Business, Finance & Law Books

Book SynopsisDevelop and implement an effective content strategy tailored to your business's needs Inbound Content is a step-by-step manual for attracting the right people, turning them into leads, and closing them into customers. Today, everyone knows that content is king. It's how we engage, how we inform, and how we pass the time; content is everywhere, and if you're not leveraging its power to promote your business, you've already been left behind. Having a website and social media is not enough; if you truly want to take advantage of unprecedented levels of connectedness, you have to create content that draws customers in. It's not about blindly expanding reach, it's about reaching out to the right audience. Today's marketplace is no longer about chasing the salewith the right approach to content, your customers will come to you. Your content must be valuable, relevant, and consistentbut how should it be implemented at the actual content-creaTable of ContentsForeword xiby Marcus Sheridan Preface xv Acknowledgments xvii About the Author xix Introduction: Your Content Marketing Transformation xxi Chapter 1 Building a Content Creation Framework 1 Why Does Your Business Need a Framework for Creating Content? 1 How Do You Build a Framework for Creating Content? 2 What Resources Do You Need to Build a Content Creation Framework? 10 Chapter 2 The Power of Storytelling 17 Why Does Your Business Need a Story? 17 How Do You Develop the Structure of Your Story? 19 What Does a Good Story Look Like? 27 Chapter 3 Generating Content Ideas 33 Why Do You Need a Process for Generating Content Ideas? 33 Where Do Ideas Come From? 35 How Do You Generate Ideas for Content Creation? 38 Chapter 4 Planning a Long-Term Content Strategy 49 Why Long-Term Content Planning Is Important 49 How Do You Build a Long-Term Content Strategy? 51 Chapter 5 Becoming an Effective Writer 65 Why Effective Writing Matters 65 How to Attract and Engage People with Effective Content 66 How to Improve Your Writing 73 Chapter 6 Creating a Blog Post 81 Why Does Blogging Help Your Business Grow? 81 How Do You Create a Successful Blog Post? 82 What Does a Successful Blog Post Look Like? 91 Chapter 7 Extending the Value of Your Content through Repurposing 99 Why Repurposing Content Is Important 99 How Do You Extend the Value of Your Content? 101 What’s an Example of Repurposing Content? 117 Chapter 8 How to Effectively Promote Content 123 Why Content Promotion Is Important 123 Organic versus Paid Content Promotion 125 How to Excel at Content Promotion 128 What a Successful Content Promotion Campaign Looks Like 133 Chapter 9 Measuring and Analyzing Content 141 Why Measuring and Analyzing Content Is Important 141 How to Collect and Interpret Data 142 What to Do with Data after You’ve Collected It 152 Chapter 10 Developing a Growth Marketing Mentality 157 What Is Growth Marketing? 157 How Can You Develop a Growth Marketing Mindset? 158 What Are Some Growth Marketing Pro Tips? 165 Chapter 11 Creating Topic Clusters and Pillar Pages 171 Why Are Topic Clusters Important? 171 How Do You Create an Effective Topic Cluster and Pillar Page? 172 What’s an Example of a Successful Pillar Page? 190 Chapter 12 The Results: Where to Go from Here 201 Glossary 203 Notes 207 Index 211

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Book SynopsisTable of ContentsPreface xv About the Website xix 1 Financial Planning & Analysis and Business Performance Management 1 The Problem with Traditional Measurement Systems 1 Objectives of Financial Analysis and Performance Management 3 Preview of the Book 6 Summary 9 Part One Fundamentals and Key FP&A Capabilities 2 Fundamentals of Finance 13 Basics of Accounting and Financial Statements 13 Financial Ratios and Indicators 19 Summary 42 3 Key Analytical Tools and Concepts 43 Basic Statistical Tools 43 The Business Model 59 Summary 69 4 Developing Predictive and Analytical Models 71 What Is a Financial Model? 71 Summary 81 Appendix: Illustrative Model 81 5 Building Analytical Capability 89 For the Individual 90 For the Organization 94 Summary 108 6 Communicating and Presenting Financial Information 109 Laying the Foundation for Success 110 Developing Effective Presentations and Reports 117 Delivering the Presentation 120 Data Visualization and Presentation: A Picture Is Worth a Thousand Words 121 Summary 134 Part Two Performance Management 7 Business Performance Management 137 What Is Business Performance Management? 138 Developing or Enhancing BPM in an Organization 144 Summary 155 8 Dashboards and Key Performance Indicators 157 Objectives of Dashboards and Key Performance Indicators 157 Selecting Appropriate Performance Measures and Key Performance Indicators 160 Creating Performance Dashboards 166 Sample Dashboards for Selected Industries 175 Summary 175 9 Institutionalizing Performance Management 179 Gaining Traction 179 Integrating Business Performance Management with Other Management Processes 183 Avoiding Common Mistakes 189 Summary 191 10 Measuring and DrivingWhat’s Important:Innovation, Agility, and Human Capital 193 Innovation 194 Measuring and Driving Business Agility 204 Human Capital Management 214 HCM Dashboard 226 Summary 226 11 The External View: Benchmarking Performance and Competitive Analysis 227 Analysis of Markets, Customers, and Competitors 228 Benchmarking to Evaluate Performance 232 Using Benchmarks to Set Enterprise Goals for Performance and Value Creation 242 Summary 243 Part Three Business Projections and Plans 12 Business Projections and Plans: Introduction and Best Practices 247 Overview of Business Planning and Projections 248 Best Practices in Projecting Future Financial Results 252 Summary 266 13 Budgets, Operating Plans, and Forecasts 267 The Budgeting Process 267 The Operating Plan 272 Business Forecasts and Outlooks 277 Summary 301 14 Long-Term Projections 303 Unique Challenges in Estimating Long-Term Performance 304 Applications of Long-Term Projections 305 Developing Long-Term Projections 307 Presentation of Long-Term Projections 319 Summary 325 Part Four Planning and Analysis for Critical Business and Value Drivers 15 Revenue and Gross Margins 329 Revenue Growth: Key Drivers 330 Key Performance Measures: Revenue Growth 343 Revenue Dashboard 351 Gross Margins and Relative Pricing Strength 351 Measures of Relative Pricing Strength 356 Summary 359 16 Operating Expenses and Effectiveness 361 Drivers of Operating Effectiveness 362 Key Performance Indicators: Operating Effectiveness 365 Tools for Assessing and Improving Operating Effectivenss 382 Summary 387 17 Capital Management and Cash Flow:Working Capital 389 Critical Success Factors 391 Operating Capital Management 393 Understanding the Dynamics of Operating Capital 394 Unleashing the Value Trapped in Operating Capital 396 Accounts Receivable 398 Key Performance Indicators for the Revenue Process and Accounts Receivable 401 Inventories 410 Summary 420 18 Capital Management and Cash Flow:Long-Term Assets 421 Capital Intensity 421 Tools for Improving the Management of Long-Term Capital 424 Projecting Capital Investments and Depreciation 428 Key Performance Indicators for Capital Intensity 431 Intangible Assets 433 Key Performance Indicators: Goodwill and Intangible Assets 434 Excess Cash Balances 436 Long-Term Capital Dashboard 437 Summary 439 19 Risk, Uncertainty, and the Cost of Capital 441 The Time Value of Money 441 The Cost of Capital 449 Performance Measures 458 Summary 461 Part Five Valuation and Capital Investment Decisions 20 Capital Investment Decisions: Introduction and Key Concepts 465 The Capital Investment Process 466 Evaluating the Economic Merits of Capital Investments 469 Illustrations 478 Summary 484 21 Capital Investment Decisions: Advanced Topics 485 Dealing with Risk and Uncertainty in Capital Investment Decisions 485 Presenting Capital Investment Decisions 499 Capital Budgeting and Rationing 500 Evaluating the Effectiveness of the Capital Investment Decision Process 502 Summary 505 22 Business Valuation and Value Drivers 507 Estimating the Value of a Business by Discounting Future Cash Flows 508 Estimating the Value of Firms by Using the Valuation of Similar Firms: Multiples of Revenues, Earnings, and Related Measures 517 Building Shareholder Value in a Multiples Framework 521 Integrated Valuation Summary for Roberts Manufacturing Company 525 Value Drivers 528 Summary 533 23 Analysis of Mergers and Acquisitions 535 The Acquisition Challenge 535 Key Elements in Valuing an Acquisition 537 Methods and Metrics for Valuing an Acquisition 539 Common Mistakes in M&A 554 Best Practices and Critical Success Factors 557 Understanding Seller Best Practices 560 Key Performance Indicators for M&A 562 Dashboards for M&A 564 Summary 564 Part Six Summary 24 Summary and Where to from Here? 569 Key Takeaways 569 Where to from Here? 572 Glossary 575 Acknowledgments 585 About the Author 587 Index 589

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Book SynopsisMarketing Research, 13th Edition presents a clear and comprehensive introduction to the field, with a strong focus on methodologies and the role of market research in strategic decision making. Employing a unique macro-micro-macro approach, the text begins with a broad overview of market research and its place withinand value toan organization, before zooming in to detail the granular view of the research process. Step-by-step explanations cover the latest methodologies and current practices, highlighting advanced techniques as well as their limitations and potential benefits, followed by a high-level discussion of research applications. An emphasis on real-world processes is underscored by end-of-chapter cases, allowing students to apply what they've learned in the context of real-life examples covering a broad range of products and organizations. This practical approach promotes engagement while building essential critical analysis, interpretation, and decision-makTable of ContentsPart I The Nature and Scope of Marketing Research 1 A Decision-Making Perspective on Marketing Intelligence 1 Learning Objectives 1 An Overview of Business Intelligence 1 Introduction to Marketing Intelligence 4 Marketing Research 7 Role of Marketing Research in Managerial Decision-Making 9 Factors that Influence Marketing Research Decisions 17 Use of Marketing Research 19 Ethics in Marketing Research 20 The Respondent’s Ethics and Rights 21 International Marketing Research 23 Summary 25 Questions and Problems 25 End Notes 26 Case 1-1: Preteen Market—The Right Place to Be In for Cell Phone Providers? 27 Case 1-2: Best Buy on a Segmentation Spree 27 Case 1-3: Ethical Dilemmas in Marketing Research 29 2 Marketing Research in Practice 30 Learning Objectives 30 Information Systems Decision Support Systems and Marketing Research 31 Marketing Decision Support Systems 34 Suppliers of Information 37 Criteria for Selecting External Suppliers 43 Career Opportunities in Marketing Research 44 Summary 45 Questions and Problems 45 End Notes 45 Appendix: Marketing Research Jobs 46 3 The Marketing Research Process 47 Learning Objectives 47 Overview of the Marketing Research Process 47 The Preliminary Stages of the Marketing Research Process 48 Planning a New HMO 60 The International Marketing Research Process 62 Summary 66 Questions and Problems 66 End Notes 67 Case 3-1: A VideOcart Test for Bestway Stores 67 Case 3-2: Philip Morris Enters Turkey 69 4 Research Design and Implementation 71 Learning Objectives 71 Research Approach 73 Research Tactics and Implementation 79 Budgeting and Scheduling the Research Project 81 Research Proposal 83 Designing International Marketing Research 84 Issues in International Research Design 86 Summary 88 Questions and Problems 89 End Notes 89 Appendix: Errors in Research Design 90 Case 4-1: Reynolds Tobacco’s Slide-Box Cigarettes 91 Cases for Part I 95 Case I-1: Clover Valley Dairy Company 95 Part II Data Collection Section A: Secondary and Exploratory Research 5 Secondary Sources of Marketing Data 98 Learning Objectives 98 Secondary Data 99 Uses of Secondary Data 100 Benefits of Secondary Data 100 Limitations of Secondary Data 101 Internal Sources of Secondary Data 102 External Sources of Secondary Data 103 Census Data 109 North American Industry Classification System 111 Appraising Secondary Sources 112 Applications of Secondary Data 113 Sources of Secondary Data for International Marketing Research 117 Problems Associated with Secondary Data in International Research 117 Applications of Secondary Data in International Research 118 Summary 119 Questions and Problems 119 End Notes 120 Case 5-1: Barkley Foods 121 Case 5-2: Dell in Latin America? 122 6 Standardized Sources of Marketing Data 123 Learning Objectives 123 Retail Store Audits 124 Consumer Purchase Panels 125 Scanner Services and Single-Source Systems 128 Media-Related Standardized Sources 134 Applications of Standardized Sources of Data 136 Summary 138 Questions and Problems 138 End Notes 139 Case 6-1: Promotion of Rocket Soups 140 Case 6-2: Kerry Gold Products Ltd. 144 7 Marketing Research on the Internet 147 Learning Objectives 147 Current Trends in Web Usage 148 WWW Information for Marketing Decisions 149 The Internet and Marketing Research Today 154 The Internet and Marketing Research Developments 166 Issues and Concerns 167 Summary 169 Questions and Problems 169 End Notes 170 Case 7-1: Caring Children’s hospital 172 8 Information Collection: Qualitative and Observational Methods 173 Learning Objectives 173 Need for Qualitative Research 173 Qualitative Research Methods 174 Observational Methods 194 Recent Applications of Qualitative and Observational Methods 200 Summary 201 Questions and Problems 201 End Notes 202 Appendix: Myths of Qualitative Research: It’s Conventional but Is It Wisdom? 204 Case 8-1: Mountain Bell Telephone Company 205 Case 8-2: U.S. Department of Energy (A) 207 Case 8-3: Hamilton Beach Conducts Primary Research in Mexico and Europe 208 Section B: Descriptive Research 9 Information from Respondents: Issues in Data Collection 209 Learning Objectives 209 Information from Surveys 209 Sources of Survey Error 210 Methods of Data Collection 215 Factors Affecting the Choice of a Survey Method 216 Ethical Issues in Data Collection 220 Summary 222 Questions and Problems 222 End Notes 223 Case 9-1: Essex Markets 224 Case 9-2: More Ethical Dilemmas in Marketing Research 224 10 Information from Respondents: Survey Methods 226 Learning Objectives 226 Collecting Data 226 Surveys in the International Context 248 Summary 250 Questions and Problems 250 End Notes 252 Case 10-1: Roland Development Corp 253 11 Attitude Measurement 255 Learning Objectives 255 Attitudes 256 The Concept of Measurement and Scaling 257 Types of Attitude Rating Scales 260 General Guidelines for Developing a Multiple-Item Scale 271 Interpreting Attitude Scales 274 Choosing an Attitudinal Scale 275 Accuracy of Attitude Measurements 277 Scales in Cross-National Research 279 Summary 280 Questions and Problems 280 End Notes 281 Case 11-1: National Kitchens 282 12 Designing the Questionnaire 284 Learning Objectives 284 Planning What to Measure 285 Formatting the Question 287 Question Wording: A Problem of Communication 292 Sequence and Layout Decisions 297 Questionnaire Design for International Research 303 Summary 305 Questions and Problems 305 End Notes 309 Case 12-1: Wine Horizons 309 Case 12-2: Smith’s Clothing (A) 312 Section C: Causal Research 13 Experimentation 313 Learning Objectives 313 Descriptive versus Experimental Research 314 What Constitutes Causality? 315 Laboratory and Field Experiments 317 Threats to Experimental Validity 318 Issues in Experimental Research 320 Types of Experimental Designs 322 Guidelines for Conducting Experimental Research 336 Limitations of Experiments 337 Summary 339 Questions and Problems 339 End Notes 341 Case 13-1: Evaluating Experimental Designs 341 Case 13-2: Barrie Food Corporation 342 Section D: Sampling 14 Sampling Fundamentals 344 Learning Objectives 344 Sample or Census 344 Sampling Process 346 Probability Sampling 352 Nonprobability Sampling 357 Shopping Center Sampling 362 Sampling in the International Context 363 Summary 365 Questions and Problems 366 End Notes 368 Case 14-1: Exercises in Sample Design 369 Case 14-2: Talbot Razor Products Company 369 15 Sample Size and Statistical Theory 372 Learning Objectives 372 Determining the Sample Size: Ad Hoc Methods 373 Population Characteristics/Parameters 374 Sample Characteristics/Statistics 375 Sample Reliability 376 Interval Estimation 378 Sample Size Question 380 Proportions 381 Coefficient of Variation 383 Stratified Sampling 383 Multistage Design 386 Sequential Sampling 386 Summary 387 Questions and Problems 387 End Notes 389 Cases for Part II 390 Case II-1: Currency Concepts International 390 Appendix A: Interview Guide for International Travelers (U.S. Citizens) 394 Part III Data Analysis 16 Fundamentals of Data Analysis 396 Learning Objectives 396 Preparing the Data for Analysis 397 Strategy for Data Analysis 401 Cross-Tabulations 405 Factors Influencing the Choice of Statistical Technique 407 An Overview of Statistical Techniques 409 Summary 414 Questions and Problems 414 End Notes 415 Appendix: Choice of a Statistical Package 415 17 Hypothesis Testing: Basic Concepts and Tests of Associations 416 Learning Objectives 416 The Logic of Hypothesis Testing 417 Steps in Hypothesis Testing 418 Basic Concepts of Hypothesis Testing 419 Cross-Tabulation and Chi-Square 422 Summary 431 Questions and Problems 431 End Notes 432 Case 17-1: Medical Systems Associates: Measuring Patient Satisfaction 433 18 Hypothesis Testing: Means and Proportions 435 Learning Objectives 435 Commonly Used Hypothesis Tests in Marketing Research 436 Relationship between Confidence Interval and Hypothesis Testing 439 Analysis of Variance (ANOVA) 440 The Probability‐Values (p‐Values) Approach to Hypothesis Testing 454 Effect of Sample Size and Interpretation of Test Results 455 Summary 456 Questions and Problems 456 End Notes 457 Case 18-1: American Conservatory Theater 458 Case 18-2: Apple Appliance Stores 459 Part IV Special Topics in Data Analysis 19 Correlation Analysis and Regression Analysis 461 Learning Objectives 461 Correlation Analysis 462 Regression Analysis 466 Summary 485 Questions and Problems 486 End Notes 488 Case 19-1: The Seafood Grotto 489 Case 19-2: Election Research Inc. 490 20 Discriminant Factor and Cluster Analysis 491 Learning Objectives 491 Discriminant Analysis 491 Multiple Discriminant Analysis 500 Summary of Discriminant Analysis 504 Factor and Cluster Analysis 504 Factor Analysis 505 Summary of Factor Analysis 516 Cluster Analysis 517 Summary of Cluster Analysis 527 Questions and Problems 527 End Notes 529 Case 20-1: Southwest Utility 529 Case 20-2: Store Image Study 530 21 Multidimensional Scaling and Conjoint Analysis 533 Learning Objectives 533 Multidimensional Scaling 533 Attribute‐Based Approaches 534 Summary of MDS 543 Conjoint Analysis 544 Summary of Conjoint Analysis 551 Questions and Problems 552 End Notes 553 Case 21-1: Nester’s Foods 554 Case 21-2: The Electric Truck Case 555 22 Presenting the Results 556 Learning Objectives 556 Guidelines for Successful Presentations 556 Written Report 562 Oral Presentation 566 Relationship with the Client 569 Summary 570 Questions and Problems 570 End Notes 570 Part V Applications of Marketing Intelligence 23 Marketing-Mix Measures 571 Learning Objectives 571 New-Product Research 572 Pricing Research 582 Distribution Research 585 Promotion Research 591 Total Quality Management 601 Summary 606 Questions and Problems 607 End Notes 609 Case 23-1: National Chemical Corporation 610 Case 23-2: Hokey Pokey is Born in India 611 24 Brand and Customer Metrics 613 Learning Objectives 613 Competitive Advantage 613 Brand Equity 616 Customer Satisfaction 622 Contemporary Applications of Marketing Intelligence 628 Maximizing Customer Profitability 630 Summary 633 Questions and Problems 633 End Notes 633 25 New Age Strategies 635 Learning Objectives 635 Database Marketing 636 Relationship Marketing 645 E-Commerce 649 Mobile Marketing 652 Social Marketing 654 Experiential Marketing 658 Word-of-Mouth Marketing 659 Internet of Things 662 Bots and Artificial Intelligence 664 Blockchain 666 Summary 668 Questions and Problems 669 End Notes 669 Appendix A 673 A-1. Standard Normal Cumulative Probability in Right‐Hand Tail for Positive Values of z; Areas are formed by Symmetry 673 A-2. χ 2 Critical Points 674 A-3. F Critical Points 676 A-4. Cut‐Off Points for the Student’s t‐Distribution 681 A-5. Procedures for Conducting Univariate and Multivariate Analysis in SPSS 682 A-6. Output of Select Tables in SPSS 686 Glossary 699 Index 717

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Book SynopsisTable of ContentsVI. Foreword (by Punit Renjen, Global CEO, Deloitte Touche Tohmatsu Limited) 1. Chapter 1 The Power of Chemistry 13. Chapter 2 The Lay of the Land Business Chemistry Core 20. Chapter 3 PIONEERS Value Possibilities and Spark Energy and Imagination 29. Chapter 4 GUARDIANS Value Stability and Bring Order and Rigor 39. Chapter 5 DRIVERS Value Challenge and Generate Momentum 49. Chapter 6 INTEGRATORS Value Connection and Draw Teams Together 62. Chapter 7 Recognizing Others Through Business Chemistry “Tells” 81. Chapter 8 Using Business Chemistry Responsibly Business Chemistry Electives 92. Chapter 9 What about Introverts and Extroverts? 103. Chapter 10 Stress, Career Aspirations, and Other Headlines 129. Chapter 11 Nature or Nurture? (And Other Timeless Questions) Business Chemistry Applications 152. Chapter 12 Pioneers in Hell: How to Stop Killing Their Potential 169. Chapter 13 Guardians in Hell: How to Stop Killing Their Potential 185. Chapter 14 Drivers in Hell: How to Stop Killing Their Potential 203. Chapter 15 Integrators in Hell: How to Stop Killing Their Potential 220. Chapter 16 Creating Powerful Relationships with Colleagues, Customers, and Everyone Else 234. Chapter 17 Putting Business Chemistry to Work On Your Teams 260. Chapter 18 Got Chemistry? Additional Content 265. About the Authors (or When a Pioneer and a Guardian Work Together) 271. Appendix: Details of the Business Chemistry System 294. Acknowledgments 296. Photo Credits

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Book SynopsisTable of ContentsPreface xiii Acknowledgments xv About the Author xvii CHAPTER 1 Volatility and Options 1 1.1 What Is an Option? 1 1.2 Options Are Bets on Volatility 3 1.3 Option Premiums and Breakevens 6 1.3.1 Understanding Option Premiums 6 1.3.2 Relation Between Premium and Breakeven 7 1.4 Strike Conventions 9 1.5 What Is Volatility? 10 1.5.1 Implied Volatility, σimplied 11 1.5.2 Probabilities and Breakevens 15 1.5.3 Implied Volatility and Realized Volatility 15 1.5.4 Realized Volatility, σrealized 16 1.6 Trader's Summary 19 CHAPTER 2 Understanding Options Without a Model 21 2.1 Vanilla Options 21 2.1.1 Option Payoffs 22 2.2 Making Assumptions 23 2.3 Understanding Vt with Economic Assumptions 24 2.4 Delta and Delta Hedging 25 2.5 The Value Function 26 2.6 Defining Delta 27 2.7 Understanding Delta 30 2.8 Delta as the Probability of an In-the-Money Expiry 32 2.9 Applying Delta as the Probability of an ITM Expiry in Practical Trading 37 2.10 Constructing Vt 38 2.10.1 Jensen's Inequality: Vt = V(St, t, σi) ≥ max(St − K, 0) 40 2.10.2 Trading Intuition Behind Jensen's Inequality 40 2.10.3 American Options 41 2.10.4 Gradient of Vt 42 2.10.5 Drawing Vt 42 2.11 Option Deltas 44 2.12 A Note on Forwards 45 2.13 Put–Call Parity 46 2.14 Trader's Summary 48 CHAPTER 3 The Basic Greeks: Theta 49 3.1 Theta, ;; 50 3.1.1 Overnight Theta for an ATM Option 51 3.1.2 Dependence of ;;(St, t, σi) on St 52 3.1.3 Dependence of ;;(St, t, σi) on t 60 3.2 Trader's Summary 65 CHAPTER 4 The Basic Greeks: Gamma 67 4.1 Gamma, ;; 68 4.2 Gamma and Time Decay 70 4.3 Traders' Gamma, ;;trader 70 4.4 Gamma–Time Decay Trade-offs in More Detail 71 4.5 PnL Explain 73 4.5.1 Example: Gamma, Time Decay, and PnL Explain for a 1-Week Option 73 4.6 Delta Hedging and PnL Variance 76 4.7 Transaction Costs 78 4.8 Daily PnL Explain 79 4.9 The Gamma Profile 81 4.9.1 Gamma and Spot 81 4.9.2 Gamma and Implied Volatility 82 4.9.3 Gamma and Time 83 4.9.4 Total Gamma 84 4.10 Trader's Summary 84 CHAPTER 5 The Basic Greeks: Vega 87 5.1 Vega 88 5.2 Understanding Vega via the PDF 89 5.3 Understanding Vega via Gamma Trading 89 5.4 Vega of an ATMS Option Across Tenors 90 5.5 Vega and Spot 91 5.6 Dependence of Vega on Implied Volatility 94 5.7 Vega Profiles Applied in Practical Options Trading 95 5.8 Vega and PnL Explain 96 5.9 Trader's Summary 97 CHAPTER 6 Implied Volatility and Term Structure 99 6.1 Implied Volatility, σimplied 100 6.2 Term Structure 104 6.3 Flat Vega and Weighted Vega Greeks 104 6.3.1 Flat Vega 105 6.3.2 Weighted Vega 106 6.3.3 Beta-Weighted Vega 108 6.4 Forward Volatility, Forward Variance, and Term Volatility 108 6.4.1 Calculating Implied Forward Volatility 110 6.5 Building a Term Structure Model Using Daily Forward Volatility 111 6.6 Setting Base Volatility Using a Three-Parameter GARCH Model 114 6.6.1 Applying the Three-Parameter Model 116 6.6.2 Limitations of GARCH 117 6.6.3 Risk Management Using the Three-Parameter Model 118 6.6.4 Empirical GARCH Estimation 118 6.7 Volatility Carry and Forward Volatility Agreements 119 6.7.1 Volatility Carry in the GARCH Model 120 6.7.2 Common Pitfalls in Volatility Carry Trading 121 6.8 Trader's Summary 121 CHAPTER 7 Vanna, Risk Reversal, and Skewness 123 7.1 Risk Reversal 125 7.2 Skewness 127 7.3 Delta Space 129 7.4 Smile in Delta Space 130 7.5 Smile Vega 132 7.5.1 Smile Vega Notionals 134 7.6 Smile Delta 135 7.6.1 Considerations Relating to Smile Delta 136 7.7 Trader's Summary 137 CHAPTER 8 Volgamma, Butterfly, and Kurtosis 139 8.1 The Butterfly Strategy 140 8.2 Volgamma and Butterfly 141 8.3 Kurtosis 142 8.4 Smile 143 8.5 Butterflies and Smile Vega 144 8.6 Trader's Summary 145 CHAPTER 9 Black-Scholes-Merton Model 147 9.1 The Log-normal Diffusion Model 148 9.2 The BSM Partial Differential Equation (PDE) 148 9.3 Feynman-Kac 152 9.4 Risk-Neutral Probabilities 153 9.5 Probability of Exceeding the Breakeven in the BSM Model 154 9.6 Trader's Summary 155 CHAPTER 10 The Black-Scholes Greeks 157 10.1 Spot Delta, Dual Delta, and Forward Delta 157 10.1.1 Spot Delta 157 10.1.2 The ATM Strike and the Delta-Neutral Straddle 159 10.1.3 Dual Delta 160 10.1.4 Forward Delta 161 10.2 Theta 161 10.3 Gamma 163 10.4 Vega 164 10.5 Vanna 164 10.6 Volgamma 165 10.7 Trader's Summary 165 CHAPTER 11 Predictability and Mean Reversion 167 11.1 The Past and the Future 167 11.2 Empirical Analysis 168 APPENDIX A Probability 173 A.1 Probability Density Functions (PDFs) 173 A.1.1 Discrete Random Variables and PMFs 173 A.1.2 Continuous Random Variables and PDFs 174 A.1.3 Normal and Log-normal Distributions 176 APPENDIX B Calculus 179 Glossary 181 References 183 Index 185

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Book SynopsisTable of ContentsList of Spreadsheets xix List of Appendices xxi Acknowledgements xxiii About the Author xxv Section 1 Basics 1 Introduction 3 2 Derivatives 5 2.1 Introduction 5 2.2 The Derivatives Market 6 2.2.1 Exchange-traded and OTC Derivatives 6 2.2.2 Clearing 8 2.2.3 Market Overview 9 2.2.4 Market Participants and Collateralisation 11 2.2.5 Banks and End Users 14 2.2.6 ISDA Documentation 16 2.2.7 Credit Derivatives 17 2.2.8 Financial Weapons of Mass Destruction 18 2.2.9 The Lehman Brothers Bankruptcy 19 2.3 Derivative Risks 20 2.3.1 Market Risk 21 2.3.2 Credit Risk 21 2.3.3 Operational and Legal Risk 22 2.3.4 Liquidity Risk 22 2.3.5 Integration of Risk Types 23 2.3.6 Counterparty Risk 23 2.4 Systemic Risk of Derivatives 24 2.4.1 Overview 24 2.4.2 Special Purpose Vehicles 24 2.4.3 Derivatives Product Companies 25 2.4.4 Monolines and CDPCs 26 2.5 The Global Financial Crisis and Central Clearing of OTC Derivatives 28 2.5.1 OTC Derivatives and the Crisis 28 2.5.2 OTC Derivatives Clearing 29 2.5.3 CCPs in the Global Financial Crisis 31 2.5.4 The Clearing Mandate 32 2.5.5 Bilateral Margin Requirements 33 2.5.6 CCPs in Context 34 2.6 Derivatives Risk Modelling 36 2.6.1 Value-at-risk 36 2.6.2 Models 38 2.6.3 Correlation and Dependency 39 3 Counterparty Risk and Beyond 41 3.1 Counterparty Risk 41 3.1.1 Counterparty Risk Versus Lending Risk 41 3.1.2 Settlement, Pre-settlement, and Margin Period of Risk 42 3.1.3 Mitigating Counterparty Risk 45 3.1.4 Product Type 46 3.1.5 Credit Limits 48 3.1.6 Credit Value Adjustment 50 3.1.7 What Does CVA Represent? 51 3.1.8 Hedging Counterparty Risk and the CVA Desk 52 3.2 Beyond Counterparty Risk 54 3.2.1 Overview 54 3.2.2 Economic Costs of a Derivative 54 3.2.3 xVA Terms 55 3.3 Components of xVA 57 3.3.1 Overview 57 3.3.2 Valuation and Mark-to-market 57 3.3.3 Replacement Cost and Credit Exposure 58 3.3.4 Default Probability, Credit Migration, and Credit Spreads 59 3.3.5 Recovery and Loss Given Default 60 3.3.6 Funding, Collateral, and Capital Costs 61 4 Regulation 63 4.1 Regulation and the Global Financial Crisis 63 4.2 Capital Requirements 64 4.2.1 Overview 64 4.2.2 Capital Ratios 65 4.2.3 Risk Type 67 4.2.4 Market Risk Capital 68 4.2.5 CVA Capital 69 4.2.6 CCR Capital 70 4.2.7 Leverage Ratio 70 4.2.8 Capital Floors 71 4.2.9 Large Exposure Framework 72 4.2.10 Bank Stress Tests 73 4.2.11 Prudent Valuation 73 4.3 Liquidity 73 4.3.1 Overview 73 4.3.2 High-quality Liquid Assets 74 4.3.3 Liquidity Coverage Ratio 75 4.3.4 Net Stable Funding Ratio 76 4.4 Clearing and Margining 77 4.4.1 Central Clearing 77 4.4.2 Bilateral Margin Requirements 81 4.4.3 Exemptions 82 4.4.4 CCP Capital Requirements 84 5 What is xVA? 85 5.1 Overview 85 5.2 Analysis of xVA 86 5.2.1 Definition 86 5.2.2 Components 86 5.2.3 Why Valuation Adjustments? 87 5.2.4 Mark-to-market and xVA as a Cost (and Benefit) 88 5.2.5 xVAs by Transaction Type 90 5.2.6 Overlaps and Portfolio Effects 91 5.2.7 CVA is the Least Real Valuation Adjustment 92 5.3 Valuation 93 5.3.1 Price and Value 93 5.3.2 xVA Markets 94 5.3.3 Accounting Standards 95 5.3.4 Accounting Trends 98 5.3.5 Totem 99 5.3.6 Contractual Terms and Value 100 5.4 Pricing 100 5.4.1 Reality or Creating the Right Incentive? 100 5.4.2 Approach for Capital 101 5.4.3 Approach to Regulatory Ratios 102 5.4.4 Lack of Arbitrage 104 5.4.5 Entry and Exit Pricing 105 5.4.6 xVA Quantification 106 5.4.7 Special Cases 106 Section 2 Risk Mitigation 6 Netting, Close-Out, and Related Aspects 111 6.1 Overview 111 6.2 Cash Flow Netting 112 6.2.1 Payment Netting 112 6.2.2 Currency Netting and CLS 113 6.2.3 Clearing Rings 114 6.2.4 Portfolio Compression 115 6.2.5 Compression Algorithm 118 6.2.6 Benefits of Cashflow Netting 120 6.3 Value Netting 121 6.3.1 Overview 121 6.3.2 Close-out Netting 121 6.3.3 Payment Under Close-out 122 6.3.4 Close-out and xVA 124 6.3.5 ISDA Definitions 125 6.3.6 Set-off 129 6.4 The Impact of Netting 130 6.4.1 Risk Reduction 130 6.4.2 The Impact of Netting 131 6.4.3 Multilateral Netting and Bifurcation 132 6.4.4 Netting Impact on Other Creditors 135 7 Margin (Collateral) and Settlement 137 7.1 Termination and Reset Features 137 7.1.1 Break Clauses 137 7.1.2 Resettable Transactions 140 7.2 Basics of Margin/Collateral 141 7.2.1 Terminology 141 7.2.2 Rationale 142 7.2.3 Variation Margin and Initial Margin 144 7.2.4 Method of Transfer and Remuneration 145 7.2.5 Rehypothecation and Segregation 147 7.2.6 Settle to Market 150 7.2.7 Valuation Agent, Disputes, and Reconciliations 151 7.3 Margin Terms 152 7.3.1 The Credit Support Annex 152 7.3.2 Types of CSA 153 7.3.3 Margin Call Frequency 154 7.3.4 Threshold, Initial Margin, and the Minimum Transfer Amount 155 7.3.5 Margin Types and Haircuts 157 7.3.6 Credit Support Amount Calculations 161 7.3.7 Impact of Margin on Exposure 163 7.3.8 Traditional Margin Practices in Bilateral and Centrally-cleared Markets 165 7.4 Bilateral Margin Requirements 166 7.4.1 General Requirements 166 7.4.2 Phase-in and Coverage 168 7.4.3 Initial Margin and Haircut Calculations 169 7.4.4 Eligible Assets and Haircuts 171 7.4.5 Implementation and Impact of the Requirements 172 7.5 Impact of Margin 173 7.5.1 Impact on Other Creditors 173 7.5.2 Market Risk and Margin Period of Risk 174 7.5.3 Liquidity, FX, and Wrong-way Risks 178 7.5.4 Legal and Operational Risks 179 7.6 Margin and Funding 180 7.6.1 Overview 180 7.6.2 Margin and Funding Liquidity Risk 181 8 Central Clearing 185 8.1 Evolution of Central Clearing 185 8.1.1 Exchange Trading 185 8.1.2 Evolution of Complete Clearing 186 8.1.3 What is a CCP? 187 8.2 Mechanics of Central Clearing 189 8.2.1 Landscape 189 8.2.2 Novation 191 8.2.3 Multilateral Offset and Compression 192 8.2.4 Margin and Default Funds 194 8.2.5 Clearing Relationships 195 8.3 CCP Risk Management 197 8.3.1 Overview and Membership Requirements 197 8.3.2 Margin 198 8.3.3 Default Scenarios and Margin Period of Risk 199 8.3.4 The Loss Waterfall 202 8.3.5 Comparing Bilateral and Central Clearing 204 8.4 Initial Margin and Default Funds 205 8.4.1 Coverage of Initial Margin and Default Funds 205 8.4.2 Default Fund Versus Initial Margin 206 8.4.3 Default Fund Coverage 207 8.5 Impact of Central Clearing 209 8.5.1 Advantages and Disadvantages of Central Clearing 209 8.5.2 Will Mandatory Clearing Kill Credit Value Adjustment? 210 9 Initial Margin Methodologies 213 9.1 Role of Initial Margin 213 9.1.1 Purpose 213 9.1.2 Margin Period of Risk 215 9.1.3 Coverage: Quantitative and Qualitative 217 9.1.4 Haircuts 218 9.1.5 Linkage to Credit Quality 218 9.1.6 Cross-margining 220 9.2 Initial Margin Approaches 222 9.2.1 Simple Approaches 222 9.2.2 SPAN® 223 9.2.3 Value-at-risk and Expected Shortfall 227 9.3 Historical Simulation 229 9.3.1 Overview 229 9.3.2 Look-back Period 230 9.3.3 Relative and Absolute Returns 231 9.3.4 Volatility Scaling 233 9.3.5 Procyclicality 234 9.3.6 Current CCP Methodologies 239 9.3.7 Computational Considerations 241 9.4 Bilateral Margin and SIMM 242 9.4.1 Overview 242 9.4.2 Standard Schedules 244 9.4.3 Variance-covariance Approaches 245 9.4.4 The ISDA SIMM 249 9.4.5 Implementation of Bilateral Margin Requirements 252 10 The Impact and Risk of Clearing and Margining 255 10.1 Risks of Central Clearing 256 10.1.1 Historical CCP Problems 256 10.1.2 The 1987 Stock Market Crash 258 10.1.3 The 2018 Nasdaq Case 259 10.1.4 Risks Faced by CCPs 260 10.1.5 Risks Caused by CCPs 261 10.2 Analysis of a CCP Loss Structure 262 10.2.1 Review of the Loss Waterfall 262 10.2.2 Impact of Default Fund Exposure 264 10.2.3 The Prisoner’s Dilemma and AIPs 265 10.2.4 Other Loss Allocation Methods 267 10.3 Impact of Margin 271 10.3.1 Background and Historical Examples 271 10.3.2 Variation Margin 273 10.3.3 Initial Margin 275 10.3.4 Cost and xVA 276 10.3.5 Seniority 277 10.3.6 Bilateral and Cleared Markets 277 Section 3 Building Blocks 11 Future Value and Exposure 283 11.1 Credit Exposure 283 11.1.1 Positive and Negative Exposure 283 11.1.2 Definition of Value 284 11.1.3 Current and Potential Future Exposure 285 11.1.4 Nature of Exposure 286 11.1.5 Metrics 288 11.2 Drivers of Exposure 292 11.2.1 Future Uncertainty 292 11.2.2 Cash Flow Frequency 293 11.2.3 Curve Shape 294 11.2.4 Moneyness 297 11.2.5 Combination of Profiles 298 11.2.6 Optionality 299 11.2.7 Credit Derivatives 300 11.3 Aggregation, Portfolio Effects, and the Impact of Collateralisation 302 11.3.1 The Impact of Aggregation on Exposure 302 11.3.2 Off-market Portfolios 304 11.3.3 Impact of Margin 305 11.4 Funding, Rehypothecation, and Segregation 308 11.4.1 Funding Costs and Benefits 308 11.4.2 Differences Between Funding and Credit Exposure 309 11.4.3 Impact of Segregation and Rehypothecation 310 11.4.4 Impact of Margin on Exposure and Funding 312 12 Credit Spreads, Default Probabilities, and LGDs 315 12.1 Default Probability 315 12.1.1 Real World and Risk Neutral 315 12.1.2 CVA and Risk-neutral Default Probabilities 316 12.1.3 Defining Risk-neutral Default Probabilities 319 12.1.4 Loss Given Default 321 12.2 Credit Curve Mapping 323 12.2.1 Overview 323 12.2.2 The CDS Market 324 12.2.3 Loss Given Default 326 12.2.4 General Approach 327 12.3 Generic Curve Construction 330 12.3.1 General Approach 330 12.3.2 Intersection (Bucketing) Approach 332 12.3.3 Cross-section Methodology 334 12.3.4 Curve Shape, Interpolation, and Indices 336 12.3.5 Third-party Providers 337 12.3.6 Hedging 338 13 Regulatory Methodologies 339 13.1 Overview 339 13.2 Credit Risk (Default Risk) Capital 341 13.2.1 Standardised Approach 341 13.2.2 Internal Ratings-based Approach 342 13.2.3 Guarantees 343 13.3 CVA (Market Risk) Capital 343 13.3.1 The CVA Capital Charge 343 13.3.2 Standardised CVA Risk Capital Charge 344 13.3.3 BA-CVA 345 13.3.4 Advanced CVA Capital Risk Charge 348 13.3.5 SA-CVA 351 13.3.6 Capital Relief and EU Exemptions 355 13.4 Exposure Calculation Methodologies 356 13.4.1 Exposure at Default 356 13.4.2 Current Exposure Method 358 13.4.3 Standardised Approach for Counterparty Credit Risk 361 13.4.4 Broader Impact of SA-CCR 366 13.4.5 The Internal Model Method 367 13.4.6 The Leverage Ratio 372 13.4.7 Wrong-way Risk 373 13.5 Examples 374 13.5.1 Comparison of EAD Methods 374 13.5.2 Comparison of Capital Charges 377 13.5.3 Impact of Hedges 379 13.6 Central Counterparty Capital Requirements 384 13.6.1 Background 384 13.6.2 Trade Exposure 385 13.6.3 Default Fund Exposure 385 13.6.4 Client Clearing 386 14 Funding, Margin, and Capital Costs 389 14.1 Bank Financing 389 14.2 Capital 391 14.2.1 Minimum Capital Ratios and Capital Costs 391 14.2.2 Leverage Ratio 393 14.2.3 Cost of Capital 394 14.3 Funding 394 14.3.1 Overview 394 14.3.2 Cost of Funding 398 14.3.3 The Risk-free Rate, IBOR, and OIS 400 14.3.4 IBOR Transition 402 14.3.5 Funding Spreads 403 14.3.6 NSFR and LCR 406 14.3.7 Accounting 406 15 Quantifying Exposure 409 15.1 Methods for Quantifying Exposure 409 15.1.1 Overview 409 15.1.2 Parametric Approaches 410 15.1.3 Semianalytical Methods 411 15.1.4 Monte Carlo Simulation 414 15.2 Exposure Allocation 414 15.2.1 Overview 414 15.2.2 Incremental and Marginal Exposure 414 15.2.3 Impact of Dependency 417 15.3 Monte Carlo Methodology 419 15.3.1 Basic Framework 419 15.3.2 Revaluation, Cash Flow Bucketing, and Scaling 421 15.3.3 Risk-neutral or Physical Measure 423 15.3.4 Aggregation Level 429 15.4 Choice of Models 430 15.4.1 Overview 430 15.4.2 Interest Rates 432 15.4.3 Foreign Exchange 435 15.4.4 Other Asset Classes 437 15.4.5 Correlations, Proxies, and Extrapolation 437 15.5 Modelling Margin (Collateral) 439 15.5.1 Overview 439 15.5.2 Margin Period of Risk 441 15.5.3 Modelling Approach 442 15.5.4 Initial Margin 445 15.6 Examples 448 15.6.1 Interest Rate Swap Example 448 15.6.2 Trade-level Exposures 450 15.6.3 Portfolio Exposures 452 15.6.4 Notional Resets 456 15.6.5 Impact of Variation Margin 457 15.6.6 Impact of Initial Margin 460 Section 4 The xVAs 16 The Starting Point and Discounting 465 16.1 The Starting Point 465 16.1.1 Basic Valuation 465 16.1.2 Perfect Collateralisation 466 16.1.3 Collateral or OIS Discounting 467 16.2 ColVA and Discounting 469 16.2.1 Definition of ColVA 469 16.2.2 Asymmetry 470 16.2.3 Cheapest-to-deliver Optionality 473 16.2.4 Non-cash Margin 478 16.2.5 The End of ColVA 479 16.3 Beyond Perfect Collateralisation – xVA 480 16.3.1 Overview 480 16.3.2 Definition of xVA Terms 482 17 CVA 485 17.1 Overview 485 17.2 Credit Value Adjustment 486 17.2.1 CVA Compared to Traditional Credit Pricing 486 17.2.2 Direct and Path-wise CVA Formulas 487 17.2.3 CVA as a Spread 492 17.2.4 Special Cases 493 17.2.5 Credit Spread Effects 493 17.2.6 Loss Given Default 495 17.3 Debt Value Adjustment 498 17.3.1 Accounting Background 498 17.3.2 DVA, Price, and Value 499 17.3.3 Bilateral CVA Formula 500 17.3.4 Close-out and Default Correlation 502 17.3.5 The Use of DVA 503 17.4 CVA Allocation 506 17.4.1 Incremental CVA 506 17.4.2 Marginal CVA 509 17.5 Impact of Margin 510 17.5.1 Overview 510 17.5.2 Example 511 17.5.3 Initial Margin 512 17.5.4 CVA to CCPs 513 17.6 Wrong-way Risk 514 17.6.1 Overview 514 17.6.2 Quantification of WWR in CVA 516 17.6.3 Wrong-way Risk Models 518 17.6.4 Jump Approaches 522 17.6.5 Credit Derivatives 524 17.6.6 Collateralisation and WWR 525 17.6.7 Central Clearing and WWR 526 18 FVA 529 18.1 Overview 529 18.2 FVA and Discounting 530 18.2.1 Market Practice 530 18.2.2 Source of Funding Costs and Benefits 531 18.2.3 Definition of FVA 534 18.2.4 Symmetric FVA Formula 535 18.2.5 CVA/DVA/FVA Framework 539 18.2.6 The FVA Debate 546 18.2.7 Funding Costs and FVA Accounting 548 18.3 Asymmetric FVA 551 18.3.1 Overview 551 18.3.2 Asymmetric FVA 552 18.3.3 FVA Allocation 555 18.3.4 NSFR Invariance 558 18.3.5 Funding Strategies 560 18.3.6 LCR Costs 561 18.3.7 Funding and Wrong-way Risk 563 19 KVA 565 19.1 Overview 565 19.2 Capital Value Adjustment (KVA) 566 19.2.1 Return on Capital 566 19.2.2 KVA Formula 567 19.2.3 Capital Profiles 568 19.2.4 KVA Example 572 19.2.5 Implementation of KVA 573 19.2.6 The Leverage Ratio 575 19.3 Management of KVA 577 19.3.1 Current Treatment of KVA by Banks 577 19.3.2 Optimal KVA Management 580 19.3.3 Discounting 585 19.3.4 KVA Accounting 585 19.4 KVA Overlaps 587 19.4.1 CVA and KVA 587 19.4.2 FVA and KVA 589 20 MVA 591 20.1 Overview 591 20.2 Initial Margin Funding Costs 594 20.2.1 Introduction 594 20.2.2 MVA Formula 594 20.2.3 EIM Term 595 20.2.4 Computation Challenges 599 20.2.5 Pricing and MVA Example 600 20.3 MVA 602 20.3.1 A Need to Charge MVA? 602 20.3.2 Accounting MVA 603 20.3.3 Contingent MVA 603 20.3.4 CCP Basis 604 20.4 Link to KVA 606 20.4.1 Overview 606 20.4.2 Example 607 21 Actively Managing xVA and the Role of an xVA Desk 609 21.1 The Role of an xVA Desk 609 21.1.1 Motivation 609 21.1.2 Charging Structure and Coverage 611 21.1.3 Time Decay 614 21.1.4 Profit Centre or Utility? 615 21.1.5 Pricing 617 21.2 Hedging 619 21.2.1 Overview 619 21.2.2 Sensitivities 621 21.2.3 Gamma, Cross-gamma, Tail Risk, and Rebalancing 625 21.2.4 Market Practice 627 21.2.5 Jump to Default Risk 629 21.2.6 Beta Hedging 630 21.2.7 Risk Limits and P&L Explain 631 21.2.8 Examples 633 21.2.9 Impact on Capital 634 21.2.10 Pushing xVA into Base Value 638 21.3 Operation of an xVA Desk 638 21.3.1 Interaction with a Treasury 638 21.3.2 Capital 640 21.3.3 Systems and Quantification 641 21.3.4 xVA Optimisation 645 Glossary 649 References 653 Index 667

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Book SynopsisDiscover how the Tax Cuts and Jobs Act of 2017 will change your journey to financial independence and what you need to do now to take advantage of the new law Financial Independence (Getting to Point X) offers practical, time-tested advice for reaching your financial goalswhatever they may be. Whether you're recovering from debt, putting kids through college, planning for retirement, starting your own business, or just seeking a healthier financial outlook, this book shows you how to get it done. No platitudes or empty advice herejust a clear roadmap to your goals, based on the effective management of the 10 Key Wealth Management Issues that threaten to derail us all. This new second edition has been updated to reflect President Trump's massive income tax changes. These historic changes will reduce the tax obligation of most Americans, but not all. This is the most significant tax reform in over 30 years, rendering old advice obsolete while opening new opTable of ContentsForeword by Todd Mackay xi Preface xiii Acknowledgments xv Introduction Getting to Point X 1 Financial Literacy and the Move Away from Capitalism 2 Point X: Our Fundamental Financial Goal 4 Ten Key Issues to Comprehensive Wealth Management 5 Our Biggest Expense 6 Take a Financial Planning Checkup 8 The Power of This Book 10 What’s New in the Second Edition 11 Chapter 1 Committing to Living Within Your Means 13 The American Dream Becomes the American Nightmare 13 Living Within Your Means: The Essential Step 14 Simple Saving 18 Chapter 2 Understanding Taxes 23 A Brief History of the US Tax System 24 Organizing and Retaining Your Records 27 Tax-Preparation Services 28 Accumulating Wealth Through Tax Planning 31 Chapter 3 Determining Your Financial Position 37 Figuring Your Financial Net Worth 38 Case Study: How One Couple Learned They Were Spending More Than They Earned 38 Making Sense of Cash Flow 49 Establishing Your Financial Goals 71 Finding Trusted Advisors 75 Chapter 4 Managing Debt 83 Case Study: How Two Doctors Went Bankrupt in Only a Few Years – What Not to Do 83 Basic Principles for Managing Debt 87 Good Debt Versus Bad Debt 89 Credit Card Debt 90 Auto Loans 96 Student Loans 97 Home Mortgage Loans 98 Business and Investment Loans 103 Understanding Credit 104 Your Credit Report and Your Credit Score 105 Preventing Identity Theft 110 The Equifax Breach 111 Analyzing Your Debt 112 Chapter 5 Insuring Your Health and Life 119 Choosing a Health Insurance Plan 120 Long-Term Care Insurance 135 Disability Insurance 142 Life Insurance 146 Buying Insurance Policies 152 Chapter 6 Protecting Your Property with Insurance 157 Case Study: How a Lack of Insurance Wiped Out One Woman’s Life Savings 158 Homeowners Insurance 160 Automobile Insurance 164 Umbrella Liability Insurance 167 Buying Insurance Policies 170 Chapter 7 Paying for College 175 Is College the Best Choice for You and Your Child? 175 The Cost of College and What You Can Expect to Pay 179 Case Study: How Not Saving for Your Child’s Education Can Ruin Your Finances – and Your Child’s 181 Conducting a “Needs Analysis” for Your Children’s College Educations 185 Strategies for Saving Money for College Education 189 Education Tax Breaks and Credits 204 Chapter 8 Planning for Retirement 213 Case Study: Saving Versus Not Saving for Retirement: The $1.7 Million Difference 213 Retirement Equation: Calculating Your Personal Point X 217 The High Cost of Waiting to Save for Retirement 219 What You Can Expect to Receive from Social Security 222 Qualified Retirement Plans 225 The Difference Between Traditional IRAs and Roth IRAs 229 Fixed and Variable Annuities 235 Retirement Funding: “Needs Analysis” 239 Chapter 9 Managing Your Investments 249 Analyzing Your Ability and Willingness to Take Risk 250 Stocks, Bonds, Hybrid Securities, Mutual Funds, and Exchange-Traded Funds 255 Diversification, Asset Allocation, and Rebalancing 264 Dollar-Cost Averaging 275 Inflation and Taxes: The Biggest Drains on Investment Return 276 Medicare Surtax on Net Investment Income 277 Cryptocurrency and Its Tax Treatment 278 Chapter 10 Preserving Your Estate 283 The Federal Gift and Estate Tax System 284 Legal Documents to Consider for Estate Planning 284 The Probate and Administration Process and Why You May Want to Avoid It 289 Using a Planned Gifting Strategy 293 Ownership of Property and How It is Transferred 294 Reasons for Creating a Trust 297 Benefit from a Family Limited Partnership 309 Estate Tax Planning and Life Insurance 310 Asset Protection and Long-Term Care 313 Chapter 11 Starting Your Own Business 319 How Starting Your Own Business Can Lead to Financial Independence 319 The Three Pillars of Establishing a Successful Business 320 Sobering Statistics on Business Success Rates 321 Business Plan 321 Establishing and Operating a Successful Business 323 Entity Choices 326 Tax Identification Number 333 Accounting Methods 333 Reporting Business Income and Expenses 336 What is the Number-One Expense in Operating a Business? 338 Employee Versus Independent Contractor 338 Business Tax Deduction Versus Business Tax Credit 340 “Ordinary and Necessary” Test 341 Deductible Business Expenses 342 Nondeductible Business Expenses 344 Home Office Deduction 344 Travel Expense As a Business Deduction 347 Deducting Automobile Expenses 348 Depreciation Deductions 350 Choosing the Right Retirement Plan for Your Business 352 Recordkeeping 361 Financial Statements 362 Financial Management Team 366 What the Tax Cuts and Jobs Act of 2017 Means for Your Small Business 367 Chapter 12 The Time Value of Money 379 Appendix A: Selecting a Trusted Advisor 395 Appendix B: 101 Ways to Save $20 or More per Week 405 Appendix C: Basic Concepts and Definitions of Various Types of Taxes 415 About the Author 435 Index 437

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Book SynopsisPrinciples of Econometrics, Fifth Edition, is an introductory book for undergraduate students in economics and finance, as well as first-year graduate students in a variety of fields that include economics, finance, accounting, marketing, public policy, sociology, law, and political science. Students will gain a working knowledge of basic econometrics so they can apply modeling, estimation, inference, and forecasting techniques when working with real-world economic problems. Readers will also gain an understanding of econometrics that allows them to critically evaluate the results of others' economic research and modeling, and that will serve as a foundation for further study of the field. This new edition of the highly-regarded econometrics text includes major revisions that both reorganize the content and present students with plentiful opportunities to practice what they have read in the form of chapter-end exercises.Table of ContentsPREFACE LIST OF EXAMPLES 1 An Introduction to Econometrics Probability Primer 2 The Simple Linear Regression Model 3 Interval Estimation and Hypothesis Testing 4 Prediction, Goodness-of-Fit, and Modeling Issues 5 The Multiple Regression Model 6 Further Inference in the Multiple Regression Model 7 Using Indicator Variables 8 Heteroskedasticity 9 Regression with Time-Series Data: Stationary Variables 10 Endogenous Regressors and Moment-Based Estimation 11 Simultaneous Equations Models 12 Regression with Time-Series Data: Nonstationary Variables 13 Vector Error Correction and Vector Autoregressive Models 14 Time-Varying Volatility and ARCH Models 15 Panel Data Models 16 Qualitative and Limited Dependent Variable Models APPENDIX A Mathematical Tools APPENDIX B Probability Concepts APPENDIX C Review of Statistical Inference APPENDIXD Statistical Tables INDEX

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Book SynopsisA practical guide to the best approaches for commercial real estate value assessment Commercial Property Valuation provides a comprehensive examination of principles and methods of determining the accurate value of commercial assets. This invaluable resource covers all key elements of commercial property valuation, including valuation queries, real estate report structure, market analysis, capitalization and discount rates estimation, and more. This book details the economic characteristics unique to commercial property and illustrates property-specific risk factors and mitigation strategies. Drawing from years of professional and academic experience, the authors provide accurate information on multiple valuation approaches suitable for commercial real estate such as sales comparison, income capitalization and residual land value. Favoring real-world practicality over complex formulas, this book provides a powerful set of tools to assist readers in selectTable of ContentsAbout the Authors xi Foreword by Andrew Baum xiii Foreword by Vincent Vinit xv Preface xvii Chapter 1 Introduction to Property Valuation 1 Determining the Valuation Requirement 1 The Subject of the Valuation 1 Purpose of the Valuation 2 Value to Be Estimated 2 Valuation Date 2 Definitions of Value 3 Market Value 3 Investment Value 5 Valuation Associations, Codes and Standards 6 Notes 7 Chapter 2 Economic Characteristics and Elements of Risks of Properties 9 Characteristics of Property Investments 10 Building and Land 10 Use of Space and Investment Asset 13 Owners and Users 13 Business Perspective 14 Location 15 Categories of Property Investments 16 Development Projects 16 Income-Producing Properties 17 Trading Operations 17 Skills in Asset and Investment Management 18 Economic Classification of Properties 19 Property Classification Criteria 19 Macro Categories of Properties 24 A Simple Definition of Risk 28 Common Risk Elements in Real Estate Investment 29 Capital Market 29 Liquidity 30 Financial Structure 30 Regulatory 31 Location 31 Intended Use and Type of Properties 32 Development Projects 33 Authorisation 33 Environmental 33 Construction-Related 34 Market 34 Income-Producing Properties 35 Physical and Technical Features 35 Management and Market 36 Rental and Contractual Situation 36 Notes 37 Chapter 3 Market Analysis 41 Economic Analysis 41 Analysis of the Property Market 41 Comparative Data and Valuation Method 43 Characteristics of the Comparative Factors and Information Sources 43 Notes 45 Chapter 4 A New Simple Classification of Valuation Methods 47 Choice of Valuation Method 49 Depreciated Cost Approach Methods 53 Introduction 53 Description 53 Use, Advantages, and Limitations of the Depreciated Cost Approach 56 Notes 56 Chapter 5 Sales Comparison Approach Methods 59 Approach and Application Criteria 59 Direct Comparison Approach 60 Hedonic Pricing Model 63 Notes 65 Chapter 6 Income Capitalisation Comparison Approach Methods 67 Approach and Application Criteria 67 Direct Capitalisation Approach 69 The Direct Capitalisation Approach Calculation Algorithm 70 Profit and Loss Account of an Income-Producing Property 71 Use, Advantages, and Limitations of the Direct Capitalisation Approach 78 Application of the Direct Capitalisation Approach 78 Discounted Cash Flow Approach 81 Choosing the Time Horizon 82 Estimating the Cash Flows 83 Estimating the Terminal Value 83 Discounting the Cash Flows and Calculating the Asset Value 85 Use, Advantages, and Limitations of the Discounted Cash Flow Approach 88 Residual Value Methods 90 Introduction 90 Single Period Residual Value Approach 90 Multiple Periods Residual Value Approach 91 Notes 94 Chapter 7 Property Return Rates 97 Measuring the Return on a Property Investment 97 Rates and Capital Market 101 Cap Rate 103 Definition and Description of the Cap Rate 103 Going-In and Going-Out Cap Rate 104 Discount Rate 107 Definition and Description of the Discount Rate 107 Consistency Between Discount Rate and Cash Flow 108 The Components of the Discount Rate 110 How to Estimate Property Return Rates 113 Market Extraction 114 Determining the Discount Rate from the Cap Rate 117 Build-Up Approach 119 Analysing the Opinions of Market Players on the Return Expected 122 Notes 122 Chapter 8 Structure of the Valuation Report 127 Executive Summary 128 Preamble 128 Description of the Property 128 Market Analysis 133 Valuation 134 Conclusions 134 Appendices 135 Notes 135 Chapter 9 Office Property Appraisal 137 Description of the Property 137 Choice of Valuation Method 139 Market Analysis 139 Valuation 140 Choosing the Time Horizon 140 Estimating the Cash Flows 141 Determining the Terminal Value 145 Determining the Discount Rate 146 Calculating the Market Value of the Property 147 Notes 151 Chapter 10 High Street Retail Unit Appraisal 153 Description of the Property 153 Choice of Valuation Method 154 Market Analysis 157 Estimating the ERV 157 Estimating the Cap Rate 160 Estimating Vacancy and Leasing Time 161 Estimating Refurbishment Costs 161 Valuation 161 Notes 163 Chapter 11 Hotel Appraisal 165 Description of the Property 165 Choice of Valuation Method 167 Market Analysis 168 Macroeconomic Climate 168 Supply and Demand Analysis 169 Forecast of Average Rate and Occupancy 173 Projection of Income and Expenses 178 Valuation 185 Notes 187 Chapter 12 Development Project Appraisal 189 Description of the Property 189 Choice of Valuation Method 190 Market Analysis 191 Valuation of the Development Project 192 Choosing the Time Horizon 192 Estimating the Cash Flows 194 Determining the Discount Rate 195 Calculating the Market Value of the Development Project 197 Notes 197 Glossary 199 Bibliography 205 Index 209

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Book SynopsisChannel happiness and find your purpose with stories from the world's leading minds Work is Love Made Visible offers the insights of some of the world's greatest thought leaders as they tackle one of life's most difficult treasure hunts: finding purpose. The word purpose is big. Very big. And heavy. It carries the weight of a lifetime of work and struggle; the weight of legacy, and the mass of days spent not doing something else. It's something we all grapple with at some pointsome of us find our purpose, others spend a lifetime searching. A lucky few grow to realize they've been working their purpose all along. Most of us aren't quite that lucky; often, fulfilling your purpose requires some kind of changecareer, lifestyle, habits, familyand what then? Are we selfish for the upheaval, or are we fulfilling destiny? Once we know our purpose, how do we pursue it? This book asked those very questions of people who have followed their purpTable of ContentsForeword Alan Mulally xv Preface xix Acknowledgments xxiii About the Editors xxv PART I Leadership Is a Matter of How to Be, Not How to Do 1 Chapter 1 My Journey with Peter Drucker 3Frances Hesselbein Chapter 2 The Evolution of Leadership – Yesterday, Today, and Tomorrow 9Marshall Goldsmith Chapter 3 Leaders Who Become Organization Anthropologists 19ave Ulrich Chapter 4 Waves 27Whitney Johnson Chapter 5 Being a Good Leader 37Patrick Lencioni Chapter 6 Scaling Your Impact as a Leader 41Taavo Godtfredsen Chapter 7 In Search of Obsession 51Susan Scott PART II To Serve Is to Live 57 Chapter 8 A Call to Create Positive Change on a Global Scale 59Jim Yong Kim Chapter 9 Turning Defeat into Victory 65Margaret Heffernan Chapter 10 What I See from My Window 71Eric Schurenberg Chapter 11 Loving Work Despite the Odds: Secrets from Sir Richard Branson and Nelson Mandela 77Mark C. Thompson Chapter 12 The New Work of Leaders: How Does Your Leadership Narrative Show Up? 85Stephanie Pace Marshall Chapter 13 Choose, Build, Live High Expectations! 93Mel Spiese Chapter 14 Respect, Courage, Honesty: True Leadership Traits 103Jack Zenger PART III Defi ning Moments 107 Chapter 15 The Power of Accepting Feedback 109Hubert Joly Chapter 16 Discovering Motifs 115Rita McGrath Chapter 17 Is It Time to Leave Your Comfort Zone? 123Beverly Kaye Chapter 18 Understanding in Moments 129Catherine Carr Chapter 19 Brother, Can You Paradigm? 137Jeffrey Kuhn Chapter 20 Life Lessons from the Tennis Court 147Prakash Raman Chapter 21 The Need for Conscious Choice 155Margaret (Meg) Wheatley PART IV Be Ye an Opener of Doors 161 Chapter 22 The Elegance and Simplicity of Coaching 163Michael Bungay Stanier Chapter 23 The Gift of Belonging 169Garry Ridge Chapter 24 New Leader Development: Leadership Lessons from the Doerr Institute 181Brigadier General Tom Kolditz Chapter 25 The World’s Greatest Ophthalmologist 191Pawel Motyl Chapter 26 Don’t Just Let Culture Happen 199Alex Osterwalder Chapter 27 The Space Between Intention and Action 205Liz Wiseman PART V Bright Future! 213 Chapter 28 Be Positive! 215Frances Hesselbein Chapter 29 What Do People Do All Day? 221Sarah McArthur Chapter 30 What If There Were No Problems, Only Projects? 227David Allen Chapter 31 A Cheerleader at Heart 235Whitney Johnson Chapter 32 Silver Linings 241Asheesh Advani Chapter 33 Are You Happy at Work? (And Why It Matters) 247Annie McKee Index 255

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Book SynopsisTable of ContentsIntroduction 1 Part 1 Understanding the Role of the Leader 9 Chapter 1 The Leadership Gap 11 Leaders Today Are Struggling 12 It’s Time to Change 14 Chapter 2 Three Essential Leadership Questions 17 What is Leadership and Who is a Leader? 17 How CEOs Define Leadership 19 What Are Your Leadership Filters? 21 Define Leadership 24 Leader or Manager? 24 Is the Leader of 2030 Really That Different Than the Leader of Today? 26 Chapter 3 The Impact of a Leader 29 How Great and Bad Leaders Influence You and Your Organization 29 We Need More Great Leaders 33 Part 2 Trends and Challenges Shaping Future Leaders 35 Chapter 4 Artificial Intelligence and Technology 37 Are the Machines Going to Take Over? 39 Automating a Job is Not Replacing a Human 40 What Leaders Do 41 How AI Will Impact Leadership 42 Chapter 5 Pace of Change 45 Leading in a Future That Doesn’t Yet Exist 46 Chapter 6 Purpose and Meaning 49 Job, Purpose, Impact, Meaning 50 Creating Purpose and Meaning 53 Chapter 7 New Talent Landscape 57 The Massive Talent Shortage 57 The Need to Upskill and Retrain 59 The Diversity and Inclusion Imperative 61 Chapter 8 Morality, Ethics, and Transparency 65 Ethics versus Morals 66 The Impact of an Ethical Leader 67 Leaders Must Be Transparent 70 Chapter 9 Globalization 73 Diversity and Curiosity Are Key 74 Chapter 10 Are We Ready for These Trends? 77 We Need Less Talk and More Action 81 There’s an Organizational Breakdown 81 Employees Are More Confident in Themselves Than in Those Around Them 82 Chapter 11 Challenges 85 Futurize 86 Humanize 92 We Aren’t Ready for These Challenges 98 Enter the Notable Nine 100 Part 3 The Four Mindsets of the Notable Nine 103 Chapter 12 The Explorer 105 An Overview of the Explorer 106 We Need More Curiosity 112 Super Perpetual Learning 118 A Family of Super Perpetual Learners 123 Growth Mindset 126 Adaptability and Agility 128 How Leaders Can Develop The Mindset of the Explorer 130 Chapter 13 The Chef 135 We Need More HumanIT 136 Embracing Technology 139 Purpose-Driven and Caring 142 How Leaders Can Develop The Mindset of the Chef 145 Chapter 14 The Servant 151 Service to Your Leaders 152 Service to Your Team 153 Service to Your Customers 157 Service to Yourself 160 Humility and Vulnerability 162 How Leaders Can Develop The Mindset of the Servant 166 Chapter 15 The Global Citizen 169 The Benefits of a Global Citizen Mindset 170 How Leaders Can Develop The Mindset of the Global Citizen 173 Chapter 16 How Well Are We Practicing These Mindsets Today? 177 Mind the Gaps 180 The Seniority Curse 180 Around the World 182 Part 4 The Five Skills of the Notable Nine 187 Chapter 17 The Futurist 189 How a Futurist Thinks 192 How Leaders Can Develop The Skill of the Futurist 195 Chapter 18 Yoda 197 Emotional Intelligence (Empathy and Self-Awareness) 198 Other Components of Emotional Intelligence 202 How Leaders Can Develop The Skill of Yoda 206 Chapter 19 The Translator 209 Listening 211 Communication 213 How Leaders Can Develop The Skill of the Translator 215 Chapter 20 The Coach 221 Motivating, Inspiring, and Engaging People 224 Creating Future Leaders 229 Working Across Generations and Cultures 232 Creating Effective Teams 235 How Leaders Can Develop The Skill of the Coach 238 Chapter 21 The Technology Teenager 241 Understand How Technology Impacts Your Business 241 How Leaders Can Develop The Skill of the Technology Teenager 243 Chapter 22 How Well Are We Practicing These Skills Today? 245 Mind the Gaps – Again! 246 Around the World 248 Are We Future Leader Ready? 248 Part 5 Becoming the Future Leader 253 Chapter 23 Knowing vs Doing 255 Define “Leader” and “Leadership” 258 Look at Your Present State 261 Practice the Skills and Mindsets 261 Build Your Tribe 262 Avoid a Typical Day 263 Guide Others 264 References 267 Acknowledgments 279 About the Author 281 Additional Resources 283 Index 285

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Book SynopsisTable of ContentsAbout the Author xi Preface xiii Acknowledgments xvii Part One An Introduction To The Crisis 1 Chapter 1 Healthy Skepticism for Risk Management 3 A “Common Mode Failure” 5 Key Definitions: Risk Management and Some Related Terms 8 What Failure Means 14 Scope and Objectives of This Book 17 Chapter 2 A Summary of the Current State of Risk Management 21 A Short and Entirely-Too-Superficial History of Risk 21 Current State of Risk Management in the Organization 25 Current Risks and How They are Assessed 26 Chapter 3 How Do We Know What Works? 35 Anecdote: The Risk of Outsourcing Drug Manufacturing 36 Why It’s Hard to Know What Works 40 An Assessment of Self-Assessments 44 Potential Objective Evaluations of Risk Management 48 What We May Find 57 Chapter 4 Getting Started: A Simple Straw Man Quantitative Model 61 A Simple One-for-One Substitution 63 The Expert as the Instrument 64 A Quick Overview of “Uncertainty Math” 67 Establishing Risk Tolerance 72 Supporting the Decision: A Return on Mitigation 73 Making the Straw Man Better 75 Part Two Why It’s Broken 79 Chapter 5 The “Four Horsemen” of Risk Management: Some (Mostly) Sincere Attempts to Prevent an Apocalypse 81 Actuaries 83 War Quants: How World War II Changed Risk Analysis Forever 86 Economists 90 Management Consulting: How a Power Tie and a Good Pitch Changed Risk Management 96 Comparing the Horsemen 103 Major Risk Management Problems to Be Addressed 105 Chapter 6 An Ivory Tower of Babel: Fixing the Confusion about Risk 109 The Frank Knight Definition 111 Knight’s Influence in Finance and Project Management 114 A Construction Engineering Definition 118 Risk as Expected Loss 119 Defining Risk Tolerance 121 Defining Probability 128 Enriching the Lexicon 131 Chapter 7 The Limits of Expert Knowledge: Why We Don’t Know What We Think We Know about Uncertainty 135 The Right Stuff: How a Group of Psychologists Might Save Risk Analysis 137 Mental Math: Why We Shouldn’t Trust the Numbers in Our Heads 139 “Catastrophic” Overconfidence 142 The Mind of “Aces”: Possible Causes and Consequences of Overconfidence 150 Inconsistencies and Artifacts: What Shouldn’t Matter Does 155 Answers to Calibration Tests 160 Chapter 8 Worse Than Useless: The Most Popular Risk Assessment Method and Why It Doesn’t Work 163 A Few Examples of Scores and Matrices 164 Does That Come in “Medium”?: Why Ambiguity Does Not Offset Uncertainty 170 Unintended Effects of Scales: What You Don’t Know Can Hurt You 173 Different but Similar-Sounding Methods and Similar but Different-Sounding Methods 183 Chapter 9 Bears, Swans and Other Obstacles to Improved Risk Management 193 Algorithm Aversion and a Key Fallacy 194 Algorithms versus Experts: Generalizing the Findings 198 A Note about Black Swans 203 Major Mathematical Misconceptions 209 We’re Special: The Belief That Risk Analysis Might Work, but Not Here 217 Chapter 10 Where Even the Quants Go Wrong: Common and Fundamental Errors in Quantitative Models 223 A Survey of Analysts Using Monte Carlos 224 The Risk Paradox 228 Financial Models and the Shape of Disaster: Why Normal Isn’t So Normal 236 Following Your Inner Cow: The Problem with Correlations 243 The Measurement Inversion 248 Is Monte Carlo Too Complicated? 250 Part Three How to Fix It 255 Chapter 11 Starting with What Works 257 Speak the Language 259 Getting Your Probabilities Calibrated 266 Using Data for Initial Benchmarks 272 Checking the Substitution 280 Simple Risk Management 285 Chapter 12 Improving the Model 293 Empirical Inputs 294 Adding Detail to the Model 305 Advanced Methods for Improving Expert’s Subjective Estimates 312 Other Monte Carlo Tools 315 Self-Examinations for Modelers 317 Chapter 13 The Risk Community: Intra- and Extra-organizational Issues of Risk Management 323 Getting Organized 324 Managing the Model 327 Incentives for a Calibrated Culture 331 Extraorganizational Issues: Solutions beyond Your Office Building 337 Practical Observations from Trustmark 339 Final Thoughts on Quantitative Models and Better Decisions 341 Additional Calibration Tests and Answers 345 Index 357

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Book SynopsisA step-by-step, comprehensive approach to private equity and private debt Private Capital Investing: The Handbook of Private Debt and Private Equity is a practical manual on investing in the two of the most common alternative asset classes (private equity and private debt) and provides a unique insight on how principal investors analyze investment opportunities. Unlike other textbooks available in the market, Private Capital Investing covers the various phases that principal investors follow when analyzing a private investment opportunity. The book combines academic rigor with the practical approach used by leading institutional investors. Chapters are filled with practical examples, Excel workbooks (downloadable from the book website), examples of legal clauses and contracts, and Q&A. Cases are referred at the end of every chapter to test the learning of the reader. Instructors will find referrals to both third-party cases or cases written by the author. Covers analytical tools Includes the most common methods used to structure a debt facility and a private equity transaction Looks at the main legal aspects of a transaction Walks readers through the different phases of a transaction from origination to closing Bridging the gap between academic study and practical application, Private Capital Investing enables the reader to be able to start working in private equity or private debt without the need for any further training. It is intended for undergraduates and MBA students, practitioners in the investment banking, consulting and private equity business with prior academic background in corporate finance and accounting.Table of ContentsAbout the Author xi Acknowledgements xiii About the Companion Site xv Introduction 1 The Rise of Private Markets (Alternative Assets) in the Investors’ Allocation 2 The Rise of Private Markets as a Favoured Alternative Source of Company Financing 4 Private Equity 6 Private Debt 8 Deal Phases and Book Organisation 10 Chapter 1 Closed End Funds 13 A Close Up on Private Equity and Private Debt Partnerships 13 Cash Flows, J Curve, and Returns 16 Financial Returns 19 References and Further Reading 22 Suggested Cases 22 Chapter 2 Debt Products 23 Introduction 23 Definition and Some Useful Classifications 24 Pure Debt Instruments 29 High-yield Bonds 37 Mezzanine 39 Unitranche 43 A Close Up on Syndicated Lending 50 References and Further Reading 52 Suggested Cases 52 Chapter 3 Equity Products 53 Introduction 53 Ordinary Shares 54 Preference Shares 55 Convertibles 57 Other Equity Instruments 64 References and Further Reading 70 Suggested Cases 70 Chapter 4 Business Due Diligence 71 Introduction 71 Macro Factors 71 Industry Risk Analysis 73 Company Analysis 83 Summary Steps for a Strategic Analysis of a Business Plan 90 References and Further Reading 91 Suggested Cases 91 Chapter 5 Accounting Due Diligence 93 Introduction 93 Quality of Earnings 93 Ratio Analysis 101 Cash Flow Analysis 106 Creative Accounting 115 References and Further Reading 123 Suggested Cases 123 Chapter 6 Business Plan 125 Introduction 125 Pro-forma Financials 125 Profit and Loss Projections 126 Balance Sheet Projections 127 Putting it all Together: Modelling Cash, Short-term Debt, Net Income, and Shareholders’ Equity 128 Sensitivity Analysis 128 Consistency Checks 129 References and Further Reading 133 Suggested Cases 133 Chapter 7 Valuation 135 Introduction 135 Fundamentals #1: Price and Value 135 Fundamentals #2: Enterprise Value and Equity Value 136 Fundamentals #3: Market Values vs. Book Values 140 Discounted Cash Valuation Method 140 Discounted Cash Valuation: WACC Approach 140 Discounted Cash Flow Valuation: Adjuster Present Value Method 144 Comparables Valuation Method 147 References and Further Reading 156 Suggested Cases 156 Chapter 8 Growth Equity 157 Introduction 157 Differences between Venture Capital, Growth Equity, and LBO 157 Instruments 159 Fundamentals #1: Pre-money and Post-money Valuation 160 Fundamentals #2: Capitalisation Table 165 Fundamentals #3: Dilution and Equity Stake Calculation 165 Fundamentals #4: Anti-dilution Provisions 167 Fundamentals #5: Structuring for Exit (Ordinary Shares vs. Other Instruments) 169 Fundamentals #6: Redemption 172 Fundamentals #7: The Growth Capital Method (Adapted from the Venture Capital Method) 173 Fundamentals #8: Calculation of the Price per Share 176 Fundamentals #9: Put and Call Options 176 References and Further Reading 184 Suggested Cases 184 Chapter 9 Leveraged Buyout 185 Introduction 185 LBO: Key Concepts 187 LBO Analysis 199 References and Further Reading 215 Suggested Cases 215 Chapter 10 Management of the Portfolio Companies and Exit 217 Introduction 217 Reporting 217 Monitoring 218 Value Creation 218 Exit 220 IPO 222 Trade Sale 223 Secondary/Tertiary Sale to Financial Buyers 223 Other Exit Routes (Share Buyback, Options, Recap) 224 References and Further Reading 225 Suggested Cases 225 Chapter 11 Private Debt 227 Introduction 227 Structuring a Credit Facility 227 Sanity Checks 240 Structuring a Loan Facility: A Modelling Example 246 References and Further Reading 246 Suggested Cases 246 Chapter 12 Legal Documentation 247 Introduction 247 Private Debt Legal Documentation 249 Private Equity Legal Documentation 256 References and Further Reading 264 Appendix 12.1: Example of an Equity Term Sheet 265 Appendix 12.2: Example of a Debt Term Sheet 277 Chapter 13 Distress Symptoms and Remedies 287 Early Warning Signals 287 Causes 288 Restructuring Options 290 Financing Solutions 291 Legal Alternatives 294 References and Further Reading 297 Suggested Cases 298 Index 299

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Book SynopsisReal-world tools to build your venture, grow your business, and avoid mistakes Startup, Scaleup, Screwup is an expert guide for emerging and established businesses to accelerate growth, facilitate scalability, and keep pace with the rapidly changing economic landscape. The contemporary marketplace is more dynamic than ever beforeincreased global competition, the impact of digital transformation, and disruptive innovation factors require businesses to implement agile management and business strategies to compete and thrive. This indispensable book provides business leaders and entrepreneurs the tools and guidance to meet growth and scalability challenges head on. Equal parts motivation and practical application, this book answers the questions every business leader asks from the startup ventures to established companies. Covering topics including funding options, employee hiring, product-market validation, remote team management, agile scaling, and the busTable of ContentsPrologue ix 1 Persistence of Vision: Inspire team members, customers, and investors with a Product Vision: a mental image of your desired future 1 2 Stories of Your Life and Others: Discover the Business Lifecycle of startups and scaleups and reflect on exploration, execution, and Product/Market Fit 7 3 Picking Up the Pieces: Make a Business Quilt by remixing the Lean Canvas and Business Model Canvas and adding a dimension of time 21 4 The Persona Protocol: Better understand your target customers and their Jobs to Be Done by creating Lean Personas 35 5 Fortune’s Wheel: Figure out your Unique Value Proposition by investigating the customer’s Pains and Gains and making a Value Proposition Wheel 41 6 The Crowded Shadows: Learn about the benefits of Equity Crowdfunding and choose between the use of a crowdfunding platform or doing it all yourself 49 7 The Lunatic Cafe: Meet every day with your team for a Daily Cafe and Work Out Loud by sending each other Daily Updates 55 8 Streams of Silver: Visualize your work with Kanban Boards and optimize the workflow with Work in Progress Limits 61 9 The Invention of Everything Else: Discover the Innovation Vortex, which emerged by combining the Design Thinking approach with the Lean Startup method 67 10 The Terminal Experiment: Validate hypotheses with Lean Experiments so that you can Pivot, Patch, or Persevere on your way to Business/Market Fit 77 11 Fables and Reflections: Get together with your team for an Agile Retrospective to do some reflection and work on your Improvement Backlog 87 12 Kings of the North: Navigate your business in the right direction using a North Star Metric, with the help of Support Metrics and Check Metrics 95 13 The Entropy Tango: Keep a Product Backlog with Minimum Viable Features and Experiment Stories updated through ongoing Backlog Maintenance 103 14 A Pleasure to Burn: Keep an eye on your progress with Burn-down Charts, Burn-up Charts, or Cumulative Flow Diagrams 113 15 The New Recruit: Get your hiring process in order with a Recruitment Funnel, sourcing by the founders, and some Skills Tests and Work Samples 119 16 The Enigma Score: Start workforce planning and talent management in your business with Hiring Scorecards that help you avoid culture misfits 129 17 Standard Hero Behavior: Learn a good approach to Job Interviews using a combination of Behavioral Questions and Behavioral Tests 135 18 The Darkest Road: Manage the expectations of stakeholders with a Product Roadmap, created with experiments, outcomes, and a Rolling-Wave Planning 141 19 Ghost Writer in the Sky: Set yourself up for content marketing and e-mail marketing with a Content Calendar and a Content Backlog 149 20 Million-Dollar Gamble: Aim for Agile Funding of your business with small batches, small budgets, and keeping multiple options open 155 21 Spheres of Influence: Get insights into the creation of a Pitch Deck and learn about the essential and the optional slides 167 22 Heart Journey: Describe the optimal customer journey and user experience with a Journey Map and discover the Moments of Truth 177 23 A Pirate’s Tale: Find your way on the path to success, from awareness to revenue, measured with the Pirate Metrics 185 24 Test of the Twins: Learn about Growth Hacking and Conversion Rate Optimization with Split Tests, Multivariate Tests, and Cohort Analysis 193 25 Culture Clash: Identify Core Values, create a Culture Code, and use stories and rewards to prepare your business for scaling 201 Epilogue 209 Acknowledgments 213 About the Author 215 Index 217

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Book SynopsisBreak your revenue records with Silicon Valley's growth bible This book makes very clear how to get to hyper-growth and the work needed to actually get there Why are you struggling to grow your business when everyone else seems to be crushing their goals? If you needed to triple revenue within the next three years, would you know exactly how to do it? Doubling the size of your business, tripling it, even growing ten times larger isn't about magic. It's not about privileges, luck, or working harder. There's a template that the world's fastest growing companies follow to achieve and sustain much, much faster growth. From Impossible to Inevitable details the hypergrowth playbook of companies like Hubspot, Salesforce.com (the fastest growing multibillion dollar software company), and EchoSignaka Adobe Document Services (which catapulted from $0 to $144 million in seven years). Whether you have a $1 billion or a $100,000 business, you can use the same insights as these notable companies to learn what it really takes to break your own revenue records. Pinpoint why you aren't growing fasterUnderstand what it takes to get to hypergrowthNail a niche (the #1 missing growth ingredient)What every revenue leader needs to know about building a scalable sales team There's no time like the present to surpass plateaus and get off of the up-and-down revenue rollercoaster. Find out how now!Table of ContentsPreface: Systematizing Success xiii Lessons from the World’s Fastest-Growing Companies xiii Part I Nail a Niche 1 “Niche” Doesn’t Mean Small 2 Are You Sure You’re Ready to Grow Faster? 2 How to Know If You’ve Nailed a Niche 4 Achieve World Domination One Niche at a Time 6 The Arc of Attention 7 2 Signs of Slogging 12 Are You a Nice-to-Have? 12 Big Companies Suffer, Too 15 Case Study: Where Aaron Went Wrong 16 Your Current Strength Can Be a Future Weakness 21 3 How to Nail It 23 Where Can You Be a Big Fish in a Small Pond? 23 Work through the Niche Matrix 25 Case Study: How Twilio Nailed a Billion-Dollar Niche by Walking in Its Customers’ Shoes 31 The 20-Interview Rule 36 4 Your Pitch 39 If You Were a Radio Station, Would Anyone Tune In? 39 Elevator Pitches Are Always Frustrating 41 They Don’t Care about “You”: Three Simple Questions 43 Part II Create Predictable PipelineIntroduction: Lead Generation Absolves Many Sins 46 5 Seeds—Customer Success 50 How to Grow Seeds Predictably 51 Case Study: How Gild Dropped Monthly Churn from 4 to 1 56 Case Study: Customer Service Excellence at Topcon 58 6 Nets—Marketing 61 Three Uncommon Approaches of Hypergrowth CMOs 63 The Forcing Function Your Marketing Leader Needs: A “Sales Qualified Lead Commit” 70 Corporate Marketing versus Demand Generation 71 How Inbound Changed in 10 Years Between Scaling Marketo to $100M+ and Founding Engagio 72 Heroic Marketing: When You Have No Money and Little Time 76 7 Spears—Outbound Prospecting 80 Where Outbound Works Best—and Where It Fails 83 Outbound Lessons Learned Since Predictable Revenue Was Published 85 Case Study: Outbound’s Role in Acquia’s $100 Million Trajectory 87 Case Study: How Sagemount Triples the Value of a Company in Three Years 89 Case Study: How Zuora Drives 60%-Plus of Its Growth by Outbound, Even When Accounts Need Nurturing for Years 97 Build an Outbound Program Right the First Time 104 Have You Been Too Successful at Inbound? 110 8 What Executives Miss 114 Pipeline Creation Rate: Your #1 Leading Metric 114 The 15/85 Rule: Early Adopters and Mainstream Buyers 116 Why You’re Underestimating Customer Lifetime Value 119 Part III Make Sales Scalable 9 Learn from Our Mistakes 123 Growth Creates More Problems Than It Solves—But They Are Better Problems 123 Top 12 Mistakes in Building Sales Teams 124 Advice from the VP Sales behind LinkedIn and EchoSign 126 10 Specialization: Your #1 Sales Multiplier 129 Why Salespeople Shouldn’t Prospect 129 Case Study: How Clio Restructured Sales in Three Months 132 Can You Be Too Small, or Too Big, to Specialize? 134 Specialization: Two Common Objections 136 Specialization Snapshot at Acquia 137 11 Sales Leaders 139 The #1 Mis-Hire Is the VP/Head of Sales 139 The Right VP Sales for Your Stage 140 Ten Favorite Interview Questions 143 12 Hiring Best Practices for Sales 146 If You’re a Startup: Four Phases of Hiring Your First Sales Team 146 Simple Hiring Tricks 149 When Doing Something New, Start with Two 150 The $100 Million HubSpot Sales Machine: Recruiting and Coaching Essentials 152 Case Study: How to Cut Down on Wasted Interviewing 154 13 Scaling the Sales Team 157 If You’re Churning More Than 10% of Your Salespeople, They Aren’t the Problem 157 Three Ways to Cut Churn and Increase Sales Motivation While You Scale 160 Advice to CEOs: Put Nonsales Leaders on Variable Comp Plans, Too 164 Are Your Enterprise Deals Taking Forever? 166 Five Key Sales Metrics (with a Twist) 168 14 For Startups Only 171 Every Tech Company Should Offer Services 171 What Jason Invests In, and Do You Need to Raise Money to Scale? 173 What the Headcount of a 100-Person SaaS Company Looks Like 176 Part IV Double Your Deal Size 15 Deal Size Math 182 You Need 50 Million Users to Make Freemium Work 182 Small Deals Get You Started, Big Deals Drive Growth 184 16 Not Too Big, Not Too Small 188 When You Can’t Turn Small Deals into Big Ones 188 If You Have Customers of All Sizes 189 17 Going Upmarket 194 If You Don’t Want Salespeople . . . 194 Add Another Top Pricing Tier 196 Pricing Is Always a Pain 199 Going Fortune 1000 202 Part V Do the Time 18 Embrace Frustration 209 Are You Sure You’re Ready for This? 209 Everyone Has a Year of Hell 215 Comfort Is the Enemy of Growth 217 Motivation: How Aaron Reached Escape Velocity 219 19 Success Isn’t a Straight Line 220 The Anxiety Economy and Entrepreneur Depression 220 Mark Suster’s Question: “Should a Person Learn or Earn?” 224 When a Straight Line Isn’t the Shortest Path to Success 228 Change Your World, Not the World 230 Part VI Embrace Employee Ownership 20 A Reality Check 234 Dear Executives (From an Employee) 234 Dear Employee (From the Executives) 235 P.S.: “Dear Senior Executives, Don’t Get Left Behind” (From the CEO and Board) 237 Are Your People Renting or Owning? 238 21 For Executives: Create Functional Ownership 243 A Simple Survey 243 “No Surprises” 245 Functional Ownership 248 Case Study: How a Struggling Team Turned into a Self-Managing Success 255 To Turn Things Around 256 22 Taking Ownership to the Next Level 259 Financial Ownership 259 Move People Around 260 The Four Types of Employees 262 Part VII Define Your Destiny 23 Are You Abdicating Your Opportunity? 268 Your Opportunity Is Bigger Than You Realize 268 How to Expand Your Opportunity at Work 270 You Need Some Humdrum Passions 272 Your Company Isn’t Your Mommy or Daddy 276 Forcing Functions: How to Motivate Yourself to Do Things You Don’t Feel Like Doing 277 Sales Is a Life Skill 282 Sales Is a Multistep Process 285 24 Combining Money and Meaning 289 Meaning Gone Wrong 289 What’s Your Unique Genius? 291 Ignoring Real Life Doesn’t Make It Go Away 295 Aaron, How the Hell Do You Juggle 10 Kids and Work? 297 A Thank You . . . 303 About the Authors 304 Index 305

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Book SynopsisTable of ContentsAcknowledgements ix About the Author xi Introduction 1 Part I What are Private Equity, Private Debt and Private Real Assets? Chapter 1 Private Equity as an Economic Driver: An Historical Perspective 15 Chapter 2 Modern Private Equity – A French Invention? 39 Part II The Private Markets Ecosystem Chapter 3 Private Markets: A Business System Perspective 85 Chapter 4 The Universe of Investment 145 Chapter 5 The Process of Investment: A Matter of Trust and Mutual Interest 245 Part III Private Markets in Teenage Time: Trend Setting, Fads and Responsibilities Chapter 6 Private Markets Evolution: Trends or Buzzes? 267 Chapter 7 Private Equity and Ethics: A Culture Clash 287 Chapter 8 General Conclusion: Private Markets Today and Tomorrow 309 Template 1 (Fund): Architecture of the Private Placement Memorandum of a Private Equity Fund 329 Template 2 (Fund): Structure of a Limited Partnership Agreement 331 Template 3 (Fund): Due Diligence Checklist 335 Template 4 (Fund): Quarterly Report Template 339 Template 5 (Company): Non-Disclosure Agreement 343 Template 6 (Company): Business Plan 347 Template 7 (Company): Term Sheet 353 Business Case: Kroton Educacional SA – A Private Equity Operation Can Hide Another One 363 Exhibits 379 Glossary 389 Bibliography 425 Index 439

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Book SynopsisAn intuitive introduction to fundamental corporate finance concepts and methods Lessons in Corporate Finance, Second Edition offers a comprehensive introduction to the subject, using a unique interactive question and answer-based approach. Asking a series of increasingly difficult questions, this text provides both conceptual insight and specific numerical examples. Detailed case studies encourage class discussion and provide real-world context for financial concepts. The book provides a thorough coverage of corporate finance including ratio and pro forma analysis, capital structure theory, investment and financial policy decisions, and valuation and cash flows provides a solid foundational knowledge of essential topics. This revised and updated second edition includes new coverage of the U.S. Tax Cuts and Jobs Act of 2017 and its implications for corporate finance valuation. Written by acclaimed professors from MIT and Tufts University, this innovative Table of ContentsAbout the Authors xiii Acknowledgments xv Preface xvii Chapter 1 Introduction 1 Two Markets: Product and Capital 2 The Basics: Tools and Techniques 3 A Diagram of Corporate Finance 4 A Brief History of Modern Finance 5 Reading This Book 6 Part One Financial Health of a Firm and Cash Flow Management Chapter 2 Determining a Firm’s Financial Health (PIPES-A) 11 The Conversation with the Banker Is Like a Job Interview 11 Starting with the Product Market Strategy 13 Is PIPES Profitable? 14 Doing the Math 14 Sources and Uses of Funds 16 Ratio Analysis 20 The Cash Cycle 26 Summary 28 Chapter 3 Pro Forma Forecasts (PIPES-B) 31 First, Let’s Take a Closer Look at Ratio Analysis 31 Pro Forma Forecasts 33 Circular Relationships 40 Back to (Forecasting) the Future 42 Projecting Out to 2018 and 2019 43 Evaluating the Loan 45 Summary 50 Appendix 3A: Accounting Is Not Economic Reality 52 Chapter 4 The Impact of Seasonality on a Firm’s Funding (PIPES-C) 57 Monthly Pro Forma Income Statements 58 Monthly Pro Forma Balance Sheets 60 A Different Picture of the Firm 68 Summary 72 Appendix 4A: PIPES Monthly Pro Forma Income Statements and Balance Sheets, 2018 73 Appendix 4B: PIPES Monthly Pro Forma Income Statements and Balance Sheets, 2019 76 Part Two Firm Financing and Financial Policies Chapter 5 Why Financing Matters (Massey Ferguson) 81 Product Market Position and Strategy 81 Political Risk and Economies of Scale in Production 82 Massey Ferguson, 1971–1976 83 Sustainable Growth 85 The Period after 1976 87 Conrad Runs Away 90 The Competitors 91 Back to Massey 93 Massey’s Restructuring 96 Postscript: What Happened to Massey 100 Summary 100 Appendix 5A: Massey Ferguson Financial Statements 102 Chapter 6 An Introduction to Capital Structure Theory 107 Optimal Capital Structure 108 M&M and Corporate Finance 111 Taxes 116 Costs of Financial Distress 126 The Textbook View of Capital Structure 131 The Cost of Capital 133 Summary 134 Chapter 7 Capital Structure Decisions (Marriott Corporation and Gary Wilson) 137 Capital Structure 137 The Cost of Capital 144 How Firms Set Capital Structure in Practice 147 Corporate Financial Policies 148 Sustainable Growth and Excess Cash Flow 151 What to Do with Excess Cash? 152 Summary 154 Appendix 7A: Marriott Corporation Income Statements and Balance Sheets 156 Appendix 7B: Marriott Corporation Selected Ratios 158 Chapter 8 Investment Decisions (Marriott Corporation and Gary Wilson) 159 What Is the Correct Price? 160 How Should Marriott Buy Its Shares? 160 The Loan Covenants 164 The Impact of the Product Market on Financial Policies 165 The Capital Market Impact and the Future 167 Summary 173 Chapter 9 Financial Policy Decisions (AT&T: Before and After the 1984 Divestiture) 177 Background on AT&T 178 M&M and the Practice of Corporate Finance 178 Old (pre-1984) AT&T 180 New (post-1984) AT&T 195 Summary 207 Appendix 9A: Development of AT&T Pro Formas, 1984–1988 (Expected-Case) 208 Chapter 10 The Impact of Operating Strategy on Corporate Finance Policy (MCI) 211 A Brief Summary 211 A Brief History of MCI 213 Convertible Preferred Stock and Convertible Bonds 218 Interest Rates and Debt Ratios 222 Leases 223 Financing Needs of the New MCI 223 MCI’s Financing Choice 234 MCI Postscript 235 Summary 236 Appendix 10A: Development of MCI’s Pro Formas, 1984–1988 238 Chapter 11 Dividends and Stock Repurchases (Apple Inc.) 241 The Theory of Dividend Policy 241 Empirical Evidence 245 Apple Inc. and the Decision on Whether to Pay Dividends 248 What Did Apple Do about Dividends? 260 What Happened Next 261 Summary 264 Chapter 12 A Continuation of Capital Structure Theory 265 The Tax Shield of Debt 266 The Costs of Financial Distress 267 Transaction Costs, Asymmetric Information, and Agency Costs 269 Asymmetric Information and Firm Financing 272 Agency Costs: Manager Behavior and Capital Structure 279 Leverage and Agency Conflicts between Equity and Debt Holders 281 Start with the Amount of Financing Required 286 Summary 288 Chapter 13 Restructuring and Bankruptcy: When Things Go Wrong (Avaya Holdings) 291 When Things Go Wrong 291 The Key Economic Principle of Bankruptcy Is to Save Viable Firms 297 When Should a Firm File for Bankruptcy? 297 The Rules of Bankruptcy 300 Maintaining the Value of a Firm in Bankruptcy 303 Avaya Emerges from Bankruptcy 304 Summary 306 Appendix 13A: The Creditors Coordination Problem 308 Part Three Investments and Valuation Chapter 14 The Time Value of Money: Discounting and Net Present Values 311 The Time Value of Money 311 Net Present Value (NPV) 316 Payback 322 Projects with Unequal Lives 323 Perpetuities 325 Summary 326 Chapter 15 Valuation and Cash Flows (Sungreen A) 327 Investment Decisions 327 How to Value a Project 328 The Weighted Average Cost of Capital (WACC) 340 Terminal Values 341 Summary 343 Chapter 16 Valuation (Sungreen B) 345 Sungreen’s Projected Cash Flows 345 The Weighted Average Cost of Capital (WACC) 346 Twin Firms 351 The Cost of Equity 354 The Cost of Debt 357 The Final Valuation 358 Strategic Analysis 360 Summary 361 Chapter 17 Valuation Nuances 363 Cash Flow Nuances 363 Cost of Capital Nuances 365 Nuances on Calculating the Cost of Equity: Levering and Unlevering Beta 371 Separating Cash Flows and Terminal Values 376 Nuances of Terminal Value Methods 376 Other Valuation Techniques: DCF Variations 383 Real Options (aka Strategic Choices) 386 Summary 389 Chapter 18 Leveraged Buyouts and Private Equity Financing (Congoleum) 391 Congoleum: A Short History 391 Leading up to the LBO: What Makes a Firm a Good LBO Target? 392 Details of the Deal 395 Postscript: What Happened to LBOs? 409 Summary 411 The World Keeps Changing 412 Appendix 18A: Congoleum’s Pro Formas with and without the LBO 414 Appendix 18B: Highlights of the Lazard Fairness Opinion 420 Chapter 19 Mergers and Acquisitions: Strategic Issues (The Dollar Stores) 423 The Three Main Competitors 423 Recent History 424 Shopping a Firm/Finding a Buyer 428 Summary 431 Chapter 20 Valuing an Acquisition: Free Cash Flows to the Firm (The Dollar Stores) 433 The Bid for Family Dollar 433 Free Cash Flows to the Firm 435 Estimating the Cost of Capital 443 Discounted Cash Flows 448 Terminal Values 448 The Three Pieces 451 Summary 452 Appendix 20A: Family Dollar Pro Forma Financial Statements with Authors’ Constant Debt Ratio 453 Chapter 21 Understanding Free Cash Flows (The Dollar Stores) 455 Comparing the Free-Cash-Flows Formulas 455 Back to Discount Rates 457 On to Free Cash Flows to Equity 459 Discounting the Free Cash Flows to Equity 462 Summary 463 Appendix 21A: Family Dollar Pro Forma Free Cash Flows to Equity with Constant Debt Ratio 464 Chapter 22 Mergers and Acquisitions: Execution (The Dollar Stores) 465 The Time Line 465 Managerial Discretion 468 Activist Shareholders 470 The Federal Trade Commission (FTC) 472 Shareholder Lawsuits 473 The Vote 474 Summary 475 Appendix 22A: Key Events in the Bidding for Family Dollar, 2014–2015 476 Chapter 23 Review 477 Chapters 2–4: Cash Flow Management—Financial Tools 478 Chapters 5–13: Financing Decisions and Financial Policies 478 Chapters 14–22: Valuation 482 Tools and Concepts Discussed in This Book 485 Finance as Art, Not Science 486 Bottom Lines 487 An Intelligent Approach to Finance 487 Keeping Current 488 Larry’s Last (Really a True) Story 489 Paul’s Theory of Pies 490 Rules to Live By 490 Glossary 493 Index 503

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Book SynopsisTable of ContentsForeword xiii Acknowledgments xv Introduction xix Chapter 1 Exposed at Scale 1 Leadership at Scale 2 The Development Gap 4 The Spiritual Journey of Leadership 9 Chapter 2 Profiles in Leadership 13 Optimal Leadership Circle Profile 15 Conditions for Scale 21 Bridging the Development Gap 28 Chapter 3 Getting a Street View on Leadership 31 Sample Demographics 33 How Different Are These Groups? 33 So What? 37 Chapter 4 High-Creative Leadership Strengths 39 Strengths of High-Creative Leaders 40 Top 10 Skills for High-Creative Leaders 41 Biggest Strength Gaps 43 What Surprised Us? 44 Contribution of Women Leaders 45 Scaling Leadership 49 Chapter 5 The Strengths of High-Reactive Leaders 53 Top 10 Strengths of High-Reactive Leaders 54 Non-Differentiating Strengths 55 Redefining Leadership 60 Chapter 6 Leader Liabilities 65 How We Interrupt Our Effectiveness 65 Top 10 Liabilities of High-Reactive Leaders 66 Case Example: President Edwardo 69 Leadership Ratio 71 What Is Your Return on Leadership? 73 Relationship-Task Balance 73 Chapter 7 The Canceling Effect 79 The Canceling Effect 80 Does Your Leadership Scale? The Impact of Non- Differentiating Strengths 83 Seven Multiples, Seven Canceling Effects 84 Systemic Canceling Effects 87 Are You Amplifying Your Multiple or Your Canceling Effect? 89 A Matter of Development (The Peter Principle Revisited) 91 Chapter 8 How Leaders Scale Leadership 95 Case in Pont: Jeff Hilzinger 95 Scaling Leadership Beyond Yourself 96 Jeff Hilzinger: A Transformational Leader 111 Chapter 9 Full-Spectrum Leadership 115 The Middle Groups 116 A Pathway of Development 117 A Deeper Dive into the Data 118 So What? Key Conclusions 124 Where Are You? 127 It’s Time for an Upgrade 129 Chapter 10 Reactive Leadership 131 Canceled Gifts and Competing Liabilities 134 Heart-Centered Leaders 135 Will-Centered Leaders 140 Head-Centered Leadership 144 The Universal Model Maps Core Patterns 149 Chapter 11 Transforming Reactive into Creative Leadership 153 Shift from Reactive to Creative in Three Movements 155 Three Movements, One Symphony 161 Complementary Competencies 163 Developing Conscious Leadership 166 Chapter 12 Practices That Transform Leadership 169 How to Change 171 Establish Generative Tension 173 Tell the Truth About What We Want 173 Discerning Purpose 174 Distill Vision 175 Outcomes and Behavior 176 Telling the Truth About Current Reality 178 Be Intentional 182 Stop, Challenge, Choose 182 Practice 184 Intuition 184 Reflection 185 Feedback 187 Truth Telling 188 Lead the Change 189 Chapter 13 Integral Leadership Informed by Grace 193 Appendix A Leadership Circle Profile Summary Dimensions 201 Appendix B Leadership Effectiveness and Business Performance 207 Appendix C Research Methodology 211 Description of LQ Indicator and the Selection of Specific Samples Based on LQ 211 Description of Qualitative Analysis of Comment Feedback 213 Appendix D Definitions of Thematic Strengths and Liabilities 215 Appendix E Theorists Integrated into the Leadership Circle Universal Model of Leadership 221 About the Authors 226 Notes 228 References 235 Index 243

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Book SynopsisHow to steer your business through times of financial distress and achieve sustained profitability Corporate Turnaround Artistry is a complete guide for entrepreneurial companies in times of financial distresspresenting effective strategies and proven methods to revive and rehabilitate your business. Uncertain economic times have significantly altered the financial resources available to struggling businesses. Narrowing margins and mounting internal and external pressure has taken their toll on many companies. Fortunately, most businesses can be repaired while maintaining their existing revenue structure. Offering practical steps that go beyond simple cost-cutting and sales-building advice, this invaluable guide teaches you how to control cash, secure financial relief, and develop a comprehensive turnaround plan that your employees, customers, and creditors will support. Business leaders and entrepreneurs often fall into the trap of assuming new debt whenTable of ContentsAbout the Author ix Foreword xi Professor Kenneth P. Walsleben Preface xv Acknowledgments xix Chapter 1 Understanding Corporate Turnarounds 1 Chapter 2 Crisis Leadership 45 Chapter 3 Controlling Cash 73 Chapter 4 When Banks Attack 103 Chapter 5 Turnaround Management 141 Chapter 6 Arsonists and Regulators 171 Chapter 7 Insolvency and the Law 189 Chapter 8 Debt Restructuring Out of Court 237 Chapter 9 Strategic Exits 261 Chapter 10 Building Long-Term Value 279 Resources 297 Bibliography 299 Index 301

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Book SynopsisTable of ContentsForeword xi Part I Introduction to Sales Negotiation 1 Chapter 1 Sales Negotiation as a Discipline 3 Chapter 2 Salespeople Suck at Negotiating 9 Chapter 3 The Devil is Discounting: The Case for Improving Sales Negotiation Skills 17 Chapter 4 Sales Negotiation Skills are Not One-Size-Fits-All 25 Part II On Winning 31 Chapter 5 Sales Negotiation is About Winning for Your Team 33 Chapter 6 Sales Negotiation Rule One: Win First, Then Negotiate 41 Chapter 7 Timing Matters: Avoid Negotiating Red Herrings and Objections 49 Chapter 8 Four Levels of Sales Negotiation 55 Part III Sales Negotiation Strategy: Motivation, Leverage, and Power 61 Chapter 9 MLP Strategy 63 Chapter 10 Motivation 65 Chapter 11 Leverage 81 Chapter 12 Power Position 95 Chapter 13 Discovery: The Fine Art of Building Your Case 111 Chapter 14 Qualifying 121 Part IV Emotional Discipline 131 Chapter 15 The Seven Disruptive Emotions 133 Chapter 16 Developing Emotional Self-Control 137 Chapter 17 Relaxed, Assertive Confidence 143 Chapter 18 Emotional Contagion: People Respond in Kind 147 Chapter 19 Preparation and Practice 151 Chapter 20 The Ledge Technique 157 Chapter 21 Willpower and Emotional Discipline are Finite 163 Chapter 22 The Pipe is Life: The Real Secret to Emotional Discipline 167 Part V Sales Negotiation Planning 169 Chapter 23 Be Prepared to Negotiate 171 Chapter 24 Authority and Nonnegotiables 175 Chapter 25 Stakeholder Negotiation Profiles, Negotiation List, BATNA Ranking 181 Chapter 26 Developing Your Give-Take Playlist 187 Part VI Sales Negotiation Communication 199 Chapter 27 Seven Rules of Effective Sales Negotiation Communication 201 Chapter 28 ACED: Navigating the Four Primary Stakeholder Communication Styles 207 Chapter 29 Empathy and Outcome: The Dual Process Approach 217 Chapter 30 Seven Keys to Effective Listening 225 Chapter 31 Activating the Self-Disclosure Loop 231 Part VII The DEAL Sales Conversation Framework 235 Chapter 32 A Seat at the Table 237 Chapter 33 Discover 241 Chapter 34 Explain Your Position 257 Chapter 35 Align on an Agreement 269 Chapter 36 Lock It Down 287 Chapter 37 The Next Chapter and the Race to Relevance 291 Notes 299 Acknowledgments 301 Training, Workshops, and Speaking 303 About the Author 305 Index 307

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Book SynopsisAchieving the Sustainable Development Goals through Finance, Technology and Law Reform Achieving the SDGs requires a fundamental rethink from businesses and governments across the globe. To make the ambitious goals a reality, trillions of dollars need to be harnessed to mobilise finance and accelerate progress towards the SDGs. Bringing together leaders from the World Bank, the financial and business sectors, the startup community and academia, this important, topically relevant volume explains what the SDGs are, how they came about and how they can be accelerated. Real-world case studies and authoritative insights address how to direct investment of existing financial resources and re-align the global financial system to reflect the SDGs. In depth chapters discuss how financial institutions, such as UBS Wealth Management, Manulife Asset Management and Moody's Rating Agency are supporting the SDGs. The opportunities arising from Blockchain, Big Data, DigiTable of ContentsAbout the Editors xvii Notes on Contributors xix Foreword xxix Foreword: Implementation of the SDGs xxxi Preface xxxv Introduction 1 Part One: Overview and Context 9 Part Two: Where Will the Money Come From? Financing the SDGs 10 Part Three: Technology, Innovation, and Entrepreneurship 12 Part Four: Facilitating the SDGs by Legal Infrastructure Reform 15 Part I Overview and Context 17 1 The UN and Goal Setting: From the MDGs to the SDGs 19Alma Pekmezovic Introduction 19 What is Development? 20 Is There a Right to Development? 22 Measuring Economic Development 22 Measuring Non-Economic Aspects of Development 23 The Sustainable Development Goals (SDGs) 24 Situating the SDGs in the International Legal Framework 28 Theories of Development: Towards a New Theory of Sustainable Development 29 Economic Theories of Development 30 Cultural Theories of Development 30 Geographic Theories of Development 31 Institutional Theories of Development 32 A New Theory of Sustainable Development 34 Measuring Progress Towards the SDGs 34 Conclusions 35 2 SDGs and the Role of International Financial Institutions 37Suresh Nanwani Introduction 37 Response and Implementation of the SDGs by IFIs 38 Project Processing and Actions Taken by IFIs to Implement the SDGs, and Responses from Other Development Actors 44 Conclusion and Recommendations for IFIs to Meet SDG Goals and Targets 48 3 Towards a New Global Narrative for the Sustainable Development Goals 53Iason Gabriel and Varun Gauri Introduction 53 How SMART Are the SDGs? 55 Goals That Stretch 59 Goals That Inspire 62 Sloganising the SDGs 64 Towards a New Global Narrative? 66 Conclusion 69 4 Overcoming Scarcity: The Paradox of Abundance: Harnessing Digitalisation in Financing Sustainable Development 71Simon Zadek Scarcity: The Paradox of Abundance 71 Financing: A Systemic Challenge 72 Action on System Design 74 Digital Financing of the SDGs 76 Dilemmas: Digitalisation and Dark Financing 80 Sizing the Prize 82 What Next? 84 Concluding Comments 85 Part II Where Will the Money Come From? Financing the SDGs 87 5 The New Framework for Financing the 2030 Agenda for Sustainable Development and the SDGs 89Alma Pekmezovic Introduction 89 Sources of Development Finance 90 Domestic Public and Private Sources 90 Domestic Resource Mobilisation (DRM) 90 International Public and Private Finance 93 The Role of International Official Development Assistance (ODA) 94 Private Philanthropy 95 Sovereign Wealth Funds, Pension Funds, Insurance Companies, and Investment Funds 96 Barriers to Greater Private Investment 97 The Role of Private and Blended Finance in Development 98 The Development Impact and Risks of Blended Finance 100 An Overview of Blended Finance Mechanisms 101 Innovative Financing Tools: Social Impact Bonds (SIBs) and Development Impact Bonds (DIBs) 102 Best Practices for Engaging the Private Sector 105 Conclusions 105 6 The Contribution of the International Private Sector to a More Sustainable Future 107Martin Blessing and Tom Naratil Ready and Able to Invest 108 Commercial and Investment Benefits 109 What is Needed to Mobilise Private Sector Money? 110 Partnerships for a More Sustainable Future 112 Partnerships to Rationalise Sustainable Investment Markets 112 Partnerships to Democratise Sustainable Investment Markets 116 7 Re-Orienting the Global Financial System Towards Sustainability 121Alma Pekmezovic Introduction 121 Background 123 The Legal and Regulatory Framework 125 Company Reporting: Sustainability Disclosure Requirements 128 Institutional Investors: Responsible Investing and Investing for Impact 132 Fiduciary Duties of Institutional Investors and Other Financial Intermediaries 136 Fostering Long-Term Sustainability 140 Conclusion 142 8 How Asset Managers Can Better Align Public Markets Investing with the SDGs 143Emily Chew and Margaret Childe Why the SDGs Could Transform Sustainability Investing 143 Implementing the SDGs as an Analytical Framework to Align Investing with the SDGs 145 Objectives of Manulife Investment Management’s Approach to SDG-Aligned Investing 145 SDG Assessment Methodology Overview 147 Investable Themes 147 SDG Alignment Assessment 150 Exclusions 152 Applying the SDG Analytical Framework to the S&P 500 Index 152 The Current State of Corporate Goals with Respect to SDG Impact 153 The Current Opportunity Capture of SDG-Related Profit Opportunities 156 Areas in which Corporate Operational Conduct is Most Strongly Aligned with SDG Impact 159 What SDG Developments Can We Expect in the Public Markets Investor Community in 2020 and Beyond? 161 SDG-aligned Investing is Expected to Become Easier 162 Corporate Reporting on the SDGs Will Improve 163 Constructive Dialogue or Engagement with Companies is Necessary to Achieve the SDGs 163 A Call to Action 164 Disclaimer 165 9 The Significance of Sustainable Development Goals for Government Credit Quality 167Alastair Wilson Environmental Preservation Influences Credit Quality, Including Through the Impact of Climate Change on Growth and Institutions’ Resilience to It 168 Social Risks Such as Poverty and Inequality Feed into Economic and Institutional Strength 170 Strong Institutions Are Closely Related to Ratings and Ratings Factors 174 SDGs Influence Government Credit Quality Through Different Channels, to Varying Degrees 176 Part III Technology, Innovation, and Entrepreneurship 177 10 FinTech for Financial Inclusion: Driving Sustainable Growth 179Dirk A. Zetzsche, Ross P. Buckley, and Douglas W. Arner Introduction 179 Financial Inclusion and Sustainability: Introducing the Long-Term Perspective 180 Financial Inclusion: Why It Matters 180 Two Sides of the Same Coin 181 FinTech as a Tool for the SDGs 181 FT4FI Initiatives 183 Four Pillars of Digital Financial Transformation 184 Experiences and Lessons 184 Financial Inclusion Initiatives Since 2008: G20 184 Financial Inclusion Initiatives Since 2008: AFI 185 FinTech and Financial Inclusion: The Foundation of Digital Financial Transformation 185 Pillar I: Digital ID and eKYC: Establishing the Foundation 186 Example: The Indian Aadhaar System 186 IrisGuard 187 Regional Approaches: eIDAS in the EU 188 eKYC and KYC Utilities 188 Example 1: South Africa Web-Based KYC Database 188 Example 2: India’s e-KYC System 188 Example 3: eIDAS and eKYC 189 Synthesising the Lessons 189 Pillar II: Open Electronic Payment Systems: Building Connectivity 189 Mobile Money 190 Designing Regulatory Infrastructure for an Open Electronic Payments System 191 Pillar III: Account Opening and Electronic Government Provision of Services: Expanding Usage 192 Electronic Payment: Government Salaries and Transfers 193 Electronic Payment and Provision: Other Core Services 194 Pillar IV: Design of Financial Market Infrastructure and Systems: Enabling New Wider Development 195 Transforming Credit Provision: From Collateral and Microfinance to Cash Flow 195 Adding Insurance and Investments to Savings and Credit 196 M-Akiba 197 Building Better Financial Infrastructure 198 The EU Example: GDPR, PSD2, MiFID2 198 Developing a Comprehensive Strategy 198 Strategic Approach 198 The Challenge of Technology 198 Regulatory Sandboxes, Piloting, and Test-and-Learn Approaches 199 Balancing Inclusion with Other Regulatory Objectives 201 Designing Regulatory Systems: The Example of Mexico 201 Towards Inclusive and Sustainable Growth 202 11 Financing and Self-Financing of SDGs through Financial Technology, Legal, and Fiscal Tools 205Jon Truby Introduction 205 Self-Sufficient Financing and Achievement of SDGs through Tax Reform 207 Shifting the Tax Burden to Create a Double Dividend 207 Base Erosion and Digital Services Taxation 208 Digitisation of Tax Administration 209 Amendment of the Chicago Convention 210 Self-Sufficient Financing of SDGs through Financial Technology 212 Digitisation of Money 212 Digital Identity 214 Financing SDG 7 and Related Goals through Financial Technology 215 Offsetting Investments in Energy-Intensive Digital Currencies 215 Digital Token Investments 216 Conclusion 217 12 SDG Challenges in G20 Countries 219Guillaume Lafortune and Guido Schmidt-Traub Introduction 219 The SDGs as Problem-Solving Tools for Transformative Actions and Policies 229 Long-Term Planning and Back-Casting 230 Data and Monitoring 231 Financing 232 Technology Missions 233 Conclusion 234 13 The Future-Fit Business Benchmark: Flourishing Business in a Truly Sustainable Future 235Geoff Kendall and Martin Rich Introduction 235 The Journey Ahead 236 The World We Want 236 The World We Have (and How We Got Here) 236 The World We Can Create 238 Why a Systems View is Good for Business 240 A Star to Steer By 243 Current Assessment Methods Are Flawed 243 Starting with the End in Mind 244 How Much is Enough? 244 A Holistic View of Future-Fitness 245 A Practical Tool 246 Future-Fit Break-Even Goals 246 Future-Fit Positive Pursuits 248 Engaging Stakeholders More Effectively 250 Conclusion 251 14 Financing for Youth Entrepreneurship in Sustainable Development 253Inna Amesheva, Alex Clark, and Julian Payne The Role of Young Entrepreneurs in Sustainable Development 253 The Needs of Young Entrepreneurs Working on the SDGs 254 Barriers to Innovation and Scale 254 Supporting Young Entrepreneurs Working on the SDGs 257 The Financing Options Available to Young Entrepreneurs Working on the SDGs 258 Sources and Instruments of Finance for Young Entrepreneurs 259 Bridging the Gap Between Young Entrepreneurs and the SDGs 262 Sectoral Coverage 262 Geographical Coverage 264 Beyond Banks: Alternative Financial Structures for Youth-oriented Sustainable Development Initiatives 266 Prioritising Financial Interventions for Youth Entrepreneurs and the SDGs 267 Non-financial Services 268 Developing a Robust Investment Pipeline 270 Designing Youth-focused Funding Vehicles for the SDGs 271 15 Transparency in the Supply Chain 275Julia Walker Introduction 275 Supplier prequalification tools 279 Emerging Technology in Supply Chains 281 The diamond industry 282 Summary 284 Part IV Facilitating the SDGs by Legal Infrastructure Reform 285 16 Facilitating Sustainable Development Goal 8 by Legal Reform Measures 287Gordon Walker Introduction 287 Contextual Issues 288 Legal Traditions 288 Regulators and Policymakers 289 Implementation Problems 290 Capital Formation for Micro-, Small-, and Medium-Sized Enterprises 291 Meta-Strategy: The Promise of e-Government 291 The SDGs and Domestic Policy Formation 292 Facilitating SDG 8 by Law Reform 293 Hong Kong 293 Fundraising Law in Hong Kong: A Brief Overview 294 Safe Harbours in the 17th Schedule of CWUMPO 295 ECF and P2PL in Hong Kong 296 Supporting FinTech and MSME Fundraising Solutions in Papua New Guinea 297 Survey of Papua New Guinea Legislation 297 Offers Excluded from the Prospectus Requirements: CMA, Schedule 6 298 Issues Excluded from the Prospectus Requirements: CMA, Schedule 7 299 Securities Commission Power to Amend Schedules: CMA, Section 470 299 Legal Reform Opportunities for ECF and P2PL in PNG 299 Conclusion 300 17 Facilitating SDGs by Tax System Reform 303Benjamin Walker Introduction 303 Sustainable Development Goals 304 Goal 3: Good Health and Well-Being 304 Goal 8: Decent Work and Economic Growth 304 Goal 10: Reduce Inequality within and among Countries 305 Goal 12: Ensure Sustainable Consumption and Production Patterns 307 Goal 16: Peace, Justice and Strong Institutions 308 Goal 17: Strengthen the Means of Implementation and Revitalize Global Partnership for Sustainable Development 309 A Wider Picture of Development 310 Taxes and Economic Development 310 Tax Effort 311 Taxes and Spending 312 Taxes and Technology 313 Blockchain 313 Artificial Intelligence 314 Tax Law Reform 314 Recent Developments 316 Conclusion 316 18 Facilitating the SDGs by Competition and Consumer Law and Policy Reform: Aspirations and Challenges in Papua New Guinea 317Brent Fisse Introduction 317 Proposed PNG Competition and Consumer Reforms and SDGs 318 Tailoring Law and Policy to the Particular Needs and Circumstances of PNG 320 Removing Statutory and Regulatory Barriers to Entry 322 Designing Competition Rules That Are Practical and Avoid Excessive Technicality 324 Harnessing Consumer Protection Laws to Protect and Promote Small Business 327 Using Enforcement Mechanisms That Have Some Chance of Working in PNG 329 Conclusion 331 Resolution Adopted by the General Assembly on 25 September 2015 333 Transforming Our World: The 2030 Agenda for Sustainable Development 333 Preamble 333 People 334 Declaration 335 Introduction 335 Our vision 336 Our shared principles and commitments 336 Our world today 337 The new Agenda 339 Means of implementation 344 Follow-up and review 346 A call for action to change our world 347 Sustainable Development Goals and targets 347 Goal 1. End poverty in all its forms everywhere 349 Goal 2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture 350 Goal 3. Ensure healthy lives and promote well-being for all at all ages 351 Goal 4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all 352 Goal 5. Achieve gender equality and empower all women and girls 353 Goal 6. Ensure availability and sustainable management of water and sanitation for all 354 Goal 7. Ensure access to affordable, reliable, sustainable and modern energy for all 354 Goal 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all 355 Goal 9. Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation 356 Goal 10. Reduce inequality within and among countries 357 Goal 11. Make cities and human settlements inclusive, safe, resilient and sustainable 357 Goal 12. Ensure sustainable consumption and production patterns 358 Goal 13. Take urgent action to combat climate change and its impacts 359 Goal 14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development 360 Goal 15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss 361 Goal 16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels 362 Goal 17. Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development 363 Finance 363 Technology 363 Capacity-building 364 Trade 364 Systemic issues 364 Means of implementation and the Global Partnership 365 Follow-up and review 369 National level 371 Regional level 372 Global level 372 Index 375

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Book SynopsisTable of ContentsForeword ixby Luca Solca Introduction xiii Part I: Important Choices in Luxury Distribution 1 Chapter 1: The Various Models in Luxury Distribution 3 Chapter 2: Do Luxury Products Still Sell in Stores? 21 Chapter 3: Concept and Design of a Luxury Boutique 39 Chapter 4: Online, Offline or O2O? 67 Part II: Know and Understand the Client 87 Chapter 5: Putting the Customer Back in the Centre 89 Chapter 6: Customer Identification and CRM 107 Chapter 7: The Challenges of Offline and Online Integration 121 Chapter 8: Logistics Adapted to a Digital Culture 135 Part III: Making Client Relationships More Meaningful 151 Chapter 9: Customer Behaviour in the Store or Online 153 Chapter 10: The Importance of Stores for Building Customer Relationships 163 Chapter 11: Customer Experience and Building Loyalty 177 Chapter 12: How the Internet Has Shattered the Traditional Sales Model 203 Part IV: Management Tools for Luxury Stores 219 Chapter 13: Location of Sales Points 221 Chapter 14: Managing Store Personnel: A Toolbox 259 Chapter 15: At What Price Should Products Be Sold? 297 Chapter 16: Financial Analyses of Sales Points 315 Conclusion 339 Bibliography 345 About the Authors 351 Index 353

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Book SynopsisTable of ContentsPreface ix Glossary of Terms xiii Acknowledgements xv About the Authors xvii 1 What is Transformation? 1 2 Understand Your Starting Point 41 3 Making the Change Happen 93 4 Purpose 101 5 People 143 6 Method 173 7 Tools 197 8 Overall Change Management 223 9 Running a Business in the New Data-Driven World: Arriving at the Destination 229 10 Dynamic Data-Driven Business Transformation – D3 249 11 Conclusion 255 Index 261

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Book SynopsisTable of ContentsIntroduction 1 About This Book 1 Conventions Used in This Book 2 What You’re Not to Read 2 Foolish Assumptions 3 How This Book Is Organized 3 Part 1: All Cooped Up 4 Part 2: Constructing a Coop 4 Part 3: Checking Out Coop Plans 4 Part 4: The Part of Tens 4 Icons Used in This Book 5 Beyond the Book 5 Where to Go from Here 5 Part 1: All Cooped Up 7 Chapter 1: Flocking to Your Own Chicken Coop 9 Understanding the Basics of Housing 9 Looking at the Gear You’ll Need 10 Choosing Coop Materials 11 Getting Up to Speed on Carpentry 12 Constructing a Coop: The Nuts and Bolts 13 Readying the site 14 Framing 14 Putting up walls, a roof, and more 15 Adding special touches 15 Building a run 16 Hooking up electricity 16 Checking Out a Few Coop Designs 16 Chapter 2: Beginning with Housing Basics 19 Providing Basic Benefits with Your Coop 20 Analyzing the Anatomy of a Coop 21 Making Your Coop Convenient for You 23 Selecting Your Coop’s Location and Size 23 Before you begin: Considering zoning and covenant concerns 24 Looking at proximity to houses 24 Utilizing utilities 25 Digging into drainage issues 27 Understanding that yes, size matters 27 Choosing a Coop to Fit Your Needs (and Skills) 28 A-frames and hoops 29 Chicken tractors 30 All-in-one coops 31 Walk-in coops 31 Chapter 3: Gathering Your Gear 35 Putting Safety First with Essential Equipment 36 Digging Up Dirt on Garden Tools 37 Measuring and Marking Lumber for Your Coop 37 Measuring up tape measures 38 Making your mark 38 Sizing Up Saws and Supports 39 Putting In Posts 42 Digging postholes 42 Setting the posts 43 Mixing and pouring concrete 44 Framing Your Coop 45 Honing in on hammers 45 Nailing it with a nail gun 46 Pressing a screw gun into service 47 Leveling and Squaring As You Build 48 Just level with me 48 It’s hip to be square 48 Working with Wire 49 Cutting wire 49 Fastening wire 50 Checking Out Other Miscellaneous Tools 50 Chapter 4: Deciding on Materials 53 Before You Shop: Considering Recycled Materials 53 Lumbering Through Boards for Your Build 54 Sizing boards 54 Figuring out what type of board to buy 55 Knowing what to look for in a board 56 Shopping for Sheet Goods 57 Sizing sheet goods 58 Checking out plywood and OSB 58 Steering clear of certain sheet goods 59 Getting Attached to Fasteners 60 Notes about nails 60 Stuff about screws 63 Figuring Out Flooring 67 Wondering About Walls 68 Getting to the Root of Roofing 68 Researching Your Run 70 Finding your fencing 70 Picking your posts 72 Adding It Up: Estimating the Amount of Materials You Need 73 Chapter 5: Building Your Carpentry Skills 75 Measuring and Marking Materials 76 Reading the tale of your tape 76 “V” marks the spot, and “X” marks the trash 76 Chalk it up 77 Cutting Wood Safely 78 Selecting saw blades 78 Cutting board lumber 79 Cutting sheet goods 84 Assembling Materials 85 Nailing it down 85 Screwing it in place 86 Joining Pieces at Tricky Angles 88 Toe-nailing 88 Pocket hole joinery 89 Plates 90 Using Levels and Squares 91 Carpenter’s level 91 Specialty levels 92 Speed squares 93 Part 2: Constructing A Coop 95 Chapter 6: Preparing the Site 97 First Things First: Clearing the Site 98 Checking the Level of the Ground 98 Installing Posts in the Ground 99 Digging holes for footings 99 Bracing your posts 102 Mixing and pouring concrete 103 Securing Posts Aboveground 105 Mounting posts on top of concrete footings 105 Using concrete pier blocks 106 Topping Your Posts 107 Chapter 7: Laying the Lumber: Framing 101 109 Building a Subfloor 110 Framing the joists 110 Installing the decking 113 Framing the Walls 114 Laying out studs 115 Assembling wall panels on the ground 116 Framing Doors and Windows 118 The extra parts needed to frame doors and windows 118 Walking through extra framing steps 118 Raising the Wall 120 Fastening Walls Together 122 Framing the Roof 123 Getting the pitch perfect 123 Analyzing a roof’s anatomy 124 Building a roof frame 125 Cutting and attaching rafters 126 Chapter 8: Adding Walls, Doors, Windows, and a Roof 129 Putting Up Walls 130 Fastening plywood in place 130 Cutting out openings 132 Working with other materials 133 Building a Basic Shed Door 136 Making Your Own Window 139 Topping Off Your Coop with a Roof 140 Hanging out your shingles 140 Conquering corrugated panels 145 Venting Your Coop 146 Chapter 9: Building Creature Comforts 149 Finalizing Your Flooring 149 Coming Home to (a) Roost 150 Location, location, location 150 Roost requirements: Making your roost out of different materials 152 Securing and supporting your roost 153 Feathering a Nest Box 154 Designing nest boxes 154 Building nest boxes 156 Other options: Buying or repurposing nest boxes 157 Ramping Up 157 Chapter 10: Assembling a Run 161 Framing a Simple Run 162 Working with Wire Mesh 164 Sizing up, measuring, and cutting the wire 164 Fastening the wire to your posts 165 Adding even more wire 167 Chapter 11: Plugged In: Basic Electricity for Your Coop 169 Calling a Pro to Run a Line to Your Coop 170 Buzzing About Outlets versus Switches 171 Receptacles (also known as outlets) 171 Switches 173 Letting There Be Light 173 Deciding whether to include artificial light in your coop 173 Properly placing the right amount of lighting in your coop 174 Choosing fixtures 174 Warming Up to Heaters 176 Falling for Fans 177 Part 3: Checking Out Coop Plans 179 Chapter 12: The Minimal Coop 181 Vital Stats 182 Materials List 182 Cut List 183 Shelter floor 183 Front wall 184 Back wall 184 Right and left walls 185 Roof framing 186 Nest boxes 186 Assembling the Coop 187 Chapter 13: The Alpine A-Frame 191 Vital Stats 192 Materials List 192 Cut List 193 Shelter floor 193 Gable 1 (nest box side) 194 Gable 2 (run side, interior) 195 Gable 2 (run side, exterior) with run door 196 Roof panel 1 (fixed side) 197 Roof panel 2 (hinged door) 198 Nest boxes 198 Roost 199 Run panel 1 200 Run panel 2 with door 201 Run gable 202 Assembling the Coop 202 Chapter 14: The Urban Tractor 205 Vital Stats 206 Materials List 206 Cut List 207 Tractor base and shelter floor 207 Left wall 208 Right wall 209 Front wall 210 Rear wall and chicken door 210 Run posts and framing 211 Cap plate and roof rafters 212 Roof, fascia, and gables 212 Access door 213 Nest boxes 214 Run door and chicken ramp 215 Assembling the Coop 216 Chapter 15: The All-in-One 221 Vital Stats 222 Materials List 222 Cut List 223 Skids and floor skirting 224 Shelter floor 224 Right wall framing 225 Front wall framing 226 Left wall framing 226 Back wall framing 227 Exterior wall sheathing 228 Run framing 229 Roof framing and rafters 229 Roof, gables, and fascia 230 Shelter access door and slam strips 231 Chicken door, slam strips, and ramp 232 Nest boxes and roost bar 232 Nest box door and slam strips 233 Front wall trim 234 Back wall trim 234 Right wall trim 235 Left wall trim 236 Run access door 236 Assembling the Coop 237 Chapter 16: The Walk-In 243 Vital Stats 244 Materials List 244 Cut List 245 Skids and floor 245 Front wall framing 246 Back wall framing 247 Right wall framing 247 Left wall framing 248 Front wall sheathing and trim 249 Back wall sheathing 249 Right and left wall sheathing and trim 250 Roof rafters 250 Gable ends and soffits 251 Roof, gable overhangs, and fascia 251 Access door 252 Chicken door 253 Nest box door 253 Nest boxes 254 Roost 255 Assembling the Coop 255 Part 4: The Part of Tens 261 Chapter 17: Ten or So Things Novice Coop-Builders Would Have Done Differently 263 Make the Coop Bigger 264 Make the Coop Taller 264 Consider the Location More Carefully 265 Don’t Cheap Out on Materials 265 Use Screws Rather than Nails 266 Elevate the Coop Off the Ground 266 Make the Doors Wider 266 Consider How to Clean the Coop 267 Make the Nest Box Easily Accessible 267 Paint the Coop Before Assembly 268 Reinforce the Run Underground 268 Chapter 18: Ten or So Cool Ideas to Trick Out Your Coop 269 Electricity 270 Solar Power 270 Running Water 270 Storage Space 271 A Quarantine Area 271 An Automatic Feeder and Waterer 272 A Removable Droppings Pan 273 Wheels 273 A Retractable Roof 273 “Air-Lock” Doors 274 Automatic Door Closers 274 A Wireless Weather Station 274 Index 277

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Book SynopsisOpRisk Awards 2020 Book of the Year Winner!The Authoritative Guide to the Best Practices in Operational Risk Management Operational Risk Management offers a comprehensive guide that contains a review of the most up-to-date and effective operational risk management practices in the financial services industry. The book provides an essential overview of the current methods and best practices applied in financial companies and also contains advanced tools and techniques developed by the most mature firms in the field. The author explores the range of operational risks such as information security, fraud or reputation damage and details how to put in place an effective program based on the four main risk management activities: risk identification, risk assessment, risk mitigation and risk monitoring. The book also examines some specific types of operational risks that rank high on many firms' risk registers. Drawing on the author's extensive experience working with and advising financial companies, Operational Risk Management is written both for those new to the discipline and for experienced operational risk managers who want to strengthen and consolidate their knowledge.Table of ContentsAbout the Author xi Foreword xiii Preface xv Introduction xix PART ONE Risk Identification 1 CHAPTER 1 Risk Identification Tools 3 CHAPTER 2 Scenario Identification Process 13 CHAPTER 3 Risk Definition and Taxonomy 19 CHAPTER 4 Risk Connectivity and Risk Networks 29 PART TWO Risk Assessment 35 CHAPTER 5 Risk Appetite 37 CHAPTER 6 Risk and Control Self-Assessments 51 CHAPTER 7 Scenario Assessment 63 CHAPTER 8 Regulatory Capital and Modeling 77 PART THREE Risk Mitigation 93 CHAPTER 9 Operational Risk Governance 95 CHAPTER 10 Risk Mitigation 105 CHAPTER 11 Root Cause Analysis and Action Plans 115 CHAPTER 12 Conduct and Culture 119 PART FOUR Risk Monitoring 127 CHAPTER 13 Incident Data Collection 129 CHAPTER 14 Key Risk Indicators 141 CHAPTER 15 Risk Reporting 157 CHAPTER 16 Valuable ORM 171 PART FIVE Rising Operational Risks 179 CHAPTER 17 Project Risk Management 181 CHAPTER 18 Information Security Risks 193 CHAPTER 19 Operational Risks in Cryptocurrencies 207 CHAPTER 20 Resilience and Reputation 221 Conclusion 231 Index 235

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Book SynopsisLife on earth is filled with many mysteries, but perhaps the most challenging of these is the nature of Intelligence. Prof. Terrence J. Sejnowski, Computational Neurobiologist The main objective of this book is to create awareness about both the promises and the formidable challenges that the era of Data-Driven Decision-Making and Machine Learning are confronted with, and especially about how these new developments may influence the future of the financial industry. The subject of Financial Machine Learning has attracted a lot of interest recently, specifically because it represents one of the most challenging problem spaces for the applicability of Machine Learning. The author has used a novel approach to introduce the reader to this topic: The first half of the book is a readable and coherent introduction to two modern topics that are not generally considered together: the data-driven paradigm and Computational InteTable of ContentsAbout the Author xvii Acknowledgments xix About the Website xxi Introduction xxiii Motivation xxiv Target Audience xxvi Book Structure xxvii 1 The Evolution of Trading Paradigms 1 1.1 Infrastructure-Related Paradigms in Trading 1 1.1.1 Open Outcry Trading 2 1.1.2 Advances in Communication Technology 2 1.1.3 The Digital Revolution in the Financial Markets 3 1.1.4 The High-Frequency Trading Paradigm 5 1.1.5 Blockchain and the Decentralization of Markets 6 1.2 Decision-Making Paradigms in Trading 7 1.2.1 Discretionary Trading 8 1.2.2 Systematic Trading 8 1.2.3 Algorithmic Trading 9 1.3 The New Paradigm of Data-Driven Trading 11 References 14 2 The Role of Data in Trading and Investing 15 2.1 The Data-Driven Decision-Making Paradigm 15 2.2 The Data Economy is Fueling the Future 17 2.2.1 The Value of Data – Data as an Asset 18 2.3 Defining Data and Its Utility 20 2.4 The Journey from Data to Intelligence 24 2.5 The Utility of Data in Trading and Investing 30 2.6 The Alternative Data and Its Use in Trading and Investing 34 References 36 3 Artificial Intelligence – Between Myth and Reality 39 3.1 Introduction 39 3.2 The Evolution of AI 41 3.2.1 Early History 41 3.2.2 The Modern AI Era 43 3.2.3 Important Milestones in the Development of AI 44 3.2.4 Projections for the Immediate Future 48 3.2.5 Meta-Learning – An Exciting New Development 49 3.3 The Meaning of AI – A Critical View 51 3.4 On the Applicability of AI to Finance 54 3.4.1 Data Stationarity 57 3.4.2 Data Quality 58 3.4.3 Data Dimensionality 59 3.5 Perspectives and Future Directions 60 References 62 4 Computational Intelligence – A Principled Approach for the Era of Data Exploration 63 4.1 Introduction to Computational Intelligence 63 4.1.1 Defining Intelligence 63 4.1.2 What is Computational Intelligence? 64 4.1.3 Mapping the Field of Study 66 4.1.4 Problems vs. Tools 68 4.1.5 Current Challenges 69 4.1.6 The Future of Computational Intelligence 70 4.1.7 Examples in Finance 71 4.2 The PAC Theory 72 4.2.1 The Probably Approximately Correct Framework 73 4.2.2 Why AI is a Very Lofty Goal to Achieve 75 4.2.3 Examples of Ecorithms in Finance 78 4.3 Technology Drivers Behind the ML Surge 81 4.3.1 Data 82 4.3.2 Algorithms 82 4.3.3 Hardware Accelerators 82 References 84 5 How to Apply the Principles of Computational Intelligence in Quantitative Finance 87 5.1 The Viability of Computational Intelligence 87 5.2 On the Applicability of CI to Quantitative Finance 91 5.3 A Brief Introduction to Reinforcement Learning 94 5.3.1 Defining the Agent 96 5.3.2 Model-Based Markov Decision Process 98 5.3.3 Model-Free Reinforcement Learning 101 5.4 Conclusions 104 References 104 6 Case Study 1: Optimizing Trade Execution 107 6.1 Introduction to the Problem 107 6.1.1 On Limit Orders and Market Microstructure 109 6.1.2 Formulation of Base-Line Strategies 111 6.1.3 A Reinforcement Learning Formulation for the Optimized Execution Problem 112 6.2 Current State-of-the-Art in Optimized Trade Execution 114 6.3 Implementation Methodology 116 6.3.1 Simulating the Interaction with the Market Microstructure 116 6.3.2 Using Dynamic Programming to Optimize Trade Execution 118 6.3.3 Using Reinforcement Learning to Optimize Trade Execution 119 6.4 Empirical Results 122 6.4.1 Application to Equities 122 6.4.2 Using Private Variables Only 123 6.4.3 Using Both Private and Market Variables 123 6.4.4 Application to Futures 124 6.4.5 Another Example 126 6.5 Conclusions and Future Directions 127 6.5.1 Further Research 127 References 128 7 Case Study 2: The Dynamics of the Limit Order Book 129 7.1 Introduction to the Problem 129 7.1.1 The New Era of Prediction 130 7.1.2 New Challenges 131 7.1.3 High-Frequency Data 132 7.2 Current State-of-the-Art in the Prediction of Directional Price Movement in the LOB 133 7.2.1 The Contrarians 136 7.3 Using Support Vector Machines and Random Forest Classifiers for Directional Price Forecast 138 7.3.1 Empirical Results 139 7.4 Studying the Dynamics of the LOB with Reinforcement Learning 141 7.4.1 Empirical Results 142 7.4.2 Conclusions 144 7.5 Studying the Dynamics of the LOB with Deep Neural Networks 145 7.5.1 Results 148 7.6 Studying the Dynamics of the Limit Order Book with Long Short-Term Memory Networks 149 7.6.1 Empirical Results 152 7.6.2 Conclusions 153 7.7 Studying the Dynamics of the LOB with Convolutional Neural Networks 153 7.7.1 Empirical Results 155 7.7.2 Conclusions 156 References 157 8 Case Study 3: Applying Machine Learning to Portfolio Management 159 8.1 Introduction to the Problem 159 8.1.1 The Problem of Portfolio Diversification 160 8.2 Current State-of-the-Art in Portfolio Modeling 161 8.2.1 The Classic Approach 161 8.2.2 The ML Approach 162 8.3 A Deep Portfolio Approach to Portfolio Optimization 163 8.3.1 Autoencoders 164 8.3.2 Methodology – The Four-Step Algorithm 166 8.3.3 Results 167 8.4 A Q-Learning Approach to the Problem of Portfolio Optimization 167 8.4.1 Problem Statement 168 8.4.2 Methodology 169 8.4.3 The Deep Q-Learning Algorithm 169 8.4.4 Results 170 8.5 A Deep Reinforcement Learning Approach to Portfolio Management 170 8.5.1 Methodology 170 8.5.2 Data 171 8.5.3 The RL Setting: Agent, Environment, and Policy 172 8.5.4 The CNN Implementation 172 8.5.5 The RNN and LSTM Implementations 172 8.5.6 Results 173 References 174 9 Case Study 4: Applying Machine Learning to Market Making 175 9.1 Introduction to the Problem 175 9.2 Current State-of-the-Art in Market Making 177 9.3 Applications of Temporal-Difference RL in Market Making 180 9.3.1 Methodology 180 9.3.2 The Simulator 181 9.3.3 Market Making Agent Specification 182 9.3.4 Empirical Results 185 9.4 Market Making in High-Frequency Trading Using RL 189 9.4.1 Methodology 190 9.4.2 Experimental Setting 191 9.4.3 Results and Conclusions 192 9.5 Other Research Studies 192 References 193 10 Case Study 5: Applications of Machine Learning to Derivatives Valuation 197 10.1 Introduction to the Problem 197 10.1.1 Problem Statement and Research Questions 199 10.2 Current State-of-the-Art in Derivatives Valuation by Applying ML 200 10.2.1 The Beginnings: 1992–2004 201 10.2.2 The Last Decade 202 10.3 Using Deep Learning for Valuation of Derivatives 204 10.3.1 Implementation Methodology 205 10.3.2 Empirical Results 207 10.3.3 Conclusions and Future Directions 208 10.3.4 Other Research Studies 208 10.4 Using RL for Valuation of Derivatives 210 10.4.1 Using a Simple Markov Decision Process 210 10.4.2 The Q-Learning Black-Scholes Model (QLBS) 212 References 214 11 Case Study 6: Using Machine Learning for Risk Management and Compliance 217 11.1 Introduction to the Problem 217 11.1.1 Challenges 218 11.1.2 The Problem 219 11.2 Current State-of-the-Art for Applications of ML to Risk Management and Compliance 219 11.2.1 Credit Risk 219 11.2.2 Market Risk 220 11.2.3 Operational Risk 221 11.2.4 Regulatory Compliance Risk and RegTech 222 11.2.5 Current Challenges and Future Directions 223 11.3 Machine Learning in Credit Risk Modeling 224 11.3.1 Data 225 11.3.2 Models 225 11.3.3 Results 226 11.4 Using Deep Learning for Credit Scoring 227 11.4.1 Introduction 227 11.4.2 Deep Belief Networks and Restricted Boltzmann Machines 228 11.4.3 Empirical Results 230 11.5 Using ML in Operational Risk and Market Surveillance 230 11.5.1 Introduction 230 11.5.2 An ML Approach to Market Surveillance 232 11.5.3 Conclusions 233 References 233 12 Conclusions and Future Directions 237 12.1 Concluding Remarks 237 12.2 The Paradigm Shift 239 12.2.1 Mathematical Models vs. Data Inference 240 12.3 De-Noising the AI Hype 243 12.3.1 Why Intellectual Honesty Should Not Be Abandoned 244 12.4 An Emerging Engineering Discipline 245 12.4.1 The Problem 246 12.4.2 The Market 246 12.4.3 A Possible Solution 246 12.5 Future Directions 247 References 248 Index 249

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Book SynopsisUnderstand the dynamics of all different types of teams Beyond Team Building: How to Build High Performing Teams and the Culture to Support Them represents the latest in thinking about creating effective teams. The authors present a new Five C framework that focuses on the core aspects of team building. The book helps the reader assess how his/her team is performing on each of the 5Cscontext, composition, competencies, change, and collaborative leadership, and discusses options concerning how to improve team performance along each of these dimensions. The book includes: A wealth of examples of effective (and ineffective) teams from such companies as Cisco Systems, Bain & Company, and Amazon New material concerning how to develop effective entrepreneurial and family teams How to manage cross-cultural, virtual, and alliance teams How to create a team building organization This book provides the next generation of team leaders, Table of ContentsAcknowledgments About the Authors Introduction Chapter 1: The 5Cs of Team Performance Chapter 2: Context: The Foundation of Team Effectiveness Chapter 3: Composition: Putting the Right People on the Team Chapter 4: Competencies: Team Skills that are Needed for High Performance Chapter 5: Change Management: How Effective Teams Improve Their Performance Chapter 6: Collaborative Leadership: The Role of the Team Leader Chapter 7: Designing Effective Team Building Programs Chapter 8: Specific Team Building Interventions to Manage Address Team Problems Chapter 9: Team Building in Temporary, Cross-Cultural and Virtual Teams Chapter 10: Team Building in Alliance, Entrepreneurial and Family Teams Chapter 11: Creating a Team Building Organization Index

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Book SynopsisTable of ContentsPreface viii About the Editors xi Acknowledgements xiii 1. AI: Need to Know The Future of AI in Finance 6 What is AI and How to Make It Work for You 9 Getting to Day Zero: Let’s Get the Foundation Right 11 Navigating a Sea of Information, News and Opinion with Augmented Human Intelligence 14 The Seven Deadly Sins of AI 16 A New Internet, Data Banks and Digital World War 18 AI: A Cross Country Analysis of China versus the West 20 The AI Advantage: Near-Term Workforce Opportunities and Challenges 23 The Art of Involving Boards in Embracing AI 26 2. Deposits and Lending AI in Lending 34 Financial Technology and China’s Inclusive Finance 39 The Future of Deposits and Lending 43 Applications of AI in Deposits and Lending 46 Showcase and Customer Service: Leveraging Chatbots in the Banking Industry 49 The Power of AI to Transform the Global SME Credit Landscape 52 Using AI for Credit Assessment in Underserved Segments 54 Why Video Games Might Help You Buy Your First House 56 AI Opportunities in the African Financial Sector: Use Cases 58 3. Insurance Insurance and AI: Choices in Leadership, Purpose and Trust 65 Drifting into Algocratic Insurance? 71 Moving the AI Needle: Strategies for Health Insurers to Put AI into Practice 75 AI and Healthcare: Doctor Will FaceTime You Now! 78 Using Artificial Intelligence in Commercial Underwriting to Drive Productivity Growth 81 The Digitally-Enabled Underwriter: How AI is Transforming Commercial Insurance Underwriting 83 Improving Policy Life Cycle Management with AI and Data Science 86 Disrupting the Insurance Value Chain 89 Cutting to the Chase: Mapping AI to the Real-World Insurance Value Chain 92 4. Payments Artificial Intelligence: The Next Leap Forward in the Payments Revolution 102 Frictionless Payments: If or When? 105 Big Data, AI and Machine Learning: How to Unlock Their Potential in the New Payment Environment 108 The Rise of Conversational AI Platforms 111 Two Dimensional Virtual Vertical Integration: Solving the Impossible SC Problem 113 5. Investment and Wealth Management The True Value of AI to Transform Push/Pull Wealth Management Offers 122 Machine Learning in Digital Wealth Management 125 The Impact of AI on Environmental, Social and Governance (ESG) Investing: Implications for the Investment Value Chain 129 AI in Indian Investment and Asset Management: Global Perspective 132 Finding Order in the Chaos: Investment Selection Using AI 134 Dispelling the Illusion 137 ETF 2.0: Mega Block Chains with AI 140 Fear and Greed 143 6. Capital Markets Introduction on AI Approaches in Capital Markets 150 AI, Machine Learning and the Financial Service Industry: A Primer 157 Compliance as an Outcome 160 Alternative Data and MetaQuants: Making the Most of Artificial Intelligence for Visionaries in Capital Markets 163 AI and Capital Markets: Where to Now? 166 7. Trust, Transparency and Ethics Trust in FinTech and AI: Some Introductory Reflections 172 Building Trust through Sound Governance 175 Independent AI Ethics Committees and ESG Corporate Reporting on AI as Emerging Corporate and AI Governance Trends 180 The Wisdom Vantage 186 AI and Business Ethics in Financial Markets 188 AI Trust, Ethics, Transparency and Enablement 191 Invisible Hand, Spontaneous Order and Artificial Intelligence 195 Transforming Black Box AI in the Finance Industry: Explainable AI that is Intuitive and Prescriptive 197 Making Data Your Most Valuable Asset 200 The Data Promise 202 8. Legal Risk and Regulation AI and the Law: Challenges and Risks for the Financial Services Sector 209 Algorithm Assurance 214 Regulation of AI within the Financial Services Sector 217 Is Risk-Based Regulation the Most Efficient Strategy to Rule the Unknown Risks Brought by FinTech? 220 The Changing Face of Regulatory, Compliance and Audit 223 Robocop on Wall Street 225 Sure, AI Can Answer Our Questions – But Who Will Answer Our Questions About AI? 229 Technology for Regulations and Compliance: Fit4Future! 232 9. The Future of AI in Finance Welcome to the Future 238 An AI-Embedded Financial Future 242 Open Banking, Blockchain and AI: The Building Blocks for Web 3.0 245 Automated Machine Learning and Federated Learning 248 Deep Learning and Financial Regulation 251 AI for Development and Prosperity 254 The AI Trends That Will Shape Winning Businesses 257 Mastering the AI Talent Transformation: Present and Future 259 Humans versus Machines: Who Will Still Have a Job in 50 Years? 262 Is AI Ready for Morality? 265 Confessions of an AI Portfolio Manager 267 Appendix 270 List of Contributors 272 Index 283

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Book SynopsisThere's a bold decision in your life you've been waiting to make, and every day passing by is a reminder of what hasn't happened. Conveniently tucked in a box labeled someday,' the fear of the unknown has taken a grip on your life and put your dreams on hold. Until now. Whether your leap is quitting the soul sucking job and starting your own business, taking a bold chance on love or finally going all in on your dreams, The Leap of Your Life is the ticket to get you there. All while having the time of your life and ensuring you don't wake up years down the line with a sinking feeling of regret. Author and high-performance coach Tommy Baker has helped thousands of everyday people identify and take their leap, step into courage and create a life they can't wait to wake up for. After interviewing 250+ of the world's most powerful entrepreneurs, thought leaders, experts, spiritual teachers and athletes he discovered a common theme: They all took a leap, even if they were full of fearand it radically transformed their experience of life. If you're ready to: Re-define risk and stop playing smallStep into the boldest version of yourselfGive yourself permission to take a chanceLive the Hero's Journey of your life storyEradicate regret and what could have been' . . . then look no further and order The Leap Of Your Life now!Table of ContentsIntroduction xi Part I Leaning on the Edge 1 Chapter 1 Daring to Dream 3 Chapter 2 What’s Holding You Back? 17 Chapter 3 Life, Unlived 33 Chapter 4 Risk, Redefined 47 Part II Before Your Journey 59 Chapter 5 Know Yourself 61 Chapter 6 Release the Noise 77 Chapter 7 Light Your Life on Fire 91 Chapter 8 Crafting the Vision 107 Chapter 9 Embrace Your Moment 121 Part III The Leap of Your Life 137 Chapter 10 The Business Leap (Purpose, Unleashed) 139 Chapter 11 The Physical Leap (Vitality on Fire) 163 Chapter 12 The Spiritual Leap (Disconnect to Reconnect) 177 Chapter 13 The Connection Leap (Love Out Loud) 195 Part IV Coming Home 211 Chapter 14 Brave New World 213 Chapter 15 The Evolution of You 225 Chapter 16 Your Declaration 241 Resources 249 Acknowledgments 255 Index 257

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Book SynopsisIn the newly revised second edition of Venture Capital, Private Equity, and the Financing of Entrepreneurship, a dedicated team of researchers and professionals delivers an authoritative and comprehensive account of the world of active investing. This important work demonstrates how venture capitalists and private equity investors do business and create value for entrepreneurs, shareholders, and other stakeholders. The authors, drawing on decades of combined experience studying and participating in the private equity markets, discuss the players, dynamics, and the incentives that drive the industry. They also describe various possibilities for the future development of private equity. This latest edition is perfect for advanced undergraduate students of finance and business, as well as MBA students seeking an insightful and accessible textbook describing the private equity markets.Table of ContentsPreface vii Acknowledgments ix About the Authors xi 1. Introduction 1 2. The Private Equity Cycle— Fundraising and Fund Choosing 20 3. Deal Sourcing and Evaluation— Not as Easy as It Looks! 65 4. Assigning Value 101 5. Deal Structuring— Private Equity Securities and Their Motivation 131 6. After the Money Arrives 175 7. Getting Liquid: Exits and Distributions 204 8. The Globalization of Venture Capital and Private Equity 246 9. Risk and Return 285 10. The Impact of Private Equity on Society— Does This Really Matter Anyway? 313 11. People, Positions, and Culture: The Management of the Private Equity Firm 345 12. Scaling and Institutionalization 374 13. Boom and Bust 404 14. Wrapping Up 435 Glossary G- 1 Index I- 1

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Book SynopsisTable of ContentsForeword Robert Herjavec, Shark Tank xi Preface: Pre-Game Pep Talk xiii Part I Prep Through Open 1 Chapter 1 Game-Time Mentality 3 Chapter 2 The Players, the Field, the Shot Clock 9 Chapter 3 My First Close 19 Chapter 4 All In with LA Real Estate and BRAVO TV 23 Negotiating Is All 24 Going Hollywood, TV Time 25 Chapter 5 Rules of the Game: First Impressions 31 Impressions Matter 32 10 Rules to Make a Positive First Impression 35 Chapter 6 The Dream Team: You Can’t Do It Alone 39 Chapter 7 Fresh Eyes on the Prize 45 Chapter 8 All About the Open 51 Know More than the ’Hood 52 Watch Your Back 55 Networking and Giving to Get 56 Chapter 9 Open Houses for Clients, Brokers, and Insiders 59 Don’t Tour, Sell 59 Broker’s Opens 61 Insider Opens and Strategic Alliances 62 Chapter 10 Create an In-Your-Face Brand, 24/7 65 Working the Web: Social Media and the Press 66 Give Expert Advice 68 Concierge Extraordinaire 70 Chapter 11 Golden Hammers and 20 Questions for Sellers 73 Shut Up and Listen 73 The Altman 20 (Questions for Sellers) 76 Chapter 12 Size Up the Property: Pricing and Timing 81 Reading the Property: Questions I Ask Myself 82 Let’s Talk Pricing 84 Chapter 13 Close the Open on Sellers: Talk Marketing, then Sign 89 Chapter 14 Close the Open on Buyers: The Altman 12 93 Chapter 15 Off to Work: Take a Breath First 99 Part II The Work 101 Chapter 16 Working with Buyers: Part Chemistry, Part Therapy 103 Assessing Personality Types 104 Analyzing the Buyer 105 Calming the Buyer’s Fears 106 Chapter 17 Strategizing with Sellers: Getting Ready for War 109 The Battle Plan 109 Managing the Troops 111 Chapter 18 Weapons: Listing Language, Interior Design, and Staging 113 A Killer Description 113 Killer Design 115 Staging for Battle 116 Chapter 19 The Killer Combo: Drone and 360° Photos Plus Staging 119 Chapter 20 On the Battlefield: More on Open Houses and Broker’s Opens 125 Who to Invite? 127 Work the Party 128 What About Neighbor(hood)s? 129 Sell Strong Points and Knowledge 130 Chapter 21 Price Drops Are Not Always Downers 133 Chapter 22 Go Win the War 139 Part III The Close 141 Chapter 23 Making an Offer 143 Settling on the Price 144 Inspections and Contingencies 149 More Deal Sweetener Details 152 As for Curve Balls: Play by Your Rules and Get the House 154 Chapter 24 Getting an Offer 157 Chapter 25 Multiple and Counteroffers 161 Negotiating on the Clock 162 No Rules? Use Hammers for Leverage 165 Chapter 26 Psyching Out Business Styles 171 Chapter 27 Putting on the Poker Face 177 The Anger Hammer 177 Know the Classic Hard-Baller Moves 182 Use Confidence to Grab the Hammer 184 Chapter 28 The Walk-Away 187 How to Walk Away 190 Chapter 29 Be a Shark: Eat, Swim, Devour 193 Part IV Plays from the Book 195 Chapter 30 Play #1: Damn, the Studio Head’s Pissed 197 Chapter 31 Play #2: Three Clients, One Property 199 Chapter 32 Play #3: The Middle Men Kings 201 Chapter 33 Play #4: The Most Expensive Garage Ever Sold 203 Chapter 34 Play #5: The Paramedics of Real Estate 207 Chapter 35 The Final Play: Confession 209 Acknowledgments 213 About the Author 215 Index 217

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Book SynopsisTable of ContentsPreface vii Acknowledgements ix Part 1 Frameworks and Mechanisms 1 1 Defining Corporate Governance 3 Introduction 3 What is Corporate Governance? 5 Theoretical Frameworks 7 Agency Theory 8 Transaction Cost Theory 11 Transaction Cost Theory Versus Agency Theory 12 Stakeholder Theory 13 Stakeholder Versus Agency Theory 15 The Enlightened Shareholder Versus the Stakeholder-Inclusive Approach 17 Institutional Theory 17 The Evolving Framework of Corporate Governance 18 Academic Research: The Frontiers of Corporate Governance Research 19 Chapter Summary 20 Questions for Reflection and Discussion 21 2 The Impact of Corporate Governance Weaknesses and Failure 22 Introduction 22 The Collapse of Enron in 2001 23 Laying the Foundations 23 Glittering Success 23 Early Worries 24 Signs of Distress 25 The Fall . . . and Fall . . . of Enron 25 Creative Accounting at Enron and Its Impact on the Accounting Profession 26 The Aftermath 28 The Trial and the Human Dimension 29 A Reflection on the Corporate Governance Problems in Enron 30 The Collapse of the World’s Banking Sector and Governance Failure: 2008 32 Learning from the Crisis: Identifying Corporate Governance Failures 33 The Collapse of Carillion in 2018 35 An Overview of Carillion and its Activities 35 Carillion Spent Zillions 35 The Road to Ruin 36 Failure of the Board of Directors and a ‘Rotten Corporate Culture’ 36 Through a Glass Darkly: Lack of Transparency in Accounting and Auditing 37 Unethical Treatment of Shareholders: Dividends as Impression Management? 37 Unethical Treatment of Non-Shareholding Stakeholders 38 ‘Enrillion’: Similar Governance Weaknesses in the Two Corporate Collapses 39 Chapter Summary 39 Questions for Reflection and Discussion 40 3 Corporate Governance Reform 41 Introduction 41 n Illustration 3.1: The Maxwell Affair 1991 42 The Cadbury Report 1992 45 The Greenbury Report 1995 45 The Hampel Report 1998 46 The Turnbull Report 1999 48 The Higgs Report 2003 49 The Tyson Report 2003 49 The Smith Report 2003 50 Revised Guidance on Audit Committees 2008 50 Redraft of the Combined Code 2003, Revised 2006 50 Internal Control: Revised Guidance for Directors on the Combined Code 2005 50 Further Revision of the Combined Code 2008 51 Turner Review March 2009 51 Walker Review July 2009 51 The Stewardship Code 2010 52 Corporate Governance Code 2012 52 The Kay Review 53 Corporate Governance Code 2016 and 2018 53 Corporate Governance Consultations Following Recent Corporate Collapses 54 The Kingman Review and the End of the FRC: Introducing the Arga 54 A Review 54 Comply or Explain 55 Applying the Codes of Practice to Small Companies 55 Ranking Corporate Governance Initiatives 56 Why is Good Corporate Governance Important? 57 Corporate Governance and Corporate Performance 57 A Risk Perspective on Corporate Governance 59 Corporate Governance Ratings, Indexes and Links with Financial Performance 59 Chapter Summary 60 Questions for Reflection and Discussion 60 4 The Role of Boards in Corporate Governance 61 Introduction: Enhancing Board Effectiveness 61 Unitary and Two-Tier Board Structures 62 Splitting the Role of Chairman and Chief Executive 62 Research into Split Roles 63 The Role of Non-Executive Directors in Corporate Governance 64 n Illustration 4.1: The Non-Executive Director Function in the Wake of the Financial Crisis 65 Research into the Role of Non-Executive Directors 70 Getting the Balance Right 72 Who Wants the Job Anyway? 73 Executive Remuneration 73 n Illustration 4.2: Executive Remuneration in Banks in the Wake of the Financial Crisis 74 n Illustration 4.3: Bankers Called to Account and Apologize 76 The High Pay Commission: Cheques with Balances 77 Academic Research into Executive Remuneration 77 Voting on Directors’ Remuneration 79 n Illustration 4.4: Reforming Executive Pay: Establishing a Blueprint for Change 80 Directors’ Training 80 What Else Can Contribute to Board Effectiveness? 81 Boardroom Diversity 81 Brave New Boardrooms? How Can Governance and Boards Be Reformed? 83 Addressing the Ethical Health of Boards: Focusing on Boardroom Culture 84 n Illustration 4.5: Broadening Stakeholder Representation on Boards: A New Framework 85 Chapter Summary 86 Questions for Reflection and Discussion 87 5 The Role of Institutional Investors in Corporate Governance 88 Introduction 88 The Ongoing Transformation of UK Institutional Ownership 89 A Complex Web of Ownership 91 What Do We Mean by Stewardship? 94 The Kay Review (2012) Principles and Recommendations 96 Conflict and Pension Fund Trustees 96 The Growth of Institutional Investor Activism 97 n Illustration 5.1: Trust Institutional Investment and the Kay Review 99 Institutional Investor Voting 100 Reviewing the Impediments to Voting Shares 101 Voting on Remuneration Policy 102 n Illustration 5.2: Fat Cat Slim 102 Research into Voting by Institutional Investors 104 Institutional Investors: Engagement and Dialogue 106 n Illustration 5.3: Failure of Engagement in the Financial Crisis 108 Research into Engagement with Institutional Investors 110 Institutional Investor Engagement and Power 112 Factors Affecting Shareholder Activism 112 Shareholder Activism and Financial Performance 113 Emerging Trends in Research on Shareholder Activism 114 Chapter Summary 115 Questions for Reflection and Discussion 115 6 The Role of Transparency, Audit, Internal Control and Risk Management in Corporate Governance 116 Introduction 116 Transparency and Disclosure 117 Research into Disclosure and Corporate Governance 118 Improving Transparency: Cutting Clutter? 119 Corporate Disclosure and Executive Remuneration 119 Corporate Disclosure and Non-Executive Directors 120 Developments in Governance Reporting 120 The Role of Internal Control, Internal Audit, External Audit and Audit Committees in Effective Corporate Governance 123 Corporate Governance and Risk in the Wake of the Financial Crisis 124 Turnbull, Internal Control: A UK Perspective 125 Risk and Risk Prioritization 125 An Existing Implicit Framework for Internal Control 126 The Turnbull Framework for Internal Control 126 The Revised Guidance on Internal Control 128 Risk Disclosure and Corporate Governance 129 An ‘Ideal’ Framework for Corporate Risk Disclosure 129 The Revised Guidelines and Corporate Risk Disclosure 132 Recent Research into Risk Disclosure 132 The Operating and Financial Review Fiasco 133 Sarbanes–Oxley and Internal Control: A US Perspective 134 Dodd–Frank Act 136 Sarbanes–Oxley 17 Years Later 136 The Role of Audit in Corporate Governance 136 The External Audit 136 The Audit Committee 139 Research into the Effectiveness of Audit Committees 140 The Internal Audit 141 Research into the Effectiveness of the Internal Audit Function 141 Chapter Summary 142 Questions for Reflection and Discussion 142 Part 2 Global Corporate Governance 143 7 An Introduction to Corporate Governance Systems Worldwide: Global Corporate Governance 145 Introduction 145 Categorizing Corporate Governance 145 Insider-Dominated Systems 146 Outsider-Dominated Systems 147 Factors Influencing Corporate Governance in an International Context 148 Global Convergence in Corporate Governance 151 The OECD Principles 152 The Revised OECD Principles 2004 153 OECD Principles 2015 154 The European Union 154 The Commonwealth Guidelines 157 Corporate Governance in the Middle East and North Africa 157 Andean Corporate Governance Code 2004 157 Ethical Issues in International Corporate Governance: Controlling Bribery and Corruption 157 The Outcome of Corporate Governance Convergence 158 Country Studies 160 Chapter Summary 161 Questions for Reflection and Discussion 161 8 A Reference Dictionary of Corporate Governance Systems: Global Corporate Governance 162 Albania 162 Argentina 162 Australia 163 Bahrain 163 Bangladesh 163 Belgium 164 Botswana 164 Brazil 164 Canada 164 Chile 165 China 166 Colombia 166 Cyprus 167 Czech Republic 167 Denmark 168 Egypt 169 Estonia 169 Finland 169 France 169 Germany 170 Ghana 171 Greece 171 Hong Kong 172 Hungary 172 Iceland 172 India 173 Indonesia 173 Iraq 174 Ireland 174 Italy 174 Case Study on Italian Governance: The ‘European Enron’: Parmalat 175 Corporate Governance Failure in Parmalat 175 Jamaica 176 Japan 176 Jordan 178 Kenya 178 Latvia 178 Lebanon 178 Libya 178 Lithuania 178 Luxembourg 178 Macedonia 178 Malaysia 179 The Netherlands 179 New Zealand 180 Nigeria 180 Norway 180 Oman 181 Pakistan 181 Peru 181 The Philippines 181 Poland 181 Portugal 182 Qatar 182 Romania 182 Russia 182 Saudi Arabia 183 Singapore 184 Slovakia 184 Slovenia 184 South Africa 184 South Korea 185 n Illustration 8.1: The Influence of Culture on Corporate Governance 186 Spain 186 Sri Lanka 187 Sweden 187 xx Contents Switzerland 187 Taiwan 187 Thailand 188 Trinidad & Tobago 188 Tunisia 188 Turkey 188 Uganda 189 Ukraine 189 United States 189 Venezuela 190 Vietnam 190 Chapter Summary 191 Questions for Reflection and Discussion 191 Part 3 Holistic Governance 193 9 Corporate Governance and Stakeholder Accountability 195 Introduction 195 n Illustration 9.1: The Risks Associated with Climate Change and Global Warming 196 n Illustration 9.2: Assessing the Impact of the UK Company Law Review 198 Early Roots of Corporate Social Responsibility in the UK 199 Friedman and Corporate Social Responsibility 200 Does Corporate Social Responsibility Improve Financial Performance? 201 n Illustration 9.3: Enron and Ethics 201 n Illustration 9.4: The Mexican Gulf Oil Spill 2010 203 n Illustration 9.5: Sports Direct 204 n Illustration 9.6 204 Corporate Environmental Reporting 205 Incentives for Corporate Environmental Reporting 206 Disincentives for Corporate Environmental Reporting 208 A Risk Society Theory of Social and Environmental Reporting 209 Users of Corporate Environmental Reporting 210 Qualitative Characteristics of Corporate Environmental Reporting 210 Elements of Corporate Environmental Reporting 211 Bearing the Cost of Corporate Environmental Reporting 211 Time Period and Communication of Corporate Environmental Reporting 211 The Suggested Content of Corporate Environmental Reports 212 Sustainability and a Stakeholder Perspective 212 Sustainability Reporting 212 Accounting for Biodiversity, Accounting for Bees, and Extinction Accounting 214 Bee-Ing Bee-Friendly at Every Level: What Can Local Councils and Gardeners Do? 215 Integrated Reporting: The Dawning of a New Reality? 216 Assurance of Social, Environmental, Sustainability and Integrated Reporting 218 Stakeholder Engagement 221 Scepticism about Stakeholder Engagement 222 A Theoretical Framework for Stakeholder Engagement 222 Stakeholder Engagement in Challenging International Environments 223 n Illustration 9.7: W(h)ither Accountability? Striking Miners in South Africa 224 Governance in Public and Third-Sector Organizations 225 Governance in the Public Sector 227 The Nolan Committee Principles, 1995 228 The Good Governance Standard for Public Services, 2004 228 Corporate Governance in Central Government Departments 229 Code of Good Practice, July 2005 229 Governance in the Third Sector 230 Chapter Summary 232 Workshop Activity 232 10 Responsible Investment 233 Introduction 233 Terminology and Definitions 235 From SEE to ESG 237 From ESG to EAI and Extra Financials 237 United Nations Principles of Responsible Investment (UNPRI, Now PRI) 238 The UK Social Investment Forum, UKSIF 239 The European Social Investment Forum, EUROSIF 239 Some Statistics on Responsible Investment 239 Responsible Investment Strategies 241 Screening 241 Best in Sector 241 The Financial Performance of Responsible Investment 241 The Drivers of Responsible Investment 244 A Growing Demand for Social Ethical and Environmental Disclosure 247 Private Social and Environmental Reporting 250 n Illustration 10.1: Shareholder Activism on Animal Rights: The Case of Huntingdon Life Sciences 251 n Illustration 10.2: Backlash Against Animal Rights Extremists 252 n Illustration 10.3: The Role of Lobby Groups in Corporate Environmental Issues: The Case of BP Amoco in Alaska 253 Private Social and Environmental Reporting: Mythicizing or Demythologizing Reality? 254 Impression Management in Private Social and Environmental Reporting 255 Private Climate Change Reporting 255 Responsible Investment, Pollinators and Species Extinction 255 Responsible Investment and an Integrated Approach to Institutional Investment 255 Pension Fund Trustees and Responsible Investment 255 UKSIF Report on Pensions and Responsible Investment 261 The Role of Pension Fund Trustees in Climate Change 261 Socially Responsible Investment in an International Context 262 Socially Responsible Investment in the USA 262 Socially Responsible Investment in Canada 263 Socially Responsible Investment in Australia 263 Socially Responsible Investment in Continental Europe 264 Socially Responsible Investment in Japan 264 Socially Responsible Investment in South Africa 265 Chapter Summary 265 Questions for Reflection and Discussion 266 11 Future Directions for Corporate Governance and Accountability 267 The Future of Institutional Investor Activism 268 A Global Convergence in Corporate Governance 269 A Continuing Broadening of the Corporate Governance Agenda: Holistic Governance and Stakeholder Accountability 270 Has Corporate Governance Reform Gone Too Far? Or has it Gone Far Enough? 271 Endnotes N-1 References R-1 Index I-1

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Book SynopsisA new way forward for sustainable quality of life in cities of all sizes Strong Towns: A Bottom-Up Revolution to Build American Prosperity is a book of forward-thinking ideas that breaks with modern wisdom to present a new vision of urban development in the United States. Presenting the foundational ideas of the Strong Towns movement he co-founded, Charles Marohn explains why cities of all sizes continue to struggle to meet their basic needs, and reveals the new paradigm that can solve this longstanding problem. Inside, you'll learn why inducing growth and development has been the conventional response to urban financial strugglesand why it just doesn't work. New development and high-risk investing don't generate enough wealth to support itself, and cities continue to struggle. Read this book to find out how cities large and small can focus on bottom-up investments to minimize risk and maximize their ability to strengthen the community financially and impTable of ContentsForeword Michele C. Martinez ix 1. Human Habitat 1 2. Incremental Growth 15 3. An Infinite Game 37 4. The Infrastructure Cult 63 5. Growth or Stability 83 6. Rational Responses 107 7. Productive Places 125 8. Making Strong Investments 147 9. Place-Oriented Government 171 10. An Intentional Life 199 Afterword LeVette Fuller 219 Acknowledgments 223 About Strong Towns 225 Get Involved in the Strong Towns Movement 227 About the Author 229 Index 231

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Book SynopsisRethink your way to a better life In business, and in life, everything is changing fast, apart from how we behave. Our ways of thinking and making decisions have changed little since we lived in agricultural and industrial societies, but the problems we now need to solve are entirely different. It requires a revolution in thinking and behavior to meet the challenges that now face us and avoid disaster we need to totally rethink the model. Part business biography, part business blueprint, Total Rethink explains how this can be done. Successful telecoms entrepreneur David McCourt lays out the reality of the dangerous situation we find ourselves in and suggests solutions which will empower everyone, including business people, politicians, diplomats, and teachers, to repair the damage we have already done, and prepare for the dramatic changes to come. Change the way you think and behave to be a true entrepreneur Understand why incremental change no longer works Move at the speed oTable of ContentsForeword xi Acknowledgments xiii Chapter 1 Visualize the Future 1 Chapter 2 Start a Bottom-Up Revolution 7 Chapter 3 When the Revolutionaries Become the Establishment and Stop Blowing Up the Model 21 Chapter 4 Entrepreneurial Thinkers Can Be Found in Every Walk of Life 33 Chapter 5 Can You Teach Entrepreneurship or are Creative Entrepreneurs Born that Way? 39 Chapter 6 Work on Your Strengths, Forget Your Weaknesses 53 Chapter 7 Being Interested in Everything 65 Chapter 8 Getting Taken Seriously 71 Chapter 9 Achieving the Impossible 77 Chapter 10 Tell Your Story to the World 81 Chapter 11 Radical Ways of Getting Paid 85 Chapter 12 Taking Risks and Grasping Opportunities 91 Chapter 13 Connecting Computers to One Another 105 Chapter 14 Finding a Mentor 113 Chapter 15 Trying to Do Everything at the Same Time 123 Chapter 16 If You Are Persistent, Your Plan B May Be Better Than Your Plan A 137 Chapter 17 Crowdsourcing Is the Future 145 Chapter 18 The Death of the Middlemen 157 Chapter 19 Ten-Year-Olds Have Great Ideas, Too 163 Chapter 20 Never Be Afraid to Think Big – or to Think Young 167 Chapter 21 Future Generations 181 Chapter 22 The Power Shift 189 Chapter 23 The Power of Immigration 201 Chapter 24 The Sheer Joy of Being a Creative Revolutionary 207 Epilogue 213 About the Author 217 Notes 219

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Book SynopsisGrow Your Leadership. Enrich Your Life. Leave a Lasting Legacy. What is great leadership? What separates the merely competent leaders from those rare individuals who leave a lasting impression on everyone around them? As one of the world's most in-demand CEO coaches and top leadership gurus, John Mattone has worked with some of our brightest business mindsApple's Steve Jobs, Pepsi's Roger Enrico, and Nielsen's Armando Uriegasand he's identified the key qualities that, together, make up the mindset of great leadership. In The Intelligent Leader, Mattone lays out an accessible, practical, and compelling path that anyone can take to become the kind of leader that brings enrichment to the lives of others, enjoys a more fulfilling life, and leaves a lasting legacy. Each chapter uses a variety of real-world examples, tools, and assessments to explore one of Mattone's 7 dimensions of Intelligent Leadership, including: Thinking differently, thinking big Having a mindset of duty vs. a mTable of ContentsForeword xv Preface: A Demand for Depth xvii Acknowledgments xxi Introduction: Do You Have What it Takes to Inspire Others to Follow? xxv 1 Getting to Know Thyself 1 Getting to the Why of Things 2 How Strong is Your Character? 4 Values: Your Criteria for Life 7 Mind the Gaps 10 Who Do You Think You Are? 11 Believe It or Not … 12 The Bridge to the Outer Core 14 Putting It All Together: The Spectrum of Intelligent Leadership 16 Fake It ’til You Make It 18 2 Thinking Differently, Thinking Big 21 Being a Trendsetter 24 Holding a Massive Vision 26 How Big Do You Think? 28 Beginning with the End in Mind 32 Don’t Let Your Big Thinking Give You a Big Head 34 Exercise: Developing Your Core Purpose Statement 36 3 The Vulnerability Decision 39 Making the Choice to Be Vulnerable 41 The Gateway to Change 42 Vulnerability and the Bottom Line 45 Admitting Your Flaws Builds Trust 46 Creating a Culture of Vulnerability 48 Can You Be Too Humble? 51 Practicing Vulnerability 52 4 Having a Mindset of Entitlement versus a Mindset of Duty 55 Seeing Through Your Entitlement 59 The Duty Mindset: Context is Everything 62 From Setback to Opportunity: Overcoming the Victim Mentality 63 The First Three Dimensions: A Package Deal 66 Don’t Forget to Put on Your Own Oxygen Mask First 66 Cultivating a Duty Mindset 68 5 Leveraging Your Gifts and Addressing Your Gaps 71 Mindset Applied 74 The Negativity Bias 75 Mind the Gap 80 Going on to Perfection 82 Striking the Right Balance 83 Zeroing in, Moving Forward 84 6 Having the Courage to Execute with Pride, Passion, and Precision 89 Moving out of Your Comfort Zone 91 Cultivating Courage, in Spite of Resistance 91 The Three Qualities of Courageous Action 92 Change Takes Courage 97 The Ultimate Catalyst 99 Don’t Just Act; Act Intelligently 101 Becoming Courageous 102 7 Staying Present and Being Vigilant 107 Moving Slow to Move Fast 109 Being Awake to Your Footprint 112 Being Present for People 113 Being Present Takes Courage 115 Think, Don’t Overthink 116 The Matrix of Intelligent Leadership 117 Practicing Presence 118 8 Course Correction 123 The Psychology of Adjustment 125 A Culture of Innovation 132 Don’t Overcorrect 134 The Ultimate Dimension 134 Correcting Your Course 135 9 It’s Not About You: The Inseparable Relationship Between Leadership and Culture 139 It Starts at the Top 141 Encouraging Innovation 144 Vulnerability is Contagious 145 A Culture of Duty 146 A Culture that Amplifies 148 Creating a Culture of Courageous Action 149 Working as One 151 Correcting Your Collective Course 152 As You Go, So Go We All 154 10 Conclusion: The Paradox of Change 155 Bringing the New into Being 156 The Intelligent Leader: A Guided Visualization 158 What Will Be Your Legacy? 161 About the Author 163 Index 167

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Book SynopsisDiscover the ins and outs of designing predictive trading models Drawing on the expertise of WorldQuant's global network, this new edition of Finding Alphas: A Quantitative Approach to Building Trading Strategies contains significant changes and updates to the original material, with new and updated data and examples. Nine chapters have been added about alphas models used to make predictions regarding the prices of financial instruments. The new chapters cover topics including alpha correlation, controlling biases, exchange-traded funds, event-driven investing, index alphas, intraday data in alpha research, intraday trading, machine learning, and the triple axis plan for identifying alphas. Provides more references to the academic literature Includes new, high-quality material Organizes content in a practical and easy-to-follow manner Adds new alpha examples with formulas and explanations If you're looking for the lTable of ContentsPreface xi Preface (to the Original Edition) xiii Acknowledgments xv About the WebSim Website xvii Part I Introduction 1 1 Introduction to Alpha Design 3By Igor Tulchinsky 2 Perspectives on Alpha Research 7By Geoffrey Lauprete 3 Cutting Losses 17By Igor Tulchinsky Part II Design and Evaluation 23 4 Alpha Design 25By Scott Bender and Yongfeng He 5 How to Develop an Alpha: A Case Study 31By Pankaj Bakliwal and Hongzhi Chen 6 Data and Alpha Design 43By Weijia Li 7 Turnover 49By Pratik Patel 8 Alpha Correlation 61By Chinh Dang and Crispin Bui 9 Backtest – Signal or Overfitting? 69By Zhuangxi Fang and Peng Yan 10 Controlling Biases 77By Anand Iyer and Aditya Prakash 11 The Triple-Axis Plan 83By Nitish Maini 12 Techniques for Improving the Robustness of Alphas 89By Michael Kozlov 13 Alpha and Risk Factors 95By Peng Wan 14 Risk and Drawdowns 101By Hammad Khan and Rebecca Lehman 15 Alphas from Automated Search 111By Yu Huang and Varat Intaraprasonk 16 Machine Learning in Alpha Research 121By Michael Kozlov 17 Thinking in Algorithms 127By Sunny Mahajan Part III Extended Topics 133 18 Equity Price and Volume 135By Cong Li and Huaiyu Zhou 19 Financial Statement Analysis 141By Paul A. Griffin and Sunny Mahajan 20 Fundamental Analysis and Alpha Research 149By Xinye Tang and Kailin Qi 21 Introduction to Momentum Alphas 155By Zhiyu Ma, Arpit Agarwal, and Laszlo Borda 22 The Impact of News and Social Media on Stock Returns 159By Wancheng Zhang 23 Stock Returns Information from the Stock Options Market 169By Swastik Tiwari and Hardik Agarwal 24 Institutional Research 101: Analyst Reports 179By Benjamin Ee, Hardik Agarwal, Shubham Goyal, Abhishek Panigrahy, and Anant Pushkar 25 Event-Driven Investing 195By Prateek Srivastava 26 Intraday Data in Alpha Research 207By Dusan Timotity 27 Intraday Trading 217By Rohit Kumar Jha 28 Finding an Index Alpha 223By Glenn DeSouza 29 ETFs and Alpha Research 231By Mark YikChun Chan 30 Finding Alphas on Futures and Forwards 241By Rohit Agarwal, Rebecca Lehman, and Richard Williams Part IV New Horizon – Websim 251 31 Introduction to WebSim 253By Jeffrey Scott Part V A Final Word 263 32 The Seven Habits of Highly Successful Quants 265By Richard Hu and Chalee Asavathiratham References 273 Index 291

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Book SynopsisIf leaders aren''t integrating their digital offerings into a philosophy of Customer Success, they will be defeated in the next decade, because technical excellence and other traditional competitive advantages are becoming too easy to imitate. The Customer Success Economy offers examples and specifics of how companies can transform. It addresses the pains of transforming organizational charts, leadership roles, responsibilities, and strategies so the whole company works together in total service to the customer. Shows leaders how their digital implementations will make them more Amazon-like Helps you deliver recurring revenue Shows you how to embrace customer retention Demonstrates the importance of churning less Get that competitive advantage in the most relevant and important arena todaymaking and cultivating happy customers.Table of ContentsForeword ixMaria Martinez, Executive vice president & chief customer experience officer at Cisco Part I Why Customer Success Became Standard 1 Chapter 1 Customer Success: What It is and Why It Affects Everything 3 Chapter 2 Customer Success: It’s Not Just for Silicon Valley 21 Chapter 3 The Customer Success Job Market is Taking Off 35 Chapter 4 Reason #1: Customer Success Stops Churn—The Silent Business Killer 45 Chapter 5 Reason #2: Customer Success is a Growth Engine—If You Move from Defense to Offense 53 Chapter 6 Reason #3: Your Customers Want It 65 Chapter 7 Reason #4: Even the Money People Are in Love with Customer Success 79 Part II Baking Customer Success Into Every Aspect of Your Business Model 89 Chapter 8 It Can’t Be Delegated 91 Chapter 9 Product: Design from the Start for Customer Success 103 Chapter 10 Marketing: Your Job Doesn’t End with the Lead 121 Chapter 11 Sales: Customer Success is Your Differentiator 129 Chapter 12 Services: Go from Hours to Outcomes 141 Chapter 13 Support: Go from Reactive to Proactive 151 Chapter 14 Finance: The New Scoreboard 161 Chapter 15 IT: The New Mission for the CIO 171 Chapter 16 HR: Happy Employees Take Better Care of Customers 179 Chapter 17 Avoiding Customer Success Silos 191 Part III Implementation Issues 195 Chapter 18 The First Step: Launching CS in an Established Business 197 Chapter 19 Leadership: What Kind of Leader Do I Need for Customer Success? 215 Chapter 20 Organizational Structure: Should Customer Success Be Part of Sales or Its Own Org? 227 Chapter 21 Roles and Responsibilities: Who Owns Renewals and Revenue? 239 Chapter 22 Budget: How Much Should I Spend on Customer Success? 251 Chapter 23 Monetization: Should I Charge for Customer Success to Boost Profitability? 263 Chapter 24 Metrics: How Do I Measure Customer Success? 273 Chapter 25 Scaling: How Do I Grow Customer Success without Throwing People at It? 295 Chapter 26 Technology: What System Do I Use? 301 Chapter 27 Professional Development: How Can I Develop My Leaders and My Team? 317 Chapter 28 Inclusion: How Can I Create a Diverse Team? 333 Chapter 29 Next Steps to Take 339 Notes 345 Acknowledgments 347 About the Authors 351 Index 353

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Book SynopsisTable of ContentsAcknowledgments vii Foreword ixAaron Brown Introduction xiii Chapter 1 Motivation 1 Know why you are doing a trade before you trade 1 Chapter 2 Adverse Selection 21 You’re never happy with the amount you traded 22 Chapter 3 Risk 41 Take only the risks you’re being paid to take Hedge the others 41 Chapter 4 Liquidity 71 Put on a risk using the most liquid instrument for that risk 72 Chapter 5 Edge 93 If you can’t explain your edge in five minutes, you don’t have a very good one 95 Chapter 6 Models 115 The model expresses the edge 115 Chapter 7 Costs and Capacity 141 If you think your costs are negligible relative to your edge, you’re wrong about at least one of them 142 Chapter 8 Possibility 167 Just because something has never happened doesn’t mean it can’t 171 Chapter 9 Alignment 197 Working to align everyone’s interests is time well spent 198 Chapter 10 Technology 217 If you don’t master technology and data, you’re losing to someone who does 220 Chapter 11 Adaptation 239 If you’re not getting better, you’re getting worse 240 Notes 261 Index 271

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Book SynopsisWritten by prominent thought leaders in the global fintech and legal space, The LegalTech Book aggregates diverse expertise into a single, informative volume. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. Coverage includes: The current status of LegalTech, why now is the time for it to boom, the drivers behind it, and how it relates to FinTech, RegTech, InsurTech, WealthTech and PayTech Applications of AI, machine learning and deep learning in the practice of law; e-discovery and due diligence; AI as a legal predictor LegalTech making the law accessible to all; online courts, online dispute resolution The Uberization of the law; hiring and firing through apps Lawbots; social media meets legal advice To what extent does LegalTech make lawyers redundant or more efficient? Cryptocurrencies, distributed ledger technology and the law The Internet of Things, data privacy, autoTable of ContentsPreface viii About the Editors xi Acknowledgements xiii 1. An Introduction to LegalTech: The Law Boosted by AI and Technology We are Voyagers 6 Mapping and Classifying LegalTechs 11 Educating for Disruption, Innovation and Legal Technology 15 An Introduction to Mapping and Classifying LegalTech 18 In-House Counsel Can Drive Industry Change Through Legal Technology 21 The Role of LegalTech in Financial Services: A Case Study 24 How Artificial Intelligence is Transforming the Legal Profession 27 Can the Law Keep Up with the Growth of AI? 30 Fairness, Accountability and Transparency – Trust in AI and Machine Learning 35 The Chiron Imperative – A Framework of Six Human-in-the-Loop Paradigms to Create Wise and Just AI-Human Centaurs 38 Lawyers’ Ethical Responsibility to Leverage AI in the Practice of Law 43 Dispute Resolution 2.0: The Era of BIG Data, AI and Analytics 46 Why All LegalTech Roads “Point” to a Platform Strategy 50 An Introduction to the Internet of Things 53 2. Law and Data Technology and the Law – Data and the Law 60 I Make the Rules, Why Should I Care About LegalTech? 63 From Legal Documents to Legal Data 67 Acquisitive Information Extraction Framework for Legal Domain 70 Legal Expert Systems 74 Tech vs Law: Consent 76 New Privacy Laws Require Changed Operations on Commercial Websites 78 Dealing with Tensions Between the Blockchain and the GDPR 83 Rise of the Legalbots: How In-House Teams and Business Lines Benefit 87 AI is Changing Boardroom Dynamics 90 Cloud Computing Contracts 93 3. Technology vs Law LegalTech in Our Daily Lives 102 The Evolution of the Legal Marketplace 105 Technology and In-House Counsel 108 Smart Home or Spy Home? 111 Cybersecurity: Myths and the Hero’s Journey 114 Legal Talent Platform Economy – The Beginning of the End? 120 Can Intelligence Be Appropriated: Ownership Over AI 122 The Electronic Creation Right (ECR) 125 4. Cryptocurrencies, Distributed Ledger Technology and the Law Distributed Ledger Technology and the Legal Profession 132 Cryptoasset Regulation: Clarification and Guidance 136 The Legal Implications of Digital Security Offerings 139 Cryptoassets and Market Abuse 142 Cryptosecurities: Traditional Financial Instruments on a Distributed Ledger 145 The Use of Digital Tokens for the Boost of Supply Chain Finance 149 5. Smart Contracts and Applications LegalTech’s Impact on the Role and Job of a Lawyer 156 Smart(er) Contracts – Digitizing Contracts for a New Age 160 Smart Contract and Traditional Contract 165 Getting Smart: Blockchain and Smart Contracts 167 Legal Prose to Code: Restructuring Contract Templates for Blockchain Automation 170 The Legal Framework of Pay-Per-Use Financing 175 6. Legal Technology: Increasing or Impeding Access to Justice? Legal Technology: Increasing or Impeding Access to Justice? 182 The Crucial Role of LegalTech in Access to Justice 185 Digitizing Disputes 187 Humanize with LawTech Lawyering 190 From Fair Hearing to FairTech Hearing: Improving Access to Justice in the UK Asylum and Immigration Process 193 The Dark Side of Technology in Law: Avoiding the Pitfalls 196 Closing the Justice Gap – Technology is Not the First Step 199 Combining AI and Digitization of Judgments for Access to Justice 202 7. LegalTech Around the World Legal Implications of Artificial Intelligence in China 208 Mapping LegalTech Adoption and Skill Demand 211 A Case Study of Adoption of Legal Technology in a Non-Western Market 215 Why Now s the Time for LegalTech to Boom 218 8. The Future of LegalTech LegalTech’s Legacy? 224 Back to the Future: How LegalTech is Changing the Law Firm 227 How Much Disruption Can We Handle? 230 The Role of RegTech in Delivering Better Regulatory Compliance 232 Creating Supervised Independence for FinTech Companies via Regulatory Sandboxes 237 Patterns of Speech: A Future of AI-Authored Legal Reasoning and Arguments? 240 From Innovation Frenzy to Productivity Steadiness 243 The Humans Strike Back: The Fall of the Robots in LegalTech’s Future 245 List of Contributors 247 Index 255

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Book SynopsisTen skills for agile leadership Complex challenges are all around usthey impact our companies, our communities, and our planet. This complexity and the emergence of networks is changing the practice of strategic management. Today's leaders need to understand how to design and guide complex collaborations to accelerate innovation and changecollaborations that cross boundaries both inside and outside organizations. Strategic Doing introduces you to the new disciplines of agile strategy and collaborative leadership. You'll learn how to design and guide complex collaborations by following a discipline of simple rules that you won't find anywhere else. Unleash the power of true collaboration Learn and master the 10 skills of agile leadership Apply individual skills to targeted situations Introduces a new discipline of leadership strategy Filled with compelling case studies, Strategic Doing outlines a new discipline of leadership strategy specifically designed for open, loosely-connected networks.Table of ContentsForeword xv Introduction xvii Our Promise xix Why Are We Confident? The Backstory of Our Work xx Our Current Work xxiii Your Guides for This Book xxv Why This Book? xxvii Our Credo xxix Postscript xxix Note xxx Chapter 1 You Are Here 1 The Challenges We Face 3 What, Exactly, Has Changed? 7 The S-Curve 15 The Changes We Need to Make 17 Notes 25 Chapter 2 Create and Maintain a Safe Space for Deep, Focused Conversation (Skill 1) 27 Deep Conversations 29 Focused Conversations 30 Deep, Focused Group Conversations 31 Putting the Skill to Work: The Agile Leader as Conversation Guide 35 Case Study: Setting the Stage for Deep Conversations in Flint 36 Note 37 Chapter 3 Frame the Conversation with the Right Question (Skill 2) 39 Adaptive Leadership: One Question, Many Answers 42 Appreciative Questions 44 Developing Questions to Frame Conversations 46 Putting the Skill to Work: The Agile Leader as Questioner 48 Case Study: Reframing the Question at a Community Institution in Rockford 49 Note 51 Chapter 4 Identify Your Assets, Including the Hidden Ones (Skill 3) 53 Assets 56 Guidelines for Identifying Assets 58 Hidden Assets 59 Assets Are Starting Points 59 Putting the Skill to Work: The Agile Leader as Inventory Taker 60 Case Study: Reimagining an IT Department 61 Note 63 Chapter 5 Link and Leverage Assets to Identify New Opportunities (Skill 4) 65 Linking and Leveraging Assets to Innovate 67 Linking and Leveraging Assets Force Us to Think Horizontally 70 Developing Your Ability to Think Horizontally 71 Guiding a Group to Think Horizontally 73 Putting the Skill to Work: The Agile Leader as Connector 74 Case Study: Linking and Leveraging Assets to Build a Cutting-Edge Industry Cluster 75 Note 76 Chapter 6 Look for the “Big Easy” (Skill 5) 77 Decision-Making Methodologies 79 The 2×2 Matrix 81 Dealing with Doubts and Doubters 85 Putting the Skill to Work: The Agile Leader as Prioritizer 86 Case Study: Finding a Way to Jump-Start New Economic Activity 87 Chapter 7 Convert Your Ideas to Outcomes with Measurable Characteristics (Skill 6) 89 Great Ideas Lie Below the Surface 92 Three Questions to Ask 93 Measuring 96 Putting the Skill to Work: The Agile Leader as Dreamcatcher 98 Case Study: Using Metrics to Spur New Workforce Development Strategies in Kokomo 99 Chapter 8 Start Slowly to Go Fast – But Start (Skill 7) 103 Launching Your Learning 106 Qualities of a Good Starting Project 108 Keeping the Team on Track 109 What Next? 110 Putting the Skill to Work: The Agile Leader as Experimenter 111 Case Study: Overcoming the Academic Bureaucracy with Small Wins 112 Chapter 9 Draft Short-Term Action Plans That Include Everyone (Skill 8) 115 Shared Leadership 117 Action Plans for Shared Leadership 119 Micro-Commitments Build Trust 119 Putting the Skill to Work: The Agile Leader as Deal-Closer 121 Case Study: Taking Collective Action to Develop a Hub for Community Health 123 Chapter 10 Set 30/30 Meetings to Review, Learn, and Adjust (Skill 9) 125 Learning Loops 127 Building New Habits 128 Putting the Skill to Work: The Agile Leader as Convener 130 Case Study: Helping a Music Capital Pen Its Next Hits 131 Chapter 11 Nudge, Connect, and Promote to Reinforce New Habits (Skill 10) 133 Nudging 136 Connecting 138 Promoting 140 Putting the Skill to Work: The Agile Leader as Chief Doing Officer 141 Case Study: Turning Micro-Commitments into Larger Innovations 143 Chapter 12 Ten Skills. Got It. Now What? 147 Putting It All Together: Strategic Doing 153 Using Strategic Doing as an Individual 156 Using Strategic Doing in a Small Group 157 Using Strategic Doing with a Large Initiative 159 Final Thoughts 162 Learn More 163 Bibliography 179 Acknowledgments 185 About the Authors 187 Index 189

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Book SynopsisExpert guidance on how to grow innovation and optimize already-successful areas of established organizations Transforming Legacy Organizations provides real-world advice and research-based information on how to grow innovation by employing new technologies, improving processes, and establishing a culture of creativity and forward momentum. Conventional business wisdom views innovation as the biggest advantage startups have over large, established organizations, often referred to as legacy organizations. This belief is false, especially when considering that 70% of all startups fail within 20 months of their first venture round. The truth is innovation initiatives of legacy organizations have far better chances of succeeding. Organizations with superior resourcesmoney, customers, suppliers, data, employees, infrastructurecan overcome challenges from new entrepreneurial ventures: knowing how to leverage their underutilized advantage is key for achieving susTable of ContentsIntroduction Part 1: Sharpen The Axe Chapter 1: From Innovation Theater to Innovation Culture Chapter 2: What Is the Purpose? Chapter 3: Which Industry Am I In? Chapter 4: What Do Customers Want? Chapter 5: Who Are My Competitors? Part 2: Understand The Immune Systems Chapter 6: It’s the Employees That Don’t Want To: The Individual Immune System Chapter 7: You Get What You Measure: The Organizational Immune System Chapter 8: We Don’t Know It, So We Don’t Want It: The Societal Immune System Part 3: Innovate In Three Tracks Chapter 9: The Extra Blade on the Razor: Optimizing Innovation Chapter 10: It's Not a Sprint, It's an Ultramarathon: Augmenting Innovation Chapter 11: From Status Quo to Continuous Innovation: Culture Hacks Chapter 12: Can You Imagine a Future That Doesn’t Involve X ?: Mutating Innovation Conclusion References

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Book SynopsisTable of ContentsIntroduction xi Trading as a Process xiii Summary xv Chapter 1 Options: A Summary 1 Option Pricing Models 1 Option Trading Theory 4 Conclusion 10 Summary 10 Chapter 2 The Efficient Market Hypothesis and Its Limitations 11 The Efficient Market Hypothesis 11 Aside: Alpha Decay 15 Behavioral Finance 16 High-Level Approaches: Technical Analysis and Fundamental Analysis 21 Conclusion 27 Summary 27 Chapter 3 Forecasting Volatility 29 Model-Driven Forecasting and Situational Forecasting 30 The GARCH Family and Trading 33 Implied Volatility as a Predictor 36 Ensemble Predictions 36 Conclusion 38 Summary 38 Chapter 4 The Variance Premium 39 Aside: The Implied Variance Premium 40 Variance Premium in Equity Indices 42 The Implied Skewness Premium 46 The Implied Correlation Premium 47 Commodities 47 Bonds 49 The VIX 50 Currencies 50 Equities 50 Reasons for the Variance Premium 51 Insurance 52 Jump Risk 52 Trading Restrictions 52 Market-Maker Inventory Risk 52 Path Dependency of Returns 53 The Problem of the Peso Problem 55 Conclusion 56 Summary 56 Chapter 5 Finding Trades with Positive Expected Value 57 Aside: Crowding 57 Trading Strategies 61 Options and Fundamental Factors 63 Post-Earnings Announcement Drift (PEAD) 68 Confidence Level Two 71 The Overnight Effect 75 FOMC and Volatility 75 The Weekend Effect 77 Volatility of Volatility Risk Premia 78 Confidence Level One 80 Earnings-Induced Reversals 80 Pre-Earnings Announcement Drift 81 Conclusion 82 Summary 83 Chapter 6 Volatility Positions 85 Aside: Adjustment and Position ‘‘Repair’’ 86 Straddles and Strangles 86 Aside: Delta-Hedged Positions 93 Butterflies and Condors 95 Aside: Broken Wing Butterflies and Condors 99 Calendar Spread 100 Including Implied Volatility Skew 102 Strike Choice 104 Choosing a Hedging Strike 107 Expiration Choice 109 Conclusion 111 Summary 111 Chapter 7 Directional Option Trading 113 Subjective Option Pricing 113 A Theory of Subjective Option Pricing 115 Distribution of Option Returns: Summary Statistics 118 Strike Choice 120 Fundamental Considerations 124 Conclusion 124 Summary 125 Chapter 8 Directional Option Strategy Selection 127 Long Stock 128 Long Call 129 Long Call Spread 130 Short Put 131 Covered Calls 131 Components of Covered Call Profits 134 Covered Calls and Fundamentals 136 Short Put Spread 137 Risk Reversal 138 Aside: The Risk Reversal as a Skew Trade 141 Ratio Spreads 142 Conclusion 145 Summary 145 Chapter 9 Trade Sizing 147 The Kelly Criterion 147 Non-normal Discrete Outcomes 149 Non-normal Continuous Outcomes 151 Uncertain Parameters 154 Kelly and Drawdown Control 158 The Effect of Stops 161 Conclusion 170 Summary 170 Chapter 10 Meta Risks 171 Currency Risk 171 Theft and Fraud 173 Example One: Baring’s Bank 174 Example Two: Yasumo Hamanaka, aka ‘‘Mr. Copper’’ 175 Example Three: Bernie Madoff 176 Index Restructuring 177 Arbitrage Counterparty Risk 178 Conclusion 179 Summary 179 Conclusion 181 Appendix 1 Traders’ Adjustments to the BSM Assumptions 183 The Existence of a Single, Constant Interest Rate 183 The Stock Pays No Dividends 186 Absence of Taxes 186 The Ability to Trade and Short the Underlying 187 Nonconstant Volatility 190 Conclusion 192 Summary 193 Appendix 2 Statistical Rules of Thumb 195 Converting Range Estimates to Option Pricing Inputs 195 Rule of Five 196 Rule of Three 197 Appendix 3 Execution 199 Example 204 References 207 Index 219

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Book SynopsisTable of ContentsForeword ix Acknowledgments xiii Chapter 1 Introduction 1 Part I Understand the Foreign Exchange Market (FX 101) 7 Chapter 2 A Very Brief History of FX 9 Chapter 3 Currency Trading Basics 17 Chapter 4 Understand Market Structure 37 Part II Trade the Foreign Exchange Market 71 Chapter 5 Understand Fundamental Analysis 73 Chapter 6 Understand Technical Analysis I 107 Chapter 7 Understand Technical Analysis II (The Seven Deadly Setups) 155 Chapter 8 Understand Correlation and Intermarket Relationships 179 Chapter 9 Understand Behavioral Finance 221 Chapter 10 Trading the News 255 Part III Understand Risk Management 293 Chapter 11 Understand Free Capital 295 Chapter 12 Understand Position Sizing 321 Part IV Understand Yourself 351 Chapter 13 Characteristics of a Successful Trader 353 Chapter 14 Common Weaknesses in Trading 361 Chapter 15 The Voice of Experience 369 Chapter 16 Conclusion 379 Brent Donnelly’s 25 Rules of FX Trading 381 About the Author 383 Index 385

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Book SynopsisNow in its fifth edition, Powell and Baker''s Business Analytics: The Art of Modeling with Spreadsheets provides students and business analysts with the technical knowledge and skill needed to develop real expertise in business modeling. In this book, the authors cover spreadsheet engineering, management science, and the modeling craft. The briefness & accessibility of this title offers opportunities to integrate other materials such as cases -into the course. It can be used in any number of courses or departments where modeling is a key skill.

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Book SynopsisKidwell''s Financial Institutions, 12th Edition presents a balanced introduction to the operation, mechanics, and structure of the U.S. financial system, emphasizing its institutions, markets, and financial instruments. The text discusses complex topics in a clear and concise fashion with an emphasis on Real World data, and people and event boxes, as well as personal finance examples to help retain topical interest.Table of Contents TABLE OF CONTENTS Part I The Financial System 1 Chapter 1 An Overview of Financial Markets and Institutions 3 Chapter Preview 4 Learning Objectives 4 1.1 The Financial System 4 1.2 Financial Markets and Direct Financing 7 Do You Understand? 10 People & Events: A Brief Examination of the Causes and Effects of the Global Financial Crisis of 2007 and 2008 11 1.3 Types of Financial Markets 12 1.4 The Money Markets 14 1.5 The Capital Markets 15 Do You Understand? 17 1.6 Financial Intermediaries and Indirect Financing 17 Do You Understand? 22 1.7 Types of Financial Intermediaries 23 Do You Understand? 27 1.8 The Risks Financial Institutions Manage 28 1.9 Regulation of the Financial System 29 People & Events: Systemically Risky Banks: What is the Solution? 33 1.10 Ethics and the Financial System 33 Do You Understand? 35 Summary of Learning Objectives 35 Key Terms 36 Questions and Problems 36 Chapter 2 The Federal Reserve and Its Powers 38 Chapter Preview 39 Learning Objectives 39 2.1 Origins of the Federal Reserve System 39 People & Events: Banking before 1933, Banking from 1933 to 1980, and Banking in the Modern Era 43 2.2 The Current Structure of the Fed 44 2.3 Monetary Powers of the Board of Governors 47 2.4 The Fed’s Regulatory Powers 47 2.5 Independence of the Fed 51 Do You Understand? 53 2.6 The Fed’s Balance Sheet 53 2.7 The Fed’s Role in Check Clearing and the Growth of Electronic Payments 59 Learning by Doing 2.1: Computing a Bank’s Excess Reserve Position 60 2.8 Federal Reserve Tools of Monetary Policy 61 People & Events: The Challenges of Fed Chair Janet Yellen 62 Learning by Doing 2.2: Calculating a Bank’s Reserve Position 66 Summary of Learning Objectives 69 Key Terms 69 Questions and Problems 69 Chapter 3 The Fed and Interest Rates 71 Chapter Preview 72 Learning Objectives 72 3.1 Federal Reserve Control of the Money Supply 72 3.2 The Fed’s Influence on Interest Rates 75 3.3 The Treasury Department and Fiscal Policy 79 Do You Understand? 81 3.4 Goals of Monetary Policy 82 People & Events: The Fed as Lender of Last Resort During the Financial Crisis 87 3.5 The Fed and the Economy 88 People & Events: Black Monday 91 3.6 Complications of Monetary Policy 91 3.7 Anatomy of a Financial Crisis 93 People & Events: Good Work If You Can Get It: Executive Bonuses During Bailouts? 100 Do You Understand? 101 Summary of Learning Objectives 102 Key Terms 102 Questions and Problems 102 Part II How Interest Rates are Determined 105 Chapter 4 The Level of Interest Rates 107 Chapter Preview 108 Learning Objectives 108 4.1 What are Interest Rates? 108 4.2 The Real Rate of Interest 109 4.3 Loanable Funds Theory of Interest 111 Do You Understand? 114 4.4 Price Expectations and Interest Rates 114 4.5 A Restatement of the Fisher Equation 116 People & Events: What Is the Actual Inflation Rate? 117 Do You Understand? 121 People & Events: Estimating the Expected Rate of Inflation from TIPS 122 4.6 Forecasting Interest Rates 122 4.7 Interest Rates and Currency Values 124 Summary of Learning Objectives 125 Key Terms 126 Questions and Problems 126 Chapter 5 Bond Prices and Interest Rate Risk 127 Chapter Preview 128 Learning Objectives 128 5.1 The Time Value of Money 128 Do You Understand? 130 5.2 Bond Pricing 131 People & Events: Bond Market Liquidity and the Volcker Rule 132 Learning by Doing 5.1: Calculating the Price of a Bond Using a Financial Calculator 135 5.3 Bond Yields 136 Learning by Doing 5.2: Calculating the Yield‐to‐Maturity on a Bond 137 Do You Understand? 140 5.4 Important Bond Pricing Relationships 140 5.5 Interest Rate Risk and Duration 144 Learning by Doing 5.3: Calculating the Duration of a Bond 146 People & Events: Betting the Farm on Interest Rates and Losing 155 Do You Understand? 156 Summary of Learning Objectives 156 Key Terms 157 Questions and Problems 157 Chapter 6 The Structure of Interest Rates 159 Chapter Preview 160 Learning Objectives 160 6.1 The Term Structure of Interest Rates 160 Learning by Doing 6.1: Using the Term Structure Formula to Calculate Implied Forward Rates 165 Do You Understand? 171 People & Events: More on Forecasting Future Interest Rates 172 6.2 Default Risk 172 6.3 Tax Treatment 176 People & Events: The Credit‐Rating Club 177 Do You Understand? 180 6.4 Marketability 180 6.5 Options on Debt Securities 180 6.6 Behavior of Interest Rates over the Business Cycle 183 Do You Understand? 185 Summary of Learning Objectives 185 Key Terms 186 Questions and Problems 186 Part III Financial Markets 189 Chapter 7 Money Markets 191 Chapter Preview 192 Learning Objectives 192 7.1 How the Money Markets Work 192 7.2 Economic Role of the Money Markets 193 7.3 Features of Money Market Instruments 194 7.4 Treasury Bills 194 Learning by Doing 7.1: Calculating the Discount Yield 199 Learning by Doing 7.2: Calculating the Bond Equivalent Yield 199 Do You Understand? 200 7.5 Federal Agency Securities 201 7.6 Federal Funds 203 7.7 Other Major Money Market Instruments 205 People & Events: Lehman Brothers’ “Creative” Accounting: Repos 105 and 108 207 7.8 Money Market Participants 211 7.9 The Impact of the 2007–2008 Financial Crisis on the Money Markets 213 People & Events: How Breaking the Buck (Almost) Broke the Commercial Paper Market 216 Do You Understand? 217 Summary of Learning Objectives 218 Key Terms 219 Questions and Problems 219 Chapter 8 Bond Markets 220 Chapter Preview 221 Learning Objectives 221 8.1 Functions of the Capital Markets 221 8.2 The U.S. Government and Agency Securities 223 People & Events: What Do Negative Yields on TIPS Tell Us? 226 Do You Understand? 227 8.3 State and Local Government Bonds 227 People & Events: Build America Bonds Keep Municipal Finance Going During the Crisis 232 8.4 Corporate Bonds 232 Do You Understand? 237 8.5 Financial Guarantees 237 8.6 Securitized Credit Instruments 238 8.7 Capital Market Regulators 240 8.8 Bond Markets Around the World are Increasingly Linked 241 8.9 The Impact of the 2007–2008 Financial Crisis on the Bond Markets 242 Do You Understand? 244 Summary of Learning Objectives 244 Key Terms 245 Questions and Problems 245 Chapter 9 Mortgage Markets and Mortgage‐Backed Securities 247 Chapter Preview 248 Learning Objectives 248 9.1 The Unique Nature of Mortgage Markets 249 9.2 Types of Mortgages 249 9.3 Mortgage Qualifying 257 Learning by Doing 9.1: Determining How Much Home You Can Buy 259 Do You Understand? 260 9.4 Mortgage‐Backed Securities 261 9.5 Mortgage Prepayment Risk and Other MBS 265 Do You Understand? 270 9.6 Participants in the Mortgage Markets 271 People & Events: The Rise and Fall of Fannie and Freddie 273 Do You Understand? 274 9.7 Relationship Between Mortgage Markets and the Capital Markets 275 Summary of Learning Objectives 276 Key Terms 277 Questions and Problems 278 Chapter 10 Equity Markets 279 Chapter Preview 280 Learning Objectives 280 10.1 What are Equity Securities? 280 10.2 Equity Markets 282 People & Events: The Retail Brokerage Industry 287 10.3 Equity Trading 287 10.4 Global Stock Markets 291 10.5 Large-Scale and High Frequency Trading 292 People & Events: High Speed Trading and the Demise of Knight Capital Group in 45 Minutes 293 10.6 Regulation of Equity Markets 294 Do You Understand? 294 10.7 Stock Market Indexes 295 People & Events: Circuit Breakers, Black Monday, and the Flash Crash 296 Summary of Learning Objectives 297 Key Terms 298 Questions and Problems 299 Chapter 11 Derivatives Markets 300 Chapter Preview 301 Learning Objectives 301 11.1 The Nature of Derivative Securities 301 11.2 Forward Markets 302 11.3 Futures Markets 304 Do You Understand? 311 11.4 Uses of the Financial Futures Markets 311 Learning by Doing 11.1: Hedging Risk in a Stock Portfolio 313 11.5 Risks in the Futures Markets 318 Do You Understand? 319 11.6 Options Markets 319 Do You Understand? 325 11.7 Swap Markets 326 People & Events: Swap Market Regulation 329 Summary of Learning Objectives 330 Key Terms 331 Questions and Problems 331 Chapter 12 International Markets 332 Chapter Preview 333 Learning Objectives 333 12.1 The Difficulties of International Trade 333 12.2 Exchange Rates 334 12.3 Balance of Payments 337 12.4 Foreign Exchange Markets 341 12.5 Spot and Forward Transactions 343 Learning by Doing 12.1: Using Forward Contracts to Hedge Exchange Rate Risks 343 People & Events: The Big Mac Test of Purchasing Power Parity 345 12.6 Capital Flows and Exchange Rates 346 Do You Understand? 349 People & Events: The Greek Crisis and Lessons for the U.S. 350 12.7 Government Intervention in Foreign Exchange Markets 351 Learning by Doing 12.2: Using Purchasing Power Parity to Determine the Expected Exchange Rate 353 12.8 Financing International Trade 354 Do You Understand? 355 12.9 International Money and Capital Markets 355 12.10 The Globalization of Financial Markets 358 Summary of Learning Objectives 360 Key Terms 360 Questions and Problems 361 Part IV Commercial Banking 363 Chapter 13 Commercial Bank Operations 365 Chapter Preview 366 Learning Objectives 366 13.1 An Overview of the Banking Industry 366 13.2 Balance Sheet for a Commercial Bank 369 13.3 The Source of Bank Funds 370 Do You Understand? 375 13.4 Bank Uses of Funds: Bank Investments and Cash Assets 376 13.5 Bank Uses of Funds: Loans and Leases 378 13.6 Loan Pricing 381 13.7 Analysis of Loan Credit Risk 384 People & Events: What’s Your Score? 385 Do You Understand? 386 13.8 Fee‐Based Services 386 13.9 Off‐Balance‐Sheet Banking 387 Do You Understand? 391 13.10 Bank Earnings 392 13.11 Bank Performance 396 Do You Understand? 397 Summary of Learning Objectives 398 Key Terms 398 Questions and Problems 399 Chapter 14 International Banking 400 Chapter Preview 401 Learning Objectives 401 14.1 Development of International Banking 401 14.2 Regulation of Overseas Banking Activities 404 14.3 Delivery of Overseas Banking Services 406 Do You Understand? 409 14.4 International Lending 409 People & Events: The LIBOR Scandal 411 Do You Understand? 416 14.5 Foreign Banks in the United States 416 14.6 Future Directions of International Banking 420 Summary of Learning Objectives 420 Key Terms 421 Questions and Problems 421 Chapter 15 Regulation of Financial Institutions 422 Chapter Preview 423 Learning Objectives 423 15.1 Reasons for Regulation 423 15.2 Bank Failures and Regulation 426 People & Events: WaMu and the Destructive “Power of Yes” 431 15.3 Safety and Soundness Regulation: Deposit Insurance 432 Do You Understand? 434 15.4 Deposit Insurance Issues 435 Do You Understand? 438 15.5 Safety and Soundness Regulation: Capital Requirements 439 Do You Understand? 447 15.6 Bank Examinations 447 15.7 Structure and Competition Regulations 450 15.8 Consumer Protection Regulations 452 People & Events: Excerpts from “What are the FDIC’s primary new responsibilities under the new law?” 454 15.9 Bank Regulators 456 Do You Understand? 458 Summary of Learning Objectives 459 Key Terms 459 Questions and Problems 460 Part V Financial Institutions 463 Chapter 16 Thrift Institutions and Finance Companies 465 Chapter Preview 466 Learning Objectives 466 16.1 Historical Development of Savings Institutions 467 16.2 Operations of Savings Institutions 470 Do You Understand? 478 16.3 Credit Unions 478 People & Events: Demographic Change Brings Opportunity 479 16.4 Thrift Institutions Around the Globe 484 People & Events: Commercial Banks Versus Credit Unions 485 Do You Understand? 486 16.5 Finance Companies 486 People & Events: GE Divests Much of Its Finance Company Business 488 Do You Understand? 494 Summary of Learning Objectives 494 Key Terms 495 Questions and Problems 495 Chapter 17 Insurance Companies and Pension Funds 496 Chapter Preview 497 Learning Objectives 497 17.1 Insurance 497 People & Events: 9/11 and Katrina: Insurance Coverage Disputes 499 17.2 The Insurance Industry 501 People & Events: The Rise, Fall, and Return of American International Group (AIG) 503 Do You Understand? 508 17.3 Life and Health Insurance Products 508 Learning by Doing 17.1: Calculating Policyholders’ Surplus 514 Do You Understand? 515 17.4 Property and Liability Insurance Products 515 Learning by Doing 17.2: Measuring Insurance Company Profitability with the Combined Ratio 518 Do You Understand? 519 17.5 Pensions 519 Do You Understand? 524 Summary of Learning Objectives 524 Key Terms 525 Questions and Problems 526 Chapter 18 Investment Banking 527 Chapter Preview 528 Learning Objectives 528 18.1 The Relationship Between Commercial and Investment Banking 528 18.2 Primary Services of an Investment Bank 533 People & Events: Where, Oh, Where Have All the Investment Banks Gone? 534 Do You Understand? 543 18.3 Private Equity 543 Learning by Doing 18.1: Evaluating a Venture Capital Investment 546 Do You Understand? 548 Summary of Learning Objectives 548 Key Terms 549 Questions and Problems 549 Chapter 19 Investment Companies 551 Chapter Preview 552 Learning Objectives 552 19.1 Investment Companies 552 19.2 Open‐End Mutual Funds 553 Learning by Doing 19.1: Calculating Net Asset Value 554 People & Events: Money Market Mutual Funds Breaking the Buck 563 19.3 Closed‐End Mutual Funds 566 19.4 Exchange‐Traded Funds 567 Do You Understand? 572 19.5 Hedge Funds 572 People & Events: Hedge Funds and the Dodd‐Frank Wall Street Reform and Consumer Protection Act 573 Do You Understand? 576 19.6 Real Estate Investment Trusts 576 Summary of Learning Objectives 578 Key Terms 579 Questions and Problems 579 Chapter 20 Risk Management in Financial Institutions 580 Chapter Preview 581 Learning Objectives 581 20.1 The Dilemma: Profitability Versus Safety 581 20.2 Liquidity Management 583 Do You Understand? 586 People & Events: Operational Risk 587 20.3 Managing Credit Risk 587 People & Events: Counterparty Controversy: AIG and Its Risky Risk Management 591 Do You Understand? 593 20.4 Measuring and Assessing Interest Rate Risk 593 20.5 Hedging Interest Rate Risk 602 Learning by Doing 20.1: Measuring Interest Rate Risk 608 Do You Understand? 611 Summary of Learning Objectives 611 Key Terms 612 Questions and Problems 612 Glossary 613 Index 637

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Book SynopsisManage the art of bookkeeping Do you need to get up and running on bookkeeping basics and the latest tools and technology used in the field? You''ve come to the right place!Bookkeeping All-In-One For Dummiesis your go-to guide for all things bookkeeping. Bringing you accessible information on the new technologies and programs, it cuts through confusing jargon and gives you friendly instruction you can use right away. Inside, you'll learn how to keep track of transactions, unravel up-to-date tax information, recognize your assets, and so much more. Covers all the new techniques and programs in the bookkeeping field Shows you how to manage assets and liabilities Explains how to track business transactions accurately with ledgers and journals Helps you make sense of accounting and bookkeeping basics Get all the info you need to jumpstart your career as a bookkeeper!Table of ContentsIntroduction 1 Book 1: Keeping the Books 5 Chapter 1: Basic Bookkeeping 7 Chapter 2: Charting the Accounts 25 Chapter 3: The General Ledger 39 Chapter 4: Keeping Journals 51 Chapter 5: Controlling Your Records 67 Chapter 6: Computer Options for Bookkeeping 85 Chapter 7: Financial Statements and Accounting Standards 95 Book 2: Accounting and Financial Reports 119 Chapter 1: Financial Report Basics 121 Chapter 2: Reporting Profit. 145 Chapter 3: Exploring Business Structures 167 Chapter 4: The Balance Sheet: Assets, Liabilities, and Equity 187 Chapter 5: The Income Statement 203 Chapter 6: The Statement of Cash Flows 219 Chapter 7: Getting a Financial Report Ready 233 Chapter 8: Accounting Alternatives 257 Book 3: Day-to-Day Bookkeeping 277 Chapter 1: Buying and Tracking Your Purchases 279 Chapter 2: Counting Your Sales 297 Chapter 3: Employee Payroll and Benefits 325 Chapter 4: Employer-Paid Taxes and Government Payroll Reporting 345 Book 4: Preparing for Year’s End 359 Chapter 1: Depreciating Your Assets 361 Chapter 2: Paying and Collecting Interest 371 Chapter 3: Proving Out the Cash 383 Chapter 4: Closing the Journals 397 Chapter 5: Checking Your Accuracy 409 Chapter 6: Adjusting the Books 419 Book 5: Accounting and Managing Your Business 431 Chapter 1: Managing Profit 433 Chapter 2: Budgeting 455 Chapter 3: Cost Accounting 477 Chapter 4: Filing and Paying Business Taxes 501 Chapter 5: Prepping the Books for a New Accounting Cycle 509 Index 517

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Book SynopsisThe eagerly awaited sequel to the worldwide bestseller How to Build a Multi-Level Money Machine from Direct Selling icon and Hall of Famer Randy Gage Randy Gage revolutionized the Direct Selling profession with the bestselling phenomenon How to Build a Multi-Level Money Machine, translated into more than 20 languages. Now he's at it again with the long-waited sequel: Direct Selling Success. This all-new book is the ultimate textbook on creating success in the business. You'll learn everything from choosing the right company, finding the best candidates, becoming a rock star recruiterto advanced skills like making powerful presentations, becoming a leader, and creating a leadership factory on your team. Since Randy's previous book took the profession by storm, there have been significant changes to the business that demand a fully up-to-date sequel: Regulatory oversight of the industry has increased dramatically, it's nowTable of ContentsIntroduction: Dream Big, Act Deliberately xiii Chapter 1 The #1 Secret for Creating Prosperity 1 Chapter 2 R.I.P. MLM 11 Chapter 3 Choosing the Right Company for You 25 Chapter 4 The Secret to Lightning-Fast Growth 63 Chapter 5 How to Construct a “Bullet-Proof” Duplicable System 75 Chapter 6 Building Gargantuan Customer Volume 87 Chapter 7 How to Prospect Brilliant Talent 97 Chapter 8 The Science of Successful Recruiting 119 Chapter 9 Harnessing E-Commerce and Social Media to Explode Growth 139 Chapter 10 Creating Sustainable Duplication and Profound Depth 153 Chapter 11 Building a Business the Sun Never Sets On 163 Chapter 12 Leadership Landmines That Kill Growth 173 Chapter 13 Building Your Personal Leadership Brand 187 Chapter 14 How You Become a Positive, Powerful Leader 197 Chapter 15 Building Belief in Your Team 209 Chapter 16 How to Create a Leadership Factory 229 Chapter 17 Becoming Wealthy, Not Just “Instagram Rich” 249 Chapter 18 The Brutal Truth Nobody Else Will Tell You… 257 Recommended Resources 265 “Did This Guy Write Anything Else?” 267 Acknowledgments 269 About the Author 271 Index 273

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Book SynopsisTable of ContentsForeword ix Introduction: Excellence Found 1The past decade of research has proven that the dismal odds of change program success can reliably be beaten. Part I The Big Idea Chapter 1 Performance and Health 13The way to beat the odds is to put equal emphasis on performance and health by using the Five Frames methodology. Chapter 2 The Science of Change 33The approach has been developed through the most exhaustive research ever undertaken in the field. Part II The Five Frames Chapter 3 Aspire: Where Do We Want to Go? 61It starts by setting measurable and manageable strategic objectives and commensurate health goals with rigor and precision. Chapter 4 Assess: How Ready Are We to Go There? 91Don’t start planning until you’ve considered your organization’s change readiness: what skillset requirements and mindset shifts are needed. Chapter 5 Architect: What Do We Need to Do to Get There? 117Now it’s time to create a bankable plan that will build the skills and deliver the outcomes—a plan that also uses four levers to influence mindset and behavior shifts. Chapter 6 Act: How Do We Manage the Journey? 151No plan goes according to plan—the right ownership model will enable you to adjust as you go and generate the energy needed for change. Chapter 7 Advance: How Do We Continue to Improve? 181You’re not done until an ongoing learning infrastructure is put in place, and leaders are well positioned in the right go-forward roles. Part III Putting It All Together Chapter 8 The Senior Leader’s Role: Does Change Have to Start at the Top? 199Success will be immeasurably easier if the most senior leader embraces the role that only they can play. Chapter 9 The Change Leader’s Role: What It Takes to Be a Great Change Leader 215To this point we’ve covered what to “do” to achieve large-scale success; now it’s time to discuss how to “be” as you lead the way. Chapter 10 Making It Happen: Do You Have What It Takes? 231You’ve got knowledge, but do you have the courage? It’s over to you to write the next chapter... Notes 241 Recommended Reading 257 Acknowledgments 259 About the Authors 265 Index 267

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