy Portfolios 191 8.1 Modern Portfolio Theory 192 8.2 Energy Portfolio Management 196 8.3 Optimization of Electricity Portfolios 197 8.3.1 Case Study: Economic Load Dispatch of a Portfolio of Gas-fired Power Plants 199 8.4 Optimization of Gas Portfolios 201 8.5 Other Energy Portfolio Management Models 203 8.6 Chapter Wrap-Up 203 References 204 Chapter 9 Hedging Nonlinear Payoffs Using Options: The Case of a New Subsidies Regime for Renewables 207 9.1 Renewable Energy, Options Pricing, and Government Subsidies 209 9.1.1 Power Assets Modeled as a Vanilla Call Option 210 9.1.2 Strike Price of a Wind Turbine 211 9.1.3 Levelized Cost Price of Electricity 211 9.1.4 Wind Turbines’ Competitiveness on the Electricity Market 213 9.2 Government Subsidies as a Stochastic Process 216 9.3 Impact of Embedded Options and Stochastic Subsidies on Pricing and Risk Management 219 9.3.1 Pricing of a Wind Turbine and Subsidies as an Embedded Option 219 9.3.2 Tail Risk and Hedging Options with Options 222 9.4 Chapter Wrap-Up 224 References 225 Chapter 10 Case Study: Hydro Power Generation and Behavioral Finance in the U.S. Pacific Northwest 227 10.1 An Overview of Behavioral Finance 229 10.2 Behavioral Finance in Energy Economics 231 10.3 Power Generation in the Pacific Northwest 232 10.4 Behavioral Financing of Projects in the Pacific Northwest 235 10.5 Northwest Power Planning 239 10.5.1 Resource Availability 239 10.5.2 Resource Cost 239 10.5.3 System Flexibility 240 10.5.4 Cost Effectiveness 241 10.5.5 Transmission 241 10.6 Chapter Wrap-Up 241 Reference 242 Bibliography 243 Index 259
£75.00
John Wiley & Sons Inc Brief Make a Bigger Impact by Saying Less
Book SynopsisGet heard by being clear and concise The only way to survive in business today is to be a lean communicator. Busy executives expect you to respect and manage their time more effectively than ever. You need to do the groundwork to make your message tight and to the point.Table of ContentsForeword xiii Acknowledgments xv Preface xvii Part One Awareness: Heightened Awareness In a World Begging for Brief 1 1 Why Brevity Is Vital 3 Get to the Point or Pay the Price 3 Executive—Interrupted 5 Who’s Responsible for Adapting When the Message Is Not Being Heard? 9 Timing Is of the Essence 9 BRIEF Balance: The Harmony of Clear, Concise, and Compelling 10 A BRIEF Timeout 11 2 Mindful of Mind-filled-ness 13 Brevity Is Like an Instant Stress Release 13 Battling Overcapacity 14 1. Information Inundation—The Water’s Rising 15 2. Inattention—The Muscle Is Weakening 17 3. Interruption—The Rate Is Alarming 19 4. Impatience—The Ice Is Thinning 21 What Does It All Mean? 22 Your New Reality: There’s No Time for a Slow Buildup 22 Test Yourself 24 Examination of Brevity 24 A New Professional Standard 25 3 Why You Struggle with Brevity: The Seven Capital Sins 27 Why Is It So Difficult? 27 1. Cowardice 28 2. Confidence 29 3. Callousness 29 4. Comfort 30 5. Confusion 31 6. Complication 31 7. Carelessness 32 4 The Big Bang of Brevity 35 A Success Story 35 Part Two Discipline: How to Gain Discipline To Be Clear and Concise 41 5 Mental Muscle Memory to Master Brevity 43 The Exercise of Brevity 43 6 Map It: From Mind Mapping to BRIEF Maps 45 Your 11th Grade English Teacher Was Right 45 An Outline Is Missing, and So Is the Sale 47 Mind Mapping and the Modern Outline 49 BRIEF Maps: A Practical Tool for Delivering Brevity 51 How a BRIEF Map Can Be Used 52 Wrong Approach: Bob Chooses to Share but Not to Prepare 52 Right Approach: Bob Prepares a BRIEF Map and Maintains Executive Support 53 BRIEF Maps: What’s the Payoff? 57 7 Tell It: The Role of Narratives 59 I’m Tired of Meaningless and Meandering Corporate Jargon. I’m Ready for a Good Story 59 Where’s the Disconnect? When a Story Is Missing 62 The Birth of Narrative Mapping: A Way to Organize and Deliver Your Story 64 Rediscovery of Narratives and Storytelling: Breaking through the Blah, Blah, Blah 66 Listen, I’m Ready for a Story 67 Think About Your Audience: Journalism 2.0 and the Elements of a Narrative 69 Narrative Map (De)constructed 75 Seeing and Hearing Is Believing: The Story of the Evolution of Commerce 76 8 Talk It: Controlled Conversations and TALC Tracks 81 Risky Business Trip 82 Controlled Conversations Are a Game of Tennis, Not Golf 84 TALC Tracks—A Structure for Balance and Brevity 84 Be Prepared for Anything 86 Audience, Audience, Audience 88 9 Show It: Powerful Ways to Make a Picture Exceed a Thousand Words 91 Show-and-Tell: Which Would You Choose? 91 You Can See the Shift 92 Seeing Supersedes Reading 93 A Visual Language 94 Connect an Image with Your Story 96 Momentary Magic: Infographics in Business 97 Breakdown of Complex Information 98 The Age of YouTube and Business 99 TL; DR: Too Long; Didn’t Read 101 10 Putting Brevity to Work: Grainger and the Al and Betty Story 105 Part Three Decisiveness: Gaining the Decisiveness To Know When and Where to Be Brief 111 11 Meeting You Halfway 113 Defeat the Villains of Meetings 113 Meeting Villain #1: Time 114 Meeting Villain #2: Type 115 Meeting Villain #3: Tyrants 116 Change the Format and Tone—Make It a Conversation 118 Put BRIEF Back into a Briefing 119 12 Leaving a Smaller Digital Imprint 123 The Digital Flood 123 BRIEF Hall of Fame: Verne Harnish 126 From Social Media to Venture Capital 128 Social Media Squeeze 130 13 Presenting a Briefer Case 133 Practicing What You Preach 133 The Discipline of Brevity 134 Putting the Power Back in PowerPoint 138 Training as a TED Talk 139 14 Trimming Your Sales (Pitch) 143 Shut Up and Sell 143 Billboard on a Bumper Sticker 144 Time to Be Convincing and Concise 146 Cut to the Customer’s Chase 149 15 Whose Bright Idea Was That Anyway? 153 Your Big Idea 153 A Mission-Critical Narrative 154 Clear Picture with Radical Focus 157 The Entrepreneur’s Dilemma: Mixed Messages 158 Tailor Your Pitch to Your Investor’s Needs 161 16 It’s Never Really Small Talk 165 Brevity as a Conversational Life Raft 165 Momentary Misgivings Stall Momentum 166 Walk the Walk; Talk the Talk 168 17 Help Wanted: Master of Brevity 173 Not the Time for Anxious Rambling 173 Let Others Lead the Conversation 175 Talking Your Way out of a Job Offer 177 18 I’ve Got Some Good News 183 Pay the Favor of Brevity Forward 183 Let the Brilliance Shine Through 184 Speak the Language of Success 186 Get into the Habit of Saying, “Thank You” 187 19 And the Bad News Is… 189 The Bright (and Brief) Side of Bearing Bad News 189 Give It to Them Straight 190 Serving up the S#&$ Sandwich 192 20 Got-a-Minute Updates 197 The “Say-Do” Ratio 197 Be Prepared to Be Lean and Drive Out Wasteful Words 199 The Most Important Question: Why Am I Here? 204 Part Four Being Brief Summary and Action Plan 207 Resources 219 Notes 221 About the Author 225 Index 227
£16.15
John Wiley & Sons Inc Beat the Crowd
Book SynopsisTrain your brain to be a real contrarian and outsmart the crowd Beat the Crowd is the real contrarian's guide to investing, with comprehensive explanations of how a true contrarian investor thinks and acts and why it works more often than not. Bestselling author Ken Fisher breaks down the myths and cuts through the noise to present a clear, unvarnished view of timeless market realities, and the ways in which a contrarian approach to investing will outsmart the herd. In true Ken Fisher style, the book explains why the crowd often goes astrayand how you can stay on track. Contrarians understand how headlines really affect the market and which noise and fads they should tune out. Beat the Crowd is a primer to the contrarian strategy, teaching readers simple tricks to think differently and get it right more often than not. Discover the limits of forecasting and how far ahead you should look Learn why political controversy Trade Review“..a characteristically lively read….a good holiday read for any investor who suspects they may be stuck in their ways and in need of new insights” (Money Observer, July 2015) Table of ContentsPreface ix Chapter 1: Your Brain]Training Guide 1 Wall Street’s Contrarian Contradiction 4 The Curmudgeon’s Conundrum 5 There Is Always a But 6 Why Most Investors Are Mostly Wrong Most of the Time 8 The First Rule of True Contrarianism 12 The All-Seeing Market 13 Different, Not Opposite 14 The Right Frame of Mind 15 Check Your Ego 16 Chapter 2: For Whom the Bell Curve Tolls 19 Wall Street’s Useless/Useful Fascination With Calendars 23 Professional Groupthink 25 How the Contrarian Uses Professional Forecasts 26 Even the Best Fall Sometimes . . . 30 How to Beat the Street 39 Chapter 3: Dracula and the Four Horsemen of the Media Apocalypse 47 The Media’s Flawed Financial Eyesight 50 Dracula Around the Corner 53 Looking for Growth in All the Wrong Places 59 The Magic Indicator 62 War—What Is It Good For? 71 Don’t Be a Cow, Be a Contrarian 77 Chapter 4: Not in the Next 30 Months 81 Baby Boomer Bomb? 85 What About Social Security and Medicare? 86 But What if the “Lost Generation”Stays Lost? 90 What About Debt? 93 But What if Debt Causes Runaway Inflation? 98 But What if America Stops Innovating? 98 But What About Global Warming? 100 What About Income Inequality? 102 What if the Dollar Loses Its Place as the World’s Reserve Currency? 105 What the Markets Know 108 Chapter 5: Take a Safari With Jack Lemmon and Walter Matthau 111 How the Elephant Got Its Tusks 114 Dumbo, Gross Margins and Other High]Flying Elephants 116 When Good News Dresses Up as Bad News 118 The Yield Curve Curveball 121 When Elephants Attack 127 A Brief History of Tragedy 127 When Textbooks Lie 129 It Can’t Be an Elephant If … 134 Chapter 6: The Chapter You’ll Love to Hate 137 Step 1: Ditch Your Biases 140 My Guy Is Best, Your Guy Is Worst and Other Unhelpful Opinions 141 A Magical Elephant Named Gridlock 145 (Not) Just a Bill Sittin’ on Capitol Hill 150 That Which Is Seen and That Which Is Unseen 156 What’s Worse Than a Politician? 158 Why the Government Already Made the Next Crisis Worse 162 Chapter 7: Put Those Textbooks Away 169 Don’t Toss Your Textbooks—But Know Their Limitations! 172 The First Commandment: P/Es Aren’t Predictive 175 The CAPEd Crusader Is No Superhero 178 Small Beats All? 181 Fancy Formulas and Other Academic Kryptonite 184 Theory Isn’t Reality 189 If Not School, Where? 193 Chapter 8: Throw Away This Book! 197 Miley Cyrus, Justin Bieber and Pop Star Economists 200 Classics Are Classic for a Reason 203 Philosophy and Econ 101 209 How to Learn From the Legends 216 Those Who Forget History . . . 225 Classics in the Twenty]First Century 230 Chapter 9: When Miley Cyrus Meets Ben Graham: Misadventures in Behavioral Finance 235 Where It All Began 238 The Beginnings of Behavioral Finance’s Drift 240 When Academics Met Capitalism and Marketing 240 Behavioral Finance and Tactical Positioning 242 Recency Bias and Sentiment 251 How to Gain a Tactical Advantage With Behavioral Finance 254 A Section for Stock Pickers 259 Know When to Say When 266 Getting Back to Self]Control 268 Chapter 10: The Negative Myopic Media 277 How to Use the News 281 What the Media Always Misses 285 In Technology (and Capitalism) We Trust 289 Parting Thoughts 290 Index 293
£19.96
John Wiley & Sons Inc The Myths of Creativity
Book SynopsisHow to get past the most common myths about creativity to design truly innovative strategies We tend to think of creativity in terms reminiscent of the ancient muses: divinely-inspired, unpredictable, and bestowed upon a lucky few. But when our jobs challenge us to be creative on demand, we must develop novel, useful ideas that will keep our organizations competitive. The Myths of Creativity demystifies the processes that drive innovation. Based on the latest research into how creative individuals and firms succeed, David Burkus highlights the mistaken ideas that hold us back and shows us how anyone can embrace a practical approach, grounded in reality, to finding the best new ideas, projects, processes, and programs. Answers questions such as: What causes us to be creative in one moment and void in the next? What makes someone more or less creative than his or her peers? Where do our flashes of creative insight come from, and how can we generate more of tTrade Review“An engaging book that makes its case in good, clear language… [Burkus] forces us to challenge some widely held assumptions.” —Morgen Witzel, The Financial Times “Outlines how anyone—especially entrepreneurs—can embrace a practical approach to finding the best kind of mojo for new projects, processes and programs.” —Entrepreneur.com (selected as a “Best Business Book to Get Cozy With This Fall”) “We may no longer literally worship the Muses, but the myths surrounding creativity continue to delude us. In this smart and urgent book, David Burkus explodes these myths and replaces them with the scientific results of modern research on creativity and innovation.” —Daniel H. Pink, author, To Sell is Human and Drive “Creative potential is all too often held captive by misconceptions. Burkus tackles the myths head on and digs into the true underpinnings of creative insight. It turns out that great ideas are within your grasp as soon as you take the reins. Read this book to free yourself of the myths and assumptions that burden your true creative potential.” —Scott Belsky, author, Making Ideas Happen and cofounder & CEO, BEHANCE “Through rigorous research and engaging stories, Burkus debunks the myths of creativity and illuminates a creative process that makes ingenuity accessible to all. If you seek a more innovative company, The Myths of Creativity is a brilliant find.” —Liz Wiseman, author, Multipliers, and founder, The Wiseman Group “David Burkus is an important new voice, both as a scholar and storyteller, as well as a commentator of the emerging ‘GenEntrepreneur’ in America.” —Peter Sims, author, Little Bets, and founder, BLK SHP “The Myths of Creativity speaks the truth. The processes, environments, and organizational structures that foster creativity, as well as the obstacles that inhibit innovation, are laid bare. David Burkus uncovers the hidden elements which have been at the core of Continuum's innovation process, driving us to find better answers to the biggest questions.” —Gianfranco Zaccai, president, chief design officer, and founder, Continuum “You must embrace your creative ability in order to thrive in today's marketplace. David Burkus swiftly and effectively debunks the myths that limit your creative firepower.” —Todd Henry, author, The Accidental Creative Table of Contents1 The Creative Mythology 1 2 The Eureka Myth 17 3 The Breed Myth 33 4 The Originality Myth 49 5 The Expert Myth 67 6 The Incentive Myth 87 7 The Lone Creator Myth 105 8 The Brainstorming Myth 125 9 The Cohesive Myth 141 10 The Constraints Myth 159 11 The Mousetrap Myth 177 Notes 195 Acknowledgments 203 About the Author 205 Index 207
£16.99
John Wiley & Sons Inc Trend Qualification
Book SynopsisTechnical analysis expert L.A. Little shows how to identify and trade big market moves Significant money can be made in the stock market by following big trends. In Trend Qualification and Trading, market technician L.A. Little explains how to identify and qualify these trends to determine the likelihood that they will continue and produce better trading results. By combining price, volume, different timeframes, and the relationship between the general market, sectors, and individual stocks, Little shows how to measure the strength of stock trends. Most importantly, he demonstrates how to determine if a trend has what it takes to develop into a major move with greater profit potential or if it is basically a false signal. Takes a proven technical approach to identifying and profiting from financial market trends Shows how to best time entries, when to take profits, and when to exit trades Introduces Little''s proprietary concept, TTable of ContentsForeword xi Acknowledgments xiii Introduction 1 Part I Trend Theory 5 Chapter 1 Redefining Trend 7 Chapter 2 Classical Trend Model 13 Objective of the Model 13 Inputs 14 Model Definition 14 Rules for the Model 15 Applying the Model 18 Summary 22 Chapter 3 Neoclassical Trend Model 25 Objective of the Model 26 Inputs 29 Model Definition 30 Rules for the Model 37 Summary 46 Chapter 4 Determining Trends 49 Fundamentals for the Long Term 49 Swing Point Logic 50 Identifying and Labeling Trends 65 Summary 70 Chapter 5 Qualifying Trends 73 Using Swing Point Tests 73 Trend Continuation and Transitions 75 Retest and Regenerate 97 Summary 106 Part II Application of Trend Theory 109 Chapter 6 Preparing to Trade 111 Overview of Trading Strategies 112 Risk versus Reward 115 Time Frames 116 Summary 125 Chapter 7 Entering and Exiting Trades 127 Support and Resistance 128 Price Zones, Not Lines 131 Defining Entry and Exit Points 136 A Trading Example: Combining Technical Events 161 Summary 166 Chapter 8 Reversals and Price Projections 167 Price Reversals 168 Price Projections 176 Summary 187 Chapter 9 Time Frames 191 Time Frame Analysis 192 Time Frame Integration 197 Establishing a Trading Bias 206 Trade Trend Matrix 212 Summary 214 Chapter 10 Markets, Sectors, and the Trading Cube 215 General Market 216 Market Sectors 217 The Trading Cube 219 Summary 240 Chapter 11 Trading Qualified Trends 243 Example of a Qualified Trend 244 Entering a Trade 249 Exploiting the Trend 258 Exiting the Trade 263 Flipping Trading Positions 268 Concluding Thoughts 272 Notes 275 Glossary of Key Terms 281 About the Author 287 Index 289
£35.62
John Wiley & Sons Inc The Art of Vulture Investing
Book SynopsisA detailed and compelling look at distressed securities investing in today's market In the corporate world, vulture investors in distressed securities serve the same cleanup function as vultures do in the natural world: they deal with failing companies, digest bad debt, and mop up after bankruptcies. Since this market's structural and legal complexities create greater inefficiencies than in other investment fields, it's a style of investing that can make money during both booms and busts. While recent economic carnage has made opportunities for vulture investors, more convoluted bankruptcies, conflicts of interest, and even government intervention have made this arena harder to negotiate. Nobody understands this better than author George Schultze, founder of Schultze Asset Management. During his successful career as a vulture investor, he's learned a number of lessons and developed an investment philosophy that has served him well. Now, in The Art of Vulture InvTable of ContentsForeword ix Acknowledgments xi Preface xiii CHAPTER 1 Emerging from the Egg 1 CHAPTER 2 Learning to Scavenge 17 CHAPTER 3 Looking for Prey 39 CHAPTER 4 Waiting On a Limb 63 CHAPTER 5 Swooping In: Tropicana 73 CHAPTER 6 Fighting Over the Carcass: Chrysler 95 CHAPTER 7 Digesting the Remains 115 CHAPTER 8 A Vulture’s Philosophy 131 APPENDIX 1 Net Operating Loss Carry Forwards 139 APPENDIX 2 Copy of Continued Objection by Ad Hoc Committee of Washington Group Class 7 Claim Holders 141 APPENDIX 3 Letter to Washington Group’s Board of Directors 153 APPENDIX 4 Shareholder Complaint against Winn-Dixie Board et al. 157 APPENDIX 5 Objection by Schultze Asset Management to Owens Corning Disclosure Statement About the Authors 185 Index 189
£45.00
John Wiley & Sons Inc Forensic Accounting and Fraud Investigation for
Book SynopsisFully revised, the proven primer on forensic accounting with all-new cases A must-have reference for every business professional, Forensic Accounting and Fraud Investigation for Non-Experts, Third Edition is a necessary tool for those interested in understanding how financial fraud occurs and what to do when you find or suspect it within your organization. With comprehensive coverage, it provides insightful advice on where an organization is most susceptible to fraud. Updated with new cases and new material on technology tools in forensic accounting Covers the core accounting, investigative, and legal aspects of forensic accounting for professionals new to the field Covers investigative and legal issues along with accounting schemes Written by a team of recognized experts in the field of forensic accounting, Forensic Accounting and Fraud Investigation for Non-Experts, Third Edition is essential reading for accountantTable of ContentsPreface xiii Acknowledgments xv Part I Forensic Accounting and Fraud Overview 1 Chapter 1 Forensic Accounting 3 What Is Forensic Accounting? 3 Why Has Forensic Accounting Become the Buzz? 4 Introduction to a Profession 5 Applications for Forensic Accounting 6 A Third Dimension: Contexts within Each Area of Specialization 11 Conclusion 14 Suggested Readings 15 Notes 15 Chapter 2 Fraud in Society 17 What Is Fraud? 17 Types of Fraud 21 Other Types of Financial Fraud 25 Sarbanes–Oxley 27 What the Numbers Tell Us about Fraud 28 Categories of Occupational Fraud 29 Drawing Conclusions 31 Society’s Perception of Fraud 32 Who Commits Fraud?—Profile of the Typical Fraudster 33 The Social Consequences of Economic Crime 39 Conclusion 39 Suggested Readings 40 Notes 40 Chapter 3 Understanding the Basics of Financial Accounting 43 Where It All Begins 43 The Five Accounting Cycles 46 Journals: Subsidiary and General 54 Conclusion 56 Suggested Readings 56 Note 57 Chapter 4 Forms of Entities 59 Basics of Business Structures 59 Sole Proprietorships 60 Partnerships 60 Corporations 63 Business Enterprises in the Global Environment 66 Conclusion 70 Suggested Readings 70 Notes 72 Chapter 5 Fundamental Principles of Financial Analysis 73 Good Analysis = Due Diligence? 73 Why Perform Financial Analysis? 76 What and Whom Can You Trust? 76 Other Factors to Consider 77 Financial Analysis for the Non-Expert 78 To the Future 85 Conclusion 86 Suggested Readings 87 Notes 87 Chapter 6 The Role of the Accounting Professional 89 The Importance of Accounting Professionals in the Investigation 89 The Audit Process 93 Internal Controls 98 Conclusion 101 Notes 101 Part II Financial Crime Investigation 103 Chapter 7 Business as a Victim 105 Introduction 105 Employee Thefts 106 Fraudulent Billing Schemes 112 Fraud Committed by Outsiders 113 Management Thefts 114 Corporate Thefts 117 Identity Theft 118 Conclusion 120 Suggested Readings 120 Notes 120 CHAPTER 8 Business Villains 123 Introduction 123 Organized Crime and Business 123 Money Laundering 130 Conclusion 137 Suggested Readings 138 Notes 139 Chapter 9 The Investigative Process 143 Introduction 143 Case Initiation 144 Case Evaluation 145 Solvability Factors 147 Goal Setting and Planning 148 Investigation 156 Background 158 Conclusion 166 Suggested Readings 167 Notes 167 Chapter 10 Interviewing Financially Sophisticated Witnesses 169 Introduction 169 The Interview 170 Interviewing Financially Sophisticated Witnesses 185 Conclusion 188 Suggested Readings 189 Notes 190 Chapter 11 Proving Cases through Documentary Evidence 193 Introduction 193 Document Collection 194 Document Organization 207 The Process of Proof 211 The Logic of Argument 213 Proof through Inference 217 Conclusion 221 Suggested Readings 222 Notes 224 Chapter 12 Analysis Tools for Investigators 227 Introduction 227 Why Use Analysis Tools at All? 227 Associational Analysis 229 Temporal Analysis 246 Conclusion 252 Suggested Readings 252 Notes 253 Chapter 13 Inferential Analysis 255 Introduction 255 How Inferential Analysis Helps 255 What Is an Inference Network? 256 Investigative Inference Analysis 259 The Key List 263 Constructing an Investigative Inference Chart 264 Plotting the Chart 268 Some Tips for Charting Success 272 Applying the Chart to the Investigative Process 273 Conclusion 275 Suggested Readings 275 Notes 277 Chapter 14 Documenting and Presenting the Case 279 Introduction 279 Creating a System 279 The Casebook System 280 Report Writing 287 Testifying as a Financial Expert 290 Conclusion 305 Suggested Readings 305 Notes 306 About the Authors 309 Index 311
£45.00
John Wiley & Sons Inc Top Class Competitors
Book SynopsisThree decades ago competitiveness was unheard-of; today it has taken the world by storm. But what is it? And will it last? In Top Class Competitors Stéphane Garelli - professor at IMD business school where he is also head of the World Competitiveness Centre, professor at the University of Lausanne, and former managing director of the World Economic Forum - defines competitiveness as the ability of a nation, company or individual to manage a set of disparate competencies to achieve prosperity. For instance, along with traditional policies a nation must tackle education and security to sustain economic development. Companies must manage soft issues such as brands to beat the competition. And individuals must reinvent themselves to survive. These fields of research did not exist until recently - now, competitiveness makes the link. Top Class Competitors is a journey through the brave new world of competitiveness. What are its historical origins? How does it impact the maTrade Review"...this book aims to provide the answers to these and much more." (Credit Control, May 2006) "...a fresh perspective...worth a read." (Gulf Business, August 2006) "...a forward-looking book...could easily be a reference text for students of economics, business studies .... Well written and authoritative...." (Edge, November 2006)Table of ContentsAcknowledgements ix Credits xi Prologue xiii 1 Competitiveness: Changing the Mindset 1 2 The Long and Winding Road to Competitiveness 31 3 Working out National Competitiveness: The Cube Theory 61 4 The Extended Enterprise 117 5 Competitiveness and Work: A Love–Hate Relationship 153 6 Competitiveness and Value Systems 181 7 Competent People and Competitive People: They Are Not The Same . . . 217 Epilogue: A Beautiful, Competitive Mind 251 References 259 Index 265
£30.60
John Wiley & Sons Inc 100 Minds That Made the Market
Book SynopsisIntroducing the new Fisher Investment Series, comprised of engaging and informative titles written by renowned money manager and bestselling author Ken Fisher. This series offers essential insights into the worlds of investing and finance.Trade Review“…trawl through the biographies of those who have made the markets move for some of the right – and wrong – reasons.” (FT's Investment Adviser, Monday 18th February 2008)Table of ContentsPreface xvii Acknowlegments xxi Foreword xxiii Introduction 1 CHAPTER ONE The Dinosaurs 7 MAYER AMSCHEL ROTHSCHILD Out of the Ghetto and into the Limelight 10 NATHAN ROTHSCHILD When Cash Became King—and Credit Became Prime Minister 13 STEPHEN GIRARD The First Richest Man in America Financed Privateers 17 JOHN JACOB ASTOR A One-Man Conglomeration 20 CORNELIUS VANDERBILT A Man Above The Law 23 GEORGE PEABODY A Finder of Financing and Financiers 26 JUNIUS SPENCER MORGAN The Last of the Modern Manipulators 29 DANIEL DREW Much “To Drew” About Nothing 32 JAY COOKE Stick To Your Knitting 36 CHAPTER TWO Journalists and Authors 39 CHARLES DOW His Last Name Says It All 41 EDWARD JONES You Can’t Separate Rodgers and Hammerstein 44 THOMAS W. LAWSON “Stock Exchange Gambling is the Hell of it All . . . ” 47 B.C. FORBES He Made Financial Reporting Human 51 EDWIN LEFEVRE You Couldn’t Separate His Facts from His Fiction 53 CLARENCE W. BARRON A Heavyweight Journalist 56 BENJAMIN GRAHAM The Father of Security Analysis 59 ARNOLD BERNHARD The Elegance of Overview on a Single Page 63 LOUIS ENGEL One Mind that Helped Make Millions More 67 CHAPTER THREE Investment Bankers and Brokers 71 AUGUST BELMONT He Represented Europe’s Financial Stake in America 74 EMANUEL LEHMAN AND HIS SON PHILIP Role Models For So ManyWall Street Firms 77 JOHN PIERPONT MORGAN History’s Most Powerful Financier 80 JACOB H. SCHIFF The Other Side of the Street 84 GEORGE W. PERKINS He Left the Comfy House of Morgan to Ride a Bull Moose 87 JOHN PIERPONT “JACK” MORGAN, JR. No One Ever Had Bigger Shoes to Fill 90 THOMAS LAMONT The Beacon for a Whole Generation 94 CLARENCE D. DILLON He Challenged Tradition and Symbolized the ChangingWorld 98 CHARLES E. MERRILL The Thundering Herd Runs Amok in the Aisles of the Stock Market’s Supermarket 101 GERALD M. LOEB The Father of Froth—He Knew the Lingo, Not the Logic 104 SIDNEY WEINBERG The Role Model for Modern Investment Bankers 108 CHAPTER FOUR The Innovators 113 ELIAS JACKSON “LUCKY” BALDWIN When You’re Lucky, You Can Go Your OwnWay 116 CHARLES T. YERKES He Turned Politics into Monopolistic Power 120 THOMAS FORTUNE RYAN America’s First Holding Company 123 RUSSELL SAGE A Sage for all Seasons 126 ROGER W. BABSON Innovative Statistician and NewsletterWriter 129 T. ROWE PRICE Widely Known as the Father of Growth Stocks 133 FLOYD B. ODLUM The Original Modern Corporate Raider 137 PAUL CABOT The Father of Modern Investment Management 141 GEORGES DORIOT The Father of Venture Capital 145 ROYAL LITTLE The Father of Conglomerates 149 CHAPTER FIVE Bankers and Central Bankers 153 JOHN LAW The Father of Central BankingWasn’t Very Fatherly 157 ALEXANDER HAMILTON The Godfather of American Finance 161 NICHOLAS BIDDLE A Civilized Man Could Not Beat a Buccaneer 164 JAMES STILLMAN Psychic Heads America’s Largest Bank 167 FRANK A. VANDERLIP A Role Model for AnyWall StreetWanna-Be 171 GEORGE F. BAKER Looking Before Leaping Pays off 174 AMADEO P. GIANNINI Taking the Pulse ofWall Street Out of New York 177 PAUL M. WARBURG Founder and Critic of Modern American Central Banking 180 BENJAMIN STRONG Had Strong Been Strong the Economy Might Have Been, Too 183 GEORGE L. HARRISON No, This Isn’t the Guy From the Beatles 187 NATALIE SCHENK LAIMBEER Wall Street’s First Notable Female Professional 190 CHARLES E. MITCHELL The Piston of the Engine that Drove the Roaring 20s 192 ELISHA WALKER America’s Greatest Bank Heist—Almost 195 ALBERT H. WIGGIN Into the Cookie Jar 198 CHAPTER SIX New Deal Reformers 203 E.H.H. SIMMONS One of the Seeds of Too Much Government 206 WINTHROP W. ALDRICH A Blue Blood Who Saw Red 209 JOSEPH P. KENNEDY Founding Chairman of the SEC 212 JAMES M. LANDIS The Cop Who Ended Up in Jail 216 WILLIAM O. DOUGLAS The Supreme Court Judge onWall Street? 220 CHAPTER SEVEN Crooks, Scandals, and Scalawags 225 CHARLES PONZI The Ponzi Scheme 228 SAMUEL INSULL He “Insullted”Wall Street and Paid the Price 231 IVAR KREUGER He PlayedWith Matches and Got Burned 235 RICHARD WHITNEY Wall Street’s Juiciest Scandal 239 MICHAEL J. MEEHAN The First Guy Nailed by the SEC 243 LOWELL M. BIRRELL The Last of the Great Modern Manipulators 246 WALTER F. TELLIER The King of the Penny Stock Swindles 250 JERRY AND GERALD RE A Few Bad Apples Can Ruin the Whole Barrel 254 CHAPTER EIGHT Technicians, Economists, and Other Costly Experts 257 WILLIAM P. HAMILTON The First Practitioner of Technical Analysis 260 EVANGELINE ADAMS By Watching the Heavens She Became a Star 263 ROBERT RHEA He Transformed Theory into Practice 266 IRVING FISHER TheWorld’s Greatest Economist of the 1920s, or Why You Shouldn’t Listen to Economists—Particularly Great Ones 270 WILLIAM D. GANN Starry-Eyed Traders “Gann” an Angle Via Offbeat Guru 274 WESLEY CLAIR MITCHELL Wall Street’s Father of Meaningful Data 278 JOHN MAYNARD KEYNES The Exception Proves the Rule I 281 R.N. ELLIOTT Holy Grail or Quack? 285 EDSON GOULD The Exception Proves the Rule II 289 JOHN MAGEE Off the Top of the Charts 292 CHAPTER NINE Successful Speculators, Wheeler-Dealers, and Operators 295 JAY GOULD Blood Drawn and Blood Spit—Gould or Ghoul-ed? 298 “DIAMOND” JIM BRADY Lady LuckWas on His Side—Sometimes 302 WILLIAM H. VANDERBILT He Proved His FatherWrong 305 JOHN W. GATES What Can You Say About a Man Nicknamed “Bet-a-Million”? 308 EDWARD HARRIMAN Walk Softly and Carry a Big Stick 311 JAMES J. HILL When Opportunity Knocks 314 JAMES R. KEENE Not Good Enough for Gould, But Too Keen for Anyone Else 317 HENRY H. ROGERS Wall Street’s Bluebeard: “Hoist the Jolly Roger!” 320 FISHER BROTHERS Motortown Moguls 323 JOHN J. RASKOB Pioneer of Consumer Finance 327 ARTHUR W. CUTTEN Bully the Price, Then Cut’n Run 330 BERNARD E. “SELL ’EM BEN” SMITH The Rich Chameleon 333 BERNARD BARUCH HeWon and Lost, But Knew When to Quit 337 CHAPTER TEN Unsuccessful Speculators, Wheeler-Dealers, and Operators 341 JACOB LITTLE The First to Do so Much 343 JAMES FISK If You Knew Josie Like He Knew Josie, You’d Be Dead Too! 346 WILLIAM CRAPO DURANT Half Visionary Builder, HalfWild Gambler 349 F. AUGUSTUS HEINZE Burned by Burning the Candle at Both Ends 353 CHARLES W. MORSE Slick and Cold as Ice, Everything He Touched . . . Melted 357 ORIS P. AND MANTIS J. VAN SWEARINGEN He Who Lives by Leverage, Dies by Leverage 360 JESSE L. LIVERMORE The Boy Plunger and Failed Man 364 CHAPTER ELEVEN Miscellaneous, But Not Extraneous 369 HETTY GREEN The Witch’s Brew, or . . . It’s Not Easy Being Green 371 PATRICK BOLOGNA The Easy Money—Isn’t 375 ROBERT R. YOUNG And It’s Never Been the Same Since 378 CYRUS S. EATON Quiet, Flexible, and Rich 381 Conclusion 385 Appendix 387 Index 419
£13.59
John Wiley & Sons Inc The Guru Investor
Book SynopsisToday''s investor is faced with a myriad of investment options and strategies. Whether you are seeking someone to manage your money or are a self-directed investor deciding to tackle the market on your own, the options can be overwhelming. In an easy-to-read and simple format, this book will dissect the strategies of some of Wall Street''s most successful investment gurus and teach readers how to weed through the all of the choices to find a strategy that works for them. The model portfolio system that author John Reese developed turns each strategy into an actionable system, addressing many of the common mistakes that doom individual investors to market underperformance. This book will focus on the principles behind the author''s multi-guru approach, showing how investors can combine the proven strategies of these legendary gurus into a disciplined investing system that has significantly outperformed the market. Gurus covered in the book are: Benjamin Graham;Table of ContentsAcknowledgements ix Introduction xi Part One Why You Need this Book 1 Chapter 1 Learn from the Worst 3 Chapter 2 The Cavalry Arrives 19 Part Two The Value Legends 31 Chapter 3 Benjamin Graham: The Granddaddy of the Gurus 33 Chapter 4 John Neff: The Investor’s Investor 55 Chapter 5 David Dreman: The Great Contrarian 73 Chapter 6 Warren Buffett: The Greatest Guru 95 Part Three The Growth Legends (With a Value Twist) 127 Chapter 7 Peter Lynch: The Star “GARP” Manager 129 Chapter 8 Kenneth L. Fisher: The Price-Sales Pioneer 155 Chapter 9 Martin Zweig: The Conservative Growth Investor 175 Part Four The Pure Quants 197 Chapter 10 James O’Shaughnessy: The Quintessential Quant 199 Chapter 11 Joel Greenblatt: The Man with the Magic Formula 219 Chapter 12 Joseph Piotroski: The Undiscovered Academic 233 Part Five From Theory to Practice 247 Chapter 13 Putting It Together: The Principles of Guru Investing 249 Chapter 14 The Missing Piece: Determining When to Sell 269 Conclusion Time To Take The Wheel 279 Appendix A Performance of Guru-Based 10- and 20-Stock Model Portfolios 283 Appendix B Guru Yearly Track Record Comparison (Actual or Back-Tested Returns) 287 References 295 About the Authors 303 Index 305
£18.39
