Finance and accounting Books

Book SynopsisAccounting Control Best Practices, Second Edition Control systems are needed to ensure that a company''s assets are used in the most productive manner and that they are not lost through fraudulent activities. However, an excessive use of controls can interfere with the efficient completion of activities within a company. Whether your company is in start-up mode, installing new systems, or simply dissatisfied with existing controls due to fraudulent losses, Accounting Control Best Practices, Second Edition is the reference handbook every accountant and systems analyst can use to ensure that their company has constructed a durable and efficient set of controls. This easy-to-use handbook clearly explains how to develop an effective system of accounting and operational controls and offers the best practices with pragmatic insights and proactive strategies to protect organizations from suffering further substantial losses of assets and reputation that occur from fTable of ContentsPreface v About the Author vii Chapter 1 Introduction 1 Chapter 2 Controls for Accounts Payable Best Practices 9 Chapter 3 Controls for Order Entry, Credit, and Shipment Best Practices 59 Chapter 4 Controls for Inventory Management Best Practices 91 Chapter 5 Controls for Billing Best Practices 143 Chapter 6 Controls for Collections 161 Chapter 7 Controls for Cash-Handling Best Practices 169 Chapter 8 Controls for Payroll Best Practices 209 Chapter 9 Controls for Fixed Assets Best Practices 245 Chapter 10 Controls for Budgeting 265 Chapter 11 Controls for Financial Reporting 275 Index 289

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Book SynopsisFINANCE Financial managers and investment professionals need a solid foundation in finance principles and applications in order to make the best decisions in today''s ever-changing financial world. Written by the experienced author team of Frank Fabozzi and Pamela Peterson Drake, Finance examines the essential elements of this discipline and makes them understandable to a wide array of individuals, from seasoned professionals looking to fine-tune their financial skills to newcomers seeking genuine guidance through the dynamic world of finance. Divided into four comprehensive parts, this reliable resource opens with an informative introduction to the basic tools of investing and financing decision-making?financial mathematics and financial analysis (Part I). From here, you''ll become familiar with the fundamentals of capital market theory, including financial markets, financial intermediaries, and regulators of financial activities (Part II). You''ll also gain a bTable of ContentsPreface xiii About the Authors xv Part One Background 1 Chapter 1 What is Finance? 3 Capital Markets and Capital Market Theory 4 Financial Management 5 Investment Management 7 Summary 8 Chapter 2 Mathematics of Finance 11 The Importance of the Time Value of Money 11 Determining the Future Value 13 Determining the Present Value 20 Determining the Unknown Interest Rate 22 Determining the Number of Compounding Periods 23 The Time Value of a Series of Cash Flows 24 Valuing Cash Flows with Different Time Patterns 34 Loan Amortization 40 The Calculation of Interest Rates and Yields 46 Principles of Valuation 51 Summary 55 Chapter 3 Basics of Financial Analysis 57 Financial Ratio Analysis 58 Cash Flow Analysis 87 Usefulness of Cash Flows in Financial Analysis 99 Summary 105 Part Two Capital Markets and Capital Market Theory 109 Chapter 4 The Financial System 111 Financial Assets/Financial Instruments 111 Financial Markets 113 Financial Intermediaries 114 Regulators of Financial Actitivies 118 Classification of Financial Markets 122 Market Participants 131 Summary 150 References 154 Chapter 5 Interest Rate Determination and the Structure of Interest Rates 155 Theories About Interest Rate Determination 155 The Federal Reserve System and the Determination of Interest Rates 157 The Structure of Interest Rates 163 Term Structure of Interest Rates 168 Summary 178 References 179 Chapter 6 Basics of Derivatives 181 Futures and Forward Contracts 181 Options 194 Swaps 206 Cap and Floor Agreements 209 Summary 211 Appendix: Black-Scholes Option Pricing Model 212 References 219 Chapter 7 Asset Valuation: Basic Bond and Stock Valuation Models 221 Valuing Bonds 221 Valuation of Common Stock Using Dividend Discount Models 235 Summary 246 Appendix: Valuing Convertible Bonds 247 References 252 Chapter 8 Asset Valuation: The Theory of Asset Pricing 255 Characteristics of an Asset Pricing Model 255 Capital Asset Pricing Model 256 Arbitrage Pricing Theory Model 270 Summary 279 References 281 Part Three Financial Management 283 Chapter 9 Financial Management 285 Forms of Business Enterprise 286 The Objective of Financial Management 291 The Agency Relationship 296 Dividend and Dividend Policies 302 Special Considerations in International Financial Management 314 Summary 322 References 325 Chapter 10 Financial Strategy and Financial Planning 327 Strategy and Value 328 Financial Planning and Budgeting 331 Importance of Financial Planning 332 Budgeting Process 332 Sales Forecasting 334 Seasonal Considerations 337 Budgeting 338 Pro Forma Financial Statements 346 Long-Term Financial Planning 352 Financial Modeling 355 Performance Evaluation 362 Strategy and Value Creation 369 Summary 372 References 373 Chapter 11 The Corporate Financing Decision 375 Debt vs. Equity 375 The concept of leverage 378 Capital Structure and Financial Leverage 381 Financial Leverage and Risk 384 Capital Structure and Taxes 388 Capital Structure and Financial Distress 393 The Cost of Capital 397 The Agency Relationship and Capital Structure 399 Optimal Capital Structure: Theory and Practice 400 A Capital Structure Prescription 403 Summary 404 Appendix: Capital structure: Lessons from Modigliani and Miller 405 References 415 Chapter 12 Financial Engineering, Asset Securitization, and Project Financing 417 Creation of Structured Notes 419 Asset Securitization 427 Project Financing 438 Summary 446 References 448 Chapter 13 Capital Budgeting: Process and Cash Flow Estimation 449 Investment Decisions and Owners’ Wealth Maximization 450 Capital Budgeting Process 452 Classifying Investment Projects 454 Estimating Cash Flows of Capital Budgeting Projects 458 Summary 477 References 477 Chapter 14 Capital Budgeting Techniques 479 Evaluation Techniques 479 Net Present Value 481 Profitability Index 485 Internal Rate of Return 487 Modified Internal Rate of Return 491 Payback Period 495 Discounted Payback Period 496 Issues in Capital Budgeting 497 Comparing Techniques 500 Capital Budgeting Techniques in Practice 503 Capital Budgeting and the Justification of New Technology 504 Incorporating Risk into Capital Budgeting Analysis 506 Summary 523 References 524 Chapter 15 Managing Current Assets 525 Management of Cash and Marketable Securities 526 Cash Management 527 Marketable Securities 533 Management of Accounts Receivable 534 Inventory Management 545 Summary 553 References 554 Chapter 16 Financial Risk Management 555 Risk Defined 555 Enterprise Risk Management 558 Managing Risks 563 Risk Transfer 565 Summary 572 References 574 Part Four Investment Management 575 Chapter 17 The Basic Principles of Investment Management 577 The Investment Management Process 577 The Theory of Portfolio Selection 582 Tracking Error 604 Measuring and Evaluating Performance 607 Summary 622 References 624 Chapter 18 Equity Portfolio Management 625 Stock Market Indicators 625 Top-Down vs. Bottom-up Approaches 629 Fundamental vs. Technical Analysis 629 Popular Stock Market Strategies 631 Passive Strategies 643 Equity-Style Management 643 Types of Stock Market Structures 646 The U.S. Stock Markets: Exchanges and OTC Markets 649 Trading Mechanics 656 Summary 664 References 665 Chapter 19 Bond Portfolio Management 669 Sectors of the Bond Market 669 Features of Bonds 679 Yield Measures 686 Risks Associated with Investing in Bonds 693 Measuring Interest Rate Risk 702 Bond Indexes 710 Active Bond Portfolio Strategies 711 Passive Bond Portfolio Strategies 716 Summary 719 References 720 Chapter 20 Use of Stock Index Futures and Treasury Futures Contracts in Portfolio Management 721 Using Stock Index Futures in Equity Portfolio Management 722 Using Treasury Bond and Note Futures Contracts in Bond Portfolio Management 736 Using Stock Index Futures and Treasury Bond Futures to Implement an Asset Allocation Decision 744 Summary 746 References 746 Chapter 21 Use of Options in Portfolio Management 747 Using Stock Options and Index Options in Equity Portfolio Management 747 Using Interest Rate Options in Bond Portfolio Management 761 Summary 771 Appendix: Pricing Models on Options on Physicals and Futures Options 771 References 773 Index 775

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Book SynopsisComprehensive coverage of the time value of money In this book, authors Pamela Peterson Drake and Frank Fabozzi fully expand upon the type of time value of money (TVM) concepts usually presented as part of overviews given in other general finance books.Table of ContentsPreface ix About the Authors xi Introduction xiii Part One The Basics of the Time Value of Money 1 Chapter 1 The Value of Compounding 3 Compounding 7 Calculator and Spreadsheet Solutions 11 Frequency of Compounding 14 Summary 20 “Try It” Solutions 21 Problems 22 Chapter 2 Don’t Discount Discounting 23 Discounting 23 Discounting More Than One Future Value 31 Determining the Number of Compounding Periods 35 Summary 38 “Try It” Solutions 38 Problems 39 Chapter 3 Cash Happens 41 Valuing a Stream of Future Cash Flows 42 Valuing a Perpetuity 51 Annuities 54 Summary 61 “Try It” Solutions 62 Problems 62 Chapter 4 Yielding for Yields 65 Annualized Rates of Interest 65 Determining the Unknown Interest Rate 77 Rules 88 Summary 89 “Try It” Solutions 90 Problems 90 Part Two A Few Applications 93 Chapter 5 Loans 95 Loan Amortization 95 Interest Rates on Loans 104 Determining the Number of Periods 108 Variations on the Theme 109 Summary 114 “Try It” Solutions 114 Problems 115 Chapter 6 Saving to Spend 119 Valuing a Deferred Annuity 119 Annuities with Annuities 126 A Bit of Realism 135 Summary 138 “Try It” Solutions 139 Problems 139 Chapter 7 Values Tied to Bonds 141 Bond Basics 142 Calculating the Yield to Maturity 154 Issues 157 Interest Rates 163 Yield Curves 164 Summary 169 “Try It” Solutions 170 Problems 171 Chapter 8 Taking Stock 173 What’s in a Value? The Basics of Stock Valuation 174 Return on Stocks 187 Summary 192 “Try It” Solutions 193 Problems 195 Chapter 9 A Capital Idea 197 The Net Present Value 198 The Profitability Index 201 The Internal Rate of Return 204 Summary 214 “Try It” Solutions 215 Problems 216 Chapter 10 Finance Fact or Fiction? 219 Fact or Fiction: It Pays to Get an MBA 219 Fact or Fiction: Leasing a Car Costs Less than Buying a Car 222 Fact or Fiction: Gold Has Always Been a Good Investment 225 Summary 230 Appendix A Using Financial Calculators 231 Preparing the Calculator 232 The Basics 235 Financial Functions 237 Tips 242 Troubleshooting Problems 243 Appendix B Using Spreadsheets in Financial Calculations 247 The Basics 247 Time Value of Money Functions 248 Cash Flow Functions 252 Other Useful Functions for Financial Mathematics 253 Appendix C Formulas 255 Appendix D Glossary 261 Appendix E Solutions to End-of-Chapter Problems 265 Index 281

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Book SynopsisThe current period of market and governmental turbulence is the most challengingyet rewardingtime to be a treasurer. Now, as perhaps never before, the treasurer's visions, skills, and worth will be tested and proven. A useful reference, The Strategic Treasurer: A Partnership for Corporate Growth systematically equips today's corporate treasurers to move from merely being the liquidity manager to becoming a strategic driver and steward of corporate value as well as an equal partner with senior management.Table of ContentsPreface xiii Acknowledgments xix Chapter 1 Building the Case for Being a Strategic Treasurer 1 Volatility and Turbulence as Opportunity 2 Resiliency, Diversification, and Due Diligence 3 Being a Strategic Business Partner 4 It Is Good to Be Needed 4 Technology Has Improved 5 Summary 5 Chapter 2 First Things for the New Treasurer 7 Study the Business 8 Assess Treasury 10 Identify Risks 13 Socializing Your Assessment 14 Put Your Team Together Like a Puzzle 15 Creating and Socializing the Vision and Plan 17 A Time for Action 18 Ongoing Intellectual Curiosity 19 Summary 19 Chapter 3 Being a Partner, Not a Vendor 21 Avoiding Inevitable Pitfalls 22 Keeping in Between the Two Lines 23 Know What Is Important to the Organization and to Its Partners 27 Summary 29 Chapter 4 Managing Relationships 31 Scope of the Relationship Management Plan 32 Key Components of a Relationship Management Plan 33 Plan and Process for Accomplishing the Objectives 34 Rationale for Formally Documenting Relationships 41 Request for Proposal 44 Summary 45 Chapter 5 Owning Cash and the Five Os of Treasury 47 The Os of Treasury 48 Centralized or Decentralized Treasury 48 Taking Ownership 52 Protecting the Balance Sheet 56 Summary 59 Chapter 6 Cash Boot Camp for Treasurers 61 Cash 61 A Tale of Two Types of Cash 62 Disbursement Example 64 Collection/Receivable Example 66 Discussion 71 Technology Enables Appropriate Cash Recording and Reporting 71 Cash Implications 74 Summary 75 Chapter 7 Owning Working Capital 77 Two Definitions of Working Capital 78 Two Different Measurements for Working Capital 79 Working Capital Impact on Organizational Value 84 Differences Between Liquidity and Historical Working Capital Measures 87 Projecting Working Capital Usage and Variations 89 Steps Needed to Optimize Working Capital 90 Summary 92 Chapter 8 Differences Between a Process View and a Silo View 93 The Process Perspective Is Vital 93 Symptoms of a Silo View 97 Fighting the Silo Mentality with the Process 99 Summary 100 Chapter 9 Financial Risk Management, Part One: Considering Risk Through the Eye of the Beholder 101 Risk 102 Summary 109 Notes 109 Chapter 10 Financial Risk Management, Part Two: Altering the Risk a Company Faces to Match the Risk It Desires 111 Risk Management Choices 112 Possible Reasons for Hedging 114 Value in Risk Management 116 Volatility and Impact 117 What to Hedge? 119 Financial Risk Management Process 120 Treasurer’s Role 124 Black Swans 126 When Do We Hedge? 126 No Cheers for Hedges; It’s the Objective That Matters 127 Summary 127 Notes 129 Chapter 11 Losses and Fraud: What Can Keep Treasurers Awake at Night 131 Situations of Loss 133 Fraud 138 Summary 143 Chapter 12 Communication: Mars and Venus: Minimizing Communication Conflict Between Treasurers and Controllers 145 Cash 147 Forecasting 149 Working Capital 152 Controls 154 Summary 155 Chapter 13 Building and Developing the Treasury Team 157 Putting the Puzzle Together 158 Developing the Team 160 Summary 163 Chapter 14 Understanding and Maximizing the Use of Treasury Technology Tools 165 Technology Supports the Treasury Role, and Treasury Supports the Organization 166 Treasury Technology Landscape 167 Extension and Visibility Services 168 Treasury Workstation and the Technology Landscape 170 The Order of Activities 175 Respecting Your Time: A Tale of Dashboards and Reports 175 Other Treasury Systems 177 Managing Financial Processes 184 Summary 187 Notes 187 Chapter 15 Advice from Various Treasury Leaders 189 Change Management 189 Risk Management 192 Relationship Management 194 Mindset and Perspectives of the Treasurer 197 Developing Treasury Staff 200 Vision, Strategy, and Execution 201 Reading List 202 Summary 202 Chapter 16 Volatility and Liquidity Management 205 Protecting the King 205 Volatile Times 206 Financial Crisis of 2007+ 206 Financial Instrument Risk 207 Counterparties 211 Foreign Exchange Rates 212 Commodities 213 Rating Agencies 217 Banks and Insurance Companies 217 Governments 221 Summary 222 Chapter 17 Achieving Visibility to Your Liquidity: Visibility and Process-Automation Requirements for the Strategic Treasurer 223 Achieving Visibility to Liquidity Requires Internal and External Data 225 Prerequisites to Achieving Visibility 230 Connecting Through Networks 231 Assessing Threats and Impacts to the Organization’s Liquidity 237 Summary 241 Chapter 18 Envisioning Treasury in the Future 243 Treasury’s Role in the Corporation 244 Stewardship: Technology Developments and Green Treasury 244 Everything as a Service: Cloud Computing Comes to Treasury 245 Visibility and Risk Management 248 Relationship Power Shifts 251 Liquidity and Balance Sheet Management 252 Chairing the Working Capital Council and Advising Business Areas 253 Cash, Checks, and Miscellaneous Projections 253 Some Things Will Not Change 254 Summary 254 Chapter 19 “Not-to-Do” List for the Treasurer 257 Relationship Management 258 Technology Decisions and Perspectives Don’ts 260 Staffing, Resources, and Consultants 261 Projects and Communication 261 Decisions, Debates, and Assumptions 262 The Crowd: Follow or Take the Road Less Traveled 263 Some Basics 264 Summary 265 Appendix 267 Index 275

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Book SynopsisShort-selling has traditionally been dominated by hedge funds with deep pockets, sophisticated trading programs, and the ability to bounce back after suffering big losses. But today, there's a much better and safer way to play the short-side; one that enables individual investors to achieve incredible profits, while strictly limiting risk.Table of ContentsIntroduction 1 Chapter 1 The Schadenfreude Component of Your Portfolio 5 Chapter 2 How Shorting Works 15 Chapter 3 The Case for Puts 23 Chapter 4 Prospecting for Gold in Fading Stocks 33 Chapter 5 Technical Indicators—You Gotta Love This Chart 49 Chapter 6 Creating a Position 63 Chapter 7 Going Short the Traditional Way or Borrower Beware 81 Chapter 8 Shorting a Market Segment 91 Chapter 9 Creating the Great Segment Trade 107 Chapter 10 Shorting the Indices—Only the Big Ones. Please. 117 Chapter 11 Managing a Position or Everyone Has a Plan Until They Get Punched in the Face 131 Chapter 12 Shorting Commodities and Real Estate 151 Chapter 13 Shorting a Country 169 Chapter 14 Shorting in a Bull Market 179 Chapter 15 Advanced Trading Techniques 185 Chapter 16 Case Studies—Ruby Tuesday, the Bear, and the Home Builders 195 Glossary 205 About the Author 213 Index 215

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Book SynopsisDiscover the Upside of Down enlightens readers and gives them investment strategies for both protection and profits. Chapters include information on the hot button economic topics of today and for the foreseeable future: oil, gold, real estate, stocks, the dollar, the U.S.Table of ContentsAcknowledgments. Introduction. Chapter 1: Bulls versus Bears, and the Winner Is . . . . Chapter 2: Boomtown to Ghost Town. Chapter 3: Today’s Dollar Is Worth Less, Tomorrow’s Dollar Could Be Worthless. Chapter 4: Black Gold: Boom and Bust Profit Opportunities in Oil Stocks. Chapter 5: Why Gold? The Proliferation of Paper Money Creation and Inflation. Chapter 6: Nothing but Downside: The Road Ahead for Stocks, Bonds, and Real Estate? Chapter 7: The Short Side: The Only Side to Make Money in a Bear Market. Chapter 8: The Long Side of Your Portfolio and the Four Stages All Stocks Travel. Chapter 9: Adventure Capital: Opportunities and Risks in Private Placements. Chapter 10: How to Identify the Bottom from the Top. Chapter 11: My Beat-Up Chevy and the 10 Iron Laws of Investing. Chapter 12: Finding the Grail: The Chapter that Demanded to Be Written. Epilogue: The Speed of Change. Glossary. Index.

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Book SynopsisReal Estate A MUST-READ GUIDE TO REAL ESTATE INVESTING DURING TURBULENT TIMES GETTING STARTED IN REAL ESTATE INVESTING THIRD EDITION Given the current state of the economy, you might be asking yourself if right now is the right time to be investing in real estate. With the third edition of Getting Started in Real Estate Investing as your guide, you''ll quickly discover how a combination of commitment and caution can help you make it in today''s market. Designed for investors who want to get started in real estate, but don''t know where to begin, this reliable resource will help you break into this fast-moving field and build equity the right way. Getting Started in Real Estate Investing, Third Edition addresses everything from selecting the right properties and becoming a landlord to using the proper tax strategies and finding the right professionals to work with. It also outlines issues you must be aware of in light ofTable of ContentsAbout the Author vii Introduction The Allure of Property 1 Chapter 1 Should You Be a Real Estate Investor? 5 Chapter 2 How to Choose Property 43 Chapter 3 Financing Your Investment 69 Chapter 4 The Cost of Borrowing 93 Chapter 5 Tax Benefits of Real Estate 115 Chapter 6 Setting Up Your Books 151 Chapter 7 Managing Your Investment 164 Chapter 8 Analyzing the Market 183 Chapter 9 Analyzing Your Financial Capability 202 Chapter 10 Working with Professionals 213 Chapter 11 Becoming a Landlord 234 Chapter 12 The Fixer-Upper Market 257 Chapter 13 The Property-Flipping Market 270 Chapter 14 Passive Investments 282 Chapter 15 Other Ways to Invest 300 Chapter 16 Setting Your Investment Goals 309 Appendix 319 Glossary 333 Index 349

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Book SynopsisOver the past decade organizations have faced relentless customer demand for better value at less cost, individual customization, greater choice, faster delivery, higher quality, exceptional service, and more recently increased environmental and social consciousness. The organization's weapon of choiceto address this increasing demand has been the supply chain. However, as the supply chain footprint changed (e.g. outsourcing, off-shoring and customer/vendor empowerment) so did the organization's exposure to uncertainty. Organizations were taken by surprise since this exposure was unanticipated, complex and beyond their ability to manage. As customers become more demanding and change occurs at an even greater pace, supply chain risk continues to propagate like a parasite. Organizations and societies are at much greater risk of systemic failure because of the massive interdependency throughout global supply chains. The priority now is two-fold; play catch-up and address these masTable of ContentsAbout the Author xi Preface xiii Acknowledgments xvii Introduction Getting to the Truth 1 Chapter 1 The Laws of the Laws 9 Laws of the Laws Risk Management Defined Law of the Laws #1: Everyone, without Exception, Is Part of a Supply Chain Law of the Laws #2: No Risk Strategy Is a Substitute for Bad Decisions and a Lack of Risk Consciousness Law of the Laws #3: It’s All in the Details Law of the Laws #4: People Always Operate from Self-Interest Indirect and Secondary Impacts What Can You Conclude? Notes Chapter 2 Law #1: If You Don’t Manage and Lead Change, You Have to Surrender to It 31 The Risk Wake - Up Call — Planned Change, Unplanned Consequences We Can’t Change the Past, but . . . Can We Change the Future? Can You See the Icebergs Ahead? Notes Chapter 3 Law #2: The Paradigm Should Destroy the Parasite: Begin by Defining the Paradigm, Not by Fighting the Parasite 61 The Paradigm in Action Why Does the Organization Need to Identify a Supply Chain Risk Paradigm? Beware! The Paradigm Can Shift without Notice If the Shoe Fits Notes Chapter 4 Law #3: Manage Your Business DNA in a Petri Dish of Evolving Risk 87 Expanding the Risk Awareness Universe Know Your Business—Know Your Surroundings The Keys to Your Risk Kingdom Your Operation’s Complete Footprint Your Action Plan Notes Chapter 5 Law #4: In Supply Chain Risk Management, Demand Trumps Supply 115 Everyone’s Customer Building Your Demand-Based Strategy Market and Client Factors to Consider Notes Chapter 6 Law #5: Never Set Up Your Suppliers for Failure 143 Supply Chain Risk Management Program Sourcing Strategies That Create More Risk, Not Less Trust but Verify Notes Chapter 7 Law #6: Managing Production Risk Is a Dirty Job: Focus on Managing the Endless Risk of Manufactured Weakest Links 173 Going Global with the Production of Risk A New Collaborative Effort Why Is Production So Critical? Part Two of the Double Whammy: Labor Notes Chapter 8 Law #7: The Logistics Risk Management Rule: Managing the Parts Does Not Equal Managing the Whole 199 What Is Logistics Risk? Cargo and Warehouse Theft The Piracy Risk What’s at Risk? Single Points of Failure and Aggregate Risk Supply Chains Don’t Survive on Product Flows Alone; Information Flows Are Essential In the End It’s All about the Priorities and Economics Notes Chapter 9 Law #8: Mitigation: If Supply Chain Risk Management Isn’t Part of the Solution, It Will Become the Problem 225 Now What Do I Do? Enter the Risk Intelligent Supply Chain Economic Change—A Catalyst for Redefining Resiliency Management Predisruption At Time of Disruption Postdisruption What Is Risk Mitigation? Notes Chapter 10 Law #9: Financing: The Best Policy Is Knowing What’s in Your Policy 249 Insurance and Its Role in Supply Chain Risk Management Background on Insurance in the Supply Chain Risk Area Current Insurance Solutions and Their Limitations Introducing Supply Chain Insurance: Approach and Challenges Corporate Customer Benefits Arising from Supply Chain Insurance Conclusions What Does the Future Hold? A View from the Insurer’s Side Notes Chapter 11 Law #10: Manage the Risk as You Manage Your Own: Your Supply Chains Are All Interdependent but Unique 279 Questioning Old Assumptions Personal Laws of the Laws Index 287

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Book SynopsisA comprehensive guide to international investing Opportunities to tap into foreign markets and, in turn, entirely new investment universes-that have traditionally been accessible only to hedge fund managers-are at hand, and this book offers you the straight story on how to look abroad for the next addition to your portfolio. Throughout these pages, the authors skillfully demonstrate how active, cutting-edge trading strategies used in domestic markets can be applied effectively overseas. Opening with discussions of the importance of international investing in today''s turbulent markets, this reliable resource quickly moves on to examine the macro relationships between the different asset classes within a given country and shows you how to view those asset classes-stocks, bonds, currencies, and commodities-as a complete picture of what is happening in the investing world. Addresses the application of strategies to international portfolio development and manaTable of ContentsIntroduction. Chapter 1 Opportunities Away from the Land of Opportunity. Chapter 2 Accurately Reading the World's Economies: An Inter-market Primer. Chapter 3 The Tools in Your Equity Toolbox. Chapter 4 Key Strategies for Realizing Winning Returns in Foreign Equities. Chapter 5 Foreign Fixed Income Investing. Chapter 6 Making the Buck in Currency Trading. Chapter 7 Accessing Foreign Real Estate. Chapter 8 Derivative Use for Offense and Defense. Chapter 9 Portfolio Management Applications. Index.

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Book SynopsisAn updated look at applying W.D. Gann's controversial trading concepts to all major markets W.D. Gann continues to be one of the most controversial figures in technical analysis. Despite his detractors, his theories remain fundamentally solid, and have been successfully adapted by several generations of traders.Table of ContentsPreface ix Acknowledgments xiii Chapter 1 Why Pattern, Price, and Time? 1 Chapter 2 Who Was W. D. Gann? 5 Chapter 3 Gann Theory in a Nutshell 17 The Basis of Gann Theory: The Law of Vibration 23 Pattern 28 Price 28 Time 30 Squaring the Price Range with Time 32 Advanced Price and Time Techniques 33 Gann Theory and Its Application to Trading 42 Chapter 4 Chart Basics 45 Gann-Format Charts 45 Proper Chart Construction 50 Charting Programs 56 Types of Charts 57 Summary 66 Chapter 5 Pattern: Trend Indicator Charts 69 Minor Trend Indicator 70 Intermediate Trend Indicator 74 Main Trend Indicator 80 Trend Indicator Construction 84 Stop Orders 87 Using the Information Generated 88 Characteristics of the Trend Indicator Chart 89 Summary 90 Chapter 6 Pattern: Swing Chart Trading 91 Reviewing the Trend Indicator Chart Rules 91 Basic Trading Instructions 95 Two Ways to Determine a Change in Trend 99 Other Swing Chart Trading Strategies 102 Swing Trading Rules 104 Swing Chart Negatives 119 Summary 122 Chapter 7 Pattern: Other Chart Formations 125 The Double Bottom 125 The Double Top 127 Prolonged Rally or Break Rule 128 Balancing Swings 129 Signal Tops and Signal Bottoms 133 Other Important Formations 140 Other Popular Patterns 141 Summary 141 Chapter 8 Price: Horizontal Support and Resistance 143 The Swing Charts 143 Percentage Retracement Price Levels 146 Other Retracement Levels 149 Multiples of Bottoms and Divisions of Tops 149 Pivot Price Calculations 150 Moving Averages 153 Summary 154 Chapter 9 Price: Gann Angles 155 Importance of Gann Angles 156 How to Construct Gann Angle Charts 167 Summary 195 Chapter 10 Combining Pattern and Price 197 Chapter 11 Time 203 Natural Cycles 203 Anniversary Dates 210 Seasonality 216 Swing Charts 221 Square Charts 225 Summary 231 Chapter 12 Combining Pattern, Price, and Time 233 The Intermediate Trend Indicator 233 The Signal Bottom 238 The Signal Bottom: The First Leg Up 243 Gann Angles 245 Percentage Retracement Zones 248 Percentage Retracement Zones and Gann Angle Combinations 251 Time Indicators 251 The Forecast 253 Conclusion 255 About the Author 257 Index 259

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Book SynopsisThe need for ethical education is as long standing as the history of scandals that plague the financial industry.Understanding the cause and effect of economic crises and scandals from an ethical perspective ensures the long run health of our financial markets.Sarah W. Peck's Investment Ethics is an applied and uniquely focused textbook that provides students with the tools, examples, and exercises they need to understand ethical concepts and consequences in the practice of finance; especially regarding investments. This text serves not only as a key tool in the classroom, but also a longstanding guide for examining the ethical practices of companies and organizations.Table of ContentsPREFACE PART I- Ethical Behavior CHAPTER 1- Introduction: The Case for Investment Ethics Introduction-The Investment Industry- A Legacy of Scandals and a Need for Ethics A Brief Overview of the Investment Industry Securities Laws and Regulations Investment Ethics Are Easier Said Than Done Ethics Basics Four Fundamental Principles of Investment Ethics Costs and Benefits of Being Unethical Conclusion-Developing an Ethical Consciousness Appendix- Financial Market Regulatory Agencies CHAPTER 2- Fiduciary Duty of Investment Professionals- The Ethical Treatment of the Client Introduction- What is A Fiduciary? Agency Versus Fiduciary Relationships The Role of Laws, Regulations, and Professional Standards The Importance of Confidentiality Conflicts in Finding the Right Investments Conflicts in Trade Management- Best Execution Conflicts in Trade Management- Soft Dollars Identification and Fair Treatment of Clients Conclusion-Disclose! Disclose! Disclose! Appendix- Professional Codes of Ethics CHAPTER 3-Ethical Reporting of Investment Performance Introduction to Ethics in Reporting Performance Calculating Return: Predicting Future Performance or Measuring Performance for Current Clients? Ethical Reporting of Risk Measures Management Fees and Other Costs That Can Be Hidden Time Periods Used to Estimate Historical Risk & Return Performance Other Ways to Distort Historical Performance Reporting Performance to Attract New Clients- Cherry Picking Accounts Hidden Risks: Leverage, Short-Selling, Liquidity Special Considerations with Valuing Securities that Don’t Trade Conclusion- The Crystal Ball Appendix- Review of Investments Basics CHAPTER 4-Ethical Use of Information Introduction- Information and The Search for Alpha Information Asymmetry Private Information-Talent Trading On Inside Information Trading on Trading by Insiders Influential Publications Direct Communication with Corporations Investment Banking and Chinese Walls Mosaic Theory Front Running High Speed “Flash” Trading Mutual Funds And Information Advantages Arising From Stale Prices Market Manipulation Conclusion- Information And Fairness CHAPTER 5-Analyst Integrity Introduction- Analysts and Their Ethical Obligations Investment Recommendations-“Pickers” Forecasters Buy Side and Sell Side Analysts- Who pays for the research? Behavioral Finance and Analyst Ethics Star Analysts- Overconfidence and Regret Aversion Herding -The Influence of Other Analysts Other Behavioral Pitfalls Originality of Ideas Other Analyst Conflicts Conflicts with Employers Conclusion- Be Aware! PART II- Ethical Security Analysis CHAPTER 6-Investing in Companies with Ethical Accounting Practices Introduction- Reported Accounting Performance- Healthy Cynicism The Source of Accounting Distortions-Accruals Discretionary and Non-Discretionary Accruals Managers’ Incentives to Manage Earnings “Cookie Jar” Reserves and “Big Baths” Aggressive Revenue Recognition SPE’s and Hidden Debt Quality of Earnings Earnings Smoothing: Is It Ethical? Conclusion- Cash Versus Accruals- Be Skeptical! CHAPTER 7-Investing in Companies with Good Corporate Governance Practices Introduction-Corporate Governance and its Importance to Ethical Analysts Countrywide Financial Corporation- A Case of Weak Corporate Governance and Unethical Business Practices The Role of the Board- An Overview Who Makes a Good Director? Effective Board Structure Director Compensation and Shareholdings The Nominating Process, Voting Rights, and Potential Conflicts Executive Compensation- Structure and Incentives Option Grant Abuses Golden Parachutes, Golden Hand-cuffs, Golden Coffins Horizon Problems And The Firm’s Long-Run Profitability Shareholders’ Rights and The Takeover Market Conclusion- Shareholder’s Rights and Conflicts Appendix- Review of Stock Options CHAPTER 8-Socially Responsible Investing Introduction- Directing Financial Capital to Benefit Society Stakeholder Theory Positive and Negative Screens Socially Responsible Mutual Funds Performance- Can You Do Well By Doing Good? Shareholder Advocacy Divestment The Special Role of Pension Funds, University Endowments, and Foundations Community Investing and Micro Finance Lending Islamic Finance Conclusion- Obstacles To Doing Well While Doing Good CHAPTER 9-Cases Case #1- UBS and Morgan Stanley- An Elaborate Insider Trading Scheme Case #2- Emulex and Mark Jakob- Market Manipulation with False Information Case #3- Fidelity Traders and Gifts from Jefferies- Soliciting Brokerage from Traders Case #4- Heartland Advisors and Bond Funds- Misrepresentation of Bond Values Case #5- A.G. Edwards and Variable Annuities- An Inappropriate Investment Case #6- Charles Hintz and Sanford Bernstein- Analysts’ Conflicts with Personal Holdings Case #7- Nicholas Cosmo and Agape World Inc.- A Ponzi Scheme Case #8- Former CEO of NYSE’s, Grasso’s, Pay Package Case #9 Nick Leeson and Barings Bank- Rogue Trader Case #10- Kellogg’s “Matched” and “Washed” Trades- Tax Avoidance or Market Manipulation? Case # 11- Qwest Communications International - Accounting Fraud and Overstated Revenues Case #12- Refco- Misrepresentation and Hidden Debt Case #13- Salomon Brothers and the Treasury Market- Cornering the Market Case #14- Merrill Lynch and the Internet Boom- Analysts’ Conflicts Case #15- John Mangan and Short Selling -Inside Trading Case #16- Merrill Lynch and Bank of America Merger- Bonuses Paid to Merrill Employees -Excessive Compensation? Case #17- Canary Capital Partners LLC- Mutual Fund Abuses Case #18- Jérôme Kerviel and Société Générale- Rogue Trader Case #19- WorldCom- Capitalizing Operating Expenses, an Unethical Accounting Practice Case #20- The Squawk Box- Front Running Case #21- Morgan Stanley- Brokerage Commissions and Brokerage Abuses Case #22- Brian Hunter and Amaranth Advisors-Market manipulation of Natural Gas? Case #23- The Bayou Group- False Reporting Case #24- Morgan Stanley- Analyst’s Coverage and Investment Banking Business Case #25- Bernie Madoff- The Largest Ponzi Scheme in History? Case #26 - Enron- A Case of Extreme Hubris Case #27- UnitedHealth- Back Dating Stock Options Case #28- First Cash Financial Services- Pay Day Loans and Return Case #29 - Johnson & Johnson and the Tylenol Scare- Did Recall Hurt or Help Shareholders? Case #30- Infrastructure Funds- An SRI Investment? GLOSSARY

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Book SynopsisA cutting-edge guide to quantum trading Original and thought-provoking, Quantum Trading presents a compelling new way to look at technical analysis and will help you use the proven principles of modern physics to forecast financial markets. In it, author Fabio Oreste shows how both the theory of relativity and quantum physics is required to makes sense of price behavior and forecast intermediate and long-term tops and bottoms. He relates his work to that of legendary trader W.D. Gann and reveals how Gann''s somewhat esoteric theories are consistent with his applications of Einstein''s theory of relativity and quantum theory to price behavior. Applies concepts from modern science to financial market forecasting Shows how to generate support/resistance areas and identify potential market turning points Addresses how non-linear approaches to trading can be used to both understand and forecast market prices While no trading appTable of ContentsPreface ix Chapter 1 The Birth of Quantum Trading: How Einstein’s Theories and Quantum Particles Affect Your Daily Trading 1 A Lesson in Elementary Physics 6 P-Space: A Quantum Trading Tool 16 Chapter 2 How to Psychologically Prepare for Successful Trading 23 Life Goals and Quantum Strategies 23 Are Porsches and Supermodels Everything in Life? 26 How Do You Play the Game of Life? 27 Building Powerful Strategies Is the Key to Success 28 Creating Momentum in Life 30 Crossing the Bridge 32 Chapter 3 Quantum Trading 101 37 A Glimpse at Some Technical Analysis Problems 37 Making Money with Quantum Price Lines 40 Trading Rules of Thumb 47 Chapter 4 Sun Spots, Geomagnetic Storms, and the Stock Market 51 Defining Sun Spots and Geomagnetic Storms 53 Proposed Trading Strategies 58 Chapter 5 P-Space Structure and Quantum Trading Algorithms 63 Calculating a QPL 66 Calculating a QPL’s Subharmonics 70 Examples of Powerful QPLs and QPLSHs 72 Not All QPLs Are Alike 73 Trading with Intraday QPLs 76 Chapter 6 The Life and Contributions of W. D. Gann: A Forerunner of Quantum Trading 79 An Uncanny Master of Trading Interested in Atoms and Electrons 80 Gann’s Theory of Stock Market Cycles 84 Chapter 7 Chaos Theory and Gann Angles 91 How Gann Angles Originated 92 The Fall of the Stock Exchange in 2000 98 Chapter 8 Money Management Strategies 101 Why Some Traders Have Big Losses 102 The Dangers of the “Average Loss” Strategy 104 Noise, Hot Rumors, and Recommendations to Buy 105 Chapter 9 Entelechy: The Most Powerful Quantum Trading Concept 107 General Properties of Quantum Entelechy 109 QPL Entelechy 109 Angular Entelechy 113 Mapping and Trapping 114 Chapter 10 Forecasting Tops and Bottoms Using QPLs and Subharmonics 115 Forecasting a Top 116 Forecasting a Bottom 123 QPLSH Rule for 180-Degree Angles and 90-Degree Angles 127 Chapter 11 Time Algorithms in Quantum Trading 137 Peculiarities of Time Algorithms 138 Forecasting Tops and Bottoms with TAs 145 Time Algorithms’ Golden Rules 152 Chapter 12 How to Use All the Trading Tools Together 155 Chapter 13 How to Use Options: Unlimited Gains with Little Risk 171 Options Defined 171 Calls and Puts: Two Sides of the Option Universe 176 Strike Prices with Respect to the Underlying Price 176 The Components of an Option Premium 178 Intrinsic Value and Time Value 181 The Greeks: Fundamental Parameters of Options 187 Chapter 14 Options Strategies with Quantum Trading Tools 201 QPLSHs: A Powerful Indicator to Buy and Sell Options 201 Volatility-Based Spreads 205 Chapter 15 A Toast to a New Achievement in Trading 211 Conclusion: Making Peace with Mr. Market 217 Acknowledgments 221 About the Author 223 Index 225

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Book SynopsisValuing Early Stage and Venture-Backed Companies Unique in the overall sphere of business valuation, the valuing of early stage and venture-backed companies lacks the traditional metrics of cash flow, earnings, or even revenue at times. But without these metrics, traditional discounted cash flow models and comparison to public markets or private transactions take on less relevance, calling for a more experiential valuation approach. In a straightforward, no-nonsense manner, the mystique surrounding the valuation of early stage and venture-backed companies is now unveiled. With an emphasis on applications and models, Valuing Early Stage and Venture-Backed Companies shows the most effective way for your company to prepare and present its valuations. Featuring contributed chapters by a panel of top valuation experts, this book dispels improper valuation techniques promulgated by unknowing business appraisers and answers your key questions about valuation theory Table of ContentsPreface ix Acknowledgments xi About the Author xiii CHAPTER 1 Laying the Foundation 1 A Unique Landscape 1 An Overview of the Venture Capital Industry 8 Conclusion 14 CHAPTER 2 Understanding Early Stage Preferred Stock Rights 17 Stock Rights 19 Contractual Rights 28 Conclusion 32 CHAPTER 3 Enterprise Valuation Approaches 35 Relevancy of Traditional Valuation Approaches 35 Cost Approach 40 Market Approach 43 Income Approach 45 “Vectoring” Valuation Approach 46 The Income Approach as an Oxymoron 53 Conclusion 58 CHAPTER 4 Application of the Option-Pricing Method in Allocating Enterprise Value 59 Important Assumptions Underlying the Option-Pricing Model 61 Option-Pricing Method Steps in Application 66 Other Considerations in the Option-Pricing Method 86 Pros and Cons of the Option-Pricing Model 87 Conclusion 88 CHAPTER 5 Application of the Probability-Weighted Expected Returns Method in Allocating Enterprise Value 89 Illustration of the PWERM 90 PWERM Critical Assumptions 94 Overview of Stock Rights 96 Identification of Outcomes 98 Updating PWERM Analyses 104 Conclusion 105 CHAPTER 6 Applicable Discounts for Early Stage Companies 107 Basis of Discounts 108 Suggested “Corrections” to the Current Use of Put Models for Quantifying DLOMs 114 Dilution Discount 119 The Likelihood of Liquidity 120 Conclusion 123 CHAPTER 7 Advanced Valuation Topics for Early Stage Companies 125 Utilizing the OPM as a “Valuation” Methodology 127 Sequential and Compound Options 127 Allocating the Residual Value 131 Further Extensions for Compound Options 137 Venture Capital Rates of Return 139 Executive Stock Compensation 143 Conclusion 143 APPENDIX A Allocation of Enterprise Value Using the Option-Pricing Method: Treatment of Derivatives on Common Stock 145 APPENDIX B Volatility in the Option-Pricing Model 155 Notes 175 Index 179

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Book SynopsisSolid Forex strategies for capturing profits in today''s volatile markets How to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels, Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game. Reveals the secrets of the Forex market and how to create a lifetime of income trading it Offers advice on maximizing profits during the volatile swings that have increasingly become the norm Other titles by Smith: Option Strategies, Third Edition, Seasonal Charts For Futures Traders, Commodity SpTable of ContentsPreface xi CHAPTER 1 The Basics of Foreign Exchange Trading 1 Sell a Yard of Cable 2 Don’t Want to Trade! 4 Transaction Costs 7 It Never Stops 8 My Biggest Losing Trade 8 The Bottom Line 11 CHAPTER 2 Trend Analysis 13 What Is a Trend? 14 How to Profitably Trade Bull and Bear Markets 18 How to Trade the Trend 21 Megaphones and Pennants 25 Average Directional Index 27 The Bishop 28 The Bottom Line 30 CHAPTER 3 Channel Breakouts 31 The Beginnings of Channel Breakouts 31 What Is a Channel Breakout? 32 Better Channel Breakouts 35 The Pros and Cons of Channel Breakouts 39 The Bishop 40 ADX Filter 43 The Principle of Instant Gratification 46 Rejection Rule 46 The Last Bar Technique 51 Tactics 52 Taking Profits 52 The Bottom Line 53 CHAPTER 4 The Conqueror 55 The Beginnings of the Conqueror 55 What Is True Range? 56 Enhancing the Conquistador 57 Adjusting the Stop 63 The Bottom Line 65 CHAPTER 5 Stochastics 67 What Are Stochastics? 67 How to Use Stochastics as an Overbought and Oversold Indicator 69 Trading Signals from Crossovers 71 Profitability of Stochastics 74 Warnings 75 The Best Way to Make Money Using Stochastics 76 Go with the Trend 81 How I Use Stochastics 81 Interview with George Lane 82 The Bottom Line 89 CHAPTER 6 Pattern Recognition 91 Inside Days 91 Double Whammy 94 Multiunit Tactic 95 Reversal Days 97 Riding the Rejection Rule 101 The Bottom Line 103 CHAPTER 7 Risk Management 105 Stopping Bad Risk Management 105 How to Make Sure We Are Never Wiped Out 108 Good Risk Management: Fixed Fractional 108 How Many Contracts Should I Put On? 109 Highly Correlated Positions 109 Kelly Formula 110 Trade Your Equity Curve 114 Take a Time Out 115 Turning Poor Systems into Good Systems 115 How Big a Position Should I Take? 116 The Bottom Line: Diversify through Time 117 CHAPTER 8 Slingshot 119 The Importance of Minimizing Losses 120 Beware of Taking Profits Too Early 121 Psychological Profits 122 Confirmations 123 Maximum Excursion Analysis 124 Using the Slingshot for Profits 125 The Mini-Slingshot 128 The Bottom Line 130 CHAPTER 9 The Psychology of Successful Trading 131 Why Do You Trade? 132 The Pressures of Trading 136 Why Do You Lose? 137 Addressing a Lack of Knowledge 138 Addressing a Lack of Capital 140 Addressing a Lack of Self-Discipline 141 An Example of Overcoming the Bizarre Twists and Turns of the Mind 143 Treat Trading as Education 144 Stress-Free Trading 147 Be the Casino 148 Developing Your Trading Plan 149 Filling Out the Plan 150 The Importance of a Postmortem 153 The Bottom Line 155 CHAPTER 10 Putting It All Together 157 Diversifying to Reduce Risk 157 Use a Mental Checklist 158 How to Trade Only One Method 159 The Bottom Line 160 Epilogue: Key Insights for Maximizing Your Trading Profits 161 Appendix: Suggested Reading 177 Acknowledgments 179 About the Author 181 Index 183

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Book SynopsisAn up-to-date look at the evolution of interest rate swaps and derivatives Interest Rate Swaps and Derivatives bridges the gap between the theory of these instruments and their actual use in day-to-day life. This comprehensive guide covers the main rates products, including swaps, options (cap/floors, swaptions), CMS products, and Bermudan callables. It also covers the main valuation techniques for the exotics/structured-notes area, which remains one of the most challenging parts of the market. Provides a balance of relevant theory and real-world trading instruments for rate swaps and swap derivatives Uses simple settings and illustrations to reveal key results Written by an experienced trader who has worked with swaps, options, and exotics With this book, author Amir Sadr shares his valuable insights with practitioners in the field of interest rate derivatives-from traders and marketers to those in operations.Table of ContentsPreface ix “Rates” Market ix Background ix Book Structure xi Acknowledgments xvii About the Author xix List of Symbols and Abbreviations xxi Part One Cash, Repo, and Swap Markets 1 Chapter 1 Bonds: It’s All About Discounting 3 Time Value of Money: Future Value, Present Value 3 Price-Yield Formula 5 PV01, PVBP, Convexity 11 Repo, Reverse Repo 16 Forward Price/Yield, Carry, Roll-Down 19 Chapter 2 Swaps: It’s Still About Discounting 25 Discount Factor Curve, Zero Curve 26 Forward Rate Curve 27 Par-Swap Curve 31 Construction of the Swap/Libor Curve 34 Chapter 3 Interest Rate Swaps in Practice 43 Market Instruments 43 Swap Trading—Rates or Spreads 48 Swap Spreads 51 Risk, PV01, Gamma Ladder 56 Calendar Rules, Date Minutiae 59 Chapter 4 Separating Forward Curve from Discount Curve 67 Forward Curves for Assets 67 Implied Forward Rates 69 Float/Float Swaps 70 Libor/Libor Basis Swaps 73 Overnight Indexed Swaps (OIS) 75 Part Two Interest-Rate Flow Options 77 Chapter 5 Derivatives Pricing: Risk-Neutral Valuation 79 European-Style Contingent Claims 80 One-Step Binomial Model 80 From One Time-Step to Two 84 From Two Time-Steps to 90 Relative Prices 91 Risk-Neutral Valuation: All Relative Prices Must be Martingales 92 Interest-Rate Options Are Inherently Difficult to Value 93 From Binomial Model to Equivalent Martingale Measures 94 Chapter 6 Black’s World 97 A Little Bit of Randomness 97 Modeling Asset Changes 103 Black-Scholes-Merton/Black Formulae 104 Greeks 112 Digitals 116 Call Is All You Need 117 Calendar/Business Days, Event Vols 120 Chapter 7 European-Style Interest-Rate Derivatives 123 Market Practice 124 Interest-Rate Option Trades 124 Caplets/Floorlets: Options on Forward Rates 125 European-Style Swaptions 129 Skews, Smiles 137 CMS Products 140 Bond Options 147 Part Three Interest-Rate Exotics 149 Chapter 8 Short-Rate Models 151 A Quick Tour 152 Dynamics to Implementation 153 Lattice/Tree Implementation 154 BDT Lattice Model 156 Hull-White, Black-Karasinski Models 168 Simulation Implementation 169 Chapter 9 Bermudan-Style Options 175 Bellman’s Equation—Backward Induction 176 Bermudan Swaptions 177 Bermudan Cancelable Swaps, Callable/Puttable Bonds 180 Bermudan-Style Options in Simulation Implementation 183 Chapter 10 Full Term-Structure Interest-Rate Models 185 Shifting Focus from Short Rate to Full Curve: Ho-Lee Model 186 Heath-Jarrow-Morton (HJM) Full Term-Structure Framework 186 Discrete-Time, Discrete-Tenor HJM Framework 188 Forward-Forward Volatility 191 Multifactor Models 197 HJM Framework Typically Leads to Nonrecombining Trees 199 Chapter 11 Forward-Measure Lens 201 Numeraires Are Arbitrary 201 Forward Measures 206 BGM/Jamshidian Results 208 Different Measures for Different Rates 210 “Classic” or “New Improved”: Pick Your Poison! 212 Chapter 12 In Search of “The” Model 215 Migration to Full-Term Structure Models 215 Implementation Era 216 Model versus Market: Liquidity and Concentration Risk 216 Complexity Risk 217 Remaining Challenges 218 Appendix A Taylor Series Expansion 219 Function of One Variable 219 Function of Several Variables 220 Ito’s Lemma: Taylor Series for Diffusions 220 Appendix B Mean-Reverting Processes 223 Normal Dynamics 224 Log-Normal Dynamics 226 Appendix C Girsanov’s Theorem and Change of Numeraire 229 Continuous-Time, Instantaneous-Forwards HJM Framework 230 BGM Result 232 Notes 235 Index 239

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Book SynopsisA blueprint to successful value investing Successful value investors have an ingrained mental framework through which all investments decisions are made. This framework, which stems from the father of value investing, Benjamin Graham-who believed that investment is most intelligent when it is most businesslike-can put you in a better position to improve the overall performance of your portfolio. Written by Sham Gad-founder of the Gad Partners Funds, a value-focused investment partnership inspired by the 1950s Buffett Partnerships-The Business of Value Investing effectively examines the fundamental tenants of this approach and skillfully illustrates the six essential elements of the entire process. Opening with some informative discussions of how value investing focuses more on buying a piece of a business, and less on buying a company''s stock, this reliable resource quickly moves on to detail exactly what it takes to become a successful value investor. Table of ContentsAcknowledgments xiii Introduction xvii Chapter 1 Invest in the Business, Buy the Stock 1 Stock Prices are More Noise Than Information 4 A Businesslike Approach to Valuing the Business 6 The Making of a Legend 11 A Simple Idea, Really 14 Chapter 2 The Only Three Types of Investments You Need to Know 15 Stocks Prices aren’t Always Rational 16 The Business Side of Investing 17 Three Buckets: Undervalued, Overvalued, and Fairly Valued 21 Price Determines Value 24 Key Takeaways 31 Chapter 3 The Six Elements of Intelligent Investing 33 All Investing is Value Investing 35 Learn from the Masters 38 The Sum of Its Parts: A Fundamental Framework 39 A Mental Latticework 42 Overview of the Six Elements 43 Emphasize the Process, Not the Outcome 46 Key Takeaways 46 Chapter 4 Establish a Sound Investment Philosophy The First Element 47 Preservation of Capital is the Name of the Game 49 Price Paid Determines Value Received 52 The Starting Point Matters 54 Avoid Using Margin 61 Focus on Absolute Returns 64 Key Takeaways 66 Chapter 5 Develop a Search Strategy The Second Element 67 Ignore the Media 69 Imitation is the Sincerest Form of Flattery 72 Basic Search Strategies 75 Advanced Search Strategy 85 Key Takeaways 89 Chapter 6 Effective Business Valuation The Third Element 91 Value Investing 101: Margin of Safety 92 Value Investing 201: Intrinsic Value 95 Value Investing 301: Seek Businesses with a Wide Moat 101 Value Investing 401: Calculating a True Intrinsic Value 106 The Value of Management 111 Understanding Return on Equity: Microsoft Corporation 121 Key Takeaways 124 Chapter 7 Have the Discipline to Say No The Fourth Element 125 In Investing, Discipline is Everything 126 Discipline Affects the Price Paid, Which Determines the Value You Get 128 Be Prepared to Look Stupid 132 Don’t Split Hairs 137 Unveiling Investor A: Warren Buffett 139 Discipline is Simple but Rarely Easy 145 Key Takeaways 146 Chapter 8 Practicing the Art of Patience The Fifth Element 147 Swimming against the Current 150 The Benefits of Waiting for a Good Pitch 151 Ignorance Can Be Bliss 158 The Benefits of a Buy-and-Hold Approach 162 Conservative Tests of Safety a Must 171 Key Takeaways 172 Chapter 9 Invest Significantly at the Maximum Point of Pessimism The Sixth Element 173 Putting it All Together 174 Pessimism Leads to Value 179 Avoid That Which is Most Valuable 181 Remain Flexible in the Approach 186 All or Nothing 192 Key Takeaways 193 Chapter 10 More Than One Way to Find Value Case Studies Showing the Approach at Work 195 A Reminder: Process First, Outcome Second 197 Case Study #1: Finding Value in an Unloved Industry Sunrise Senior Living (SRZ) 198 Case Study #2: Money Machine South of the Border Ternium Steel 205 Case Study #3: A Tale of Two Shares Mueller Water Products 214 Fertile Hunting Ground 216 Conclusion 219 Key Takeaways 220 Chapter 11 Avoiding Common Stumbling Blocks 221 Growth and Value: Two Sides of the Same Coin 225 Book Value: More Than Meets the Eye 232 What Matters Most 240 Key Takeaways 242 Chapter 12 Starting an Investment Partnership 243 Two Key Considerations 244 Service Providers 245 Quality Matters Most 247 Notes 249 About the Author 253 Index 255

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Book SynopsisHome staging strategies needed to succeed in a down market Whether a buyer, seller, or real estate agent, the home selling and purchasing process is fraught with potholes that can usually be overcome. But in this weakened housing market, everyone involved in the selling process must increase their efforts. In order to sell homes at top dollar, houses must be prepared for sales. That's where Staging comes in. The real estate mantra is no longer location, location, location. It is now Staging, Staging, Staging! It's all about presentation. In Staging to Sell, Barb Schwarz, The Creator of Home Staging, offers her winning tactics, secrets, and strategies for selling a home at top dollar during these challenging times. In addition to offering specific tips on how to Stage a home, Schwarz, a sought-after speaker and Real Estate broker who has Staged and sold over 5,000 homes, provides readers, sellers, Realtors and Stagers, with useful advice on correctly pricingTable of ContentsPreface ix Acknowledgments xvii CHAPTER 1 Get Set, Go! 1 CHAPTER 2 The Let-Me-Tell-You-How-I-Work Approach 11 CHAPTER 3 Step 1: Meeting Together the First Time 25 CHAPTER 4 The Career Book: The Key to Your Credibility 39 CHAPTER 5 Prospecting and Uses of the Career Book 55 CHAPTER 6 Step 2: The Exclusive Detailed Report 71 CHAPTER 7 The Marketing Portfolio 83 CHAPTER 8 Recipe for a Sale: Pricing the Property Right 105 CHAPTER 9 The Pricing-Your-Home Triangle 117 CHAPTER 10 Staging the Property: The Outside Story 131 CHAPTER 11 Staging the Property: The Inside Story 147 CHAPTER 12 Staging Completion 195 CHAPTER 13 Stage Your Life and Work, Too! 205 CHAPTER 14 Your Journey Toward Success 213 CHAPTER 15 The S Factor: Staging Success Stories from ASPs and Their Sellers in the Field 221 Appendix: Barb’s Real Estate Words and Tools That Will 249 Work for You! A Brief History of Staging and the Stage Trademark 261 Index 265

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Book SynopsisA companion Workbook to the text Micro Markets Understanding how microeconomics affects the marketplace is essential for any investment professional, however most books simply address microeconomics in its pure theory-based form. Micro Markets helped bridge the gap between theory and practice by defining microeconomics in terms of real-world, market applications. Now, the Micro Markets Workbook offers you a chance to review the information found in the actual book and solidify your understanding of this discipline. In this study guide, microeconomic concepts are fully reviewed, along with how all of its relevant theory is applicable to today''s markets. Helps you learn to perform dynamic microeconomic analysis in practice Tests your knowledge of the information addressed in Micro Markets, before you put it to work in real world situations Provides solutions to each chapter of the main bookTable of ContentsPreface. Chapter 1 Introduction to Market-Driven Economics. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chapter 2 The Consumer Choice Model. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chapter 3 Demand Meets Supply. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chapter 4 Microeconomic Analysis Goes to Market. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chapter 5 Supply and the Costs of Production. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chapter 6 Sources and Nature of Competition. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chpater 7 Market Efficiency. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. Chapter 8 Public Policy and the Interplay between Competition, Technology and Regulation. Learning Objectives. Chapter Summary. Glossary. Current Events Discussions. Review Questions. Applications and Issues. Additional Readings. Answers to Review Questions. About the Authors.

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Book SynopsisThe Truth About Day Trading Stocks A realistic guide to day trading today''s stock market In terms of the potential for heavy financial losses, day trading is a high-risk profession. No one should contemplate day trading without giving thought to the ways he can lose, and all the ways to lessen or avoid them. Yet many people enter the game with unrealistic expectations, unaware of what it takes to succeed. Seminars and software alone do not make a successful day trader, cautions author Josh DiPietro. Instead, a trader must learn hard lessons of self-discipline, consistency, and staying in the game for the long haul to have a real chance of success. In The Truth About Day Trading Stocks, DiPietro offers the amateur day trader a brutally honest look at the pitfalls of day trading?and how to hopefully avoid them. Written in an engaging and sometimes humorous tone, The Truth About Day Trading Stocks draws on the author''s own experiences as a day Trade Review"DiPietro gives an insight int to what it takes to become a day trader. And he should know..." (City A.M. July 27th 2009)Table of ContentsPreface xiii Acknowledgments xvii Introduction: The Wholehearted Amateur 1 Part I Psychological Truths and What to Do about Them 5 Chapter 1 Truths about Yourself to Know First 7 How Often Do You Trade, and How Profitably? 10 How Much Are You Trading in Capital and Leverage? 10 How Long Have You Been Trading? 12 What Financial Instruments Are You Trading? 13 Are You Trading Other Peoples’ Money or Your Personal Capital? 13 Are You a Licensed Trader, or Trading Independently? 13 How Were You Trained? 14 Rules to Remember 14 Chapter 2 How Emotions Can Destroy a Trade 15 The Fear Factor 16 Greed Is Not Good 18 Rules to Remember 21 Chapter 3 Preventing Overconfidence 23 Ignoring Your Predetermined Stop/Loss Price 24 Holding Too Long 24 Rules to Remember 26 Chapter 4 From Impatient to Cool, Calm, and Collected 27 The Waiting Is the Hardest Part 29 Deciding to Learn More 31 Rules to Remember 33 Chapter 5 Taking Breaks 35 Break When Your Confidence Is Low 38 Break Because It’s Just Not Working 38 Break and Then What? 39 Rules to Remember 42 Part II The Truth about Your Risk 43 Chapter 6 The Importance of Risk Management 45 The Amount of Trading Capital Allocated to Each Trade 46 The Timing for Allocating Capital to a Trade 47 Overexposure to Risk 48 The Stock or Company You’re Trading 49 The Time of Day You’re Trading 49 Gambling 50 Rules to Remember 51 Chapter 7 Why Overexposure to the Market Can Hurt 53 Time versus Timing 54 Rules to Remember 58 Chapter 8 Budgeting: Knowing Your Financial Limitations 59 Don’t Quit Your Day Job: Catch- 22 60 Crunching the Numbers 62 Cushion Cash 63 Rules to Remember 64 Chapter 9 Minimizing Your Risk with Stop/Loss 65 Making Stop/Loss Automatic 65 Rules to Remember 71 Chapter 10 Averaging-Down: A Skilled Strategy 73 To Average-Down Successfully Takes Mastery 74 Know-How Doesn’t Grow Overnight 75 Rules to Remember 77 Chapter 11 Gambling versus Day Trading 79 Rules to Remember 82 Part III Intraday Trading Truths 83 Chapter 12 Why Some Traders Make More Mistakes 85 Pick Your Stocks Carefully 86 Focus, Focus, Focus 87 Pay Attention to Market-Moving News 90 Rules to Remember 91 Chapter 13 Trading Consistently All Day 93 Rules to Remember 98 Chapter 14 Stock Picking: Simplifying the Process 99 Your Stock Should Have an Average Daily Volume of One Million Shares or More 100 Choose Stocks between $10 and $ 100 101 Pick Stocks That Display Tradable Intraday Price Swings 102 Don’t Trade Stocks Affected by Strict Federal Regulations 102 Beware of Stocks Directly Affected by Current News Headlines 104 Rules to Remember 105 Chapter 15 Why News Can Be Just Noise 107 Trading on News versus Monitoring News 109 Rules to Remember 111 Part IV The Truth about Training and Preparation 113 Chapter 16 About Those Training Programs 115 Seminars for the Greenhorns 116 Training Programs for the More Experienced Trader 119 Tips for Selecting the Right Program 120 Rules to Remember 123 Chapter 17 Picking the Right Online Broker: Pay-per-Share versus Pay-per-Trade 125 Starting Out with Pay-per-Trade 125 Transitioning to Pay-per-Share 126 High Leverage Pros and Cons 130 Hang on to Your Pay-per-Trade Account 131 Rules to Remember 132 Chapter 18 Paper-Trading Strategy 133 Paper Trading for the Amateur 134 A Word about Advanced Paper Trading 139 Rules to Remember 140 Chapter 19 Trading for Skill versus Trading for Income 141 Building a Foundation of Trading Skills 141 First Level 144 Second Level 146 Third Level 147 Summary 148 Rules to Remember 150 Chapter 20 The Perfect Trading Day 151 Early Morning Activities 151 Pre-market Trading 153 The Opening Bell 156 Midday Activities 157 The Last Hour of Trading 159 The Closing Bell 160 After-Market Trading 160 Homework 161 Chapter 21 The Worst Trading Day 163 Early Morning Activities 163 Premarket Trading 164 The Opening Bell 166 Midday Activities 166 Last Hour of Trading 167 The Closing Bell 168 After-Market Trading 168 Homework 169 Conclusion: Parting Words 171 Appendix: Rules to Remember 175 About the Author 181 Index 183

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Book SynopsisPraise for Praise for Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics A highly accessible collection of essays on contemporary thinking in performance management. Readers will get excellent overviews on the Balanced Scorecard, strategy maps, incentives, management accounting, activity-based costing, customer lifetime value, and sustainable shareholder value creation. Robert S. Kaplan, Harvard Business School; coauthor of The Balanced Scorecard: Translating Strategy into Action, The Execution Premium, and many other books Gary Cokins demonstrates in this book that performance management is not a mysterious black art, but a structured, process-oriented discipline. If you want your performance management system to be a smoothly running analytical machine, read and apply the ideas in this bookit''s all you need. Thomas H. Davenport, President''s Distinguished Professor of Information TechnoTable of ContentsAbout the Author. Preface. PART ONE: INTRODUCTION. 1 Rules for Ensuring Poor Performance. 2 Performance Management: Myth or Reality? 3 What Will Be the Next New Management Breakthrough? 4 The Future: Enterprise Risk-Based Performance Management. PART TWO: PERFORMANCE MANAGEMENT OVERVIEW. 5 Why the High Interest in Performance Management Now? 6 Human Capital and Workforce Management: Art or Science? 7 Tipping Point for Performance Management. 8 An Interview with a CEO You Might Want to Work For. 9 Does ‘‘A Word to the Wise’’ Mean Ignore the Dummies? PART THREE: PERFORMANCE MANAGEMENT SUPPORTS BUSINESS INTELLIGENCE AND DECISION MAKING. 10 How Do Business Intelligence and Performance Management Fit Together? 11 CEO’s Targeted Financial Return: A Goal or a Wish? PART FOUR: IMPLEMENTING PERFORMANCE MANAGEMENT. 12 First Barrier to Performance Management: How Do We Get Started? 13 Where Do You Begin Implementing Performance Management? 14 The Many Rooms of the Organization Mansion. 15 Accountability and Incentives for Rewards: How Disconnected Are They? 16 Why Do You Have to Be a Sociologist to Implement Performance Management? PART FIVE: STRATEGY MAPS, THE BALANCED SCORECARD, AND DASHBOARDS. 17 The Promise and Perils of the Balanced Scorecard. 18 How Are Balanced Scorecards and Dashboards Different? 19 When Performance Management Becomes Surgery. PART SIX: FINANCIAL PERFORMANCE MANAGEMENT. 20 Do Accountants Lead or Mislead? 21 Confusion with Managerial Accounting. 22 What Is Broken about Budgeting? 23 Put Your Money Where Your Strategy Is. PART SEVEN: CUSTOMER VALUE MANAGEMENT. 24 From Working for the Boss to Working for the Customer. 25 How Profitable to Us Is Each Customer Today—and Tomorrow? 26 Optimizing Customer Lifetime Economic Value. PART EIGHT: PERFORMANCE MANAGEMENT AND SHAREHOLDER WEALTH CREATION. 27 Can Performance Management Accomplish What Einstein Could Not? 28 Why Do Capital Market Organizations Underachieve Their Planned ROI? 29 Will Private Equity Funds Turbocharge Applying Performance Management? PART NINE: ENVIRONMENTAL PERFORMANCE MANAGEMENT. 30 Social and Environmental Performance Management. 31 How Is a Chief Financial Officer Affected by the Sustainability Movement? PART TEN: CONCLUSION. 32 Christmas Gift Letter to Santa Claus. 33 Performance Management from Future Diaries. 34 A Dear-CEO Advice Column You Might Want to Read. 35 From Nag to Wag: Why Performance Management Now? Index.

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Book SynopsisAn in-depth guide to investing in emerging markets The sixth installment of the Fisher Investments on series is an all-encompassing guide to understanding and analyzing investment opportunities within Emerging Markets. Growing in relative importance in recent years, emerging markets offer dynamic and unique opportunities.Table of ContentsForeword ix Preface xi Acknowledgments xv Part I Going Backward to Move Forward 1 Chapter 1 The Five WS of Emerging Markets 3 Who or What? 4 Where? 7 When? 9 The Most Important Question—Why? 12 But How? 13 Chapter 2 Lions, Tigers, and Dragons, Oh My! 15 Roar of the Tigers 16 To the Brink of Extinction—The Asian Financial Crisis 22 Crisis Causes 26 Lessons and Legacies 33 The Dragon Unleashed 36 The History of China’s Stock Market—A Lesson in Supply and Demand 39 Chapter 3 Latin America and the Vagaries of Boom and Bust 47 The Political Economy of Latin America 48 Till Debt Do Us Part—The 1982 Crisis 53 The Tequila Crisis 67 Chapter 4 From the Rubble of the Iron Curtain to the Legacy of Apartheid 77 The Rubble of the Iron Curtain 78 The Wild, Wild East 81 Crisis Strikes Again—The 1998 Ruble Crisis 88 Putin and the Modern Soviet State 91 The Legacy of Apartheid—Race and Markets 96 Part II Developing an Emerging Markets Strategy 107 Chapter 5 From the Past to Today—How to Approach Emerging Markets 109 Prelude to a Portfolio: Choosing a Benchmark 110 Getting Started: Emerging Markets Today 114 The Best Way to Think about Emerging Markets 120 Putting It Together: The Top-Down Method 122 Top-Down Deconstructed 126 Examples of Quantitative Factor Screenings 127 Chapter 6 Developing Portfolio Drivers 131 The Importance of Portfolio Drivers in Emerging Markets 131 The Proper Perspective 134 Identifying Portfolio Drivers 136 Translating Drivers Into Portfolio Allocation Decisions 145 An Illustration in Analyzing Portfolio Drivers—Brazil During the 2003–2007 Bull Market 146 What Can Drive Emerging Markets as a Category 154 Getting Information to Develop Drivers 160 Chapter 7 Security Analysis 165 Make Your Selection 166 A Five-Step Process 167 Other Important Questions to Ask 175 Chapter 8 Putting It Together 181 Two Initial Considerations 181 Instruments for Investing in Emerging Markets 183 Common Challenges and Risks 193 The Future—Frontier Markets 198 Notes 201 About the Author 213 Index 215

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Book SynopsisA lot has happened in the financial markets since 1992, when Peter Bernstein wrote his seminal Capital Ideas. Happily, Peter has taken up his facile pen again to describe these changes, a virtual revolution in the practice of investing that relies heavily on complex mathematics, derivatives, hedging, and hyperactive trading.Table of ContentsPreface. A Note on Usage. PART I: THE BEHAVIORAL ATTACK. 1. Who Could Design a Brain . . . . 2. The Strange Paradox of Behavioral Finance: “Neoclassical Theory Is a Theory of Sharks”, PART II: THE THEORETICIANS, 3. Paul A. Samuelson: The Worldly Philosopher. The Institutionalists. 4. Robert C. Merton: “Risk Is Not an Add-On”. 5. Andrew Lo: “The Only Part of Economics That Really Works”. 6. Robert Shiller: The People’s Risk Manager. The Engineers. 7. Bill Sharpe: “It’s Dangerous to Think of Risk as a Number”. 8. Harry Markowitz: “You Have a Little World”. 9. Myron Scholes: “Omega Has a Nice Ring to It”. PART III: THE PRACTITIONERS. 10. Barclays Global Investors: “It Was an Evangelical Undertaking”. 11. The Yale Endowment Fund: Uninstitutional Behavior. 12. CAPM II: The Great Alpha Dream Machine: We Don’t See Expected Returns. 13. Making Alpha Portable: “That’s Become the New Mantra”. 14. Martin Leibowitz: CAPM in a New Suit of Clothes. 15. Goldman Sachs Asset Management: “I Know the Invisible Hand Is Still There”. PART IV: CAPITAL IDEAS TOMORROW. 16. Nothing Stands Still. Notes. Bibliography. Acknowledgments. Index.

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Book SynopsisPRAISE FOR THE MILLIONAIRE DEBT-FREE The Debt-Free Millionaire is a clarion call for a generation that was brought up on spending tomorrow''s money today. As someone who spent time in the financial services industry, I can unequivocally state that Anthony''s pragmatic and refreshingly contrarian approach to the real secrets of cash-flow management?and leveraging the credit system?are a breath of fresh air in a smog-choked world of misinformation and confusing financial advice. I can think of a million reasons to read it. ?MICHAEL DIFRISCO President, BrandXcellence Read this book. Do what it says. Start living the dream. If you''re ready to take charge of your financial future, this is the place to start. ?KEITH J. CUNNINGHAM Keys to the Vault & Business School for Entrepreneurs The Debt-Free Millionaire offers unique insights, little known strategies and easy-to-understand practical tools to first manage then elimiTable of ContentsForeword ix Acknowledgments xiii Introduction: Setting the Stage 1 Step 1: Understanding Debt and Credit Chapter 1 What Is Debt? 19 Chapter 2 What Is Credit? 33 Step 2: Identifying Where You Are so You Can Determine How to Get to Where You Want to Go Chapter 3 The Cash-FLOW Analysis and Why You Need One 53 Chapter 4 Doing Your Own Cash-FLOW Analysis 71 Chapter 5 Inside the Numbers: Different Categories of CFI 85 Step 3: Using the Results from Step 2 to Chart Your Course toward Becoming a Debt-FREE Millionaire Chapter 6 A Little Deeper Inside the Numbers: Potential Credit Impact of Adequate to Healthy CFI 95 Chapter 7 A Little Deeper Inside the Numbers: When Your CFI Requires Mortgage Restructuring 109 Chapter 8 A Little Deeper Inside the Numbers: When Your CFI Requires Debt Management 123 Chapter 9 A Little Deeper Inside the Numbers: When Your CFI Requires Debt Settlement 137 Chapter 10 A Little Deeper Inside the Numbers: When Your CFI Requires Bankruptcy 153 Step 4: Identifying and Defining Your Retirement Needs, and Creating a Time Line toward Achieving Them Chapter 11 Accumulating Wealth and Retiring Rich 169 Chapter 12 It Takes Money to Make Money: Accumulating and Living Off Your Wealth 181 Step 5: Letting It All Sink In Chapter 13 Change Is a Comin’ 201 Chapter 14 So Now What? The Debt-FREE Millionaire Action Plan 217 Chapter 15 What about Our Economy? 229 Conclusion: The Real Identity Theft 235 Appendix A The Cash-FLOW Analysis Work Sheet 241 Appendix B Estimating Your Debt Elimination Time Frame 249 Appendix C Sample Amortization Tables 253 Appendix D Income Adjusted for Inflation 263 Appendix E Future Wealth (Nest Egg) Estimator 265 Appendix F Debt Payment Wealth Impact 267 Appendix G Should I Save First? 269 Appendix H Putting Your Debt-FREE Millionaire Plan on Cruise Control 271 Glossary 273 Notes 275 About the Author 277 A Free Gift from Me to You 279 Index 281

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Book SynopsisFINANCIAL ENGINEERING Financial engineering is poised for a great shift in the years ahead. Everyone from investors and borrowers to regulators and legislators will need to determine what works, what doesn''t, and where to go from here. Financial Engineering?part of the Robert W. Kolb Series in Finance?has been designed to help you do just this. Comprised of contributed chapters by distinguished experts from industry and academia, this reliable resource will help you focus on established activities in the field, developing trends and changes, as well as areas of opportunity. Divided into five comprehensive parts, Financial Engineering begins with an informative overview of the discipline, chronicling its complete history and profiling potential career paths. From here, Part II quickly moves on to discuss the evolution of financial engineering in major markets?fixed income, foreign exchange, equities, commodities and credit?and offers important commentary oTable of ContentsIntroduction xiTanya Beder and Cara M. Marshall PART I Overview 1 1 The History of Financial Engineering from Inception to Today 3Tanya Beder 2 Careers in Financial Engineering 29Spencer Jones 3 A Profile of Programs and Curricula with a Financial Engineering Component 51John Cornish PART II Financial Engineering and the Evolution of Major Markets 71 4 The Fixed Income Market 73Peruvemba Satish 5 The U.S. Mortgage Market 111Bruce McNevin 6 The Equity Market 131Gary L. Gastineau and John F. Marshall 7 The Foreign Exchange Market 159Laurent L. Jacque 8 The Commodity Market 191Helen Lu and Cara M. Marshall 9 The Credit Market 215Frank Iacono PART III Key Applications of Financial Engineering 241 10 Securitized Products 243Konstantin Braun 11 Structured Products 259Timothy A. Day 12 Thoughts on Retooling Risk Management 273Tanya Beder and Spencer Jones 13 Financial Engineering and Macroeconomic Innovation 289Cara Marshall and John O’Connell 14 Independent Valuation for Financially-Engineered Products 305Cindy W. Ma and Andrew MacNamara 15 Quantitative Trading in Equities 323Kun Gao 16 Systematic Trading in Foreign Exchange 337Chris Attfield and Mel Mayne PART IV Case Studies in Financial Engineering: The Good, the Bad, and the Ugly 367 17 Case Studies Introduction 369Penny Cagan 18 Mortgage Case Studies: Countrywide and Northern Rock 373Algorithmics Software LLC 19 Derivatives Case Studies: SocGen, Barings, and Allied Irish/Allfirst 385Algorithmics Software LLC 20 Fixed Income Case Study, Swap Market: The Allstate Corporation 405 Algorithmics Software LLC 21 Lessons from Funds: LTCM, Florida, and Orange County 409 Algorithmics Software LLC 22 Credit Derivatives Case Studies: AIG and 421Merrill Lynch Algorithmics Software LLC PART V Special Topics in Financial Engineering 431 23 Performance Fees 433Mark P. Kritzman 24 Musings About Hedging 445Ira Kawaller 25 Operational Risk 455Monique Miller 26 Legal Risk 465Jordana Krohley 27 Portable Alpha 487Tanya Beder and Giovanni Beliossi 28 The No-Arbitrage Condition in Financial Engineering: Its Use and Misuse 497Andrew Aziz 29 Influencing Financial Innovation: The Management of Systemic Risks and the Role of the Public Sector 521Todd Groome, John Kiff, and Paul Mills PART VI Appendices 547 A IT Tools for Financial Asset Management and Engineering 549 B About the Companion Website 569 About the Editors 575 Index 577

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Book SynopsisPraise for How to Sell Your Home Without a Broker On a scale of 1 to 10, this book is a 10. ?Robert Bruss Jump into the real estate game?and win big! Home values are crashing and foreclosures are way up. You might think this is a terrible time to get into the real estate market?but you''d be wrong! A crashing real estate market offers plenty of opportunity to profit, if you know how to change your strategy and adjust to the new market reality. In The All-New Real Estate Foreclosure, Short-Selling, Underwater, Property Auction, Positive Cash Flow Book, top real estate investors and authors Chantal and Bill Carey show you how to get in safely and get out profitably. They present four new strategies for taking advantage of today''s high foreclosure rate and explain how to invest for the long-term as the market resets to more realistic levels. Novice investors will find plenty of strategies for profiting without risking all they have, and old hands will fiTable of ContentsPreface vii Introduction xi PART ONE 1. The Real Estate Market Has Crashed 3 Prices of all 20 major metropolitan areas are spiraling downward. 2. Make Money Investing in a Crashed Real Estate Market 19 Use a quick cash and a long term wealth building strategy. 3. Foreclosures, Foreclosures, and Foreclosures 33 One in every 464 households nationally will receive a foreclosure notice. 4. The New Foreclosure Tactics 51 Stop buying at the white elephant sales (the courthouse steps). 5. Inside the Loss Mitigation Department 67 The twelve factors a lender will consider before accepting your short-sale offer. 6. Your Short-Sale Offer 83 There are no oral agreements in real estate. 7. Presenting Your Short-Sale Offer and Closing the Transaction 95 Present your short-sale offer and close the transaction. 8. Buying the Mortgage in Foreclosure 109 Buy the mortgage in foreclosure at a short-sale price. PART TWO 9. Sellers Are the New Bankers 125 In a crashing real estate market sellers are the new bankers. 10. Win Going In 139 You must buy for the right price and with the right terms. 11. No Doubt Getting Out 153 You must sell with the right terms and for the right price. 12. Auctioning Your Property for Top Dollar 169 Auctioning is the best way to sell your property in a crashing market. 13. Types of Auctions 185 There is a type of real estate auction to fit your investment needs. 14. The Who,When, and How of Your Auction 201 Retail buyers are your target market for buying at your auction. 15. Buy Low and Sell Lower 217 Make money even when the market is going down. 16. Cash and Cash Flow Is King 229 In a crashing real estate market cash-and-cash-flow is king. 17. The Future of the Real Estate Market 245 Inflation is in the pipeline. God bless inflation! Index 257

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Book SynopsisWisdom on Value Investing offers author Gabriel Wisdom''s insights on succeeding in difficult markets. One of his favorite approaches-which is part classic value investing and part behavioral finance-is called The Fallen Angels Investment Strategy, and it prepares investors to look past short-term value assumptions in order to capture profits. Throughout this book, Wisdom will show you how to capitalize on value plays where the fundamentals are actually strong, but the general wisdom surrounding the security has turned negative. He discusses how stocks with the most promise are ones that Wall Street has marked down without regard to their underlying value, and reveals how this type of intrinsic value discount provides a margin of safety during difficult times, and substantial upside rewards for those who find them early enough. Takes value investing one step further by mixing significant amounts of behavioral finance into the analysis Prepares investors to takTrade Review“If you are looking for a book that explains how to screen stocks for a long-term investment, then start with Wisdom on Value Investing. You'll find it as entertaining as it is informative. His tips just might make you a bundle of money, or protect you from costly mistakes.” —Thomas Bulkowski, thepatternsite.com, October 2009 “ … I liked this book because it presented value investing in a way that wasn’t intimidating. It touched on a lot of investing topics, such as portfolio management and categorizing Fallen Angels, and subjects I haven’t even mentioned and does so in a very casual and conversational way.” — Jim Wang, bargaineering.com, January 2010 "You really can become a better investor if you pay attention to fundamentals, and look for investments that are underpriced but have good upside potential. You may not score big in a year or two, but you are more likely to see steady gains over the years if you employ some of the techniques in Wisdom's book." ” — Miranda Marquit, AllBusiness.com, February 2010 Table of ContentsForeword ix Preface xi Acknowledgments xv Chapter 1 Ten Traits of The World’s Greatest Bargain Hunters 1 Chapter 2 Fallen, Not Falling (An Important Distinction) 15 Chapter 3 Great Moments in Bottom Fishing: The Fallen Angels Hall of Fame 29 Chapter 4 Buy CATS (Cheap and Timely Securities), Avoid Dogs 35 Chapter 5 Cycles and Wall Street’s Wheel of Fortune 45 Chapter 6 Who Wants to Be a Billionaire? 57 Chapter 7 Time Arbitrage, The Rational Investor’s Ally 69 Chapter 8 The Pilot’s Checklist For Safe and Effective Investing 77 Chapter 9 The Science of Demographics: A Glimpse into the Future 87 Chapter 10 How to Pick Stocks: The Fallen Angels Formula 95 Chapter 11 Profit from Panic, Corrections, and Volatility 107 Chapter 12 The Little Chapter that Makes You a Better Investor 119 Chapter 13 Will You Know When to Sell? 131 Chapter 14 Real Estate: The Other Fallen Angel Opportunity 145 Chapter 15 Ten Fallen Angels for the Next Five Years 155 Chapter 16 Stocks and Bonds and Rock and Roll: My Story 163 Appendix: Recommended Books, Web Sites, and Helpful Sources 169 About the Authors 173 Index 175

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Book SynopsisAn eye-opening look at how investors can take control of their financial life Buy and Hold Is Dead provides actionable strategies and disciplines, which can be used to earn positive results in any market environment. Money managers rarely outperform the stock market over time, and this has become a sticking point for many people as our uneven economic landscape continues to unfold. This timely guide is designed around a step-by-step educational process in which traders and investors lean how they can protect their wealth and make money regardless of market direction. The goal of Buy and Hold Is Dead is twofold: to dispel old-school investment techniques and to show you how to maximize your returns without sacrificing time or lifestyle and without the use of a money manager. Identifies the duration of the current economic down cycle and warns of a Greater Depression Encourages readers to use proactive trading strategies that can protect their wealth and mTable of ContentsPreface ix Acknowledgments xv Chapter 1 The Investment Rate 1 Chapter 2 Keep It Simple, Sweetheart 11 Chapter 3 Brackish Investors and Their Impending Doom 33 Chapter 4 Golden Handcuffs 49 Chapter 5 Since When Has Losing Less Become a Winning Strategy? 63 Chapter 6 Redefining Balance 75 Chapter 7 Contemporary Darwinism 81 Chapter 8 A Proactive Aversion 91 Chapter 9 Embracing Independence 105 Chapter 10 Ahead of the Curve 121 Chapter 11 2009: Return to Parity 137 Chapter 12 Personal Balance Sheet 145 Chapter 13 Every Day Is a Tuesday 153 Chapter 14 The Game Plan 171 Chapter 15 Oscillation Cycles 191 Chapter 16 The Golden Sequence 213 Chapter 17 Rule-Based Trading Strategies 233 Chapter 18 Automated Trading 271 Chapter 19 A Greater Depression 279 Final Thoughts Welcome to the Comfort Zone 285 Appendix A Real-Life Example 287 About the Author 293 Index 295

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Book SynopsisPraise for Enterprise Risk Management and COSO: A Guide for Directors, Executives, and Practitioners Enterprise Risk Management and COSO is a comprehensive reference book that presents core management of risk tools in a helpful and organized way. If you are an internal auditor who is interested in risk management, exploring this book is one of the best ways to gain an understanding of enterprise risk management issues. Naly de Carvalho, FSA Times This book represents a unique guide on how to manage many of the critical components that constitute an organization''s corporate defense program. Sean Lyons, Corporate Defense Management (CDM) professional This book provides a comprehensive analysis of enterprise risk management and is invaluable to anyone working in the risk management arena. It provides excellent information regarding the COSO framework, control components, control environment, and qTrade Review"Enterprise Risk Management and COSO, is a useful book for readers who are directly or indirectly involved in risk management. It is relevant for managers and practitioners alike as we constantly face a myriad of constraints to accomplish our work. In my opinion, the authors introduce topics in an innovative way that invites brainstorming and analytical thinking. Enterprise Risk Management is a comprehensive reference book that presents core management or risks in a helpful and organized way. If you are an internal auditor who is interested in risk management, exploring this book is one of the best ways to gain an understanding of enterprise risk management issues." (Financial Services Audit News, April 2010)Table of ContentsAbout the Contributors. Acknowledgments. Preface. SECTION I ORGANIZATIONAL RISK MANAGEMENT. Chapter 1 An Introduction to Risk. Chapter 2 Key Tenets of Enterprise Risk Management. Chapter 3 Mitigating Operational Risks Through Strategic Thinking. Chapter 4 Mitigating Risk in Internal Investigations and Insurance Coverage. SECTION II QUANTITATIVE RISK MANAGEMENT. Chapter 5 Recognized Control Frameworks: COSO-IC and COSO-ERM. Chapter 6 Other Control Frameworks. Chapter 7 Qualitative Control Concepts. Chapter 8 Quantitative Control Relationships. Chapter 9 Excel Applications. Chapter 10 Interdependent Systems. Chapter 11 Documentation. Chapter 12 The Process for Assessing Internal Control. Chapter 13 Monitoring Internal Controls. Chapter 14 Accounting Policies and Procedures. Chapter 15 Business Process Applications. Chapter 16 General and Infrastructure Systems. Chapter 17 Trusted System Providers. Chapter 18 Reporting on Internal Control. Chapter 19 Review and Acceptance of Assessments. Glossary. Appendix: Internal Control Sections of the Sarbanes-Oxley Act. Index.

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Book SynopsisThere are many participants in the troubled company arena and all of them have a need to be better informed.Table of ContentsPreface ix Chapter 1 Introduction 1 The Troubled Company Continuum 1 Operational and Financial Disstress 3 The Troubled Company Response 3 Valuation in Reorganization or Bankruptcy 5 Conclusion 6 Chapter 2 Industry Practitioners and Standards 7 Professional Organizations and Business Valuation Standards 7 Business Valuation Practitioners and Certifications 14 Conclusion 19 Notes 19 Chapter 3 The Basics of Business Valuation 21 The Purpose of the Valuation 21 Standard of Value 22 Premise of Value—Going Concern or Liquidation 23 Valuation Approaches 25 Fundamentals 29 Conclusion 38 Notes 38 Chapter 4 Income Approach 39 Discounted Cash Flow Method 41 Capitalized Cash Flow Method 57 Conclusion 58 Note 59 Chapter 5 Market Approach 61 Guideline Company Method 61 Comparable Transaction Method 73 Conclusion 81 Chapter 6 United States Bankruptcy Code 83 Introduction to the Structure of the Bankruptcy Code 83 Commencement of a Bankruptcy Case and Filing of Schedules 84 Chapter 7 of the Bankruptcy Code 85 Chapter 11 of the Bankruptcy Code 85 Avoiding Powers under the Bankruptcy Code—Preferences 94 Avoiding Powers under the Bankruptcy Code—Fraudulent Transfers 95 Valuation Principles from the Bankruptcy Courts 95 Conclusion 96 Notes 96 Chapter 7 Valuations in Bankruptcy as of the Date of the Hearing 97 Introduction 97 Relief from the Automatic Stay and Adequate Protection 98 § 363 Sales 100 Use of Cash Collateral 105 Disclosure Statement 105 Plan Confirmation—Feasibility 105 Plan Confirmation—Best-Interests-of-Creditors Test 106 Plan Confirmation—Cram Down 106 Conclusion 111 Notes 111 Chapter 8 Valuations in Bankruptcy at a Time in the Past—Avoidance Actions 121 Overview 121 Avoidance Actions—Preferences 121 Avoidance Actions—Fraudulent Transfers 123 The Applicable Legal Tests for Insolvency 128 Insolvency Test: Valuation of Debts 129 Insolvency Test: The Valuation of Assets 132 Proof of Insolvency by Retrojection 135 The Insolvency Test: Comparing Assets and Debts 135 Is the Public Market’s Assessment in the Past Conclusive Proof of Solvency, Even If the Company Later Fails? 135 Use of Hindsight in the Valuation Process 136 Conclusion 143 Notes 143 Chapter 9 Solvency Opinions 149 Introduction 149 Who Uses Solvency Opinions? 149 Solvency Opinion Preparation 151 Solvency Metrics 153 Case Studies 155 Conclusion 157 Notes 157 Chapter 10 Daubert 159 Challenges to Experts or Their Testimony 159 Lack of Relevance 171 Practical Lessons from Daubert Cases for Experts and Lawyers 171 Conclusion 173 Notes 173 Appendix AICPA Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset 179 Index 255

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Book SynopsisFrom the leader in financial information, a fully updated guide to investing in today''s markets This accessible book is a practical guide to the financial markets. Designed to help both the new and experienced investor gain sufficient understanding and knowledge to invest wisely and confidently in today''s turbulent markets, it covers all the elements necessary to become financially street smart-from products, players, and procedures to rules, regulators, and risk/reward trade-offs. Filled with solid investment principles, the Forbes Guide to the Markets, Second Edition is completely revised and updated to reflect new trends and changes in the markets. New topics discussed include the introduction and implementation of ETFs, the role of hedge funds, and the effects of the subprime crisis Updated and revised chapters contain buying and selling techniques, fundamental, technical and quantitative analysis, and futures and options information<Table of ContentsAcknowledgments xi Note to the Reader xiii About the Author xv Introduction: Becoming a Savvy Investor xvii Section I Establishing a Frame of Reference 1 Chapter One From “Dumb” Barter to Intelligent Agents 3 Chapter Two Point-Counterpoint 13 Stocks 14 Mutual Funds 14 Bonds 15 ETFs 15 Options 15 Futures 16 Summary 16 Chapter Three Confronting Information Overload 17 Investor Constraints 18 Investor Choices 19 Investor Safety 21 Section II Stocks and Equity Markets 23 Chapter Four Varieties of Stocks 27 Just What is a Security, Anyway? 27 Issuers and Underwriters: Why Does a Corporation Sell Stock to the Public? 29 Why Investors Buy Stock 34 Summing Up Total Return: Dividends and Capital Gains 35 A Letter to Our Shareholders: Annual and Quarterly Reports (and Filings) 41 Making Sense of Types, Classes, and Other Stock Categories: A Map of the World of Stock 41 Chapter Five Stock Markets 47 The Big Board 48 The Incredible Growth of Trading and Capital 58 National Association of Securities Dealers Automated Quotation System (NASDAQ) 61 Technology, Dark Pools, and the Evolution of a Unified Market 63 Chapter Six Three Views of the Numbers 65 Fundamental Analysis 66 Technical Analysis 70 Quantitative Analysis 80 Chapter Seven Where to Find Information on Stocks and Financial Markets 87 A Selection of Information Sources on the Financial Markets 91 Chapter Eight How to Buy and Sell Stock 99 Full-Service Brokers 100 Discount Brokers 102 Financial Intermediaries 103 Direct Purchase 104 If It Sounds Too Good to Be True . . . Protecting Yourself from Stock Scams 104 A Note on Financial Planners 106 Section III Mutual Funds and Investment Companies 109 Chapter Nine A History and Overview of the Mutual Fund Business 113 Open-End versus Closed-End Funds 117 Index Funds 118 Load versus No-Load Funds 119 Chapter Ten Advantages of Mutual Funds 121 Simplicity 121 Diversification 122 Access to New Issues 122 Economies of Scale 123 Professional Management 125 Indexing 125 Chapter Eleven Disadvantages of Mutual Funds 127 Impact of One-Time Charges and Recurring Fees on Fund Performance 127 Hidden Cost of Brokerage 130 Some Hidden Risks of Fund Ownership 132 Chapter Twelve Sources of Information on Mutual Funds 135 Investment Company Institute Classification of Types of Funds 136 Lipper Analytical Services 139 Forbes 140 Morningstar 140 Chapter Thirteen Alternative Investments 141 Hedge Funds 141 Funds of Hedge Funds 144 Other Alternatives 145 Section IV Bonds and Other Fixed-Income Securities 147 Chapter Fourteen Seven Characteristics of Bonds 151 The Lifespan of Bonds 152 Interest versus Discount 153 Relationship of Price to Yield 154 Four Important Yield Measures 154 Credit Quality, Ratings, and Insurance 155 Call and Related Features 155 Fixed versus Floating Rates and Foreign Currencies 156 Chapter Fifteen How the Other $30 Trillion is Invested 159 Treasuries 160 Corporates 170 Mortgage-Backed Securities and Other Asset-Backed Securities 171 Municipals 172 Money Market 174 Summary 175 Section V Options, Futures, and Other Derivatives 177 Chapter Sixteen Options 181 Exchange-Traded Options 183 Combination Strategies 185 Determining the Value of an Option 187 Chapter Seventeen Futures 193 A Seller’s Need to Hedge . . . 193 Some Buyers Need to Hedge, Too 194 Speculation or Insurance? Maybe a Little of Both 195 Actuals versus Cash-Settled Contracts 195 Margin and Collateral 196 Chapter Eighteen Other Derivatives 199 Section VI Summing Up Risk and Return 203 Chapter Nineteen How Well Are My Investments Doing? 207 The Basics of Return 208 Annualized Returns: Arithmetic (Simple) or Geometric (Compound)? 211 Time-Weighted Returns versus Money-Weighted Returns 216 Complicating Factors 220 Chapter Twenty Coming to Grips with the Many Dimensions of Risk 223 A Definition of Investment Risk 223 The Relativity of Risk 224 What is Market Risk? 226 “It Will Fluctuate” 227 Other Kinds of Investment Risk: From the Quantifiable to the Subjective 228 Balancing Risk and Return 232 Chapter Twenty-One A Crescendo of Change 235 Again, We Ask, What is a Market? 235 Glossary 239 Index 267

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Book SynopsisA guide to interactive computer trading simulation that is designed to provide participants with hands-on experience in making tactical decisions and implementing them in different market environments-from continuous order drive markets to call auction markets, and from dealer markets to dark liquidity pools.Table of ContentsForeword (Professor Dr. Reto Francioni). Preface. How TraderEx Works. Who This Book is For. Overview of the Book. Downloading the TraderEx Software. How TraderEx Works with Micro Markets. Acknowledgements. Part One: An Overview of Equity Market Trading. Chapter 1: Equity Market Trading. The Costs of Trading. Liquidity. Market Structure. Informational Efficiency (or the Lack Thereof). Expectations. The Players. Summary. Chapter 2: Simulation as a Learning Tool. Canned versus Computer Generated Prices and Quotes. Appendix: Intertemporal Returns Correlation. Summary. Chapter 3: How to Use TraderEx. An Overview of the TraderEx Environment. The Continuous Order Book Market. The Dealer Market. Call Auctions. Block Trading Facility. Crossing Network. Hybrid Markets. Summary. Chapter 4: Introduction to the Trading Exercises. The Buy-Side Perspective. The Sell-Side Intermediary Perspective. TraderEx Performance Measures. Summary. Part Two: TraderEx Exercises. Chapter 5: Microeconomics Goes to Market. Exercise 5.1: The Look of a Financial Market. Exercise 5.2: What Are Your Attitudes Toward Risk? Exercise 5.3: Call Market Trading. Exercise 5.4: Trading Costs in Action. Exercise 5.5: Dealer Costs and Inventory Control. Exercise 5.6: Inter-Market Competition for a Stock Exchange. Exercise 5.7: Finding an Equilibrium Value. Exercise 5.8: Economic Effects of an Order Protection Rule. Conclusion. Chapter 6: The Order Book Market Structure. Exercise 6.1: Entering Limit Orders. Exercise 6.2: Entering Market Orders. Exercise 6.3: Adjusting Limit Orders. Exercise 6.4: Sizing your Orders – Markets and Limits. Exercise 6.5: Post-Trade Analysis. Exercise 6.6: A Really Big Order. Exercise 6.8: Illiquidity. Exercise 6.9: Heightened Volatility. Exercise 6.10: News and Changing Expectations. Exercise 6.11: Endogenous Expectations. Exercise 6.12: A One-Year Holding Period. Exercise 6.13: Crossing Networks. Exercise 6.14: A Networked Simulation. Conclusion. Chapter 7: The Call Auction Market Structure. The Price Setting Mechanism in TraderEx Call Auctions. Exercise 7.1: Mechanics of the Opening Call Auction. Exercise 7.2: Your TraderEx Call Auction Orders. Exercise 7.3: Your Influence on TraderEx Call Auction Prices. Exercise 7.4: Participating in the Opening Call Auction. Exercise 7.5: Working a Large Order with Call Auctions. Exercise 7.6: Proprietary Trading with Call Auction, and News Releases. Exercise 7.7: Emphasizing Different Dimensions of Trading Performance. Exercise 7.8: A Partially Disclosed Call Auction. Conclusion. Chapter 8: Dealer Markets: What Do the Trading Intermediaries Do? Operations of Quote Driven Markets. Exercise 8.1: Changing Quotes to Control Your Inventory. Exercise 8.2: Market Maker Performance. Exercise 8.3: Market Maker Risk Performance. Exercise 8.4: Preferencing in Market Maker Systems. Exercise 8.5: Volatility and Market Making. Exercise 8.6: Low Liquidity and Market Making. Exercise 8.7: Alternative Trading Systems and Market Making. Conclusion. Chapter 9: Dark Pools: How Undisclosed Liquidity Works. Exercise 9.1: Mechanics of the Dark Pool. Exercise 9.2: Seeking Advantages from Dark Pool Pricing. Exercise 9.3: Working a Large Order with a Dark Pool. Exercise 9.4: Proprietary Trading with Call Auction, and News Releases. Exercise 9.5: Emphasizing Different Dimensions of Trading Performance. Exercise 9.6: Dark Pools and Trade-Through Rules. Conclusion. About the Authors. Index.

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Book SynopsisAn A to Z guide for understanding employee stock options (ESOs)While most of upper- and middle management in organizations use advisors to help manage their employee stock options (ESOs), only a small percentage of those below them can afford to do the same.Table of ContentsPreface. Chapter 1: Introduction. Chapter 2: Preliminary Concepts and Definitions. Chapter 3: Options Valuation and Basic Concepts. Chapter 4: Risks of holding ESOs (Unhedged). Chapter 5: Tax Consequences of ESOs. Chapter 6: Straddle Rule and Tax Implications of Hedging ESOs. Chapter 7: Management of ESOs and Premature Exercises. Chapter 8: Comparison of Premature Exercises with Early Withdrawal from IRA. Chapter 9: Non-Hedging Strategic Choices for Managing Your ESOs. Chapter 10: Basic Hedging Strategies Overview. Chapter 11: Constraints on Hedging: Real and Imagined. Chapter 12: Premature Exercise: Pros and Cons. Chapter 13: Putting It All Together - The 7% Solution. Chapter 14: Does Hedging ESOs Undermine Alignment of Interests? Chapter 15: Why Do Companies Want You to Exercise Prematurely? Chapter 16: ESO Hedging Case Studies - Google, Yahoo!, and Apple. Chapter 17: ESO Valuation Methods. Chapter 18: Comparing Restricted Stock with Employee Stock Options. Chapter 19: Google Semi-Transferable Options. Chapter 20: New World Options Plan. Chapter 21: Understanding Executive Abuses I. Chapter 22: Understanding Executive Abuses II. Chapter 23: Understanding Executive Abuses III. Appendix A: ESO Glossary. Appendix B: IRA Tax Rules for Options. Appendix C: Did the SEC Encourage Back-Dating and Spring Loading? Appendix D: Hedging under 1.1221-2, Straddle Rule 1092 and other Tax Implications of Hedging ESOs.

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Book SynopsisA gem from one of the most brilliant minds in personal finance. ? Ben Stein, author, actor, TV personality, and New York Times columnist In a financial world gone mad, you still need to manage your money, put your kids through college, and save for retirement. To the rescue comes Jonathan Clements with 21 easy-to-follow rules to help you secure your financial future. Clements has spent a quarter century demystifying Wall Street for ordinary, real people on Main Street, including more than thirteen years as the Wall Street Journal''s hugely popular personal-finance columnist. In The Little Book of Main Street Money, Clements brings us back to basics, with commonsense suggestions for intelligent money management. Chock-full of financial guidance that will stand up in any market, the book also reflects a financial philosophy that Clements has developed over a lifetime of watching Wall Street and writing about money?and that is Trade Review"Any consumer concerned about money issues, from managing college to retirement, will find The Little Book of Main Street Money an excellent reference. Wall Street is demystified, with common strategies for money management geared to general readers and based on the wisdom of Wall Street successes. Taxes, inflation concerns, and investing are all covered within a series of 21 'truths' about success, perfect for general lending libraries." (Midwest Book Review) "’The Little Book of Main Street Money’ is aptly named. . . it's unintimidating to all but the most hopeless finance-phobics. The book is also written in spare and concise language. . . Clements's sure-footed advice on fundamentals is comforting after last year's meltdown. When he strays toward more opinionated views, he's even better: Investing in your house will historically offer you a lackluster 4.7% annual return. Or, to those buying insurance as an investment. . . Best of all, Clements isn't only a sound financial planner, but something of an armchair shrink. Beating the market isn't what it's all about. It's more about meeting your personal goals and achieving peace of mind: ‘We should strive to ensure money is enhancing our lives, rather than getting in the way.’" (SmartMoney.com) “The Little Book of Main Street Money . . does a brilliant job of navigating us through the post financial crash landscape. . . offers investors some tried-and-true, timeless advice, such as keeping investing simple and uncluttered by emotion. . . but what I love best about this book is the exploration of the relationship between money and happiness. Clements notes, in spite of the U.S. standard of living skyrocketing over the past few decades, that quantitative research indicates Americans are no happier than when we were less economically well off. . . Clements goes beyond the accumulation of money and essentially tells us how to convert the stored energy from our portfolio into happiness.” (CBS Moneywatch.com) "This small book . . . packs a good dose of practical financial advice to help you weather this brutal economy and work toward building wealth. Clements . . . advice goes beyond simple money management and offers tips for living a more fulfilled life. The book's nuggets of valuable information include 'We can't have it all,' 'Our Finances Are Bigger than a Brokerage Account,' 'Time Is as Valuable as Money' and 'Markets May Be Rational, but We Aren't' . . . The take-away from this book is that money is tied up in all aspects of our lives, and we should give appropriate attention to managing it wisely." (WalletPop) "Because it is a "Little Book," each chapter is short. The entire book can almost be read in one sitting (unless you’re a slow reader like I am). The concepts in the book aren’t new but have clearly been ignored by lots of people as you can tell by watching the news or reading the newspaper. It’s time to get back to the basics and that is what Jonathan’s book is all about." (AllFinancialMatters) "The Little Book of Main Street Money is far and away the best of the "Little Books" series. The advice is truly approachable and actually useful, particularly for people who are in reasonably good financial shape and have a lot of years left ahead of them. . . it just provides - in Clements' approachable writing tone - excellent basic advice and principles to follow. This advice is timeless and forms the foundation of whatever personal finance strategy you might choose to follow - this book is a great starter." (The Simple Dollar) "From how to save more to how to invest better, this book delivers the goods on how to lead a rich life (in every sense) and does so in less than 200 pages." —MoneySense magazine “This useful guide is unintimidating but chock full of excellent advice, presented in spare and concise language. Clements … offers sure-footed advice on fundamentals.” —SmartMoney.com’s list of “Best Finance Books of the Year”Table of ContentsForeword xv Introduction Let the Rebuilding Begin xxi Chapter One Our Finances Are Bigger than a Brokerage Account 1 Chapter Two We Can’t Have It All 11 Chapter Three Money Can Buy Happiness—If We Spend It Carefully 17 Chapter Four Even the Best Investors Need to Be Great Savers 25 Chapter Five Time Is as Valuable as Money 33 Chapter Six No Investment Is Risk-Free 41 Chapter Seven Portfolio Performance: It’s All in the Mix 51 Chapter Eight Stocks Are Worth Something 59 Chapter Nine To Add Wealth, We Need to Overcome the Subtractions 67 Chapter Ten Aiming for Average Is the Only Sure Way to Win 75 Chapter Eleven Wild Investments Can Tame Our Portfolios 93 Chapter Twelve Short-Term Results Matter to Long-Term Investors 105 Chapter Thirteen A Long Life Is a Big Risk 113 Chapter Fourteen Markets May Be Rational, but We Aren’t 121 Chapter Fifteen Our Homes Are a Fine Investment that Won’t Appreciate Much 135 Chapter Sixteen Paying off Debts Could Be Our Best Bond Investment 143 Chapter Seventeen Saving Taxes Can Cost Us Dearly 151 Chapter Eighteen A Tax Deferred Is Extra Money Made 159 Chapter Nineteen Insurance Won’t Make Us Any Money—If We’re Lucky 167 Chapter Twenty Even If We Have a Will, We May Not Get Our Way 175 Chapter Twenty-One Financial Success: It’s About More than Money 181 Conclusion Wall Street? That Isn’t So Far from Main Street 189 Acknowledgments 193

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Book SynopsisCNBC''s David Faber takes an in-depth look at the causes and consequences of the recent financial collapse And Then the Roof Caved In lays bare the truth of the credit crisis, whose defining emotion at every turn has been greed, and whose defining failure is the complicity of the U.S. government in letting that greed rule the day. Written by CNBC''s David Faber, this book painstakingly details the truth of what really happened with compelling characters who offer their first-hand accounts of what they did and why they did it. Page by page, Faber explains the events of the previous seven years that planted the seeds for the worst economic crisis since the Great Depression. He begins in 2001, when the Federal Reserve embarked on an unprecedented effort to help the economy recover from the attacks of 9/11 by sending interest rates to all time lows. Faber also gives you an up-close look at where the crisis was incubated and unleashed upon the world-Wall Street-and Trade Review"David Faber is known as one of the cooler heads on financial news channel CNBC… True to his reputation, calm prevails through most of the book... Faber explains rather than rants about these mortgages, as well as securitizations and bogus credit ratings, making the case that greed and stupidity caused the financial crisis…" —Lisa Von Ahn, Reuters a" fantastic book on the housing meltdown . . . —The Motley Fool “CNBC’s David Faber delivers a clear-eyed look at the origins of the crisis. . . As an anchor of the Faber Report, the author was on the front lines of the financial crisis and spoke with many of its key players. —Fortune magazine "A slim yet substantial book based on Faber's riveting (and horrifying) CNBC special "House of Cards" that takes readers from the mosquito-ridden swimming pools of option-ARM ghost towns to a Norwegian town bankrupted by ill-advised investments in "synthetic" bonds on the mortgages left behind." —NY Mag, Daily Intel "…we wound up liking Faber’s book. He writes simply and well. He also uses real people to demonstrate the insanity of the housing boom. While this may not be the deepest book about the crash, it could be the most accessible." —MoneySense magazineTable of ContentsAcknowledgments xi Prologue “On the Verge” 1 Chapter 1 Bubble to Bubble 11 Greenspan’s Shock and Awe 13 Houses Built on Cow Dung 19 Chapter 2 Home Sweet Home 23 Opening Doors 24 An Industry Is Born 27 Subprime Returns 29 Chapter 3 The Subprime Machine 33 From Delivering Pizza to Delivering Mortgages 41 Living the Dream 44 Diving into Deep Trouble 45 Chapter 4 Eyes Wide Shut 49 A Warning Unheeded 50 A Dream No More 55 Chapter 5 The Great Enabler 57 Fannie Mae and Freddie Mac Hit the Scene 61 Fannie and Freddie Get a Timeout 63 Wall Street Takes Over 66 A Tsunami of Mortgages 71 From Ownit to Out of It 74 Back from the Grave 77 Chapter 6 Complicity 81 Moody’s the Money Maker 85 Repeat Customers 88 Chapter 7 The Securitization from Hell 95 The Making of a CDO 96 Tough to Kill 98 Turning “Crap into Triple-A” 101 From CDS to CDO 103 Insanity Sets In 106 Chapter 8 Narvik and Me 111 CDOs: An American Export 113 The Truth Revealed—But Does It Matter? 118 Chapter 9 Mortgaging Merrill’s Future 121 Climbing Out of Poverty 122 A Strong Start 124 The Secret Weapon 125 Raking It In 127 Taking Big Risks 130 Chapter 10 A House of Cards 135 Digging for Gold 136 Building a Case 139 The Investment of a Lifetime 147 Chapter 11 And Then the Roof Caved In 155 The Wheels Coming Off 157 The Call 159 A Crisis Begins 161 The CDO Blues 165 Lights Out 167 Epilogue 171 A Note on Sources 181 Resources from CNBC 183 Index 187

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Book Synopsis* IFRS: Fair Value Guide is an all encompassing guide to the application of the complex valuation requirements of IFRS. * The book is divided into theory and application chapters.Table of ContentsForeword xi Liu Ping, China Preface xiii Jim Catty, United Kingdom About the Contributors xix 1 Fair Value Concept 1 Alfred M. King, United States 2 The Cost Approach 19 Yea-Mow Chen, Taiwan, and Stephen L. Barreca, United States 3 The Market Approach 37 William A. Hanlin Jr. and J. Richard Claywell, United States 4 Income Approach: Capitalization Methods 57 Bennet Kpentey, Ghana 5 Income Approach: Discounting Methods 65 Wolfgang Kniest, Germany 6 Excellent Valuation Reports 83 Brandi L. Ruffalo and Robert C. Brackett, United States 7 Assessing External Risks 95 Warren D. Miller, United States 8 Strategy and Benchmarking 115 William C. Quackenbush and James S. Rigby Jr., United States 9 Cost of Capital 129 Wolfgang Ballwieser and Jörg Wiese, Germany 10 Risks and Rewards 151 William A. Hanlin Jr. and J. Richard Claywell, United States 11 Financial Statement Analyses 165 Martin Costa, Germany 12 Projecting Financial Statements 183 Klaus Henselmann, Germany 13 Impairment Testing 201 Frank Bollman and Andreas Joest, Germany 14 Auditing Valuation Reports 215 Andreas Bertsch, Germany 15 Copyrights 223 Fernando Torres, Mexico 16 Customer Relationships 241 Brandi L. Ruffalo, United States 17 Derivatives and Financial Instruments 255 Samuel Yat Chiu Chan and Lisa Cheng, Homg Kong 18 Domain Names 273 Wes Anson, United States 19 Hedging 285 Richard Pedde, Canada 20 Intellectual Property Rights 299 Byeongil Jeong, South Korea 21 Intangible Assets 311 Stan Sorin, Romania 22 Leases 323 Terry A. Isom and Andrea R. Isom, United States 23 Liabilities 337 Karrilyn Wilcox, Canada 24 Manufacturing in Crisis Periods 351 Emre Burckin, Ayse Pamukcu, and Zeynep Burckin Eroglu, Turkey 25 Mineral Properties 363 Michael J. Lawrence, Australia 26 Pass-Through Entities 379 Laura J. Tindall and John L. Casalena, United States 27 Patents 391 Heinz Goddar and Ulrich Moser, Germany 28 Petroleum Resources 409 J. Richard Claywell, United States 29 Pharmaceuticals and Biotechnology 421 Sung-Soo Seol, South Korea 30 Plant and Equipment 435 Ev?en Körner, Germany 31 Retail Locations 451 Lim Lan Yuan, Singapore 32 Share-Based Payments 461 Shari Overstreet, United States 33 Software and Systems 477 Susan M. Saidens, United States 34 Unpatented Technologies 487 Anke Nestler, Germany 35 Trademarks and Brands 501 Roger Sinclair, South Africa 36 Transfer Pricing 521 Lionel W. Newton and Christopher J. Steeves, Canada Glossary 531 References and Bibliography 557 Index 567

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Book SynopsisMorningstar's Director of Personal Finance, Christine Benz, gives you the tools for tackling your money challenges. This practical guide breaks down important financial tasks into digestible, doable chunks-each task taking just 30 minutes or less.Trade Review“This book isn't one that requires you to read it all the way through, as the author freely admits. But if you have a question about retirement plans, emergency funds, 529 plans or the right stock/bond mix, among many other subjects, it's a fine financial road map. Benz's conversational, straightforward make this a pleasant and very useful read.” —Associated Press, January 2010Table of ContentsForeword xi Preface xiii Acknowledgments xix Part one: Find your baseline 1 Chapter 1: Calculate Your Net Worth 5 Chapter 2: See Where Your Money Goes 11 Chapter 3: Set Your Financial Goals 17 Chapter 4: Create a Budget 23 Part two: Get organized 29 Chapter 5: Create a Bill-Paying System 33 Chapter 6: Create a Filing System 37 Chapter 7: Create a Master Directory 43 Part three: Find the best use of your money 47 Chapter 8: Determine Whether to Pay Down Debt or Invest 51 Chapter 9: Decide Where to Invest for Retirement 59 Part four: Get started in investing 65 Chapter 10: Create an Emergency Fund 69 Chapter 11: Find the Right Stock/Bond Mix 75 Chapter 12: Create an Investment Policy Statement 81 Chapter 13: Invest for Short- and Intermediate-Term Goals 89 Chapter 14: Create a Hands-Off Long-Term Portfolio 97 Part five: Invest in your company retirement plan 105 Chapter 15: Determine How Good Your Company Retirement Plan is 109 Chapter 16: Decide between a Traditional and Roth 401(k) 117 Chapter 17: Select the Best Investments for Your Company Retirement Plan 125 Chapter 18: Make the Most of a Subpar 401(k) Plan 131 Part six: Invest in an IRA 137 Chapter 19: Determine What Type of IRA is Best for You 143 Chapter 20: Identify the Best Investments for Your IRA 147 Chapter 21: Determine Whether to Convert Your IRA 155 Chapter 22: Roll Over Your Retirement Plan into an IRA 163 Part seven: Invest for college 169 Chapter 23: Find the Right College Savings Vehicle 173 Chapter 24: Find the Right 529 Plan 181 Chapter 25: Select the Right Investments for Your College Savings Plan 187 Part eight: Invest in your taxable account 197 Chapter 26: Identify the Best Investments for Taxable Accounts 201 Chapter 27: Manage Your Portfolio for Tax Efficiency 209 Chapter 28: Harvest Tax Losses 215 Part nine: Invest during retirement 223 Chapter 29: Determine Your Portfolio Withdrawal Rate 227 Chapter 30: Build an In-Retirement Portfolio 233 Chapter 31: Find the Right Sequence of In-Retirement Withdrawals 241 Part ten: Monitor your investments 245 Chapter 32: Conduct a Portfolio Checkup 249 Chapter 33: Rebalance Your Portfolio 257 Part eleven: Cover your bases on estate planning 263 Chapter 34: Get Started on Your Estate Plan 269 Chapter 35: Handle Beneficiary Designations 275 Chapter 36: Create a Personal Legacy 281 About the author 285 Index 287

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Book SynopsisStrategies, tools, and solutions for minimizing risk and volatility in option trading An intermediate level trading book, The Option Trader Handbook, Second Edition provides serious traders with strategies for managing and adjusting their market positions. This Second Edition features new material on implied volatility; Delta and Theta, and how these measures can be used to make better trading decisions. The book presents the art of making trade adjustments in a logical sequence, starting with long and short stock positions; moving on to basic put and call positions; and finally discussing option spreads and combinations. Covers different types of underlying positions and discusses all the possible adjustments that can be made to that position Offers important insights into more complex option spreads and combinations A timely book for today''s volatile markets Intended for both stock and option traders, this book wilTable of ContentsPreface to the First Edition xiii Preface to the Second Edition xvii Chapter 1 Trade and Risk Management 1 Introduction 1 The Philosophy of Risk 2 Truth About Reward 5 Risk Management 6 Risk 6 Reward 9 Breakeven Points 11 Trade Management 11 Trading Theme 11 The Theme of Your Portfolio 14 Diversification and Flexibility 15 Trading as a Business 16 Start-Up Phase 16 Growth Phase 19 Mature Phase 20 Just Business, Nothing Personal 21 SCORE—The Formula for Trading Success 21 Select the Investment 22 Choose the Best Strategy 23 Open the Trade with a Plan 24 Remember Your Plan and Stick to It 26 Exit Your Trade 26 Chapter 2 Tools of the Trader 29 Introduction 29 Option Value 30 Option Pricing 31 Stock Price 31 Strike Price 32 Time to Expiration 32 Volatility 33 Dividends 33 Interest Rates 33 Option Greeks and Risk Management 34 Time Decay 34 Trading Lessons Learned from Time Decay (Theta) 41 Delta/Gamma 43 Deep-in-the-Money Options 46 Implied Volatility 49 Early Assignment 63 Synthetic Positions 65 Synthetic Stock 66 Long Stock 66 Short Stock 67 Synthetic Call 68 Synthetic Put 70 Basic Strategies 71 Long Call 71 Short Call 72 Long Put 73 Short Put 74 Basic Spreads and Combinations 75 Bull Call Spread 75 Bull Put Spread 76 Bear Call Spread 77 Bear Put Spread 78 Long Straddle 78 Long Strangle 79 Short Straddle 80 Short Strangle 81 Advanced Spreads 82 Call Ratio Spread 82 Put Ratio Spread 83 Call Ratio Backspread 84 Put Ratio Backspread 85 Long Butterflies 86 Short Butterflies 87 Long Calendar Spreads 88 Short Calendar Spreads 89 The Greeks and Spread Trades 90 Delta/Gamma 91 Vega 92 Other Greeks and Spreads 93 Valuable Derivative Traders Program 93 Step 1: VEGA and Implied Volatility (IV) 94 Step 2: Delta and Strike Selection 96 Step 3: Theta and How Much Time to Expiration 97 Putting the Program to Work 99 Introduction to Trade Adjustments 100 Chapter 3 Long Stock 105 Introduction 105 Protective Put 106 Stock Moves Higher 109 Stock Moves Lower 111 Bear Put Spread 114 Rolling from a Protective Put into a Bear Put Spread 116 Rolling from a Bear Put Spread into a Protective Put 118 Call Replacement 120 Stock Moves Higher 121 Stock Moves Lower 122 Call Replacement versus Protective Put 123 Sell Covered Calls 123 Stock Moves Higher 125 Strike Selection 127 In the Money Calls 128 Time to Expiration 131 Scaling-Out Strategy 132 Collars 134 Opening Position—Regular Collar 134 Stock Moves Higher—Profit Collar 137 Ratio Write 139 Opening Position 140 Stock Moves Higher—Regular Ratio Write 143 Stock Moves Higher—Variable Strike Ratio Write 149 Stock Moves Lower—Ratio Write/Variable Strike Ratio Write 153 Short Straddle/Short Strangle 156 Opening Position—Short Straddle 156 Opening Position—Short Strangle 160 Stock Moves Higher—Short Straddle 163 Stock Moves Higher—Short Strangle 168 Stock Moves Lower—Short Straddle/Stock Repair 172 Stock Moves Lower—Short Strangle 176 Call Ratio Spread 179 Opening Position 182 Stock Moves Higher 186 Stock Moves Lower—Stock Repair Strategy 191 Call Calendar Spread 193 Opening Position 195 Stock Moves Higher 196 Chapter 4 Short Stock 201 Introduction 201 Protective Call—Insurance 203 Opening Position—Protective Call 203 Opening Position—Protective Call Spread 208 Short Stock + Protective Call = Long Put 210 Stock Moves Lower—Protective Call 212 Stock Moves Lower—Protective Call Spread 215 Rolling between Protective Calls and Protective Call Spreads 219 Stock Moves Higher 221 Put Replacement 223 Stock Moves Lower 224 Stock Moves Higher 226 Put Replacement versus Protective Call 227 Covered Puts 228 Stock Moves Lower 229 Short Collars 234 Opening Position—Regular Collar 235 Stock Moves Lower—Profit Collar 237 Put Ratio Write 239 Opening Position 240 Stock Moves Lower—Regular Ratio Write 243 Stock Moves Lower—Variable Strike Ratio Write 248 Put Ratio Spread 250 Opening Position 250 Stock Moves Lower 253 Stock Moves Higher—Short Repair Strategy 256 Chapter 5 Calls and Puts 259 Introduction 259 Long Call 260 Protective Put—Stock Moves Higher 260 Protective Put—Stock Moves Lower 262 Call Replacement 264 Rolling into a Bull Call Spread—Stock Moves Higher 267 Rolling into a Bull Call Spread—Stock Moves Lower/Call Repair Strategy 269 Rolling into a Bear Call Spread 271 Short Stock 272 Rolling into a Synthetic Straddle 274 Rolling into a Calendar Spread 276 Rolling into a Ratio Spread 278 Stock Moves Lower—Call Repair Strategy 281 Short Call 285 Long Put 288 Protective Call 288 Underlying Stock Moves Lower 288 Underlying Stock Moves Higher 290 Put Replacement Therapy 292 Rolling into a Bear Put Spread 294 Underlying Stock Moves Lower 294 Underlying Stock Moves Higher—Put Repair Strategy 295 Rolling into a Bull Put Spread 297 Long Stock/Synthetic Straddle 298 Put Calendar Spread 302 Put Ratio Spread 305 Underlying Stock Moves Lower 305 Underlying Stock Moves Higher—Put Repair Strategy 308 Short Put 311 Chapter 6 Spreads 317 Introduction 317 Bull Call Spreads/Bear Put Spreads 317 Protective Puts/Protective Calls 318 Bull Call Spread—Protective Put 318 Bull Call Spread—Protective Put Spread 320 Bear Put Spread—Protective Call 321 Bear Put Spread—Protective Call Spread 322 Convert to Ratio Spreads 323 Bull Call Spread—Stock Moves Higher 323 Bull Call Spread—Stock Moves Lower/Repair Strategy 326 Bear Put Spread—Stock Moves Lower 330 Bear Put Spread—Stock Moves Higher/Repair Strategy 332 Convert to Butterflies 336 Bull Call Spread 337 Bear Put Spread 338 Bear Call Spreads/Bull Put Spreads 340 Calendar Spreads 340 Call Calendar Spread 341 Stock Moves Higher—Rolling into a Bull Call Spread 341 Stock Moves Higher—Rolling into a Diagonal Ratio Spread 342 Stock Moves Lower—Rolling into a Lower Strike Bull Call Spread 343 Stock Moves Lower—Convert to a Calendar Strangle 344 Put Calendar Spread 345 Stock Moves Lower—Rolling into a Bear Put Spread 345 Stock Moves Lower—Rolling into a Diagonal Ratio Spread 345 Stock Moves Higher—Rolling into a Higher Strike Bear Put Spread 347 Stock Moves Higher—Rolling into a Calendar Strangle 348 Butterfly Spreads 348 Long Butterfly to Long Condor 348 Chapter 7 Combinations 353 Introduction 353 Long Straddle 353 Straps/Strips 354 Modified Straps/Strips 357 Calendar Straddle 359 Rolling a Long Straddle into an Iron Butterfly 361 Diagonal Iron Butterfly 363 Partial Iron Butterfly 363 Long Call/Long Put Adjustments 365 Long Strangle 365 Diagonal Iron Butterfly 365 Calendar Strangle 367 Long Call/Long Put Adjustments 367 Short Straddle/Short Strangle 368 Short Straddle 368 Rolling Short Straddle into Iron Butterfly 371 Short Strangle 373 Index 375

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Book SynopsisA winning approach to stock trading based on proprietary statistical research in Excel In The Value and Momentum Trader, Grant Henning presents a comprehensive approach to stock trading, which centers around Excel-based research methods he has developed. In this book, Henning presents the trading tools he has used to become a successful trader, and discusses some of the greatest challenges facing active market participants. This reliable resource presents both winning trading systems and all the skills necessary to perform as a trader as market conditions change. It also demonstrates how you can turn the successes and failures of any trading system into an interactive feedback loop to discover one''s true trading skills. Provides a solid understanding of the author''s statistical trading system Explores how to execute optimal trades under different market conditions Outlines a very affordable Excel-based stock analysis method that is easTable of ContentsList of Tables and Figures xv Foreword xvii Preface xix Acknowledgments xxi CHAPTER 1 A Philosophy of Trading 1 Analogies 1 Pragmatism 3 Goal-Oriented Behavior 5 Timing 6 Stocks versus Commodities, Options, Mutual Funds, and Bonds 7 Short Trading 9 Use of Margin 10 Trading and Gambling 11 Bold Passion 12 Summary 13 CHAPTER 2 Tools of the Trade 15 Online Access 15 A Reliable Brokerage Account 16 Information 17 Formal Study 18 Analysis Software 20 Protected Workspace 21 Mathematical Trading Systems 21 Market Timing Indicators 22 Summary 22 CHAPTER 3 Constructing Mathematical Models for Stock Selection 25 Technical Approaches to Stock Selection 25 Fundamental Approaches to Stock Selection 26 Hybrid Approaches to Stock Selection 27 The Nature of the Stock Selection Challenge 27 Common Mistakes in System Design for Decision Making 28 Early Beginning Approaches 30 Advantages and Disadvantages of Mathematization 32 Summary 33 CHAPTER 4 Stock Selection: A Technical-Momentum System 35 Qualifying Variables 35 Sample Recommendation Summary Table 39 Questions and Answers 40 Summary 44 CHAPTER 5 Stock Selection: A Fundamental-Value System 45 Qualifying Variables 45 Fundamental Variables 47 Questions and Answers 55 Summary 57 CHAPTER 6 Stock Selection: A Technical-Fundamental Hybrid Approach 59 Qualifying Variables 59 Point-and-Figure Analysis 64 Technical Ratings 64 Other Technical Indicators 65 Price-to-Earnings (PE) Ratio 66 Book Value 67 Earnings Growth 67 EPS/PE Divergence 68 Cash Flow and Free Cash Flow 69 Other Fundamental Indicators 70 Questions and Answers 71 Summary 74 CHAPTER 7 Buying Stocks 75 Preparing the Slate of Candidates 75 Gathering Intel 76 Demanding Supply 77 Cost Averaging 77 Limit and Market Orders 78 Avoiding Purchases with Unsettled Funds 82 Summary 82 CHAPTER 8 Selling Stocks 85 Setting Targets 86 Setting Partial Targets 86 Using Stop-Loss Orders 87 Culling Out Losers 88 Rank Indicators 88 Holding Limits 89 Breaking the 50-Day Moving Average 90 Identifying Market Downturns 90 Summary 91 CHAPTER 9 Portfolio Management 93 Diversifying Over Stocks 93 Diversifying Over Sectors 95 Record Keeping 95 Proportionality over Portfolios 96 Proportionality over Individual Stocks 97 Turnover Ratio 97 Timing the Market 98 Summary 98 CHAPTER 10 Market Timing 99 Mythological Indicators 100 Quasi-Mythological Indicators 101 Reliable Indicators 102 Summary 108 CHAPTER 11 A Performance Record 109 Performance Caveats 109 Hindsight is 20/20 112 Summary 113 CHAPTER 12 A Typical Trading Day 115 Before the Bell 115 The First Half Hour 117 Midday Monitoring 118 After the Closing 119 Weekends 120 Summary 121 CHAPTER 13 Threats to Success 123 Actions of the Federal Reserve Board Open Markets Committee 123 Analyst Downgrades 129 "Pump-and-Dump" Ploys 130 Message Board Panning 131 Market Maker Meddling 131 Negative News Events 132 Large Position Dumping 133 Overhead: Taxes, Commissions, Margin Interest, Spreads 134 Summary 135 CHAPTER 14 A Summary of Trading Principles 137 Never Follow a Tip without Due Diligence 137 Don't Get Grounded on Low Volume 138 Never Buy at the High for the Day 138 Never Sell at the Low for the Day 138 Remember Why You Bought 139 Don't Get Too Attached to Any Stock 139 Maintain Diversification 140 Don't Overtrade 140 Don't Hesitate to Reacquire a Winner 141 Don't Get Your Guidance from Message Boards 141 Maintain Your Own Trading Identity 142 Read Widely 142 Back Off Periodically 143 Seldom if Ever Buy with Unsettled Funds 143 Look to Sell with the Same Level of Zeal That You Look to Buy 143 Maintain a Trading Journal or Diary 144 Gather Information on Your Holdings Daily 144 Learn from Your Mistakes 145 Don't Damage the Environment for Others 145 Don't Let Yourself Become Discouraged 146 Learn to Time General Market Trends 146 Don't Begrudge the Paying of Dues 147 Set Realistic, Measurable Goals for Trading Gains 147 Don't Take Advice from Investment Professionals 147 Avoid Buying a Stock Immediately After It Has Made a Huge Price Run Up 148 Avoid Selling a Stock Immediately After It Has Had a Huge Loss 148 Maintain Your Discipline 149 Don't Hesitate to Sell Good Stocks When Macro Market Indicators Signal a Downturn 149 Focus More on Avoiding Great Losses than on Making Great Gains 149 Continually Be Watching for Success Predictors 150 Summary 150 CHAPTER 15 Morality in the Marketplace 151 Integrity Defined 152 The Gravity of the Effects of Declining Integrity 153 Conditions that Can Promote the Erosion of Integrity 155 Possible Solutions to the Problems that Promote the Erosion of Integrity 161 Summary 168 CHAPTER 16 Random Walk or Rational Wager 171 Predictability and Probability 173 The Limits of Predictability 174 Following the Numbers or Following the Gurus 176 The Accuracy and Use of Mathematical Models 180 Predictable Market Phenomena 181 Summary 185 CHAPTER 17 On the Nature of Risk 187 The Risks of Risk Management Applied to Market Phenomena 190 Risk and Variance 191 Risk and Compassion 191 Risk and Trust 193 Risk and Wealth 195 Summary 195 CHAPTER 18 Trading in the Information Age 197 The Economy of Abundance 197 A Perspective on Abundance 199 Taking Advantage of Information-Access Opportunities 201 Summary 202 CHAPTER 19 Using a Trading System with an Excel Spreadsheet 203 Step 1: Loading the Excel Spreadsheet into Your Computer 203 Step 2: Recognizing Information on the Spreadsheet 205 Step 3: Updating Your Spreadsheet 210 Step 4: Running the Analysis 212 Step 5: Interpreting the Results 214 Step 6: Maintaining the Spreadsheet 214 Cautionary Reminders 215 Summary 215 CHAPTER 20 Afterthoughts 217 Timing 217 Opportunities 218 Market Trends 219 Lessons from History 220 Conclusion 224 Bibliography 225 About the Author 229 Index 235

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Book SynopsisA straightforward guide explaining the nature of financial fraud Fraud continues to be one of the fastest growing and most costly crimes in the United States and around the world. The more an organization can learn about fraud in general and the potential fraud risks that threaten the financial stability of the organization''s cash flow, the better that organization will be equipped to design and implement measures to prevent schemes from occurring in the first place. Fraud 101, Third Edition serves as an enlightening tool for you, whether you are a business owner or manager, an accountant, auditor or college student who needs to learn about the nature of fraud. In this invaluable guide, you will discover and better understand the inner workings of numerous financial schemes and internal controls to increase your awareness and possibly prevent fraud from destroying your organization''s financial stability. It offers guidance, understanding, and new, real-Table of ContentsPreface ix Acknowledgments xv Introduction xvii Chapter 1 The World of Fraud 1 Definition of Fraud 1 The Many Types of Fraud 2 Chapter 2 Why Is Fraud Committed? 19 A Rationalizing Society 20 Financial Statement Fraud 22 Financial Fraud Comes in Different Shapes and Sizes 23 Motivators Differ by Type of Business 25 Employee Schemes 27 In the End 32 Chapter 3 Financial Statement Fraud Schemes 33 Where Do Things Go Wrong? 34 Trend Analysis 42 Beyond Traditional Audits 45 Chapter 4 Employee Embezzlements 51 The Fraud Triangle 55 Areas for Concern 57 Chapter 5 Other Fraud Schemes 69 Duplicate Payment Fraud 71 Multiple Payee Fraud 72 Shell Fraud 73 Defective Delivery Fraud 77 Defective Receipt Fraud 88 Defective Shipment Fraud 89 Defective Pricing Fraud 91 Chapter 6 Contract Rigging Schemes 97 Stage One: Obtaining the Contract 97 Stage Two: Contract Change Orders 102 Unbalanced Bidding 114 Detection Recommendations 118 Rotation Fraud 119 Where Do We Go from Here? 121 Chapter 7 Responses to Fraud 123 Government’s Response to Fraud 124 Accounting Profession’s Response to Fraud 129 Internal Audit Profession’s Response to Fraud 133 New Credentials, More Training, Better Awareness 134 Articles, Books, and More Resources 136 Chapter 8 The Importance of Internal Controls and Internal Audit 143 Why Have Internal Controls? 144 Déjà Vu 148 Good Internal Controls 150 Internal Audit 152 Chapter 9 Evidence 159 What Is Evidence? 160 Documentation 163 Chapter 10 Conducting Fraud Investigations: A Practical Approach 171 Proactive Fraud Investigations 171 Discovery Investigations 172 Supportive Investigations 175 Strategy 178 Predication 180 The Investigative Plan 181 Conducting the Procedures 183 Findings 186 Use of the Findings 188 Chapter 11 Fraud Investigation Alternatives 189 Assessing the Feasibility of a Full Investigation 189 Monitoring Operational Areas at Risk of Fraud 197 Revamping Internal Controls: Closing the Barn Door 200 Doing Nothing? 203 Appendix A Vending 209 Lessons Learned 213 Appendix B Living a Façade 217 Prevention Techniques 221 Appendix C Disappearing Inventory 225 Internal Controls 230 Index 231

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Book SynopsisToday''s controllers are no longer seen as technicians who process transactions; they are now seen as business executives with a wide-ranging knowledge of total business operations, best practices, and corporate strategy. Providing a comprehensive overview of the roles and responsibilities of controllers in today''s environment, this Eighth Edition of Controllership continues to provide controllers and vice presidents of finance with all aspects of management accounting from the controller''s perspective, including internal control, profit planning, cost control, inventory, and financial disclosure.Table of ContentsAbout the Author xvii Preface xix Part I the Broad Management Aspects of Controllership 1 Chapter 1 Accounting in the Corporation 3 Tasks of the Accounting Function 3 Role of the Accounting Function 5 Role of the Controller 6 Impact of Ethics on the Accounting Role 7 Evolving Role of Accounting 10 Chapter 2 Controller’s Responsibilities 13 Variations on the Title 13 Planning Function 14 Control Function 15 Reporting Function 15 Accounting Function 16 Additional Controller Functions in Smaller Companies 17 Controller’s Job Description 19 Relationship of the Controller to the Chief Financial Officer 21 Chapter 3 Cost Accounting and Costing Systems 23 Purpose of Cost Accounting Information 23 Input: Data Collection Systems 24 Processing: Data Summarization Systems 27 Processing: Job Costing 29 Processing: Process Costing 34 Processing: Standard Costing 38 Processing: Direct Costing 40 Processing: Throughput Costing 43 Processing: Activity-Based Costing 48 Processing: Target Costing 50 Outputs: Cost Variances 52 Chapter 4 Ratio and Trend Analysis 57 How to Use Ratios and Trends 57 A Caveat 58 Measures for Profitability 60 Measures for the Balance Sheet 62 Measures for Growth 66 Measures for Cash Flow 68 Measures for Nonfinancial Performance 70 Interrelationship of Ratios 85 Setting Up a System of Ratios and Trend Analyses 85 Chapter 5 Internal Control Systems 89 Objectives 89 Responsibility for Internal Controls 90 Examples of Internal Controls 92 When to Eliminate Controls 102 Types of Fraud 104 Preventing Fraud 105 How to Deal with a Fraud Situation 109 Chapter 6 Internal Audit Function 113 Reporting Relationships 113 Role of the Audit Committee 116 Internal Audit Objectives 117 Internal Audit Activities 119 Chapter 7 Recruiting, Training, and Supervision 123 Recruiting Sources 123 Factors to Consider when Recruiting 125 Factors to Consider When Promoting 127 Importance of Reduced Turnover 128 Importance of Developing Career Plans for Employees 132 How to Motivate Employees 134 Chapter 8 Controller’s Role in Investor Relations 137 Objectives of the Investor Relations Function 137 Communication Vehicles for Investor Relations 138 Investor Relations Message Recipients 138 Information Needs of the Financial Analyst 139 Information Needs of Other Groups 141 Providing Guidance 141 Forward-Looking Statements 144 Organization Structure for Investor Relations 146 Role of the Controller and Other Principals 147 Part II the Planning Function of Controllership 151 Chapter 9 Business Plans and Planning: Interrelationship of Plans, Strategic Planning 153 Business Planning Defined 153 Framework for Business Planning 154 Time as Related to Planning 154 Planning Period: How Long Is “Long Range”? 155 System of Plans 156 Strategic Plan: An Overview 156 Corporate Development Plan 157 Operations Plan 158 Basic Elements in Any Plan 158 Planning Process 159 Plan Frequency 161 Plan Guidelines 162 Supplemental Planning: Alternative Scenarios 162 Planning Timetable or Schedule 163 Strategic Planning: An In-Depth Review 163 Environmental Analysis 165 Critical Success Factors 167 Business Mission or Purpose 168 Long-Range Business Planning Objectives 170 Developing Strategies 174 Strategies and the Planning Period 177 Role of the Controller 177 Chapter 10 Financial Impact of the Strategic Plan: Long-Range Financial Plan 181 Key Elements of a Strategic Plan 181 Capital Investments 182 Risk Analysis 183 Objectives of the Long-Range Financial Plan 184 Consolidation and Testing Process 185 Illustrative Financial Exhibits in the Plan Presentation 186 Role of the Controller 193 Chapter 11 Profit Planning: Annual Plan 201 Purpose of Budgeting 201 Planning Benefits 202 Coordination Benefits 203 Control Benefits 205 Problems with the Annual Plan 205 Annual Planning Cycle: Illustrative 206 Supportive Financial Statements and Budgets 208 Sales Budget 209 Production Budget 210 Purchases Budget 210 Direct Labor Budget 211 Manufacturing Expense Budget 211 Inventory Budget 212 Operating Expense Budget 212 Capital Expenditures Budget 213 Cost of Goods Sold 213 Statement of Estimated Income and Expense 214 Cash Budget 214 Statement of Estimated Financial Condition 216 Approval of Budget 218 Linking the Bonus Plan to the Budget 218 Controller’s Role: A Key Player 219 Management Approval of the Plan 223 Chapter 12 Profit Planning: Supporting Financial Analysis for the Annual Plan 225 General Comments on the Cost-Volume-Profit Relationship 225 Breakeven Chart 226 Changes in Sales Revenue 228 Changes in Sales Mixture 228 Changes in Sales Price 230 Changes in Costs 231 Analysis by Product 232 Application of Cost-Volume-Profit Analysis 235 Selecting the Most Profitable Products 236 Increased Sales Volume to Offset Reduced Selling Prices 236 Most Profitable Use of Scarce Materials 237 Advisability of Plant Expansion 238 Some Practical Generalizations 239 Program Evaluation Using Discounted Cash Flow 240 Financial Analysis of Unacceptable Operating Results 243 More Sophisticated Analyses 258 Chapter 13 Taxation Planning 259 Accumulated Earnings Tax 260 Cash Method of Accounting 261 Inventory Valuation 262 Mergers and Acquisitions 262 Net Operating Loss Carryforwards 263 Nexus 264 Passive Activity Losses 265 Project Costing 266 Property Taxes 267 S Corporation 267 Sales and Use Taxes 268 Transfer Pricing 269 Unemployment Taxes 271 Management of the Taxation Function 272 Part III Planning and Controlling Operations 275 Chapter 14 General Discussion of Standards 277 Definition of Standards 277 Advantages of Standards 278 Relationship of Entity Goals to Performance Standards 280 Types of Standards Needed 281 Trend to More Comprehensive Performance Measures 285 Benchmarking 287 Setting the Standards 289 Use of Standards for Control 291 Procedure for Revising Standards 293 Chapter 15 Planning and Control of Sales 295 Sales Management Concerns 295 Controller’s Assistive Role in Sales Management Problems 296 Controller’s Independent Role in the Planning and Control of Sales 299 Sales Analysis 300 Sales Planning: Basis of All Business Plans 304 Steps in Developing the Near-Term Sales Plan/Budget 305 Methods of Determining the Sales Level 308 Useful Sources of Forecasting Information 311 Forecasting the Business Cycle 312 Sales Standards 318 Sales Reports 322 Product Pricing: Policy and Procedure 328 Chapter 16 Planning and Control of Marketing Expenses 339 Definition 339 Factors Increasing the Difficulty of Cost Control 341 Marketing Expense Analysis 341 Types of Analyses 342 Planning Marketing Expenses 353 Special Comments on Advertising and Sales Promotion Expense 354 Marketing Expense Standards 360 Chapter 17 Planning and Control of Manufacturing Costs: Direct Material and Direct Labor 367 Direct Material Costs: Planning and Control 372 Labor Costs: Planning and Control 379 Chapter 18 Planning and Control of Manufacturing Costs: Manufacturing Expenses 389 Proper Departmentalization of Expenses 389 Variations in Cost Based on Fixed and Variable Costs 390 Variations in Cost Based on Direct Labor 392 Variations in Cost Based on Batch Size 394 Variations in Cost Based on Overhead 396 Variations in Cost Based on Time 398 Cost Estimation Methods 399 Normal Activity 404 Allocation of Indirect Production Costs 405 Budgetary Planning and Control of Manufacturing Expenses 407 Securing Control of Overhead 409 Control with Throughput Analysis 415 Role of the Controller 416 Chapter 19 Planning and Control of Research and Development Expenses 425 R&D Activities in Relation to Corporate Objectives 425 Organization for the R&D Financial Functions 425 Elements of R&D Costs 426 Role of the Financial Executive in R&D 429 Determining the Total R&D Budget 429 Establishing the R&D Operating Budgets 430 Detailed Budgeting Procedure 438 Other Control Methods 438 Effectiveness of R&D Effort 442 Chapter 20 Financial Planning and Control in a Service Company 447 Data Classification 447 Cost Accounting in a Service Organization 449 Planning System 454 Strategic Planning 459 Chapter 21 Planning and Control of General and Administrative Expenses 461 Components of G&A Expense 461 Control over G&A Expenses 462 Reducing G&A Expenses 468 Spend Management Systems 473 Budgeting G&A Expenses 474 Chapter 22 Payroll 477 Improving the Payroll Process 479 Compensation 485 Federal Income Taxes 489 Social Security Taxes 491 Medicare Tax 491 State Income Taxes 491 Payroll Taxes for Employees Working Abroad 492 Remitting Federal Taxes 492 Payroll Deductions for Child Support 494 Payroll Deductions for Unpaid Taxes 495 Unemployment Insurance 496 Part IV Planning and Control of the Balance Sheet 499 Chapter 23 Planning and Control of Cash and Short-Term Investments 501 Objectives of Cash Planning and Control 501 Duties of the Controller versus the Treasurer 501 The Cash Forecast 502 Cash Collections 514 Cash Disbursements 520 Internal Control 521 Reports on Cash 524 Cash Flow Ratio Analysis 526 Variations in Cash Requirements by Industry 528 Investment of Short-Term Funds 529 Chapter 24 Planning and Control of Customer Credit and Receivables 533 Credit Procedures and Systems 533 Collection Procedures and Systems 542 Measurement of Accounts Receivable 548 The Bad Debt Forecast 549 Budgeting for Accounts Receivable Balances 550 Chapter 25 Planning and Control of Inventories 553 Costs and Benefits of Carrying Inventory 553 Role of the Controller 555 Material Requirements Planning Systems 557 JIT Manufacturing Systems 558 Inventory Purchasing 561 Production Issues Impacting Inventory 563 Inventory Quantity Management 565 Obsolete Inventory 567 Inventory Cutoff 570 Budgeting for Raw Materials 572 Budgeting for Work-in-Process 577 Budgeting for Finished Goods 578 Significance of Proper Inventory Valuation 582 Selection of the Cost Base 582 Chapter 26 Accounting and Reporting for Selected Investments and Employee Benefit Plans 585 Improving the Investment Decision Process 585 Role of the Controller 586 Accounting Records for Selected Investments 587 Financial Reports on Selected Investments 587 Accounting and Disclosure Requirements and Practices for Employee Benefit Plans 590 Chapter 27 Planning and Control of Plant and Equipment or Capital Assets 601 Controller’s Responsibility 601 Capital Budgeting Process 603 Information Supporting Capital Expenditure Proposals 604 Methods of Evaluating Projects 605 Payback Method 606 Operators’ Method 607 Accountants’ Method 608 Discounted Cash Flow Methods 609 Cash Flow Modeling Issues 614 Hurdle Rates 615 Cost of Capital—A Hurdle Rate 616 Throughput Method 617 Classifying and Ranking Proposed Capital Projects 620 Problems with the Capital Budget Approval Process 621 Using Expected Commercial Value for Project Ranking 622 Board of Directors’ Approval 624 Project Authorization 628 Accounting Control of the Project 630 Postproject Appraisals or Audits 630 Other Aspects of Capital Expenditures 632 Chapter 28 Management of Liabilities 637 Objectives of Liability Management 637 Direct Liabilities 638 Planning the Current Liabilities 639 Standards to Measure and Control Current Liabilities 642 Corrective Action 644 Some Benefits from Debt Incurrence 644 Standards for Debt Capacity 645 Leverage 648 Managing Liabilities: Some Practical Steps 649 Management of Accounts Payable 652 Accounting Reports on Liabilities 656 Internal Controls 656 Chapter 29 Management of Shareholders’ Equity 659 Role of the Controller 659 Growth of Equity as a Source of Capital 660 Return on Equity as Related to Growth in Earnings per Share 661 Growth in Earnings per Share 661 Cost of Capital 663 Components of Cost of Capital 664 Calculating the Cost of Debt 665 Calculating the Cost of Equity 666 Calculating the Weighted Cost of Capital 669 Dividend Policy 670 Other Transactions Affecting Shareholders’ Equity 672 Long-Term Equity Planning 673 Short-Term Plan for Shareholders’ Equity 678 Other Considerations 680 Part V Financial and Related Reports 683 Chapter 30 Internal Management Reports 685 Rules of Reporting 685 Status Reports 688 Margin Reports 690 Cash Reports 694 Capacity Reports 695 Sales and Expense Reports 696 Payroll Reports 698 Graphical Report Layouts 703 Chapter 31 External Reporting 705 Purpose of the Annual Report to Shareholders 705 Controller and the Annual Report 706 General Contents of the Annual Report 706 Importance of Form 709 Other Reports to Shareholders 711 Disclosure Issues 712 SEC Forms 713 Contents xv Part VI Some Administrative and Special Aspects of the Con- Troller’s Department 719 Chapter 32 Mergers and Acquisitions 721 Acquisition Strategy 721 The Acquisition Process 723 Locating Acquisition Targets 726 Due Diligence 729 Valuing the Target 739 Legal Documents 743 Acquisition Integration 753 Types of Acquisitions 760 Chapter 33 The Reporting Period and How to Close It 763 Selecting the Fiscal Year 763 Selecting the Number of Interim Reporting Periods 764 Reasons for Accelerating the Closing Period 766 How to Achieve a Fast Close 766 Chapter 34 Inventory Tracking 781 Differences between Perpetual and Periodic Inventory Systems 781 Setting Up a Perpetual Inventory System 783 Auditing and Measuring a Perpetual Inventory System 787 Physical Inventory Procedure 788 Physical Inventory Complications: The Cutoff 791 Reconciling Inventory Variances 792 How to Avoid the Inventory Tracking Problem 794 Chapter 35 Tax Records and Procedures 797 Tax Organization 798 Centralized Tax Department 798 Functions Of the Tax Manager 800 Tax Communications 801 Tax Records in General 801 Tax Calendar 802 Tax Information Records 802 Tax Working Papers and Files 805 Internal Revenue Code and Record Requirements 805 Proper Classification of Accounts 805 Other Taxes 806 Income Taxes and Business Planning 806 Special Tax Reports 806 Index 807

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Book SynopsisThe bestselling author of The Millionaire Next Door reveals easy ways to build real wealth With well over two million of his books sold, and huge praise from many media outlets, Dr. Thomas J. Stanley is a recognized and highly respected authority on how the wealthy act and think. Now, in Stop Acting Rich ? and Start Living Like a Millionaire, he details how the less affluent have fallen into the elite luxury brand trap that keeps them from acquiring wealth and details how to get out of it by emulating the working rich as opposed to the super elite. Puts wealth in perspective and shows you how to live rich without spending more Details why we spend lavishly and how to stop this destructive cycle Discusses how being rich means more than just big houses and luxury cars A defensive strategy for tough times, Stop Acting Rich shows readers how to live a rich, happy life through accumulating more wealth and using it to achieve the Trade Review"Now Millionaire co-author Thomas Stanley is back with a dose of financial tough love for high-spending wannabes in Stop Acting Rich … and Start Living Like a Real Millionaire." (Better Investing Magazine, January 3, 2010) "This is all fascinating stuff and Stanley presents it in a very readable style. Stanley has written two other best-sellers on millionaires. It seems he's done it again." (The Star-Ledger, January 3, 2010) "…not only is this a book that everyone should buy, it's a book that every parent who loves his or her kids should buy for them—and bribe them to read it." (WalletPop, October 7, 2009) "Contains some surprising data that makes for a convincing argument supporting a simple lifestyle as a path to security." (Associated Press) "After reading through Stanley’s engaging anecdotes about how the other America actually lives, you may come to feel that perhaps you don’t need to impress the other guy so much. This in itself is no small thing. Your wallet will thank you. And you may end up happier." (Smartmoney.com) "Thomas Stanley has written a fascinating book that is based on years of research into how the truly wealthy live. Stanley’s main contention is that those with millions aren’t among the nation’s hyper consumers. Rather it’s the "aspirationals," those seeking recognition as members of the moneyed set, who are loose with a buck. It’s a hypothesis offered often, but the difference is Stanley’s research. He has packed his book with oodles of statistics — and not just the usual numbers. For example, 75 percent of millionaires pay $19.79 or less for a bottle of wine. When it comes to a dinner, 75 percent pay $24.53 or less and 95 percent keep the tab to less than $40. This is all fascinating stuff and Stanley presents it in a very readable style. Stanley has written two other best-sellers on millionaires. It seems he’s done it again." (The Star-Ledger) "If you’ve read the 1996 best-seller The Millionaire Next Door, you already know it’s hard to identify the truly affluent based on appearance. . . Now Millionaire co-author. . .Stanely is back with a dose of financial tough love for high-spending wannabes. . . offers surprising insight. If your goal is long-lasting wealth and not just the appearance of affluence, start reading ASAP." (BetterInvesting magazine) “Stanley is right in advising people to have a re-look at their spendthrift ways and to avoid getting trapped by symbolism. “If you spend in anticipation of becoming rich, you are unlikely to become truly wealthy,” he quips.”(Personal Finance Magazine Moneylife) "Stanley's research does a great job of proving there's a big difference between income and net worth. Many pretenders have become very good at generating income and enjoying a high standard of living. But take this Stanley gem to the bank: ‘Those who are among the least productive in transforming their incomes into wealth are in the higher-status occupations.’ Don't be a great pretender, pretending you're doing well when you only look the part. Read this book and find out how to emulate real-deal millionaires." (The Washington Post, Michelle Singletary)Table of ContentsList of Tables ix Preface xi Chapter 1 The Difference between Being Rich and Acting Rich 1 Chapter 2 Everything You Think about Rich Is Wrong 33 Chapter 3 Do the Shoes Make the Man? 59 Chapter 4 Brother, Do You Have the Time? 83 Chapter 5 Keeping Up with Your Spirits 115 Chapter 6 The Grapes of Wrath 145 Chapter 7 The Road to Happiness 171 Chapter 8 Getting Out of the Poorhouse 209 Chapter 9 All that Glitters Is Not the Millionaire’s Goal 235 Appendix A The Nationwide Search for Millionaires 245 Appendix B The Millionaire Profile 247 Notes 251 Acknowledgments 257 About the Author 259 Index 261

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Book SynopsisStrategies and tools to live debt free The world of borrowing and debt management has changed dramatically, leaving people confused about how best to secure their financial future. This book is the only guide with detailed advice to help you become debt free or master the debt you have, based on the latest laws and new government programs and policies implemented under the Obama administration. Is the information and advice on debt management different than in years past? Definitely. In this savvy, engaging guide, bestselling financial expert Jordan Goodman will tell you how to Win the mortgage game: avoid foreclosure, obtain the best refi, and modify your mortgage even if it is under water Clean up your credit report and dramatically boost your credit score Negotiate new terms and payments for burdensome medical bills, student loans, and credit cards Protect yourself from the devastation of identity theft Master Trade ReviewGoodman (Everyone's Money Book), former Wall Street correspondent for Money magazine, offers a lifeline to Americans drowning in debt—with attention to explaining the new rules that the government has put in place since unveiling its stimulus package, including new borrowing guidelines by banks and new policies to avoid mortgage foreclosures. After a brief sketch of the origins of the credit crisis, the author provides a way to determine just how much debt one is in and shares tips on negotiating various payments. Addressing refinancing and paying off mortgages, avoiding identity fraud, selecting the right car deals and student loans, and surviving bankruptcy, the book covers virtually all the debt bases with hard-hitting advice. Goodman offers a detailed appendix with contact information for further reading as well as various resources to empower readers and help them regain their financial footing. (Feb.) (Publishers Weekly, December 21st, 2009)Table of ContentsAcknowledgments vii Introduction Master or Victim? You Decide ix Chapter 1 How Did We Get Here? And Where Are We? 1 Chapter 2 Find Out Where You Stand 11 Chapter 3 Other People Are Grading You, Too 25 Chapter 4 Avoiding a Modern-Day Identity Crisis 45 Chapter 5 Win the New Mortgage Game 55 Chapter 6 Mortgage Free in Five to Seven Years 73 Chapter 7 Credit Cards: Just Because It’s Called MasterCard Doesn’t Mean It’s the Boss of You 85 Chapter 8 Car Deals: Making Sure You’re in the Driver’s Seat 113 Chapter 9 An Education in College Costs 127 Chapter 10 Don’t Let Bad Luck Derail Your Finances 145 Chapter 11 Surviving Bankruptcy 169 Chapter 12 Debt Strategies for Every Age 177 Chapter 13 Permanent Mastery, Going Forward 183 Appendix Resources 189 About the Author 203 Index 205

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Book SynopsisTHE ANTI-CORRUPTION HANDBOOK Today''s demanding marketplace expects CFOs, auditors, compliance officers, and forensic accountants to take responsibility for fraud detection. These expectations are buoyed by such legislation as the Foreign Corruption Practices Act (FCPA), which makes it a crime for any U.S. entity or individual to obtain or retain business by paying bribes to foreign government officials. Written by William P. Olsen, the National Practice Leader of Investigations at Grant Thornton, The Anti-Corruption Handbook: How to Protect Your Business in the Global Marketplace provides guidelines addressing the challenges of maintaining business integrity in the global marketplace. Timely and thought provoking, this book reveals the risks of doing business around the world and the precautions organizations can take to deter such activity. Authoritative, comprehensive, and insightful, The Anti-Corruption Handbook provides clear guidance on: Table of ContentsPreface xiii About the Contributors xvii Chapter 1 Managing Corruption Risk 1 You are Not Alone 2 Bribery and Kickbacks 2 Economic Espionage 2 Money Laundering 3 Developing Effective Compliance Programs 3 Performing Due Diligence 4 Chapter 2 What is Anti-Corruption? 5 Anti-Corruption Detection and Prevention 5 Critical Elements of an Effective Compliance Program 6 Governance and Oversight 9 Chapter 3 U.S. Efforts to Combat Global Corruption 11 The Emergence of Nongovernment Organizations 12 World Trade Organization 13 Global Forum on Fighting Corruption 13 International Financial Institutions 14 International Chamber of Commerce 15 Transparency International 15 Global Corporate Governance Forum 15 The Role of Civil Society 16 The Emerging Markets 16 Chapter 4 U.S. Laws Governing Corruption 19 Racketeer Influenced and Corrupt Organizations Act 19 RICO Offenses 20 Sherman Antitrust Act 21 Anti-Kickback Act of 1986 22 Economic Espionage Act of 1996 23 Chapter 5 The Evolution of the Foreign Corrupt Practices Act 27 Background 27 Anti-Bribery Provisions 29 Third-Party Payments 31 Facilitating Payments 32 Sanctions against Bribery 33 Chapter 6 Internal Controls and Accounting Provisions of the FCPA 35 FCPA Accounting Provisions 36 Failed Controls 36 Controls Assessment 37 Conclusion 38 Case Study: Rolling on a River 39 Chapter 7 Do Not Crimp: The Need for Oversight of Foreign Operations 43 Pitfalls of Emerging Markets 44 Monitoring Behavior 45 Education and Communication 46 Extending the Tone from the Top beyond the Borders 47 Case Study: Bribes in the USSR 47 Chapter 8 The Human Factor 49 Why Focus on Fraud and Corruption Risk? 50 Behavioral Root Causes of Fraud and Corruption 50 Psychology of Fraud Perpetrators 51 Understanding Management Fraud 51 Approaches to Deterring and Mitigating Financial Fraud Risk 52 Chapter 9 Corporate Governance: The Key to Unmasking Corrupt Activity 55 Enterprise Risk Management: Create Stronger Governance and Corporate Compliance 55 Mitigating Risk 57 Ascertain Risk Areas 58 Establishing Procedures to Mitigate Risk 59 Perform a Periodic Assessment 60 Blowing the Whistle on Corporate Fraud 60 Chapter 10 Whistle-Blower Programs 61 Pulling Out the Earplugs 62 Understanding Stakeholders and Their Needs 63 Steps of the MACH Process 67 Monitoring the MACH Process 78 Conclusion 79 Appendix 81 Chapter 11 Document Retention 83 Create, Communicate, Monitor 84 Reduce Risk through Technology 84 Computer Crime 85 The Most Common Computer-Related Crimes 85 The Value of Stored Data 86 Chapter 12 Information Security: Intellectual Property Theft is Often the Result of Government Corruption 87 Information Security Audit 89 Classification of Information 89 Division of Responsibilities and Duties is an Effective Strategy in Protecting Trade Secrets 90 Information Security Control Officers or Custodians 90 Use of Confidential or Proprietary Markings 91 Document Destruction 91 Education and Training 91 Background Checks 92 Confidentiality Agreements 92 Employee Orientation 92 Separation Plans 93 Physical Security 94 Systems Security 95 E-Mail Policy 99 Internet Policy 100 Solicitations for Information 100 Seminar/Tradeshow/Off-Site Meetings Policy 101 Joint Venture/Vendor/Subcontractor Procedures 101 Contractual Provisions with End Users 102 Action Plans 103 International Protection Issues 104 Information Security Policy 104 Chapter 13 Anti–Money Laundering: The USA PATRIOT Act 105 Current State of AML in the Global Marketplace 106 Case Study: The Boys from Brazil 109 Chapter 14 Procurement Fraud: Detecting and Preventing Procurement and Related Fraud 111 Kickbacks 112 Vendor Fraud 113 Bid Rigging 113 Defective Pricing and Price Fixing 114 Contract Fraud 116 Cost/Labor Mischarging 118 Case Study 1: Employee Fraud 120 Case Study 2: Vendor Kickbacks and Collusion 121 Conclusion 121 Chapter 15 Construction Fraud: Monitoring, Mitigating, and Investigating Construction Fraud 123 Common Construction Company Fraud Schemes 124 Combating Fraud and Corruption 126 Strengthen Your Internal Controls 126 Chapter 16 Special Investigations: How to Investigate Allegations of Corruption 129 An Interested Party: The Auditor 130 The Special Investigation 132 Chapter 17 Navigating the Perils of the Global Marketplace 135 FCPA Enforcement 135 Record Keeping 138 Data Collection and Processing 139 Transborder Data-Flow Issues 139 Chapter 18 Case for Collective Action: The World Bank Initiative 143 Why Collective Action against Corruption? 143 Different Views of Corruption 144 Business Costs of Corruption 144 Costs of Corruption for Industries, Economies, and Countries 145 Different Views of the Private Sector 145 Corruption Dilemma 146 Chapter 19 Leveling the Playing Field 157 Book Research Summary 161 Index 165

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Book SynopsisActive Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners' Research & Investment Strategy (RIS) group. Looking forward, market participants anticipate that 2008 and 2009 will be fraught with challenges as well as opportunities.Table of ContentsPreface ix Disclaimer xiii Acknowledgments xv About the Authors xvii PART ONE Market Analysis and Forecasts 1 CHAPTER 1 Overview of the U.S. Real Estate Market 3Tim Wang and David Lynn CHAPTER 2 Forecasting the U.S. Market 19David Lynn CHAPTER 3 Recession Simulation and Its Effects on Real Estate 25Tim Wang, Alison Sauer, and David Lynn CHAPTER 4 Subprime Fallout: The Impact on Commercial Real Estate 41Tim Wang and David Lynn CHAPTER 5 Capital Markets: Dramatic Shifts and Opportunities 47David Lynn and Tim Wang CHAPTER 6 The Bid-Ask Problem and Game Theory 53Jeff Organisciak, Tim Wang, and David Lynn PART TWO Active Strategies 67 CHAPTER 7 Residential Land Investment 69Bohdy Hedgcock and David Lynn CHAPTER 8 The U.S. Hotel Market and Strategy 103Tim Wang, Matson Holbrook, and David Lynn CHAPTER 9 Global Gateway Industrial Market Investment 125Bohdy Hedgcock and David Lynn CHAPTER 10 The Opportunity in Senior Housing 159Tim Wang and David Lynn CHAPTER 11 Active Portfolio Management Using Modern Portfolio Theory 187David Lynn and Yusheng Hao CHAPTER 12 Derivatives in Private Equity Real Estate 217Jeff Organisciak, Tim Wang, and David Lynn CHAPTER 13 Opportunities in Infrastructure Investment 239David Lynn and Matson Holbrook APPENDIX A Typical Land Development Pro Forma Analysis—Three Scenarios 247 APPENDIX B U.S. Hotel Chain Scales 253 APPENDIX C Modern Portfolio Theory in Real Estate Portfolio Analytics 257 APPENDIX D Commercial Real Estate Indexes 259 APPENDIX E Example NPI Forecast Methodology 263 Selected Bibliography 265 Index 267

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Book Synopsis* A stockvaluation book by one of the leading market practitioners in thefield who created the company life-cycle framework for valuationknown as CFROI.Table of ContentsPreface xi Acknowledgments xvii CHAPTER 1 A Systems Mindset 1 How We Know What We Think We Know 2 The PAK (Perceiving-Acting-Knowing) Loop 3 Purposes 3 Perceptions 4 Cause and Effect 6 Actions and Consequences 7 Feedback 8 Knowledge Base 9 Examples of Systems Thinking and Problem Solving 10 High-Reliability Organizations 10 Eli Goldratt, Business Theorist 12 Colonel John Boyd, Military Theorist 14 Correlation, Causality, and Control Systems 15 Summary of Key Ideas 17 CHAPTER 2 The Wealth-Creation System 19 The Perception of Free-Market Capitalism 20 The Housing and Credit Crisis of 2008–2009 21 Government Regulation and Unknown Risks 25 The Standard of Living 28 Summary of Key Ideas 33 CHAPTER 3 The Ideal Free-Market System 35 Components of a Free-Market System 36 Consumer Wealth, Producer Wealth, and Competition 39 Efficiently Providing What Consumers Want 41 Summary of Key Ideas 43 CHAPTER 4 The Competitive Life-Cycle View of the Firm 45 Competitive Life-Cycle Framework 45 Firms’ Competitive Life Cycles and Dynamism 47 Company Examples 51 Eastman Kodak 53 IBM 55 Digital Equipment 58 Apple 59 Bethlehem Steel 62 Nucor 63 Kmart 67 Medtronic 69 Walgreen Company 71 Donaldson Company 73 Life-Cycle Observations 75 Summary of Key Ideas 76 CHAPTER 5 The Life-Cycle Valuation Model as a Total System 79 Efficient Markets versus Behavioral Finance 80 Valuation Model Principles 81 Measurement Units 86 Forward-Looking, Market-Derived Discount Rates 89 Problems with CAPM Cost of Capital 91 Improving the Valuation Process 93 Investor Expectations: The Wal-Mart Example 96 Critical Accounting Issues 99 Reply to Critics 102 Summary of Key Ideas 104 CHAPTER 6 Business Firms as Lean, Value-Added Systems 107 Lean Thinking and PAK Loop Components 108 Knowledge Base 108 Purposes 111 Perceptions 113 Cause and Effect 114 Actions and Consequences 115 Feedback 116 A Lean Transformation Example: Danaher 118 Summary of Key Ideas 121 CHAPTER 7 Corporate Governance 123 A Systems View for Corporate Governance 123 Corporate Governance Needs Repair 124 A Standard of Performance for Boards 127 A Successful Cultural Transformation Example: Eisai Co., Ltd. 128 Shareholder Value Review 130 Valuation Model Selection 133 Value-Relevant Track Records 135 Business Unit Analyses 137 Reply to SVR Objections 138 SVR as an Evolutionary Process 140 Summary of Key Ideas 141 CHAPTER 8 Concluding Thoughts 143 Benefits for Public Policy Makers 144 Benefits for Business Managers 146 Benefits for Investors 148 Notes 153 References 159 About the Author 167 Index 169

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Book SynopsisAn insightful examination of the skills needed to be a proactive investor and find diverse investment opportunities in the emerging economy There is no little league on Wall Street and no white belts. Here or abroad, you are put in immediately with the black belts -- the best and the brightest.Table of ContentsForeword by Dr. Arthur Laffer ix Acknowledgments xvii Prelude by Sal Monistere xix Introduction: My Mission xxiii Chapter 1 America the Dominator: How the U.S. Became the Most Powerful Country on the Planet 1 Chapter 2 Before the Borders Came Down: How the Wall Street Liars Shot Themselves (and the Rest of Us) in the Foot 15 Chapter 3 The Media Act: You Can’t Believe Everything You Read or Hear or See 37 Chapter 4 Cashing in on Six Billion Opportunities: Decision-Making 2.0 53 Chapter 5 Unlock the Billionaire Inside You: Here’s the Key, Easy Instructions Included 71 Chapter 6 Being Investor 2.0: Replace Your Old-World View 89 Chapter 7 Welcome to the Big Leagues: The Preparation: Homework is Critical, Roadwork is Crucial 103 Chapter 8 More Skills, More Opportunities: Understand the Indicators and Develop Appropriate Strategies 117 Chapter 9 More Strategies: Deciding How to Get out Before You Get in 137 Chapter 10 Demand Top Dollar: The World Needs Your Money—Invest with the Rich and Famous 157 Chapter 11 Now You Have the Power: Create the Results You Want! Earnings Season 175 About the Author 189 Index 191

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Book SynopsisA simple and effective guide to the mechanics of finance and corporate structure Corporate structure and finance has become complicated in today''s times and even more so by the current market turbulence. Essentials of Corporate and Capital Formation enables you to decide on the appropriate structure by which to form a business, identifies capital raising alternatives, and supplies sample documents to comply with applicable state and federal securities laws. Explains ways to form a business and finance it Reveals how to avoid securities laws pitfalls Practical terms and examples of the necessary mechanics of finance and corporate structure Helps analyze the decision to go public and provides pointers on operating a public company With coverage of private equity, public markets, mezzanine debt, common stock, debt vs. equity, and much more, Essentials of Corporate and Capital Formation shows entrepreneurs and bTable of ContentsPreface. About the Web Site. Acknowledgments. 1 Corporate Structure. Proprietorships. Partnerships. Limited Partnerships. Limited Liability Companies. Operating Agreement. Management. Corporations. Summary. 2 Initial Capital Formation. Debt. Other Forms of Straight Debt. Convertible Debt. Mezzanine or Hybrid Debt. Equity. Common Stock. Preferred Stock. Convertible Preferred Stock. Mandatory Redeemable Preferred Stock. Dilution. Summary. 3 Finding the Capital. Are There Really Angels in Heaven? Venture Capital. Private Placements. Summary. 4 Pitfalls. Regulation 506 D: Areas of Opportunity and Uncertainty. Subscription Documents. Investor Count. Risk Factors. Offering Documents. Form D. Placement Agents and Finders. Romanian Raise. Summary. 5 Public Markets: Are They Right For You? What It Means to Become a Public Company. Benefits and Opportunities. Drawbacks. Decision to Go Public. Advance Planning. Summary. 6 Entering the Public Markets Conventionally. Formal Process: Underwriting. Who Gets Involved? Underwriting the Offering. Selecting the Underwriters. Beauty Contest. Working with the Underwriters. Registration Process. Due Diligence. Filing and the SEC. Completing the Offering. Expenses. Summary. 7 The Public Markets—Other Issues. Reverse Merger (Shell Game). Transaction Process. Benefits. Taint. Pump and Dump. Taking Appropriate Precautions. Making the Shares Trade. Operating a Public Company. Summary. 8 Exit Strategies. What Is an Exit Strategy? Role of Management. Entrepreneur versus Executive. Determination of Goals and Direction of the Company. Evolution of Executive Concerns. Development of the Strategic Plan. Why Is Strategic Planning Important? Real Exit. Process. Historical Financial Statements. Quality of Earnings. Meeting with the Auditors. Forecasts and Projections. Structuring the Deal. Allocating Purchase Price. Financial Covenants. Debt Repayment Schedule. Reporting Requirements. Management and Administration. Transaction (Closing). Summary. 9 Success In the Real World. Formation Process. Capital Raising. Capital Sources. Going Public. Summary. About the Author. Index.

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