Finance and accounting Books
John Wiley & Sons Inc The Little Book that Still Beats the Market
Book SynopsisIn The Little Book That Still Beats the Market, Joel Greenblatt expands the successful strategy from the original bestseller to show investors how to profit in any market.Table of ContentsAcknowledgments ix Foreword by Andrew Tobias xiii Introduction to the 2010 Edition xvii Introduction to the Original Edition xxi Chapter One 1 Chapter Two 9 Chapter Three 17 Chapter Four 27 Chapter Five 39 Chapter Six 51 Chapter Seven 61 Chapter Eight 71 Chapter Nine 81 Chapter Ten 93 Chapter Eleven 105 Chapter Twelve 115 Chapter Thirteen 127 Step-by-Step Instructions 137 Afterword to the 2010 Edition 145 Appendix 165
£17.85
McGraw-Hill Education - Europe Trade Your Way to Financial Freedom
Book SynopsisThe bestselling holy grail of trading information-now brought completely up to date to give traders an edge in the marketplaceâœSound trading advice and lots of ideas you can use to develop your own trading methodology.â-Jack Schwager, author of Market Wizards and The New Market WizardsThis trading masterpiece has been fully updated to address all the concerns of today's market environment. With substantial new material, this second edition features Tharp's new 17-step trading model. Trade Your Way to Financial Freedom also addresses reward to risk multiples, as well as insightful new interviews with top traders, and features updated examples and charts.Table of ContentsForeword by Chuck Whitman1.The Legend of the Holy Grail2.New: Q&A with Great Traders3.Judgmental Biases4.Setting Your Objectives 5.Steps to Developing a System (heavily revised)6.New: Secular Markets7.Selecting a Concept that Works8.New: Using R Multiples9.Understanding Expectancy10.Using Setups11.Entry or Market Timing12.Protecting Your Capital13.How to Take Profits14.The Opportunity & Cost Factors15.Position Sizing16.Conclusions
£23.99
John Wiley & Sons Inc Applying IFRS Standards
Book SynopsisTable of ContentsPreface About the authors Acknowledgements List of Acronyms PART 1 CONCEPTUAL FRAMEWORK 1 The IASB and its Conceptual Framework 1.1 The International Accounting Standards Board (IASB®) 1.2 The purpose of a conceptual framework 1.3 Qualitative characteristics of useful financial information 1.4 Going concern assumption 1.5 Definition of elements in financial statements 1.6 Recognition of elements of financial statements 1.7 Measurement of the elements of financial statements 1.8 Concepts of capital 1.9 Future developments Summary Discussion questions References Exercises Academic perspective PART 2 ELEMENTS 2 Owners’ equity: share capital and reserves 2.1 Equity 2.2 For-profit companies 2.3 Key features of the corporate structure 2.4 Different forms of share capital 2.5 Contributed equity: issue of share capital 2.6 Contributed equity: subsequent movements in share capital 2.7 Share capital: subsequent decreases in share capital 2.8 Reserves 2.9 Disclosure Summary Discussion questions References Exercises Academic perspective 3 Fair value measurement 3.1 Introduction 3.2 The definition of fair value 3.3 The fair value framework 3.4 Application to non-financial assets 3.5 Application to liabilities 3.6 Application to measurement of an entity’s own equity 3.7 Application to financial instruments with offsetting positions 3.8 Disclosure Summary Discussion questions References Exercises Academic perspective 4 Revenue from contracts with customers 4.1 Introduction 4.2 Scope 4.3 Identify the contract with the customer 4.4 Identify the performance obligations 4.5 Determine the transaction price 4.6 Allocate the transaction price 4.7 Satisfaction of performance obligations 4.8 Contract costs 4.9 Other application issues 4.10 Presentation and disclosures Summary Discussion questions References Exercises Academic perspective 5 Provisions, contingent liabilities and contingent assets 5.1 Introduction to IAS 37 5.2 Scope 5.3 Definition of a provision 5.4 Distinguishing provisions from other liabilities 5.5 Definition of a contingent liability 5.6 Distinguishing a contingent liability from a provision 5.7 The recognition criteria for provisions 5.8 Measurement of provisions 5.9 Application of the definitions, recognition and measurement rules 5.10 Contingent assets 5.11 Disclosure 5.12 Comparison between IFRS 3 and IAS 37 in respect of contingent liabilities 5.13 Expected future developments Summary Discussion questions References Exercises Academic perspective 6 Income taxes 6.1 The nature of income tax 6.2 Differences between accounting profit and taxable profit 6.3 Accounting for income taxes 6.4 Calculation of current tax 6.5 Recognition of current tax 6.6 Payment of tax 6.7 Tax losses 6.8 Calculation of deferred tax 6.9 Recognition of deferred tax liabilities and deferred tax assets 6.10 Change of tax rates 6.11 Other issues 6.12 Presentation in the financial statements 6.13 Disclosures Summary Discussion questions References Exercises Academic perspective 7 Financial instruments 7.1 Introduction 7.2 What is a financial instrument? 7.3 Financial assets and financial liabilities 7.4 Distinguishing financial liabilities from equity instruments 7.5 Compound financial instruments 7.6 Interest, dividends, gains and losses 7.7 Financial assets and financial liabilities: scope 7.8 Derivatives and embedded derivatives 7.9 Financial assets and financial liabilities: categories of financial instruments 7.10 Financial assets and financial liabilities: recognition criteria 7.11 Financial assets and financial liabilities: measurement 7.12 Financial assets and financial liabilities: offsetting 7.13 Hedge accounting 7.14 Disclosures Summary Discussion questions References Exercises Academic perspective 8 Share-based payment Introduction 8.1 Application and scope 8.2 Cash-settled and equity-settled share-based payment transactions 8.3 Recognition 8.4 Equity-settled share-based payment transactions 8.5 Vesting 8.6 Treatment of a reload feature 8.7 Modifications to terms and conditions on which equity instruments were granted 8.8 Cash-settled share-based payment transactions 8.9 Disclosure Summary Discussion questions References Exercises Academic perspective 9 Inventories 9.1 The nature of inventories 9.2 Measurement of inventory upon initial recognition 9.3 Determination of cost 9.4 Accounting for inventory 9.5 End-of-period accounting 9.6 Assigning costs to inventory on sale 9.7 Net realisable value 9.8 Recognition as an expense 9.9 Disclosure Summary Discussion questions References Exercises Academic perspective 10 Employee benefits 10.1 Introduction to accounting for employee benefits 10.2 Scope and purpose of IAS 19 10.3 Defining employee benefits 10.4 Short-term employee benefits 10.5 Post-employment benefits 10.6 Accounting for defined contribution post-employment plans 10.7 Accounting for defined benefit post-employment plans 10.8 Other long-term employee benefits 10.9 Termination benefits Summary Discussion questions References Exercises Academic perspective 11 Property, plant and equipment 11.1 The nature of property, plant and equipment 11.2 Initial recognition of property, plant and equipment 11.3 Initial measurement of property, plant and equipment 11.4 Measurement subsequent to initial recognition 11.5 The cost model 11.6 The revaluation model 11.7 Choosing between the cost model and the revaluation model 11.8 Derecognition 11.9 Disclosure 11.10 Investment properties Summary Discussion questions References Exercises Academic perspective 12 Leases Introduction 12.1 What is a lease? 12.2 Classification of leases 12.3 Classification guidance 12.4 Accounting for finance leases by lessees 12.5 Accounting for finance leases by lessors 12.6 Accounting for finance leases by manufacturer or dealer lessors 12.7 Accounting for operating leases 12.8 Accounting for sale and leaseback transactions 12.9 Changes to the leasing standards Summary Discussion questions Exercises Academic perspective 13 Intangible assets Introduction 13.1 The nature of intangible assets 13.2 Recognition and initial measurement 13.3 Measurement subsequent to initial recognition 13.4 Retirements and disposals 13.5 Disclosure Summary Discussion questions References Exercises Academic perspective 14 Business combinations 14.1 The nature of a business combination 14.2 Accounting for a business combination — basic principles 14.3 Accounting in the records of the acquirer 14.4 Recognition and measurement of assets acquired and liabilities assumed 14.5 Goodwill and gain on bargain purchase 14.6 Shares acquired in the acquiree 14.7 Accounting in the records of the acquiree 14.8 Subsequent adjustments to the initial accounting for a business combination 14.9 Disclosure — business combinations Summary Discussion questions References Exercises Academic perspective 15 Impairment of assets 15.1 Introduction to IAS 36 15.2 When to undertake an impairment test 15.3 Impairment test for an individual asset 15.4 Cash-generating units — excluding goodwill 15.5 Cash-generating units and goodwill 15.6 Reversal of an impairment loss 15.7 Disclosure Summary Discussion questions References Exercises Academic perspective Online chapter A Exploration for and evaluation of mineral resources Online chapter B Agriculture PART 3 PRESENTATION AND DISCLOSURES 16 Financial statement presentation Introduction 16.1 Components of financial statements 16.2 General principles of financial statements 16.3 Statement of financial position 16.4 Statement of profit or loss and other comprehensive income 16.5 Statement of changes in equity 16.6 Notes 16.7 Accounting policies, changes in accounting estimates and errors 16.8 Events after the reporting period Summary Discussion questions References Exercises Academic perspective 17 Statement of cash flows Introduction and scope 17.1 Purpose of a statement of cash flows 17.2 Defining cash and cash equivalents 17.3 Classifying cash flow activities 17.4 Format of the statement of cash flows 17.5 Preparing a statement of cash flows 17.6 Other disclosures Summary Discussion questions References Exercises Academic perspective 18 Operating segments 18.1 Objectives of financial reporting by segments 18.2 Scope 18.3 A controversial standard 18.4 Identifying operating segments 18.5 Identifying reportable segments 18.6 Applying the definition of reportable segments 18.7 Disclosure 18.8 Applying the disclosures in practice 18.9 Results of the post-implementation review of IFRS 8 Summary Discussion questions References Exercises Academic perspective 19 Other key notes disclosures Introduction 19.1 Related party disclosures 19.2 Earnings per share Summary Discussion questions References Exercises Academic perspective PART 4 ECONOMIC ENTITIES 20 Consolidation: controlled entities Introduction 20.1 Consolidated financial statements 20.2 Control as the criterion for consolidation 20.3 Preparation of consolidated financial statements 20.4 Business combinations and consolidation 20.5 Disclosure Summary Discussion questions Exercises 21 Consolidation: wholly owned subsidiaries 21.1 The consolidation process 21.2 Consolidation worksheets 21.3 The acquisition analysis: determining goodwill or bargain purchase 21.4 Worksheet entries at the acquisition date 21.5 Worksheet entries subsequent to the acquisition date 21.6 Revaluations in the records of the subsidiary at acquisition date 21.7 Disclosure Summary Discussion questions Exercises 22 Consolidation: intragroup transactions Introduction 22.1 Rationale for adjusting for intragroup transactions 22.2 Transfers of inventory 22.3 Intragroup services 22.4 Intragroup dividends 22.5 Intragroup borrowings Summary Discussion questions Exercises 23 Consolidation: non-controlling interest 23.1 Non-controlling interest explained 23.2 Effects of an NCI on the consolidation process 23.3 Calculating the NCI share of equity 23.4 Adjusting for the effects of intragroup transactions 23.5 Gain on bargain purchase Summary Discussion questions Exercises 24 Translation of the financial statements of foreign entities 24.1 Translation of a foreign subsidiary’s statements 24.2 Functional and presentation currencies 24.3 The rationale underlying the functional currency choice 24.4 Identifying the functional currency 24.5 Translation into the functional currency 24.6 Changing the functional currency 24.7 Translation into the presentation currency 24.8 Consolidating foreign subsidiaries — where local currency is the functional currency 24.9 Consolidating foreign subsidiaries — where functional currency is that of the parent entity 24.10 Net investment in a foreign operation 24.11 Disclosure Summary Discussion questions References Exercises Online chapter C Associates and joint ventures Online chapter D Joint arrangements Glossary Index
£56.66
John Wiley & Sons Applying IFRS Standards
Book Synopsis
£53.19
John Wiley & Sons Inc Intermediate Accounting IFRS
Book SynopsisTable of Contents1 Financial Reporting and Accounting Standards 1-1 2 Conceptual Framework for Financial Reporting 2-1 3 The Accounting Information System 3-1 4 Income Statement and Related Information 4-1 5 Statement of Financial Position and Statement of Cash Flows 5-1 6 Accounting and the Time Value of Money 6-1 7 Cash and Receivables 7-1 8 Valuation of Inventories: A Cost-Basis Approach 8-1 9 Inventories: Additional Valuation Issues 9-1 10 Acquisition and Disposition of Property, Plant, and Equipment 10-1 11 Depreciation, Impairments, and Depletion 11-1 12 Intangible Assets 12-1 13 Current Liabilities, Provisions, and Contingencies 13-1 14 Non-Current Liabilities 14-1 15 Equity 15-1 16 Dilutive Securities and Earnings per Share 16-1 17 Investments 17-1 18 Revenue Recognition 18-1 19 Accounting for Income Taxes 19-1 20 Accounting for Pensions and Postretirement Benefits 20-1 21 Accounting for Leases 21-1 22 Accounting Changes and Error Analysis 22-1 23 Statement of Cash Flows 23-1 24 Presentation and Disclosure in Financial Reporting 24-1 Appendix A Specimen Financial Statements: Marks and Spencer Group plc A-1 Appendix B Specimen Financial Statements: adidas AG B-1 Appendix C Specimen Financial Statements: Puma Group C-1 Company Index I-1 Subject Index I-3
£56.00
John Wiley & Sons Inc The Little Book of Common Sense Investing
Book SynopsisThe best-selling index investing "bible" offers new information and is updated to reflect the latest market data The Little Book of Common Sense Investing is the classic guide to getting smart about the market. Legendary mutual fund veteran John C.Table of ContentsIntroduction to the 10th Anniversary Edition xv Chapter One A Parable 1 Chapter Two Rational Exuberance 9 Chapter Three Cast Your Lot with Business 25 Chapter Four How Most Investors Turn a Winner’s Game into a Loser’s Game 39 Chapter Five Focus on the Lowest-Cost Funds 53 Chapter Six Dividends Are the Investor’s (Best?) Friend 65 Chapter Seven The Grand Illusion 73 Chapter Eight Taxes Are Costs, Too 85 Chapter Nine When the Good Times No Longer Roll 93 Chapter Ten Selecting Long-Term Winners 111 Chapter Eleven “Reversion to the Mean” 127 Chapter Twelve Seeking Advice to Select Funds? 139 Chapter Thirteen Profit from the Majesty of Simplicity and Parsimony 153 Chapter Fourteen Bond Funds 167 Chapter Fifteen The Exchange-Traded Fund (ETF) 179 Chapter Sixteen Index Funds That Promise to Beat the Market 195 Chapter Seventeen What Would Benjamin Graham Have Thought about Indexing? 209 Chapter Eighteen Asset Allocation I: Stocks and Bonds 223 Chapter Nineteen Asset Allocation II 237 Chapter Twenty Investment Advice That Meets the Test of Time 259 Acknowledgments 269
£17.85
John Wiley & Sons Valuation Measuring and Managing the Value of
Book Synopsis
£67.50
John Wiley & Sons Inc The Big Secret for the Small Investor A New Route
Book SynopsisA simple distillation of modern value investing principles. It is suitable for serious investors from the fourth grade on up.Table of ContentsIntroduction. Chapter One. Chapter Two. Chapter Three. Chapter Four. Chapter Five. Chapter Six. Chapter Seven. Chapter Eight. Chapter Nine. Appendix. Ac knowledgments.
£14.24
John Wiley and Sons Ltd The Science of Getting Rich
Book SynopsisThe original guide to creating wealth! With this seminal book, Wallace Wattles popularized the Law of Attraction, the powerful concept that inspired The Secret. The Science of Getting Rich explains how to attract wealth, overcome emotional barriers, and apply foolproof methods to bring financial success into your life.Table of ContentsForeword by Catherine Ponder vii An Introduction by Tom Butler-Bowdon ix Letter from Florence Wattles xxxi Sources xxxv About Tom Butler-Bowdon xxxvii The Science of Getting Rich 1 The Science of Being Great 111
£10.79
McGraw-Hill Education - Europe How to Make Money in Stocks A Winning System in
Book SynopsisTHE NATIONAL BESTSELLER!Anyone can learn to invest wisely with this bestselling investment system!Through every type of market, William J. OâNeilâs national bestseller, How to MakeMoney in Stocks, has shown over 2 million investors the secrets to building wealth.OâNeilâs powerful CAN SLIM Investing Systemâa proven 7-step process for minimizingrisk and maximizing gainsâhas influenced generations of investors.Based on a major study of market winners from 1880 to 2009, this expandededition gives you: Proven techniques for finding winning stocks before they make big price gains Tips on picking the best stocks, mutual funds, and ETFs to maximize your gains 100 new charts to help you spot todayâs most profitable trends PLUS strategies to help you avoid the 21 mostcommon investor mistakes!âœI dedicated the 2004 Stock Traderâs Almanac to Bill OâNeil: âHis foresight,innovation, and disciplined approach to Trade ReviewPUBLICITY CONFIRMATIONS (as of 6/17/09) 6/17/09, Newsmax.com, NATIONAL Online, Feature and Interview 6/15/09, Marketwatch.com, NATIONAL Online, Interview 6/15/09, Radio America, NATIONAL Radio, Interview 6/15/09, WBBM, Boston Radio, Interview 3-11 Education 20090617Table of ContentsPreface ix Part I:A Winning System: CAN SLIM™Introduction: Learning From the Greatest WinnersCHAPTER 1: C = Current Quarterly Earnings per Share: The Higher the Better CHAPTER 2: A = Annual Earnings Increases: Look for SignificantGrowth CHAPTER 3: N = New Products, New Management, New Highs:Buying at the Right Time CHAPTER 4: S = Supply and Demand: Shares Outstanding PlusBig Volume Demand CHAPTER 5: L = Leader or Laggard: Which Is Your Stock? CHAPTER 6: I = Institutional Sponsorship: Follow the Leaders CHAPTER 7: M = Market Direction: How to Determine It Part II:Be Smart From the StartCHAPTER 8: Nineteen Common Mistakes Most Investors Make CHAPTER 9: When to Sell and Cut Your Losses CHAPTER 10: When to Sell and Take Your Profit CHAPTER 11: Should You Diversify, Invest for the Long Haul,Buy on Margin, Sell Short, Etc.?CHAPTER 12: How to Read Charts Like an Expert and Improve YourStock Picks and Timing Part III:Investing Like a ProfessionalCHAPTER 13: Models of the Greatest Stock Market Winners: 1952–2001 CHAPTER 14: How to Find Winning Stocks Using Investor’s Business Daily CHAPTER 15: How to Pick the Best Market Sectors, Industry Groups,and Subgroups CHAPTER 16: The Art of Tape Reading: Analyzing and Reacting to News CHAPTER 17: Should You Buy Options, Nasdaq Stocks, New Issues,Convertible Bonds, Tax Shelters, Foreign Stocks?CHAPTER 18: How You Could Make a Million Dollars Owning Mutual Funds CHAPTER 19: Improving Management of Pension and InstitutionalPortfolios CHAPTER 20: Important Guidelines to RememberSuccess Stories Index
£16.19
McGraw-Hill Education Mastering the Trade Third Edition Proven
Book SynopsisThe go-to guide for launching a lucrative career in tradingâfully updated for todayâs turbulent marketsOne of todayâs most successful traders, John F. Carter has made his popular guide more relevant and effective than ever. This new edition of Mastering the Trade includes the essential content that has made it a bestselling classic, and includes critical new information for making the best trading decisions in every situation. Combining insightful market overview with trading strategies and concepts, Carter provides:âProven set-ups, with optimal markets and non-negotiable trading rules âExact entry, exit, and stop loss levels for swing and intraday trading âSeven key internals, from Skew to VIX âPre-market checklist Table of ContentsAcknowledgmentsForeword by Peter BorishIntroductionPart 1: Trader's Boot Camp: How Do the Markets Work and What are the Best Ways to Get Mentally Prepared for Successful Trading and InvestingChapter 1: What Really Causes the Markets to Move?Chapter 2: Psychology 101: What Didn't They Teach About Trading and Investing in School?Chapter 3: Is There Rhyme or Reason to How the Markets Move?Chapter 4: Now That I Understand the Markets--What Do I Trade?Chapter 5: The Stock Market Is Now Open--What Tools Best Predict the Market's Next Move?Chapter 6: A Beginner's Journey by Danielle Shay GumPart 2: What are the Best Intraday and Swing-Trading Setups for Futures, Stocks, Options, Forex, and Cryptopcurrencies?Chapter 7: The Opening Gap: Why Is This the First and Highest-Probability Play of the Day?Chapter 8: Pivot Points: Why Are These Good Pausing Points for Trending Days and Great Fading Points for Choppy Days?Chapter 9: Tick Fades: Are They Really the Best Way to Take Money Away from Newbies?Chapter 10: Reverting Back to the Mean or "When Is the Best Time to Take a Profit?"Chapter 11: The Squeeze: What Is the Best Way to Get Positioned for the Big Market Moves?Chapter 12: Catching the Wave: What Is the Easiest Way to Stay on the Right Side of the Trend on Any Market, on Any Time Frame?Chapter 13: What Is the Best Tool for Staying in a Trade and Not Jumping Out Too Early?Chapter 14: Scalper Alerts: Is This the Best Tool for Quick Price Trend Change Confirmation?Chapter 15: Brick Plays: How Can I Tell When a Market Is Going to Reverse Its Trend in the Middle of the Day?Chapter 16: The 3:52 Play: Capping Off the Day with a Fine CigarChapter 17: HOLP and LOHP-- Catching Trend Reversals Without Getting SmashedChapter 18: Propulsion Plays--Swing Plays Using Stocks, Single-Stock Futures, and Stock OptionsPart 3: Heading Back into the Real World of TradingChapter 19: My Trading Journey and Strategy by Henry GambellChapter 20: What Setups Work Best for Me? By Danielle Shay GumChapter 21: How I Look at the Markets, Think About Them, and How I Handled My Emotions While in an Options Position Where I Made $1.4 Million On a Single TradeChapter 22: How Important is the Right Technology When It Comes to Trading? By Darrell GumChapter 23: Tips and Tricks for When It's Not Working for You, No Matter What You DoChapter 24: Mastering the TradeIndex
£43.99
McGraw-Hill Education Accounting Information Systems ISE
Book SynopsisAccounting Information Systems 4e covers the four roles for accountants with respect to information technology: users of technology and information systems, managers of users of technology, designers of information systems,and evaluators of information systems. Accountants must understand the organization and how organizational processes generate information important to management. The focus of Accounting Information Systems 4e is on the accountant''s role as a business analyst in solving business problems by database modeling, database design, and business process modeling. Unlike other texts that provide a broad survey of AIS related topics, this text concentrates on developing practical business analysis skills through real-world examples, problems, and projects. Whether you are developing a new course for AIS or incorporating AIS materials into your existing curriculum, Accounting Information Systems 4e will help your students develop the technological skTable of ContentsChapter 1: Accounting Information Systems and Firm Value Chapter 2: Data Analytics: Addressing Accounting Questions with Data Chapter 3: Data Analytics: Data Visualizations Chapter 4: Accountants as Business Analysts Chapter 5: Data Modeling Chapter 6: Relational Databases and Enterprise Systems Chapter 7: Sales and Collections Business Process Chapter 8: Purchases and Payments Business Process Chapter 9: Conversion Business Process Chapter 10: Integrated Project Chapter 11: Accounting Information Systems and Internal Controls Chapter 12: Cybersecurity and Computer Fraud Chapter 13: Monitoring and Auditing AIS Chapter 14: Reporting Processes and eXtensible Business Reporting Language (XBRL) Chapter 15: Emerging Technologies: Blockchain and AI Automation Chapter 16: The Balanced Scorecard, Business Model Canvas, and Business Value of Information Technology Chapter 17: Justifying and Planning IT Initiatives Using Project Management Techniques
£55.79
McGraw-Hill Education Managerial Economics Business Strategy ISE
Book SynopsisManagerial Economics and Business Strategy has been revised to include updated examples and problems, but it retains all of the basic content that made previous editions a success. By teaching managers the practical utility of basic economic tools such as present value analysis, supply and demand, regression, indifference curves, isoquants, production, costs, and the basic models of perfect competition, monopoly, and monopolistic competition. This 10th edition retails the emphasis on real-world examples and modern topics along with unique coverage found nowhere else: oligopoly, penetration pricing, multistage and repeated games, foreclosure, contracting, vertical and horizontal integration, networks, bargaining, predatory pricing, principal agent problems, raising rival's costs, adverse selection, auctions, screening and signaling, search, limit pricing, and a host of other pricing strategies for firms enjoying market power. This balanced coverage of traditioTable of ContentsChapter 1. The Fundamentals of Managerial EconomicsChapter 2. Market Forces: Demand and SupplyChapter 3. Quantitative Demand AnalysisChapter 4. The Theory of Individual BehaviorChapter 5. The Production Process and CostsChapter 6. The Organization of the FirmChapter 7. The Nature of IndustryChapter 8. Managing in Competitive, Monopolistic, andMonopolistically Competitive MarketsChapter 9. Basic Oligopoly ModelsChapter 10. Game Theory: Inside OligopolyChapter 11. Pricing Strategies for Firms with Market PowerChapter 12. The Economics of InformationChapter Module Group A: Strategies to Change the BusinessEnvironmentChapter Module Group B: Government in the MarketplaceCASE STUDY Spectrum—the Spawn of Time Warner Cable andCharter Communications— Navigates Challenges from Cord Cutting and MobileCompetition
£61.74
John Wiley & Sons The Missing Billionaires
Book Synopsis
£14.40
John Wiley & Sons Inc Millionaire Expat
Book SynopsisTable of ContentsAcknowledgements xiii Introduction 1 Chapter 1: Grow Big Profits Without Any Effort 7 Why Average Returns Aren’t Normal 11 When the Stock Market Beats Real Estate 12 What’s Inside a Global Stock Market Index Fund? 13 Undressing Stocks with 50 Shades of Gray 13 The Stock Market Stars as the Great Humiliator 17 Fast-Growing Economies Can Produce Weak Returns 19 Bonds Are Protective Nets for Jumpers 21 Can You Lose Money with Bonds? 23 Chapter Take-Away 25 Chapter 2: Don’t Start a Fight with an Escalator 27 Yes, the Financial District Loves You! 28 Global Investors Getting Fleeced 30 Chapter Take-Away 32 Chapter 3: Where Are the Customers’ Yachts? 33 Global Investors Bleed by the Same Sword 34 American Expatriates Run Naked 36 Why Brokers Want to Muzzle Warren Buffett 37 Financial Advisors Touting “The World Is Flat!” 38 Hedge Fund Money Spanked for Its Con 40 Why Most Investors Underperform Their Funds 42 Are Most Financial Advisors Bad People? 43 Chapter Take-Away and Tips 45 Chapter 4: Expats Should Avoid Snakes In Suits 49 The deVere Group Faces Trouble 57 British Expats: Can I Trade You That Diamond for a Big Lump of Coal? 58 The 10 Habits of Successful Financial Advisors . . . Really? 59 When Your Advisor is a Sales Commando 60 Welcoming Sharks into the Seal Pool 61 Masters of the Insured Death Benefit Illusion 65 Free Fund Switching Isn’t a Perk 66 Making Millions off the General Public 66 Fooling the Masses with Numbers 67 When High Fees Meet Gunslingers 68 Chapter Take-Away and Tips 69 Chapter 5: Self-Appointed Gurus and Neanderthal Brains 73 Why Most Investors Should Hope for Falling Markets 77 Are You Cheering for the Right Team? 77 If You’re Just Starting Out, Pray for Stocks to Sputter 79 Should You Worry When Stocks Hit All-Time Highs? 82 The Only Thing That Matters 82 It’s Not Timing the Market That Matters; It’s Time in the Market 84 High Unemployment and High Stock Returns 85 What Can You Miss by Guessing Wrong? 87 Should You Invest a Windfall All at Once? 89 When Investors and Advisors Sabotage Their Rides 89 Are Women Better Investors Than Men? 90 Collar Your Inner Neanderthal 91 Chapter Take-Away and Tips 92 Chapter 6: Investment Advisors with a Conscience 95 Do You Have a Ninja’s Discipline? 96 Qualities of a Good Financial Advisor 96 Investment Professionals Worth Considering 98 Why Many Global Expats are Naming Their Newborns Mark 111 Why are the Entry Points Often High? 113 Chapter 7: Thirty-four Questions Do-It-Yourself Investors Ask 115 1. How do I Purchase ETFs or Indexed Mutual Funds Through a Brokerage? 115 2. What’s the Best Brokerage To Use? 116 3. What’s the Difference Between an Exchange-Traded Index Fund (ETF) and an Index Fund? 117 4. Do Non-Americans Have to Pay US Estate Taxes upon Death if They Own US Index Shares? 118 5. What’s a Sector-Specific ETF? 119 6. Should I Buy an Index that’s Currency Hedged? 120 7. What’s the Scoop on Withholding Taxes? (For Non-Americans) 121 8. Will You Have to Pay Currency Conversions? 123 9. Should I Be Concerned about Currency Risks? 124 10. Do the Unit Prices of ETFs Show Which are Expensive or Cheap? 125 11. If I Have a Lump Sum, Should I Invest It All at Once? 126 12. I’m in Some Expensive Products, but They’re Currently Down in Value. Should I Sell Now or Wait? 126 13. What If I Find a Higher-Performing Bond Index? 127 14. What If I Find a Cheaper ETF? 128 15. Should I Be Most Concerned about Commissions, Annual Account Fees, Fund Costs, or Exchange Rate Fees? 128 16. How Little Can I Invest Each Month? 129 17. Stock Markets Are High. Should I Really Start Investing? 130 18. Should I Buy ETFs from Vanguard, iShares, Schwab or Another Low-Cost Provider? 131 19. Can Muslims Build a Portfolio of Shariah-Compliant Funds? 132 20. What Percentage Should You Have In Stocks and Bonds? 133 21. Could You Build a Portfolio of Socially Responsible Index Funds? 139 22. Why Doesn’t My Brokerage Offer the Funds I Want? 140 23. Why Hasn’t My Bond ETF Risen in Value? 141 24. What If My Bond ETF Is Priced in a Different Currency? 142 25. Are Cryptocurrencies, like Bitcoin, Good Investments? 142 26. Should I Buy a Real Estate Investment Trust (REIT) Index? 144 27. Should I Buy a Smart Beta ETF? 146 28. Should I Invest in Gold? 147 29. Don’t Small-Company Stocks Beat Larger-Company Stocks? 148 30. What If You and Your Spouse Represent Different Nationalities? 150 31. Why Should I Rebalance My Portfolio? 151 32. What Are The Best ETFs To Buy? 152 33. What’s the Difference Between an Accumulating ETF and a Distributing ETF? 153 34. Should I Buy An ETF or Index That Pays High Dividends? 153 Chapter 8: Couch Potato Investing 157 Don’t Bonds Tie You Down? 158 Are You Worried That Bond Interest Rates Are Low? 159 Where Do You Plan to Retire? 160 Are You Retiring in an Emerging-Market Country? 162 The Magic Of All-in-One Portfolio ETFs and Index Funds 162 Chapter 9: Model Portfolios for American Expats 167 Do You Currently Invest with Vanguard? 168 Couch Potato Investing with Vanguard 169 Simple Investing with a Vanguard Stick Shift 172 Vanguard’s Admiral Series Global Two-Fund Portfolio Solutions Socially Responsible Investing 174 Americans Using Interactive Brokers 176 ETF Portfolios with Interactive Brokers 176 Socially Responsible ETF Portfolios 176 Don’t Contribute Illegally to Your IRA 176 What Exactly Is an IRA? 179 Could You Retire And Never Pay US Taxes Again? 180 Chapter 10: Portfolio Models for Canadian Expats 183 Socially Responsible Investing for Canadians 185 Swap-Based ETFs—The Ultimate Legal Tax Dodge 186 What About RRSPs, TFSAs and RESPs? 188 Children’s Education Savings Plans 189 Canadians In Europe 191 European Country Residents not Affected By This Rule 191 For Most Canadians Living In an EU Country 192 One Drawback To Non-Canadian Listed ETFs 193 Repatriation: If You Decide To Move Back 194 Chapter 11: Portfolio Models for British Expats 197 Are The Extra Commission Fees Worth It? 200 The Downside of Vanguard’s LifeStrategy Index Mutual Funds 203 Portfolios of Individual ETFs: For Walking British Buddhas 204 How Important Is UK Stock And Bond Market Exposure? 206 Socially Responsible Investing For British Expats 208 Are You Really Ready To Do This? 210 Chapter 12: Portfolio Models for Australian Expats 213 Socially Responsible Investing For Australians 214 What If You Don’t Want High Exposure to Australian Shares? 217 The Repatriation Benefit of Aussie-listed Shares 218 Tax Laws: Created By The Rich For The Rich? 219 Now Look Deeply Into That Mirror 220 Chapter 13: Portfolio Models for Europeans and Other Nationalities 223 The Home Currency Bias 224 Investors Who Might Not Want Any Home Currency Exposure 226 Socially Responsible Investing 229 Chapter 14: Setting Your Bulls Eye 231 What’s a Better Definition of Wealth? 233 What’s This Ailment Expatitis? 233 Three Decades And Counting With The 4 Percent Rule 234 You and Your Money Can Both Last Longer 237 Part II Retirement or Semi-Retirement In A Low-Cost Country 239 This Personal Decision In Not For Everyone 240 When It’s Not About The Money 241 Chapter 15: Retire A Decade Early In Latin America 245 Mexico: Hot Beaches, Cool Mountains And The World’s Best Expat Social Scenes 246 Costa Rica: Happiest People, Best Wildlife And Environmental Leaders 252 Panama: Idyllic Islands, Popular Mountain Towns and Retirement Discounts Galore 256 Ecuador: Friendly People, Great Climate, And An Ultra-Low Cost Of Living 261 Chapter 16: Retire A Decade Early In Europe 267 Portugal: Crashing Surf, Gorgeous Scenery and Europe’s Best Weather 268 Home Sweet Home 270 From Canada to Portugal for an Easier Pace of Life 271 Spain: Spectacular Beach Walks and Skiing In The Same Day 274 Aerobatics Pilot Chooses To Fly 275 Couple Enjoys Life on Less Than €9000 a Year 275 If You Don’t Have A Pension, How Much Money Would You Need? 277 Eastern Europe: The World’s Best Low-Cost Secret 278 Climate and Safety 279 Why Georgia’s Becoming The New Hot Spot 280 Chapter 17: Retire A Decade Early In Southeast Asia 285 Retiring In Malaysia: Beauty In The Sun 286 Can You Handle The Heat? 286 Top Quality Medical 287 Retiring In Thailand: The Land of Smiles 289 Conclusion 295 Low-Cost Retirement Country Resources 297 Index 303
£17.06
John Wiley & Sons Inc Real Estate Investment and Finance
Book SynopsisTable of ContentsAcknowledgements xxi About the Authors xxiii Preface xxv Part One Real Estate as an Investment: An Introduction Chapter 1 Real Estate – The Global Asset 3 1.1 The Global Property Investment Universe 3 1.2 Market Players 6 1.2.1 Investors 6 1.2.2 Fund Managers 9 1.2.3 Advisors 9 1.3 Property – Its Character as an Asset Class 11 1.3.1 Property Depreciates 12 1.3.2 Lease Contracts Control Cash Flows 13 1.3.3 The Supply Side is Inelastic 13 1.3.4 Valuations Influence Performance 14 1.3.5 Property is Not Liquid 15 1.3.6 Large Lot Sizes Produce Specific Risk 16 1.3.7 Leverage is Commonly Used in Real Estate Investment 18 1.3.8 Property Appears to be an Inflation Hedge 19 1.3.9 Property is a Medium-Risk Asset 21 1.3.10 Real Estate Cycles Control Returns 22 1.3.11 Property Appears to be a Diversifying Asset 24 Specific Risk 27 Leverage 27 Illiquidity 28 Taxes, Currency, and Fees 28 1.4 Conclusion 28 Chapter 2 Global Property Markets and Real Estate Cycles, 1950–2020 33 2.1 Introduction and Background 33 2.1.1 The Property Cycle 33 2.2 A Performance History 34 2.2.1 Before 1970: Real Estate Becomes a Medium-Return Asset 34 2.2.2 The 1970s: Inflation, Boom, and Bust 36 The USA 36 The UK 37 2.2.3 The 1980s: New Investors Flood the Real Estate Capital Market 38 The USA 38 The UK 42 2.2.4 The 1990s: The Rise of REITs 43 The USA 43 The UK: Deep Recession, Low Inflation, and Globalization 45 2.2.5 2002–7: A Rising Tide Lifts All Boats 47 The USA 47 The UK 59 2.2.6 The Global Real Estate Credit Crisis Hits 60 The USA 60 The UK 67 2.2.7 The Markets Recover Post-crisis 70 2.3 The Global Market 72 2.3.1 The European Market Develops 72 2.3.2 Asia Emerges 75 2.4 Real Estate Cycles: Conclusion 80 Lesson 1: Too Much Lending to Property is Dangerous 80 Lesson 2: Yields are Mean-Reverting – Unless Real Risk-Free Rates Change 81 Lesson 3: Look at Yields on Index-Linked 81 Chapter 3 Market Fundamentals and Rent 83 3.1 Introduction: The Global Property Cycle and Rent 83 3.2 The Economics of Rent 84 3.2.1 Rent and Operational Profits 84 3.2.2 Theories of Rent 86 Ricardo 86 von Thünen 87 Fisher 89 3.2.3 Rent as the Price of Space 90 3.2.4 Supply 91 3.2.5 Demand 93 The Cyclical Demand for Space 93 The Structural Demand for Space 94 Variations in Locational Demand by Use 95 3.2.6 The Relationship Between Rental Value and Rental Income 97 3.2.7 The Impact of Currency Movements on Rent 99 3.2.8 Property Rents and Inflation 99 3.3 Forecasting Rents 101 3.3.1 Forecasting National Rents 101 Model Types 101 Price 102 Demand 102 Supply 102 Building the Model 104 An Historical Model 104 A Forecasting Model 105 3.3.2 Forecasting at the Local Level 105 Conceptual and Modelling Problems 106 Data Issues 106 3.4 Conclusion 107 Chapter 4 Asset Pricing, Portfolio Theory, and Real Estate 109 4.1 Risk, Return, and Portfolio Theory 109 4.1.1 Introduction 109 4.1.2 Risk and Return 110 4.1.3 Portfolio Theory 111 The Efficient Frontier 111 4.1.4 Risk and Competitors 112 4.1.5 Risk and Liabilities 113 4.1.6 Property Portfolio Management in Practice 113 The Investment Strategy 114 4.2 A Property Appraisal Model 115 4.2.1 Introduction: The Excess Return 115 4.2.2 The Cap Rate or Initial Yield – A Simple Price Indicator 116 UK Terminology 116 US Terminology 117 How are Cap Rates Estimated in Practice? 118 Cap Rates are the Inverse of Price/Earnings Ratios 118 What Drives the Cap Rate? 119 4.2.3 The Fisher Equation 121 4.2.4 A Simple Cash Flow Model 121 4.2.5 Gordon’s Growth Model (Constant Income Growth) 122 4.2.6 A Property Valuation Model Including Depreciation 122 4.3 The Model Components 123 4.3.1 The Risk-Free Rate 123 4.3.2 The Risk Premium 124 What is Risk? 124 The Capital Asset Pricing Model 125 4.3.3 Inflation 127 4.3.4 Real Rental Growth 128 4.3.5 Depreciation 128 4.3.6 ‘Correct’ Yields 129 4.3.7 An Analysis in Real Terms 129 4.4 The Required Return for Property Assets 130 4.4.1 The Sector Premium 130 4.4.2 The City Premium 131 4.4.3 The Property Premium 131 4.4.4 Example 131 Tenant 131 Tenure 132 Leases 132 Building 132 Location 132 4.5 Forecasting Real Estate Returns 135 4.5.1 The Origin and Uses of Property Forecasts 135 4.5.2 Forecasting Cap Rates 136 4.5.3 Forecasting Property Cash Flows 138 4.5.4 The Portfolio Model 138 4.5.5 Example 139 4.5.6 Fair Value Analysis 141 4.6 Conclusion: A Simple Way to Think About Real Estate Returns 141 Part Two Making Investment Decisions at the Property Level Chapter 5 Basic Valuation and Investment Analysis 145 5.1 Introduction 145 5.1.1 Cash Flow 146 5.1.2 Risk and the Discount Rate 147 5.1.3 Determining Price 147 5.1.4 Determining Return 148 5.2 Estimating Future Cash Flows 148 5.2.1 Introduction 148 5.2.2 Holding Period 149 5.2.3 Lease Rent 149 5.2.4 Resale Price 149 Estimated Rental Value at Resale 150 Going-Out Capitalisation Rate 150 5.2.5 Depreciation 150 5.2.6 Expenses 152 Fees 152 Taxes 152 Debt Finance (Interest) 153 5.3 The Discount Rate 153 5.4 Conclusion 156 Chapter 6 Leasing 159 6.1 Introduction 159 6.2 Legal Characteristics of Leases 160 6.3 The Leasing Process 161 6.4 Important Economic Elements of a Lease 161 6.4.1 The Term of the Lease 162 6.4.2 Base Rent and Rent Escalation Provisions 162 6.4.3 Options 163 Renewal Options 163 Expansion, Contraction, and Termination Options 163 6.4.4 Measurement of Space 164 6.4.5 Expense Treatment 165 Gross Lease 165 Triple Net Lease 168 6.4.6 Concessions: Tenant Improvement Allowance and Rental Abatement 170 Tenant Improvement Allowance or Tenant Upfit/Fitout 170 Rental Abatement (Rent-Free Periods) 171 6.4.7 Brokerage Commissions 172 6.4.8 Other Key Elements of a Lease 174 6.4.9 Leasing Differences Across Property Types 175 6.5 Lease Economics and Effective Rent 177 6.5.1 Comparing Leases with Different Expense Treatment 177 The Landlord’s Perspective 177 The Tenant’s Perspective 178 6.5.2 Comparing Leases with Different Concession Allowances 179 Landlord’s Perspective 180 Tenant’s Perspective 181 6.6 Conclusions 183 Appendix: Modeling Lease Flexibility In The Uk 183 Example 185 Assumptions 185 Result 185 Explanation 186 Chapter 7 Techniques for Valuing Commercial Real Estate and Determining Feasibility: The Unleveraged Case 187 7.1 Introduction 187 7.2 Background on the Investment Opportunity 188 7.2.1 Project Details 188 7.2.2 Where Do You Find Information About Income and Expenses? 189 7.3 Developing a Pro Forma Income Statement 190 7.3.1 Calculating Total Revenues 191 7.3.2 Estimating Vacancy Loss 191 7.3.3 Estimating Operating Expenses 192 7.3.4 Calculating Net Operating Income 193 7.4 Valuation Using Net Operating Income: Single-Year Cash Flow 193 7.4.1 An Aside on Capitalization Rates 194 Estimating the Market Cap Rate 194 Cap Rates are the Inverse of Price/Earnings Ratios 195 Using Cap Rates to Value the Apartment Project 195 Calculating the Implied Cap Rate for the Apartment Investment Opportunity 196 7.5 Investment Analysis Using Operating Income: Multiple-Year Cash Flows 197 7.5.1 Operating Cash Flows from Leasing 197 7.5.2 Cash Flows from Disposition 198 7.6 Applying Discounted Cash Flow to Analyze Investment Feasibility 200 7.6.1 Determining Feasibility 200 7.6.2 Equity Multiple 200 7.6.3 Partitioning the Internal Rate of Return 201 7.6.4 Calculating the Maximum Price to Pay 202 7.7 Sensitivity Analysis 202 7.8 Conclusion 203 Chapter 8 Mortgages: An Introduction 205 8.1 Introduction 205 8.2 What is a Mortgage? 206 8.2.1 Promissory Note 206 8.2.2 Mortgage Instrument 206 8.3 The Risks and Returns of Mortgage Investment 207 8.4 The Financial Components of a Mortgage 208 8.4.1 The Bond Component 208 8.4.2 The Call Option Component 208 8.4.3 The Put Option Component 209 8.5 The Mortgage Menu 210 8.5.1 Fixed or Floating-Rate Loans 210 8.5.2 Fully or Partially Amortizing Loans 211 8.6 An Introduction to Mortgage Math 212 8.6.1 Calculating the Monthly Payment 212 8.6.2 The Mortgage Loan Constant 213 8.6.3 The Amortization Schedule 213 8.6.4 Converting from the Contract Rate to the Compounded Rate 217 8.6.5 Determining the Cost of Borrowing 217 Borrowing Cost without Up-front Fees 217 Borrowing Costs when the Lender Charges Fees 219 Borrowing Costs when the Loan is Prepaid Prior to Maturity 220 8.7 Calculating Prepayment Penalties 220 8.7.1 Lockout Periods 221 8.7.2 Step-down Prepayment Penalties 221 8.7.3 Yield Maintenance Penalties and Yield Calculations 222 8.7.4 Treasury Flat Prepayment Penalty 225 8.7.5 Defeasance 228 8.8 Conclusion 228 Chapter 9 Commercial Mortgage Underwriting and Leveraged Feasibility Analysis 229 9.1 Introduction 229 9.2 Mortgage Underwriting and the Underwriting Process 229 9.2.1 Ratios and Rules of Thumb 230 Loan-to-Value Ratio 230 Debt Coverage Ratio 230 Debt Yield 232 9.2.2 Determining the Maximum Loan Amount 232 Operating Expense Ratio 236 Breakeven Ratio 236 Debt Yield 237 9.3 Investment Feasibility with Leverage: Before-Tax Analysis 238 9.3.1 The Two-Part Nature of Cash Flows: Operating Income and Disposition Income 238 9.3.2 Financing Impact on Investor Income Statements: Adding Debt Service Cash Flows 238 Income from Disposition 239 9.3.3 Determining Investment Feasibility: The Leveraged Before-Tax Case 240 Static or Single-Year Measures of Investment Performance 240 Determining Investment Feasibility Using Multiple Year Cash Flows 242 Equity Multiple 242 Partitioning the IRR and NPV 242 Determining the Maximum Price to Pay with Leverage 243 9.4 Sensitivity Analysis 244 9.5 Conclusion 245 Chapter 10 Real Estate Development 247 10.1 Introduction 247 10.2 The Development Process 248 10.3 Preliminary Analysis of “The Station” Development 250 10.3.1 “Back-of-the-Envelope” Analysis 250 Estimating Construction Costs 251 Estimating Market Value 251 10.3.2 Adding Construction Financing 253 10.3.3 Sensitivity Analysis 254 10.4 Formal Analysis of Development of “The Station” 257 10.5 Budget for “The Station” Office Project 258 10.6 Financing Development 259 10.6.1 Stage One: Pre-construction 260 10.6.2 Stage Two: Construction 260 Construction Loan Calculations 260 10.6.3 Stage Three: Lease-Up 263 10.6.4 Stage Four: Operations 264 Lender Yield Calculation for the Construction Loan 264 10.7 Developer Profit and Return 265 10.8 Comparison to “Back-of-the-Envelope” Analysis 266 10.9 A London Office Development Through the Cycle 267 10.10 Conclusion 274 Part Three Real Estate Investment Structures Chapter 11 Unlisted Real Estate Funds 277 11.1 Introduction to Unlisted Real Estate Funds 277 11.1.1 The US Market 278 11.1.2 The Global Market 278 11.2 The Growth of the Unlisted Real Estate Fund Market 280 11.2.1 The Global Unlisted Property Market Universe 281 11.2.2 How Much Global Real Estate is in Unlisted Funds? 283 11.3 Unlisted Fund Structures 284 11.3.1 Open-Ended Funds 285 11.3.2 Closed-Ended Funds 286 11.3.3 Funds of Funds 287 11.4 Characteristics of Unlisted Real Estate Funds 288 11.4.1 Style 288 11.4.2 Investment Restrictions 289 11.4.3 Property Sector and Geographic Focus 290 11.5 Liquidity and Valuation Issues 291 11.5.1 Liquidity 291 11.5.2 Valuation 294 11.6 The Case for and Against Unlisted Real Estate Funds 294 11.6.1 The Case for Unlisted Real Estate Funds 294 Unlisted Real Estate Funds can Diversify Real Estate-Specific Risk 294 Unlisted Funds are Priced by Reference to NAV 294 Unlisted Funds Provide Access to Specialist Managers 295 11.6.2 The Case Against Unlisted Real Estate Funds 295 The Drawdown Profile 295 Gearing and the J-curve Effect 296 Fees and Performance Persistence 297 Do Trading Prices Track NAV? 297 11.7 Conclusion 300 Chapter 12 Real Estate Private Equity: Fund Structure and Cash Flow Distribution 301 12.1 Introduction: The Four Quadrants and Private Equity 301 12.2 Private Equity Fund Background 303 12.3 The Lifecycle of a Private Equity Fund 304 12.3.1 Initial Fundraising 304 12.3.2 Acquisition Stage 305 12.3.3 Asset Management 306 12.3.4 Portfolio Management 306 12.3.5 End of Fund Life 307 12.4 Fund Economics 307 12.4.1 Management Fees 307 12.4.2 Limited Partner Distributions 307 Return of Initial Capital 308 Preferred Return 308 Carried Interest 308 Promoted Interest 309 12.5 Waterfall Structures 310 12.5.1 Introduction 310 12.5.2 Pro-rata Investment and Distribution 311 12.5.3 All Equity Provided by Limited Partner, 80%/20% Carried Interest 311 12.5.4 Adding a Preferred Return 312 12.5.5 Return of Capital, Simple Interest Preferred Return, Carried Interest 314 Adding Management Fees 316 12.5.6 Return of Capital, Compounded Interest Preferred Return, Carried Interest 317 12.6 Private Equity Structures in the Credit Crisis 319 12.7 Conclusion 321 Chapter 13 Listed Equity Real Estate 323 13.1 Introduction 323 13.2 REITs and REOCS 324 13.3 Listed Funds and Mutual Funds 324 13.4 Exchange-Traded Funds 325 13.5 The US REIT Experience 325 13.5.1 Introduction 325 13.5.2 Distributions 326 13.5.3 Measuring REIT Net Income 327 Defining Net Income 327 Funds from Operations 329 13.5.4 Performance 332 Summary 335 13.6 The Global Market 335 13.6.1 The Global Property Company Universe 335 13.6.2 The Global REIT Universe 335 13.6.3 The UK REIT 338 13.7 REIT Pricing 339 13.7.1 Using Earnings to Value REITs 339 13.7.2 Market Capitalization and Net Asset Value 340 13.7.3 Premium or Discount to NAV? 340 Instant Exposure 341 Liquidity/Divisibility 342 Asset Values are Higher than the Reported NAV 342 Projected Asset Values are Expected to Exceed the Reported NAV 342 Management Skills 342 Tax 343 Debt 343 13.8 Conclusion 343 Chapter 14 Real Estate Debt Markets 345 14.1 Introduction 345 14.2 A Brief History Lesson 347 14.2.1 Banking in the 1960s and 1970s 347 14.2.2 The Volcker Era of High and Volatile Interest Rates 349 14.3 Wall Street Act I: The Early Residential Mortgage-Backed Securities Market 349 14.3.1 The Securitization Process Explained 350 14.3.2 Lender Profitability from Securitization 353 14.4 Wall Street Act II: Senior-Subordinated Securities, the Advent of Structured Finance 354 14.4.1 The Coast Federal Savings and Loan Deal 354 14.4.2 Risk and Return Characteristics of the Senior-Subordinated Structures 358 14.5 Wall Street Act III: The Evolution of Structured Finance 359 14.5.1 An Updated Look at the Senior-Subordinated Security 359 14.5.2 Who Profits from these Transactions? 362 14.6 Collateralized Debt Obligations 363 14.7 Mezzanine Debt 365 14.7.1 Mezzanine: The Background 365 14.7.2 Mezzanine Structures 366 14.7.3 A UK Example 368 14.8 Whole Loans and Synthetic Mezzanine 368 14.9 Income Strips 369 14.10 Cash-out Refinancing 371 14.11 All Good Things Must Come to an End 373 14.11.1 The Cash-out Refinancing Example Extended 374 14.12 Post-crisis Recovery 381 14.12.1 A Final Update to the Cash-out Refinancing Example 382 14.13 Conclusion 383 Part Four Creating a Property Investment Portfolio Chapter 15 Building the Portfolio 387 15.1 The Top-Down Portfolio Construction Process 387 15.1.1 Introduction 387 15.1.2 Risk and Return Objectives 390 The Relative Return Target 392 The Absolute Return Target 393 15.1.3 Benchmarks 394 15.2 Strengths, Weaknesses, Constraints: Portfolio Analysis 394 15.2.1 Current Portfolio Structure 394 15.2.2 Strengths, Weaknesses, Constraints 395 15.2.3 Structure and Stock Selection 395 15.3 Portfolio Construction 397 15.3.1 Top-Down or Bottom-Up? 397 15.3.2 Mixing Listed and Unlisted Real Estate 398 15.3.3 Can Real Estate Investors Build Efficient Portfolios? 400 15.3.4 Possible Approaches 403 Case 1: Large US Endowment Fund 403 Case 2: UK Family Office 406 15.4 Conclusion 409 Chapter 16 International Real Estate Investment: Issues 411 16.1 Introduction: The Growth of Cross-Border Real Estate Capital 411 16.2 The Global Real Estate Market 413 16.2.1 The Global Universe 413 16.2.2 Core, Developing, Emerging 413 16.2.3 Transparency 414 16.2.4 The Limits to Globalisation 414 16.3 The Case for International Real Estate Investment 415 16.3.1 The Case for International Real Estate Investment: Diversification 415 16.3.2 The Case for International Real Estate Investment: Enhanced Return 417 16.3.3 Other Drivers of International Property Investment 418 16.4 The Problems 419 16.4.1 Introduction 419 16.4.2 Index Replication and Tracking Error 419 16.4.3 Leverage 420 16.4.4 Global Cycles, Converging Markets 420 16.4.5 Execution Challenges 421 16.4.6 Loss of Focus and Specialisation 421 16.5 Formal Barriers 421 16.5.1 Legal Barriers 421 16.5.2 Capital Controls 422 16.5.3 Tax 422 16.6 Informal Barriers 425 16.6.1 Introduction 425 16.6.2 Currency Risk 425 16.6.3 Legal and Title Risk 426 16.6.4 Liquidity Risk 427 16.6.5 Geographical Barriers 427 16.6.6 Political Risk 428 16.6.7 Cultural Barriers 428 16.6.8 Information Asymmetry 429 16.7 A Pricing Approach for International Property 429 16.7.1 Example 429 16.7.2 Theories of Interest Rates and Exchange Rates 431 The Law of One Price 431 Absolute Purchasing Power Parity 431 Relative Purchasing Power Parity 432 The Monetary Model of Exchange Rates 432 The Fisher Equation 432 Interest Rate Parity 432 Putting Relative Purchasing Power Parity and Interest Rate Parity Together with the Fisher Equation 432 16.7.3 Putting Theory into Practice 433 16.7.4 Using Local Excess Returns 438 16.8 Managing Currency Exposure and Currency Risk 441 16.8.1 Diversifying 442 16.8.2 Using a ‘Currency Overlay’ 442 16.8.3 Using Local Debt 443 16.8.4 Hedging Equity 444 16.8.5 Leverage, Tax, and Fees 446 16.9 Building a Portfolio 447 16.10 Conclusion 450 Chapter 17 Performance Measurement and Attribution 451 17.1 Performance Measurement: An Introduction 451 17.2 Return Measures 452 17.2.1 Introduction 452 Income Return 453 Capital Return 453 Total Return 453 Time-Weighted Return 454 Internal Rate of Return 454 17.2.2 Example: IRR, TWRR, or Total Return? 454 IRR or TWRR? 456 IRR or Total Return? 456 17.2.3 Required and Delivered Returns 456 The Required Return 456 The Delivered Return 458 17.2.4 Capital Expenditure 459 Timing of Expenditure 460 17.2.5 Risk-Adjusted Measures of Performance 460 17.3 Attribution Analysis: Sources of Return 462 17.3.1 Changes in Initial Yields 462 17.3.2 The Combined Impact 464 17.4 Attribution Analysis: The Property Level 465 17.5 Attribution Analysis: The Portfolio Level 467 17.5.1 Introduction 467 17.5.2 The Choice of Segmentation 468 17.5.3 Style 469 17.5.4 Themes 470 17.5.5 City or Metropolitan Statistical Area Selection 471 17.5.6 Two or Three Terms? 471 17.5.7 The Formulae 472 17.5.8 Results from Different Attribution Methods 473 Case 1 474 Case 2 474 17.6 Attribution and Portfolio Management: Alpha and Beta 474 17.6.1 Alpha and Beta Attribution: An Introduction 474 17.6.2 Sources of Alpha and Beta 476 17.7 Performance Measurement and Return Attribution for Property Funds 477 17.7.1 Introduction 477 17.7.2 The Asymmetry of Performance Fees 478 17.7.3 An Attribution System for Funds 480 17.7.4 Alpha and Beta in Property Funds: A Case Study 482 17.7.5 Unlisted Fund Performance: Empirical Evidence 485 The Data 485 Relative Returns 486 Alpha and Beta 486 Timing: IRR and TWRR 488 IRRs and Vintage Year 488 17.8 Conclusion 489 Chapter 18 Conclusions 491 18.1 Why Property? 491 18.2 Lessons Learned 493 18.2.1 Liquid Structures 493 18.2.2 Unlisted Funds 494 18.2.3 International Investing 495 18.2.4 Best-Practice Real Estate Investing 495 18.2.5 Pricing 496 18.3 The Future 496 18.3.1 The PropTech Explosion 496 18.3.2 Smart Buildings and ESG 499 18.3.3 Occupier Markets: Space as a Service 499 18.3.4 Fractionalization and Liquidity 500 Liquidity and Faster Transactions 500 Tokenization and Fractionalization 502 18.3.5 Derivatives 502 18.4 Conclusion 504 References 509 Glossary 515 Index 527
£51.30
McGraw-Hill Education Financial Shenanigans Fourth Edition How to
Book Synopsis The bestselling classic from the âœSherlock Holmes of Accountingââupdated to reflect the key case studies and most important lessons from the past quarter century. This fourth edition of the classic guide shines a light on the most shocking frauds and financial reporting offenders of the last twenty-five years, and gives investors the tools they need to detect: âCorporate cultures that incentivize dishonest practices âThe latest tricks companies use to exaggerate revenue and earnings âTechniques devised by management to manipulate cash flow as easily as earnings âCompanies that use misleading metrics to fool investors about their financial performance âHow companies use Table of ContentsPreface: Reflections on My Last 25 YearsPart One: Establishing the FoundationChapter 1: 25 Years of ShenanigansChapter 2: Just Touch Up the X-RaysPart Two: Earnings Manipulation ShenanigansChapter 3: Earnings Manipulation Shenanigan No. 1: Recording Revenue Too SoonChapter 4: Earnings Manipulation Shenanigan No. 2: Recording Bogus RevenueChapter 5: Earnings Manipulation Shenanigan No. 3: Boosting Income with One-Time or Unsustainable ActivitiesChapter 6: Earnings Manipulation Shenanigan No. 4: Shifting Current Expenses to a Later PeriodChapter 7: Earnings Manipulation Shenanigan No. 5: Employing Other Techniques to Hide Expenses or LossesChapter 8: Earnings Manipulation Shenanigan No. 6: Shifting Current Income to a Later PeriodChapter 9: Earnings Manipulation Shenanigan No. 7: Shifting Future Expenses to the Current PeriodPart Three: Cash Flow ShenanigansChapter 10: Cash Flow Shenanigan No. 1: Shifting Financing Cash Inflows to the Operating SectionChapter 11: Cash Flow Shenanigan No. 2: Moving Operating Cash Outflows to Other SectionsChapter 12: Cash Flow Shenanigan No. 3: Boosting Operating Cash Flow Using Unsustainable ActivitiesPart Four: Key Metrics ShenanigansChapter 13: Key Metric Shenanigan No. 1: Showcasing Misleading Metrics that Overstate PerformanceChapter 14: Key Metric Shenanigan No. 2: Distorting Balance Sheet Metrics to Avoid Showing DeteriorationPart Five: Acquisition Accounting ShenanigansChapter 15: Acquisition Accounting Shenanigan No. 1: Artificially Boosting Revenue and EarningsChapter 16: Acquisition Accounting Shenanigan No. 2: Inflating Reported Cash FlowChapter 17: Acquisition Accounting Shenanigan No. 3: Manipulating Key MetricsPart Six: Putting it all TogetherChapter 18: The UnravelingChapter 19: The Forensic MindsetIndexAcknowledgments
£24.64
McGraw-Hill Education Fundamentals of Corporate Finance 2024 Release
Book SynopsisFundamentals of Corporate Finance was designed and developed for a first course in business or corporate finance, for both finance majors and non-majors alike. The text is nearly self-contained in terms of background or prerequisites, assuming some familiarity with basic algebra and accounting concepts, while still reviewing important accounting principles very early on. The organization of this text has been developed to give instructors the flexibility they need. The best-selling text has three basic themes that are the central focus of the book:? 1) An emphasis on intuition: the authors separate and explain the principles at work on a common sense, intuitive level before launching into any specifics.? 2) A unified valuation approach: net present value (NPV) is treated as the basic concept underlying corporate finance.?? 3) A managerial focus: the authors emphasize the role of the financial manager as a decision maker, and the
£55.79
McGraw-Hill Education - Europe Option Volatility and Pricing Advanced Trading
Book SynopsisWHAT EVERY OPTION TRADER NEEDS TO KNOW. THE ONE BOOK EVERY TRADER SHOULD OWN.The bestselling Option Volatility & Pricing has made Sheldon Natenberg a widely recognized authority in the option industry. At firms around the world, the text is often the first book that new professional traders aregiven to learn the trading strategies and risk management techniques required for success in option markets.Now, in this revised, updated, and expanded second edition, this thirty-year trading professional presents the most comprehensive guide to advanced trading strategies and techniques now in print. Covering a wide range of topics as diverse and exciting as the marketitself, this text enables both new and experiencedtraders to delve in detail into the many aspects of option markets, including: The foundations of option theory Dynamic hedging Volatility and directional trading strategies Risk analysis Position management Stock index futures and op
£71.24
John Wiley & Sons Inc Fibonacci Applications and Strategies for Traders
Book SynopsisA fresh look at classic principles and applications of Fibonacci numbers and the Elliott Wave trading system. Demonstrates how to calculate and predict key turning points in commodity markets, analyze business and economic cycles as well as identify profitable turning points in interest rate movement.Table of ContentsThe Fibonacci Ratio. The Elliott Wave Principle in a Nutshell. Working with a 5-Wave Pattern. Working with Corrections. Working with Extensions. Multiple Fibonacci Price Targets. Time Analysis. Combining Price and Time. The Logarithmic Spiral. Appendices. Index.
£60.00
John Wiley & Sons Inc Geopolitical Alpha
Book SynopsisTable of ContentsForeword by Steven Drobny vii Introduction xi Part One Scaffolding 1 Chapter 1 We’re Not in Kansas Anymore 3 Chapter 2 The Constraint Framework: Three Pillars 19 Chapter 3 The Wizards of Oz 44 Part Two The Constraints 69 Chapter 4 Politics 71 Chapter 5 The Economy and the Market 103 Chapter 6 Geopolitics 142 Chapter 7 Constitutional and Legal Constraints: The Constraint–Preference Hybrids 161 Chapter 8 The Time Constraint: When Preferences Run Down the Clock 174 Part Three Operationalization 201 Chapter 9 The Art of the Net Assessment 203 Chapter 10 Game Theory – It’s Not a Game! 235 Chapter 11 Geopolitical Alpha 245 Chapter 12 Conclusion 261 Acknowledgements 265 Bibliography 271 Index 279
£19.20
John Wiley & Sons Inc Wiley CPAexcel Exam Review 2020 Study Guide
Book SynopsisThe Wiley CPAexcel Exam Review 2020 Study Guide + Question Pack: Complete Set will help you identify, focus on, and master the key topics you need to know to pass the 2020 CPA Exam. This eight-volume, printed set is comprised of four volumes of the Wiley CPAexcel Study Guides (one per exam section) and four volumes of the Wiley CPAexcel Practice Questions (one per exam section). As a bonus, this package includes complimentary one-week access to the 2020 Wiley CPAexcel Online Test Bank, redeemable via a pin code in the back of the book. With more than 2,000 printed pages of study text organized in Bite-Sized Lessons, roughly 2,000 printed multiple-choice questions (500 per section), and 20 printed task-based simulations (5 per section), these resources are designed to build and then test your knowledge of AICPA's CPA Exam Blueprint, as well as familiarize you with how questions are worded and presented on the CPA Exam. Updated for the 2020 CPA ExamOrganized in Bite-Sized Lesson fo
£340.91
McGraw-Hill Education Financial Accounting for Managers 2024 Release
Book SynopsisFinancial Accounting for Managers gives the flexibility to emphasize or deemphasize debits and credits in an undergraduate or graduate course by providing a modular structure to fit different course lengths, approaches, and assignments that can be easily filtered to fit the needs of individual instructor teaching styles. Each business transaction throughout the text is illustrated with its effects on the balance sheet and income statement. The focus prepares students to be business managers who understand how accounting information reveals a company's profitability, risk, and efficiency of operations. When paired with Connect, it has student success resources that include auto-graded cases, Tableau Dashboard Activities, Integrated Excel, multiple video types, Guided Examples, General Ledger Problems, and SmartBook, an adaptive reading and practice tool for students.
£55.79
McGraw-Hill Education Managerial Accounting Creating Value in a Dynamic
Book SynopsisThe emphasis of Managerial Accounting, 13th edition, is on teaching students to use accounting information to best manage an organization. Consistent with the practice Hilton pioneered in the first edition, each chapter is written around a realistic business or focus company that guides the reader through the topics of that chapter. Known for balanced examples of Service, Retail, Nonprofit and Manufacturing companies, Hilton/Platt offers a clear, engaging writing style that has been praised by instructors and students alike. The 13th edition of Managerial Accounting offers significant coverage of contemporary topics such as activity-based costing, target costing, the value chain, customer profitability analysis, and throughput costing while also including traditional topics such as job-order costing, budgeting and performance evaluation.Table of ContentsChapter 1: The Changing Role of Managerial Accounting in a Dynamic Business EnvironmentChapter 2: Basic Cost Management ConceptsChapter 3: Product Costing and Cost Accumulation in a Batch Production EnvironmentChapter 4: Process Costing and Hybrid Product-Costing SystemsChapter 5: Activity-Based Costing and ManagementChapter 6: Activity Analysis, Cost Behavior, and Cost EstimationChapter 7: Cost-Volume-Profit AnalysisChapter 8: Variable Costing and the Measurement of ESG and Quality CostsChapter 9: Financial Planning and Analysis: The Master BudgetChapter 10: Standard Costing and Analysis of Direct CostsChapter 11: Flexible Budgeting and the Management of Overhead and Support Activity CostsChapter 12: Responsibility Accounting and the Balanced ScorecardChapter 13: Investment Centers and Transfer PricingChapter 14: Decision Making: Relevant Costs and BenefitsChapter 15: Target Costing and Cost Analysis for Pricing DecisionsChapter 16: Capital Expenditure DecisionsChapter 17: Allocation of Support Activity Costs and Joint CostsAppendix I: The Sarbanes-Oxley Act, Internal Controls, and Management AccountingAppendix II: Compound Interest and the Concept of Present ValueAppendix III: Inventory ManagementReferences for “In Their Own Words”GlossaryIndex of Companies and OrganizationsIndex of Subjects
£51.29
CFA Institute 2025 CFA Program Curriculum Level II Box Set
Book Synopsis
£171.00
Macmillan Learning Public Finance and Public Policy International
Book Synopsis
£72.89
John Wiley & Sons Inc Financial Accounting with International Financial
Book SynopsisTable of Contents1 Accounting in Action 1-1 Knowing the Numbers 1-1 1.1 Accounting Activities and Users 1-3 Who Uses Accounting Data 1-4 Data Analytics 1-5 1.2 The Building Blocks of Accounting 1-7 Ethics in Financial Reporting 1-7 Accounting Standards 1-8 Measurement Principles 1-9 Assumptions 1-9 1.3 The Accounting Equation 1-12 Assets 1-12 Liabilities 1-13 Equity 1-13 1.4 Analyzing Business Transactions 1-14 Accounting Transactions 1-15 Transaction Analysis 1-16 Summary of Transactions 1-21 1.5 Financial Statements 1-22 Income Statement 1-24 Retained Earnings Statement 1-24 Statement of Financial Position 1-24 Statement of Cash Flows 1-25 Comprehensive Income Statement 1-25 Appendix 1A: Career Opportunities in Accounting 1-27 Public Accounting 1-27 Private Accounting 1-28 Governmental Accounting 1-28 Forensic Accounting 1-28 A Look at U.S. GAAP 1-48 2 The Recording Process 2-1 Accidents Happen: Bank of Taiwan 2-1 2.1 Accounts, Debits, and Credits 2-2 The Account 2-2 Debits and Credits 2-3 Equity Relationships 2-7 Summary of Debit/Credit Rules 2-7 2.2 The Journal 2-8 The Recording Process 2-8 The Journal 2-9 2.3 The Ledger and Posting 2-11 The Ledger 2-11 Posting 2-13 Chart of Accounts 2-14 The Recording Process Illustrated 2-14 Summary Illustration of Journalizing and Posting 2-20 2.4 The Trial Balance 2-22 Limitations of a Trial Balance 2-23 Locating Errors 2-23 Currency Signs and Underlining 2-23 A Look at U.S. GAAP 2-47 3 Adjusting the Accounts 3-1 What Was Your Profit? 3-1 3.1 Accrual-Basis Accounting and Adjusting Entries 3-2 Fiscal and Calendar Years 3-3 Accrual- versus Cash-Basis Accounting 3-3 Recognizing Revenues and Expenses 3-3 The Need for Adjusting Entries 3-6 Types of Adjusting Entries 3-6 3.2 Adjusting Entries for Deferrals 3-7 Prepaid Expenses 3-7 Unearned Revenues 3-11 3.3 Adjusting Entries for Accruals 3-14 Accrued Revenues 3-14 Accrued Expenses 3-16 Summary of Basic Relationships 3-19 3.4 Adjusted Trial Balance and Financial Statements 3-22 Preparing the Adjusted Trial Balance 3-23 Preparing Financial Statements 3-23 Appendix 3A: Alternative Treatment of Deferrals 3-26 Prepaid Expenses 3-27 Unearned Revenues 3-28 Summary of Additional Adjustment Relationships 3-29 Appendix 3B: Financial Reporting Concepts 3-30 Qualities of Useful Information 3-30 Assumptions in Financial Reporting 3-31 Principles in Financial Reporting 3-31 Cost Constraint 3-32 A Look at U.S. GAAP 3-58 4 Completing the Accounting Cycle 4-1 Speaking the Same Language: IASB 4-1 4.1 The Worksheet 4-3 Steps in Preparing a Worksheet 4-3 Preparing Financial Statements from a Worksheet 4-11 Preparing Adjusting Entries from a Worksheet 4-12 4.2 Closing the Books 4-13 Preparing Closing Entries 4-13 Posting Closing Entries 4-15 Preparing a Post-Closing Trial Balance 4-17 4.3 The Accounting Cycle and Correcting Entries 4-20 Summary of the Accounting Cycle 4-20 Reversing Entries—An Optional Step 4-20 Correcting Entries—An Avoidable Step 4-20 4.4 Classified Statement of Financial Position 4-24 Intangible Assets 4-25 Property, Plant, and Equipment 4-26 Long-Term Investments 4-26 Current Assets 4-26 Equity 4-27 Non-Current Liabilities 4-27 Current Liabilities 4-28 Appendix 4A: Reversing Entries 4-30 Reversing Entries Example 4-30 A Look at U.S. GAAP 4-59 5 Accounting for Merchandise Operations 5-1 Who Doesn’t Shop?: Carrefour 5-1 5.1 Merchandising Operations and Inventory Systems 5-3 Operating Cycles 5-3 Flow of Costs 5-4 5.2 Recording Purchases Under a Perpetual System 5-7 Freight Costs 5-8 Purchase Returns and Allowances 5-9 Purchase Discounts 5-10 Summary of Purchasing Transactions 5-11 5.3 Recording Sales Under a Perpetual System 5-11 Sales Returns and Allowances 5-13 Sales Discounts 5-14 Data Analytics and Credit Sales 5-15 5.4 The Accounting Cycle for a Merchandising Company 5-16 Adjusting Entries 5-16 Closing Entries 5-17 Summary of Merchandising Entries 5-17 5.5 Financial Statements for a Merchandiser 5-19 Income Statement 5-19 Classified Statement of Financial Position 5-23 Appendix 5A: Worksheet for a Merchandising Company 5-25 Using a Worksheet 5-25 Appendix 5B: Periodic Inventory System 5-26 Determining Cost of Goods Sold Under a Periodic System 5-27 Recording Merchandise Transactions 5-28 Recording Purchases of Merchandise 5-28 Recording Sales of Merchandise 5-29 Journalizing and Posting Closing Entries 5-29 Using a Worksheet 5-31 Appendix 5C: Adjusting Entries for Credit Sales with Returns and Allowances 5-33 Data Analytics in Action 5-54 A Look at U.S. GAAP 5-58 6 Inventories 6-1 “Where Is That Spare Bulldozer Blade?”: Komatsu 6-1 6.1 Classifying and Determining Inventory 6-2 Classifying Inventory 6-2 Determining Inventory Quantities 6-4 6.2 Inventory Methods and Financial Effects 6-7 Specific Identification 6-7 Cost Flow Assumptions 6-8 Financial Statement and Tax Effects of Cost Flow Methods 6-11 Using Inventory Cost Flow Methods Consistently 6-13 6.3 Effects of Inventory Errors 6-14 Income Statement Effects 6-14 Statement of Financial Position Effects 6-15 6.4 Inventory Statement Presentation and Analysis 6-16 Presentation 6-16 Lower of Cost or Net Realizable Value 6-16 Financial Analysis and Data Analytics 6-17 Appendix 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems 6-21 First-In, First-Out (FIFO) 6-21 Average-Cost 6-22 Appendix 6B: Estimating Inventories 6-23 Gross Profit Method 6-23 Retail Inventory Method 6-24 Appendix 6C: LIFO Inventory Method 6-25 Data Analytics in Action 6-47 A Look at U.S. GAAP 6-50 7 Fraud, Internal Control, and Cash 7-1 Minding the Money at Nick’s: Nick’s Steakhouse and Pizza 7-1 7.1 Fraud and Internal Control 7-2 Fraud 7-3 Internal Control 7-3 Principles of Internal Control Activities 7-4 Data Analytics and Internal Controls 7-10 Limitations of Internal Control 7-10 7.2 Cash Controls 7-11 Cash Receipts Controls 7-11 Cash Disbursements Controls 7-14 Petty Cash Fund 7-16 7.3 Control Features of a Bank Account 7-19 Making Bank Deposits 7-19 Writing Checks 7-20 Electronic Banking 7-21 Bank Statements 7-21 Reconciling the Bank Account 7-22 7.4 Reporting Cash 7-27 Cash Equivalents 7-27 Restricted Cash 7-28 Data Analytics in Action 7-46 A Look at U.S. GAAP 7-49 Appendix 9A: Exchange of Plant Assets 9-26 Loss Treatment 9-27 Gain Treatment 9-27 Data Analytics in Action 9-47 A Look at U.S. GAAP 9-50 8 Accounting for Receivables 8-1 Are You Going to Pay Me—or Not?: BNP Paribas 8-1 8.1 Recognition of Accounts Receivable 8-2 Types of Receivables 8-3 Recognizing Accounts Receivable 8-3 8.2 Valuation and Disposition of Accounts Receivable 8-5 Valuing Accounts Receivable 8-5 Disposing of Accounts Receivable 8-12 8.3 Notes Receivable 8-15 Determining the Maturity Date 8-16 Computing Interest 8-16 Recognizing Notes Receivable 8-17 Valuing Notes Receivable 8-17 Disposing of Notes Receivable 8-17 8.4 Presentation and Analysis 8-20 Presentation 8-20 Analysis 8-20 Data Analytics and Receivables Management 8-21 Data Analytics in Action 8-38 A Look at U.S. GAAP 8-41 9 Plant Assets, Natural Resources, and Intangible Assets 9-1 How Much for a Ride to the Beach?: Rent-A-Wreck 9-1 9.1 Plant Asset Expenditures 9-2 Determining the Cost of Plant Assets 9-3 Expenditures During Useful Life 9-6 9.2 Depreciation Methods 9-7 Factors in Computing Depreciation 9-8 Depreciation Methods 9-9 Component Depreciation 9-13 Depreciation and Income Taxes 9-14 Revaluation of Plant Assets 9-14 Revising Periodic Depreciation 9-15 9.3 Plant Asset Disposals 9-16 Retirement of Plant Assets 9-17 Sale of Plant Assets 9-18 9.4 Natural Resources and Intangible Assets 9-19 Natural Resources and Depletion 9-20 Intangible Assets 9-21 9.5 Statement Presentation and Analysis 9-25 Presentation 9-25 Analysis 9-26 10 Current Liabilities 10-1 Financing His Dreams: Wilbert Murdock 10-1 10.1 Accounting for Current Liabilities 10-2 What Is a Current Liability? 10-2 Notes Payable 10-3 Value-Added and Sales Taxes Payable 10-4 Unearned Revenues 10-5 Salaries and Wages 10-6 Current Maturities of Long-Term Debt 10-8 10.2 Reporting and Analyzing Current Liabilities 10-8 Reporting Uncertainty 10-8 Reporting of Current Liabilities 10-10 Analysis of Current Liabilities 10-11 A Look at U.S. GAAP 10-27 11 Non-Current Liabilities 11-1 Are We Living on Borrowed Time? 11-1 11.1 Overview of Bonds 11-2 Types of Bonds 11-3 Issuing Procedures 11-3 Bond Trading 11-4 Determining the Market Price of a Bond 11-5 11.2 Accounting for Bond Transactions 11-7 Issuing Bonds at Face Value 11-7 Discount or Premium on Bonds 11-8 Issuing Bonds at a Discount 11-9 Issuing Bonds at a Premium 11-10 Redeeming Bonds 11-12 11.3 Accounting for Non-Current Liabilities 11-13 Long-Term Notes Payable 11-13 Lease Liabilities 11-15 11.4 Reporting and Analyzing Non-Current Liabilities 11-16 Presentation 11-16 Analysis 11-16 Debt and Equity Financing 11-17 Appendix 11A: Effective-Interest Method of Bond Amortization 11-19 Amortizing Bond Discount 11-19 Amortizing Bond Premium 11-21 Appendix 11B: Straight-Line Amortization 11-22 Amortizing Bond Discount 11-22 Amortizing Bond Premium 11-23 A Look at U.S. GAAP 11-40 12 Corporations: Organization, Share Transactions, and Equity 12-1 To the Victor Go the Spoils: adidas 12-1 12.1 The Corporate Form of Organization 12-2 Characteristics of a Corporation 12-3 Forming a Corporation 12-6 Shareholder Rights 12-6 Share Issue Considerations 12-8 Corporate Capital 12-10 12.2 Accounting for Share Transactions 12-12 Accounting for Ordinary Shares 12-12 Accounting for Preference Shares 12-14 Accounting for Treasury Shares 12-15 12.3 Accounting for Dividends and Splits 12-19 Accounting for Cash Dividends 12-19 Dividend Preferences 12-21 Accounting for Share Dividends 12-24 Accounting for Share Splits 12-26 12.4 Reporting and Analyzing Equity 12-28 Retained Earnings 12-28 Presentation of Statement of Financial Position 12-29 Analysis 12-31 Appendix 12A: Statement of Changes in Equity 12-32 Appendix 12B: Book Value—Another per Share Amount 12-33 Book Value per Share 12-33 Book Value versus Market Price 12-34 Data Analytics in Action 12-58 A Look at U.S. GAAP 12-61 13 Investments 13-1 Playing for Fun and Profit: Sony 13-1 13.1 Debt Investments 13-2 Why Companies Invest 13-3 Classification and Measurement of Investments 13-4 Accounting for Debt Investments 13-4 13.2 Share Investments 13-7 Holdings of Less than 20% 13-7 Holdings Between 20% and 50% 13-9 Holdings of More than 50% 13-10 13.3 Valuing and Reporting Investments 13-12 Categories of Securities 13-12 Statement of Financial Position Presentation 13-18 Presentation of Realized and Unrealized Gain or Loss 13-19 Classified Statement of Financial Position 13-20 Appendix 13A: Preparing Consolidated Financial Statements 13-22 Consolidated Statement of Financial Position 13-22 Consolidated Income Statement 13-26 A Look at U.S. GAAP 13-43 14 Statement of Cash Flows 14-1 What Should We Do with This Cash?: Keyence 14-1 14.1 Statement of Cash Flows: Usefulness and Format 14-3 Usefulness of the Statement of Cash Flows 14-3 Classification of Cash Flows 14-3 Significant Non-Cash Activities 14-5 Format of the Statement of Cash Flows 14-5 14.2 Preparing the Statement of Cash Flows—Indirect Method 14-7 Indirect and Direct Methods 14-7 Indirect Method—Computer Services International 14-8 Step 1: Operating Activities 14-9 Summary of Conversion to Net Cash Provided by Operating Activities—Indirect Method 14-12 Step 2: Investing and Financing Activities 14-13 Step 3: Net Change in Cash 14-14 14.3 Using Cash Flows to Evaluate a Company 14-17 Free Cash Flow 14-17 Appendix 14A: Statement of Cash Flows—Direct Method 14-19 Step 1: Operating Activities 14-21 Step 2: Investing and Financing Activities 14-25 Step 3: Net Change in Cash 14-26 Appendix 14B: Statement of Cash Flows—T-Account Approach 14-26 Data Analytics in Action 14-48 A Look at U.S. GAAP 14-51 15 Financial Analysis: The Big Picture 15-1 Making Money the Old-Fashioned Way: Li Ka-shing 15-1 15.1 Basics of Financial Statement Analysis 15-2 Need for Comparative Analysis 15-3 Tools of Analysis 15-3 Horizontal Analysis 15-3 Vertical Analysis 15-6 15.2 Ratio Analysis 15-9 Liquidity Ratios 15-9 Profitability Ratios 15-13 Solvency Ratios 15-16 Summary of Ratios 15-18 15.3 Sustainable Income 15-20 Discontinued Operations 15-21 Changes in Accounting Principle 15-22 Comprehensive Income 15-22 A Look at U.S. GAAP 15-48 Appendix A Specimen Financial Statements: Taiwan Semiconductor Manufacturing Company, Limited A-1 Appendix B Specimen Financial Statements: Nestlé SA B-1 Appendix C Specimen Financial Statements: Delfi Limited C-1 Appendix D Specimen Financial Statements: Apple Inc. D-1 Appendix E Time Value of Money E-1 E.1 Interest and Future Values E-1 Nature of Interest E-1 Future Value of a Single Amount E-3 Future Value of an Annuity E-5 E.2 Present Value Concepts E-7 Present Value Variables E-7 Present Value of a Single Amount E-8 Present Value of an Annuity E-10 Time Periods and Discounting E-12 Present Value of a Long-Term Note or Bond E-12 E.3 Using Financial Calculators E-15 Present Value of a Single Sum E-15 Present Value of an Annuity E-16 Useful Applications of the Financial Calculator E-17 Appendix F Accounting for Partnerships F-1 F.1 Forming a Partnership F-1 Characteristics of Partnerships F-2 Organizations with Partnership Characteristics F-3 Advantages and Disadvantages of Partnerships F-4 The Partnership Agreement F-5 Accounting for a Partnership Formation F-5 F.2 Accounting for Net Income or Net Loss F-6 Dividing Net Income or Net Loss F-6 Partnership Financial Statements F-9 F.3 Liquidation of a Partnership F-10 No Capital Deficiency F-11 Capital Deficiency F-12 F.4 Admissions and Withdrawals of Partners F-14 Admission of a Partner F-15 Withdrawal of a Partner F-18 Appendix G Subsidiary Ledgers and Special Journals G-1 G.1 Subsidiary Ledgers G-1 Subsidiary Ledger Example G-2 Advantages of Subsidiary Ledgers G-3 G.2 Special Journals G-4 Sales Journal G-5 Cash Receipts Journal G-7 Purchases Journal G-11 Cash Payments Journal G-13 Effects of Special Journals on the General Journal G-16 Cybersecurity: A Final Comment G-17 Subject Index I-1 Company Index I-13
£60.75
John Wiley & Sons Inc Hedge Fund Market Wizards
Book SynopsisFascinating insights into the hedge fund traders who consistently outperform the markets, in their own words From bestselling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from fifteen traders who've consistently beaten the markets.Trade Review"A must-read for all would-be traders...while the book's focus is clearly on trading and investing, there is more than enough human interest on offer for the general reader.... Like Schwager's other works...Hedge Fund Market Wizards looks set to become a classic." (Money Week, June 2012) "Offers valuable guidance and timeless insights for both investment professionals and market enthusiasts looking to improve their trading abilities by learning from the best." (trade2win.com, July 2012) "This book is destined to be a classic just like the others by Jack. But the latest goes one step further, these traders aren't just at the top of their game, they have defined it. What can I say? This book was so good it almost made me want to get back into the game again!" —Paul Wilmott, mathematician and ex-hedge fund manager "Brilliant! Brilliant! Brilliant! Another book about true traders by a true trader. Jack Schwager has become the official author of traderdom for this and future generations. Not only does Hedge Fund Market Wizards deserve a spot in every respectable trader’s book collection, but the entire series should be read annually by both professional and aspiring traders. Timeless wisdom, priceless concepts!" —Peter Lewis Brandt, Futures Trader, Stableford Asset Management, and Author of Diary of a Professional Commodity Trader "I read Jack Schwager's first Market Wizards book when I was just starting out as in investor more than 20 years ago. It put into brilliant focus the importance of trading psychology and knowing thyself. His latest work is yet another masterpiece. It brings to light new concepts in the world of investing that apply to all investors in today's markets. Anyone who reads this work will immeasurably enrich themselves on many levels because trading is life and life is trading." —Dr. Chris Kacher, Founder of www.SelfishInvesting.com, and Author of Trade Like an O'Neil Disciple Author Jack Schwager seems to have built his career on the market wizardry of others. Based on this fourth wizard book—interviews with 15 hedge-fund managers who recount their careers and strategies—Schwager's long experience with wizardry has served him well. Readers captivated by the hedge-fund mystique won't be disappointed. Readers looking for insight into exactly how successful hedge-fund managers achieve success will have plenty to chew over. Schwager attempts to boil down the interviews into 40 "Market Wizard Lessons." Examples: Value investing works. Position size can be more important than entry price. Sometimes it's useful to do nothing. But the one that may ring truest is this: There is no Holy Grail in trading. What works for one may not work for another, or for you. Fortunately for us, there's a wide enough variety of portraiture in Hedge Fund Market Wizards that at least a few lessons should resonate. —Barrons.com “Determining how great traders acquire and use their special skills has been an elusive quest. We have no shortage of cookbooks on how to trade, but only a limited number of books describe the decision processes of those who speculate as a profession. Trader confessionals exist often as testimonies to egos, but few focus on the details of decision making. Material that does successfully capture the essence of how speculators think is the Market Wizards series by Jack D. Schwager…. Even in the interviews of well-known traders, Schwager’s probing questions extract many new insights.” —FAJ Book Review “Even in the interviews of well-known traders, Schwager’s probing questions extract many new insights. The Ed Thorp interview, which is the longest, is almost worthy of a book in itself.” —CFA Institute review Table of ContentsForeword ix Preface xiii Acknowledgments xvii Part One Macro Men 1 Chapter 1 Colm O’Shea: Knowing When It’s Raining 3 Chapter 2 Ray Dalio: The Man Who Loves Mistakes 47 Chapter 3 Larry Benedict: Beyond Three Strikes 77 Chapter 4 Scott Ramsey: Low-Risk Futures Trader 103 Chapter 5 Jaffray Woodriff: The Third Way 129 Part Two Multistrategy Players 159 Chapter 6 Edward Thorp: The Innovator 161 Chapter 7 Jamie Mai: Seeking Asymmetry 223 Chapter 8 Michael Platt: The Art and Science of Risk Control 261 Part Three Equity Traders 285 Chapter 9 Steve Clark: Do More of What Works and Less of What Doesn’t 287 Chapter 10 Martin Taylor: The Tsar Has No Clothes 323 Chapter 11 Tom Claugus: A Change of Plans 359 Chapter 12 Joe Vidich: Harvesting Losses 385 Chapter 13 Kevin Daly: Who Is Warren Buffett? 405 Chapter 14 Jimmy Balodimas: Stepping in Front of Freight Trains 423 Chapter 15 Joel Greenblatt: The Magic Formula 451 Conclusion 40 Market Wizard Lessons 489 Epilogue 507 Appendix A The Gain to Pain Ratio 513 Appendix B Options—Understanding the Basics 515 About the Author 519 Index 521
£24.80
John Wiley & Sons Inc Trading Price Action Reversals
Book SynopsisA detailed guide to profiting from trend reversals using the technical analysis of price action The key to being a successful trader is finding a system that works and sticking with it. Author Al Brooks has done just that.Table of ContentsAcknowledgments xi List of Terms Used in This Book xiii Introduction 1 PART I Trend Reversals: A Trend Becoming an Opposite Trend 35 CHAPTER 1 Example of How to Trade a Reversal 73 CHAPTER 2 Signs of Strength in a Reversal 79 CHAPTER 3 Major Trend Reversal 83 CHAPTER 4 Climactic Reversals: A Spike Followed by a Spike in the Opposite Direction 111 CHAPTER 5 Wedges and Other Three-Push Reversal Patterns 151 CHAPTER 6 Expanding Triangles 181 CHAPTER 7 Final Flags 189 CHAPTER 8 Double Top and Bottom Pullbacks 217 CHAPTER 9 Failures 225 CHAPTER 10 Huge Volume Reversals on Daily Charts 257 PART II Day Trading 261 CHAPTER 11 Key Times of the Day 263 CHAPTER 12 Markets 271 CHAPTER 13 Time Frames and Chart Types 273 CHAPTER 14 Globex, Premarket, Postmarket, and Overnight Market 287 CHAPTER 15 Always In 293 CHAPTER 16 Extreme Scalping 317 PART III The First Hour (The Opening Range) 331 CHAPTER 17 Patterns Related to the Premarket 353 CHAPTER 18 Patterns Related to Yesterday: Breakouts, Breakout Pullbacks, and Failed Breakouts 357 CHAPTER 19 Opening Patterns and Reversals 373 CHAPTER 20 Gap Openings: Reversals and Continuations 395 PART IV Putting It All Together 401 CHAPTER 21 Detailed Day Trading Examples 403 CHAPTER 22 Daily, Weekly, and Monthly Charts 415 CHAPTER 23 Options 431 CHAPTER 24 The Best Trades: Putting It All Together 455 CHAPTER 25 Trading Guidelines 527 About the Author 541 About the Website 543 Index 545
£44.25
John Wiley & Sons Inc How to Select Winning Stocks
Book SynopsisHow to Select Winning Stocks is designed to teach readers how to sift through the market in order to find the best stocks to buy. More importantly, this workbook will show readers how to determine the best time to purchase the stock. Here, readers will learn how to put a value on a company's current condition and its future prospects.Table of ContentsFinding Quality Companies. Lesson 201: Economic Moats. Lesson 202: More on Competitive Positioning. Lesson 203: Weighing Management Quality. Financial Statements Made Easy. Lesson 204: The Income Statement. Lesson 205: The Balance Sheet. Lesson 206: The Statement of Cash Flows. Lesson 207: Interpreting the Numbers. Lesson 208: Quantifying Competitive Advantages. Buying at Good Prices. Lesson 209: Understanding Value. Lesson 210: Using Ratios and Multiples. Lesson 211: Introduction to Discounted Cash Flow. Lesson 212: Putting DCF into Action. Additional Morningstar Resources. Recommended Readings. Quiz Answer Key. Worksheet Answer Key. Investing Terms. Formulas Reference.
£13.59
John Wiley & Sons 2026 CFA Curriculum Level I Box Set
Book Synopsis
£171.00
Kaplan Publishing TAXATION FA24 STUDY TEXT
Book Synopsis
£37.80
John Wiley & Sons Australia Ltd The Barefoot Investor
Book Synopsis
£14.41
Harriman House Publishing Private Equity Deals
Book SynopsisOver the past 20 years, the private equity industry went from a cottage industry to a powerful juggernaut that touches every corner of the global economy. Totalling $5 trillion of investments, private equity constitutes an important investment allocation for public and corporate pension funds, university endowments, non-profit foundations, hospitals, insurance companies, families, and sovereign wealth funds worldwide.There''s no more important sector of institutional portfolios or the global economy to understand than private equity. Private equity owned businesses are everywhere around us and touch every aspect of our daily lives.In Private Equity Deals, Ted Seides gives you an insight to the conversations that typically happen behind the closed doors of institutional investors and private equity managers. Through a series of case studies across different types of private equity transactions, Private Equity Deals shares the dynamics of deal making, companies, and ownership that make private equity a force in the world.
£21.24
John Wiley & Sons Inc My Life as a Quant
Book SynopsisIn My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field-analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance.Trade Review"There are few "gentlemen bankers" left these days. Nor is there much room in the great financial houses for anything that smacks of the amateur spirit. That is why Emanuel Derman's memoirs are so compelling…Derman's wry humour and sense of irony are apparent throughout the book." - Financial Times "That sense of being an intruder in outlaw territory lends an intriguing mood to Derman's My Life As a Quant, a literate and entertaining memoir." -Business Week "engaging" --(CFO Europe, October 2005) "Not only a delightful memoir, but one full of information, both about people and their enterprise. I never thought that I would be interested in quantitative financial analysis, but reading this book has been a fascinating education." –Jeremy Bernstein, author of Oppenheimer: Portrait of an Enigma "This wonderful autobiography takes place in that special time when scientists discovered Wall Street and Wall Street discovered them. It is elegantly written by a gifted observer who was a pioneering member of the new profession of financial engineering, with an evident affection both for finance as a science and for the scientists who practice it. Derman’s portrait of how the academics brought their new financial science to the world of business and forever changed it and, especially, his descriptions of the late and extraordinary genius Fischer Black who became his mentor, reveal a surprising humanity where it might be least expected. Who should read this book? Anyone with a serious interest in finance and everyone who simply wants to enjoy a good read."–Stephen Ross, Franco Modigliani Professor of Finance and Economics, Sloan School, MITTable of ContentsPrologue The Two Cultures 1 Chapter 1 Elective Affinities 17 Chapter 2 Dog Years 29 Chapter 3 a Sort of Life 53 Chapter 4 A Sentimental Education 65 Chapter 5 the Mandarins 77 Chapter 6 Knowledge of the Higher Worlds 85 Chapter 7 in the Penal Colony 95 Chapter 8 Stop-time 117 Chapter 9 Transformer 129 Chapter 10 Easy Travel to other Planets 143 Chapter 11 Force of Circumstance 175 Chapter 12 a Severed Head 191 Chapter 13 Civilization and Its Discontents 203 Chapter 14 Laughter in the Dark 225 Chapter 15 The Snows of Yesteryear 251 Chapter 16 the Great Pretender 265 Acknowledgments 271 About the Author 272 Index 273
£14.45
McGraw-Hill Education - Europe Public Finance Global Edition
Book SynopsisIntroducingâ Public Finance, 10th Global Edition, by Harvey S. Rosen and Ted GayerRosen and Gayer's Public Finance provides the economic tools necessary to analyze government expenditure and tax policies and, along the way, takes students to the frontiers of current research and policy. While the information presented is cutting edge and reflects the work of economists currently active in the field, the approach makes the text accessible to undergraduates whose only prior exposure to economics is at the introductory level. The authors' years of policy experience have convinced them that modern public finance provides a practical and invaluable framework for thinking about policy issues. The goal is simple: to emphasize the links between sound economics and the analysis of real-world policy problems. Enhancements and key features for this new Global Edition include:New Policy Perspectives introduce relevant and engaging examplTable of ContentsPart I Getting Started1 Introduction 2 Tools of Positive Analysis 3 Tools of Normative Analysis Part II Public Expenditure: Public Goods and Externalities 4 Public Goods 5 Externalities 6 Political Economy 7 Education 8 Cost-Benefit Analysis Part III Public Expenditures: Social Insurance and Income Maintenance 9 The Health Care Market 10 Government and the Market for Health Care 11 Social Security 12 Income Redistribution: Conceptual Issues 13 Expenditure Programs for the Poor Part IV Framework for Tax Analysis 14 Taxation and Income Distribution 15 Taxation and Efficiency 16 Efficient and Equitable Taxation Part V The United States Revenue System 17 The Personal Income Tax 18 Personal Taxation and Behavior 19 The Corporation Tax 20 Deficit Finance 21 Fundamental Tax Reform: Taxes on Consumption and Wealth Part VI Multigovernment Public Finance 22 Public Finance in a Federal System Appendix Glossary References Author Index Subject Index
£58.89
John Wiley & Sons Inc The Manual of Ideas
Book SynopsisReveals the proprietary framework used by a community of top money managers and value investors in their never-ending quest for untapped investment ideas. This title reviews more than twenty pre-qualified investment ideas and provides an original ranking methodology to help you zero-in on the three to five most compelling investments.Trade Review"The Manual of Ideas: The Proven Framework for Finding the Best Value Investments provides an overview of nine value investing strategies, including why each one is expected to work, the uses and misuses of each, and how to identify specific investment opportunities for each strategy. It is a useful book both for those looking for a current overview of value investing and for the more experienced value investor seeking a critical analysis of value investing strategies and thoughts on methods for identification of specific investment opportunities." —CFA Institute Book ReviewTable of ContentsForeword xi Preface xiii CHAPTER 1 A Highly Personal Endeavor: What Do You Want to Own? 1 Give Your Money to Warren Buffett, or Invest It Yourself? 2 Cast Yourself in the Role of Capital Allocator 7 Owner Mentality 14 Stock Selection Framework 17 Key Takeaways 18 Notes 20 CHAPTER 2 Deep Value: Ben Graham–Style Bargains Inelegant but Profi table Strategy of Cigar Butt Investing 23 The Approach: Why It Works 24 Uses and Misuses of Ben Graham–Style Investing 34 Screening for Graham-Style Bargains 41 Beyond Screening: Working through a List of Deep Value Candidates 44 Asking the Right Questions of Graham-Style Bargains 49 Key Takeaways 53 Notes 54 CHAPTER 3 Sum-of-the-Parts Value: Investing in Companies with Excess or Hidden Assets 57 The Approach: Why It Works 58 Uses and Misuses of Investing in Companies with Overlooked Assets 60 Screening for Companies with Multiple Assets 64 Beyond Screening: Proven Ways of Finding Hidden Assets 69 Asking the Right Questions of Companies with Hidden Assets 78 Key Takeaways 81 Notes 82 CHAPTER 4 Greenblatt’s Magic Search for Good and Cheap Stocks 83 The Approach: Why It Works 84 Uses and Misuses of Investing in Good and Cheap Companies 91 Screening for Good and Cheap Companies 98 Beyond Screening: Hope for Improvement Springs Eternal 102 Asking the Right Questions of Greenblatt-Style Bargains 106 Key Takeaways 113 Notes 114 CHAPTER 5 Jockey Stocks: Making Money alongside Great Managers 117 The Approach: Why It Works 118 Uses and Misuses of Investing in Jockeys 121 Screening for Jockey Stocks 131 Beyond Screening: Building a Rolodex of Great Managers 141 Asking the Right Questions of Management 146 Key Takeaways 150 Notes 151 CHAPTER 6 Follow the Leaders: Finding Opportunity in Superinvestor Portfolios 153 Superinvestors Are Super for a Reason 154 Uses and Misuses of Superinvestor Tracking 157 Screening for Companies Owned by Superinvestors 160 The Superinvestors of Buffettsville 163 Beyond Screening: What Makes a Company Attractive to Superinvestors? 171 Key Takeaways 175 Notes 177 CHAPTER 7 Small Stocks, Big Returns? The Opportunity in Underfollowed Small- and Micro-Caps 179 The Approach: Why It Works 180 Uses and Misuses of Investing in Small Companies 185 Screening for Promising Small- and Micro-Caps 189 Beyond Screening: Other Ways of Finding Compelling Small- and Micro-Cap Ideas 197 Asking the Right Questions of Small-Cap Prospects 207 Key Takeaways 212 Notes 214 CHAPTER 8 Special Situations: Uncovering Opportunity in Event-Driven Investments 215 The Approach: Why It Works 216 Uses and Misuses of Investing in Special Situations 220 Uncovering Special Situations 227 Asking the Right Questions of Special Situations 231 Key Takeaways 236 Notes 237 CHAPTER 9 Equity Stubs: Investing (or Speculating?) in Leveraged Companies 239 The Approach: Why It Works 241 Uses and Misuses of Investing in Equity Stubs 242 Screening for Equity Stubs 251 Beyond Screening: An Ambulance-Chasing Approach 253 Asking the Right Questions of Equity Stubs 257 Key Takeaways 264 Notes 265 CHAPTER 10 International Value Investments: Searching for Value beyond Home Country Borders 267 The Approach: Why It Works 269 Uses and Misuses of Investing in International Equities 272 Screening for International Equities 280 Beyond Screening: Riding the Coattails of Regional Experts 283 Asking the Right Questions of International Equities 285 Key Takeaways 291 Notes 292 References 295 About the Author 303 Index 305
£25.60
John Wiley & Sons Inc Supermoney
Book Synopsis"Adam Smith continues to dazzle and sparkle! With the passage of time, Supermoney has, if anything, added to its power to inspire, arouse, provoke, motivate, inform, illuminate, entertain, and guide a whole new generation of readers, while marvelously reprising the global money show for earlier fans. " - David M.Table of ContentsForeword ix Preface xxvii I. Supermoney 1 1. Metaphysical Doubts, Very Short 3 2. Liquidity: Mr. Odd-Lot Robert Is Asked How He Feels 4 3. Supermoney, Where It Is: The Supercurrency 15 II. The Day the Music Almost Died 29 1. The Banks June 1970 31 2. The Brokers September 1970 50 III. The Pros 67 1. Nostalgia Time: The Great Buying Panic 69 2. An Unsuccessful Group Therapy Session for Fifteen Hundred Investment Professionals Starring the Avenging Angel 78 3. Cautionary Tales Remember These, O Brother, in Your New Hours of Triumph 95 4. How My Swiss Bank Blew $40 Million and Went Broke 110 5. Somebody Must Have Done Something Right: The Lessons of the Master 171 IV. Is the System Blown? 199 1. The Debased Language of Supercurrency 201 2. Co-opting Some of the Supercurrency 215 3. Beta, Or Speak to Me Softly in Algebra 223 Well, Watchman, What of the Night? Arthur Burns’s angst; Thirteen Ways of Looking at a Blackbird; Prince Valiant and the Protestant Ethic; Work and Its Discontents; Will General Motors Believe in Harmony? Will General Electric Believe in Beauty and Truth? Of the Greening and Blueing, and Cotton Mather and Vince Lombardi and the Growth of Magic; and What Is to Be Done on Monday Morning. 235 Some Notes 287 I. Table I: Sector Statements of Saving and Investment: Households, Personal Trusts, and Nonprofit Organizations 291 II. Table II: Funds Raised, Nonfinancial Sectors 293 III. Table III: The Runoff in Commercial Paper; Summer 1970 294 IV. Portfolio of the University of Rochester 295
£16.15
McGraw-Hill Education Cost Management A Strategic Emphasis 2024 Release
Book SynopsisCost Management: A Strategic Emphasis, by Blocher/Juras/Smith is dedicated to answering the question: Why Cost Management? It answers this question by providing cost-management tools and techniques needed to support an organization''s competitiveness, improve its performance, and help the organization accomplish its strategy. The text is written to help students understand the broader role of cost accounting in helping an organization succeed - and not just the measurement of costs. While the text does include coverage of traditional costing topics (e.g., job-order costing, process costing, service-department cost allocations, and accounting for joint and by-products), its primary strength is the linkage of these topics, as well as more contemporary topics, to an organization''s strategy.
£55.79
John Wiley & Sons Inc EvidenceBased Technical Analysis
Book SynopsisEvidence-Based Technical Analysis examines how you can apply the scientific method, and recently developed statistical tests, to determine the true effectiveness of technical trading signals. Throughout the book, expert David Aronson provides you with comprehensive coverage of this new methodology, which is specifically designed for evaluating the performance of rules/signals that are discovered by data mining.Trade Review"…his book is well written and contains a great deal of information that is of value…." (The Technical Analyst, May/June 2007)Table of ContentsAcknowledgments. About the Author. Introduction. PART I Methodological, Psychological, Philosophical, and Statistical Foundations. CHAPTER 1 Objective Rules and Their Evaluation. CHAPTER 2 The Illusory Validity of Subjective Technical Analysis. CHAPTER 3 The Scientific Method and Technical Analysis. CHAPTER 4 Statistical Analysis. CHAPTER 5 Hypothesis Tests and Confidence Intervals. CHAPTER 6 Data-Mining Bias: The Fool’s Gold of Objective TA. CHAPTER 7 Theories of Nonrandom Price Motion. PART II Case Study: Signal Rules for the S&P 500 Index. CHAPTER 8 Case Study of Rule Data Mining for the S&P 500. CHAPTER 9 Case Study Results and the Future of TA. APPENDIX Proof That Detrending Is Equivalent to Benchmarking Based on Position Bias. Notes. Index.
£63.00
John Wiley & Sons Inc LB Trading
Book SynopsisHow to get past the crisis and make the market work for you again The last decade has left people terrified of even the safest investment opportunities. This fear is not helping would-be investors who could be making money if they had a solid plan.Table of ContentsIntroduction: A Wake-Up Call xiii Foreword xxiiiCole Wilcox Foreword xxxiiiCullen O. Roche Chapter One Stick to Your Knitting 1Gary Davis, Jack Forrest, and Rick Slaughter Chapter Two Someone’s Gotta Lose for You to Win 21David Druz Chapter Three No Guts, No Glory 37Paul Mulvaney Chapter Four In a Land Far, Far Away from Wall Street 53Kevin Bruce Chapter Five Think Like a Poker Player and Play the Odds 65Larry Hite Chapter Six Stand Up, Dust Yourself Off, and Keep Going 83David Harding Chapter Seven Throw Away the Fundamentals and Stick to Your Charts 103Bernard Drury Chapter Eight Study Hard and Get an A+ 117Justin Vandergrift Chapter Nine You Can’t Know Everything 131Eric Crittenden and Cole Wilcox Chapter Ten Make It Work Across All Markets 147Michael Clarke Chapter Eleven Stay in the Moment of Right Now 163Charles Faulkner Chapter Twelve Sing the Whipsaw Song 181Appendix A: Getting Technical: What is Capitalism Distribution? 187 Appendix B: Fund Performance Data 193 Glossary of Key Terms 201 Author Disclaimer 207 Acknowledgments 209
£17.85
John Wiley & Sons Inc The Destructive Power of Family Wealth
Book SynopsisWealth owners are responsible for more than just assets The Destructive Power of Family Wealth offers thoughtful, holistic planning to ensure that your wealth remains a positive force for your family.Trade Review"..thought provoking and fascinating." (ePrivate Client, January 2017)Table of ContentsPreface xiii Acknowledgments xvii About the Author xxi Introduction 1 Chapter 1 Any Amount of Wealth is Enough to Destroy a Family 7 Chapter 2 The Psychology of Wealth 19 Chapter 3 The Move to Transparency 45 Chapter 4 Understanding the World of Taxation 65 Chapter 5 The Needs of Wealth-Owning Families 95 Chapter 6 The Tools of Wealth Planning 163 Chapter 7 Advisors – We Need Them but Need to Control Them 195 Chapter 8 Getting it Right 215 Addendum: The Need for Dialogue on Tax Transparency 237 Glossary 251 Index 267
£25.60
McGraw-Hill Education - Europe Stigums Money Market 4E
Book SynopsisThe Most Widely Read Work on the Subject _ Completely Updated to Cover the Latest Developments and Advances In Today's Money Market! First published in 1978, Stigum's Money Market was hailed as a landmark work by leaders of the financial, business, and investment communities. This classic reference has now been revised, updated, and expanded to help a new generation of Wall Street money managers and institutional investors. The Fourth Edition of Stigum's Money Market delivers an all-encompassing, cohesive view of the vast and complex money marketâoffers careful analyses of the growth and changes the market has undergone in recent yearsâand presents detailed answers to the full range of money market questions. Stigum's Money Market equips readers with: A complete overview of the large and ever-expanding money market arenaQuick-access to every key aspect of the fixed-income marketA thorough updating of information on the Table of Contents Part I: some Fundamentals 1: Introduction 2: Funds Flows, Banks and Money Creation 3: The Instruments in Brief 4: Discount and Interest-Bearing Securities 5: Duration and Convexity Part II: The Major Players 6: The Banks: Domestic Operations 7: The Banks: European Operations 8: The Treasury and the Federal Agencies 9: The Most Watched Player: The Fed 10: The Market Makers: Dealers and Others 11: The Investors: Running a Short Term Portfolio Part III: The Markets 12: The Federal Funds Market 13: The Repo and Reverse Markets 14: Government and Federal Agency Securities 15: Financial Futures: Bills and Euros 16: Treasury Bond and Note Futures 17: Options: In the Fixed- Income World 18: Euros: Cash Time Deposits and FRAs 19: Interest Rate Swaps 20: Certificates of Deposit: Domestic, Euro and Yankee 21: Bankers' Acceptance 22: Comercial Paper: DomestiCommercialo 23: Bank Sales of Loan Participations 24: Medium-Term Notes 25: Municipal Notes
£82.49
John Wiley & Sons Inc Accounting Information Systems and Internal
Book SynopsisAccounting Information Systems and Internal Control provides comprehensive approaches to the design and evaluation of internal control systems. In doing so, it covers both the traditional process approach that focuses on individual organizational processes, and a contemporary typology approach that focuses on different types of organizations as unique combinations of organizational processes. In both approaches and throughout the text, IT is considered an integral part and enabler of internal control.Table of ContentsAbout the Authors vii Preface ix PART I Foundations of Internal Control 1 1 Organizations and their Systems 3 2 Internal Control 27 3 Bridging the Gap between Internal Control and Management Control 57 4 The Dynamics of Control and IT 77 5 Documenting and Evaluating Internal Control Systems 119 PART II Internal Control in Various Organizational Processes 141 6 Organizational Processes 143 7 The Purchasing Process 149 8 The Inventory Process 163 9 The Production Process 175 10 The Sales Process 187 11 Secondary Processes 201 PART III Internal Control in Various Types of Organizations 213 12 Typology of Organizations 215 13 Trade Organizations 229 14 Production Organizations 247 15 Service Organizations with a Limited Flow of Goods 277 16 Service Organizations that Put Space and Electronic Capacity at their Customers’ Disposal 297 17 Service Organizations that Put Knowledge and Skills at their Customers’ Disposal 321 18 Governmental and Other Not-for-profi t Organizations 351 Bibliography 363 Glossary 365 Index 377
£48.56
John Wiley & Sons Inc The Warren Buffett CEO
Book SynopsisEveryone knows Warren is the greatest investor of our time. . . .This book for the first time captures his genius as a manager. Jack Welch The first book to reveal the investment and management strategies of the Berkshire Hathaway all-star management team. Much has been written about Warren Buffett and his investment philosophy; little has been made public about the inside management of Berkshire Hathaway. With a market cap exceeding 100 billion , Berkshire Hathaway has a market value surpassing many icons of American business such as Dell, AT&T, Disney, Ford, Gillette, American Express, and GM. Drawing on his personal experiences as well as those of Berkshire''s chief executives, officers, and directors interviewed for this book, Berkshire insider Robert P. Miles provides a unique look at the Berkshire Hathaway culture and its management principles.Table of ContentsPART ONE: THE BUFFETT CEO. Introduction—The Warren Buffett CEO. Buffett CEO Selection. PART TWO: BERKSHIRE'S CAPITAL SOURCE—THE INSURERS. The Administrator—Tony Nicely, GEICO Insurance. The Back-Up Capital Allocator—Lou Simpson, GEICO Insurance. The Accidental Manager—Ajit Jain, Berkshire Hathaway Reinsurance Division. PART THREE: BERKSHIRE'S FOUNDERS. The Natural—Rose Blumkin, Nebraska Furniture Mart (NFM). The Visionary—Al Ueltschi, FlightSafety International. The Innovator—Rich Santulli, Executive Jet. PART FOUR: BERKSHIRE'S CEO FAMILY—CHILDREN AND GRANDCHILDREN. The Disciple—Don Graham, The Washington Post. The Third-Generation Family Successor—Irvin Blumkin, NFM. The Retired Manager—Frank Rooney, H.H. Brown Shoe. The Principled Manager—Bill Child, R.C. Willey Home Furnishings. The Partner for Life—Melvyn Wolff, Star Furniture. The Shoppertainers—Eliot and Barry Tatelman, Jordon's Furniture. PART FIVE: BERKSHIRE'S CEO SUCCESSORS—THE PROFESSIONAL MANAGERS. The Turnaround Manager—Stan Lipsey, The Buffalo News. The Loyalist—Chuck Huggins, See's Candies. The Professional—Ralph Schey, Scott Fetzer Companies. The Appointed One—Susan Jacques, Borsheim's Fine Jewelry. The Gem of a Retail Merchant—Jeff Comment, Helzberg Diamonds. The Newcomers—Randy Watson, Justin Brands; and Harrold Melton, Acme Building Brands. Buffett CEO Comparisons. Buffett CEO Evaluation and Compensation. Buffett CEO Opportunity. Berkshire Post Buffett. Buffett CEO Interview List. Buffett CEO Family Tree. Buffett CEO SIC Codes. Buffett CEO Timeline. Notes. Index.
£20.80
John Wiley & Sons Inc The Universal Principles of Successful Trading
Book SynopsisThe Universal Principles of Successful Trading clearly andunambiguously articulates trading principles that distinguish thewinners from the losers.Table of ContentsAcknowledgments. Preface. Foreword. Introduction. Chapter 1 A Reality Check. Why Do 90 Percent of Traders Lose? Common Mistakes—Year One. Common Mistakes—Year Two. Common Mistakes—Year Three. How to Join the 10 Percent Winners' Circle. In Summary. Chapter 2 The Process of Trading. The Process of Trading. Chapter 3 Principle One: Preparation. Maximum Adversity. Emotional Orientation. Losing Game. Random Markets. Best Loser Wins. Risk Management. Trading Partner. Financial Boundaries. In Summary. Chapter 4 Principle Two: Enlightenment. Avoiding Risk of Ruin. Embracing Trading's Holy Grail. Expectancy. Opportunities. Pursuing Simplicity. Treading Where Most Fear. Validation. In Summary. Chapter 5 Principle Three: Trading Style. Trading Mode. Time Frames. Choosing Your Trading Style. Long-term Trend Trading. Short-term Swing Trading. Long-term Trend Trading Versus Short-term Swing Trading. In Summary. Chapter 6 Principle Four: Markets. Good Operational Risk Management Attributes. Good Trading Attributes. In Summary. Chapter 7 Principle Five: The Three Pillars. Money Management. Methodology. Psychology. Chapter 8 Money Management. Martingale Money Management. Anti-Martingale Money Management. Key Concepts. History. Anti-Martingale Money Management Strategies. Trading Forex_Trader Using a Single Contract with No Money Management. Forex_Trader Using Fixed-Risk Money Management. Forex_Trader Using Fixed-Capital Money Management. Forex_Trader Using Fixed-Ratio Money Management. To Chase $18,000,000 in Profits or to Chase $1,500,000 in Profits, That is the Question. Forex_Trader Using Fixed-Units Money Management. Forex_Trader Using Williams Fixed-Risk Money Management. Forex_Trader Using Fixed-Percentage Money Management. Forex_Trader Using Fixed-Volatility Money Management. Which Money Management Strategy to Choose? Trading Equity Momentum. In Summary. Chapter 9 Methodology. Discretionary or Mechanical Trading. Creating a Methodology. Trend Trading. Not All Indicators are Bad. But Don't Markets Change? Multiple Methodologies. Basic Attributes of Winning Methodologies. Example of a Winning Methodology—The Turtle Trading Strategy. Example of an Objective Trend Tool. Fibonacci: Fact or Fiction. Placebo Traders. In Summary. Chapter 10 Psychology. The Consensus View. Managing Hope. Managing Greed. Managing Fear. Managing Pain. Maximum Adversity. In Summary. Chapter 11 Principle Six: Trading. Putting it All Together. Trading: Order Placement. In Summary. Chapter 12 Just One Piece of Advice. Balance. The Market Masters. Ramon Barros. Mark D. Cook. A Diverse Group of Traders. Michael Cook. Kevin Davey. Tom DeMark. Lee Gettess. Daryl Guppy. Richard Melki. Geoff Morgan. Gregory L. Morris. Nick Radge. Brian Schad. Andrea Unger. Larry Williams. Dar Wong. A Wealth of Advice. Chapter 13 A Final Word. Appendix A Risk-of-Ruin Simulator. Simulator Variables. Model Logic. Simulator. DIY Simulator. Appendix B Risk-of-Ruin Simulator. DIY VBA Risk-of-Ruin Simulator. VBA Code for Risk-of-Ruin Simulator. Appendix C Risk-of-Ruin Simulations. Index.
£27.75
John Wiley & Sons Inc Accounting Information Systems
Book Synopsis
£51.29
Wiley 2025 CFA Program Curriculum Level I Box Set
Book Synopsis
£171.00
