Corporate finance Books

Book SynopsisNATIONAL BESTSELLER • The gripping story of Elizabeth Holmes and Theranos—one of the biggest corporate frauds in history—a tale of ambition and hubris set amid the bold promises of Silicon Valley, rigorously reported by the prize-winning journalist. With a new Afterword covering her trial and sentencing, bringing the story to a close.“Chilling ... Reads like a thriller ... Carreyrou tells [the Theranos story] virtually to perfection.” —The New York Times Book ReviewIn 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the next Steve Jobs: a brilliant Stanford dropout whose startup “unicorn” promised to revolutionize the medical industry with its breakthrough device, which performed the whole range of laboratory tests from a single drop of blood. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes’s worth at an estimated $4.5 billion. There was just one problem: The technology didn’t work. Erroneous results put patients in danger, leading to misdiagnoses and unnecessary treatments. All the while, Holmes and her partner, Sunny Balwani, worked to silence anyone who voiced misgivings—from journalists to their own employees.

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Book SynopsisTable of ContentsForeword xiii Preface xv Acknowledgments xxvii Part One The Making of a VC 1 The Business of Cash and Carry 3 2 Why Choose a Career in VC 11 3 Attributes of Successful VCs 15 4 Welcome to the Land of Ad-Venture 21 5 Developing Your Investment Career 41 6 A Business Where Enemies Accumulate 57 7 Generational Transfer and Succession 63 Part Two Raising Your Venture Fund 8 LP Universe 73 9 LPs of Choice: Fund of Funds 89 10 How LPs Conduct Fund Due Diligence 95 11 Defining Your Fund’s Investment Strategy 99 12 Investment Team Diligence 119 13 Fund Size and Portfolio Construction 129 14 Performance Analysis 137 15 Terms of Fund Investment 155 16 The Venture Firm’s Ethos, Culture, and Values 173 17 Raising Your First Fund 193 18 The Fundraising Roadshow 205 19 Why LPs Seek First-Time Funds 221 20 Sourcing Investment Opportunities 229 Part Three Building Your Portfolio 21 Due Diligence Cheat Sheet 255 22 Diligence 259 23 Management Team Diligence: Assessing the Intangible 269 24 Market, Product, and Business Model Analysis 293 25 Terms and Conditions Apply 303 26 Structure of the Term Sheet 309 27 Buy Low, Sell High 317 28 The Closing Process 353 Part Four The Art of Value Creation 29 Serving on Boards 357 30 Board Culture and Orientation 367 31 Let Me Know How I Can Be Helpful: Value Creation 377 32 Challenges in the Boardroom 391 Part Five Exits: Liquidity Events and Champagne 33 Exit Strategies 407 34 Acquisitions 417 35 Initial Public Offering 435 36 Secondary Sales 449 Notes 451 Index 485

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Book SynopsisAre you starting your SAP S/4HANA journey? If deploying Central Finance is your first step, get the answers you need to the questions you have. With step-by-step instructions for implementation and tips for project management, this is your one-stop shop for everything Central Finance.

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Book SynopsisProven leadership strategies that will impact your career and your company Having the right CFO is a critical component for every company''s success. Guide to CFO Success provides CFOs and those in the making with a strategic blueprint to benefit their companies and their careers. This book reveals how to build a strong, successful career plan with guidance on team building and management of the multiple relationships that CFOs face on a daily basis, plus how to balance one''s work and personal life. Offers strategic guidance for leadership growth for CFOs Presents essential information for every CFO who wants to play a tactical role in their organization Includes best practices for building and developing the most effective Finance Team Features practical career advice for future Chief Financial Officers From balancing one''s work and personal life to dealing with the CEO, Guide to CFO Success has the answerTable of ContentsPreface xi Acknowledgments xv CFO Advisors xix Chapter 1: Chief Financial Officer 1 What Is a Chief FInancial Officer? 2 Personal Attributes of a Successful CFO 4 Skills Required for CFO Success 6 CFOs Are Different 8 Work–Life Balance 11 The Other Important Thing to Balance 12 Career versus Employer: A Question of Ethics? 13 Focusing on Your Career Helps Your Employer 15 Conclusion 16 Part One Successful Career Strategies for the CFO 19 Chapter 2: Planning for Career Success 21 Playing to Your Strengths 23 Personal Brand 25 Networking 27 Social Media for the CFO 31 Skills Development 36 Career Coaching 38 Conclusion 39 Chapter 3: Career Danger Signs 41 Career Danger Signs 42 Conclusion 48 Chapter 4: Should a CFO Moonlight? 51 Perception Is Reality 52 Acceptable Moonlighting Methods 52 Conclusion 58 Chapter 5: The CFO in Transition 61 The Grieving Process 62 Welcome to Your New Job 63 Ideal State 64 Catching Up From Behind 65 How CFOs Find Their Next Opportunity 69 Accepting Your Next CFO Role 69 Negotiating Your Next Employment Contract 71 Conclusion 78 Chapter 6: Starting Your New CFO Role 81 Onboarding 82 Onboarding Experiences of Real CFOs 87 Conclusion 95 Part Two Successful Employment Strategies for the CFO 97 Chapter 7: Planning for Success at Your Employer 99 The Case for a Formal Plan for Success 100 Executive Coaching for the CFO 110 Conclusion 112 Chapter 8: Relationship Management for the CFO 113 The CFO Relationship Map 114 Elements of Relationship Management 115 Examples of Successful CFO Relationship Management 118 Examples of Failed CFO Relationships 120 Why Do CFO Relationships Fail? 121 Conclusion 123 Chapter 9: Relationships with the CEO, Board, and Investors 125 The CEO Relationship 125 Relationship with Your Board of Directors 131 Relationship with Investors 141 Other Situations 146 Conclusion 149 Chapter 10: Relationships with Fellow Executives 151 Human Resources 152 Information Technology 156 Marketing 160 Sales 165 Production 168 Conclusion 172 Chapter 11: Relationships with Outsiders 175 Auditors 176 Lenders 178 Lawyers 182 Other Outside Relationships 184 Conclusion 185 Chapter 12: Building and Developing Your Finance Team 187 Elements of a Great Finance Team 188 The Cost of a Great Finance Team 191 Plan for a Great Finance Team 192 Building Your Finance Team 197 Superstars 199 Develop Your Team 201 Methods to Develop Your Team 204 CFO Succession 206 How Do I Become a CFO? 207 Your First CFO Role 208 Conclusion 209 Bibliography 211 About the Author 213 Index 215

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Book SynopsisBased on interviews with dozens of startup founders, experts and scholars on entrepreneurship, Frictionless provides readers with a wide-ranging education in starting companies that thrive in the world of frictionless commerce—made possible by new technologies, a new mindset, and new demands from Millennial consumers.Trade Review“With more nonprofits looking to other sectors for best practices in engaging and mobilizing constituents, particularly through the use of available and new technologies, there is no book more timely or relevant than Frictionless. Christiane has gathered opinions from some of the best thinkers, from whom we all could learn a lesson or two on dissolving the barriers between people and their passions.” — Christy Turlington Burns, founder of Every Mother Counts “In the world of fashion and retail, the more we reduce the friction from every aspect of our business, the easier it becomes to delight and engage our customers. Anyone looking to advance business, disrupt incumbents, or reshape industries should read Christiane’s book. She has helped me by gathering the opinions of other entrepreneurs and experts.” — Clare Vivier, founder of Clare V “Frictionless is a creative user’s manual for the postvirus world, a way forward that is smarter, faster, and more nimble. Christiane Lemieux is a wayfinder, and this book may show the direction for the next generation of innovators and entrepreneurs.” — Michael Cannell, author of A Brotherhood Betrayed: The Man Behind the Rise and Fall of Murder, Inc. “Anyone looking to advance their business, disrupt incumbents, or reshape industries should read Christiane’s book. She has gathered the opinions of an erudite cohort doing just that.” — Anjali Kumar, founding general counsel and head of Social Innovation at Warby Parker

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Book SynopsisTrade Review"This essential read for investors and activists illustrates the many intersections between smart investing and economic and social justice. It is a roadmap for shifting the standard investment model to address issues such as income inequality and the climate crisis." — Al Gore, former Vice President, co-founder and Chairman, Generation Investment Management "In this inspiring call-to-action, Mitch and Freada highlight a remarkable group of founders who draw on lived experience to develop new businesses that close gaps in access, opportunity, and outcome for low-income communities. Their stories show the power and the urgency of investing in the next generation of leaders and prove that change is possible, even when it feels hard." — Valerie Jarrett, Former Senior Advisor to President Barack Obama "This message is so necessary for the startup and investing worlds to hear and act on, for much of the same reasons I decided to join this effort. It’s also about empowering entrepreneurs to build businesses run by and for the benefit of those previously left out." — Serena Williams, Managing Partner, Serena Ventures "Freada Klein and Mitch Kapor are vital leaders shining the light towards changing the world through technology, with the radically true idea that more opportunity and diversity lead to the best outcomes." — Garry Tan, CEO, Y Combinator "This playbook is not only for the technology and the VC community, but also for leaders in all industries, who want to level the playing field for entrepreneurs of color." — Carla A. Harris, Senior Client Advisor, Morgan Stanley, author of Lead To Win "Mitch and Freada are Silicon Valley disrupters, but not with some new-fangled technology or business model. Instead, they ask founders, executives, and the industry the hard question: why don't companies look like the world they serve? They have been my partners in building a more inclusive, more human, and higher-performing company." — Jeff Lawson, co-founder and CEO, Twilio "This inspiring and forward-thinking book makes an ironclad case for the powerful financial and social returns we can achieve by building more robust pathways to opportunity for all people." — Darren Walker, President, Ford Foundation "This is not just the story of how one firm made investments to lift up a new generation of leaders; it is a blueprint for how all of us can invest in people who, in turn, can change the world." — Henry Louis Gates, Jr., Alphonse Fletcher University Professor, Harvard University

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Book SynopsisAbout our authors David K. Eiteman is Professor Emeritus of Finance at the John E. Anderson Graduate School of Management at UCLA. He has also held teaching or research appointments at the Hong Kong University of Science & Technology, Showa Academy of Music (Japan), the National University of Singapore, Dalian University (China), the Helsinki School of Economics and Business Administration (Finland), University of Hawaii at Manoa, University of Bradford (UK), Cranfield School of Management (UK), and IDEA (Argentina). He is a former president of the International Trade and Finance Association, Society for Economics and Management in China, and Western Finance Association. Professor Eiteman received a BBA (Business Administration) from the University of Michigan, Ann Arbor (1952); MA (Economics) from the University of California, Berkeley (1956); and a PhD (Finance) from Northwestern University (1959). He has authored or co-authored 4 books and Table of ContentsBrief Contents PART I: GLOBAL FINANCIAL ENVIRONMENT Multinational Fin Mgmt: Challenges & Opportunities The International Monetary System The Balance of Payments Financial Goals and Corporate Governance PART II: FOREIGN EXCHANGE THEORY & MARKETS The Foreign Exchange Market International Parity Conditions Appendix: An Algebraic Primer to Parity Conditions Foreign Currency Futures & Options Appendix: Foreign Currency Options Pricing Theory Interest Rate Derivatives & Swaps Exchange Rate Determination & Forecasting PART III: FOREIGN EXCHANGE EXPOSURE Transaction Exposure Appendix: Complex Option Hedges Translation Exposure Electrolux of Sweden Currency Management New #2 Operating Exposure Rolls Royce & Brexit New #2 PART IV: FINANCING THE GLOBAL FIRM The Global Cost and Availability of Capital Raising Equity and Debt Globally Multinational Tax Management International Trade Finance PART V: FOREIGN INVESTMENTS & OPERATIONS Foreign Direct Investment & Political Risk Multinational Capital Budgeting & Cross-Border Acquisitions Answers to selected end-of-chapter problems

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Book Synopsis''A brilliantly readable account, based on exceptional access, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer ... both a thriller and a reminder that business is fascinating because all human life is there'' John Plender, Financial TimesBased on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describes three decades of boardroom intrigue at one of Britain''s biggest financial institutions. In a tale of feuds, grandiose dreams and a struggle for supremacy between rival strategies and their adherents, Philip Augar gives a riveting account of Barclays'' journey from an old Quaker bank to a full-throttle capitalist machine. The disagreement between those ambitious for Barclays to join the top table of global banks, and those preferring a smaller domestic role more in keeping with the bank''s traditions, cost three chief executives their jobTrade ReviewHe tells the financial story of our age -- Alec Russell * Financial Times *A brilliantly readable account, based on exceptional access to most of those involved, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer. ... Philip Augar's book is both a thriller and a reminder that business is fascinating because all human life is there. -- John Plender * Financial Times *A riveting and revealing account of how a bank of high moral character with Quaker origins ended up in the sewer thanks to ambition and greed. -- Iain Martin * The Times *Once you start reading Philip Augar's well-researched book, you are captivated. ... What makes The Bank That Lived a Little a must-read is the way in which, in its pages, Barclays comes to embody all that has been, and possibly still is, wrong with the entire banking sector. -- Vicky Pryce * Literary Review *

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Book SynopsisThis book is a complete guide to planning and executing successful mergers and acquisitions.Trade Review"A nice book that combines practical advice and academic rigor to a survey of creating value through M&A."--Sidney Finkelstein, Professor of Strategy and Leadership, Dartmouth University

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Book SynopsisCorporate governance has become a major issue in business over the last decade. Adrian Cadbury has played a central role in developing policies, good practice, and our understanding of the complex issues involved. In 1992 he chaired the committee, sponsored by the Bank of England, whose Report on the Financial Aspects of Corporate Governance (commonly known as the ''Cadbury Report'') put issues of corporate governance on the map.Ten years on, Cadbury now reflects on issues of corporate governance and chairmanship drawing on his own business and policy-making experience. In the book, he discusses and explains the central issuse of corporate governance; provides practical advice to chairmen and directors on their roles and responsibilities; and surveys the major codes of practice that have been developed in the last decade. He also considers the implications of the current review of company law and speculates on the implications of electronic developments for shareholders'' voice and votTrade ReviewEvery book is at its core the story of its author and this is a splendid tale. * Bob Monks, EBF *The world is stacked with books claiming to offer the definitive formula for running a succesful company. Give them a wide berth and opt instead for Sir Adrian Cadbury's memoir on corporate governance. Cadbury has a depth of experience and insight on running companies and boards which shows on every page. * John Plender, Financial Times *The elder statesman of corporate governance ... has distilled his experience ... in an illuminating account of the consequences of the corporate governance movement ... a comprehensive primer on the art of chairmanship. * Simon Caulkin, The Observer *This book provides an admirably clear and insightful appraisal of the many unresolved issues surrounding the role and effectiveness of boards of directors, and their relations with shareholders. Drawing on his own board-room experience as well as his deep involvement in the international drive for better corporate governance over the past decade, the author offers wise and helpful advice for chairmen and directors, and for policy-makers who may be contemplating changes in company law. At a time when the responsibilities of directors are under renewed scrutiny, this book is an authoritative contribution to a debate which is central to the future of the capitalist system. * Sir Geoffrey Owen, LSE *Based on vast personal experience with boards, chairmen and CEOs, governance codes and legislation, Sir Adrian Cadbury has captured the current state of corporate governance in 2002, for all readers. He explains and demonstrates how a credible board, earnestly applying itself to assisting the CEO, together with a chairman who has the authority and time to lead the board, can be a major factor in creating trust and credibility in the market system. While much of his wise explanations and advice are based on UK sources, they are equally, or even more so, applicable to the US. * Ira Millstein, Weil, Gotshal and Manges, NY *I can imagine no better primer for a FTSE-100 chairman. A ruch needed primer too. * Sarah Hogg, Chairman of 3i *Of all the people I know in the corporate governance world, Adrian Cadbury is the one I would trust the most. The personal view he gives in this book is exactly what I would have expected: comprehensive, balanced, stuffed full of experience and common sense, helpful without being prescriptive, dead relevant to today's circumstances, and human. This book is a well-times reminder to all chairman of how much we owe to him for what he has contributed to governance thinking. * Sir Christopher Hogg, Reuters; Chairman, GlaxoSmith Kline *Table of Contents1. The Genesis of Corporate Governance ; 2. Code Consequences for UK Boards ; 3. The Board Task ; 4. Board Membership ; 5. The Chairman and Board Structure ; 6. Taking the Chair ; 7. The Chairman and the Chief Executive ; 8. The Chairman and the Top Team ; 9. Representing the Company ; 10. Corporate Social Responsibility ; 11. Issues for Chairmen ; 12. The Governance Agenda ; 13. Summing-up

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Book SynopsisBoards of directors are coming under increasing scrutiny in terms of ther contribution in monitoring and controlling management, particularly in the wake of high-profile coprorate frauds and failures, and also their potential to add value to organizational performance through involvement in the strategy process and through building relationships with key investors. Despite the importance of these issues, not only to organizations but also arguably to national competitiveness, the nature of board activity remains largely a black box, clouded by prescriptions, prejudices, and half-truths. This book responds to calls for greater scrutiny of boards of directors with an in-depth examination of directors of UK organizations, drawing on the accounts of directors themselves as to their roles, influence, and the potential and limits to their power.Much work on boards of directors has labelled the board as a rubber stamp for dominant management, and non-executive directors in particular have been variously described as poodles, pet rocks, or parsley on the fish. Such accounts are rooted in assumptions of board activity that are essentially adversarial in nature, and that the solution to the ''problem'' of reconciling the interests of managers with those of shareholders is to increase the checks and balances available to the board of directors. The findings of this study show that boards, in many cases, are far more than passive rubber stamps for management and that non-executives are encouraged to act as trusted advisers to the executives and the chief executive, rather than solely monitors of executive activity. Boards are important mechanisms in maintaining the strategic framework of the organization through setting the boundaries of organizational activity. The potential of the board members, in particular the non-executives, to fulfil such a mandate depends on a number of factors, including ability, willingness to engage with the organizational issues, and the degree of knowledge they have relevant to the host firm. Above all, the degree of trust built between members of the board, and between the board and key external constituencies, is at the heart of effective board behaviour.Trade ReviewReview from previous edition a valuable work for those who study corporate governance * Corporate Governance: An International Review *This work would provide a useful primer for anyone studying the subject * Corporate Governance: An International Review *This book is comprehensive and a must read for those who wish to be up to date and are committed to improving board performance ... The conclusion section provides useful advice for board members who want to check how well they are doing against current thinking ... Stiles and Taylor have shown remarkable ability to deal with the complexities of boards at work. * Lynn McGregor *Table of Contents1. The Changing Expectations of Boards of Directors ; 2. Perspectives on the Contribution of Boards of Directors ; 3. Researching Boards of Directors ; 4. The Strategic Role of the Board ; 5. The Control Role of the Board ; 6. The Institutional Role of the Board ; 7. The Dynamics of Board Process ; 8. Conclusions

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Book SynopsisThis is a pedagogically innovative and interactive corporate finance textbook which, as well as offering an in-depth examination of the key areas of the corporate finance syllabus, incorporates interesting, topical examples and cases, bringing real life to bear on the concepts presented, and creating a lively, engaging learning tool.Table of Contents1. The Nature of Finance ; 2. Investment Appraisal ; 3. Financial Markets ; 4. Valuation ; 5. Risk and the Financial Environment ; 6. Risk and the International Environment ; 7. Capital Budgeting ; 8. Capital Structure ; 9. Dividend Policy ; 10. Working Capital Management ; 11. Mergers and Acquisitions ; 12. Interest and Future Values

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Book SynopsisAs soon as a firm starts operating and furthermore, the moment it starts to grow, it needs to come to a decision about how to invest funds, how much cash and inventory to hold on to, how much financing to provide to customers, how to obtain the necessary funds, how much debt to take on and in which terms-all the answers to these questions have serious consequences for a firm''s cash flow and profitability.Working Capital Management is a hands-on look at the crucial decision of how to define and finance the operating investments of a business. Starting with an overview of the fundamental framework of corporate finance, the authors set out to define the central, and usually underestimated, role that working capital plays within this structure. They show not only how to prevent the losses that result from mishandling of working capital, but also how to fully exploit the strategic potential that intelligent, expert management of working capital allows. The book is the first to emphasize thTrade ReviewGiven the breadth of recent capital market disruptions, companies have undergone a thorough reevaluation of their capital structure objectives. Working capital management choices have become strategically more important as they have a direct impact into financial sustainability. This book gives light to a very complex subject in a very easy to understand manner. * Lisandro Miguens, Managing Director, Senior Country Officer, J.P. Morgan *Table of ContentsPreface Introduction Chapter 1: Corporate Finance Chapter 2: Working Capital Chapter 3: Working Capital, Seasonality, and Growth Chapter 4: Financial Analysis and Working Capital Chapter 5: Cash Management Chapter 6: Managing Account Receivables Chapter 7: Managing Inventories Chapter 8: Managing Account Payables Chapter 9: Short-term Debt Chapter 10: Working Capital and Corporate Strategy Chapter 11: Working Capital Financing Costs Chapter 12: Patterns in Working Capital Notes References Index

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Book SynopsisSix leading economists examine the financing of corporate capital formation in the U.S. economy. In clear and nontechnical terms, their papers provide valuable information for economists and nonspecialists interested in such questions as why interest rates are so high, why corporate debt has accelerated in recent years, and how government debt affects private financial markets. Addressing these questions, the contributors focus chiefly on three themes: the actual use of debt and equity financing by corporations in recent years; the factors that drive the financial markets' pricing of debt and equity securities; and the relationship between corporations' real investment decisions and their financial decisions. While some of the papers are primarily expository, others break new ground. Extending his previous work, Robert Taggart finds a closer relationship between corporate and government debt than has been supposed. Zvi Bodie, Alex Kane, and Robert McDonald conclude intheir study that t

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Book SynopsisThis dictionary covers the terminology of the international financial marketplace. It provides concise and rigorous definitions of over 5,000 terms used in the accounting, banking, corporate finance, investment management and insurance disciplines. It also includes formulae and diagrams, as well as commonly used acronyms and colloquialisms.Trade Review'This practical, easy-to-use reference will be a valuable resource for academic libraries supporting financial courses and for public libraries supporting the financial sector of the business world.' - Choice ReviewsTable of ContentsAcknowledgements The Author Summary of Colloquialisms, Foreign Terms, and Acronyms Introduction Numeric Entries A-Z Selected References

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Book SynopsisBased on the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) in January 2010, this provides a simplified summary of the main elements - using diagrams for each of the Standards to help the reader visualize the key decisions and choices their application requires.Table of ContentsContents Preface to the 4th Edition List of Abbreviations I. Introduction II. International Financial Reporting Standards IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 7 Statement of Cash Flows IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Reporting Period IAS 11 Construction Contracts IAS 12 Income Taxes IAS 16 Property, Plant and Equipment IAS 17 Leases IAS 18 Revenue IAS 19 Employee Benefits IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates IAS 23 Borrowing Costs IAS 24 Related Party Disclosures IAS 27 Consolidated and Separate Financial Statements IAS 28 Investments in Associates IAS 29 Financial Reporting in Hyperinflationary Economies IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Presentation IAS 33 Earnings per Share IAS 34 Interim Financial Reporting IAS 36 Impairment of Assets IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets IAS 39 Financial Instruments: Recognition and Measurement IAS 40 Investment Property IAS 41 Agriculture IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment IFRS 3 Business Combinations IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Exploration for and Evaluation of Mineral Resources IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments IFRS 9 Financial Instruments III. Interpretations of IFRIC IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining whether an Arrangement contains a Lease IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IFRIC 6 Liabilities arising from Participating in a Specific Market- Waste Electrical and Electronic Equipment IFRIC 7 Applying the Restatement Approach under IAS 29 "Financial Reporting in Hyperinflationary Economies" IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 12 Service Concession Arrangements IFRIC 13 Customer Loyalty Programmes IFRIC 14 IAS 19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non-cash Assets to Owners IFRIC 18 Transfers of Assets from Customers IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

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Book SynopsisIn Creating Strategic Value, Joseph Calandro Jr. explores how the core ideas and methods of value investing can be profitably applied to corporate strategy and management. He builds from an analysis of traditional value investing concepts to their strategic applications.Trade ReviewUnderstanding values is the key to corporate success, and Graham and Dodd is the Rosetta Stone of unlocking values. In this book, Joseph Calandro Jr. continues his application of core value investing principles into both strategy and management. A must-read for corporate managers and investors alike. -- Mario J. Gabelli, founder, chairman, and CEO of GAMCO Investors, Inc.I loved this book. Calandro has written a highly engaging work on an incredibly important, often overlooked topic: how corporate managers should allocate capital according to the principles of value investment. He draws on theory and practice to deliver a resoundingly persuasive argument. The book is fantastically well written and a pleasure to read. Every director, officer, and general manager should read it. -- Tobias Carlisle, principal, Acquirers Funds, LLC; author of The Acquirer's Multiple and Deep Value; and founder, acquirersmultiple.comA riveting blend of skill sets on strategy and management in the corporate world. Information sharing and analysis at the speed of the internet, animated by the experience of an author whose findings and recommendations are both thoughtfully and practically displayed. -- Lenny DePaul, chief inspector/commander, U. S. Marshals Service (Ret.)Joseph Calandro’s book about value investing and corporate management is timely: for more than ten years ‘value’ stocks have underperformed ‘growth’ stocks. If we assume that we will find value stocks among depressed and neglected sectors of the market, it follows that there is now ‘double value’ in the stock market; double value arises from unpopular shares and from a completely neglected investment strategy that value investing has become. I highly recommend Calandro’s book as we shall move away from passive investment styles to more active management. -- Marc Faber, editor, The Gloom, Boom, & Doom Report, and author of Tomorrow’s Gold: Asia’s Age of DiscoveryValue investing is more than a capital allocation strategy. It is a philosophy of business based on the idea that the best way to navigate a volatile marketplace is not with gut, instinct, and savvy, but with facts, verifiable data, and a margin of safety. Joseph Calandro’s Creating Strategic Value expertly shows how the principles of value investing can be applied to business strategy and management. -- Jeff Gramm, fund manager and author of Dear Chairman: Boardroom Battles and the Rise of Shareholder ActivismCalandro wastes no words in building the case for applying the precepts of value investing to general corporate management. He illustrates those precepts with portraits of the careers of a host of accomplished practitioners, from old Jay Gould to the immortals Benjamin Graham and Henry Singleton to the contemporary standouts Howard Marks and Seth Klarman. Find your “information advantage” is the theme of this fine and useful volume—and you can begin your quest in these very pages. -- James Grant, editor, Grant’s Interest Rate Observer, and author of The Forgotten Depression: 1921, The Crash That Cured ItselfThe lessons of classic, mixed, and contemporary value investing, through interviews with accomplished value practitioners, inspiring anecdotes, and thought-provoking case studies, leave the reader well equipped to see value creating opportunity and avoid value destroying activity. An invaluable resource for both corporate capital allocators and those who evaluate their effectiveness. Every corporate decision maker will emerge a more “intelligent investor” as a result of reading this essential book. -- John J. Hughes, president of Quantum Capital Management, LLCThis book fills a much needed gap for those in corporate strategy and management. Utilizing sound research and leveraging examples by thought leaders in the field, Calandro illustrates how to apply the principles of value investing theory for corporate success. Reading it will definitely give you a leg up on the competition! -- Mark McNeilly, author of Sun Tzu and the Art of BusinessThrough historical example and financial analyses, Joseph Calandro does an excellent job showing executives how to manage corporate value over the long haul. First: how to identify and then control the companies' greatest risks. Second: How and when to pounce on cheap assets offered up by companies not so enlightened. Creating Strategic Value is exactly the guide to read after a decades-long bull market has created amnesia towards financial cyclicality. -- Frederick J. Sheehan, Jr., author of Panderer to Power: The Untold Story of how Alan Greenspan Enriched Wall Street and Left a Legacy of Recession and The Coming Collapse of the Municipal Bond MarketThanks to its readable text and non-technical approach, this book will be a valuable resource for business students, their instructors, and management practitioners. * Choice *Table of ContentsForeword—Professor Sris Chatterjee, Gabelli Chair in Global Security Analysis at Fordham UniversityIntroductionAppendix: Common Ground and/or Areas of Further ResearchPart I Preface: Theory1. Value Investing and Corporate Management: Overview2. Corporate Strategy and the “Margin of Safety”3. Cash and Competitive Advantage4. Corporate Management and “Security Analysis” (including an interview with Seth A. Klarman)5. Value Creating Corporate Management: Henry E. SingletonAppendix 5.1: Evaluating a Stock BuybackAppendix 5.2: Managing Funding Obligations6. Managerial “Rationality”7. Corporate Management and “Modern Security Analysis” (including an interview with the late Martin J. Whitman)8. Value Realization Is “The Most Important Thing”Part IIPreface: Practice9. Value Realization at GEICOAppendix 9.1: Note on Estimating Growth Value10. Value Realization at GTI Corporation11. Value Realization at the Union PacificConclusion and Information AdvantageAcknowledgmentsNotesIndex

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Book SynopsisBest books of 2021, Financial Times''Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you'' Tim Harford, author of How to Make the World Add Up''A fascinating account of an investment revolution'' Ian Fraser, Literary Review''A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution'' The Wall Street Journal''Wigglesworth has written an important book'' Patrick Hosking, Financial Editor, The Times''A terrific read'' Gregory Zuckerman, author of The Man Who Solved the Market''A fascinating journey and a crucial book for anyone trying to understand the financial markets'' Bradley Hope, author of Billion Dollar Whale--------------------------------------------------------------Trade ReviewThe simplest, humblest ideas are sometimes the ones that turn the world upside down. Grab some popcorn and take a front row seat, because Robin Wigglesworth has an astonishing story to tell you * Tim Harford, author of How to Make the World Add Up *Trillions is both entertaining and educational. Wigglesworth explores one of the most important modern-day financial innovations and explains its broad impact on financial markets, investors, global economies and even capitalism. A terrific read and a topic that will become more important as passive investments increasingly dominate markets. Wigglesworth brings what could be a dull topic to full life * Gregory Zuckerman, special writer at the Wall Street Journal and author of The Man Who Solved the Market *As only the incomparable Robin Wigglesworth could do, in Trillions he turns the often obscured history of the investment industry into a rollicking great yarn, replete with admirable heroes, political infighting, fascinating diversions and unexpected triumphs * William Cohan, special correspondent at Vanity Fair and author of The Last Tycoons *Very few writers can tell a great story and help us understand a big idea. Robin Wigglesworth is one of those rare journalists who can. His history of the index fund is required reading for anyone who wants to know where the financial markets have come, and where they are going. It's also just a wonderfully engaging romp through the last half century of market news * Rana Foroohar, global business columnist at the Financial Times and author of Don't Be Evil *This is a tour de force. Passive investing has become a bedrock of finance but very few investors understand where and how this practice emerged from and how it is changing markets in a way that impacts us all. Wigglesworth has turned this arcane tale into an easy-to-understand and fun read, full of lively characters and little known details of how finance really works today. Anyone who wants to understand modern investing should read it * Gillian Tett, chair of the editorial board and US editor-at-large at the Financial Times and author of Fool's Gold *A real tour de force, this engaging and thought-provoking book brings together several historical threads - from Warren Buffett's famous hedge fund bet to the 'Manhattan Project of financial economics' - to show how passive investing and index funds have evolved into an ETF phenomenon that has 'humble[d] the investment industry ... reshape[d] finance forever,' and now poses risks for future financial stability and economic wellbeing * Mohamed El Erian, Chief Economic Adviser of Allianz and author of When Markets Collide *The greatest change in investing in the last 100 years is brought to life like never before. A page turner! * Fred Grauer, former CEO of Wells Fargo Investment Advisors *Robin Wigglesworth is one of the most lucid and exciting journalists writing about finance today. Trillions tackles the enormous changes that have swept the investing world through the stories of its charismatic innovators. It's a fascinating journey and a crucial book for anyone trying to understand the financial markets * Bradley Hope, writer at Project Brazen and author of Billion Dollar Whale *A fascinating account of an investment revolution. Trillions should be read not just by millionaires, billionaires and trillionaires, but by anyone who has a pension plan, individual savings account or money invested, directly or indirectly, in the stock market * Ian Fraser, Literary Review *A magisterial, delightfully written history offering up portraits of the academic scribblers and entrepreneurial practitioners who created the index-fund revolution. It also contains common-sense wisdom that will benefit all investors. * The Wall Street Journal *Wigglesworth has written an important book. Passive has mostly been a boon, but its impact in future may not be so benevolent. Investors, companies and regulators need to apprehend the water they are swimming in * Patrick Hosking, Financial Editor of The Times *Paul Volcker once quipped that the greatest innovation in finance in recent decades was the humble ATM. Not so, argues the FT global finance correspondent who makes the case for the index fund as the instrument that democratised investing, upended established structures and changed capitalism. Told through the stories of the group of radical nerds who made it all happen * Best books of 2021, Financial Times *

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Book SynopsisJames C. Van Horne, Professor of Banking and Finance at Stanford University. Also the author of Financial Management and Policy, a Pearson Education text. John Wachowicz, Jr., Professor of Finance at The University of Tennessee.  Table of Contents PART ONE: INTRODUCTION TO FINANCIAL MANAGEMENT 1. The Role of Financial Management 2. The Business, Tax and Financial Environments PART TWO: VALUATION 3. The Time Value of Money 4. The Valuation of Long-Term Securities 5. Risk and Return Appendix A: Measuring Portfolio Risk Appendix B: Arbitrage Pricing Theory PART THREE: TOOLS OF FINANCIAL ANALYSIS AND PLANNING 6. Financial Statement Analysis Appendix: Deferred Taxes and Financial Analysis 7. Funds Analysis, Cash-Flow Analysis, and Financial Planning Appendix: Sustainable Growth Modeling PART FOUR: WORKING CAPITAL MANAGEMENT 8. Overview of Working Capital Management 9. Cash and Marketable Securities Management 10. Accounts Receivable and Inventory Management 11. Short-Term Financing PART FIVE: INVESTMENT IN CAPITAL ASSETS 12. Capital Budgeting and Estimating Cash Flows 13. Capital Budgeting Techniques Appendix A: Multiple Internal Rates of Return Appendix B: Replacement Chain Analysis 14. Risk and Managerial Options in Capital Budgeting PART SIX: THE COST OF CAPITAL, CAPITAL STRUCTURE, AND DIVIDEND POLICY 15. Required Returns and the Cost of Capital Appendix A: Adjusting the Beta for Financial Leverage Appendix B: Adjusted Present Value 16. Operating and Financial Leverage 17. Capital Structure Determination 18. Dividend Policy PART SEVEN: INTERMEDIATE AND LONG-TERM FINANCING 19. The Capital Market 20. Long-Term Debt, Preferred Stock, and Common Stock Appendix: Refunding A Bond Issue 21. Term Loans and Leases Appendix: Accounting Treatment of Leases PART EIGHT: SPECIAL AREAS OF FINANCIAL MANAGEMENT 22. Convertibles, Exchangeables, and Warrants Appendix: Option Pricing 23. Mergers and Other Forms of Corporate Restructuring Appendix: Remedies for a Failing Company 24. International Financial Management

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Book SynopsisJavier Estrada holds an M.S. in Finance and a Ph.D. in Economics both from the University of Illinois at Urbana-Champaign. He is currently an associate professor at the IESE Business School in Barcelona, Spain; the co-editor of the Emerging Markets Review; and a wealth management advisor at Sports Global Consulting. He has published extensively in international journals, written many cases for class discussion, and lectured throughout the world.Trade Review‘This delivers the essential concepts of modern finance clearly and concisely. My advice: buy this book and keep it close at hand!' Mark Kritzman, President and CIO, Windham Capital Management, LLC ‘Whilst there are a number of books that purport to offer a quick reference for business professionals, this is the only one that really manages to do this in an effective way.' Valerio Potì, Director of the MSc in Finance and Capital Markets Program, Dublin City University Business School ‘This is corporate finance served in bite-sized and digestible portions.' Elroy Dimson, Emeritus Professor of Finance, London Business School ‘Javier Estrada is to be commended for translating deep economic ideas into terms that are immediately usable, compelling and valuable.' Robert F. Bruner, Dean of Darden Business School, University of Virginia Table of ContentsPublisher's acknowledgments Preface to the second edition Preface to the first edition PART I: RISK AND RETURN 1 Returns (I): Basic concepts 2 Returns (II): Mean returns 3 Risk (I): Total risk 4 Risk and return (I): Portfolios 5 Risk (II): Diversification &

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Book SynopsisBob Steiner is the founder/managing director of Markets International, an independent training company. A former treasury officer and financial consultant he's also the author of Mastering Financial Calculations, now in its second edition.Table of ContentsTIME VALUE OF MONEY Simple Interest and Compound Interest Equivalent Rate, Effective Rate and Continuously Compounded Rate Future Value (FV), Present Value (PV), Rate of Discount and Discount Factor Net Present Value (NPV), and Internal Rate of Return (IRR) Money-weighted and Time-weighted Rates of Return Annuity THE MONEY MARKETS Certificate of Deposit (CD), Commercial Paper (CP), Treasury Bill, True Yield and Discount Rate Value Dates, Interpolation and Extrapolation ZERO-COUPON YIELD AND YIELD CURVE Zero-coupon Yield, the Spot Yield Curve and Bootstrapping The Par Yield Curve The Forward-forward Yield Curve FORWARD-FORWARDS, FRAS AND FUTURES Forward-forward Interest Rate Forward Rate Agreement (FRA) Stir Futures Contract and Margin Basis Risk Spread, Butterfly Spread and Condor STRIP THE BOND AND REPO MARKETS Accrued Interest, Clean Price and Dirty Price Money Market Basis and Bond Basis Yield to Maturity (YTM) Current Yield and Simple Yield to Maturity Zero-coupon Security and STRIP Asset-backed Securities (ABS), Mortgage-backed Securities (MBS), Collateralized Debt Obligations (CDO) and Covered Bonds Bond Futures, Conversion Factor and Cheapest-to-deliver (CTD) Cash-and-carry Arbitrage and Implied Repo Rate Duration, Modified Duration, Price Value of a Basis Point (PVB), Dollar Value of an 01 (DV01) and Convexity Hedge Ratio Repo and Reverse Repo Haircut and Margin Buy/Sell -Back and Sell/Buy-Back Securities Lending/Borrowing THE SWAPS MARKET Interest Rate Swap (IRS) Asset Swap and Liability Swap Overnight Index Swap (OIS) Currency Swap FOREIGN EXCHANGE Forward Outright and Forward Swap Cross-rate Short Dates Forward-forward Exchange Rate Non-deliverable Forward (NDF) OPTIONS Calls and Puts The Black and Scholes Pricing Model Historic Volatility and Implied Volatility Binomial Pricing Model The Put/Call Parity Cap, Floor, Collar and Zero-cost Option Break Forward, Range Forward and Participation Forward Option Trading Strategies: Straddle, Strangle, Spread, Butterfly, Condor, Ratio Spread and Risk Reversal Barrier Options: Knock-out Option and Knock-in Option Credit Derivatives, Synthetic CDO and First-to-default Baskets The ‘Greeks’: Delta, Gamma, Vega, Theta and Rho STATISTICS Mean, Median and Mode Variance and Standard Deviation Correlation and Covariance Probability Density and the Normal Probability Function RISK MANAGEMENT AND INVESTMENT MANAGEMENT Value at Risk (VaR) The Capital Adequacy Ratio Efficient Markets Hypothesis APPENDICES Glossary Day/Year Conventions for Money Markets

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Book SynopsisTable of ContentsPart I 1. Overview of Investment Banking 2. Regulation of the Securities Industry 3. Financings 4. Mergers and Acquisitions 5. Trading 6. Asset Management, Wealth Management and Research 7. Exchanges, Clearing and Settlement and Credit Rating Agencies 8. International Banking 9. Convertible Securities and Innovation 10. Investment Banking Careers, Opportunities and Issues Part II 11. Overview of Hedge Funds 12. Hedge Fund Investment Strategies 13. Shareholder Activism and Impact on Corporations 14. Risk, Regulation and Organizational Structure 15. Hedge Fund Performance and Issues 16. Overview of Private Equity 17. LBO Financial Model 18. Private Equity Impact on Corporations 19. Organization, Compensation, Regulation and Limited Partners 20. Private Equity Issues and Opportunities 21. Private Equity in China Cases 1. Investment Banking in 2008 (A): Rise and Fall of the Bear 2. Investment Banking in 2008 (B): A Brave New World 3. Freeport-McMoran: Financing an Acquisition 4. The Best Deal Gillette Could Get?: Procter & Gamble’s Acquisition of Gillette 5. A Tale of Two Hedge Funds: Magnetar and Peloton 6. Kmart, Sears and ESL: How a Hedge Fund Became One of the World’s Largest Retailers 7. McDonald’s, Wendy’s and Hedge Funds-Hamburger Hedging?: Hedge Fund Activisim 8. Porsche, Volkswagen and CSX: Cars, Trains and Derivatives 9. The Toys "R" Us LBO 10. Cerberus and the U.S. Auto Industry 11. H.J. Heinz M&A Transaction 12. Quintilles IPO Transaction 13. New Case on M&A Transaction Litigation

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Book Synopsis

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Book Synopsis

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Book SynopsisRevised and updated in its fifth edition, this internationally renowned and respected book provides the essentials to understanding all areas of airline finance. Designed to address each of the distinct areas of financial management in an air transport industry context, it also shows how these fit together, while each chapter and topic for example, aircraft leasing provides a detailed resource that can also be consulted separately. Supported at each stage by practical airline examples and recent data, Airline Finance examines the financial trends and longer term prospects for the airline industry as a whole, contrasting the developments for the major regions and airlines together with critical discussion of key issues that affect the industry as a whole. Important techniques in financial analysis are applied to the airlines as well as their investors such as banks and other financial institutions. Thoroughly amended and updated throughout, and expanded Trade Review"Airline Finance, 5th edition, provides down-to-earth practical examples that enable students to work through and understand the various aspects of the syllabus. The book is easy to read and follow; a great advantage for international students who want to pursue careers in the air transport industry. I will use it extensively for my new graduate course on air transport finance."Professor Cherie Lu, Department of Aviation and Maritime Transportation Management, Chang Jung Christian University, Taiwan."The fifth edition of Dr Peter Morrell’s Airline Finance provides an expert update to what is the go-to book for those looking to understand the complex world of aviation finance. Dr Morrell provides useful, interesting and relevant insights using real-world examples taken from airlines’ annual reports, and expertly guides the reader in understanding how it all fits together. An impressive achievement."Patrick Healy, Chairman of Cathay Pacific Airways Ltd"I strongly recommend this updated edition of Airline Finance for any student of airline management, analysts of the industry and for those managing or regulating airlines – who really need to understand what airline financial statements show or what different financing structures mean. This is an excellent guide for those involved in, or fascinated by, the airline industry. It is not an academic text nor is it a manual of how to finance an airline. Instead, the descriptive style of writing and extensive use of good examples from the industry paints a clear and insightful picture for the reader of what could be dry accounting or finance theory. But in addition to enabling the non-specialist to interpret the numbers in an airlines balance sheet or cash flow statement, practical issues for management or regulators such as privatization, risk management, valuing assets are all covered in a way that illuminates the key issues for decision makers. This latest edition incorporates recent developments in issues such as consolidation, lease accounting and the innovative use of assets to back financing. The chapter on privatization has been retained – a wise decision given the extensive increase of Government involvement in airlines across the world as a result of the COVID-19 pandemic. There will need to be extensive restructuring of the industry after the crisis, so this new edition of Airline Finance should be a key resource for many."Brian Pearce, Chief Economist, International Air Transport Association (IATA)Table of ContentsPreface; Chapter 1 Industry Financial Performance; 1.1 Government Regulation of Airlines: The ‘Level Playing Field’; 1.2 World Airline Financial Results; 1.3 Factors Affecting Financial Results; 1.4 Key Financial Issues; 1.5 Financial Implications of Environmental Measures; 1.6 Conclusions; Chapter 2 Airline Financial Statements; 2.1 Introduction; 2.2 Profit and Loss Account (Income Statement); Cathay Pacific Airways Ltd.; American Airlines; Cathay Pacific Airways and American Airlines Compared: Income Statement; Lufthansa Group and Other Airlines: Income Statement; 2.3 Balance Sheet; Assets; 2.4 Balance Sheet Comparison: Cathay Pacific Versus American Airlines; 2.5 Cash Flow Statement; 2.6 Value Added Statement; 2.7 Cash Value Added; 2.8 Progress Towards Greater Accounting Standardisation; Appendix 2.1 Frequent Flyer Programme Award Accounting; Appendix 2.2 Accounting for Finance and Operating Leases; Chapter 3 Airline Financial Ratios; 3.1 Performance/Earnings Ratios; 3.2 Risk or Solvency Ratios; 3.3 Liquidity Ratios; 3.4 Stock Market Ratios; 3.5 Inter-Airline Comparison of Financial Ratios; 3.6 Interpretation Problems; Chapter 4 Airline Valuation; 4.1 The Valuation of Intangible Assets; Route or Traffic Rights; Factors Determining the Value of Traffic Rights; Rights to Airport Slots; Valuation Methods; 4.2 The Valuation of Tangible Assets; 4.3 The Valuation of the Airline as a Whole; Discounted Cash Flow (DCF) Method; Ratio Method; 4.4 Aircraft Valuation; 4.5 Ratings Agencies; Chapter 5 Sources of Finance; 5.1 Sources of Internal Finance; 5.2 Sources of Short-Term External Finance; 5.3 Sources of Long-Term External Finance; Shareholders’ Equity Capital; Preference Share Capital; Bonds/Debentures/Unsecured Loan Stock/ABS; Equipment Trust Certificates; Term Loans; Leasing; Manufacturer’s Support; Islamic Finance; 5.4 Institutions Involved in Aircraft Finance; Banks; Export Credit Agencies; Operating Lessors; Governmental Financing Organisations; Chapter 6 Equity Finance; 6.1 Share Issues; 6.2 Equity Finance for Start-Up Airline; 6.3 Foreign Ownership Limits; 6.4 Share Trading and Stock Market Listings; 6.5 Initial Public Offering (IPO); 6.6 Mergers and Cross-Border Investment; Chapter 7 Airline Privatisation; 7.1 Introduction; 7.2 Previous Airline Privatisation Case Studies; Full Privatisation Through Flotation – British Airways; Full Privatisation Through Trade Sale and Flotation – Qantas; Gradual Privatisation – Lufthansa; Partial Privatisation – Kenya Airways; Full Privatisation and Trade Sale – Iberia; Gradual Privatisation and Acquisition – Air France; 7.3 The Results So Far by Region; North America; Caribbean; Central and South America; Europe; Africa/Middle East; Asia/Pacific; 7.4 Re-Nationalisation; Alitalia; TAP Air Portugal; Chapter 8 Airline Financial Planning and Appraisal; 8.1 Budget Preparation and Control; 8.2 Working Capital Management; Current Assets – Stocks; Current Assets – Cash and Marketable Securities; Current Liabilities; 8.3 Financial Planning; Cash Flow Forecasts; Decision Criteria; Discount Rate Calculation for NPV; Which Criterion to Choose?; Risk and Uncertainty; 8.4 Start-Up Airline Business Plan; Chapter 9 Risk Management: Foreign Currency and Interest Rates; 9.1 Exchange Rate Volatility; 9.2 Airline Trading Exposure to Currency Movements; 9.3 Airline Balance Sheet Exposure to Currency Movements; 9.4 Airline Foreign Exchange Risk Management; 9.5 Interest Rate Exposure; Chapter 10 Risk Management: Fuel Prices; 10.1 The Need and Means to Hedge Fuel; 10.2 Examples of Airline Fuel Hedging Practice; Chapter 11 Aircraft Leasing; 11.1 Finance Lease; Japanese Leveraged Leases; US Leveraged Leases; European Leveraged Leases; Extendible Operating Leases; 11.2 Operating Lease; 11.3 Japanese Operating Lease (JOL); 11.4 Wet Lease; 11.5 Sale and Leaseback; Appendix 11.1 Lease rental calculations; Appendix 11.2 Lease versus buy decision; Chapter 12 Aircraft Securitisation; 12.1 Equipment Trust Certificates: ETCs and EETCs; 12.2 Securitisation; ALPS 92-I Securitisation ; ALPS 94-I Securitisation; Airplanes 96 Securitisation; ALPS 96-I Securitisation; 12.3 Early Securitisations (2005–2008); 12.4 Conclusions; Chapter 13 Airline New Entry and bankruptcy; 13.1 Airline New Entry; 13.2 Airline Exit – Bankruptcy; 13.3 Airline Consolidation – Mergers and Acquisitions; 13.4 North America – Chapter 11 Bankruptcy; 13.5 Latin America; 13.6 UK/Europe; 13.7 Australasia; 13.8 Summary; Chapter 14 Industry Financial Prospects; 14.1 World Airline Traffic and Financial Forecasts; 14.2 World Airline Capital Expenditure Projections; 14.3 World Airline Financial Requirement Forecasts; 14.4 The Prospects for Cross-Border Mergers; Glossary of terms and abbreviations; Bibliography

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Book SynopsisThis book takes an in-depth look at the economics and finance of professional team sports, with a strong focus on applied analysis and performance measurement, to enable students, researchers, and practitioners to develop their professional knowledge of contemporary sport business. It examines the key themes that define professional team sports today, including the unique features of the team sport market place, the operation of leagues, competitive balance, salary caps, draft systems, income from broadcasting rights, the role of agents, and governance and financial regulation. It analyses the functional aspects of sport finance including where the money flows in and out, how to measure performance holistically, and how to interpret the financial performance of professional sport teams. It also covers emerging and disruptive forces that may shape the market in the future. It includes real- world cases and data in every chapter, including sports from football to Formula 1 and Table of ContentsPart I: Sport Economics, Theories and Concepts, 1. The Market Structure for Professional Team Sport, 2. League Structure, Uncertainty of Outcome and Competitive Balance, 3. Models of Professional Team Sport, 4. Profit and Utility Maximisation in Professional Team Sports, Part II: Functions of Economics and Finance in Professional Team Sports, 5. Revenue Generation and Cost Structure in Professional Team Sports, 6. Cost Structures in Professional Team Sports, 7. Holistic Performance Measurement in Professional Team Sport, 8. Financial Statements and Annual Reports in Professional Team Sports, 9. Interpreting Annual Reports in Professional Team Sports, 10. Ownership Structure, Governance, and Regulation in Professional Team Sport, 11. Managers and Agents in Professional Team Sports, Part III: Emerging Trends and Disruptive Forces, 12. Breakaway Leagues in Professional Team Sports, 13. Over the Top (OTT) Broadcasting Platforms and Commercial Shifts in Professional Team Sports, 14. Financing and the Rise in Private Equity in Professional Team Sports, 15. Governance, Ownership, and Regulation Reform in Professional Team Sports, 16. Esports in Professional Team Sport, 17. Cryptocurrency, Socios, NFTs and the Metaverse in Professional Team Sports

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Book SynopsisAt a time of global economic crisis and disillusionment with capitalism, Adodo offers refreshing and positive insight into a more integral way of business management, enterprise and community development as well as holistic healing in Africa. For over three decades, Africa was the recipient of billions of dollars in aid funds that were meant to catapult the continent from undeveloped to developed status. Yet the more the aid poured in, the poorer African countries became. The devastating effect of western economic models in Africa that followed is well documented. Integral Community Enterprise in Africa exposes the limitations of existing theories, such as capitalism, socialism and communism, and shows how western theories were imposed on Africa. Such imposition of concepts and ideas is not only demeaning but also unsustainable, serving only the interest of the elite. Father Anselm Adodo argues for the need to have a southern theory to serve as an Trade Review‘A work of genius with high reflective ambience, originality and vision, requiring a major restructuring of our epistemological armament. A must read for intellectuals of all descents seeking to achieve multicultural reach through transcultural disciplinary approach.’ — Prof. G.O Ozumba, Centre for Integrative Humanism, University of Calabar, Nigeria‘Anselm Adodo proposes communitalism as an indigenous, sustainable and integral approach to tackling the developmental challenges of contemporary Africa. This book documents a personal and community journey, but it’s relevance is universal.’ — Dr. Edward Paice, Director, Africa Research Institute, London, UK‘Communitalism is based on the premise that all humans, communities and nations must seek solutions to their problems from within. Adodo demonstrates this by the successful experiments conducted in a rural community in Nigeria. The key strength of communitalism is that it can be replicated anywhere. Africa is in dire need of such a theory originating from Africa.’ — Prof. Ohioma Pogoson, Director, Institute of African Studies, University of Ibadan, Nigeria‘In modern times we are looking for an integral vision of our world and the human being after the unity has fallen apart: East and West, North and South, individual and community, science and spirituality and economics. Father Anselm Adodo, known for his research in traditional herbal medicine, is presenting a new integral vision, the theory of Communitalism. This is true African Wisdom, enriching the other cultures of this globe.’ — Notker Wolf, O.S.B., Abbot Primate of the Benedictine Order, Rome, Italy‘An intellectually brilliant and elegantly argued theory for all who wish to understand Africa and its stunted economic growth and development. Adodo presents refreshing and home-grown pathways to holistic development in Africa.’ — Samuel Etatuvie, Director-General, Nigeria Natural Medicine Development Agency, Nigeria‘A profoundly new approach to development in Africa: a must read for anyone concerned with authentic development around the world. A book that is positioned at the very core of a much needed African Renaissance.’ — Prof. Alexander Schieffer, Co-founder, Trans4m Centre for Integral Development, Geneva, Switzerland'Anselm Adodo goes to the heart of the matter – resilient societies build on resilient communities. Resilient communities allow individuals to flourish and bring out their full creativity. If we are to move from collective stupidity to collective wisdom, we need to listen to the wisdom of those who care. This is a book not just for Africa, but for the world.' — Kosha Anja Joubert, CEO Global Ecovillage NetworkTable of ContentsTable of ContentsList of figuresList of tablesAbout the AuthorForewordAcknowledgementsList of abbreviationsIntroductionPART I: INTRODUCTION TO THE INTEGRAL JOURNEY1: Overview of my research trajectoryPART II: ORIGINATION OF RESEARCH: RESEARCH METHOD2: My subjective inner call: the emotive researcher3: My objective outer challenge: how I expressed my inner desire in confronting concrete challenges in my societyPART III: CONTEXT: PHENOMENOLOGY4: Uncovering imbalances in my context: a description of Ewu Community, Paxherbal and St Benedict Monastery5: Unravelling missing depths: my contextual transformational topographyPART IV: CO-CREATION6: Emancipatory critique: introduction to feminism in an African context7: Towards a true Pax Africana: communitalism as an approach to health, community and enterprise in Ewu, Edo State, NigeriaPART V: CONTRIBUTION AND TRANSFORMATION8: Participatory action research in an African context: the case of Ewu village, Edo State, Nigeria9: Cooperative inquiry in an African context: the case of Paxherbal and ACIRDPART VI: DISTILLATION AND CONCLUSION OF THE INTEGRAL JOURNEYCHAPTER 10: CARE-ing for Nigeria: towards an integral university in AfricaIndex

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Book SynopsisIt doesn''t matter how old you are or where you''re from; you can start a profitable business. The Young Entrepreneur''s Guide to Starting and Running a Business will show you how.Through stories of young entrepreneurs who have started businesses, this book illustrates how to turn hobbies, skills, and interests into profit-making ventures. Mariotti describes the characteristics of the successful entrepreneur and covers the nuts and bolts of getting a business up, running and successful.

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Book SynopsisIt is axiomatic that entities which bring together the factors of production play a vital role in any national economy. But, while entrepreneurial ventures may be a source of growth and innovation, they also face many challenges. In particular, access to finance can place particular constraints on a young firmâs ability to flourish and develop. Moreover, entrepreneurial firms are often operated in a haphazard manner; their internal processes are unsystematic. Planning, forecasting, and budgeting processes are either not well developed or, in some cases, non-existent.Now, to help advanced students and researchers make sense of an enormousâand growingâcorpus of scholarship and practical thinking on the principles that underpin entrepreneurial finance, and the many associated issues and controversies that this topic generates, Routledge announces Entrepreneurial Finance, a new addition to its acclaimed Critical Concepts in Finance series. Edited by Darek Klonowski, Professor of Business Administration at Brandon University and a private-equity professional, this four-volume set is a âmini libraryâ that brings together the foundational and the very best cutting-edge research.Furnished with a comprehensive introduction, newly written by the editor, which places the assembled materials in their historical and intellectual context, Entrepreneurial Finance is an essential collection, and is certain to be recognized as a vital one-stop resource.

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Book SynopsisIncorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.Table of Contents1. Introduction (L. Renneboog) Part 1: Corporate restructuring 2. Mergers and acquisitions in Europe (M. Martynova, L. Renneboog). 3. The performance of acquisitive companies in the US (K. Cools, M. v.d. Laar). 4. The announcement effects and long-run stock market performance of corporate spin-offs: The international evidence (C. veld, Y. Veld-Merkoulova). 5. The competitive challenge in banking (A Boot, A. Schmeits). 6. Consolidation of the European banking sector: Impact on innovation (H. Degryse, S. Ongena, M.F. Penas). Part II: Corporate governance 7. Transatlantic corporate governance reform ( J. McCahery, A. Khachaturyan). 8. The role of self-regulation in corporate governance: evidence and implications from the Netherlands (A. de Jong, D. Dejong, G. Mertens, C. Wasley). 9. Shareholder lock-in contracts: Share price and trading volume effects at the lock-in expiry (P.P. Angenendt, M. Goergen, L. Renneboog). 10. The grant and exercise of stock options in IPO firms: Evidence from the Netherlands (T. v.d. Groot, G. Mertens, P. Roosenboom). 11. Institutions, corporate governance and firm performance (J. Grazell). part III: Capital structure and valuation 12. Why do companies issue convertible bonds? A review of the theory and empirical evidence (I. Loncarski, J. ter Horst, C. Veld). 13. The financing of Dutch firms: a historical perspective (A. de Jong, A. Roell). 14. Corporate financing in the Netherlands (R. Kabir). 15. Syndicated loans: Developments, characteristics and benefits (G. van Roij). 16. The bank's choice of financing and the correlation structure of loan returns: loans sales versus equity (V. Ioannidou, Y. Pierides). 17 Shareholder value and growth in sales and earnings (L. Soenen). Part IV: Asset pricing and monetary economics 18. The term structure of interest rates: An overview (P. de Goeii). 19. Incorporating estimation risk in portfolio choice (F. de Roon, J. ter Horst, B. Werker). 20. A risk measure for retail investment products (T. Nijman, B. Werker). 21. Understanding and exploiting momentum in stock returns( J.C. Rodriguez, A. Sbuelz). 22. Relating risks to asset types: A new challenge for central banks (J. Sijben).

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Book SynopsisCovering subjects from corporate taxes to behavioral corporate finance and econometric issues, this title includes articles that reveal how specializations resonate with each other and indicate likely directions for future research. It presents coherent summaries of major finance fields, marking important advances and revisions.Trade Review"A scholarly compendium of contemporary research in Financial Economics which will be of great value not only for researchers in finance but also for researchers in many other of economics including money and banking, growth and development, international economics, public finance, and macro economics." --Edward C. Prescott, Nobel Laureate, Arizona State University "This Handbook provides a timely and comprehensive account of the state-of-the-art of Financial Economics, including corporate finance and asset pricing, written by many of the leading names in their respective fields." --Harry M.Markowitz, Nobel Laureate, University of California, San DiegoTable of Contents1. Financial Intermediation, the Credit Markets, and Alternative Financial Systems 2. Financial Innovation and Securitization 3. Dynamic Security Design and Corporate Financing 4. Corporate Taxes 5. Executive Compensation and Firm Performance 6. Behavioral Corporate Finance 7. Law and Finance after a Decade of Research 8. Venture Capital and Private Equity 9. Endogeneity and other Econometric Issues in Empirical Corporate Finance 10. Entrepreneurship and Family Firms 11. Financing in Developing Countries

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Book Synopsis'One day your sluggish company will taken to the sound of a beating drum and the sight of a competitor approaching at ramming speed. On deck will be a jut-jawed Barbarian....He will hardly blink as his target is ripped asunder, sending Aristocrats, Bureaucrats and their unfortunate shipmates to their corporate death....So goes Mr. Miller's tale, from which we can all profit.' The Wall Street JournalBarbarians to Bureaucrats presents a brilliant new solution to a stubborn old business problem: how to halt a company's descent into wasteful, stifling bureaucracy. Lawrence M. Miller, a management consultant for such corporate giants as Xerox and 3M, argues that corporations, like civilizations, have a natural life cycle, and that by identifying the stage your company is in, and the leaders associated with it, you can avert decline and continue to thrive.Every company begins with the compelling new vision of a Prophet and the aggressive leadership of an iron-willed Barbarian

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Book SynopsisAn Introduction to Corporate Finance provides the reader with a complete overview of Corporate Finance from perspective of the investment Banker. The author, a corporate trainer and former investment banker clarifies the role of the investment banker in numerous corporate finance transactions, including mergers & acquisitions, IPO''s, and valuation. Given today''s corporate climate, every student studying corporate finance and those working in the field need this book to sharpen their skill set.Table of ContentsAbout the author xv 1 ‘BEHIND THE CHINESE WALL’ 1 Corporate finance in investment banking 2 Chinese walls 3 Corporate finance assignments 5 Flotations/IPOs 6 Mergers, acquisitions and divestitures 8 Leveraged buyouts and management buyouts 13 Financial advice 13 Careers in corporate finance 15 Organisation of this book 20 Part I CORPORATE FINANCE TRANSACTIONS 23 2 SOURCES OF CAPITAL 25 Debt securities 27 Money market securities 27 Long-term debt 29 Floating rate notes 31 Equity 32 Preference shares 32 Ordinary shares 34 Hybrids (convertible securities) 36 3 FLOTATIONS/INITIAL PUBLIC OFFERINGS 39 Primary offerings 40 Ancillary benefits of flotation 46 Disadvantages of flotation 46 Methods of flotation 47 Suitability for listing 49 The offering process 52 Participants and roles 52 Documentation and regulation 55 Due diligence and verification 57 Marketing, syndication and pricing 59 Underwriting 62 4 INTERNATIONAL EQUITY OFFERINGS 65 Rationale for international offerings 66 International investors 68 Development of international equity offerings 69 Regulation and documentation 70 Depository receipts 73 Marketing, syndication and distribution 75 Offer structure 76 Price setting, underwriting and bookbuilding 77 Fees and commissions 79 After the new issue 81 Stabilisation 81 5 RIGHTS ISSUES/SECONDARY OFFERINGS 83 Pre-emption rights 85 Setting the price 87 Calculating the theoretical rights price 88 Rights issue timetable 90 Fees and commissions 90 Secondary offerings 94 Marketed offerings 95 Bought deals 96 Accelerated bookbuilding 98 Demergers 100 6 MERGERS AND ACQUISITIONS 101 Rationale for M&A 102 Types of merger 104 Merger waves 106 Financing the transaction 107 Bootstrap transactions 109 Regulation of M&As 110 Key elements of the City Code 111 7 MANAGEMENT BUYOUTS 115 Financial structure 118 Bank finance (secured lending) 120 Private equity funds 122 Mezzanine finance 123 High-yield bonds 124 Part II CORPORATE FINANCE TECHNIQUES 127 8 VALUING SECURITIES 129 Valuing bonds 130 Valuing shares and companies 132 Cash flow based valuations 135 Determination of terminal/residual value 139 Determining the discount rate 143 Determining the value of the business 143 Relative valuations 146 Price earnings ratio 148 Price/EBIT multiple 149 Market to book value 149 Dividend yield 150 Enterprise value to EBITDA 151 Determining the value of a business based on ratios/multiples 152 9 DETERMINING THE COST OF CAPITAL 159 Weighted average cost of capital 160 Use market values 161 Use target/optimal weighting 162 After tax 163 Match nominal rates with nominal cash flows 163 Cost of debt: Kd 165 Cost of equity: Ke 166 Capital asset pricing model 168 Risk-free rate 170 Market risk premium (equity risk premium) 170 Beta (β) 171 Health warning 172 10 SHAREHOLDER VALUE ADDED (ECONOMIC PROFIT) 173 Just another number? 174 Benefits of SVA 175 Calculation of SVA 177 Limitations of economic profit calculations 181 Appendix: UK CORPORATE VALUATION METHODS: A SURVEY 183 Scoring and tables 184 A.1 Valuation methodology 185 A.1.1 Frequency of use 186 A.1.2 Calculation of final valuation or value range 188 A.2 Discounted cash flows 189 A.2.1 DCF approaches 189 A.2.2 Forecast period 190 A.2.3 Terminal value 191 A.3 Cost of capital 192 A.3.1 Determining the cost of equity 192 A.3.2 Capital asset pricing model 193 Sources of information 197 Glossary 199 List of abbreviations 211 Additional reading 213 Index 215

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Book SynopsisStrategic Corporate Finance provides a 'real-world' application of the principles of modern corporate finance, with a practical, investment banking advisory perspective. A major new text on corporate finance, this book addresses all the critical issues in corporate finance both for practitioners, and students, entering this field.Table of ContentsPreface xi List of Figures xiii List of Tables xv Acknowledgments xvii About the Author xix PART ONE Managing the Left-Hand Side of the Balance Sheet CHAPTER 1 The Cost Of Capital 3 Calculation Pitfalls 3 Market Risk Premium (MRP) 5 Toward a Better Beta 10 The ‘‘Riskless Rate’’ 13 The Cost of Debt 14 Global Capital Costs 16 WACC and Hurdle Rates 23 CHAPTER 2 Fix: Finding Your Sources of Value 26 Why Shareowner Value? 27 Performance Measurement Pitfalls 28 Measuring Economic Profit and Value 30 Analyzing the Corporate Portfolio 35 Incorporating the Cost of Capacity 39 Value-Based Strategies and Tactics 43 Managing for Value 45 Balancing Performance with Value 52 CHAPTER 3 Sell: Creating Value Through Divestiture 54 Divestiture Creates Value 56 Sources of Value: Motives for Divestiture 58 Alternative Methods of Disposition 60 What Works Best for Whom? 63 What Happens Longer Term? 64 Practical Impediments to Divestiture 65 Financial Policy Considerations 70 Tax Considerations and Structural Refinements 70 CHAPTER 4 Grow: How To Make M&A Pay 73 M&A Today 73 Transactions that Create Value 77 M&A Fact and Fallacy 81 RX for the ‘‘Conglomerate Discount’’ 86 EVA and M&A 88 How ‘‘Serial Acquirers’’ Create Value 90 Financial Policy Considerations 93 Financing Growth 94 CHAPTER 5 Cash and The Optimal Capital Structure 97 Trends and Implications 98 How Much Is Too Much? 100 The Costs and Benefits of Excess Cash 105 How the Market Views Excess Cash 108 Optimal Capital Allocation 109 PART TWO Managing the Right-Hand Side of the Balance Sheet CHAPTER 6 An Executive’s Guide to Credit Ratings 117 Trends and Implications 117 Empirical Evidence 123 Limitations of Quantitative Credit Analysis 123 What Metrics Matter Most? 126 Case Study: Treatment of Pension and Postretirement Liabilities 131 Multivariate Credit Models 133 Industry Considerations 135 Case Study: Property and Casualty Insurance 135 Application Issues 137 How to Manage Your Agencies 137 Case Study: Illustration of Secured and Unsecured Notching 139 CHAPTER 7 Today’s Optimal Capital Structure 141 Value-Based Financial Policy 141 Less Debt Is Now ‘‘Optimal’’ 143 Extend Duration When Rates Are Low 146 Maintain Financial Liquidity to ‘‘Insure’’ Your Equity 149 A New Perspective on Equity 151 Case Study: Does Tech Need Debt? 154 CHAPTER 8 Dividends and Buybacks: Calibrating Your Shareholder Distributions 160 The Cash Problem 162 Dividends Are Back 163 How Dividends and Buybacks Create Value 165 Should You Increase Your Dividend? 171 How Large Should Your Buyback Program Be? 178 How to Execute Your Share Repurchase Program 181 CHAPTER 9 The Stock Liquidity Handbook 187 Measuring Stock Liquidity 188 The ‘‘Liquidity Discount’’ 191 Implications of Stock Illiquidity 192 Solutions to Illiquidity 193 Stock Splits 195 PART THREE Managing the Enterprise CHAPTER 10 Strategic Risk Management: Where ERM Meets Optimal Capital Structure 203 The Value of Risk Management 204 Mapping and Modeling Risk 209 Managing to a Benchmark 213 External Considerations and Constraints 216 ERM Case Study: Metallgesellschaft AG 219 Capital Structure Solutions 220 CHAPTER 11 Best Practices In Hedging 224 Which ‘‘Exposure’’ to Hedge 225 Hedge Horizon 230 Hedge Ratio 232 Options versus Forwards 233 Accounting Considerations 235 Implementation 236 CHAPTER 12 ERM Case Study: Reengineering The Corporate Pension 238 Why Now? 239 The Problems with Equity 240 The Case for More Bonds 243 Optimal Capital Structure Reprise 246 Capital Markets Solutions 248 The Boots Case 251 Why It Still Hasn’t Happened 252 APPENDIX A Resources 254 Tools and Portals 254 New Research and Literature Search 254 Economic Research and Data 254 News and Market Data 254 Corporate Governance and Compensation 255 Other Agencies 255 Endnotes 256 References 268 Index 277

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Book SynopsisEssentials of Corporate Fraud Full of valuable tips, techniques, illustrative real-world examples, exhibits, and best practices, this handy and concise paperback will help you stay up to date on the newest thinking, strategies, developments, and technologies in corporate fraud.Trade Review"…presents an insider's look at corporate fraud." (The Business Journal of Milwaukee , 4/4/08)Table of ContentsPreface. Acknowledgements. Chapter 1. The Fraud Problem. Chapter 2. People Who Commit Fraud. Chapter 3. Red Flags of Fraud. Chapter 4. Asset Misappropriation, Bribery, and Corruption. Chapter 5. Financial Statement Fraud. Chapter 6. Fraud Detection and Investigation. Chapter 7. Fraud Prevention. Chapter 8. Best Practices in Fraud Management. Chapter 9. The Future of Fraud. Index.

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Book Synopsis* Today, valuation is an important and highly sophisticated process, and valuators need legitimate guidance to perform their work. * This book provides guidance on appraising estate, gift, charitable contribution, income taxes, and purposes for which fair market value is the standard.Table of ContentsForeword to Second Edition xv Foreword: Legal Practitioner’s Perspective xvii Foreword: Law Professor’s Perspective xix Foreword: Business Appraiser’s Perspective xxi Preface to the New Edition xxiii Origin of the Book xxiii Authors Provide Own Perspectives xxiv Topics Covered xxiv Acknowledgments xxvii About the Authors xxix Chapter 1 Standards of Business Valuation 1 Summary 1 Introduction 2 Sources for Defining Value 3 Definitions of Value 7 Premise of Value 17 Conclusion 18 Chapter 2 Subsequent Events 19 Summary 19 Key Question 19 Valuation Date 20 Subsequent Events—Exceptions 21 Conclusion 27 Chapter 3 Business Valuation Experts 28 Summary 28 Introduction 29 Proving Business Value 29 The Expert Appraiser 30 Types of Experts 31 Various Roles of Experts 32 Business Valuation Litigation Witnesses 32 Admissibility of Evidence Underlying Expert Opinions 33 Limitations to Admissibility 35 Reliability of the Expert 36 Minimum Thresholds for the Business Valuation Expert 38 Sarbanes-Oxley Act of 2002 40 Attorney Assistance to the Expert 40 Qualified Appraiser 43 Concerns about Expert Testimony 44 Court-Appointed Expert 46 Conclusion 48 Appendix: Expert Credentials and Qualifications 49 Chapter 4 Sources of Law and Choice of Courts 58 Summary 58 Structure of the American Legal System 59 Tax Law 60 Tax Litigation 62 Conclusion 66 Chapter 5 Burden of Proof in Valuation Controversies 67 Summary 67 Burden of Proof 69 Who Bears the Burden of Proof? 71 Burden of Proof: Exceptions to the General Rule 71 Chapter 6 Penalties and Sanctions 76 Summary 76 Introduction 77 Valuation Penalties 78 Preparer and Appraiser Penalties 81 General Penalties 82 Discretionary Sanctions 84 Chapter 7 How the Form of Entity Affects Valuation 86 Summary 86 Introduction 87 Corporations 88 General Partnerships 89 Limited Partnerships 89 Limited Liability Companies 91 Sole Proprietorships 91 Tax Classifications 91 Valuation Considerations 92 Entity-Level Discounts 94 Choice of Jurisdiction 95 Conclusion 97 Chapter 8 Valuation of S Corporations and Other Pass-Through Tax Entities: Minority and Controlling Interests 98 Introduction 98 Case Law Background 100 S Corporation Minority Interest Appraisals 104 Comparison of Minority Interest Theories—A Summary of the Issues 106 S Corporation Controlling Interest Appraisals 108 General S Corporation Appraisal Considerations 110 Conclusion 110 Chapter 9 Transfer Pricing 112 Summary 112 Introduction 113 Conclusion 123 Chapter 10 Customs Valuation 124 Summary 124 Introduction 125 Customs Valuation Methods and Concepts 125 Related-Party Transactions 130 Conclusion 132 Chapter 11 Adjustments to Financial Statements 133 Summary 133 Separating Nonoperating Items from Operating Items 134 Addressing Excess Assets and Asset Deficiencies 135 Handling Contingent Assets and Liabilities 135 Adjusting Cash-Basis Statements to Accrual-Basis Statements 136 Normalizing Adjustments 136 Controlling Adjustments 137 Conclusion 139 Chapter 12 Comparative Financial Statement Analysis 140 Summary 140 Comparable Ratio Analysis 142 Common Size Statements 147 Tying the Financial Statement Analysis to the Value Conclusion 147 Conclusion 148 Chapter 13 Economic and Industry Analysis 149 Summary 149 Objective of Economic and Industry Analysis 150 International Economic Analysis 150 National Economic Analysis 150 Regional and Local Economic Analysis 151 Industry Analysis 151 Conclusion 153 Partial Bibliography of Sources for Economic and Industry Analysis 153 Chapter 14 Site Visits and Interviews 159 Summary 159 Site Visits 159 Management Interviews 160 Interviews with Persons Outside the Company 160 Conclusion 161 Chapter 15 The Income Approach 162 Summary of Approaches, Methods, and Procedures 162 Introduction to the Income Approach 163 Net Cash Flow: The Preferred Measure of Economic Benefit in the Income Approach 164 Discounting versus Capitalizing 166 Relationship between Discount Rate and Capitalization Rate 166 Projected Amounts of Expected Returns 172 Developing Discount and Capitalization Rates for Equity Returns 172 Weighted Average Cost of Capital (WACC) 176 The Midyear Convention 177 The Income Approach in the Courts 179 Conclusion 185 Appendix: An Illustration of the Income Approach to Valuation 186 Chapter 16 The Market Approach 195 Summary 196 The Market Approach 196 Revenue Ruling 59-60 Emphasizes Market Approach 196 The Guideline Public Company and the Guideline Transaction (Merger and Acquisition) Method 197 How Many Guideline Companies? 202 Selection of Guideline Companies 204 Documenting the Search for Guideline Companies 206 Choosing Multiples Based on Objective Empirical Evidence 206 What Prices to Use in the Numerators of the Market Valuation Multiples 206 Choosing the Level of the Valuation Multiple 207 Selecting Which Valuation Multiples to Use 209 Assigning Weights to Various Market Multiples 211 Sample Market Valuation Approach Tables 211 Other Methods Classified Under the Market Approach 211 Conclusion 216 Appendix: An Illustration of the Market Approach to Valuation 217 Chapter 17 The Asset-Based Approach 243 Summary 243 Adjusted Net Asset Value Method 243 Excess Earnings Method (The Formula Approach) 244 Conclusion 248 Chapter 18 Entity-Level Discounts 249 Summary 249 Trapped-In Capital Gains Discount 250 Key Person Discount 256 Portfolio (Nonhomogeneous Assets) Discount 263 Discount for Contingent Liabilities 267 Conclusion 269 Chapter 19 Minority Discounts/Control Premiums 271 Summary 271 Minority Discounts/Control Premiums 271 Conclusion 278 Chapter 20 Discounts for Lack of Marketability 279 Summary: General Introduction to Shareholder-Level Discounts and Premiums 280 Definition of Marketability 281 Benchmark for Marketability Is Cash in Three Days 281 Investors Cherish Liquidity, Abhor Illiquidity 282 Degrees of Marketability or Lack Thereof 283 Empirical Evidence to Quantify Discounts for Lack of Marketability: Restricted Stock Studies 283 Empirical Evidence to Quantify Discounts for Lack of Marketability: Pre-IPO Studies 290 Criticisms of the Pre-IPO Studies 292 Factors Affecting the Magnitude of Discounts for Lack of Marketability 294 Use of the Databases for Quantifying Discounts for Lack of Marketability 297 Discounts for Lack of Marketability for Controlling Interests 300 Option Pricing as Indicator of DLOM 305 Discounts for Lack of Marketability in the Courts 309 Conclusion 319 Partial Bibliography of Sources for Discounts for Lack of Marketability 320 Chapter 21 Other Shareholder-Level Discounts 321 Summary 321 Voting versus Nonvoting Shares 321 Blockage 324 Discounts for Undivided Fractional Interests in Property 330 Conclusion 332 Chapter 22 Personal versus Enterprise Goodwill 333 Summary 333 Definitions of Goodwill 334 Tax Implications 334 Indications of Personal versus Enterprise Goodwill 334 Landmark Cases 335 Excerpt from Personal Goodwill Appraisal Report 339 Conclusion 342 Chapter 23 Weighting of Approaches 343 Summary 343 Theory and Practice 343 Mathematical versus Subjective Weighting 344 Examples of Weighting of Approaches 345 Conclusion 347 Chapter 24 IRS Positions 348 Summary 348 Introduction 349 Rev. Rul. 59-60 350 Rev. Rul. 65-192 358 Rev. Rul. 65-193 362 Rev. Proc. 66-49 363 Rev. Rul. 68-609 366 Rev. Proc. 77-12 368 Rev. Rul. 77-287 370 Rev. Rul. 83-120 376 Rev. Rul. 85-75 379 Rev. Rul. 93-12 381 Tax Advice Memorandum 9436005 383 Rev. Proc. 2003-51 386 Rev. Proc. 2007-41 390 Rev. Rul. 2008-35 393 Chapter 25 Business Appraisal Reports 399 Summary 400 Business Valuation Report-Writing Standards 400 Elements of the Business Valuation Report 412 Organization of the Report 418 Qualities of a Good Appraisal Report 418 Conclusion 419 Chapter 26 Valuation of Options 420 Summary 420 Introduction and Background 421 General Principles of Option Valuation 422 Specific Rules for Valuing Options 427 Conclusion 433 Chapter 27 Questions to Ask Business Valuation Experts 434 Summary 434 Qualifications 434 Financial Statement Adjustments and Analysis 435 Economic and Industry Data 436 Site Visits and Interviews 436 General Questions about Methodology 436 Discount and Capitalization Rates in the Income Approach 436 Projections Used in the Income Approach 438 The Market Approach 438 Asset-Based Approach 438 Entity-Level Discounts 438 Minority Interest Discounts/Control Premiums 439 Discounts for Lack of Marketability 439 Voting/Nonvoting Stock 439 Questions about Contradictory Prior Testimony 439 Appendix A International Glossary of Business Valuation Terms 441 Appendix B Bibliography 447 Books 447 Articles and Papers 448 Periodicals 450 Mergers and Acquisitions Databases 451 Discount for Lack of Marketability Databases 452 Table of Cases 453 Index 461

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