Business, Finance & Law Books

Book SynopsisA practitioner's guide to the role and implications of performance measurement and attribution analysis in asset management firms Practical Portfolio Performance Measurement and Attribution is a comprehensive reference and guide to the use and calculation of performance returns in the investment decision process. Focusing on real-world application rather than academic theory, this highly practical book helps asset managers and investors determine return on assets, analyse portfolio behaviour and improve performance. Author Carl R. Bacon clearly describes each of the methodologies used by performance analysts in today's financial environment whilst sharing valuable insights drawn from his experience as a Director of Performance Measurement & Risk Control. The third edition is revised to reflect recent developments in performance attribution and presentation standards. Fully up-to-date chapters cover the entire performance measurement process, including return calculations, attribution methodologies, risk measures, manager selection and presentation of performance information. Written by an acknowledged leader in global investment performance standards, performance attribution technique and risk measurementAligns with the publication of the 2020 Global Investment Performance Standards (GIPS)Explains the mathematical aspects of performance measurement and attribution in a clear, easy-to-understand mannerProvides numerous practical and worked examples of attribution analysis and risk calculations supported by Excel spreadsheetsIncludes signposts for the future development of performance measurement Practical Portfolio Performance Measurement and Attribution, Third Edition, remains a must-have for performance analysts and risk controllers, portfolio managers, compliance professionals and all asset managers, owners, consultants and servicing firms.Table of ContentsContents Acknowledgements Contents Chapter 1 Introduction The Performance Measurement Process Role of performance analysts Book Structure Chapter 2 The Asset Management Industry Asset Classes Public Equities Bonds (or Fixed Income) Cash (and near cash) Private Assets Real Estate Private Equity Private Debt Infrastructure Natural Resources Commodities Derivatives Futures Forwards Swaps Contracts for Difference (CFD) Options Overlay Strategies Currency Hedge Funds Asset Allocation Strategic asset allocation Tactical asset allocation. Chapter 3 The Mathematics of Portfolio Return Simple Return Continuously Compounded (or logarithmic) Returns Money-weighted Returns (MWR) Internal Rate of Return (IRR) Ex-ante Internal Rate of Return Simple Internal Rate of Return Ex-post Internal Rate of Return Simple Dietz ICAA Method Modified Dietz Time-Weighted Returns (TWR) True Time-Weighted Unit Price Method Unit Price Method with Distributions Time-weighted versus Money-weighted Rates of Return Approximations to the Time Weighted Return Index Substitution Regression Method (or b method) Analyst’s Test Hybrid Methodologies Linked Modified Dietz BAI Method (or linked IRR) Which method to use? Late Trading and Market Timing Self-selection Large Cash Flow Self-selection of methodologies Annualised Returns Since Inception Internal Rate of Return (SI-IRR) Modified IRR (MIRR) Return Hiatus Gross and net of fee calculations Estimating gross and net of fee returns Initial Fees Performance Fees Asymmetric or Symmetric Crystallisation Performance Fees in Practice Equalization Reporting Hierarchy Overlay Strategies Overlay performance return calculations: Base currency and local returns Currency conversions Hedged Returns Currency Overlay Returns Perfectly Hedged Returns Portfolio Component Returns Money-weighted Component Returns End of day Beginning of day Intra-day weighted Differentiated Actual Time Rule-based Extremely large cash flows Which timing assumption to use for time-weighted returns? Carve Outs Sub-portfolios Cash Sectors Individual security returns Multi-period component returns Abnormal Returns Short Positions Contribution to return Composite returns Chapter 4 Benchmarks Benchmarks Benchmark attributes The Role of Benchmarks Types of Benchmarks Commercial Indexes Calculation methodologies Aggregate Price Index (Price-weighted Index or Carli type) Geometric (or Jevons type) Index Market Capitalisation Index Laspeyres Index Paasche Index Marshall – Edgeworth Index Fisher Index Equal weighted Indexes Fundamental Indexes Optimised Indexes (efficient or minimum variance indexes) Fixed Income Indexes Index Providers Choice of Index Provider Benchmark Regulation Choice of Index Currency Effects in Benchmark Hedged Indexes Customised Indexes Capped Indexes Peer Groups and Universes Percentile Rank Random Portfolios Exchange Traded Funds (ETFs) Target Returns Blended Benchmarks (or balanced benchmarks) Fixed Weight & Dynamised Benchmarks Spliced Indexes Money-weighted Benchmarks (or public market equivalents) Normal Portfolio Benchmark Statistics Index Turnover Up-capture Indicator Down-capture Indicator Up-number Ratio Down-number Ratio Up-percentage Ratio Down-percentage Ratio Percentage Gain Ratio Excess return Arithmetic Excess Return Geometric Excess Return Chapter 5 Risk Definition of Risk Risk types Risk management v Risk control Risk aversion Ex-post and ex-ante Descriptive Statistics Mean (or arithmetic mean) Mean absolute deviation (or mean deviation) Variance Bessel’s correction (population or sample, n or n-1) Sample variance Standard deviation (variability or volatility) Annualised risk (or time aggregation) The Central Limit Theorem Frequency and number of data points Normal (or Gaussian) distribution Histograms Skewness (Fisher’s or moment skewness) Sample skewness Kurtosis (Pearson’s kurtosis) Excess kurtosis (or Fisher’s kurtosis) Sample kurtosis Bera-Jarque statistic (or Jarque-Bera) Covariance Sample covariance Correlation (r) Sample correlation Performance appraisal Sharpe ratio (reward to variability, Sharpe index) Roy ratio Risk-free rate Alternative Sharpe ratio Revised Sharpe ratio Adjusted Sharpe Ratio Skew-adjusted Sharpe Ratio Relative risk Tracking error (or tracking risk, relative risk, active risk) Information ratio Geometric information ratio Modified information ratio Regression analysis Regression equation Regression alpha Regression beta Regression epsilon Capital Asset Pricing Model (CAPM) Beta (b) (systematic risk or volatility) Jensen’s alpha (Jensen’s measure or Jensen’s differential return or ex-post alpha) Annualised alpha Bull beta (b+) Bear beta (b-) Beta timing ratio Market timing Systematic risk Correlation R2(or coefficient of determination) Specific (or residual) risk Treynor ratio (Reward to volatility) Appraisal ratio (or Treynor-Black ratio) Factor Models Fama decomposition Selectivity Diversification Net selectivity Fama-French three factor model Three factor alpha (or Fama-French alpha) Carhart four factor model Four factor alpha (or Carhart’s alpha) Multi-factor Models Drawdown Average drawdown Maximum drawdown Largest individual drawdown Recovery time (or drawdown duration) Drawdown deviation Ulcer index Pain index Calmar ratio (or Drawdown ratio) MAR ratio Sterling ratio Sterling-Calmar ratio Burke ratio Modified Burke ratio Martin ratio (or Ulcer performance index) Pain ratio Partial Moments Downside risk (or semi-standard deviation) Downside potential Pure downside risk Half variance (or semi-variance) Upside risk (or upside uncertainty) Mean absolute moment Omega ratio (W) Bernardo & Ledoit (or gain–loss) ratio d ratio Omega-Sharpe ratio Sortino ratio Reward to half-variance Downside risk Sharpe ratio Sortino-Satchell ratio Kappa ratio Upside potential ratio Volatility skewness Variability skewness Farinelli-Tibiletti Ratio Prospect ratio Fixed Income Risk Pricing fixed income instruments Redemption yield (yield to maturity) Weighted average cash flow Duration (effective mean term, discounted mean term or volatility) Macaulay duration Macaulay-Weil duration Modified duration Portfolio duration Effective duration (or option-adjusted duration) Duration to worst Convexity Modified convexity Effective convexity Portfolio convexity Bond returns Duration beta Reward to duration Miscellaneous Risk Measures Hurst index (or Hurst exponent) Bias ratio Active Share Value at Risk (VaR) Risk-adjusted return M2 M2 excess return Differential return Adjusted M2 Skew-adjusted M2 Types of Excess Return (or Alpha) A Periodic Table of Risk Measures Periodic Table Design Why measure ex-post risk? Which risk measures to use? Hedge funds Smoothing Outliers Data mining Time Period Chapter 6 Return Attribution 280 What is Attribution? Definition Attribution as an asset management tool Early Development Types of Return Attribution Returns-based (regression or factor) Attribution Holdings-based (or buy/hold) Attribution Transaction-based Attribution Arithmetic Attribution Brinson, Hood & Beebower Asset Allocation Security (or Stock) Selection Interaction Brinson & Fachler Interaction Geometric Excess Return Attribution Asset allocation Stock selection Sector Weights Frequency of Analysis Security Level Attribution Transaction costs Off-benchmark (or zero weight sector) attribution Attribution consistent with the Investment Decision Process Market Neutral Attribution Attribution for 130/30 funds (or extended short funds) Leverage (or gearing) Attribution including derivatives Attribution including Equity Index Futures Attribution Analysis using options Multi-currency attribution Ankrim & Hensel Karnosky & Singer Geometric Multi-Currency Attribution Naïve Currency Attribution Compounding effects Geometric Currency Allocation Currency Timing Interest Rate Differentials Revised Currency Allocation Revised Country Allocation Incorporating Forward Currency Contracts Summarising Other Currency Issues Fixed Income Attribution The Yield Curve Yield curve analysis Shift Twist (or slope) Curvature (or butterfly) Carry Credit (or spread) Yield Curve Decomposition Wagner & Tito Weighted Duration Attribution Geometric Fixed Income Attribution Campisi Framework Yield Curve Decomposition Multi-period attribution Smoothing Algorithms Carino Menchero Linking Algorithms GRAP Method Frongello Davies & Laker Multi-period Geometric Attribution Annualisation of Excess Return Attribution Annualisation Contribution Analysis (or absolute return attribution) Risk-adjusted Attribution Selectivity Multi-level Attribution Balanced attribution Evolution of performance attribution methodologies Chapter 7 Performance Presentation Standards Why do we need performance presentation standards? Global Investment Performance Standards (GIPS®) – A history Advantages for Asset Managers The GIPS Standards Fundamentals of Compliance Definition of the Firm Maintaining Policies and Procedures Providing GIPS Reports Benchmark Selection Correcting Errors in GIPS Reports Composite Descriptions Recordkeeping Linking of theoretical and actual performance Portability Use of time-weighted or money-weighted returns Claiming Compliance with the GIPS standards. Input Data and Calculation Methodology Firm Assets, Composite Assets and Pooled Fund Assets Overlay Exposure Returns Valuation Time-Weighted Returns Money-weighted Returns Net Returns Composite Returns Private Market Investments Real Estate Net-of-fee Carve-outs returns Wrap fee, side pockets and subscription lines of credit Composite and Pooled Fund Maintenance Composite Maintenance Carve-Outs Presentation and Reporting Composite Time-weighted Return Report Returns, Dispersion & Risk Unobservable inputs, gross or net-of-fees, multiple benchmarks, breaks in performance, carve-outs and non-fee-paying portfolios Committed Capital and Advisory Assets Reporting currency, carve-outs, overlay strategies, wrap fees and supplemental information Composite Money-weighted Reports Composite Cumulative Committed Capital Total Value to Since-inception Paid in Capital (TVPI or Multiple of Investment Capital (MOIC) or Investment Multiple) Since-inception Distributions to Since-inception Paid-in Capital (Realisation multiple or DPI) Since-inception Paid-in Capital to cumulative Committed Capital (PIC Multiple) Residual Value to since-Inception Paid-in Capital (Unrealised Multiple or RVPI) Disclosures Claim of Compliance Firm, composite and benchmark definitions Fee disclosures Inception date, creation date, composite lists availability of policies and procedures, leverage and estimated transaction costs. Significant events, redefinition, minimum asset levels and withholding tax Conflicts with regulation, carve-out disclosures & sub-advisors. Benchmark Disclosures Significant cash flow disclosure and material errors. Risk measures, overlay strategy, real estate valuation and theoretical performance disclosures. Sample GIPS Composite Report GIPS Advertising Guidelines Fundamental requirements of the GIPS Advertising Guidelines GIPS Advertisements that do not include performance. GIPS advertisements for composites GIPS Advertisements for a Broad Distribution Pooled Fund Verification Performance Examination Achieving Compliance Maintaining Compliance GIPS Standards for Asset Owners Chapter 8 Bringing it all together Effective dashboards Data visualisation tools Manager Selection Asset Manager Selection Manager Evaluation Portfolio Evaluation Monitoring and Control The Four Dimensions of Performance Ex-post Return (The traditional dimension) Ex-post Risk (The neglected dimension) Ex-ante Return (The unknown dimension) Ex-ante Risk (The “sexy” dimension) Risk efficiency ratio Performance efficiency Risk control structure Risk management Glossary of Key Terms Appendix A - Simple Attribution Appendix B - Multi-Currency Attribution Methodology Bibliography Index

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Book SynopsisWILLIS'S PRACTICE AND PROCEDURE FOR THE QUANTITY SURVEYOR The most up-to-date edition of the gold standard in introductory quantity surveying textbooks In the newly revised Fourteenth Edition of Willis's Practice and Procedure for the Quantity Surveyor, the authors provide a comprehensive and authoritative introduction to the core skills required by quantity surveyors. This latest edition is thoroughly updated to emphasize the use of information technology in construction, and contains new pedagogical features, new learning outcomes, and key learning points that relate the material specifically to the RICS Assessment of Professional Competence (APC). Historically employed to estimate and measure the likely material requirements for any building project, the role of the modern quantity surveyor is diverse and dynamic, with rapid change featuring across quantity surveying practice. The book echoes this dynamic environment, covering quantity surveying in private practice, public service, and in contracting organizations. Readers will also find: In-depth discussions of the use of IT in construction New and improved teaching and instruction features in the text, including new learning outcome sections and key learning points to highlight crucial concepts Tighter alignment with the requirements of the RICS Assessment of Professional Competence Perfect for undergraduate students studying quantity surveying, Willis's Practice and Procedure for the Quantity Surveyor, 14th Edition is also an indispensable resource for practicing surveyors and inspectors seeking a one-stop handbook to the foundational principles of quantity surveying.Table of ContentsPreface xvii 1 The Work of the Quantity Surveyor 1 Introduction 2 Characteristics of the construction industry 2 Construction sectors 3 The quantity surveying profession 5 The role of the quantity surveyor 6 Skills, knowledge and understanding 9 Quantity surveying education 13 RICS accreditation 13 Assessment of professional competence (APC) 14 Continuing professional development (CPD) 16 References 16 2 Digital Technologies 19 Introduction 19 Building information modelling (BIM) 22 References 34 3 Organisations and Management 37 Introduction 38 Business structures 38 Staffing 40 Corporate responsibilities 42 Employer’s responsibilities 43 Marketing 45 Management systems 46 Time and cost management 48 Developing staff and skills 49 Finance and accounts 50 References 54 4 The Quantity Surveyor and the Law 57 Introduction 58 The quantity surveyor and the client 58 Agreement for appointment 61 Negligence 65 Unbefitting professional behaviour 66 Other legislation requirements 67 References 70 5 Cost Control 71 Introduction 71 Project cost control 72 Cost advice 74 Cost reporting 74 New Rules of Measurement (NRM1) 75 Pre-contract estimating methods 75 General considerations 78 Cost planning 80 Additions to the building works estimate 81 Main contractor’s costs 81 Design and professional fees 81 Other project costs 82 Risk allowances 82 Inflation 82 Exclusions associated with specialist advice 83 Accuracy of approximate estimates 84 BIM and cost estimating 85 Client’s cash flow 86 Contractor’s cost control 86 Contractor’s cash flow 87 The role of lean construction in cost control 87 References 91 6 Whole Life Costing 93 Introduction 93 Government policy 95 Whole life costing and environmental impact 95 Whole life costing applications 96 Main factors to consider in WLC and LCC 100 Long life, loose fit and low energy 102 Calculations 104 Life cycle worked examples 105 Sensitivity analysis 106 Reporting to the client 106 BIM and LCC 106 References 107 7 Value Management 109 Introduction 109 Background 110 Terminology 110 Key aspects of value management 113 The job plan 114 Role of the quantity surveyor in the value management workshop 121 BIM and value management 121 Function analysis 122 Supporting the case for value management 126 Professional development and accreditation 128 References 128 8 Risk Management 131 Introduction 132 The application of risk management 133 Risk identification 134 Risk analysis 135 Risk evaluation 141 Risk management plan 141 BIM and risk management 145 References 146 9 Procurement 147 Introduction 147 General matters 148 Standard forms of contract 150 Methods of price determination 151 Contractor selection 154 Contract strategy 164 Client procurement needs 165 Partnering 167 The Private Finance Initiative (PFI) 170 The role of the quantity surveyor 171 References 171 10 Contract Documentation 173 Contract documents 173 Coordinated project information 175 Form of contract 176 Contract drawings 177 Descriptive schedules 178 Contract bills 178 Contract specification 181 Schedules of rates 182 Master programme 182 Information release schedule 182 Discrepancies in documents 182 BIM and contracts 183 References 183 11 Preparation of Contract Bills 185 Appointment of the quantity surveyor 185 Receipt of drawings 186 Taking-off 188 Methods of measurement 189 Alterations in taking-off 190 Standard descriptions 191 Numbering items 191 Schedule of basic rates (fluctuations option B) 191 Schedule of allocation (fluctuations option C) 192 Completing the contract bills 192 Computerised bill production 193 Copyright in the bills of quantities 193 Tendering procedure 194 Tender queries 195 E-tendering 203 Online auctions 203 References 203 12 Cost Management 205 Introduction 205 Valuations 206 Valuation on insolvency 218 Cost control and reporting 219 Cash flow 221 BIM and valuing and managing change 222 References 222 13 Final Accounts 225 Introduction 226 Variations 227 Procedure for measurement and evaluation 229 The role of the clerk of works 231 Pricing variations 231 Provisional sums 236 Loss and expense 238 Fluctuations 238 Completing the account 241 Audit 242 Timing and resources 244 References 245 14 Insolvency 247 Introduction 247 The role of the quantity surveyor 250 The role of the liquidator 250 Termination of contract (contractor insolvency) 252 Provision in the forms of contract 253 Factors to consider at insolvency 253 Completion of the contract 255 The employer’s loss 256 Expenditure involved 256 Termination of contract (employer insolvency) 256 Insolvency of the quantity surveyor or architect 258 Performance bonds 258 References 259 15 Contractual Disputes 261 Introduction 261 Why disputes arise 262 Litigation 264 Alternative dispute resolution 264 Adjudication 265 Arbitration 266 Non-adversarial alternative dispute resolution 268 Expert witness 272 Claims 273 References 276 16 Project Management 279 Introduction 279 Project management 281 Terminology 281 Duties of the project manager 282 BIM and the project manager 285 Responsibilities of the project manager 285 References 291 17 Facilities Management 293 Introduction 294 Measuring building performance 294 The role of the facilities manager 295 Outsourcing 296 Maintenance management 297 Problems of working in existing buildings 298 Procurement 299 Tendering and contractual arrangements 302 Budget and cost control 303 Benchmarking to improve value 305 Sustainability 306 Facilities management and BIM 308 Education and training for the facilities manager 309 Facilities management opportunities for the quantity surveyor 309 References 310 18 Sustainability in the Built Environment 313 Introduction 313 Sustainable development 314 Legislation 319 Assessment methods 320 Net zero 321 Circular economy 324 Measuring embodied carbon emissions drivers 325 Whole life carbon assessments 325 Quantity surveying and sustainability 327 References 328 Index 331

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Book SynopsisTable of ContentsIntroduction 1 Part 1: Getting Started with Your New Business 7 Chapter 1: Preparing for Business 9 Chapter 2: Doing the Groundwork 27 Chapter 3: Can You Do the Business? 51 Chapter 4: Testing Feasibility 71 Part 2: Making and Funding Your Plan 93 Chapter 5: Structuring Your Business 95 Chapter 6: Preparing the Business Plan 117 Chapter 7: Getting Help 135 Chapter 8: Finding the Money 147 Chapter 9: Considering Your Mission 175 Chapter 10: Marketing and Selling Your Wares 181 Part 3: Staying in Business 211 Chapter 11: Employing People 213 Chapter 12: Operating Effectively 237 Chapter 13: Keeping Track of Finances 261 Chapter 14: Managing Your Tax Position 287 Part 4: Making the Business Grow 303 Chapter 15: Doing Business Online 305 Chapter 16: Improving Performance 327 Chapter 17: Exploring Strategies for Growth 347 Chapter 18: Becoming a Great Manager 367 Part 5: The Part of Tens 385 Chapter 19: Ten Pitfalls to Avoid 387 Chapter 20: Ten People to Talk to Before You Start 393 Chapter 21: Ten Reasons for Using Social Media 401 Index 411

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Book SynopsisStraightforward, practical guidance for working fraud examiners and forensic accountants In Data Sleuth: Using Data in Forensic Accounting Engagements and Fraud Investigations, certified fraud examiner, former FBI support employee, private investigator, and certified public accountant Leah Wietholter delivers a step-by-step guide to financial investigation that can be applied to almost any forensic accounting use-case. The book emphasizes the use of best evidence as you work through problem-solving data analysis techniques that address the common challenge of imperfect and incomplete information. The accomplished author bridges the gap between modern fraud investigation theory and practical applications and processes necessary for working practitioners. She also provides: Access to a complimentary website with supplementary resources, including a Fraud Detection Worksheet and case planning templateStrategies for systematically applying the Data Sleuth framework to streamline and grow your practiceMethods and techniques to improve the quality of your work productData Sleuth is an indispensable, hands-on resource for practicing and aspiring fraud examiners and investigators, accountants, and auditors. It's a one-of-a-kind book that puts a practical blueprint to effective financial investigation in the palm of your hand.Table of ContentsForeword xi Preface xv Acknowledgments xix Chapter 1: Building a Data Sleuth Team 1 The First Team 2 The Forensic Accountant 4 Technical and Strategic 4 Thorough and Efficient 5 Detail-Oriented and Effective Communication 6 Accounting Knowledge and Legal Knowledge 7 Meeting Deadlines and Developing Business 8 Forensic Accountant Problems 8 The Scalability Problem 9 The Strategy Problem 10 The Review Problem 12 The Sustainability Problem 13 Data Sleuth Solutions 14 The Scalability Solution 14 The Strategy Solution 16 The Review Solution 18 The Sustainability Solution 18 Chapter 2: The Data Sleuth Process 21 Engagement Types 21 Simultaneously Managing Client Expectations and Objectivity 25 Professional Standards 28 The Data Sleuth Process 30 Chapter 3: The Data Sleuth Necessity 41 Forensic Accounting Engagements versus External Financial Statement Audits 42 The Evolution of Forensic Accounting 44 The Case of the Cash Back Payroll Scheme 45 Start with the Evidence, Not the Scheme 47 The Case of the Gambling Executive Director 48 Chapter 4: Data Sleuth Considerations 53 Investigations Affect Real People 54 The Case of the Nonexistent Inventory 55 The Fraud Formula 58 Staying on Task with Purpose in Mind 59 The Investigation Decision Tree for a Data Sleuth 60 Recovery Avenues 63 The Case of the Man Cave 66 Chapter 5: Client Communication and Involvement 71 The Case of the Initial Client Meeting 72 Client Expectations 75 Data Procurement 77 Client Involvement During an Investigation 78 Ongoing Client Communication 81 Chapter 6: The Data Sleuth Case Plan 83 The Data Sleuth Process 83 The Client’s Investigation Priorities 86 Evaluate the Subject’s Access through Risk-Based Analysis 86 Data Sleuth Analysis Framework 88 From Conceptual Venn Diagram to Comparative Data Analysis 96 The Data Analysis Plan 97 Data and Information Gathering 99 Communication of the Case Plan 101 The Case of the Duplicate Payroll – Conclusion 102 Chapter 7: Risk-Based Analysis 105 The Case of the Puzzling Entries 106 Risk Focus in Audits versus Risk Focus in Investigations 118 The Case of the Mom of the Year 118 Evaluating Risk in Divorce Cases and Estate and Trust Disputes 126 Chapter 8: Data Sources and Data Processing Techniques 129 Data Sources Explained 129 Quantitative and Qualitative Data Sources 130 Data Sources for Quantitative Evidence 130 Data Sources for Qualitative Evidence 134 Using Quantitative and Qualitative Data Sources 135 Data Processing Techniques 136 Relevant Period 136 Getting Organized Before Beginning Data Processing 139 Considerations Before Processing Data 144 Account Scheduling Steps 145 Formatting Account Schedules and Normalizing Payees 149 Chapter 9: Standard Data Sleuth Analyses: Comparative Analysis and Source and Use Summaries 151 Comparative Analysis 152 The Case of the Cash Flow Fiasco 153 Source and Use Summary and Analysis 156 Bank Account Source and Use Analysis 157 Credit Card Account Source and Use Summary 164 Chapter 10: Standard Data Sleuth Analyses: Interesting Data Findings, Risk Indicator Analysis, and Payroll Analysis 169 Interesting Data Findings 170 Risk Indicator Analysis 175 Payroll Analysis 180 Overpayments of Payroll 189 Chapter 11: Findings, Reports, and Testimony 193 Findings 193 Reports 196 A Report for Criminal Charges 197 Report Recommendations for Law Enforcement Referral 199 An Expert Report for Civil Litigation 200 An Expert Report for Insurance Reimbursement 201 Report Organization Recommendations 202 Testimony 203 Chapter 12: Practice the Data Sleuth Process 207 Review of the Data Sleuth Case Plan 207 Review of Data Sleuth Data Processing 208 Review of the Data Analysis Plan and Standard Data Sleuth Analyses 208 Case Study 1: The Case of the Disappearing Business 209 Case Study 2: The Case of the Sneaky CFO 213 Chapter 13: The Cases that Went Wrong 219 The Client Who Believes He Was Wronged 219 The Client Whose Decisions Affect an Investigation 225 Chapter 14: Data Sleuth Expansion 231 Data Sleuth Empowers the Curious 232 Data Sleuth Divisions 234 Public Accounting Firms 235 Consulting and Advisory Firms 236 The Case of the Phony Professional 237 Law Firms 239 Law Enforcement 240 The Future of Data Sleuth 240 Data Sleuth as Prevention 240 Licenses, Credentials, and Professional Development 241 Appendix: Case Study Exercise Solution Recommendations 243 Case Study 1: Exercise 1 – Solution Recommendations 243 Case Study 2: Exercise 1 – Solution Recommendations 244 Case Study 2: Exercise 2 – Solution Recommendations 246 About the Author 249 About the Website 251 Index 253

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Book SynopsisWhat would happen to your team, and your organization, if everyone knew how to change the game and make success a daily occurrence? Companies and individuals are looking for more freedom: personal freedom, creative freedom, and freedom to rethink what work really means. From dealing with COVID-19, facing diversity issues, battling burnout, zoom fatigue and more, organizations are stretched thin and must find a way to help their employees find balance and freedom in order to thrive in these unprecedented times. In Success From Anywhere: Create Your Own Future of Work from the Inside Out, bestselling author and veteran Salesforce executive Karen Mangia delivers an eyes-wide-open discussion on the future of work and what it means to find personal and professional success in the new workforce. Whether you're in a hybrid environment, or working from home, you know the importance of connection and teamwork. This compelling, practical guide explains how success is something organizations discover from the inside out creating greater engagement, retention, and professional impact from a new understanding of the future of work. With commentary from business leaders like Tom Peters, as well as guidance from leading scientists like David Eagleman and Kelly McGonigal, Success From Anywhere shows professionals how to build success into every organizational design regardless of company culture, leadership, or industry and offers actionable insights on a range of timely and relevant subjects, including: Rethinking the foundations of what work really means, including work-life balance, the future of work, and where peak performance really comes fromThe origins of intolerance, and how to access greater diversity, inclusion, and belonging inside every organizationCreating a high-impact culture in the anxious and stressful pandemic environment by redesigning the game and creating your own rulesHow to overcome feelings of constriction and confinement, to find new possibilities, for your own careerGetting past the feeling that you have to do it all in order to succeedPowerful scientific insights into stress-relief, battling burnout and becoming your best self Perfect for anyone wanting to create greater professional impact, whether working from home, leading a hybrid team, or just trying to access greater personal freedom, this principles-based guidebook will earn a spot in the libraries of executives, managers, leaders, and employees who care about creating innovative and inclusive organizations. Discover how to adapt to these changing times and the uncertain times ahead with a new playbook for yourself, your career, and your organization that playbook is Success From Anywhere.Table of ContentsForeword xi 1 A New Game in Town 1 2 Beyond the Foundation 17 3 The Stress- Free Experiment 33 4 Progressive Tolerance 51 5 Into the Expanse 65 6 Does This Bug You? 81 7 The Trust Blueprint 99 8 Finding Excellence 117 9 The Slap, the Liar and the Racecar Driver 131 10 Rediscovering the Magic 155 Acknowledgments 165 About the Author 169 Index 171

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Book SynopsisEnvironment, Tenth Edition helps students understand the connection between the core concepts of the Environmental Science and their daily lives. The 10th edition enhanced e-text features a rich, interactive collection of current case studies and in-text examples, which provides students with the tools to understand, apply, and think critically about environmental science. It also provides instructors with powerful tools to assess individual students progresses well as the class as a whole.Table of Contents1 Introducing Environmental Science and Sustainability 1 2 Environmental Laws, Economics, and Ethics 21 3 Ecosystems and Energy 41 4 Ecosystems and the Physical Environment 57 5 Ecosystems and Living Organisms 85 6 Major Ecosystems of the World 113 7 Human Health and Environmental Toxicology 140 8 The Human Population 161 9 The Urban Environment 179 10 Energy Consumption 196 11 Fossil Fuels 214 12 Renewable Energy and Nuclear Power 234 13 Water: A Limited Resource 255 14 Soil Resources 280 15 Mineral Resources 299 16 Biological Resources 318 17 Land Resources 341 18 Food Resources 362 19 Air Pollution 383 20 Global Climate Change 409 21 Water Pollution 427 22 Pest Management 450 23 Solid and Hazardous Wastes 469 24 Tomorrow's World 489 Appendices 503 Glossary 516 Index I-1

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Book SynopsisTable of ContentsPreface xiii Acknowledgments xxi About the Companion Website xxiii Part One Origination Chapter 1 Fundamentals of Credit Risk 3 What Is Credit Risk? 3 Types of Transactions That Create Credit Risk 5 Who Is Exposed to Credit Risk? 9 Why Manage Credit Risk? 19 Chapter 2 Governance 21 Guidelines 22 Skills 25 Setting Limits 30 Oversight 30 Final Words 33 Chapter 3 Checklist for Origination 35 Does the Transaction Fit into My Strategy? 36 Does the Risk Fit into My Existing Portfolio? 37 Do I Understand the Credit Risk? 38 Does the Seller Keep an Interest in the Deal? 39 Are the Proper Mitigants in Place? 40 Is the Legal Documentation Satisfactory? 41 Is the Deal Priced Adequately? 41 Do I Have the Skills to Monitor the Exposure? 42 Is There an Exit Strategy? 43 Final Words 44 Part Two Credit Assessment Chapter 4 Measurement of Credit Risk 47 Exposure 47 Probability of Default 52 The Recovery Rate 62 The Tenor 63 Direct versus Contingent Exposure 64 The Expected Loss 65 Chapter 5 Dynamic Credit Exposure 67 Long-Term Supply Agreements 68 Derivative Products 70 The Economic Value of a Contract 73 Mark-to-Market Valuation 75 Value at Risk (VaR) 78 Chapter 6 Fundamental Credit Analysis 81 Accounting Basics 83 A Typical Credit Report 91 Agency Conflict, Incentives, and Merton’s View of Default Risk 100 Final Words 105 Chapter 7 Alternative Estimations of Credit Quality 107 The Evolution of an Indicator: Moody’s Analytics EDF™ 108 Credit Default Swap Prices 114 Bond Prices 120 Final Words 121 Chapter 8 Consumer Finance 123 What Is Consumer Finance? 126 Segmentation of Consumer Finance Products 127 Major Families of Consumer Finance Products 129 Assessment of Credit Quality 136 Decisions by Lenders 139 Regulatory Environment 143 Chapter 9 State and Local Government Credit 145 State and Local Governments 145 Exposure Types 146 Assessing Credit Risk 152 Managing Credit Risk 156 Final Words 160 Chapter 10 Sovereign Credit Risk 161 Sovereign Borrowers 161 Types of Sovereign Bonds 162 Sovereign Debt Market 163 Credit Analysis 163 Mitigation 166 Default and Recovery 167 Final Words 168 Chapter 11 Securitization 169 Asset Securitization Overview 171 The Collateral 174 The Issuer 178 The Securities 179 Main Families of ABSs 182 Securitization for Risk Transfer 186 Credit Risk Assessment of ABS 189 Warehousing Risk 191 Final Words 192 Chapter 12 Collateral Loan Obligations (CLOs) 193 Overview of the Corporate Loan Market 194 What Are CLOs? 194 Arbitrage CLOs 196 Balance Sheet CLOs 200 ABS CDOs 205 Credit Analysis of CLOs 207 Part Three Portfolio Management Chapter 13 Credit Portfolio Management 213 Level 1 215 Level 2 219 Level 3 224 Organizational Setup and Staffing 226 The IACPM 227 Final Words 227 Chapter 14 Economic Capital and Credit Value at Risk (CVaR) 229 Capital: Economic, Regulatory, Shareholder 230 Defining Losses: Default versus Mark-to-Market (MTM) 232 Credit Value at Risk or CVaR 235 Creating the Loss Distribution 242 Active Portfolio Management and CVaR 249 Pricing 251 Final Words 252 Chapter 15 Regulation 255 Doing Business with a Regulated Entity 256 Doing Business as a Regulated Entity 262 How Regulation Matters: Key Regulation Directives 263 Final Words 271 Chapter 16 Accounting Implications of Credit Risk 273 Loan Impairment 274 Loan-Loss Accounting 275 Regulatory Requirements for Loan-Loss Reserves 277 Impairment of Debt Securities 278 Derecognition of Assets 279 Consolidation of Variable Interest Entities (VIEs) 280 Accounting for Netting 281 Hedge Accounting 282 Credit Valuation Adjustments, Debit Valuation Adjustments, and Own Credit Risk Adjustment 284 IFRS 7 285 Final Words 285 Part Four Mitigation and Transfer Chapter 17 Mitigating Derivative Counterparty Credit Risk 289 Measurement of Counterparty Credit Risk 289 Mitigation of Counterparty Credit Risk through Collateralization 290 Legal Documentation 298 Dealers versus End Users 299 Bilateral Transactions versus Central Counterparty Clearing 299 Prime Brokers 303 Repurchase Agreements 304 Final Words 306 Chapter 18 Structural Mitigation 307 Transactions with Corporates 308 Transactions with Special Purpose Vehicles 317 Chapter 19 Credit Insurance, Surety Bonds, and Letters of Credit 325 Credit Insurance 326 Surety Bonds 332 Letters of Credit or LoCs 335 The Providers’ Point of View 339 Final Words 342 Chapter 20 Credit Derivatives 345 The Product 345 The Settlement Process 349 Valuation and Accounting Treatment 354 Uses of CDSs 356 Credit Default Swaps for Credit and Price Discovery 360 Credit Default Swaps and Insurance 360 Indexes, Loan CDSs, MCDSs, and ABS CDSs 361 Chapter 21 Bankruptcy 363 What Is Bankruptcy? 364 Patterns of Bankrupt Companies 365 Signaling Actions 368 Examples of Bankruptcies 369 Final Words 372 About the Authors 373 Index 375

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Book SynopsisTable of Contents1 Introduction 4 Five Key Problems of Centralized Financial Systems Implications 2 The Origins of Modern Decentralized Finance 6 A Brief History of Finance 6 Fintech 6 Bitcoin and Cryptocurrency 7 Ethereum and DeFi 9 3 DeFi Infrastructure 9 Blockchain 10 Cryptocurrency 10 The Smart Contract Platform 11 Oracles 12 Stablecoins 13 Decentralized Applications 14 4 DeFi Primitives 14 Transactions 15 Fungible Tokens 16 Nonfungible Tokens 19 Custody 20 Supply Adjustment 20 Incentives 22 Swap 25 Collateralized Loans 27 Flash (Uncollateralized) Loans) 28 5 Problems DeFi Solves 28 Inefficiency 29 Limited Access 30 Opacity 31 Centralized Control 32 Lack of Inoperability 6 DeFi Deep Dive 34 Credit/Lending 34 Decentralized Exchange 49 Derivatives 55 Tokenization 65 7 Risks 68 Smart Contract Risk 68 Governance Risk 70 Oracle Risk 71 Scaling Risk 72 DEX Risk 73 Custodial Risk 74 Regulatory Risk 75 8 Conclusions: Losers and Winners 76

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Book SynopsisTable of ContentsPreface xiii Acknowledgments xv Chapter 1 Definition and Drivers of Operational Risk 1 The Definition of Operational Risk 1 2012 London Olympics: A Case Study 5 Operational Risk Management and Operational Risk Measurement 9 Drivers of Operational Risk Management 13 Key Points 14 Review Questions 14 Notes 15 Chapter 2 The Regulatory Push 17 History of the Basel Accords 17 Rules of the Accords 22 Adoption of Basel II in Europe 27 Adoption of Basel II in the United States 27 Impact of the Financial Crisis 29 Basel III 34 Key Points 36 Review Questions 36 Notes 37 Chapter 3 The Operational Risk Framework 39 Overview of the Operational Risk Framework 39 The Foundations of the Framework 40 The Four Data Building Blocks 42 Measurement and Modeling 44 Reporting 44 Risk Appetite 45 Key Points 45 Review Questions 46 Note 46 Chapter 4 Operational Risk Governance 47 Role of Governance 47 First Line of Defense 50 Second Line of Defense 51 Third Line of Defense 63 Risk Committees 66 Key Points 68 Review Questions 69 Notes 69 Chapter 5 Culture and Awareness 71 Winning over the Firm 71 Marketing and Communication 72 Agile 73 Training 75 Planning 76 The “Use Test” 82 Key Points 84 Review Question 84 Note 84 Chapter 6 Policies and Procedures 85 The Role of Policies, Procedures, Guidelines, and Standards 85 Best Practices 88 Operational Risk Policy 88 Sample Operational Risk Policy 89 Sample Standards, Procedures, and Guidelines 95 Key Points 97 Review Question 97 Note 97 Chapter 7 Internal Operational Risk Event Loss Data 99 Operational Risk Event Data 99 Internal Loss Data or Internal Operational Risk Events 100 Risk Event Categories 103 Using the Basel Risk Categories 112 Minimum Operational Risk Event Data Standards 113 Where Should Operational Risk Event Data Be Collected? 129 When Should Operational Risk Event Data Be Collected? 130 How Should Operational Risk Event Data Be Collected? 130 Key Points 132 Review Questions 132 Notes 134 Chapter 8 External Loss Data 135 External Operational Risk Event Data 135 Sources of External Loss Event Data 136 Challenges of External Data 139 Key Points 147 Review Question 148 Notes 148 Chapter 9 Key Risk Indicators 149 Key Risk Indicators 149 Selecting Kris 153 Thresholds 154 Kri Standards 154 Kri Challenges 155 Metrics Examples 155 Key Points 161 Review Question 161 Note 161 Chapter 10 Risk and Control Self-Assessments 163 The Role of Assessments 163 RCSA Methods 166 RCSA Scoring Methods 169 RCSA Best Practices 173 Key Points 178 Review Question 179 Note 179 Chapter 11 Scenario Analysis 181 Role of Scenario Analysis 181 Scenario Analysis Approaches 183 Scenario Analysis Output 192 Key Points 195 Review Questions 195 Notes 196 Chapter 12 Capital Modeling 197 Operational Risk Capital 197 Basic Indicator Approach 199 Standardized Approach 202 Advanced Measurement Approach 208 Insurance 221 Future of Capital Requirements: Basel III 223 Key Points 235 Review Questions 236 Notes 236 Chapter 13 Reporting 239 Role of Reporting 239 Operational Risk Event Reporting 241 Risk and Control Self-Assessment Reporting 247 Key Risk Indicator Reporting 248 Scenario Analysis Reporting 249 Capital Reporting 249 Action Tracking Reporting 250 A Consolidated View 253 Dashboards 253 Key Points 253 Review Question 255 Chapter 14 Risk Appetite 257 The Role of Risk Appetite 257 Regulatory Expectations 259 Implementing a Risk Appetite Framework 264 Monitoring Operational Risk Appetite 268 Risk Appetite Today 272 Key Points 272 Review Question 273 Notes 273 Chapter 15 Reputational Risk and Operational Risk 275 What Is Reputational Risk? 275 Reputational Impact 277 Regulatory Oversight of Reputational Risks 283 Reputational Risk Management Framework 284 Key Points 289 Review Question 289 Notes 290 Chapter 16 Operational Risk and Convergence 291 Operational Risk as a Catalyst for Convergence 291 Governance, Risk, and Compliance (GRC) 292 Converged or GRC Reporting 301 Key Points 302 Review Question 303 Notes 303 Chapter 17 Best Practices in Related Risk Management Activities 305 New-Product Approval 305 Supplier and Third-Party Risk Management 306 Legal Risk Management 307 Regulatory Risk Management 308 People Risk Management 308 Fraud Risk Management 309 Technology Risk Management 310 Climate Risk 311 Pandemic Planning 312 Strategic Risk 314 Key Points 316 Review Question 317 Notes 317 Chapter 18 Case Studies 319 JPMorgan Whale: Risky or Frisky? 319 Review Questions 324 Notes 339 Appendix: Answers to Review Questions 341 About the Author 351 About the Website 353 Index 355

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Book SynopsisTable of ContentsIntroduction 1 Part 1: Opening the Books on Accounting 5 Chapter 1: Accounting in Today’s New Economy 7 Chapter 2: Introducing Financial Statements 29 Chapter 3: Safeguarding Company Assets 53 Chapter 4: Accounting in the Digital Age 75 Chapter 5: Recognizing the Legal and Accounting Entity 89 Part 2: Exploring Financial Statements 109 Chapter 6: Reporting Profit or Loss in the Income Statement 111 Chapter 7: Reporting Financial Condition in the Balance Sheet 137 Chapter 8: Reporting Cash Sources and Uses in the Statement of Cash Flows 161 Chapter 9: Financial Accounting Issues 183 Part 3: Understanding Financial Reports, Financial Statements, and Financial Information 207 Chapter 10: Producing Financial Reports 209 Chapter 11: Deciphering a Financial Report 231 Chapter 12: Analyzing Financial Information with Ratios 245 Chapter 13: Generating Internal Financial Information for Management Use 267 Chapter 14: Applying Wall Street’s Tricks and Treats to Engineer Financial Results 289 Part 4: Leveraging Accounting in Managing a Business 301 Chapter 15: Analyzing Profit 303 Chapter 16: Accounting for Costs 325 Chapter 17: Preparing Best-in-Class Forecasts, Projections, and Budgets 347 Chapter 18: Capitalizing a Business: How, When, Why, and What 369 Part 5: The Part of Tens 397 Chapter 19: Ten Tips for Managers 399 Chapter 20: Ten Tips for Reading a Financial Report 409 Index 419

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Book SynopsisExplore the latest edition of an authoritative resource on professional and educational mentoring Inthe newly revised Third Edition ofThe Mentor's Guide: Facilitating Effective Learning Relationships,veteran mentoring expertsLoisJ.Zachary and LisaZ.Fain deliver a thoughtful and rich exploration of the critical process of mentoring. The book offers practical tools for facilitating the mentoring experience from beginning to end. In addition towalkingyou through the four phases of mentoringpreparing,negotiatingenabling growth, andcoming toclosurethis important book provides: Brand-new content on diversity, inclusion, and equity, as well astools to enhancevirtual mentoringrelationshipsThe ethics of mentoring, includinghow to handle common ethical pitfalls and mistakesHands-on worksheets and exercises to facilitate the mentoring and learning process Perfectfor leaders,managers,andeducators,in any careerorprofessional setting,The Mentor's Guideis an indispensable tool to help navigateyourlearning and mentoring journey. Table of ContentsExercises, Examples, Tables, and Figures xi Foreword by Laurent A. Parks Daloz xv Preface to the Third Edition xvii Acknowledgments xxiii About the Authors xxv 1 Learning: Grounding the Work of Mentoring 1 Part One Considering Context 33 2 The Context of Difference: Bringing Who We Are to What We Do 37 3 The Context of Connection: Physical, Virtual, Personal 75 Part Two The Predictable Phases of Mentoring 97 4 Preparing: Getting Ready for a Mentoring Relationship 101 5 Negotiating: Establishing Agreements 135 6 Enabling Growth: Support, Challenge, and Vision 167 7 Enabling Growth: Engaging in Feedback and Dealing with Stumbling Blocks 191 8 Coming to Closure: Looking Back, Moving Forward 225 9 Digging Deeper: Integrating Your Learning: Tips and Resources 249 Notes 265 References 273 Index 283

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Book SynopsisLearn how to create and profit from NFTsThe NFT Handbook is a detailed guide on how to create, sell and buy non-fungible tokens without the need for a technical background. Learn exactly what NFTs are, how they evolved, and why they have value. We'll delve into the different types and aspects of NFTs and discuss the different NFT marketplaces and the pros and cons of each. Create Your Own NFTs: Step by step instructions on all aspects of NFT creation, including what types of content to use, where to source content, adding artistic design, writing the NFT's description, adding optional unlockable content and setting an optional ongoing royalty. Mint Your NFTs: You'll learn the process of how to get your NFTs on the blockchain. Sell Your NFTs: We'll go through the whole process including creating a collection, and the different options such as setting a price or starting an auction. Buy NFTs: What you'll need to bid on and purchase NFTs, and how to avoid getting scammed. You'll also get a primer on blockchain, particularly the Ethereum cryptocurrency and gas fees. You'll also be shown step by step how to create, secure and fund your own cryptocurrency wallet, where you'll store your NFTs and cryptocurrency. Whether you're experienced with the blockchain and crypto or a complete noob (beginner), The NFT Handbook will guide you in the process of creating, minting, selling and buying NFTs.Table of ContentsAbout the Authors vii About the Technical Editor ix Acknowledgments x Foreword xvii Chapter 1 Introduction to NFTs 1 Chapter 2 What Are NFTs? 7 Why People Collect 7 What Exactly Are NFTs? 10 Types of NFTs 16 Aspects of NFTs 32 Extrinsic Elements of NFTs 44 Chapter 3 Why NFTs Have Value 49 Why Do Collectibles Have Value? 50 The Problems with Traditional Art 53 The Problems with Collectibles and Memorabilia 57 Digital Art Before NFTs 60 The True Advantage of NFTs 61 NFTs Aren’t Perfect 74 External Forces That Drive Value 89 Chapter 4 History of NFTs 93 Andy Warhol Presents Pop Art 94 Beeple’s Cyberpunk World Meets NFTs 99 The Story of Digital Art 104 Chapter 5 NFT Marketplaces 115 OpenSea 116 Rarible 117 Nifty Gateway 118 SuperRare 118 Wax (Atomic Hub) 119 Foundation 120 NBA Top Shot 121 VeVe 122 Known Origin 122 Myth Market 123 Wrap-Up 124 Chapter 6 Creating and Minting NFTs 125 Creating the Aspects of Your NFT 126 Creating a Cryptocurrency Wallet 134 Creating an OpenSea Account 144 Creating a Collection 147 Minting an NFT 157 Chapter 7 Selling NFTs 161 Your Exchange Account 161 Buying Cryptocurrency 167 Funding Your MetaMask Wallet 170 Selling Your NFTs 172 Marketing Your NFTs 181 Chapter 8 Buying NFTs 195 Why Buy NFTs? 195 Buying NFTs 199 Building an NFT Collection 206 Chapter 9 Legal Aspects of NFTs 213 Are NFTs Securities? 214 Intellectual Property Rights 218 Right of Publicity 225 Right of Privacy 231 Contracts 232 Taxes 235 Chapter 10 The Future of NFTs 239 The Metaverse 240 Non-bankable Assets 246 Digital Wallets 251 The Unwritten Future of NFTs 254 Index 255

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Book SynopsisA fascinating set ofBlackperspectives onwhat it takes to succeed today Inthis updated and revised edition of Take a Lesson: Today''s?Black Achievers on How They Made It and What They Learned Along the Way, award-winning journalist andauthor Caroline Clarke once again compels a dynamic list of Black business heroes and role models to openly share their own goals, hits, and misses, exploring what they overcame and what they're still working to overcome, not just for themselves, but for their peers and would be peers, who the equity odds are still against. In this book, you'll find: Updated interviews with Black corporate titanscontaining critically important lessons about business success Deeply personal accounts of the journeys of Black superachievers from a diverse set of backgrounds and industries who are still rising in their industries Insights into the ways the world has changedand the ways it hasn'tsince the release of Table of ContentsIntroduction Chapter 1 Peggy Alford, Executive Vice President, Global Sales, PayPal 1 “There is not one successful personality type. Try to become a better you, not someone else or someone that you’re not.” Chapter 2 Keisha Lance Bottoms, 60th Mayor of Atlanta 15 “Follow your instincts—the first time.” Chapter 3 Samuel Bright, Chief Product and Experience Officer, Upwork 29 “You and I have a voice, we have real influence, right now.” Chapter 4 Laphonza Butler, President, Emily’s List 41 “Choose to Understand Before Seeking to Be Understood.” Chapter 5 Veronica Chambers, Author and Editor of Narrative Projects, The New York Times 53 “Keep going, and make the journey as joyful as possible.” Chapter 6 Kenneth I. Chenault, Chairman and Managing Director, General Catalyst; Former Chairman and CEO, American Express 65 “In business and in life, surrounding yourself with a few trusted people just makes all the difference in the world.” Chapter 7 Arnold Donald, CEO, Carnival Corporation 73 “Anger distorts your reaction. Anger distracts you from your purpose.” Chapter 8 Thasunda Brown Duckett, President and CEO, Teacher’s Insurance and Annuity Association (TIAA) 87 “You rent your title, you own your character.” Chapter 9 Charles Harbison, Founder/Creative Director, Harbison 95 “In life, as in fashion, it’s not the predictable straight lines that make things interesting; it’s the unexpected stitching that makes up the fabric of who we are.” Chapter 10 Carole Hopson, First Officer, United Airlines 107 “Dream every day. Then set a goal and get to work.” Chapter 11 Charles “Chaz” Howard, Vice- President for Social Equity and Community and Chaplain, University of Pennsylvania 119 “We can journey with love through the crap and beautiful things can emerge from rocky soil.” Chapter 12 Tom Jones, Senior Partner, TWJ Capital LLC 133 “Repeated success can be very heady, but it doesn’t necessarily make you wise.” Chapter 13 Debra Lee, Corporate Board Director and Co-founder, Monarchs Collective 145 “Do you. But also be open to evolution.” Chapter 14 Malcolm Lee, Writer, Director/Filmmaker 157 “Power is a good thing. But it means more work, and more expectations.” Chapter 15 Alprentice McCutchen, History Teacher, New Rochelle High School 169 “Just take one step at a time, do one thing at a time, don’t stop. And you’ll eventually rock it with distinction.” Chapter 16 Janai Nelson, President and Director Counsel, NAACP Legal Defense and Educational Fund (Incoming) 181 “There may not be a blueprint for the time and space that you are about to enter. You will likely have to create one.” Chapter 17 Richard Parsons, Co- Founder and Partner, Imagination Capital 195 “If you want something, you’d better get up, get out of here, and go get it.” Chapter 18 Kahina Van Dyke, Global Head, Digital Channels & Client Data Analytics, Standard Chartered 205 “Don’t do things because they look good on paper. Do things because they inspire you to work when everybody else might be sleeping.” Chapter 19 Jason White, Chief Marketing Officer, MTV Entertainment 219 “It’s a defining truth: You can be anything you want.” Acknowledgments 233 Index 235

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Book SynopsisTable of ContentsPreface viii Frequently used symbols xii 1 Towards A Green, Responsible and Sustainable Corporate Finance 1 Section I Financial Analysis 17 Part One Fundamental Concepts In Financial Analysis 19 2 Cash Flow 21 3 Earnings 31 4 Capital Employed and Invested Capital 46 5 Walking Through From Earnings To Cash Flow 58 6 Getting To Grips With Consolidated Accounts 72 7 How To Cope With The Most Complex Points In Financial Accounts 90 Part Two Financial Analysis and Forecasting 117 8 How To Perform A Financial Analysis 119 9 Margin Analysis: Structure 144 10 Margin Analysis: Risks 167 11 Working Capital and Capital Expenditures 182 12 Financing 203 13 Return On Capital Employed and Return On Equity 219 14 Conclusion of Financial Analysis 238 Section II Investors and Markets 245 Part One Investment Decision Rules 247 15 The Financial Markets 249 16 The Time Value of Money and Net Present Value 270 17 The Internal Rate of Return 286 Part Two The Risk of Securities and The Required Rate of Return 299 18 Risk and Return 301 19 The Required Rate of Return 329 Part Three Financial Securities 347 20 Bonds 349 21 Other Debt Products 370 22 Shares 386 23 Options 406 24 Hybrid Securities 427 25 Selling Securities 445 Section III Value 469 26 Value and Corporate Finance 471 27 Measuring Value Creation 491 28 Investment Criteria 509 29 The Cost of Capital 525 30 Risk and Investment Analysis 542 31 Valuation Techniques 557 Section IV Corporate Financial Policies 589 Part One Capital Structure Policies 591 32 Capital Structure and The Theory of Perfect Capital Markets 593 33 Capital Structure, Taxes and Organisation Theories 605 34 Debt, Equity and Options Theory 621 35 Working Out Details: The Design of The Capital Structure 639 Part Two Equity Capital 659 36 Returning Cash To Shareholders 661 37 Distribution In Practice: Dividends and Share Buy-Backs 678 38 Share Issues 696 Part Three Debt Capital 709 39 Implementing A Debt Policy 711 Section V Financial Management 729 Part One Corporate Governance and Financial Engineering 731 40 Setting Up A Company and Financing Start-Ups 733 41 Shareholders 754 42 Choosing A Corporate Structure 779 43 Corporate Governance 795 44 Initial Public Offerings (IPOS) 807 45 Taking Control of A Company 819 46 Mergers and Demergers 842 47 Leveraged Buyouts (LBOS) 860 48 Bankruptcy and Restructuring 876 Part Two Managing Working Capital, Cash Flows, Financial Risks and Real Estate 889 49 Managing Working Capital 891 50 Cash Management 903 51 Managing Financial Risks 922 52 Managing Operational Real Estate 946 Epilogue – Finance and Strategy 958 Top 20 Largest Listed Companies 965 Contents 973 Index 983

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Book SynopsisTable of Contents Introduction 1 About This Book 1 Conventions Used in This Book 3 Foolish Assumptions 3 Icons Used In This Book 4 Beyond the Book 4 Where to Go from Here 4 Part 1: Getting Started with Operations Management 7 Chapter 1: Discovering the Fundamentals of Operations Management 9 Defining Operations Management 10 Getting beyond the smokestack 10 Seeing the relevance of operations management 11 Understanding the Process of Operations 12 Driving the business model 12 Recognizing the diversity of processes 13 Managing processes 15 Handling special situations 17 Meeting the Challenges 18 Firefighting 18 Technology 18 Complacency 19 Metrics 19 Perspective 19 Outsourcing 20 Chapter 2: Defining and Evaluating Processes 21 Mapping Processes 22 Distinguishing between operations and delays 24 Identifying waste 24 Developing a process map 26 Evaluating the Elements of a System 28 Checking productivity 28 Considering capacity 28 Clocking cycle time 29 Getting a handle on constraints 29 Talking thruput and takt time 30 Going with the flow time 31 Monitoring utilization 32 Accounting for variability 35 Chapter 3: Designing Processes to Meet Goals 37 Getting Started with Process Improvement 38 Planning Operations 38 Considering a serial process 39 Placing operations in parallel 39 Improving Processes According to a Goal 42 Reducing customer flow time 43 Increasing system capacity 44 Balancing the line 46 Utilizing flexible resources 48 Improving a process that has excess capacity 49 Managing Bottlenecks 50 Getting tripped up by overproduction 50 Increasing process capacity 52 Chapter 4: Dealing with Shared Resources, Batches, and Rework 55 Sharing Resources 56 Assigning a resource to more than one operation 56 Allocating resources to more than one process 57 Batching Parts and Setting Up Operations 58 Working with batches 59 Maximizing operation batch size 60 Optimizing transfer batch size 62 Optimizing batch size with operation setups 65 Handling Poor Quality 68 Putting rework back in the process that created it 69 Pulling rework out of the main process 71 Chapter 5: Designing Your Process to Match Your Product or Service 73 Considering Costs, Standardization, Volume, and Flexibility 74 Balancing operating costs 75 Blurring the lines: Making standardized stuff customizable 79 Improving Face-to-Face and Back-Office Operations 80 Strengthening the customer interface 81 Improving efficiencies behind the scenes 83 Fulfilling Customer Demand: Making to Stock or Making to Order 84 Making to stock 84 Making to order 85 A tale of two companies: Making either method work 86 Getting It to Your Customer 87 Ordering Online and Pickup in Store or Curbside 87 Ordering Online with Delivery 88 Designing for X: Designing Products with Operations in Mind 89 Part 2: Managing Variability and Risk 91 Chapter 6: Forecasting Demand 93 Getting Savvy about Forecasts 94 Building a Forecast to Predict Demand 95 Recognizing demand variation 95 Looking to the past to predict the future 96 Lacking data: No problem 101 Acknowledging the Error of Your Ways 103 Hunting down the source of your error 103 Measuring how inaccurate you are 105 Chapter 7: Planning Capacity 107 Considering Capacity 108 Matching supply and demand 109 Timing adjustments just right 110 Balancing Capacity and Inventory 111 Producing to match demand 113 Producing at capacity 113 Increasing capacity 115 Addressing Wait Time for Services 116 Getting the why of waiting 116 Estimating waiting time with queuing theory 119 Altering customer perceptions 126 Chapter 8: Managing Inventory 129 Dealing with the Business of Inventory 130 Recognizing inventory’s purposes 131 Measuring the true cost of inventory 132 Managing Inventory 133 Continuous review 135 Periodic review 137 Single period review 138 Comparing the options 139 Getting Baseline Data on Performance 139 Assessing the inventory management? system 140 Evaluating the quality of customer service 141 Reducing Inventory without Sacrificing Customer Service 141 Multitasking inventory: The commonality approach 142 Holding on: The postponement strategy 143 Managing Inventory across the Supply Chain 145 Keeping track of the pipeline inventory 145 Setting service levels with multiple suppliers 147 Chapter 9: Planning for Successful Operations 149 Planning from the Top Down 150 Determining corporate strategy 150 Preparing for success 151 Executing the plan 153 Exploring the Components of an Aggregate Plan 153 Putting together a plan 154 Creating the master schedule 154 Considering Materials 156 Gathering information for the system 156 Getting system results 157 Planning for Services 159 Seeing the difference in services 159 Establishing the service plan 160 Applying Information to the Entire Organization 161 Part 3: Improving Operations 163 Chapter 10: Becoming Lean 165 Evolving to Lean 165 Mastering the craft 166 Producing in mass 167 Trimming the Fat 170 Eliminating the waste 170 Involving everyone 171 Leveling production 171 Embracing your supplier 174 Focusing on quality 175 Implementing continuous improvement 176 Producing Just in Time 176 Knowing when to work 177 Differentiating the customer interface 178 Implementing pull 178 Knowing when to JIT 180 Seeking the Silver Bullet 181 Chapter 11: Proofing against Disruption 183 Understanding Disruptions 184 Planning for Disruption 187 Knowing your supply chain and operations 187 Using new technology 187 Planning for scenarios collaboratively 188 Investing in Relationships 188 Fattening the Supply Chain 189 Stockpiling inventory 189 Maintaining stand-by capacity 190 Exploiting flexible capacity 190 Redesigning Your Product and Process 191 Designing for multiple parts 191 Designing for multiple processes 191 Replacing labor with autonomy 191 Protecting against Cyberhacking 192 Mixing and Matching Strategies 192 Chapter 12: Managing Quality 193 Deciding What Matters 193 Recognizing the Value of Quality 196 Assessing the cost of failure 196 Detecting defects 197 Getting the perks of high quality 198 Preventing defects in the first place 199 Addressing Quality 199 Considering the customer 200 Getting all hands on deck 200 Sticking to the improvement effort 201 Designing for Quality 202 Starting with the end in mind 202 Cascading to production 205 Measuring Quality 205 Understanding variation 206 Measuring “goodness” of a process 207 Controlling processes 210 Chapter 13: Creating a Quality Organization 215 Reaching Beyond Traditional Improvement Programs 216 Multiplying failures 216 Raising the bar 218 Varying skill levels 218 Adding to the Tool Box 219 Defining the problem 220 Measuring the process 221 Analyzing the problem 221 Implementing a solution 227 Maintaining the gain 229 Overcoming Obstacles 230 Failing to focus 230 Prioritizing into paralysis 231 Avoiding the lure of magical solutions 231 Lacking employee involvement 232 Knowing what to do 232 Learning from the experience 232 Calling it a program 233 Giving up 233 Part 4: Managing the Supply Chain 235 Chapter 14: Understanding Supply Chain Basics 237 Seeing the Structure of Supply Chains 238 Getting through the tiers 239 Linking in support services 239 Aligning the Supply Chain with Business Strategy 240 Defining product demand 241 Choosing the right supply chain strategy 241 Exploring the Bullwhip Effect 243 Finding the bullwhip triggers 244 Dodging the bullwhip 247 Improving Supply Chain Management 249 Communicating better 249 Outsourcing inventory management 249 Simplifying the chain by consolidating shipments 250 Chapter 15: Sourcing Strategically 253 Seeing the Upsides and Downsides of Outsourcing 253 Benefiting from the pros 254 Avoiding the cons 255 Getting Down to the Basics 257 Figuring out what to outsource 258 Choosing the right partner 259 Developing a lasting relationship 262 Integrating the product 264 Chapter 16: Digitalizing the Supply Chain 267 Navigating the Digital World 268 Defining the difference between digitizing and digitalizing 268 Realizing the benefits 268 Mapping a Digital Strategy 269 Undergoing a digital transformation 270 Selecting the best solution 271 Chapter 17: Scaling throughout the Product Life Cycle 273 Managing Operations Age-Appropriately 273 Swooning over the Baby 275 Keeping capacity flexible to minimize inventory during unpredictable demand 275 Designing a supply chain for a new product 277 Defining a market with no competitors 278 Avoiding failure in incubation 278 Surviving the Awkward Stage of Quick Growth 279 Balancing Capacity and inventory for growing demand 279 Growing your supply chain 281 Distinguishing your product from competitors’ products 281 Getting Comfortable with Market Maturity 282 Exploiting capacity and optimizing inventory for steady demand 282 Balancing a mature supply chain 283 Preparing for the End 283 Emerging Anew 284 Repositioning 284 Making improvements 285 Changing the product portfolio 285 Managing Start-up Operations 286 Operating on a shoestring 287 Transitioning to growth 287 Part 5: Managing Projects 289 Chapter 18: Leading Successful Projects 291 Defining Success 292 Prioritizing criteria 292 Seeing the interaction of factors 293 Figuring Out Why Projects Fail 295 Laying Out the Project Management Life Cycle 296 Detailing the phases of the cycle 296 Deciding to go or not to go 298 Documenting the project 300 Leading a Project 300 Developing a project proposal with a team 301 Communicating with stakeholders 302 Keeping stakeholders in the loop 303 Managing the team 303 Chapter 19: Estimating and Scheduling Projects 307 Estimating Time and Cost 308 Compiling a list of tasks 308 Adding up the project costs 312 Timing: The critical path 314 Assigning tasks 319 Presenting the schedule 320 Working with Uncertainty 321 Estimating with ranges 321 Using historical data 321 Relying on expert knowledge 326 Putting It All Together 328 Avoiding the estimation dance 328 Accelerating the project 329 Chapter 20: Becoming Agile 331 Escaping the Waterfall 332 Deciding on Agile 333 Gearing Up for Agile 334 Sprinting through the Project 335 Planning the sprint 336 Standing up with scrum meetings 339 Rinsing, washing, and repeating 340 Avoiding Common Agile Mistakes 342 Starting without planning 343 Ignoring Waterfall skills 343 Combining Agile and Waterfall 344 Chapter 21: Responding to Risks That Threaten Your Project 345 Tracking Project Progress 346 Assessing earned value 346 Earning value over time 349 Monitoring the metrics: Who’s responsible? 351 Realizing your project’s in trouble 351 Planning Ahead with Risk Registers 354 Knowing what can go wrong 355 Prioritizing risks 356 Developing a contingency plan 358 Responding Productively to Risk 361 Staying productive: Parkinson’s Law 361 Recovering from delays: Brook’s Law and Homer’s Law 362 Delay the project 364 Sacrificing functionality 364 Part 6: The Part of Tens 365 Chapter 22: Ten Pivotal Operations Management Developments 367 Logistics 367 Division of Labor 368 Interchangeable Parts 368 Scientific Management and Mass Production 369 Statistical Quality Control 369 Lean Manufacturing 370 Scientific Project Planning 370 Supply Chain Management 371 Computerized Supply Chain Coordination 371 Electronic Commerce 372 Chapter 23: Ten Mistakes That New Operations Managers Make 373 Beginning an Improvement Journey without Knowing your Process 373 Creating Overly Complex Processes 374 Missing the Real Bottleneck 375 Managing Based on Utilization 375 Not Standardizing 375 Automating Bad Processes 376 Misdefining Quality 376 Improving Process through “Big Bangs” rather than Continuous Improvement 377 Not Doing Enough Project Planning Upfront 377 Not Focusing on the Customer 378 Chapter 24: Ten Traits of World-Class Operations 379 Knowing Thyself 379 Possessing Profound Knowledge of the Customer 380 Focusing Intensely on Quality 380 Adapting to Change 381 Getting Better All the Time 381 Appreciating Employees 381 Paying Constant Attention to Product Offerings 382 Using Relevant Process Metrics 382 Balancing Respect and Expectations for the Supply Chain 382 Avoiding Unnecessary Complexity 383 Index 385

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Book SynopsisTable of ContentsIntroduction 1 Part 1: Getting Started with Financial Modeling 5 Chapter 1: Introducing Financial Modeling 7 Chapter 2: Getting Acquainted with Excel 15 Chapter 3: Planning and Designing Your Financial Model 35 Chapter 4: Building a Financial Model by the Rulebook 53 Chapter 5: Using Someone Else’s Financial Model 71 Part 2: Diving Deep into Excel 97 Chapter 6: Excel Tools and Techniques for Financial Modeling 99 Chapter 7: Using Functions in Excel 131 Chapter 8: Applying Scenarios to Your Financial Model 173 Chapter 9: Charting and Presenting Model Output 195 Part 3: Building Your Financial Model 227 Chapter 10: Building an Integrated Financial Statements Model 229 Chapter 11: Building a Discounted Cash Flow Valuation 263 Chapter 12: Budgeting for Capital Expenditure and Depreciation 273 Part 4: The Part of Tens 291 Chapter 13: Ten Strategies for Reducing Error 293 Chapter 14: Ten Common Pitfalls to Avoid 303 Index 315

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Book SynopsisA popular fundraising blueprint for small- to mid-sized nonprofit organizations In the newly revised Eighth Edition of Fundraising for Social Change, two nonprofit leadership veterans deliver a hands-on, how-to guide to establishing and expanding a diverse base of donors. The authors maintain a focus on groups working toward racial, economic, and climate justice, providing trustworthy and relevant information that can be easily understood. The book includes a free Instructor''s Manual, as well as access to supplementary online content with additional resources. Readers will also find: Spotlight sections highlighting the reflections and wisdom of a varied group of fundraisers Insightful explorations about managing fundraising, including establishing a fundraising infrastructure, hiring a development director, and using consultants and coaches Discussions of budgeting and planning, as well as how to handle significant financiaTable of ContentsOnline Content xi Acknowledgments xiii Introduction to the 8th Edition xv About the Authors xvii Part One Nonprofits and the Money They Raise 1 1 The Size and Scope of the Nonprofit Sector 3 2 Creating a Fundraising Philosophy 17 3 Be Clear About What the Money Will Do 21 4 What You Have to Understand to Begin Fundraising 31 5 The Importance of a Good Board of Directors 37 Part Two Ask Them, Thank Them, Ask Them Again 53 6 Financial Needs and Fundraising Strategies 55 7 The Very Human Need for Appreciation 67 8 Getting Comfortable with Asking 77 9 Ask Real Prospects 87 10 How to Ask 97 11 Strengthening Relationships by Creating Categories of Donors 107 Part Three Strategies for Acquisition and Retention 113 12 Multichannel Fundraising 115 13 What Successful Mass Appeals Have in Common 121 14 Direct Mail 131 15 Online Fundraising 153 16 Phone Banking 169 17 Special Events 181 18 Establishing Voluntary Fees for Service 199 19 Door-to-Door and Street Canvassing 205 20 Opportunistic Fundraising 215 Part Four Inviting Current Donors to Make Bigger Gifts 221 21 Building Major Donor Programs 223 22 Setting Up and Maintaining Recurring Donor Programs 237 23 Legacy Giving 245 24 Setting Up an Endowment 259 Part Five Using Campaigns to Raise Large Amounts of Money 269 25 What All Large Campaigns Have in Common 271 26 Raising Money for Capital 279 27 Endowment Campaigns 291 28 Conducting Feasibility Studies 297 Part Six Budgeting and Planning 301 29 Developing a Budget 303 30 Creating a Fundraising Plan 315 31 What to Do in Case of Financial Trouble 321 32 The Perennial Question of Clean and Dirty Money 327 Part Seven Fundraising Management 331 33 Infrastructure for Fundraising 333 34 Hiring a Development Director 341 35 Using a Consultant, Coach, Mentor, or Trainer 351 36 Dealing with Anxiety 361 Part Eight You the Fundraiser 365 37 Know What You Need to Know 369 38 Working with Your Executive Director 377 39 Working with Volunteers 383 40 When You Encounter Ethical Dilemmas 391 Part Nine Special Circumstances 397 41 Raising Money in Rural Communities 399 42 Fundraising for a Coalition 411 43 When No One Is Paid 417 44 When You Are Just Starting Out 425 Part Ten The Power of Individual Donors in Two Social Movements 429 45 Fundraising for LGBTQ+ Equality and Justice 431 46 Building Political Power for Immigrants’ Rights 447 Index 459

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Book SynopsisTable of ContentsAcknowledgments xiii Foreword by John C. Bogle xv Introduction xxiii Part I Essentials Of Successful Investing Chapter 1 Choose A Sound Financial Lifestyle 3 Chapter 2 Start Early And Invest Regularly 13 Chapter 3 Know What You're Buying: Part One 25 Chapter 4 Know What You're Buying: Part Two 39 Chapter 5 Preserve Your Buying Power With Inflation-Protected Bonds 49 Chapter 6 How Much Do You Need To Save? 63 Chapter 7 Keep It Simple 75 Chapter 8 Asset Allocation 89 Chapter 9 Costs Matter 109 Chapter 10 Taxes: Part One 119 Chapter 11 Taxes: Part Two 131 Chapter 12 Diversification 143 Chapter 13 Performance Chasing And Market Timing Are Hazardous To Your Wealth 153 Chapter 14 Savvy Ways To Invest For College 169 Chapter 15 How To Manage A Windfall Successfully 179 Chapter 16 Do You Need An Advisor? 187 Part II Follow-Through Strategies To Keep You On Target Chapter 17 Track Your Progress And Rebalance When Necessary 199 Chapter 18 Tune Out The "Noise" 211 Chapter 19 Mastering Your Investments Means Mastering Your Emotions 223 Chapter 20 Making Your Money Last Longer Than You Do 235 Chapter 21 Protect Your Assets By Being Well-Insured 243 Chapter 22 Passing It On When You Pass On 257 Chapter 23 You Can Do It 265 Appendices Appendix I: Glossary Of Financial Terms 273 Appendix II: Books We Recommend 279 Appendix III: Financial Websites We Recommend 283 Appendix IV: Vanguard Asset Allocation Questionnaire And Pie Charts 287 About The Authors 293 Index 295

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Book SynopsisSupercharge your impact on global issues and drive transformative change in the world around you Impact the World: Live Your Values and Drive Change As a Citizen Statesperson is your motivational guide to becoming a superpowered individual committed to improving your communityand the worldthrough your values and actions. You'll discover why the intersection of a renewed civic spirit and new technologies empowering individuals at the local level equates to an unprecedented opportunity to channel global impact. From poverty and homelessness to violence and corruption, we often see challenges in the world around us and ask, Why doesn't someone do something? We look to people with more experience, or people with more influence, or people with more time or resources than ourselves to step up and find answers to some of our biggest problems. But what if we didn't wait for others? What if we stepped up, and looked for ways to employ our skills to solve the biggeTable of ContentsForeword by John C. Maxwell vii Acknowledgments xi Chapter 1 Why Being a Citizen Statesperson Matters 1 Chapter 2 What It Takes 19 Chapter 3 Life Cycle of a Citizen Statesperson 37 Chapter 4 A Citizen Statesperson’s Environment 61 Chapter 5 You Can Do It 77 Chapter 6 Leveraging Established, Powerful Organizations to Create Positive Change 101 Chapter 7 Change Starts with You 117 Chapter 8 What Does It Take to Be a Citizen Statesperson? 141 Chapter 9 Implementation 161 Chapter 10 Who We Are 181 Appendix: Additional Resources 207 About the Authors 217 Index 221

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Book SynopsisTable of ContentsPreface xv Acknowledgements xvii About the CFA Institute Investment Series xix PART I: Fixed Income Essentials CHAPTER 1: Fixed Income Securities: Defining Elements 3 CHAPTER 2: Fixed Income Markets: Issuance, Trading, and Funding 45 CHAPTER 3: Introduction to Fixed-Income Valuation 91 CHAPTER 4: Introduction to Asset-Backed Securities 149 CHAPTER 5: Understanding Fixed-Income Risk and Return 201 CHAPTER 6: Fundamentals of Credit Analysis 257 PART II: Fixed Income Term Structure, Advanced Valuation, and Credit Analysis CHAPTER 7: The Term Structure and Interest Rate Dynamics 325 CHAPTER 8: The Arbitrage-Free Valuation Framework 377 CHAPTER 9: Valuation and Analysis of Bonds with Embedded Options 419 CHAPTER 10: Credit Analysis Models 487 CHAPTER 11: Credit Default Swaps 545 PART III: Fixed Income Portfolio Management CHAPTER 12: Overview of Fixed-Income Portfolio Management 575 CHAPTER 13: Liability-Driven and Index-Based Strategies 617 CHAPTER 14: Yield Curve Strategies 693 CHAPTER 15: Fixed-Income Active Management: Credit Strategies 743 Glossary 823 About the Editors 841 About the CFA Program 843 Index 845

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Book SynopsisA WALL STREET JOURNAL BESTSELLERThe business leader's guide to creating a winning employee experience In Experience, Inc.: Why Companies that Uncover Purpose, Create Connection, and Celebrate Their People Will Triumph,veteran business leader and growth strategist Jill Popelka delivers a hands-on guide to building a flexible, adaptable, and engaged workforce that can enable your organization to evolve with emerging challenges. You'll find the insights you need to build a company culture that prioritizes your people, resulting in an empowered and future-ready workforce. Filled with stories from the author's extensive experience as the President of SAP SuccessFactors, the book also offers: Advice from global thought leaders on some of today's most pressing issuesPractical resources for any employee to improve their productivity and impactTips on creating a culture that works for the organization and its people Experience, Inc. is an essential tool for business leaders of all levels, from the C-suite and senior executives to people managers and human resources practitioners. It is a must-read for organizations looking for ways to build a sustainable, productive, and exciting workplace centered around the most critical driver of business success: employees.Table of ContentsForeword ix Part I Let’s Start Here 1 Chapter 1 A Brief, Not Particularly Employee- Friendly History of Work 3 Chapter 2 Employee Experience: The New Why 13 Chapter 3 More Than a Job: Purpose, Meaning, Connection 37 Part II Breaking Down Employee Experience 35 Chapter 4 You Got This: Agency and Autonomy 51 Chapter 5 We Belong: Progress on Diversity, Equity, and Inclusion 65 Chapter 6 I Value You: Belief, Recognition, Appreciation 81 Part III Foundations for a Great Employee Experience 97 Chapter 7 Authentic Beats Perfect: Leadership Today 99 Chapter 8 Collaboration at Work: Humane Technology 121 Chapter 9 Thriving at Work: A Focus on Health 137 Part IV So What? 149 Chapter 10 The Results Are In: Productivity and Effectiveness 151 Chapter 11 Keep the Pace: Agility and Resilience 167 Chapter 12 Sustainable Growth for People and Business 179 Epilogue 193 Storm Home 195 Notes 201 Acknowledgments 215 About the Author 217 Index 219

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Book SynopsisDiscover the trends shaping our world, and explore the data underlying them, in this fascinating, visual journey. In Signals, Visual Capitalist founder and editor-in-chief Jeff Desjardins and his team explore the 27 most important trends shaping the future of our global economy. This striking book draws on the oceans of data we're all surrounded by to extract insights about where we are and where we are headedfrom society and demographics to the environment, digital tech, the markets, and more. It also includes: Infographics, charts, and other data visualizations that identify signals hiding in the dataDiscussions about the impact trends are having on the world around usA full bibliography with references to the data sourced by the author Signals is a must-read for entrepreneurs, executives, policymakers, and regulatorsor simply, anyone seeking to navigate a complex world.Table of ContentsIntroduction xi What Is a Signal? xii 01 Society & Demographics 1 Aging World 3 Urban Evolution 11 Rising Middle Class 19 Decentralization of Media 27 Rising Wealth Inequality 35 02 Environment 43 Climate Pressures 45 Water Crisis 53 Electrification of Everything 61 03 Digital World 69 Information Overload 71 Data as a Moat 79 Cyber’s Wild West 87 04 Technological Innovation 95 Accelerating Technology 97 The 5G Revolution 105 The New Space Race 113 CRISPR: Gene Editing at Scale 121 05 Money & Markets 129 Indebted World 131 Falling Interest Rates 139 Central Bank Impotence 147 Stock Market Concentration 155 Dwindling Corporate Longevity 164 Sustainable Investing 171 06 Consumer Behavior 179 Frictionless Retail 181 The Rise of Meatless Meat 189 Connected Health 197 07 Geopolitical Landscape 205 Bipolar World 207 Peak Globalization 215 Splinternet 223 Bibliography 223

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Book SynopsisTable of ContentsIntroduction 1 Part I: What You Need to Know About Trust 1 The Four Factors That Drive Trust 15 2 Wrestling with Trust 31 3 The Path to Loyalty 41 4 The Most Trusted Organizations 51 5 The Least Trusted Organizations 61 6 The Demographics of Trust 71 7 The Trust Ecosystem 85 8 This Is Just the Beginning 97 Part II: The "How-to" of Trust 9 How to Build Trust 115 10 Executive Leadership 131 11 Sustainability and Equity 143 12 Marketing and Experience 159 13 Talent and Human Capital 175 14 Operations and Technology 189 15 Cybersecurity 199 Appendix Appendix A: HX TrustID Survey Methodology 223 Appendix B: The Demographics That Matter Most for Customers 229 Appendix C: The Demographics That Matter Most for Workers 235 Endnotes 243 Acknowledgments 273 About the Authors 275 Index 277

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Book SynopsisPractical guidance to optimize the benefits of your accounting degreeno matter what stage of your career! Originally conceived and designed to provide helpful advice to college and university accounting majors and early-career professionals, this book evolved into a valuable resource for those groups as well as others who may be further along in their accounting careers. It contains many practical examples and real-life experiences from a long and successful career in the profession that you won't find in any accounting, auditing, or tax textbook. And it is written in a fun and engaging style with a simple goal in mind: to share lessons learned and insights that will help accountants of all ages optimize their career opportunities! Jerry Maginnis, CPA, the former Office Managing Partner for the Philadelphia office of KPMG, one of the Big Four Accounting Firms, currently serves as the Accounting Executive in Residence at Rowan University in Southern New Jersey. In this role, he has counseled and mentored dozens of students and early career professionals. The book leverages Jerry's real-world experience and his advice and counsel is delivered in a fashion that will make you feel like you are having a one on one conversation with him! Readers will also enjoy: Advice delivered concisely: each chapter is succinct and provides essential takeaways and action plans for all points in a careerA guidebook that is efficiently organized into three sectionsfor college and university students, for early-career professionals, for accountants of all ages and experience levelsallowing the reader to focus on the sections that are most applicable to themAn excellent refresher or reminder of concepts or principles that are important to even the most successful and experienced accountants Loaded with real world tips and techniques, Advice for a Successful Career in the Accounting Profession is an ideal resource for accountants and auditors, tax and advisory professionals, and University professors and high school instructors teaching Accounting, undeclared business majors, underrepresented populations, and students aspiring to become CPAs.Table of ContentsIntroduction viii Why I Wrote This Book (And How to Get the Most Out of It) x Section One—Navigating Your Route to a Rewarding Accounting Career Chapter 1—Why Accounting Is a Great Profession 3 Chapter 2—Is Becoming a CPA the Right Path for You? 9 Chapter 3—How Accounting Majors Can Optimize the College Experience 19 Chapter 4—Career Paths 29 Chapter 5—What About Work–Life Balance? 41 Chapter 6—The Profession’s Diversity, Equity and Inclusion Journey 51 Section Two—Growing in Your Early Career Years by Mastering Important Fundamentals Chapter 7—Core Values Every Accountant 61 Should Embrace Chapter 8—Developing and Enhancing Your Technical Skills 67 Chapter 9—Working Effectively with Others 75 Chapter 10—Developing Your Communication Skills 81 Chapter 11—Blocking and Tackling: The Importance of Being Organized and Nailing Both Big and Small Tasks 87 Chapter 12—Have a Value-Creation Mindset 93 Chapter 13—Embrace Change—Technology Is Your Friend! 99 Chapter 14—Relationships, Relationships, Relationships 105 Chapter 15—Character Traits that Can Help You Succeed 111 Section Three—Building on Your Success as Your Career Advances Chapter 16—How to Avoid Burnout 121 Chapter 17—Career Transitions: How to Make Good Decisions 127 Chapter 18—The Importance of Giving Back 135 Afterword 141 Acknowledgments 146 About the Author 148 About the Website 151 Index 153

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Book SynopsisTap into the potential of strategic partnerships with industry associations in this groundbreaking new book Reimagining Industry Growth offers readers a blueprint to harnessing the power of leading industry associations as strategic partners. By utilizing those partnerships, business leaders will become able to leverage the collective strength of the supply chain to overcome challenges, address uncertainty, mitigate risks, and position their industries for growth. The book provides an overview of strategic partnerships, how they work, and how they can be applied to industry relationships with trade associations. It includes: Illuminating and factual case studies outlining strategic partnerships in five different industry segments Roadmaps for executives to apply the lessons learned from industry success stories on leveraging relationships with trade associations Advice on how to move the needle for entire industries via effective sTable of ContentsForeword xi Introduction xiii 1 Strategic Partnerships 1 2 Trade Associations 21 3 Recreational Boating and the Great Outdoors 31 Section One: Recreational Boating Is an Ecosystem 37 Section Two: Outdoor Recreation Is an Even Bigger Ecosystem 49 4 Baking 61 5 Unmanned Systems 89 6 Asphalt Pavement 121 7 Frozen Foods 159 8 Breakthrough Opportunities for Industries and Trade Associations 189 Acknowledgments 201 About the Author 209 Notes 211 Index 223

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Book SynopsisTake control of overhead, budgeting, and profitability with cost accounting Cost accounting is one of the most important skills in business, and its popularity as a course in undergraduate and graduate business and management programs speaks to its usefulness. But if you've ever felt intimidated by the subject's jargon or concepts, you can stop worrying. Cost accounting is for everyone! In Cost Accounting For Dummies, you'll be taken step-by-step through the basic and advanced topics found in a typical cost accounting class, from how to define costs and how to allocate them to products or services. You'll learn how to determine if a capital expenditure is worth it and how to design a budget model that forecasts changes in costs based on activity levels. Whether you're a student in your first cost accounting course or a professional trying to get a grip on your books, you'll benefit from: Simple methods to evaluate business risks and rewardsExplanations of how to manage and control costs during periods of business change and pivotsDescriptions of how to use cost accounting to price IT projectsCost Accounting For Dummies is the gold standard in getting a firm grasp on the challenging and rewarding world of cost accounting.Table of ContentsIntroduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 2 Beyond the Book 3 Where to Go from Here 3 Part 1: Understanding the Fundamentals of Costs 5 Chapter 1: So You Want to Know about Cost Accounting 7 Comparing Accounting Methods 8 Considering your shareholders 8 Mulling over creditors 9 Addressing concerns of regulators 9 Using management accounting 9 Fitting in cost accounting 10 Using Cost Accounting to Your Advantage 11 Starting with cost-benefit analysis 11 Planning your work: Budgeting 12 Controlling your costs 12 Setting a price 13 Improving going forward 14 Chapter 2: Brushing Up on Cost Accounting Basics 17 Understanding the Big Four Terms 17 Comparing direct and indirect costs 18 Mulling over fixed and variable costs 20 Fitting the costs together 21 Covering Costs in Different Industries 22 Reviewing manufacturing costs 22 Considering costs for retailers 23 Adding up costs for e-commerce firms 23 Finding costs most companies incur 24 Why Are You Spending? Cost Drivers 25 Pushing equipment too hard and relevant range 25 Previewing inventoriable costs 26 Following the Rules of the Cost Accounting Road 27 Understanding generally accepted accounting principles (GAAP) 27 Deciding on accrual basis or cash basis 29 Finishing with conservatism 30 Chapter 3: Using Cost-Volume-Profit Analysis to Plan Your Business Results 31 Understanding How Cost-Volume-Profit Analysis Works 32 Calculating the breakeven point 32 Financial losses: The crash of your cash 34 Contribution margin: Covering fixed costs 35 Lowering the breakeven point to reach profitability sooner 36 Target net income: Setting the profit goal 37 Using operating leverage 38 Assessing e-commerce businesses 40 Timing is everything when it comes to costs 41 Using Cost-Volume-Profit Analysis to Make Savvy Business Decisions 42 Deciding to advertise 43 Lowering your price without losing your profit 44 Combining the results of two products 45 Costing and pricing a new product 48 The Tax Man Cometh, the Profits Goeth 51 Understanding pre-tax dollars 51 Adjusting target net income for income taxes 52 Chapter 4: Estimating Costs with Job Costing 53 Understanding How Job Costing Works 54 Cost objects: The sponges that absorb money 55 Charging customers for direct and indirect costs 56 Implementing job costing in manufacturing: An example 57 Deciding on costing for IT consulting projects 61 Taking a Closer Look at Indirect Costs using Normal Costing 64 Budgeting for indirect costs 65 Following a normal job costing system 66 Following the Flow of Costs through a Manufacturing System 67 Control starts with control accounts 67 Explaining the debit and credit process 68 Walking through a manufacturing cost example 70 Applying the methodology to other control accounts 73 Chapter 5: More Activity, More Cost: Activity-Based Costing 75 Avoiding the Slippery Peanut Butter Costing Slope 76 Recognizing a single indirect cost allocation 77 A fly in the peanut butter: Dealing with different levels of client activity 77 Missing the mark: Undercosting and overcosting 79 Designing an Activity-Based Costing System 81 Refining your approach 81 Grouping costs using a cost hierarchy 82 Testing your ABC design 83 Using Activity-Based Costing to Compute Total Cost, Profit, and Sale Price 87 Allocating indirect costs evenly by product 88 Analyzing and reallocating cost activities 88 Changing allocations to cost pools 89 Changing prices after ABC 90 Implementing ABC Costing for a Business Pivot 91 Deciding whether to pivot 92 Mulling over a pivot example 93 Using ABC Costing for a New Business Model 94 Considering sunk costs 94 Reviewing food and labor costs 95 Allocating new overhead costs 95 Applying ABC costing to overhead costs 96 Evaluating your results 98 Part 2: Planning and Control 99 Chapter 6: What’s the Plan, Stan? Budgeting for a Better Bottom Line 101 Brushing Up on Budgeting Basics 102 Seeing the master budget and its component parts 102 Why budgeting is important 103 Considering the costs and benefits of data collection 104 Leveraging AI and data analytics for effective budgeting 106 Planning strategically 107 Planning How to Plan: Factors That Impact Your Budgeting Process 108 Experience counts 109 Timing is everything 109 People get you headed in the right direction 110 Sales projections pay off 111 The Nuts and Bolts (and Washers) of Budgeting 112 Understanding the budgeting financials 113 Reviewing revenue and production budgets 116 Budgeting with Cash Accounting or Accrual Accounting 119 Cash basis accounting: Using your checkbook to budget 119 I accrue, you accrue, we all accrue with accrual accounting 121 Budgeting to Produce the Income Statement and Balance Sheet 122 The well-balanced balance sheet 122 The incredible income statement 123 Chapter 7: Constant Change: Variance Analysis 125 Variance Analysis and Budgeting 126 Using management by exception to recognize large variances 126 Seeing the problem in using a static budget 127 Opting for a flexible budget 131 Investigating budget variances 134 Analyzing in Material Price and Efficiency Variances 135 Applying price variances to direct materials 136 Applying efficiency variances to direct materials 137 Implementing price variances for direct labor 139 Sizing up efficiency variances for direct labor 139 Using Your Findings to Make Decisions 140 Following up on variances 141 Judging the effectiveness of your employees 143 Tying supply chain concepts to variance analysis 145 Attaching ABC costing concepts to variance analysis 145 Chapter 8: Focusing on Overhead Costs 149 Using Cost Allocation to Minimize Overhead 150 Paying for the Security Guard: Fixed Overhead Costs 151 Planning fixed overhead costs 151 Allocating fixed overhead costs 152 Assessing potential causes of fixed overhead variances 155 Those Vexing Variable Manufacturing Costs 156 Working with variable overhead costs 156 Implementing variance analysis 159 Finding the reasons for a variable overhead variance 161 Chapter 9: What’s on the Shelf? Inventory Costing 163 Working with Inventoriable Costs 164 Using the matching principle to calculate profit on sale 164 Erring on the conservative side 166 Costing Methods for Inventory 166 Using the first-in, first-out (FIFO) method 168 Accounting with the last-in, first-out (LIFO) method 169 Weighing the merits of weighted-average cost 170 Considering specific identification method 171 Analyzing profit using FIFO and LIFO 171 Using Variable and Absorption Costing to Allocate Fixed Manufacturing Costs 173 Defining period costs and product costs 174 Applying variable and absorption costing 175 Relating Capacity Issues to Inventory 177 Reviewing theoretical and practical capacity 178 Understanding capacity issues for e-commerce firms 179 Using normal and master-budget capacity 181 Choosing a capacity level 182 Part 3: Making Decisions 185 Chapter 10: Cost Drivers and Cost Estimation Methods 187 Working with Cost Behavior 188 Understanding linear and nonlinear cost functions 188 Discovering how cost drivers determine total costs 189 Considering Cost Estimation Methods 190 Walking through the industrial engineering method 190 Agreeing on the conference method 191 Reviewing the account analysis method 191 Checking out the quantitative analysis method 192 Choosing a cost estimation method 196 Exploring Nonlinear Cost Functions 197 Changing cost functions and slope co-efficients 198 Understanding the impact of quantity discounts 198 Assessing the Impact of Learning Curves 198 Considering how AI and Data Analytics Impact Learning Curves 200 Reviewing AI and data analytics 200 Throwing in the learning curve 200 Simplifying a procedure 201 Finding and using better data 201 Chapter 11: Making Smart Business Decisions with Relevant Information 203 Navigating the Geography of Relevance 204 Introducing the decision model 205 Applying a model to an equipment decision 206 Understanding IT purchasing issues 208 Considering relevant qualitative factors in decision-making 210 Special Orders Don’t Upset Us, Do They? 211 Deciding between Outsourcing and In-house Production 213 Weighing opportunity costs 217 Contemplating the carrying cost of inventory 218 Maximizing Profit When Capacity Is Limited 220 Managing capacity and product mix 220 Analyzing customer profit and capacity 222 Chapter 12: Making Smart Pricing Decisions: Figuring Total Costs 227 Understanding Influences on Prices 228 Customers 228 Competitors 228 Suppliers 229 Special orders 229 Pricing for Profits Down the Road 231 Reviewing market-based and cost-based pricing 231 Aiming at the target: Target costing 232 Arriving at a Reasonable Profit 236 Using cost-plus pricing 237 Using product life-cycle budgeting 239 Managing IT product costs and pricing 245 Part 4: Allocating Costs and Resources 249 Chapter 13: Analysis Methods to Improve Profitability 251 Processing Cost Allocation 252 Why bother? Purposes of cost allocation 252 Justifying cost allocation decisions 253 Implementing Cost Allocation 254 Using cost hierarchy to allocate costs 254 Allocating tricky corporate costs 256 Keeping track of customer revenues and costs 260 Going Over Sales Mix and Sales Quantity Variances 264 Remembering variances and contribution margin 265 Getting the story about sales mix variance 265 Calculating sales quantity variance 269 Chapter 14: Behind the Scenes: Accounting for Support Costs and Common Costs 271 Not Everyone Generates Revenue: Support Costs 272 Introducing single rate cost allocation method 272 Checking out dual rate cost allocations 275 Using practical capacity to determine cost allocation rates 277 Going Over Variance Analysis and Department Costs 281 Choosing budgeted versus actual rate of usage 281 Implications for the rate of usage selected 284 Allocating to multiple departments 285 Focusing on Common Costs 290 Mulling over stand-alone cost allocation 290 Stepping up to incremental cost allocation 291 Making a Commitment: Contracts 292 Contracting with the government 292 Thinking about reasonable and fair costs 293 Chapter 15: Joint Costs, Separable Costs, and Using Up the Leftovers 295 Working with Joint Costs 296 Explaining joint cost terms 296 Appreciating the importance of allocating joint costs 297 Considering joint cost allocation methods 298 Continuing Production: Computing Separable Costs After Splitoff 301 Exploring the net realizable value method 301 Introducing the constant gross margin percentage NRV method 303 Choosing a Joint Cost Allocation Method 308 Making the case for sales value at splitoff 308 Falling back to other joint costing methods 308 Deciding to sell or process further 309 Holding a Garage Sale: Making the Most of Byproducts 310 Chapter 16: Tracing Similar Products with Process Costing 313 Process Costing: Presenting the Basic Approach 314 Leading off with direct material costs 314 Following up with conversion costs 315 Sitting on the Factory Floor: Dealing with Work in Process 315 Using Equivalent Units to Compare Apples to Apples 316 Counting the units for equivalent units 317 Hunting down the total costs of production 318 Putting units and costs together 319 Seeing different percentages of completion 321 Using the Weighted Average Method for Process Costing 325 Handling beginning work in process 325 Continuing with equivalent units 326 Introducing the First In, First Out Method of Process Costing 328 Comparing Processing Costing Methods 331 Mulling over weighted average and FIFO methods 331 Debating transferred-in costs 333 Part 5: Considering Quality Issues 335 Chapter 17: What a Waste! Getting the Most from Spoilage, Scrap, and Reworked Products 337 Accounting for Waste 338 Determining the inspection point 338 Understanding spoilage and scrap 338 Spoilage and process costing 341 Reworking a product to recoup some profit 346 Applying Process Costing Methods to Spoilage 346 Weighing in on the weighted average costing method 347 Doing the FIFO Hokey Pokey: Put your first in first, take your first out first 349 Job Costing for Spoilage, Reworked Products, and Scrap 352 Making adjustments for normal and abnormal spoilage 352 Reworking and selling a product 355 Making allocation decisions about scrap 357 Chapter 18: Making Smart Ordering Decisions 359 Considering the Costs of Inventory 360 Going through the ordering sequence 361 Taking a closer look at stockout costs 362 Calculating Inventory Quantity with the Economic Order Quantity Formula 363 Figuring a Favorable Reorder Point 365 Introducing safety stock: Creating a cushion 366 Computing safety stock 366 Evaluating Prediction Error 367 Calculating relevant total costs 367 Acting on a prediction error 369 Buying more and ignoring EOQ 370 Practicing Just-In-Time Purchasing 371 Kicking around JIT benefits and risks 371 Putting in a JIT purchasing system 373 Adjusting total purchasing cost 376 SCM and Customer Demand Issues 377 Pulling apart the supply chain 378 Analyzing demand 378 Chapter 19: Quality: Building a Better Mousetrap 381 Considering Quality Benefits and Costs 382 Listing the benefits of quality 382 Listing the costs of quality 383 Taking steps to ensure quality 384 Compiling a Cost of Quality Report 385 Putting Quality Practices in Place 387 Quality in job costing 387 Taking a spin through inventory 388 Customer Satisfaction: Measuring and Improving It 389 Customer satisfaction’s non-financial measurements 389 Is measuring customer satisfaction worth the effort? 391 Doing More in Less Time 392 Analyzing performance related to time 392 Calculating average waiting time 394 Adding in manufacturing lead-time 395 Eliminating the Constraint of the Bottleneck 396 Fewer bottlenecks mean increased contribution margin 396 Clearing bottlenecks 397 Part 6: The Part of Tens 401 Chapter 20: Ten Common Costing Mistakes and How to Avoid Them 403 Pricing a Product Incorrectly 403 Listing Fixed Costs As Variable Costs 404 Labeling Period Costs As Product Costs 404 Misusing Target Net Income 404 Forgetting About Taxes 405 Assigning Costs to the Wrong Product 405 Not Reviewing Variances Correctly 406 Redlining: Pushing Production Activity Above Relevant Range 406 Ignoring the Timing of Costs 407 Not Implementing Activity-Based Costing 407 Chapter 21: Ten Ways to Increase Profits Using Costing 409 Selling More Of The Right Products 409 Implementing Sales Mix Analysis to Increase Total Profits 410 Building a Higher Margin of Safety 410 Deciding How Much You Need: Production and Scheduling Issues 410 Who Does What: Handling Costs and Employee Issues 411 Reducing and Managing Scrap 411 Moving It off the Shelf: Inventory Issues 411 Effectively Taking Special Orders 412 Making Accurate Cost Allocations 412 Addressing the Issue of Spoilage 412 Index 415

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Book SynopsisTable of ContentsIntroduction 1 Part I: Money 5 Chapter 1 The Power of the Fed 7 Chapter 2 1914 to 1920: World War I 35 Chapter 3 1920 to 1930: After the War 47 Chapter 4 1930 to 1941: The Great Depression 57 Chapter 5 1941 to 1945: World War II 77 Chapter 6 1945 to 1971: The Bretton Woods Era 97 Chapter 7 1971 to 2007: After Gold 113 Part II: Credit 125 Chapter 8 Credit Creation by the Banking System 129 Chapter 9 Credit Creation by the Financial Sector 161 Chapter 10 Credit Creation by Foreign Central Banks 187 Chapter 11 Creditism 213 Chapter 12 2007 to 2016: Crisis and Response 239 Chapter 13 Creditism Between the Crises 277 Chapter 14 Pandemic 297 Chapter 15 Inflation 319 Part III: The Future 357 Chapter 16 America Must Invest 359 Chapter 17 Inadequate Investment 367 Chapter 18 R&D: The Future Depends on It 389 Chapter 19 America Can Afford to Invest 415 Chapter 20 Monetize the Debt 437 Chapter 21 An Investment Revolution 467 Conclusion 483 About the Author 485 Bibliography 487 Index 493

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Book SynopsisTable of ContentsPreface Acknowledgements About the Author About the Contributors Introduction [Typesetter: Intro to start on Arabic page] Part One. Building Wealth Through Business Ownership 1. Own Good Businesses Part Two. The Global Investment Opportunity 2. The Global Economy 3. Global Trade 4. Global Financial Markets Part Three. Risks of Investing Globally 5. Market Cycle Risk 6. Currency Risk 7. Geopolitical Risk Part Four. Buying Global Businesses 8. Company Analysis Part Five. Global Sector & Industry Primers 9. Communication Services 10. Consumer Discretionary 11. Consumer Staples 12. Energy 13. Financials 14. Healthcare 15. Industrials 16. Information Technology 17. Materials 18. Real Estate 19. Utilities Part Six. Own the Best and Leave the Rest 20. Portfolio Construction Conclusion Tools and Resources

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Book SynopsisA practical blueprint for successful, measurable, and impactful DEI initiatives In Data-Driven DEI: The Tools and Metrics You Need to Measure, Analyze, and Improve Diversity, Equity, & Inclusion, Dr. Randal Pinkett, a renowned diversity, equity, and inclusion (DEI) thought leader delivers a practical and evidence-based blueprint to achieving lasting impact with your DEI initiatives. Dr. Pinkett has created a simple, step-by-step process to assess the current state of your DEI, analyze that data to create a personal and organizational action plan, and implement data-driven, science-based, and technology-enabled interventions for greater diversity, equity, and inclusion. The book provides: Tools and instruments to assess your personal preferences and competencies as well as your organizational culture, climate, policies, and practicesStrategies and proven practices to mitigate bias, improve decision-making, foster innovation, and expand thinking preferences, cultural competence, inclusive leadership, allyship and moreA library of measures, metrics, and key performance indicators (KPIs) to gauge progress, evaluate results and demonstrate impact An indispensable resource for individual contributors, managers, executives, founders, entrepreneurs, and other business leaders, Data-Driven DEI deserves a place on the bookshelf of any professional seeking to have a real-world impact that delivers personal and organizational results.Table of ContentsACKNOWLEDGMENTS xi INTRODUCTION xiii 0 STEP 0: DEI Incentives--Self-Reflect and Introspect 1 Dimensions of Personal Transformation 2 What Are Your Personal DEI Incentives? 5 Crafting a Personal DEI Mission and Vision 7 Establishing Personal DEI Aims 8 Dimensions of Organizational Transformation 9 Dimensions of Personal and Organizational Transformation 12 What Are Your Organizational DEI Incentives? 14 Crafting an Organizational DEI Mission and Vision 15 Establishing Organizational DEI Aims 18 DEI Aims vs. DEI Objectives 18 Comprehensive Personal and Organizational DEI Assessment Framework 20 Entering the Five-Step Cycle of Data-Driven DEI 22 1 STEP 1: DEI Inventory for People--Seek Understanding 23 Personal DEI Assessment Framework 24 Understanding Preferences and Competences 25 Preferences 25 Competences 26 Preferences vs. Competences 27 Conducting a Personal DEI Assessment 27 Assessing Your Preferences 28 Assessing Your Competences 43 Assessing Your Preferences and Competences 52 A List of Personal DEI Assessment Tools 53 Choosing the Right Personal DEI Assessment Tool for You 64 Mitigating Data Bias--Part 1 70 Researcher Bias 71 Confirmation and Attribution Bias 72 1 STEP 1: DEI Inventory for Organizations--Seek Understanding 73 Organizational DEI Assessment Framework 74 Conducting an Organizational DEI Assessment 75 Phase 0: Inventory Preferences and Competences 79 Phase I: Administer DEI Culture and Climate Survey (Quantitative Data Collection) 80 A List of Organizational DEI Assessment Tools 84 Phase II-A: Perform DEI Human Resources (HR) Policies and Practices Assessment 96 Phase II-B: Perform DEI Benchmarking or Ranking 98 Phase III: Analyze DEI Quantitative Data 102 Phase IV: Conduct DEI Interviews and Focus Groups (Qualitative Data Collection) 106 Phase V: Analyze DEI Qualitative Data 121 Phase VI: Analyze DEI Mixed-Methods Integrated Data 124 Phase VII: Deliver DEI Assessment Report 129 Mitigating Data Bias--Part 2 131 Selection Bias 131 2 STEP 2: DEI Imperatives--Determine Priorities 133 DEI Objectives and Goals 134 Establishing DEI Objectives 136 Setting DEI Goals 141 3 STEP 3: DEI Insights--Identify "What Works" 159 What Are "What Works" Models? 160 "What Works" Models for People 161 "What Works" Models for Organizations 164 4 STEP 4: DEI Initiatives--Take Action 167 DEI Strategies and Measures 168 Personal DEI Strategy Framework 169 Developing a Personal DEI Preference and Competence Model 171 Designing a Personal DEI Learning Journey 175 The Five Dimensions of a Personal DEI Learning Journey 176 Examples of Personal DEI Strategies 177 The Crawl, Walk, Run Approach to a Personal DEI Learning Journey 179 Organizational DEI Strategy Framework 181 Examples of Organizational DEI Strategies 182 Determining DEI Strategies 189 Formatting Your DEI Strategy Statements 189 Examples of Personal DEI Strategies 189 Examples of Organizational DEI Strategies 190 Defining DEI Measures 194 Formatting Your DEI Measures Statements 194 Personal DEI Strategic Plan Example 195 Organizational DEI Strategic Plan Example 199 5 STEP 5: DEI Impact--Evaluate Results 205 DEI Data Reporting 206 DEI Scorecards 207 A Personal DEI Scorecard 208 An Organizational DEI Scorecard 212 DEI Dashboards 214 A Personal DEI Dashboard 214 An Organizational DEI Dashboard 215 Creating a DEI Scorecard or Dashboard 223 Visualizing Data 224 Decide What Story You Are Trying to Tell with the Data 224 Choose Your Mix of Quantitative and Qualitative Data Visualizations 225 Developing Effective DEI Scorecards and Dashboards 233 Choosing between DEI Scorecards and Dashboards 236 Determining DEI Impact 237 Collecting New Data 237 Evaluating Results 241 Generating Findings 246 The Power of DEI Storytelling 247 DEI Data Storytelling 248 Continuing the Five-Step Cycle of Data-Driven DEI 253 6 Conclusion: The Future of Data-Driven DEI 255 DEI and Equitable Analytics 256 Step 1: Determine the Focus of Analysis 257 Step 2: Build a Causal Logic Model 257 Step 3: Develop an Analytical Framework 258 Step 4: Conduct Precision Modeling 259 Step 5: Perform an Equity Assessment 260 Step 6: Produce Actionable Insights 262 DEI and Deep Learning 263 Large Language Models 264 Large Language Models and DEI 265 DEI and Transparency/Ubiquity 267 DEI Integrated Platforms 268 DEI and DNA 270 NOTES 271 ABOUT THE AUTHOR 277 INDEX 279

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Book SynopsisCyberPhysicalHuman Systems A comprehensive edited volume exploring the latest in the interactions between cyberphysical systems and humans In CyberPhysicalHuman Systems: Fundamentals and Applications, a team of distinguished researchers delivers a robust and up-to-date volume of contributions from leading researchers on CyberPhysicalHuman Systems, an emerging class of systems with increased interactions between cyberphysical, and human systems communicating with each other at various levels across space and time, so as to achieve desired performance related to human welfare, efficiency, and sustainability. The editors have focused on papers that address the power of emerging CPHS disciplines, all of which feature humans as an active component during cyber and physical interactions. Articles that span fundamental concepts and methods to various applications in engineering sectors of transportation, robotics, and healthcare and general socio-technical systemTable of ContentsA Note from the Series Editor xvii About the Editors xviii List of Contributors xix Introduction xxvii Part I Fundamental Concepts and Methods 1 1 Human-in-the-Loop Control and Cyber–Physical–Human Systems: Applications and Categorization 3 Tariq Samad 1.1 Introduction 3 1.2 Cyber + Physical + Human 4 1.2.1 Cyberphysical Systems 5 1.2.2 Physical–Human Systems 6 1.2.3 Cyber–Human Systems 6 1.3 Categorizing Human-in-the-Loop Control Systems 6 1.3.1 Human-in-the-Plant 8 1.3.2 Human-in-the-Controller 8 1.3.3 Human–Machine Control Symbiosis 10 1.3.4 Humans-in-Multiagent-Loops 11 1.4 A Roadmap for Human-in-the-Loop Control 13 1.4.1 Self- and Human-Driven Cars on Urban Roads 13 1.4.2 Climate Change Mitigation and Smart Grids 14 1.5 Discussion 15 1.5.1 Other Ways of Classifying Human-in-the-Loop Control 15 1.5.2 Modeling Human Understanding and Decision-Making 16 1.5.3 Ethics and CPHS 18 1.6 Conclusions 19 Acknowledgments 19 References 20 2 Human Behavioral Models Using Utility Theory and Prospect Theory 25 Anuradha M. Annaswamy and Vineet Jagadeesan Nair 2.1 Introduction 25 2.2 Utility Theory 26 2.2.1 An Example 27 2.3 Prospect Theory 27 2.3.1 An Example: CPT Modeling for SRS 30 2.3.1.1 Detection of CPT Effects via Lotteries 32 2.3.2 Theoretical Implications of CPT 33 2.3.2.1 Implication I: Fourfold Pattern of Risk Attitudes 34 2.3.2.2 Implication II: Strong Risk Aversion Over Mixed Prospects 36 2.3.2.3 Implication III: Effects of Self-Reference 37 2.4 Summary and Conclusions 38 Acknowledgments 39 References 39 3 Social Diffusion Dynamics in Cyber–Physical–Human Systems 43 Lorenzo Zino and Ming Cao 3.1 Introduction 43 3.2 General Formalism for Social Diffusion in CPHS 45 3.2.1 Complex and Multiplex Networks 45 3.2.2 General Framework for Social Diffusion 46 3.2.3 Main Theoretical Approaches 48 3.3 Modeling Decision-Making 49 3.3.1 Pairwise Interaction Models 49 3.3.2 Linear Threshold Models 52 3.3.3 Game-Theoretic Models 53 3.4 Dynamics in CPHS 55 3.4.1 Social Diffusion in Multiplex Networks 56 3.4.2 Co-Evolutionary Social Dynamics 58 3.5 Ongoing Efforts Toward Controlling Social Diffusion and Future Challenges 62 Acknowledgments 63 References 63 4 Opportunities and Threats of Interactions Between Humans and Cyber–Physical Systems – Integration and Inclusion Approaches for Cphs 71 Frédéric Vanderhaegen and Victor Díaz Benito Jiménez 4.1 CPHS and Shared Control 72 4.2 “Tailor-made” Principles for Human–CPS Integration 73 4.3 “All-in-one” based Principles for Human–CPS Inclusion 74 4.4 Dissonances, Opportunities, and Threats in a CPHS 76 4.5 Examples of Opportunities and Threats 79 4.6 Conclusions 85 References 86 5 Enabling Human-Aware Autonomy Through Cognitive Modeling and Feedback Control 91 Neera Jain, Tahira Reid, Kumar Akash, Madeleine Yuh, and Jacob Hunter 5.1 Introduction 91 5.1.1 Important Cognitive Factors in HAI 92 5.1.2 Challenges with Existing CPHS Methods 93 5.1.3 How to Read This Chapter 95 5.2 Cognitive Modeling 95 5.2.1 Modeling Considerations 95 5.2.2 Cognitive Architectures 97 5.2.3 Computational Cognitive Models 98 5.2.3.1 ARMAV and Deterministic Linear Models 99 5.2.3.2 Dynamic Bayesian Models 99 5.2.3.3 Decision Analytical Models 100 5.2.3.4 POMDP Models 102 5.3 Study Design and Data Collection 103 5.3.1 Frame Research Questions and Identify Variables 104 5.3.2 Formulate Hypotheses or Determine the Data Needed 105 5.3.2.1 Hypothesis Testing Approach 105 5.3.2.2 Model Training Approach 105 5.3.3 Design Experiment and/or Study Scenario 107 5.3.3.1 Hypothesis Testing Approach 107 5.3.3.2 Model Training Approach 107 5.3.4 Conduct Pilot Studies and Get Initial Feedback; Do Preliminary Analysis 108 5.3.5 A Note about Institutional Review Boards and Recruiting Participants 109 5.4 Cognitive Feedback Control 109 5.4.1 Considerations for Feedback Control 110 5.4.2 Approaches 111 5.4.2.1 Heuristics-Based Planning 111 5.4.2.2 Measurement-Based Feedback 112 5.4.2.3 Goal-Oriented Feedback 112 5.4.2.4 Case Study 112 5.4.3 Evaluation Methods 113 5.5 Summary and Opportunities for Further Investigation 113 5.5.1 Model Generalizability and Adaptability 114 5.5.2 Measurement of Cognitive States 114 5.5.3 Human Subject Study Design 114 References 115 6 Shared Control with Human Trust and Workload Models 125 Murat Cubuktepe, Nils Jansen, and Ufuk Topcu 6.1 Introduction 125 6.1.1 Review of Shared Control Methods 126 6.1.2 Contribution and Approach 127 6.1.3 Review of IRL Methods Under Partial Information 128 6.1.3.1 Organization 129 6.2 Preliminaries 129 6.2.1 Markov Decision Processes 129 6.2.2 Partially Observable Markov Decision Processes 130 6.2.3 Specifications 130 6.3 Conceptual Description of Shared Control 131 6.4 Synthesis of the Autonomy Protocol 132 6.4.1 Strategy Blending 132 6.4.2 Solution to the Shared Control Synthesis Problem 133 6.4.2.1 Nonlinear Programming Formulation for POMDPs 133 6.4.2.2 Strategy Repair Using Sequential Convex Programming 134 6.4.3 Sequential Convex Programming Formulation 135 6.4.4 Linearizing Nonconvex Problem 135 6.4.4.1 Linearizing Nonconvex Constraints and Adding Slack Variables 135 6.4.4.2 Trust Region Constraints 136 6.4.4.3 Complete Algorithm 136 6.4.4.4 Additional Specifications 136 6.4.4.5 Additional Measures 137 6.5 Numerical Examples 137 6.5.1 Modeling Robot Dynamics as POMDPs 138 6.5.2 Generating Human Demonstrations 138 6.5.3 Learning a Human Strategy 139 6.5.4 Task Specification 139 6.5.5 Results 140 6.6 Conclusion 140 Acknowledgments 140 References 140 7 Parallel Intelligence for CPHS: An ACP Approach 145 Xiao Wang, Jing Yang, Xiaoshuang Li, and Fei-Yue Wang 7.1 Background and Motivation 145 7.2 Early Development in China 147 7.3 Key Elements and Framework 149 7.4 Operation and Process 151 7.4.1 Construction of Artificial Systems 152 7.4.2 Computational Experiments in Parallel Intelligent Systems 152 7.4.3 Closed-Loop Optimization Based on Parallel Execution 153 7.5 Applications 153 7.5.1 Parallel Control and Intelligent Control 154 7.5.2 Parallel Robotics and Parallel Manufacturing 156 7.5.3 Parallel Management and Intelligent Organizations 157 7.5.4 Parallel Medicine and Smart Healthcare 158 7.5.5 Parallel Ecology and Parallel Societies 160 7.5.6 Parallel Economic Systems and Social Computing 161 7.5.7 Parallel Military Systems 163 7.5.8 Parallel Cognition and Parallel Philosophy 164 7.6 Conclusion and Prospect 165 References 165 Part II Transportation 171 8 Regularities of Human Operator Behavior and Its Modeling 173 Aleksandr V. Efremov 8.1 Introduction 173 8.2 The Key Variables in Man–Machine Systems 174 8.3 Human Responses 177 8.4 Regularities of Man–Machine System in Manual Control 180 8.4.1 Man–Machine System in Single-loop Compensatory System 180 8.4.2 Man–Machine System in Multiloop, Multichannel, and Multimodal Tasks 185 8.4.2.1 Man–Machine System in the Multiloop Tracking Task 185 8.4.2.2 Man–Machine System in the Multichannel Tracking Task 187 8.4.2.3 Man–Machine System in Multimodal Tracking Tasks 188 8.4.2.4 Human Operator Behavior in Pursuit and Preview Tracking Tasks 191 8.5 Mathematical Modeling of Human Operator Behavior in Manual Control Task 194 8.5.1 McRuer’s Model for the Pilot Describing Function 194 8.5.1.1 Single-Loop Compensatory Model 194 8.5.1.2 Multiloop and Multimodal Compensatory Model 197 8.5.2 Structural Human Operator Model 197 8.5.3 Pilot Optimal Control Model 199 8.5.4 Pilot Models in Preview and Pursuit Tracking Tasks 201 8.6 Applications of the Man–Machine System Approach 202 8.6.1 Development of Criteria for Flying Qualities and PIO Prediction 203 8.6.1.1 Criteria of FQ and PIO Prediction as a Requirement for the Parameters of the Pilot-Aircraft System 203 8.6.1.2 Calculated Piloting Rating of FQ as the Criteria 205 8.6.2 Interfaces Design 206 8.6.3 Optimization of Control System and Vehicle Dynamics Parameters 210 8.7 Future Research Challenges and Visions 213 8.8 Conclusion 214 References 215 9 Safe Shared Control Between Pilots and Autopilots in the Face of Anomalies 219 Emre Eraslan, Yildiray Yildiz, and Anuradha M. Annaswamy 9.1 Introduction 219 9.2 Shared Control Architectures: A Taxonomy 221 9.3 Recent Research Results 222 9.3.1 Autopilot 224 9.3.1.1 Dynamic Model of the Aircraft 224 9.3.1.2 Advanced Autopilot Based on Adaptive Control 225 9.3.1.3 Autopilot Based on Proportional Derivative Control 228 9.3.2 Human Pilot 228 9.3.2.1 Pilot Models in the Absence of Anomaly 228 9.3.2.2 Pilot Models in the Presence of Anomaly 229 9.3.3 Shared Control 230 9.3.3.1 SCA1: A Pilot with a CfM-Based Perception and a Fixed-Gain Autopilot 231 9.3.3.2 SCA2: A Pilot with a CfM-Based Decision-Making and an Advanced Adaptive Autopilot 232 9.3.4 Validation with Human-in-the-Loop Simulations 232 9.3.5 Validation of Shared Control Architecture 1 234 9.3.5.1 Experimental Setup 234 9.3.5.2 Anomaly 235 9.3.5.3 Experimental Procedure 235 9.3.5.4 Details of the Human Subjects 236 9.3.5.5 Pilot-Model Parameters 237 9.3.5.6 Results and Observations 237 9.3.6 Validation of Shared Control Architecture 2 240 9.3.6.1 Experimental Setup 241 9.3.6.2 Anomaly 241 9.3.6.3 Experimental Procedure 242 9.3.6.4 Details of the Human Subjects 243 9.3.6.5 Results and Observations 244 9.4 Summary and Future Work 246 References 247 10 Safe Teleoperation of Connected and Automated Vehicles 251 Frank J. Jiang, Jonas Mårtensson, and Karl H. Johansson 10.1 Introduction 251 10.2 Safe Teleoperation 254 10.2.1 The Advent of 5G 258 10.3 CPHS Design Challenges in Safe Teleoperation 259 10.4 Recent Research Advances 261 10.4.1 Enhancing Operator Perception 261 10.4.2 Safe Shared Autonomy 264 10.5 Future Research Challenges 267 10.5.1 Full Utilization of V2X Networks 267 10.5.2 Mixed Autonomy Traffic Modeling 268 10.5.3 5G Experimentation 268 10.6 Conclusions 269 References 270 11 Charging Behavior of Electric Vehicles 273 Qing-Shan Jia and Teng Long 11.1 History, Challenges, and Opportunities 274 11.1.1 The History and Status Quo of EVs 274 11.1.2 The Current Challenge 276 11.1.3 The Opportunities 277 11.2 Data Sets and Problem Modeling 278 11.2.1 Data Sets of EV Charging Behavior 278 11.2.1.1 Trend Data Sets 279 11.2.1.2 Driving Data Sets 279 11.2.1.3 Battery Data Sets 279 11.2.1.4 Charging Data Sets 279 11.2.2 Problem Modeling 281 11.3 Control and Optimization Methods 284 11.3.1 The Difficulty of the Control and Optimization 284 11.3.2 Charging Location Selection and Routing Optimization 285 11.3.3 Charging Process Control 286 11.3.4 Control and Optimization Framework 287 11.3.4.1 Centralized Optimization 287 11.3.4.2 Decentralized Optimization 288 11.3.4.3 Hierarchical Optimization 288 11.3.5 The Impact of Human Behaviors 289 11.4 Conclusion and Discussion 289 References 290 Part III Robotics 299 12 Trust-Triggered Robot–Human Handovers Using Kinematic Redundancy for Collaborative Assembly in Flexible Manufacturing 301 S. M. Mizanoor Rahman, Behzad Sadrfaridpour, Ian D. Walker, and Yue Wang 12.1 Introduction 301 12.2 The Task Context and the Handover 303 12.3 The Underlying Trust Model 304 12.4 Trust-Based Handover Motion Planning Algorithm 305 12.4.1 The Overall Motion Planning Strategy 305 12.4.2 Manipulator Kinematics and Kinetics Models 305 12.4.3 Dynamic Impact Ellipsoid 306 12.4.4 The Novel Motion Control Approach 307 12.4.5 Illustration of the Novel Algorithm 308 12.5 Development of the Experimental Settings 310 12.5.1 Experimental Setup 310 12.5.1.1 Type I: Center Console Assembly 310 12.5.1.2 Type II: Hose Assembly 311 12.5.2 Real-Time Measurement and Display of Trust 311 12.5.2.1 Type I: Center Console Assembly 311 12.5.2.2 Type II: Hose Assembly 313 12.5.2.3 Trust Computation 313 12.5.3 Plans to Execute the Trust-Triggered Handover Strategy 314 12.5.3.1 Type I Assembly 314 12.5.3.2 Type II Assembly 314 12.6 Evaluation of the Motion Planning Algorithm 315 12.6.1 Objective 315 12.6.2 Experiment Design 315 12.6.3 Evaluation Scheme 315 12.6.4 Subjects 316 12.6.5 Experimental Procedures 316 12.6.5.1 Type I Assembly 317 12.6.5.2 Type II Assembly 317 12.7 Results and Analyses, Type I Assembly 318 12.8 Results and Analyses, Type II Assembly 322 12.9 Conclusions and Future Work 323 Acknowledgment 324 References 324 13 Fusing Electrical Stimulation and Wearable Robots with Humans to Restore and Enhance Mobility 329 Thomas Schauer, Eduard Fosch-Villaronga, and Juan C. Moreno 13.1 Introduction 329 13.1.1 Functional Electrical Stimulation 330 13.1.2 Spinal Cord Stimulation 331 13.1.3 Wearable Robotics (WR) 332 13.1.4 Fusing FES/SCS and Wearable Robotics 334 13.2 Control Challenges 335 13.2.1 Feedback Approaches to Promote Volition 336 13.2.2 Principles of Assist-as-Needed 336 13.2.3 Tracking Control Problem Formulation 336 13.2.4 Co-operative Control Strategies 337 13.2.5 EMG- and MMG-Based Assessment of Muscle Activation 344 13.3 Examples 345 13.3.1 A Hybrid Robotic System for Arm Training of Stroke Survivors 345 13.3.2 First Certified Hybrid Robotic Exoskeleton for Gait Rehabilitation Settings 347 13.3.3 Body Weight-Supported Robotic Gait Training with tSCS 348 13.3.4 Modular FES and Wearable Robots to Customize Hybrid Solutions 348 13.4 Transfer into Daily Practice: Integrating Ethical, Legal, and Societal Aspects into the Design 350 13.5 Summary and Outlook 352 Acknowledgments 353 Acronyms 353 References 354 14 Contemporary Issues and Advances in Human–Robot Collaborations 365 Takeshi Hatanaka, Junya Yamauchi, Masayuki Fujita, and Hiroyuki Handa 14.1 Overview of Human–Robot Collaborations 365 14.1.1 Task Architecture 366 14.1.2 Human–Robot Team Formation 368 14.1.3 Human Modeling: Control and Decision 369 14.1.4 Human Modeling: Other Human Factors 371 14.1.5 Industrial Perspective 372 14.1.6 What Is in This Chapter 375 14.2 Passivity-Based Human-Enabled Multirobot Navigation 376 14.2.1 Architecture Design 377 14.2.2 Human Passivity Analysis 379 14.2.3 Human Workload Analysis 381 14.3 Operation Support with Variable Autonomy via Gaussian Process 383 14.3.1 Design of the Operation Support System with Variable Autonomy 385 14.3.2 User Study 388 14.3.2.1 Operational Verification 388 14.3.2.2 Usability Test 390 14.4 Summary 391 Acknowledgments 393 References 393 Part IV Healthcare 401 15 Overview and Perspectives on the Assessment and Mitigation of Cognitive Fatigue in Operational Settings 403 Mike Salomone, Michel Audiffren, and Bruno Berberian 15.1 Introduction 403 15.2 Cognitive Fatigue 404 15.2.1 Definition 404 15.2.2 Origin of Cognitive Fatigue 404 15.2.3 Effects on Adaptive Capacities 406 15.3 Cyber–Physical System and Cognitive Fatigue: More Automation Does Not Imply Less Cognitive Fatigue 406 15.4 Assessing Cognitive Fatigue 409 15.4.1 Subjective Measures 409 15.4.2 Behavioral Measures 410 15.4.3 Physiological Measurements 410 15.5 Limitations and Benefits of These Measures 412 15.6 Current and Future Solutions and Countermeasures 412 15.6.1 Physiological Computing: Toward Real-Time Detection and Adaptation 412 15.7 System Design and Explainability 414 15.8 Future Challenges 415 15.8.1 Generalizing the Results Observed in the Laboratory to Ecological Situations 415 15.8.2 Determining the Specificity of Cognitive Fatigue 415 15.8.3 Recovering from Cognitive Fatigue 417 15.9 Conclusion 418 References 419 16 Epidemics Spread Over Networks: Influence of Infrastructure and Opinions 429 Baike She, Sebin Gracy, Shreyas Sundaram, Henrik Sandberg, Karl H. Johansson, andPhilipE.Paré 16.1 Introduction 429 16.1.1 Infectious Diseases 429 16.1.2 Modeling Epidemic Spreading Processes 430 16.1.3 Susceptible–Infected–Susceptible (SIS) Compartmental Models 431 16.2 Epidemics on Networks 432 16.2.1 Motivation 432 16.2.2 Modeling Epidemics over Networks 433 16.2.3 Networked Susceptible–Infected–Susceptible Epidemic Models 434 16.3 Epidemics and Cyber–Physical–Human Systems 436 16.3.1 Epidemic and Opinion Spreading Processes 437 16.3.2 Epidemic and Infrastructure 438 16.4 Recent Research Advances 439 16.4.1 Notation 439 16.4.2 Epidemic and Opinion Spreading Processes 440 16.4.2.1 Opinions Over Networks with Both Cooperative and Antagonistic Interactions 440 16.4.2.2 Coupled Epidemic and Opinion Dynamics 441 16.4.2.3 Opinion-Dependent Reproduction Number 443 16.4.2.4 Simulations 444 16.4.3 Epidemic Spreading with Shared Resources 445 16.4.3.1 The Multi-Virus SIWS Model 445 16.4.3.2 Problem Statements 447 16.4.3.3 Analysis of the Eradicated State of a Virus 448 16.4.3.4 Persistence of a Virus 449 16.4.3.5 Simulations 449 16.5 Future Research Challenges and Visions 450 References 451 17 Digital Twins and Automation of Care in the Intensive Care Unit 457 J. Geoffrey Chase, Cong Zhou, Jennifer L. Knopp, Knut Moeller, Balázs Benyo, Thomas Desaive, Jennifer H. K. Wong, Sanna Malinen, Katharina Naswall, Geoffrey M. Shaw, Bernard Lambermont, and Yeong S. Chiew 17.1 Introduction 457 17.1.1 Economic Context 458 17.1.2 Healthcare Context 459 17.1.3 Technology Context 460 17.1.4 Overall Problem and Need 460 17.2 Digital Twins and CPHS 461 17.2.1 Digital Twin/Virtual Patient Definition 461 17.2.2 Requirements in an ICU Context 463 17.2.3 Digital Twin Models in Key Areas of ICU Care and Relative to Requirements 464 17.2.4 Review of Digital Twins in Automation of ICU Care 466 17.2.5 Summary 467 17.3 Role of Social-Behavioral Sciences 467 17.3.1 Introduction 467 17.3.2 Barriers to Innovation Adoption 467 17.3.3 Ergonomics and Codesign 468 17.3.4 Summary (Key Takeaways) 469 17.4 Future Research Challenges and Visions 470 17.4.1 Technology Vision of the Future of CPHS in ICU Care 470 17.4.2 Social-Behavioral Sciences Vision of the Future of CPHS in ICU Care 471 17.4.3 Joint Vision of the Future and Challenges to Overcome 473 17.5 Conclusions 473 References 474 Part V Sociotechnical Systems 491 18 Online Attention Dynamics in Social Media 493 Maria Castaldo, Paolo Frasca, and Tommaso Venturini 18.1 Introduction to Attention Economy and Attention Dynamics 493 18.2 Online Attention Dynamics 494 18.2.1 Collective Attention Is Limited 494 18.2.2 Skewed Attention Distribution 495 18.2.3 The Role of Novelty 496 18.2.4 The Role of Popularity 496 18.2.5 Individual Activity Is Bursty 499 18.2.6 Recommendation Systems Are the Main Gateways for Information 500 18.2.7 Change Is the Only Constant 500 18.3 The New Challenge: Understanding Recommendation Systems Effect in Attention Dynamics 501 18.3.1 Model Description 502 18.3.2 Results and Discussion 503 18.4 Conclusion 505 Acknowledgments 505 References 505 19 Cyber–Physical–Social Systems for Smart City 511 Gang Xiong, Noreen Anwar, Peijun Ye, Xiaoyu Chen, Hongxia Zhao, Yisheng Lv, Fenghua Zhu, Hongxin Zhang, Xu Zhou, and Ryan W. Liu 19.1 Introduction 511 19.2 Social Community and Smart Cities 513 19.2.1 Smart Infrastructure 513 19.2.2 Smart Energy 515 19.2.3 Smart Transportation 515 19.2.4 Smart Healthcare 517 19.3 CPSS Concepts, Tools, and Techniques 518 19.3.1 CPSS Concepts 518 19.3.2 CPSS Tools 519 19.3.3 CPSS Techniques 520 19.3.3.1 IoT in Smart Cities 520 19.3.3.2 Big Data in Smart Cities 525 19.4 Recent Research Advances 528 19.4.1 Recent Research Advances of CASIA 528 19.4.2 Recent Research in European Union 531 19.4.3 Future Research Challenges and Visions 533 19.5 Conclusions 537 Acknowledgments 538 References 538 Part VI Concluding Remarks 543 20 Conclusion and Perspectives 545 Anuradha M. Annaswamy, Pramod P. Khargonekar, Françoise Lamnabhi-Lagarrigue, and Sarah K. Spurgeon 20.1 Benefits to Humankind: Synthesis of the Chapters and their Open Directions 545 20.2 Selected Areas for Current and Future Development in CPHS 547 20.2.1 Driver Modeling for the Design of Advanced Driver Assistance Systems 547 20.2.2 Cognitive Cyber–Physical Systems and CPHS 547 20.2.3 Emotion–Cognition Interactions 548 20.3 Ethical and Social Concerns: Few Directions 549 20.3.1 Frameworks for Ethics 550 20.3.2 Technical Approaches 550 20.4 Afterword 551 References 551 Index 555

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Book SynopsisMake your money work for you with sound commercial real estate investment strategies If you''re looking for more detailed advice on the commercial real estate market than, Buy low, sell high, you''ve come to the right place. Commercial Real Estate Investing For Dummies is where you can find the smart, straightforward, and accurate info you need to get your startor grow your portfolioin commercial real estate. You''ll learn foundational strategies, tips, and tricks for investing in all sorts of commercial properties, from apartments to shopping malls. You''ll also get rock-solid advice on: How to get started in commercial real estate investing, even if you''ve never tried it before How to work with business and investment partners and protect your own interests with contracts Financing your investments with a variety of instruments and taking advantage of legal tax opportunities Growing wealth by investing in real estate is a strategy as old as money itself. Do yourself a favor and get in on the action with this straightforward and up-to-date guide!Table of ContentsIntroduction 1 Part 1: Getting to Know Commercial Real Estate Investing 5 Chapter 1: Just Imagine Commercial Real Estate and You! 7 Chapter 2: A Crash Course in Commercial Real Estate Investing 17 Chapter 3: Evaluating Commercial Real Estate 33 Part 2: Getting Started Making Deals 63 Chapter 4: Getting Started by Wholesaling 65 Chapter 5: On Your Mark, Get Set, Go Find Deals 81 Chapter 6: Strategies for Making Offers and Negotiating 97 Chapter 7: Due Diligence: Doing Your Homework 119 Part 3: Funding Your Deals: Financing and Lending 141 Chapter 8: Conventional Financing Options 143 Chapter 9: Getting Creative with Financing 169 Chapter 10: Forming Partnerships and Syndicating Deals 187 Chapter 11: Closing Your Deal 201 Part 4: Day-to-Day Ownership and Operations 221 Chapter 12: Property Management: Who’s Minding Your Ship? 223 Chapter 13: Protecting Your Assets 245 Chapter 14: Why Properties Fail 255 Part 5: Kicking Your Investing into High Gear 273 Chapter 15: Making a Success Out of Commercial Fixer-Uppers 275 Chapter 16: Land Development: The Heart of Commercial Real Estate 299 Chapter 17: Self-Storage: A Favored Asset 319 Chapter 18: Expert Tax Advantages and Strategies 333 Part 6: The Part of Tens 353 Chapter 19: Ten Ways to Increase Your Property Value 355 Chapter 20: Ten Easy Ways to Network 363 Index 371

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Book SynopsisTable of ContentsForeword by Charlie Green vii Preface xi Introduction 1 Chapter 1 The Modern Sales Approach 15 Chapter 2 The One-Up Sales Conversation: Your Only Vehicle for Value Creation 31 Chapter 3 Insights and Information Disparity 49 Chapter 4 Supporting Client Discovery 65 Chapter 5 Your Role as a Sense Maker 85 Chapter 6 The Advantage of Your Vantage Point 101 Chapter 7 Building Your One-Upness 119 Chapter 8 One-Up Guide to Offering Advice and Recommendations 137 Chapter 9 The One-Up Obligation to Proactively Compel Change 157 Chapter 10 Triangulation Strategy: Helping Clients Decide While Avoiding Competition 175 Chapter 11 Being One-Up Helps Your Clients Change 191 Chapter 12 Advice for Those Who Are Presently One-Down 207 Top Secret 223 Chapter 13 The Secret Chapter 225 The Modern Sales Approach 241 Acknowledgments 243 About the Author 245 Index 247

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Book SynopsisAt last, a mindful book about money that anyone can appreciate and understand The Little Book of Zen Money: A Simple Path to Financial Peace of Mind delivers easy-to-follow steps for combining sensible saving strategies with mindfulness practices to achieving financial peace of mind. Finally, you can know how to fix your finances without feeling stressed out! In this book, you'll find out that sound financial strategy is far more straightforward than the financial industry wants you to think. It reveals the path to mindful money simplicity, showing readers how to adopt behaviors that encourage responsible saving and spending. You'll learn about: How to journal your spending and saving so you keep track of the money you have coming in and going outEasy mindfulness exercises, mantras, and meditations that keep you centered, rational, and calm when it comes to your moneySimple explanations of the financial industry and how to invest responsibly that anyone can understand Perfect for anyone who doesn't usually like books about money (or the complicated jargon they're often filled with), The Little Book of Zen Money proves that you don't need to be an expert, professional, or mathematician to get great financial advice.Table of ContentsPreface 9 Money 9 Zen 10 A Little Light 11 Seeing Emotions Directly 15 Zen Money 17 Introduction 19 Humans are warm 19 Money Is Cold 20 Money only appears complicated 21 Money Is Just A Tool 22 Zen Only Appears Simple 23 Wanting Nothing 26 Infinite Financial Security 28 A Simple Path To Financial Peace Of Mind 30 Here and Now 31 Chapter 1: Zen and the Art of Money Management 32 No Judgement 32 Money Stress 35 The Playground 35 The Fairytale Trove 37 The Mis-Education System 38 Best Times 42 Expensive Times 44 Fear Of Missing Out 49 Avoiding Bad Times 50 Money Can Buy Happiness - On Average 51 See Money Directly 52 Money Is A Tool 52 Time And Energy 54 The Jungle Is Neutral 55 Money Is Neutral 57 Money Management 58 The Simple Path 58 Through A Complex World 59 A Burning Forest 61 Education Is A Path 64 Begin With Small Steps 66 The Right Path For You 68 Is It A Path Or A MISSION? 70 Don’t Wobble 72 The Frame 73 The Podium 74 The Floating Buddha 76 Schrodinger’s Observation 79 A Better Frame 80 A Clearer Picture 82 How Much Is Too Much? 84 "Maslow's StairMaster" 84 Torches Of Freedom 87 The Thumb Treadmill 89 Be The Experiment 91 FIRE Worshippers 93 How Much Is Enough 96 Enough Steps 96 Stepping Off The Chocolate Treadmill 101 Maslow's Ensō 104 Zen 107 Scarcity 107 Living 108 The Zen Path 109 Chapter 2: The Path Is A MISSION 111 From Money To Now 113 The Money Step 115 Money Pots 116 Life 118 Store 120 What Money Isn’t 122 The Income Step 125 Three Sources Of Income 125 Working for someone else 126 Work for yourself 128 Work Stress 130 Work Plan 131 The Saving Step 134 Saving Always Comes First 134 The Predictability Of Not Saving Second 136 The Sound Of One Hand Saving 137 You Only Spend Once 140 The Profit Motive 142 Motivation 143 What Are We Saving For? 144 Two Steps: A Tiny One, and Half Again 146 The Spending Step 149 Not All Spending Is Bad 149 But Spending It All Might Be 150 The Save Or Spend Trade Off 151 How much? 155 We Need To Write Things Down 156 Beyond Good And Evil 158 The Investing Step 163 "I Want What She's Having" 164 The Confused Path 165 The Long-Term Power of Compounding 167 The Risk Of Not Investing 167 R-RISK 170 Small Regular Investments 174 The Owning Step 177 Freedom From Financial Concerns 177 Debt Is Not The End 179 Financially Free 181 A FIRE Of Your Own 182 The Now Step 188 The Boring Power Of Compounding 188 Live In The Present 191 Now 191 Chapter 3: The Path Is Practice 193 First Steps 193 Step 1: Saving Comes First 194 Step 2: Count to 10 194 Step 3: Write Down Your Spending 196 Step 4: Breathe more 198 Step 5: Collect Receipts 199 Step 6: Build The Faith 199 Step 7: Look Back, Look Ahead 201 Baby Steps 203 Step 8: Make a Zen Tracker 204 Step 9: Important… Notice 205 Step 10: Secret Zen Tracker 206 Step 11: Better Get A Bucket 207 Step 12: Imbue 209 Step 13: Degrees In Needs 211 Step 14: Think About The Week 212 Crawl 213 Step 15: What Is It Like? 214 Step 16: Easy As Pie 215 Step 17: Crawl Before You Walk 216 Step 18: What Else Could I Do? 218 Step 19: Triangular Breathing 219 Step 20: Take A Picture 220 Step 21: How Does This Feel? 221 Walk or it’s not about the money 224 Step 22 Sit. Walk. Don't wobble. 225 Step 23 Go for a walk 226 Step 24: Box Breathing 227 Step 25: Because you're worth it! 228 Step 26 Wobble! 229 Step 27 Give Yourself Permission 230 Step 28: Look Back Down The Path 232 You might be wrong 233 Step 29: Write This Down 234 Step 30: Who Have I Become? 235 Step 31: Zero Risk Fallacy 236 Step 32: Breath The Ocean 238 Step 33: Mindful Screen Use 239 Step 34: Mindful Spending 241 Step 35: Where Are You? 242 Challenges 243 Step 36: No Spend Days 244 Step 37: Fast Gains 244 Step 38: Breathe 246 Step 39: Work For Free 247 Step 40: Read Another Little Book 249 Step 41 Push Yourself To Breaking Point 250 Step 42: Analyse Your Finances 251 The Journey 254 43: Money And The Door 255 44: Cut Out The Income Middle Man 256 45: Saving Is An Action 257 46: Mindful Spending 257 47: Investing - Avoiding Scams 258 48: Owning 259 49: Now 260

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Book SynopsisTable of ContentsPreface vii Part I Introduction 1 1 Introduction to the Book 3 Part II Designing the Change 19 2 A New Way of Initiating Projects 21 3 Developing the Purpose 25 4 Design the Project to Realise Benefits 37 5 The Benefit Track in the Analysis Phase 59 6 The Change Track in the Analysis Phase 75 Part III Lead the Change and Maximise Benefits Realisation 129 7 Maximising Benefits Realisation 131 8 Create the Change 153 Part IV Scaling Benefits Realisation 181 9 Scaling Benefits Realisation to the Project Portfolio 183 Part V Implementing Benefits Realisation 199 10 Implementing Benefits Realisation 201 11 Implementing Benefits Realisation at Ørsted 205 12 Implementing the Benefits Realisation Method in Your Organisation 229 A Special Thanks to 239 References 241 Index 245

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Book SynopsisTable of ContentsForeword by Cliff Asness xiii Part I: Setting the Stage 1 Chapter 1 Introduction 3 1.1. Serenity Prayer and Low Expected Returns 3 1.2. Outline of This Book 6 1.3. On Investment Beliefs 11 Chapter 2 The Secular Low Expected Return Challenge 15 2.1. Broad Context 15 2.2. Rearview-Mirror Expectations, Discount Rate Effect, and Low Expected Returns 17 2.3. How Low Are “Riskless” Long-term Yields from a Historical Perspective? 21 2.4. Decadal Perspective on Investment Returns 24 Chapter 3 Major Investor Types and Their Responses to This Challenge 27 3.1. Three Broad Investor Types 28 3.2. History of Institutional Asset Allocation 33 3.3. How Has the Low Expected Return Challenge Hurt Various Investor Types? 42 3.4. How Are Investors Responding to the Low Expected Return Challenge? 45 Part II: Building Blocks of Long-Run Returns 49 Chapter 4 Liquid Asset Class Premia 51 4.1. Riskless Cash Return 52 4.2. Equity Premium 55 4.3. Bond Risk Premium 69 4.4. Credit Premium 74 4.5. Commodity Premium 81 Chapter 5 Illiquidity Premia 87 5.1. Illiquid Alternative/Private Assets 88 5.2. Less Liquid Public Assets 101 5.3. Liquidity Provision Strategies 102 Chapter 6 Style Premia 105 6.1. Value and Other Contrarian Strategies 109 6.2. Momentum and Other Extrapolative Strategies 117 6.3. Carry and Other Income Strategies 124 6.4. Defensive and Other Low-Risk/ Quality Strategies 131 Chapter 7 Alpha and Its Cousins 139 7.1. Alpha and Active Returns 139 7.2. Reviewing the Classification of Portfolio Return Sources 146 7.3. Demystifying Hedge Funds, Superstars, and Other Active Managers 147 Chapter 8 Theories Explaining Long-run Return Sources 151 8.1. Rational Reward for Risk or Irrational Mispricing? 152 8.2. “Bad Returns in Bad Times” at the Heart of Risk Premia 153 8.3. Other Core Ideas for Rational Risk Premia and Behavioral Premia 155 8.4. Who Is on the Other Side? – and Related Crowding Concerns 158 Chapter 9 Sustaining Conviction and Patience on Long-run Return Sources 163 9.1. Patience: Sustaining Conviction When Faced with Adversity 164 9.2. Economic Rationale – and Has the World Changed? 169 9.3. Empirical Evidence – and Data Mining Concern 170 Chapter 10 Four Equations and Predictive Techniques 173 10.1. Four Key Equations and Some Extensions 173 10.2. Overview of Predictive Techniques 180 Part III: Putting It all Together 185 Chapter 11 Diversification – Its Power and Its Dark Sides 187 11.1. Outline of the Remainder of This Book 187 11.2. Ode to Diversification 188 11.3. Critics’ Laments 193 Chapter 12 Portfolio Construction 195 12.1. Top-down Decisions on the Portfolio 195 12.2. Mean-variance Optimization Basics and Beyond 200 12.3. Pitfalls with MVO and How to Deal with Them 204 Chapter 13 Risk Management 207 13.1. Broad Lens and Big Risks 208 13.2. Techniques for Managing Investment Risk 209 13.3. Managing Tail Risks: Contrasting Put and Trend Strategies 210 13.4. Managing Market Risks: Portfolio Volatility and Beyond 214 Chapter 14 ESG Investing 219 14.1. Booming ESG 220 14.2. How Does ESG Affect Returns? 221 14.3. ESG Impact of ESG Investing – a Case Study on Climate Change 224 Chapter 15 Costs and Fees 225 15.1. Trading Costs 226 15.2. Asset Management Fees 230 Chapter 16 Tactical Timing on Medium-term Expected Returns 235 16.1. Contrarian Timing of the US Equity Market 235 16.2. Beyond Contrarian Timing of Equities: Other Assets and Factors, Other Predictors 240 Chapter 17 Bad Habits and Good Practices 243 17.1. Multiyear Return Chasing 244 17.2. Other Bad Habits and Good Practices 246 Chapter 18 Concluding Remarks 249 Acknowledgments 253 Author Bio 255 Acronyms 257 References 259 Index 277 Boxes 3.1 Global Market Portfolio 39 4.1 A Brief History of Inflation 54 4.2 Weak Empirical Relationship Between GDP Growth and Equity Returns 67 5.1 Share of Illiquid Assets in Global Wealth 89 5.2 Calendar Strategies 103 6.1 The Size Premium 107 7.1 Systematic Versus Discretionary Investing 142 8.1 How to Make Sense of Flow Data When Every Buyer Has a Seller 161 10.1 Machine Learning 183 11.1 Rebalancing 192 12.1 Modern Portfolio Theory and Two-Fund Separation 202 13.1 Can Risk Management Enhance Returns? Volatility Targeting 216 15.1 Taxes 233

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Book SynopsisCombine brand and experience into a single, exciting whole to drive growth The Digital Transformation era has come and gone. Experiential concepts like personalization, transparency, transference, uniquity, and immediacy are now table stakes in an increasingly connected and responsive market. Companies that failed to ante up are already goneor fading fast. In Make Your Brand Matter, serial entrepreneur and brand strategist Steve Soechtig delivers an eye-opening discussion of the post-Digital Transformation era in which we now live. The book walks you through the evolution of brand and experience, leveraging examples of historical and digitally native brands that have succeeded and failed to seize the digital moment. You'll discover brands that enabled new customer acquisition, customer value optimization, and customer loyalty, all the while realizing that brand and experience are two sides of the same coin. The book also offers: Strategies, techniquesTable of ContentsIntroduction xi Better Lucky Than Good xiii What to Expect from This Book xvii Chapter 1 A Far Too Brief History of Brand Strategy 1 The Emergence of Modern Brand Strategy 2 The Intersection of Brand and Experience 3 The Criticality of Experience 10 Chapter 2 The Dawn of Digital 15 The Birth of the Internet 17 Online Advertising Begins 18 Personalization of the Online Customer Experience 19 The E- Mail Explosion 23 Customer Expectations and Technological Innovation 25 Emerging from the Digital Transformation Era 29 Chapter 3 Focusing on the Modern Consumer 31 Millennial Expectations 32 Generation Z Expectations 35 The Customer Funnel 36 Awareness 37 Evaluation 40 Transactions 43 Engagement 44 Loyalty 45 Chapter 4 Believing in Your Brand and Redefining Your Strategy 47 Experience Defines the Brand 48 Building a Culture Through Data Analytics and Engagement 53 Location Through Data Analytics 55 Leveraging Technology to Drive Engagement and Growth 56 Turning Brand Promise into Reality 58 Chapter 5 Selling Experiences, Not Products 61 Commoditized Brands Become Invisible 62 Customers Control Branding 63 Replacing Products with Experiences 64 A Foundation of Innovation and Performance 65 Creating an Engaged Community 69 Pivoting to Gain Market Share 74 The Fusion of Digital and Physical Personalization 76 Customer Connection, Personalization, and Omnichannel Strategy 81 Chapter 6 Time Is the New Currency – Anticipating without Being Invasive 85 Collapsing Time 86 Time- Saving Conveniences 90 Data- Driven Innovations 93 Making Quick Service Quicker 97 Post- Digital Data and Loyalty 101 Four Time- Based Lessons 103 Chapter 7 Finding a Novel Approach to Solving a Market Need 107 Ambassadors of Innovation 109 Strategic Innovations in CRM 112 Novel Omnichannel Engagement 116 Building Innovation into Your Brand Strategy 118 Chapter 8 Humanizing the Experience 123 Understanding People’s Needs 124 Expanding an Exclusive Market to Everyone 128 Human- First Engagement 130 Risking Controversies for Growth 134 Humanizing Effectively 137 Chapter 9 Connecting Your Customer with Your Cause 141 Embracing Corporate Social Responsibility 142 Shifting from Brand Identity to Social Cause 145 Authentic and Proactive Leadership 148 Engaging and Inspiring the Community 149 Committing to the Cause 151 Chapter 10 Looking to the Future 155 Innovation with a Large I 156 Predictions Sometimes Miss the Mark 157 Emerging Experience Trends 160 AI- Enabled Conversational Interfaces 161 Augmented Reality 166 The Metaverse and NFTs 169 Chapter 11 Where You Should Begin 179 Three Approaches to Assessments 179 Three Prerequisites for Assessments 181 Three Areas of Assessments 182 Agile Experience Innovation 184 Notes 187 About the Author 197 Index 199

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Book SynopsisMake foreclosure investing work for you with this practical and easy-to-understand guide Looking to kick start your own property management career? Check out Foreclosure Investing For Dummies, which will get you started buying foreclosed properties to turn into your own income property! In this book, you''ll learn to navigate the complexities of home auctions, deal with emotional former homeowners, and how to handle renovations. You''ll also get a heads-up on the foreclosure laws in all 50 states so you don''t accidentally run afoul of any complicated regulations. Foreclosure Investing For Dummies shows you how to: Locate properties for sale and identify associated opportunities and risks Buy properties below market value at auction, from lending institutions, and from government agencies Fix up, renovate, and sell or lease your new property for a profit This hands-on guide can help anyone make foreclosure investing work. Table of ContentsIntroduction 1 Part 1: Prepping Yourself for Foreclosure Success 7 Chapter 1: Wrapping Your Brain around Foreclosure Investing 9 Chapter 2: Getting Up to Speed on the Foreclosure Process 29 Chapter 3: Picking Your Point of Entry in the Foreclosure Process 41 Part 2: Laying the Groundwork for Maximized Profit and Minimized Risk 57 Chapter 4: Building a Powerful Foreclosure Investment Team 59 Chapter 5: Filling Your Foreclosure Tank with Financial Fuel 77 Chapter 6: Networking Your Way to Foreclosure Success 95 Part 3: Creating Win–Win Situations in Pre-Foreclosure (Before Auction) 107 Chapter 7: Discovering Homeowners Facing Foreclosure 109 Chapter 8: Performing Your Due Diligence 125 Chapter 9: Contacting the Homeowners and Lenders 145 Chapter 10: Analyzing the Deal and Presenting Your Offer 173 Part 4: Finding and Buying Foreclosure and Bankruptcy Properties 187 Chapter 11: Bidding for Properties at a Foreclosure Sale 189 Chapter 12: Buying Repos: Bank Foreclosures and REO Properties 207 Chapter 13: Finding and Buying Government Repos 225 Chapter 14: Banking on Bankruptcies 241 Chapter 15: Sampling Some Other Foreclosure Strategies 255 Part 5: Cashing Out Your Profit After the Sale 277 Chapter 16: Assisting the Previous Homeowners Out the Door 279 Chapter 17: Repairing and Renovating Your Investment Property 291 Chapter 18: Cashing Out: Selling or Leasing Your Property 305 Chapter 19: Checking Out Other Cash-Out Strategies 319 Part 6: The Part of Tens 329 Chapter 20: Ten Common Beginner Blunders 331 Chapter 21: Ten Ways to Maximize Future Leads by Acting with Integrity 337 Chapter 22: Ten Tips for Avoiding Common Foreclosure Minefields 345 Appendix: Foreclosure Rules and Regulations for the 50 States 353 Index 367

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Book SynopsisRevolutionize your business with the power of marketplaces In today's digital-first economy, marketplaces are growing at twice the rate of overall eCommerce - and proving that traditional eCommerce is no longer enough. With The Online Marketplace Advantage: Sell More, Scale Faster, and Create a World-Class Digital Customer Experience, the duo behind more than 300 of the world's most successful marketplaces reveals the strategies every enterprise needs to take the lead. Through dozens of case studies, real-word examples, and proprietary marketplace research you'll learn: How to turn the marketplace model into your business' competitive advantageThe make-or-break decisions for launching an industry-leading enterprise marketplace fastThe best practices to achieve marketplace scale, and the most common pitfalls that separate the winners from the losers With The Online Marketplace Advantage, discover the complete playbook you need to break through with a successful, scalable marketplace strategy that puts your business on a path to unprecedented growth permanently.Table of ContentsIntroduction: The Marketplace Imperative ix Chapter 1 Our Marketplace Discovery 1 Chapter 2 Defining the Marketplace Opportunity for Retail 19 Chapter 3 The Marketplace Revolution Comes to B2B 37 Chapter 4 Designing Your Marketplace Strategy for Maximum Impact 59 Chapter 5 Make-or-Break Marketplace Best Practices at Launch and Beyond 95 Chapter 6 Feeding the Flywheel -- Scaling Your Marketplace 117 Conclusion: The Marketplace Revolution Rolls On 167 Acknowledgments 177 Author Bios 181 Index 185

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Book SynopsisPlan to succeed as an entrepreneurwe show you how Business Plans For Dummies can guide you, as a new or aspiring business owner, through the process of creating a comprehensive, accurate, and useful business plan. In fact, it is just as appropriate for an already up-and running firm that realizes it's now time for a full-bore check-up, to ensure the business is in tip-top shape to meet the challenges of the globalized, digitized, and constantly changing 21st Century. This edition of is fully updated, featuring the most recent practices in the business world. Let us walk you through each step of the planning process. You'll find everything you need in this one book, so you can finally stop googling, close all those browser tabs, and get organized and get going. Updates to this new revision include knowing how to pivot when your situation changes, recognizing the need for diversity and inclusion in the workplace, where to tap the latest funding sources, and how to plan for a digital strategy, market disruption, and environmental sustainability. You'll also learn how today's globalized marketplace influences your businessand how you can use social media to influence your customers right back. Learn the ins and out of creating a business plan that will actually workSet effective goals and objectives so your business can find successWow investors with your knowledge of today's important business trendsMap out your finances, marketing plan, and operational blueprintthen confidently get to work! Challenge the traditional framework by building a business plan that's workable in today's reality. Dummies is here to help.Table of ContentsIntroduction 1 About This Book 2 Foolish Assumptions 3 Icons Used in This Book 4 Beyond the Book 4 Where to Go From Here 4 Part 1: Getting Started with Business Plans 5 Chapter 1: Preparing to Do a Business Plan 7 Identifying Your Planning Resources 8 Checking out the variety of sources out there 9 Surfing the Internet 9 Purchasing business-planning software 12 Seeking professional help 12 Finding friendly advice 13 Assembling Your Planning Team 14 Setting the ground rules 15 Delegating responsibility 15 Putting Your Plan on Paper or in Cyberspace 16 Executive summary 17 Company overview 18 Business environment 19 Company description 19 Company strategy 20 Financial review 20 Action plan 21 Chapter 2: Understanding the Importance of a Business Plan 23 Bringing Your Ideas into Focus 24 Looking forward 25 Looking back 26 Looking around 27 Taking the first step 27 Understanding the Planning behind the Plan 28 Is planning an art or science? 28 Why planning matters 29 Satisfying Your Audience 30 Venture capital 31 Bankers, backers, and bootstrappers 33 Chapter 3: Setting Off in the Right Direction 39 Understanding Why Values Matter 40 Facing tough choices 40 Weighing utilitarianism and other philosophies 41 Applying ethics and the law 42 Getting caught lost and unprepared, if not naked and afraid 43 Understanding the value of having values 44 Clarifying Your Company Values 46 Putting together your values statement 46 Following through with your values 48 Creating Your Company’s Vision Statement 48 Chapter 4: Charting the Proper Course 51 Creating Your Company’s Mission Statement 52 Getting started 52 Capturing your business (in 50 words or less) 55 Introducing Goals and Objectives 57 Why bother? 57 Goals versus objectives 58 Efficiency versus effectiveness 60 Minding Your Own Business: Setting Goals and Objectives 61 Creating your business goals 61 Laying out your objectives 62 Matching goals and objectives with your mission 62 Timing is everything 63 Part 2: Describing Your Marketplace 67 Chapter 5: Examining the Business Environment 69 Understanding Your Business 70 Analyzing Your Industry 71 Configuring the structure 73 Measuring the markets 75 Remembering the relationships 78 Figuring out the finances 80 Coming up with supporting data 82 Recognizing Critical Success Factors 85 Adopting new technologies, procedures, and policies 86 Getting a handle on what counts most 86 Determining what drives your business 86 Looking for a great location 87 Dealing with distribution 87 Marketing mind games 87 Getting along with government regulation 88 SWOT: Preparing for Opportunities and Threats 89 Finding warm and soothing waters 89 Scanning for clouds on the horizon, ice on the water, or worse 92 Chapter 6: Slicing and Dicing Markets 95 Separating Customers into Groups 96 Identifying Market Segments 98 Who buys 99 What customers buy 103 Why customers buy 107 Finding Useful Market Segments 110 Is the segment the right size? 110 Can you identify the customers? 111 Can you reach the market? 111 Becoming Market Driven 113 Chapter 7: Getting Up Close and Personal with Customers 117 Keeping Track of the Big Picture 118 Categorizing Your Customers 119 Comparing generations 120 Defining your good customers 121 Handling your not-so-best customers 122 Scoping out the other guy’s customers 123 Discovering the Ways Customers Behave 124 Understanding customer needs 125 Determining customer motives 127 Figuring Out How Customers Make Choices 128 Realizing perceptions are reality 128 Setting in motion the five steps to adoption 129 Understanding the Global Customer 130 Serving Your Customers Better 132 Looking at a Special Case: Business Customers 134 Filling secondhand demand 135 Decision-making as a formal affair 136 Knowing the forces to be reckoned with 136 Chapter 8: Covering Your Competition 139 Understanding the Value of Competitors 140 Identifying Your Real Competitors 142 Considering competition based on customer choice 143 Paying attention to product usage and unexpected new competition 146 Spotting strategic groups 147 Focusing on future competition 149 Tracking Your Competitors’ Actions 151 Determining competitors’ capabilities 151 Assessing competitors’ strategies 153 Predicting Your Competitors’ Moves 155 Figuring out competitors’ goals 155 Uncovering competitors’ assumptions 156 Competing to Win 158 Organizing facts and figures 158 Choosing your battles 160 Part 3: Weighing Your Company’s Prospects 161 Chapter 9: Assessing Where You Stand Today 163 Doing Situation Analysis 164 Identifying Strengths and Weaknesses 165 Keeping frames of reference 165 Defining capabilities and resources 166 Monitoring critical success factors 177 Analyzing Your Situation in 3-D 180 Getting a glance at competitors 180 Completing your SWOT analysis 180 Chapter 10: Profiting from Your Business Plan 183 Describing What You Do Best 184 Looking at the links in a value chain 184 Forging your value chain 187 Understanding your value proposition 189 Putting Together a Business Model 190 How will you make money? 191 How’s your timing? 193 Making Your Business Model Work 193 Searching for a competitive advantage 194 Focusing on core competence 195 Sustaining an advantage over time 196 Earmarking Resources 197 Chapter 11: Figuring Out the Financial Details 201 Reading Income Statements 203 Rendering revenue 203 Calculating costs 205 Pondering profits 206 Interpreting Balance Sheets 206 Ascertaining assets 207 Categorizing liabilities and owners’ equity 210 Examining Cash-Flow Statements 211 Moving money: Cash in and cash out 213 Watching cash levels rise and fall 214 Evaluating Financial Ratios 214 Meeting short-term obligations 215 Remembering long-term responsibilities 217 Reading relative profitability 218 Chapter 12: Forecasting and Budgeting 221 Constructing a Financial Forecast 222 Piecing together your pro-forma income statement 224 Estimating your balance sheet 228 Projecting your cash flow 230 Exploring Alternative Financial Forecasts 231 Utilizing the DuPont formula 231 Answering a what-if analysis 233 Making a Budget 233 Looking inside the budget 234 Creating your budget 234 Part 4: Looking to the Future 239 Chapter 13: Confronting Uncertainty 241 Understanding the Dangers of Ignoring Change 242 Defining the Dimensions of Change 243 Governmental trends 244 Economic trends 248 Cultural trends 253 Technological trends 255 Anticipating Change 259 Preparing for a Changing Future 261 Chapter 14: Thinking Strategically 265 Applying Off-the-Shelf Strategies 266 Leading with low costs 268 Standing out in a crowd 274 Focusing on focus 276 Changing Your Boundaries 279 The evolution of new strategic models 279 Outsourcing and offshoring 280 Leading and Following 281 Market-leader strategies 282 Market-follower strategies 282 Tailoring Your Own Strategy 284 Chapter 15: Growing Up, Growing Bigger, and Growing Old 285 Facing Up to the Product Life Cycle 286 Starting out 287 Growing up 288 Maturing in middle age 288 Riding out the senior stretch 290 Gauging where you are now 290 Finding Ways to Expand 292 Same product and same market 294 New market or new product 296 New product and new market 300 Managing Your Product Portfolio 302 Utilizing strategic business units 302 Aiming for the stars 304 Asking Two Final Questions About Growth 309 Knowing that, yes, growth is good 309 Managing growth wisely 310 Part 5: Putting Your Business Plan into Action 313 Chapter 16: Shaping and Shape-Shifting Your Organization 315 Recognizing That Form Follows Function 315 Putting Together an Effective Organization 317 Choosing a basic design 317 Focusing on a functional model 318 Divvying up duties with a divisional form 318 Sharing talents with the matrix format 319 Dealing with too many chefs in the kitchen 320 Finding what’s right for you 321 Thinking and Organizing for the Future 322 Chapter 17: Leading the Way 325 Encouraging Leadership Roles 326 Leading from the front or the back 326 Looking at leadership styles 327 Developing Business Skills (And Having the Right Personality Traits) 328 Evaluating personality traits 328 Distinguishing appropriate skills 329 Creating the Right Culture 330 Following Through with Your Vision 332 Bringing Your Plan to Life (And Making a Final Check) 333 Part 6: The Part of Tens 335 Chapter 18: Ten (Or So) Signs That Your Business Plan Needs Refreshing — or Worse 337 Your Business Goals Change Abruptly 338 You Don’t Meet Your Plan Milestones 338 New Technology Makes a Splash 338 Important Customers Walk Away 339 The Competition Heats Up 339 Product Demand Falls Sharply 339 Revenues Go Down or Costs Go Up 340 Company Morale Slumps 340 Key Financial Projections Don’t Pan Out 340 Too Much Growth, Too Fast 341 An Unwanted Surprise Pops Up 341 Chapter 19: Ten (Or So) Questions to Ask about Your Plan 343 Are Your Goals and Mission in Sync? 343 Can You Point to Major Opportunities? 344 Have You Prepared for Threats? 344 Do You Know Your Customers? 344 Can You Track Your Competitors? 345 Do You Know Your Strengths and Weaknesses? 345 Does Your Strategy Make Sense? 346 Can You Stand Behind the Numbers? 346 Are You Really Ready for Change? 346 Is Your Plan Concise and Up-to-Date? 347 What’s the Worst That Can Happen, and How Will You Deal with It? 347 Chapter 20: Ten (Or So) Business-Planning Never-Evers 349 Failing to Plan in the First Place 349 Shrugging Off Values and Vision 350 Second-Guessing the Customer 350 Underestimating Your Competition 350 Ignoring Your Strengths 351 Mistaking a Budget for a Plan 351 Shying Away from Reasonable Risk 351 Allowing One Person to Dominate a Plan 352 Being Afraid to Change 352 Forgetting to Motivate and Reward 352 Faking It 353 Appendix: A Sample Business Plan 355 Index 381

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Book SynopsisTable of ContentsAdditional Resources xv About the Authors xvii Foreword xxi Acknowledgments xxiii Disclaimer xxxi Introduction 1 Structure of the Book 3 Part One: Valuation (Chapters 1–3) 3 Part Two: Leveraged Buyouts (Chapters 4 & 5) 5 Part Three: Mergers & Acquisitions (Chapters 6 & 7) 6 Part Four: Initial Public Offerings (Chapters 8 & 9) 8 ValueCo Summary Financial Information 9 Part One Valuation 11 Chapter 1 Comparable Companies Analysis 13 Summary of Comparable Companies Analysis Steps 14 Step I. Select the Universe of Comparable Companies 17 Study the Target 17 Identify Key Characteristics of the Target for Comparison Purposes 18 Screen for Comparable Companies 22 Step II. Locate The Necessary Financial Information 23 SEC Filings: 10-K, 10-Q, 8-K, and Proxy Statement 24 Equity Research 25 Press Releases and News Runs 26 Financial Information Services 26 Summary of Financial Data Primary Sources 27 Step III. Spread Key Statistics, Ratios, and Trading Multiples 28 Calculation of Key Financial Statistics and Ratios 28 Supplemental Financial Concepts and Calculations 42 Calculation of Key Trading Multiples 47 Step IV. Benchmark the Comparable Companies 50 Benchmark the Financial Statistics and Ratios 50 Benchmark the Trading Multiples 50 Step V. Determine Valuation 51 Valuation Implied by EV/EBITDA 52 Valuation Implied by P/E 52 Key Pros and Cons 54 Illustrative Comparable Companies Analysis for ValueCo 55 Step I. Select the Universe of Comparable Companies 55 Step II. Locate the Necessary Financial Information 57 Step III. Spread Key Statistics, Ratios, and Trading Multiples 57 Step IV. Benchmark the Comparable Companies 69 Step V. Determine Valuation 74 Chapter 2 Precedent Transactions Analysis 75 Summary of Precedent Transactions Analysis Steps 76 Step I. Select the Universe of Comparable Acquisitions 79 Screen for Comparable Acquisitions 79 Examine Other Considerations 80 Step II. Locate the Necessary Deal-Related and Financial Information 82 Public Targets 82 Private Targets 85 Summary of Primary SEC Filings in M&A Transactions 86 Step III. Spread Key Statistics, Ratios, and Transaction Multiples 88 Calculation of Key Financial Statistics and Ratios 88 Calculation of Key Transaction Multiples 94 Step IV. Benchmark the Comparable Acquisitions 98 Step V. Determine Valuation 98 Key Pros and Cons 99 Illustrative Precedent Transaction Analysis for ValueCo 100 Step I. Select the Universe of Comparable Acquisitions 100 Step II. Locate the Necessary Deal-Related and Financial Information 101 Step III. Spread Key Statistics, Ratios, and Transaction Multiples 103 Step IV. Benchmark the Comparable Acquisitions 111 Step V. Determine Valuation 113 Chapter 3 Discounted Cash Flow Analysis 115 Summary of Discounted Cash Flow Analysis Steps 116 Step I. Study the Target and Determine Key Performance Drivers 120 Study the Target 120 Determine Key Performance Drivers 120 Step II. Project Free Cash Flow 121 Considerations for Projecting Free Cash Flow 121 Projection of Sales, EBITDA, and EBIT 123 Projection of Free Cash Flow 125 Step III. Calculate Weighted Average Cost of Capital 131 Step III(a): Determine Target Capital Structure 132 Step III(b): Estimate Cost of Debt (rd) 133 Step III(c): Estimate Cost of Equity (re) 134 Step III(d): Calculate WACC 138 Step IV. Determine Terminal Value 138 Exit Multiple Method 139 Perpetuity Growth Method 139 Step V. Calculate Present Value and Determine Valuation 141 Calculate Present Value 141 Determine Valuation 143 Perform Sensitivity Analysis 145 Key Pros and Cons 146 Illustrative Discounted Cash Flow Analysis for ValueCo 147 Step I. Study the Target and Determine Key Performance Drivers 147 Step II. Project Free Cash Flow 147 Projection of Sales, EBITDA, and EBIT 149 Step III. Calculate Weighted Average Cost of Capital 154 Step IV. Determine Terminal Value 159 Step V. Calculate Present Value and Determine Valuation 161 Part Two Leveraged Buyouts 167 Chapter 4 Leveraged Buyouts 169 Key Participants 171 Financial Sponsors 171 Investment Banks 172 Bank and Institutional Lenders 174 Bond Investors 175 Private Credit Funds 176 Target Management 176 Characteristics of a Strong LBO Candidate 177 Strong Cash Flow Generation 178 Leading and Defensible Market Positions 178 Growth Opportunities 178 Efficiency Enhancement Opportunities 179 Low Capex Requirements 179 Strong Asset Base 180 Proven Management Team 180 Economics of LBOs 181 Returns Analysis—Internal Rate of Return 181 Returns Analysis—Cash Return 182 How LBOs Generate Returns 182 How Leverage Is Used to Enhance Returns 184 Primary Exit/Monetization Strategies 187 Sale of Business 187 Initial Public Offering 188 Dividends / Dividend Recapitalization 188 Below Par Debt Repurchase 188 LBO Financing: Structure 189 LBO Financing: Primary Sources 192 Secured Debt 192 High Yield Bonds 196 Mezzanine Debt 198 Equity Contribution 199 LBO Financing: Selected Key Terms 202 Security 202 Seniority 202 Maturity 203 Coupon 204 Call Protection 205 Covenants 206 Term Sheets 209 LBO Financing: Determining Financing Structure 212 Chapter 5 LBO Analysis 217 Financing Structure 217 Valuation 218 Step I. Locate and Analyze the Necessary Information 220 Step II. Build the Pre-LBO Model 220 Step II(a): Build Historical and Projected Income Statement through EBIT 221 Step II(b): Input Opening Balance Sheet and Project Balance Sheet Items 224 Step II(c): Build Cash Flow Statement through Investing Activities 226 Operating Activities 226 Step III. Input Transaction Structure 229 Step III(a): Enter Purchase Price Assumptions 229 Step III(b): Enter Financing Structure into Sources and Uses 231 Step III(c): Link Sources and Uses to Balance Sheet Adjustments Columns 232 Uses of Funds Links 235 Step IV. Complete the Post-LBO Model 238 Step IV(a): Build Debt Schedule 238 Step IV(b): Complete Pro Forma Income Statement from EBIT to Net Income 247 Step IV(c): Complete Pro Forma Balance Sheet 250 Step IV(d): Complete Pro Forma Cash Flow Statement 252 Step V. Perform LBO Analysis 254 Step V(a): Analyze Financing Structure 254 Step V(b): Perform Returns Analysis 256 Step V(c): Determine Valuation 260 Step V(d): Create Transaction Summary Page 261 Illustrative LBO Analysis for ValueCo 262 Part Three Mergers & Acquisitions 273 Chapter 6 Sell-Side M&A 275 Auctions 276 Auction Structure 279 Organization and Preparation 279 Identify Seller Objectives and Determine Appropriate Sale Process 279 Perform Sell-Side Advisor Due Diligence and Preliminary Valuation Analysis 281 Select Buyer Universe 281 Prepare Marketing Materials 282 Prepare Confidentiality Agreement 285 First Round 286 Contact Prospective Buyers 286 Negotiate and Execute Confidentiality Agreement with Interested Parties 286 Distribute Confidential Information Memorandum and Initial Bid Procedures Letter 287 Prepare Management Presentation 288 Set Up Data Room 289 Prepare Stapled Financing Package (if applicable) 291 Receive Initial Bids and Select Buyers to Proceed to Second Round 291 Second Round 293 Conduct Management Presentations 293 Facilitate Site Visits 294 Provide Data Room Access and Respond to Diligence Requests 294 Distribute Final Bid Procedures Letter and Draft Definitive Agreement 295 Receive Final Bids 296 Negotiations 300 Evaluate Final Bids 300 Negotiate with Preferred Buyer(s) 300 Select Winning Bidder 300 Render Fairness Opinion (if required) 301 Receive Board/Owner Approval and Execute Definitive Agreement 301 Closing 302 Obtain Necessary Approvals 302 Shareholder Approval 303 Financing and Closing 305 Negotiated Sale 306 Chapter 7 Buy-Side M&A 309 Buyer Motivation 310 Synergies 311 Cost Synergies 312 Revenue Synergies 312 Acquisition Strategies 313 Horizontal Integration 313 Vertical Integration 313 Conglomeration 314 Form of Financing 315 Cash on Hand 316 Debt Financing 316 Equity Financing 317 Debt vs. Equity Financing Summary—Acquirer Perspective 318 Deal Structure 318 Stock Sale 318 Asset Sale 321 Stock Sales Treated as Asset Sales for Tax Purposes 324 Buy-Side Valuation 327 Football Field 327 Analysis at Various Prices 330 Contribution Analysis 331 Merger Consequences Analysis 333 Purchase Price Assumptions 333 Balance Sheet Effects 338 Accretion/(Dilution) Analysis 343 Acquisition Scenarios—I) 50% Stock/50% Cash; II) 100% Cash; and III) 100% Stock 346 Illustrative Merger Consequences Analysis for the BuyerCo/ValueCo Transaction 351 Part Four Initial Public Offerings 373 Chapter 8 Initial Public Offerings 375 Why Do Companies Go Public? 376 Characteristics of a Strong IPO Candidate 378 Attractive Industry 378 Strong Competitive Position 378 Growth Opportunities 379 Moat & Barriers to Entry 380 Healthy Financial Profile 380 Disruptive & Differentiated Solutions 381 Favorable Risk Profile 381 Proven Management Team 382 Key Participants 383 Investment Banks 383 Company Management 386 Current Owners/Investors 387 IPO Investors 387 Lawyers 388 Accountants 388 Exchange Partner 389 IPO Advisors 390 Vendors 390 Selected Key Terms 391 Offering Size 392 Primary/Secondary 393 Overallotment Option, a.k.a. “Greenshoe” 394 Syndicate Structure 395 Lock-up Provision 396 Listing Exchange 396 Gross Spread 397 Dual-Track Process 398 Special Purpose Acquisition Companies (Spac s) 401 Direct Listings 403 Post-IPO Equity Offerings 406 IPO Considerations 407 Nasdaq Appendix 409 Chapter 9 The IPO Process 413 Organization and Preparation 415 Select IPO Team, Exchange Partner and Assign Responsibilities 415 Manage Corporate Housekeeping 418 C Corp vs. Up-C Structure 423 Determine IPO Timing 425 Determine Offering Structure and Preliminary IPO Valuation 426 Host Organizational Meeting 429 Due Diligence, Drafting, and Filing 430 Perform Underwriter Due Diligence 430 Draft and File the Registration Statement 431 Prepare Other Key Transaction and Corporate Governance Documents 436 Coordinate with Equity Research 437 Respond to SEC Comments and File Amended Registration Statement 437 Marketing and Roadshow 438 Prepare Marketing Materials 438 Salesforce Teach-in 439 Conduct Roadshow 440 Build Order Book 443 Pricing and Allocation 445 Price the Offering 445 Allocate Shares to Investors 447 Closing 447 Afterword 449 Bibliography and Recommended Reading 451 Index 457

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Book SynopsisAn incisive framework for companies seeking to increase their resilience In The Black Swan Problem: Risk Management Strategies for a World of Wild Uncertainty, renowned risk and finance expert Håkan Jankensgård delivers an extraordinary and startling discussion of how firms should navigate a world of uncertainty and unexpected events. It examines three fundamental, high-level strategies for creating resilience in the face of black swan risks, highly unlikely but devastating events: insurance, buffering, and flexibility: The author also presents: Detailed case studies, stories, and examples of major firms that failed to anticipate Black Swan Problems and, as a result, were either wiped out or experienced a major strategy disruptionExtending the usual academic focus on individual biases to analyze Swans from an organizational perspective and prime organizations to proactive rather than reactive actionPractical applications and tactics to mitigate Black Swan risks and protect corporate strategies against catastrophic losses and the collateral damage that they causeStrategies and tools for turning Black Swan events into opportunities, reflecting the fact that resilience can be used for strategic advantage An expert blueprint for companies seeking to anticipate, mitigate, and process tail risks, The Black Swan Problem is a must-read for students and practitioners of risk management, executives, founders, managers, and other business leaders.Table of ContentsPrologue 3 Chapter 1: The Swans Revisited 7 The nature of randomness 8 The Moving Tail 11 The role of expectations 16 What makes us suckers? 20 The relativity of Black Swans 24 Meet the preppers 28 Chapter 2: Corporate Swans 31 The Board’s perspective 31 Swans attack 33 Strategy Swans 35 The Swan within 39 The growth fetish 42 The fear factor 47 The Chief Executive Swan 49 Swans on the rise 52 Chapter 3: The Black Swan Problem 60 Tail risk and firm value 60 Understanding wipeouts 65 Strategy disruption 71 All you zombies 76 The affordability issue 78 The conundrum 84 Chapter 4: Greeting the Swan 90 Randomness redux 90 The roads not taken 98 Functional stupidity 102 The Swanmakers 108 On tools and models 112 A Swan radar for the Board 116 Chapter 5: Taming the Swan 122 Drawing the line 122 Distance to wipeout 129 Risk capital 131 Stress testing 140 The exit option 146 Resilience vs endurance 150 Quantitative models 155 Liquidity is king 162 Chapter 6: Catching the Swan 166 Antifragility 167 Restoring the true path 170 Buying on the cheap 173 Opportunity capital 176 Flight to safety 182 Risk as strategy 187 Chapter 7: Riding the Swan 192 Risk shifting 192 A beautiful strategy 199 Fuel for growth 203 Narcissism redeemed 208 A tail of two companies 211 End of the ride 215 Swans to the rescue? 217 Epilogue 221

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Book SynopsisThe 7 Conversations is a unique model for organizations to grow and innovate in a team-based way with a powerful transformation accelerator.Penny Pennington, Managing Partner, Edward JonesAn actionable blueprint for transformational business journeys from Growth River founder Richard HawkesLeading transformation in teams, businesses, and organizations is complex, and leaders are expected to know how to do it.Navigating the Swirlprovides the clear thinking required to navigate this challenge. In Navigate the Swirl: 7 Conversations for Business Transformation renowned growth and strategy leader Richard Hawkes delivers a simple and powerful framework that any team can apply to overcome the most common leadership challenges to growing and scaling companies, known as The Swirl. In this straightforward book, he draws on decades of experience guiding teams to implement strategic change at companies like Edward Jones, GENEWIZ,Trade Review“…an absorbing business book that brilliantly addresses how to cope with the turbulence of change, culminating in “seven critical conversations” that lead to organizational transformation.” Kirkus ReviewsTable of ContentsForeword ix Acknowledgments xix A Note To The Reader: How to Use This Book xxi Introduction: The Swirl xxiii Part 1 Framing the Conversation 1 1 Understanding Organizations: Social Systems, Not Machines 3 2 Understanding Businesses: The Business Triangle 19 3 Understanding Growth: Dynamics of Organizational Development 31 Part 2 The Evolution of an Enterprise 47 4 The Four Stages of Enterprise Evolution 49 5 A Business Is Born: Stage 1, Independent Contributors 57 6 A Leader Steps Up: Stage 2, Directive Leadership 65 7 A 5:30 Wake-Up Call: The Transition to Stage 3, Distributed Leadership 71 8 A Complete System of Roles: Stage 3, Distributed Leadership 81 9 Leveraging Creative Tension: Stage 3, Distributed Leadership, continued 101 10 High-Performing Teams: Stage 3, Distributed Leadership, continued 115 11 Toward a Flat, Agile Organization: Stage 4: Leaders Leading Leaders 127 Part 3 The Seven Conversations 133 12 Organizations Evolve at the Speed of Conversation 135 13 Conversation 1: Activating Purpose 145 14 Conversation 2: Driving Focus 153 15 Conversation 3: Shifting Mindset 159 16 Conversation 4: Specifying Capabilities and Roles 165 17 Conversation 5: Streamlining Interdependencies 171 18 Conversation 6: Aligning Strategies 175 19 Conversation 7: Implementing Initiatives 185 20 An Invitation to Transformation 187 Glossary 191 Index 239

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