Finance and accounting Books

Book SynopsisA practical guide to getting out of debt and understanding the option of personal bankruptcy The current credit and financial crises have prompted Joan Feeney, a preeminent Massachusetts Bankruptcy Judge, and Theodore Connolly, a Finance and Bankruptcy Attorney, to write a book that will help people handle their financial troubles. The Road Out of Debt seeks to assist those considering bankruptcy by demystifying the bankruptcy process and explaining what you can expect to gain (or lose) from it. With the insights of both a bankruptcy judge and a bankruptcy lawyer, you''ll be able to determine when it''s best to avoid bankruptcy, when you should seek bankruptcy protection, and, most importantly, how best to work through the bankruptcy process, if you so choose. With millions of Americans personally facing dire financial situations, job losses, home foreclosures, and other major financial challenges, no book could be more timely. An exceptional resourTable of ContentsAcknowledgments xi Preface xiii Introduction 1 Part I A Road Map to Debt Relief Chapter 1 Getting Started 13 Chapter 2 Negotiating Your Way Out of Debt 23 Chapter 3 Fighting Back 33 Chapter 4 Budgeting Your Way Out of Debt 47 Chapter 5 The Danger of Quick Fixes 65 Chapter 6 Debt Counselors: How to Tell the Bad from the Good 85 Part II Finding Your Way Using Nonbankruptcy Solutions Chapter 7 The Way Out of Credit Card, Medical, and Student Loan Debt 103 Chapter 8 Foreclosure Basics and Rescue Scams 123 Chapter 9 Sizing Up Your Mortgage Debt 139 Chapter 10 The Way Out of Mortgage Debt 153 Chapter 11 The Way Out of Auto Debt 167 Chapter 12 The Way Out of Tax Debt 185 Part III When to Take the Bankruptcy Route Chapter 13 Is Bankruptcy Right for You? 209 Chapter 14 21 Bankruptcy Myths 217 Chapter 15 Overview of Bankruptcy Types 229 Chapter 16 Understanding the Bankruptcy Process 237 Part IV Road Trips: Six Case Studies In Bankruptcy Chapter 17 Two Trips through Chapter 7 Bankruptcy 253 Chapter 18 Two Trips through Chapter 13 Bankruptcy 277 Chapter 19 A Trip through Chapter 11 Bankruptcy 301 Chapter 20 A Trip through Chapter 12 Bankruptcy 317 Conclusion: The Road Worth Taking 325 Appendix A Helpful Resources 327 Appendix B Bankruptcy FAQs 337 Notes 347 Glossary 349 About the Authors 369 Index 371

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Book SynopsisIndustry luminary Robert Pozen offers his insights on the future of U.S. finance The recent credit crisis and the resulting bailout program are unprecedented events in the financial industry. While it's important to understand what got us here, it's even more important to consider how we should get out.Trade Review“For the last two years I've been receiving requests -- email and otherwise -- for a readable, educating book on the financial crisis. And while various books on the crisis have had their merits, no one of them has fit that bill. Until now. Robert Pozen's Too Big to Save? How to Fix the U.S. Financial System is the single best source for figuring out what happened. It is the go-to book if you are a non-specialist and want to understand: how credit default swaps work, the significance of Basel II, mark-to-market, how the various Fed bailouts operated, the meaning of the toxic asset plans, and many other matters.” —Tyler Cowen/ September 2009, http://www.marginalrevolution.com "Should be required reading on Capitol Hill." —Kevin Hall, McClatchy Newspapers "Pozen’s book offers significantly more than a factual recitation of events leading up to and during the credit crisis. Beyond that, it offers a comprehensive framework for analysis and concrete proposals for appropriate regulatory responses. Broadly, Pozen’s aim is not – or not only – to tell the story of the crisis, but rather to analyze how the crisis can illuminate and inform the appropriate relationship between government and financial markets. Pozen describes specific regulatory innovations intended to keep pace with the speed and complexity of financial innovation. He offers, that is, the analysis sorely lacking in more journalistic accounts of the crisis. In that regard, his book is one of the few in the growing literature arising out of the crisis that should inform any serious discussion of new financial regulation." —Alisa Greenstein, The Hedge Fund Law Report, October 2009 "Pozen seems to be right (or at least in broad agreement with me) the overwhelming majority of the time. And as you can also see, he makes a lot of recommendations, on everything from accounting standards to insurance regulation. Tyler Cowen is quite right to give the book a rave review." —Felix Salmon, blogs.reuters.com/felix-salmon, November 2009 "This is a book for investors who want to understand the details of our financial landscape, and who also want to consider arguments on restricting mortgage-lending practices, whether financial derivatives and hedge funds should be regulated or the revival of loan securitization, among others." (SmartMoney, November 2009) “There has not been a more timely and important book written this decade. … In summary, Too Big to Save is comprehensive, rigorous, and descriptive as well as prescriptive. The US economy is too important a global player to be ignored, and Pozen’s analysis in ‘Too Big Too Save’ is too important to not be read. This book is truly a gem and a strongly recommended read.” —Sean Cameron, The Harvard Law School Forum on Corporate Governance and Financial Regulation ( http://blogs.law.harvard.edu/corpgov , November 2009 “The best finance book I've read so far this year (and I've read a slew of them) is Robert C. Pozen's Too Big to Save? How to Fix the U.S. Financial System. … I can't think of anybody who has covered such a range of issues so efficiently or so well.” (Brad DeLong, ( http://delong.typepad.com, November 2009 "TOO BIG TO SAVE? asks and answers the questions weighing on every American's mind...a highly readable and well-paced narrative...a valuable guide to a wide audience of readers, from American voters who felt disenfranchised by the events of September 2008 and are looking for an accessible resource to further inform their perspective, to professionals who seek a single source for an engaging account of the crisis and its implications for businesses today and tomorrow." —Elizabeth Leonard, Forbes.com, December 2009 "University economists are already teaching courses on the history of the financial crisis of 2008 and the policy responses that followed. Robert Pozen's new book could become required reading." —Ross Kerber, Reuters, December 2009 "To command the weary reviewer’s attention, any new book on the aberrations of the financial community has to have a clear focus and make a compelling case. In Too Big To Save? Robert Pozen, chairman of mutual fund group MFS Investment Management and a former vice-chairman of Fidelity Investments, pulls off the trick. … The story of excessive risk-taking and leverage is lucidly told and accessible to the layman, with good explanations of securitisation, toxic structured products and the global dimension of the crisis. The policy recommendations are thoughtful and mostly full of good sense." — John Plender, Financial Times, February 2010 "The first thing one can see from the book is how much of a genius Robert Pozen is. He has a clear grasp on many complex issues facing the US and world economy. Too Big to Save? is probably the best book about financial reform written so far." —Jacob Wolinksy, GuruFocus.com, February 2010 "... thorough, intelligent and straightforward ..." —Jim McTague, Barron's, March 2010 "While there are many books on the financial crisis, too many of them say too much about what went wrong and not enough about how to fix the problem. Bob Pozen's book Too Big to Save? (Wiley, 2009) breaks the mold. It not only analyzes the causes of the crisis with uncommon clarity, but also supplies a compelling road map for reform." —Stephen J. Hadley, Harvard Business Review, March 2010 "If you’re only going to read one book on the financial crisis, this should be the one." — Matthew Rees, The American, May 2010Table of ContentsForeword. Acknowledgments. The Financial Crisis: A Parable. Part I: The United States Housing Slump and the Global Financial Crisis. Chapter 1 The Rise and Fall of U.S. Housing Prices. Chapter 2 Fannie and Freddie. Chapter 3 Mortgage Securitization in the Private Sector. Chapter 4 Credit Default Swaps and Mathematical Models. Part II: Impact on Stock and Bond Markets. Chapter 5 Short Selling, Hedge Funds and Leverage. Chapter 6 Capital Requirements at Brokers and Banks. Chapter 7 Impact on Short-Term Lending. Chapter 8 Insuring Deposits and Money Market Funds. Part III: Evaluating the Bailout Act of 2008. Chapter 9 Why and How Treasury Recapitalized So Many Banks. Chapter 10 Increasing Lending Volumes and Removing Toxic Assets. Chapter 11 Limiting Executive Compensation and Improving Boards of Directors. Chapter 12 Were Accounting Rules an Important Factor Contributing to the Financial Crisis? Part IV: The Future of the American Financial System. Chapter 13 The International Implications of the Financial Crisis for the United States. Chapter 14 The New Structure of U.S. Financial Regulation. Notes. Glossary. About the Author. Index.

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Book Synopsis* An invaluable guide offering a broad overview of the different types of derivatives-futures, options, and swaps-while focusing on the principles that determine market prices.Table of ContentsIntroduction xxii Acknowledgments xxiv PART I Overview of Financial Derivatives 1 1 Derivative Instruments: Forwards, Futures, Options, Swaps, and Structured Products 3 G. D. Koppenhaver 2 The Derivatives Marketplace: Exchanges and the Over-the-Counter Market 21 Sharon Brown-Hruska 3 Speculation and Hedging 43 Greg Kuserk 4 The Social Functions of Financial Derivatives 57 Christopher L. Culp PART II Types of Financial Derivatives 73 5 Agricultural and Metallurgical Derivatives: Pricing 77 Joan C. Junkus 6 Agricultural and Metallurgical Derivatives: Speculation and Hedging 89 Joan C. Junkus 7 Equity Derivatives 103 Jeffrey H. Harris and L. Mick Swartz 8 Foreign Exchange Derivatives 115 Robert W. Kolb 9 Energy Derivatives 125 Craig Pirrong 10 Interest Rate Derivatives 135 Ian Lang 11 Exotic Options 143 Robert W. Kolb 12 Event Derivatives 157 Justin Wolfers and Eric Zitzewitz 13 Credit Default Swaps 177 Steven Todd 14 Structured Credit Products 199 Steven Todd 15 Executive Stock Options 211 Robert W. Kolb 16 Emerging Derivative Instruments 221 Steve Swidler PART III The Structure of Derivatives Markets and Institutions 231 17 The Development and Current State of Derivatives Markets 233 Michael A. Penick 18 Derivatives Markets Intermediaries: Brokers, Dealers, Pools, and Funds 249 James L. Carley 19 Clearing and Settlement 263 James T. Moser and David Reiffen 20 Counterparty Credit Risk 283 James Overdahl 21 The Regulation of U.S. Commodity Futures and Options 295 Walter L. Lukken 22 Accounting for Financial Derivatives 305 Ira G. Kawaller 23 Derivative Scandals and Disasters 313 John E. Marthinsen PART IV Pricing of Derivatives: Essential Concepts 333 24 No-Arbitrage Pricing 335 Robert A. Strong 25 The Pricing of Forward and Futures Contracts 351 David Dubofsky 26 The Black-Scholes Option Pricing Model 371 A. G. Malliaris 27 The Black-Scholes Legacy: Closed-Form Option PricingModels 387 António Câmara 28 The Pricing and Valuation of Swaps 405 Gerald Gay and Anand Venkateswaran PART V Advanced Pricing Techniques 423 29 Monte Carlo Techniques in Pricing and Using Derivatives 425 Cara M. Marshall 30 Valuing Derivatives Using Finite Difference Methods 441 Craig Pirrong 31 Stochastic Processes and Models 455 George Chalamandaris and A. G. Malliaris 32 Measuring and Hedging Option Price Sensitivities 477 R. Brian Balyeat PART VI Using Financial Derivatives 501 33 Option Strategies 503 Stewart Mayhew 34 The Use of Derivatives in Financial Engineering: Hedge Fund Applications 525 John F. Marshall and Cara M. Marshall 35 Hedge Funds and Financial Derivatives 541 Tom Nohel 36 Real Options and Applications in Corporate Finance 559 Betty Simkins and Kris Kemper 37 Using Derivatives to Manage Interest Rate Risk 575 Steven L. Byers Index 591

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Book SynopsisA definitive guide to the growing field of behavioral finance This reliable resource provides a comprehensive view of behavioral finance and its psychological foundations, as well as its applications to finance. Comprising contributed chapters written by distinguished authors from some of the most influential firms and universities in the world, Behavioral Finance provides a synthesis of the most essential elements of this discipline, including psychological concepts and behavioral biases, the behavioral aspects of asset pricing, asset allocation, and market prices, as well as investor behavior, corporate managerial behavior, and social influences. Uses a structured approach to put behavioral finance in perspective Relies on recent research findings to provide guidance through the maze of theories and concepts Discusses the impact of sub-optimal financial decisions on the efficiency of capital markets, personal wealth, and the performancTable of ContentsPART I. FOUNDATION AND KEY CONCEPTS. Chapter 1. Behavioral Finance: An Overview (Kent H. Baker, John R. Nofsinger). Chapter 2. Traditional versus Behavioral Finance (Robert J. Bloomfield). Chapter 3. Behavioral Finance: Application and Pedagogy in Business Education and Training (Rassoul Yazdipour, James A. Howard). Chapter 4. Heuristics (Rules of Thumb) (Hugh Schwartz ). Chapter 5. Neuroeconomics and Neurofinance (Richard L. Peterson). Chapter 6. Emotional Finance (Richard J. Taffler, David A. Tuckett). Chapter 7. Experimental Finance (Robert J. Bloomfield, Alyssa Anderson). Chapter 8. The Psychology of Risk and Uncertainty (Victor Ricciardi). Chapter 9. Psychological Influences on Financial Regulation and Policy (David Hirshleifer, Siew Hong Teoh). PART II. PSYCHOLOGICAL CONCEPTS AND BEHAVIORAL BIASES. Chapter 10. Disposition Effect (Markku Kaustia). Chapter 11. Prospect Theory and Behavioral Biases (Morris Altman). Chapter 12. Cumulative Prospect Theory (Haim Levy). Chapter 13. Overconfidence (Markus Glaser, Martin Weber). Chapter 14. The Representativeness Bias (Richard J. Taffler). Chapter 15. Familiarity Bias (Hisham S. Foad). Chapter 16. Limited Attention (Siew Hong Teoh and Sonya S. Lim). Chapter 17. Other Behavioral Biases (Michael Dowling, Brian M. Lucey). PART III. BEHAVIORAL ASPECTS OF ASSET PRICING. Chapter 18. Market Inefficiency (Raghavendra Rau). Chapter 19. Preference and Belief Based Models (Adam Szyszka). PART IV. BEHAVIORAL CORPORATE FINANCE. Chapter 20. Enterprise Decision Making as Explained in Interview-Based Studies (Hugh Schwartz). Chapter 21. Financing Decisions (Dirk Hackbarth). Chapter 22. Capital Budgeting and Other Investing Decisions (Simon Gervais). Chapter 23. Dividend Policy Decisions (Itzhak (Zahi) Ben-David). Chapter 24. Loyalty, Agency Conflicts and Corporate Governance (Randall K. Morck). Chapter 25. Initial Public Offerings (François Derrien). Chapter 26. Mergers and Acquisitions (Ming Dong). PART V. INVESTOR BEHAVIOR. Chapter 27. Trust Behavior: The Essential Foundation of Financial Markets (Lynn A. Stout). Chapter 28. Individual Investor Trading (Ning Zhu). Chapter 29. Individual Investor Portfolios (Valery Polkovnichenko). Chapter 30. Cognitive Abilities and Financing Decisions (George M Korniotis, Alok Kumar). Chapter 31. Pension Participant Behavior (Julie R. Agnew). Chapter 32. Institutional Investors (Tarun Ramadorai). Chapter 33. Derivative Markets (Peter Locke). PART VI. SOCIAL INFLUENCES. Chapter 34. The Role of Culture and Finance (Rohan Williamson). Chapter 35. Social Interactions and Investing (Mark Seasholes). Chapter 36. Mood (Tyler Shumway). Part VII. Answers to Chapter Discussion Questions. Index.

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Book SynopsisA comprehensive look at the private equity arena With private equity differing from other asset classes, it requires a whole new approach for those trained in more traditional investments such as stocks and bonds. But with the right guidance, you can gain a firm understanding of everything private equity has to offer. This reliable resource provides a comprehensive view of private equity by describing the current state of research and best practices in this arena. Issues addressed include the structure of private equity funds and fundraising, the financial and real returns of private equity, and the structure of private equity investments with investees, to name a few. Discusses the role of private equity in today''s financial environment Provides international perspectives on private equity Details the regulation of private equity markets Filled with in-depth insights and expert advice, this book will provide you with a betTable of Contents1 Introduction to Private Equity. Introduction. Notes. References. About the Editor. PART I The Structure of Private Equity Funds and Fund-Raising. 2 Institutional Investment in Private Equity:Motivations, Strategies, and Performance. Introduction. Institutional Investment: Motivations and Behavior. Structure and Strategies. Performance. 3 IPOs and Other Nontraditional Fund-Raising Methods of Private Equity Firms. Introduction. Recent Trends in the Private Equity Industry. Traditional Fund-Raising Methods. Nontraditional Fund-Raising Methods. Private Equity IPOs: Performance and Implications for the Future. Sovereign Wealth Funds Complementing and Substituting for Private Equity Investments. 4 Listed Private Equity. Introduction. Listed Private Equity: Definitions and Categorization. Terms and Definitions. Further Empirical Insights on Listed Private Equity. Investments. 5 The Syndication of Private Equity. Introduction. Motives for Syndication. Partner Selection. Structuring and Managing the Syndicate. Syndication and Performance. The Future of Syndication Research. 6 The Structure of Venture Capital and Private Equity Fund Portfolios. Why the Structure of Venture Capitalists' Portfolios Matters. Optimal Effort Levels. Optimal Portfolio Size and Profit-Sharing Rule. Empirical Tests. 7 The Rise of the PIPEMarket. Introduction. What Is a PIPE? Contract Terms in PIPE Offerings. Firms Issuing PIPEs. Investors in the PIPE Market. The Role of Placement Agents. Issues in the PIPE Market and SEC Regulations. The PIPE Market Down the Road. 8 Private Placements by Small Public Entities: Canadian Experience. Introduction. The Canadian Context. Private Placements and the Issuers. Returns Surrounding Private Placements. Discounts. 9 Hedge Funds' Activism: A New Trend of Convergence toward Private Equity in Public Firms? Introduction. Hedge Funds and Private Equity: Market Data and Trends toward Convergence. Hedge Funds’ Approach to Activism. Features of Targeted Companies. How Hedge Funds Engage a Fight against Incumbent Management. Clinical Study of Carl Icahn versus Time Warner, Inc. PART III Financial and Real Returns to Private Equity. 10 Projection of Private Equity Fund Performance: A Simulation Approach. Introduction. Related Literature. A Simulation Approach for Venture Capital Performance Projection and Risk Management. Simulation Results for Two Fictitious Venture Capital Funds. 11 Value Creation in Middle-Market Buyouts: A Transaction-Level Analysis. Introduction. Background, Context, and Prior Literature. Regression Results. 12 Risk and Return of Private Equity: An Overview of Data, Methods, and Results. Introduction. The Data. Results. Additional Discussion. 13 Private Equity Fund Selection: How to Find True Top-Quartile Performers. Introduction. Hypothesis Development. The Research Approach. Measurement and Operationalization. Which Factors Correlate with Future Performance? Random Choice versus the Crystal Ball: An Approach to Measuring PE Fund Selection Efficiency. The Peracs Private Equity Selection Efficiency Measure. The Selection Efficiency of Performance-Based Fund Selection Rules. Shortcomings of the Traditional Benchmarking Approach. Using and Interpreting the Right Public Market Benchmarks. Advanced Private Equity Benchmarking Based on Deal-Level Benchmarks. Quantitative Due Diligence Case Study: Advanced Private Equity Benchmarking. The Fund Selection Efficiency of Advanced Private Equity Benchmarking Techniques. 14 Real Effects of Private Equity: Empirical Evidence and a Research Agenda. Introduction. Evidence of the Real Effects of Private Equity. Research Agenda. 15 Employment,Wage, and Productivity Effects of Private Equity Transactions. The Universe of Private Equity Transactions. Task of the Chapter. Employment and Productivity Identities. Employment, Wage, and Productivity Effects. PART IV International Perspectives on Private Equity and Regulation. 16 Valuation and (Financial) Disclosure in the Private Equity Industry: Institutional Set-Up, Incentives, and Empirical Analysis. Introduction. Institutional Setup. Main Problems and Conflicts of Interest. Incentives for Voluntary Disclosure versus Mandatory Disclosure. Disclosure and Reporting Patterns of Venture-Backed Portfolio Firms. 17 Private Equity Regulation: A Comparative Analysis. Introduction. The Growth of Private Equity. Dealing with Agency Problems: Contractual Arrangements. Regulation of Private Equity Funds. 18 International Private Equity Flows. Introduction. A Brief Overview of International Fund-Raising. International Investments of Private Equity Funds in Western Europe, North America, and Australia. Private Equity in Emerging Markets. Conclusion and Avenues for Research. 19 Private Equity in Emerging Markets. Introduction. International Comparison. What Determines Emerging Market PE Activity? Survey among Institutional Investors on the Importance of Emerging Markets’ Allocation Criteria. 20 Private Equity in Europe. Introduction. History. The Structure of Private Equity Funds. Private Equity Investment. Internationalization of Private Equity. Private Equity Performance. 21 Private Equity and Leveraged Buyouts in Italy: To Prohibit or Not to Prohibit, That Is the Question. Introduction. The Buyout Market and Its Puzzling Trend. The LBO Scheme and Related Criticisms. The LBO Legal Environment: Past, Present, and Future Trends. The Economic Impact of the 2004 Reform. 22 Venture Capital and Private Equity in Germany. Introduction. The Development of the German Venture Capital Industry. Going Public as an Exit Route for Venture Capital and the Performance of Venture-Backed IPOs in Germany. 23 Private Equity in Denmark: Capital Structure and Taxes. Introduction. Consequences for Capital Structure of Portfolio Companies. Implications for Tax Payments. 24 Venture Capital and Private Equity in Canada: Phasing Out an Inefficient Tax Credit. Introduction. Description of 2008 YORKbiotech Survey Data. Multivariate Regression Evidence. Index.

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Book SynopsisAn honest depiction of the challenges of trading and a clear explanation of what it takes to succeed Trading tends to be a winner-take-all activity where a small number of traders are very successful, while the majority either lose money or generate relatively small profits. In The Mental Strategies of Top Traders, author Ari Kiev identifies and analyzes the characteristics of successful traders and shows you how to cultivate these same characteristics. Successful trading, Kiev asserts, requires an unusual and sometimes contradictory blend of intellectual and psychological abilities, including the willingness to take risks, but in a very controlled manner; the discipline to develop high-conviction trading ideas in the face of unpredictable markets and incomplete information; as well as a strong drive to win, but also accept failure. Here, you''ll discover how to achieve all this, and much more. Provides advice and solutions for traders struggling wiTable of ContentsAcknowledgments xi Introduction 1 CHAPTER 1 Intellect, Instinct, and Guts: Understanding the Psychological Profile 7 A History of Success 14 The Ability to Take Risk 15 Creativity and Originality 16 Self-Awareness, Self-Control, and Resilience 17 Teaching Traders Self-Assessment and Self-Control 18 Teamwork and Leadership 19 Putting It All Together 21 Case Study on Finding the Right Candidate 21 Job Requirements 21 Potential Candidates 22 The Bottom Line 25 The Perfect Candidate? 26 Chapter in Review 27 CHAPTER 2 Planning for Action: The Importance of Goal-Directedness 29 Making a Plan 30 Case Study on Setting a Goal 31 Case Study on Having a Variant Perception 35 Personality Factors and Goal-Setting 42 Recognizing Goal-Directed Individuals 44 Case Study on Recognizing Goal-Directedness 47 Fred’s Strengths: The Three Cs 47 Fred’s Weaknesses: The Three Is 48 Goal-Directedness in Turbulent Times 50 Own Your Stuff 51 Review the Game Films 51 Switch Gears? 52 Be Realistic 52 Stay True to Your Strengths 52 Maintain Focus 53 Chapter in Review 54 CHAPTER 3 ‘‘Fire in the Belly’’: The Ability to Take Appropriate Risk 57 A Picture of Successful Risk Management 57 Trading Philosophy 59 Handling Drawdowns 59 Head versus Heart 60 Reviewing Risk Statistics 60 Examining Personality Factors 63 Learning to Upgrade Your Performance 71 Chapter in Review 77 CHAPTER 4 Thinking Outside the Box: The Importance of Ingenuity 79 Case Study on the Satisfaction of Creative Thinking 80 The Strategic Thinker 81 Case Study on Learning to Be Creative 82 Idea Construction 88 Developing a Variant Perception 88 Case Study on Creative Thinking 89 Idea Evaluation Checklist 92 Defining Expectational Analysis 94 Case Study on Knowing the Business 95 Case Study on Expectational Analysis 100 Raising Your Conviction 103 Idea Velocity 105 Idea Timing 105 Idea Completion 106 The Psychological Dimension 109 Case Study on Communicating Effectively 111 Chapter in Review 114 CHAPTER 5 Separating Emotions and Decisions: The Ability to Be Self-Aware 117 Case Study on the Emotion of Drawdowns 118 The Source of Fear 121 Case Study on Trading Stress 123 Self-Esteem and Self-Discipline 125 Learning from Drawdowns 128 Case Study on Self-Assessing During Drawdowns 129 Getting Comfortable with the Uncomfortable 131 Case Study on Being Comfortable with Discomfort 132 Teaching Traders Self-Assessment and Self-Control 136 Managing Stress Well 136 Chapter in Review 140 CHAPTER 6 Nurturing Team Players: Listening, Learning, and Working Together 143 Characteristics of a Team Player 144 Responsible 144 Positive and Encouraging 145 Competitive 148 Coachable 149 Finding Complements to Your Team 151 Case Study on a Comparison of Traders 153 The Importance of Communication 155 Chapter in Review 159 CHAPTER 7 Leadership: Directing Success 161 Empowering a Culture of Change 162 Case Study on Creating a Culture of Change 162 Encouraging Responsibility 171 Case Study on the Challenges of Responsibility 173 Exploring Potential Leaders 176 Case Studies on Finding Potential Leaders 177 Endeavoring for Success 183 Case Study on a Failure to Lead 184 Chapter in Review 189 Index 191

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Book SynopsisEquips auditors to break new ground in the development of professional practices and remain at the cutting edge of risk management, control and governance processes. This book builds on the results of many years of research carried out into internal auditing practices and how they are developing.Trade Review"Sixtenn chapters that provide an excellent reference guide for internal auditors" (LRP, April 2009)Table of ContentsList of Figures And Training Slides. List of Cutting Edge Case Studies Which Appear On The CD ROM. About the Author. Preface. Foreword. Acknowledgements. 1. Introduction. 2. Cutting Edge Internal Auditing Looks Into the Future. 3. Cutting Edge Internal Auditing Is World-Class. 4. Cutting Edge Internal Auditing Wears Many Hats. 5. Cutting Edge Internal Auditing Knows How to Govern. 6. Cutting Edge Internal Auditing Fights Crime. 7. Cutting Edge Internal Auditing Assist The Board. 8. Cutting Edge Internal Auditing Is Committed to Quality. 9. Cutting Edge Internal Auditing Continuously Benchmarks. 10. Cutting Edge Internal Auditing Continuously Improves. 11. Cutting Edge Internal Auditing Is creative. 12. Cutting Edge Internal Auditing Asks The Right Questions. 13. Cutting Edge Internal Auditing Contributes to Good Reputations. 14. Cutting Edge Internal Auditing Promotes Itself. 15. Cutting Edge Internal Auditing Mangers Knowledge Well. 16. The Future of Internal Auditing Is Yours. Appendix A. Leading Edge Internal Auditing - Principia 1998. Appendix B. Cutting Edge Internal Auditing Principia 2008. Appendix C. Answers to Self-Assessment Questions. Bibliography. Chronology of Author's Articles and Research. Index.

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Book SynopsisThe book analyzes, compares, and contrasts tools and techniques used in risk management at corporate, strategic business and project level and develops a risk management mechanism for the sequencing of risk assessment through corporate, strategic and project stages of an investment in order to meet the requirements of the 1999 Turnbull report.Table of Contents1 Introduction. 1.1 Introduction. 1.2 Why Managing Risk is Important. 1.3 General Definition of Risk Management. 1.4 Background and Structure. 1.5 Aim. 1.6 Scope of the Book. 2 The Concept of Risk and Uncertainty and the Sources and Types of Risk. 2.1 Introduction. 2.2 Background. 2.3 Risk and Uncertainty: Basic Concepts and General Principles. 2.4 The Origin of Risks. 2.5 Uncertainties. 2.6 Sources of Risk. 2.7 Typical Risks. 2.8 Perceptions of Risk. 2.9 Stakeholders in an Investment. 2.10 Summary. 3 The Evolution of Risk Management and the Risk Management Process. 3.1 Introduction. 3.2 The Evolution of Risk Management. 3.3 Risk Management. 3.4 The Risk Management Process – Identification, Analysis and Response. 3.5 Embedding Risk Management into Your Organisation. 3.6 Risk Management Plan. 3.7 Executive Responsibility and Risk. 3.8 Summary. 4 Risk Management Tools and Techniques. 4.1 Introduction. 4.2 Definitions. 4.3 Risk Analysis Techniques. 4.4 Qualitative Techniques in Risk Management. 4.5 Quantitative Techniques in Risk Management. 4.6 Quantitative and Qualitative Risk Assessments. 4.7 Value Management. 4.8 Other Risk Management Techniques. 4.9 Country Risk Analysis. 4.10 Summary. 5 Financing Projects, their Risks and Risk Modelling. 5.1 Introduction. 5.2 Corporate Finance. 5.3 Project Finance. 5.4 Financial Instruments. 5.5 Debt 116 5.6 Mezzanine Finance Instruments. 5.7 Equity. 5.8 Financial Risks. 5.9 Non-Financial Risks Affecting Project Finance. 5.10 Managing Financial Risks. 5.11 Risk Modelling. 5.12 Types of Risk Software. 5.13 Summary. 6 Portfolio Analysis and Cash Flows. 6.1 Introduction. 6.2 Selecting a Portfolio Strategy. 6.3 Constructing the Portfolio. 6.4 Portfolio of Cash Flows. 6.5 The Boston Matrix. 6.6 Scenario Analysis. 6.7 Diversification. 6.8 Portfolio Risk Management. 6.9 Cross-Collateralisation. 6.10 Cash Flows. 6.11 An Example of Portfolio Modelling. 6.12 Summary. 7 Risk Management at Corporate Level. 7.1 Introduction. 7.2 Definitions. 7.3 The History of the Corporation. 7.4 Corporate Structure. 7.5 Corporate Management. 7.6 Corporate Functions. 7.7 Corporate Strategy. 7.8 Recognising Risks. 7.9 Specific Risks at Corporate Level. 7.10 The Chief Risk Officer. 7.11 How Risks are Assessed at Corporate Level. 7.12 Corporate Risk Strategy. 7.13 Corporate Risk: An Overview. 7.14 The Future of Corporate Risk. 7.15 Summary. 8 Risk Management at Strategic Business Level. 8.1 Introduction. 8.2 Definitions. 8.3 Business Formation. 8.4 Strategic Business Units. 8.5 Business Strategy. 8.6 Strategic Planning. 8.7 Recognising Risks. 8.8 Portfolio Theory. 8.9 Programme Management. 8.10 Business Risk Strategy. 8.11 Tools at Strategic Business Unit Level. 8.12 Strategic Business Risk: An Overview. 8.13 Summary. 9 Risk Management at Project Level. 9.1 Introduction. 9.2 The History of Project Management. 9.3 Definitions. 9.4 Project Management Functions. 9.5 Project Strategy Analysis. 9.6 Why Project Risk Management is Used. 9.7 Recognising Risks. 9.8 Project Risk Strategy. 9.9 The Future of Project Risk Management. 9.10 Summary. 10 Risk Management at Corporate, Strategic Business and Project Levels. 10.1 Introduction. 10.2 Risk Management. 10.3 The Risk Management Process 10.4 Common Approaches to Risk Management by Organisations. 10.5 Model for Risk Management at Corporate, Strategic Business and Project Levels. 10.6 Summary. 11 Risk Management and Corporate Governance. 11.1 Introduction. 11.2 Corporate Governance. 11.3 Corporate Governance Approach in France. 11.4 Corporate Governance Approach by the European Commission. 11.5 Corporate Governance and Internal Control. 11.6 Summary. 12 Risk Management and Basel II. 12.1 Introduction. 12.2 Risk Rating System (RRS). 12.3 Borrower Risk Rating System and Probability of Default. 12.4 Risk Rating and Provisioning. 12.5 Risk Rating and Pricing. 12.6 Methodology of RRS and Risk Pricing. 12.7 Grid Analysis or Standardising the Risk Analysis. 12.8 Regulation in Operational Risk Management. 12.9 Summary. 13 Quality Related Risks. 13.1 Introduction. 13.2 Defining Quality Risks. 13.3 Standardisation – ISO 9000 Series. 13.4 Quality Risks in Manufacturing Products. 13.5 Quality Risks in Services. 13.6 Quality Control and Approaches to Minimise Product Quality Risks. 13.7 Summary. 14 CASE STUDY 1: Risks in Projects in the Pharmaceutical Industry. 14.1 Introduction. 14.2 The Pharmaceutical Industry. 14.3 Filing with the Regulatory Authority. 14.4 Identification and Response to Risks Encountered in DDPs. 14.5 Summary. 15 CASESTUDY2: Risk Modelling of Supply and Off-take Contracts in a Petroleum Refinery Procured through Project Finance. 15.1 Introduction. 15.2 Financing a Refinery Project. 15.3 Bundling Crude Oil Contracts. 15.4 Assessing a Case Study. 15.5 Bundle Solutions After Risk Management. 15.6 Summary. 16 CASE STUDY 3: Development of Risk Registers at Corporate, Strategic Business Unit and Project levels and a Risk Statement. 16.1 Introduction. 16.2 Levels of Risk Assessment. 16.3 Amalgamation and Analysis of Risks Identified. 16.4 The Project: Baggage Handling Facility. 16.5 Risk Statement. 16.6 Summary. 17 CASE STUDY 4: Development of a Typical Risk Statement to Shareholders. 17.1 Introduction. 17.2 UUU Overview and Risk Register. 17.3 Corporate Risk Register. 17.4 Strategic Business Units Risk Register. 17.5 Project Level Risk Register. 17.6 Risk Statement to Shareholders. 17.7 Summary. References. Index.

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Book SynopsisAt a time when the world is grappling with rising food and energy prices and climate change, Living in a Material World provides an insight into some of the contributing factors behind these challenges. The emergence of new consumers in China, India, Russia and the Middle East has added formidable competition to the natural resources that have been taken for granted in the developed world. Everything we consume involves the use of metals, fossil fuels or agriculture. Our high tech ''lifestyles'' depend on the secure supply of these raw materials which we take from planet earth and use to make our lives more comfortable, more productive or more manageable. The effect of this increasing global demand for commodities has pushed up prices of materials from oil and copper to corn and wheat; forcing consumers to pay more for the many ''necessities'' of life, from a loaf of bread to electricity bills. Since the commodity boom has unfolded, commodities have gone from the back page oTrade Review"…a book about what is going on in the commodities space at the moment" (CNBC Europe Squawk Box, Thursday 3 July 2008) "…examines the link between the price of raw materials and what’s happening on the high street." (Sky TV News & Sky Radio News, Tuesday 8 July 2008) "…timely…heavily researched…" (City A.M., Thursday 10 July 2008)Table of ContentsIntroduction. 1. Energy. 2. Agriculture. 3. Climate. 4. Metals. 5. Traders. References. Index.

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Book SynopsisFisher Investments on Consumer Discretionary provides the average investor with the tools necessary to understand and analyze investment opportunities within the global Consumer Discretionary sector.Table of ContentsForeword ix Preface xi Acknowledgments xv Part I Getting Started in Consumer Discretionary 1 Chapter 1 Consumer Discretionary Basics 3 Consumer Discretionary 101 4 Getting to Know the Consumer Discretionary Sector 13 Chapter 2 The History of the Consumer Discretionary Sector 19 The Earliest American Consumers 20 The Birth of the Modern Consumer Discretionary Sector 23 Chapter 3 Consumer Discretionary Sector Drivers 35 Economic Drivers 36 Political Drivers 49 Sentiment Drivers 54 Part II Next Steps: Consumer Discretionary Details 57 Chapter 4 Consumer Discretionary Sector Landscape 59 Global Industry Classification Standard (GICS) 60 Global Consumer Discretionary Benchmarks 61 Automobiles & Components Industry Group 66 Retailing Industry Group 72 Media Industry Group 76 Consumer Durables & Apparel Industry Group 81 Consumer Services Industry Group 86 Chapter 5 Challenges in the Consumer Discretionary Sector 91 Challenge 1: Growing Profits in Mature Markets 91 Challenge 2: Managing Volatile Demand 101 Case Study: Callaway Golf 106 Chapter 6 Household Debt—Myths and Opportunities 111 Household Debt in Developed Markets—Basically a Very Useful Tool 112 Tremendous Opportunities in Emerging Markets 117 Case Study: Brazil’s Credit-Driven Consumption Boom 118 Part III Thinking Like a Portfolio Manager 127 Chapter 7 The Top-Down Method 129 Investing Is a Science 130 Einstein’s Brain and the Stock Market 131 The Top-Down Method 132 Top Down Deconstructed 138 Managing Against a Consumer Discretionary Benchmark 145 Chapter 8 Security Analysis 151 Make Your Selection 152 A Five-Step Process 153 Important Questions to Ask 161 Chapter 9 Consumer Discretionary Investment Strategies 167 Strategy 1: Adding Value at the Industry and Sub-Industry Level 168 Strategy 2: Adding Value at the Security Level 174 Strategy 3: Adding Value in a Consumer Discretionary Sector Downturn 174 How to Implement Your Strategy 176 Notes 179 About the Authors 183 Index 185

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Book SynopsisTimes have changed, and investors need to change with them. Health Care is an ever-changing market. Though investors are often weary of health care investing, with big risk can come even bigger rewards. Fisher Investments on Health Care gives readers the tools to better understand the market.Table of ContentsForeword ix Preface xiii Acknowledgments xvii Part I Getting Started in Health Care 1 Chapter 1 Health Care Basics 3 Health Care Basics 5 Health Care Characteristics 7 Chapter 2 The US Health Care System 19 Why Does It Cost So Much? 20 Private Versus Public 25 The Regulatory System 30 US Health Care Reform 33 Chapter 3 Brief Overview of Health Care Systems by Major Countries 37 Japan 38 Germany 42 France 45 United Kingdom 48 China 52 Chapter 4 Health Care Sector Drivers 57 Defensive Nature of Health Care 58 Innovation and Patent Expirations 61 Political/Regulatory Developments 63 Part II Next Steps: Health Care Details 67 Chapter 5 Health Care Sector Breakdown 69 Global Industry Classification Standard 70 Global Health Care Benchmarks 71 Pharmaceuticals, Biotechnology & Life Sciences 74 Health Care Equipment & Services Industry Group 90 Health Care Providers & Services 97 Health Care Facilities 98 Health Care Services 99 Managed Health Care 102 Health Care Technology 106 Chapter 6 Challenges in the Health Care Sector 111 Slowing Growth in Mature Markets 112 Legislation and Regulation 115 Responding to Challenges 119 Part III Thinking Like a Portfolio Manager 127 Chapter 7 The Top-Down Method 129 Investing Is a Science 129 The Top-Down Method 132 Top-Down Deconstructed 138 Managing Against a Health Care Benchmark 145 Chapter 8 Security Analysis 151 Make Your Selection 152 A Five-Step Process 153 Important Questions to Ask 161 Chapter 9 Make Your Portfolio “Healthy” 169 Strategy 1: Adding Value at the Industry and Sub-Industry Level 170 Strategy 2: Adding Value at the Security Level 176 Strategy 3: Adding Value in a Health Care Sector Downturn 176 How to Implement Your Strategy 177 Appendix Reference Material 181 Notes 187 About the Authors 193 Index 195

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Book SynopsisThe Fisher Investments On series is designed to provide individual investors, students, and aspiring investment professionals the tools necessary to understand and analyze investment opportunities-primarily for investing in global stocks.Table of ContentsForeword ix Preface xi Acknowledgments xv Part I Introduction 1 Chapter 1 Financials Basics 3 Financials 101 4 Financials Sector Breakdown 23 Part II Industry Group Details 31 Chapter 2 Banks 33 Banks 101 34 Types of Banks 45 Banks Industry Group Characteristics 48 Bank Regulation 53 Chapter 3 Diversified Financials 63 Capital Markets 64 Consumer Finance 76 Diversified Financial Services 80 Chapter 4 Insurance Industry Group 83 Characteristics of Insurers 84 How Do Insurance Companies Make Money? 89 How Do Insurance Companies Act? 94 Regulation 98 Chapter 5 Real Estate Industry Group 103 What Is a REIT? 105 REIT Characteristics 108 A Representative Example: Annaly Capital Management 112 Equity REIT Sub-Industries 115 Unique Measurements for REITs 118 Part III Thinking Like a Portfolio Manager 121 Chapter 6 The Top-Down Method 123 Investing Is a Science 123 The Top-Down Method 126 Top-Down Deconstructed 131 Managing Against a Financials Benchmark 139 Chapter 7 Security Analysis 143 Make Your Selection 144 A Five-Step Process 145 Financials Analysis 153 Chapter 8 Financials Investing Strategies 159 Adding Value at the Sector Level 160 Adding Value at the Country or Industry Level 161 Adding Value at the Security Level 162 Appendix A: Reference Material 165 Appendix B: Derivatives 171 Appendix C: Risk-Adjusted Balance Sheet 175 Notes 179 About the Author 185 Index 187

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Book SynopsisThe Fisher Investments On series is designed to provide individual investors, students, and aspiring investment professionals the tools necessary to understand and analyze investment opportunities primarily for investing in global stocks.Table of ContentsForeword ix Preface xiii Acknowledgments xvii Part I Getting Started in Telecom 1 Chapter 1 Telecom Basics 3 Telecom 101 4 A Defensive Sector 5 Inelastic Demand 11 A Capital Intensive Sector 12 Regulation 14 Chapter 2 A Brief History of the Telecom Industry 19 The Early Years 19 Recent History 24 Chapter 3 Telecom Sector Composition 31 Global Industry Classification Standard (GICS) 31 Global Telecom Benchmarks 32 Industry Breakdown 38 Same, Same, but Different 41 Part II Next Steps: Telecom Details 43 Chapter 4 Telecom Sector Drivers 45 Economic Drivers 46 Political Drivers 51 Sentiment Drivers 56 Chapter 5 Consumer Demand 61 Emerging Markets 61 Developed Markets 66 Chapter 6 Challenges and Opportunities 71 Wireline 72 Wireless 78 Advertising & Publishing 82 Part III Thinking Like a Portfolio Manager 85 Chapter 7 The Top-Down Method 87 Investing Is a Science 87 Einstein’s Brain and the Stock Market 89 The Top-Down Method 90 Top-Down Deconstructed 96 Managing Against a Telecommunications Benchmark 103 Chapter 8 Security Analysis 107 Make Your Selection 108 A Five-Step Process 109 Telecom Analysis 117 Chapter 9 Telecom Investing Strategies 123 Strategy 1: Adding Value at the Sector Level 124 Strategy 2: Adding Value at the Country or Industry Level 125 Strategy 3: Adding Value at the Security Level 126 Appendix: Additional Resources 129 Notes 137 Glossary 141 About the Authors 151 Index 153

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Book SynopsisForeign Corrupt Practices Act Compliance Guidebook shows readers how the Foreign Corrupt Practices Act (FCPA) has grown to critical importance to any U.S. company that does business in a global environment, as well as foreign companies that supply or have agency agreements with U.S. companies. It provides an overview of the business risks and guidance on spotting potential red flags regarding FCPA violation. Business professionals are provided with practical guidance on managing FCPA requirements as part of an overall compliance program.Table of ContentsForeword xix Preface xxi Acknowledgments xxv 1 BRIBERY, CORRUPTION, AND THE FOREIGN CORRUPT PRACTICES ACT 1 Global Crackdown 3 Devastating Cost of Corruption 4 Government’s Commitment to FCPA Enforcement 6 FBI’s Laser Focus on Anti-Corruption 7 Watergate and the Birth of the FCPA 8 Securities and Exchange Commission Enters the Fight 9 Senate Investigations 10 Kissinger’s Resistance 11 Lockheed’s Defiance 12 Questionable Corporate Payments Task Force 13 FCPA Enactment 14 Compliance Insight 1.1: First FCPA Prosecution 15 Criticism of the FCPA 17 A Culture of Compliance 18 2 OVERVIEW OF THE FOREIGN CORRUPT PRACTICES ACT 23 FCPA Provisions 23 Leveling the Playing Field 25 Antibribery Provisions 25 Jurisdiction 29 Facilitating Payments 29 Affirmative Defenses 30 FCPA Elements Summary 30 Compliance Insight 2.1: Metcalf and Eddy Civil FCPA Settlement 31 Books, Records, and Internal Controls Provision 34 Books and Records Elements Summary 35 Sarbanes-Oxley and the FCPA 35 Opinion Procedure 36 Penalties 37 Third-Party and Successor Liability 39 Compliance Insight 2.2: Self-Disclosure Follows M&A Activity 40 Why Corruption Matters 41 Compliance Insight 2.3: Afghanistan: A Case Study in Corruption 42 Increased Enforcement 45 3 GOVERNMENT GUIDANCE AND SIGNIFICANT CASES 49 Filip Memorandum 50 FCPA Compliance Programs: Case Law Guidance 52 A Lesson in Overseas Compliance 53 Compliance Insight 3.1: Rogue Employee Does the Crime, Company Does the Time 54 Cold Cash: U.S. v. Jefferson 56 Voluntary Disclosure 58 Evaluating the Seaboard Criteria in Mitigating Enforcement Actions 58 Compliance Insight 3.2: Appointment of Corporate Monitor Results in Charges of Cronyism 62 Selecting a Monitor: The Morford Memo Standards 63 Thought Leader in Corporate Compliance: George Stamboulidis 65 Government Procurement Fraud and the FCPA 68 Federal Acquisition Regulations Disclosure Requirements and the FCPA 68 Business Ethics Awareness and Compliance Program 70 4 GLOBAL ANTI-CORRUPTION EFFORTS 75 Globalization of Law Enforcement Cooperation 76 International Antibribery Efforts 77 OECD Convention on Combating Bribery 77 Inter-American Convention Against Corruption 79 European Union Convention on the Fight Against Corruption 81 African Union Convention on Preventing and Combating Corruption 81 Council of Europe Criminal Law Convention on Corruption 82 United Nations Convention Against Corruption 84 United Nations Global Compact 86 Canada’s Corruption of Foreign Public Officials Act 86 Compliance Insight 4.1: INTERPOL Fights Corruption 87 International Anti-Corruption Organizations 89 Transparency International 89 Corruption Perceptions Index 89 Compliance Insight 4.2: 2009 Corruption Perceptions Index: Top 20 Countries 90 Compliance Insight 4.3: 2009 Corruption Perceptions Index: Bottom 20 Countries 91 Other Transparency International Resources 91 Compliance Insight 4.4: Foreign Bribery Enforcement in OECD Convention Countries 92 Compliance Insight 4.5: Foreign Bribery Cases and Investigations 93 Compliance Insight 4.6: Status of Foreign Bribery Cases 94 World Bank 95 International Monetary Fund 97 Asian Development Bank 97 World Trade Organization 98 Partnering Against Corruption Initiative 99 Thought Leader in Corporate Compliance: Alan Boeckmann 100 Global Anti-Corruption Enforcement Trends 102 The Good Fight Against Corruption 103 5 SIEMENS: A NEW COMMITMENT TO A CULTURE OF COMPLIANCE 107 Company Overview and History 108 The Road to Corruption 108 Munich Public Prosecutor’s Office Investigation 110 Self-Disclosure and Subsequent Internal Investigation 111 Legal and Fair Internal Investigation 112 Project Office Compliance Investigation 113 Amnesty and Leniency Programs 113 Cooperation with Law Enforcement 114 Compliance Comeback 114 Criminal Charges, Plea Agreements, and Fines 115 Compliance Insight 5.1: Key Elements of Siemens’ Compliance Program: Prevent–Detect–Respond 116 New Corporate Compliance Program 119 Corporate Compliance Monitor 121 Siemens’ Remedial Efforts 122 Replacement of Top Management 122 Comparison of Old and New Compliance Programs 123 Clear Reporting Lines 124 Training and Communication 125 Anti-Corruption Training Program 125 Anti-Corruption Handbook 126 Ombudsman Program 126 Strengthened Internal Audit Function 126 Enhancing Internal Controls 127 Enhanced Policies and Procedures 128 Compliance Insight 5.2: Enhancement of Policies and Procedures 128 Compliance Helpdesk 129 Anti-Corruption Toolkit 129 Compliance Insight 5.3: Siemens’ Anti-Corruption Toolkit Focus Areas 130 Business Partner Review and Approval 131 Supplier Code of Conduct 132 Compliance Insight 5.4: Business Partner Review and Approval Process 133 Corporate Disciplinary Committee 134 Compliance Element of Senior Management Compensation 134 Compliance Progress Report 134 Compliance Insight 5.5: Siemens’ Compliance Progress Report from Q2 FY 2009 135 Becoming a Recognized Leader in Compliance 136 Compliance Insight 5.6: Siemens’ Compliance Objectives for 2009 136 Partnering with the World’s Anti-Corruption Community 136 Partnering Against Corruption Initiative 137 Business Guide on Fighting Corruption 137 The Road Forward 138 6 WORLDWIDE HOTSPOTS FOR CORRUPTION: UK, RUSSIA, AFRICA, THE MIDDLE EAST, AND LATIN AMERICA 143 Overview 144 Thought Leader in FCPA Compliance: Scott Moritz 145 The Natural Resource-Corruption Link 147 UK Tackles International Corruption 148 Compliance Insight 6.1: Weak Internal Controls Leads to Fine for Insurance Giant 149 UK Bribery Bill 151 Mabey & Johnson Prosecution 152 Strong Message from the SFO 153 Russia 154 Doing Business in Russia 156 Africa 157 Nigeria 158 Middle East 160 The Oil-for-Food Scandal 161 Compliance Insight 6.2: Companies Implicated in Oil-for-Food Scandal 162 Iraq Today 163 Latin America 163 Cases of Corruption 164 Multinational Company As Victim 165 7 WORLDWIDE HOTSPOTS FOR CORRUPTION AND BRIBERY: CHINA, CENTRAL ASIA, INDIA, AND ASIA PACIFIC 171 China 172 The Dangers of Agents: Avery Dennison 172 Heightened Anti-Corruption Enforcement Efforts in China 174 Corruption and Societal Discontent 176 Criminal Law of the People’s Republic of China 176 Company Law of the People’s Republic of China 177 Anti-Unfair Competition Law of the People’s Republic of China 177 Invitation and Submission of Bids Law of the People’s Republic of China 178 Interim Provisions on the Prohibition Against Commercial Bribery Acts 179 China Enforcement Agencies 179 Commission for Discipline Inspection of the Communist Party 179 Supreme People’s Procuratorate of the People’s Republic of China 179 Ministry of Public Security of the People’s Republic of China 180 State Administration for Industry and Commerce of the People’s Republic of China 180 The Dangers of Doing Business in China 180 Central Asia 182 ‘‘Mr. Kazakhstan’’ 182 Head in the Azeri Sand 184 Baker Hughes 185 India 186 Asia Pacific 187 Indonesia 188 Vietnam 188 South Korea 189 Taiwan 190 8 BAE SYSTEMS: PAST BEHAVIOR HAUNTS THE COMPANY 197 Al Yamamah Deal 198 Compliance Insight 8.1: Suspicious Activity Report, January 30, 2004 199 FBI Scrutiny 200 BAE’s Denial 200 Serious Fraud Office Inquiry 201 Tony Blair Quashes the Investigation 201 DOJ’s Hard-Line Approach 204 BAE Response 204 Compliance Insight 8.2: Types and Numbers of Calls to BAE’s Ethics Helpline 205 Woolf Committee 206 BAE Follows a Different Path 207 9 DESIGNING AN EFFECTIVE ANTI-CORRUPTION COMPLIANCE PROGRAM 211 Federal Sentencing Guidelines for Organizations 213 The Seven Steps to an Effective Compliance Program 214 DOJ Guidance on Anti-Corruption Compliance Programs 217 Compliance Program Design 219 Red Flags and Risk Areas 221 Department of Justice’s FCPA Red Flags 221 Red Flags When Doing Business With Third Parties 222 Travel and Entertainment 223 Gifts 225 Mergers and Acquisitions 225 Compliance Insight 9.1: Inherent Compliance Risk in Acquisitions and New Business Lines 226 Autonomous International Business Units 227 Don’t Ignore Small Payments 228 Facilitation Payments 228 Corrupt Payments 229 Anti-Corruption Design Never Ends 229 Thought Leaders in FCPA Compliance: Joseph Spinelli, Scott Moritz, and Jay Perlman 230 10 IMPLEMENTING AN EFFECTIVE ANTI-CORRUPTION COMPLIANCE PROGRAM 237 Anti-Corruption Standards and Procedures 238 Training and Communication 241 Red Flags Training 243 Anti-Corruption Training Best Practices 244 Compliance Insight 10.1: Driving Home the Impact of Corruption 245 Delivery Methods for Training 246 Specific Anti-Corruption Reporting Mechanism 246 Communicating the Compliance Program 247 Evaluating Your Anti-Corruption Training Program 248 M&A Due Diligence 250 Risk Assessments 251 Thought Leader in FCPA Compliance: Leslie McCarthy 252 Internal Accounting Controls 256 Role of Internal Audit 256 Anti-Corruption Audit Program 257 Other Compliance Program Best Practices 260 Field-Based Compliance Officers 260 FCPA Enforcement Database 261 Benchmarking 261 Commitment to Anti-Corruption Compliance Programs 261 Compliance Insight 10.2: Sample Compliance Activities Checklist 262 11 MONSANTO: FIGHTING CORRUPTION FOR A BETTERWORLD 265 A Commitment to Agriculture 266 DOJ and SEC FCPA Investigation 266 Acceptance of Responsibility and Remedial Actions 268 Compliance Insight 11.1: Monsanto Compliance Program Overview 269 Tone at the Top and a Revamped Code of Conduct 269 Messages from Senior Leaders 271 Business Conduct Office 272 Training 273 Regional Working Groups 274 FCPA Working Group Guidelines 275 Compliance Insight 11.2: Monsanto Business Conduct Policy Employee Guidelines 276 Gifts, Entertainment, and Other Promotional Expenditures 278 Per Diem Payments 280 Facilitating Payments 280 Political Donations 281 Charitable Donations and Donations to Governments 281 Trade Associations 282 Doing Business with Foreign Officials and Their Relatives 283 Dealing with Third Parties 283 Training Third Parties 285 Joint Ventures 286 Contractual Safeguards and Oversight 287 Audit 288 Opinion from Outside Counsel 289 Local Law Advice 290 Response to Possible Violations 291 Internal and Independent Investigations 291 Internal Coordination and Training 291 The Monsanto Pledge 292 12 INTERNAL INVESTIGATIONS 293 Consequences of Failing to Act 294 Preparing for the Investigation 296 Preserving Documentary and Electronic Information 297 Assembling the Investigative Team 298 Investigations Code of Conduct 299 Investigative Plan 301 Conducting Interviews 303 Thought Leader in Internal Investigations: David Z. Seide 304 Employee Legal Representation 307 Interviewing and Reporting 308 Employee Cooperation with Company Investigations 309 International Investigations 310 Anti-Corruption Enforcement Trends 310 Siemens Internal Investigation Approach 311 Determining Systemic Corruption and FCPA Violations 312 Self-Disclosure of FCPA Violations 313 Compliance Emergency Preparedness Kit 315 13 PAST, PRESENT, AND FUTURE OF THE FCPA 319 The Past 320 The Present 321 Thought Leader in FCPA Compliance: Marjorie Doyle 323 Corporate Ignorance Is Not Bliss 328 It’s Not Rocket Science 329 On the Horizon 330 The Future 330 Battling the Disease of Corruption 331 Appendix Opinion Procedure Releases 335 About the Authors 347 Index 351

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Book SynopsisPresents strategies and systems for profitably trading in directionless markets and in those experiencing constant price shocks. This book details how to exploit new highs and lows. It describes how to hedge primary risk components, find robustness, and craft a diversification program.Trade Review“Whenever Perry Kaufman writes a new book . . .system traders take note. What separates Kaufman’s work from that of many other writers on trading strategies is that he goes into the nuts and bolts of designing and testing system candidates. . . The website that accompanies the book has spreadsheets that make the calculations necessary for setting up trades ever so much easier. . . What Kaufman offers is different — essentially a do-it-yourself manual for the trader who wants to develop strategies that remove directional risk and unearth opportunities for creating alpha.” (Seeking Alpha)Table of ContentsPreface ix Chapter 1 Uncertainty 1 Impact on Trading 2 The Inevitable Price Shocks 3 Why So Much about Price Shocks? 9 Complexity and Contagion Risk 10 The Ugly Side 11 Taking Defensive Action 11 Accepting Performance for What it is 13 Chapter 2 The Importance of Price Noise 15 Noise Explained 15 Different Markets 19 A Closer Look at Equity Index Markets 21 Importance of Noise 22 Determining the Strategy 25 Capitalizing on the Trend of Noise 29 Chapter 3 Pairs Trading: Understanding the Process 31 The Process 32 The Basics 32 Target Volatility 54 Home Builders 65 Using ETFs 78 Portfolio of Home Builder Pairs 84 Execution and the Part-Time Trader 89 Stop-Losses 89 Trading Intraday 90 Key Points to Remember 90 Chapter 4 Pairs Trading Using Futures 93 Futures 94 Mechanics of a Pairs Trade in Futures 97 Inflation Scares 100 Trading Energy Pairs 102 Revisiting Momentum with Energy Markets 105 A Miniportfolio of Natural Gas Pairs 112 The Inflation Pairs: Crude, the EURUSD, and Gold 119 Equity Index Pairs 128 Leveraging with Futures 138 London Metals Exchange Pairs 141 Volatility Filters 153 Interest Rate Futures 154 Summary 154 Chapter 5 Risk-Adjusted Spreads 155 Dell and Hewlett-Packard 155 Trading Both Long-Term (Hedged) Trends and Short-Term Mean Reversion 159 Gold, Platinum, and Silver 161 The Platinum/Gold Ratio 163 Implied Yield 170 The Yield Curve 174 Trend Trading of London Metal Exchange Pairs 179 Summary 184 Chapter 6 Cross-Market Trading and the Stress Indicator 187 The Crossover Trade 188 The Stress Indicator 189 Gold, Copper, and Platinum 195 Mining Companies 198 Agribusiness Pairs 206 The Major Energy Producers 208 Portfolio of Cross-Market Energy Pairs 220 Other Opportunities 226 Some Final Notes 228 Chapter 7 Revisiting Pairs Using the Stress Indicator 229 Futures Markets and the Stress Indicator 229 Equity Index Futures 230 Interest Rate Futures 238 The Portfolio Spreadsheet 245 Summary of Pairs Trading 248 Chapter 8 Traditional Market-Neutral Trading 249 Home Builders 250 Trend or Mean Reversion? 250 Basic Market-Neutral Concept 251 Volatility-Adjusting the Position Size 264 Arbing the Dow: A Large-Scale Program 267 Thoughts about Market-Neutral Trend Following 274 Market Neutral Using Futures 274 Market-Neutral Comments 277 Chapter 9 Other Stat-Arb Methods 281 Trade-Offs 282 System Briefs 282 New Highs and New Lows 290 Merger Arb 290 Creating Your Own Index Arbitrage 292 Arbing the Dow 301 Arbing the S&P 500—Index Arbitrage 302 About the Companion Web Site 305 About the Author 306 Index 307

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Book SynopsisAn accessible treatment of Monte Carlo methods, techniques, and applications in the field of finance and economics Providing readers with an in-depth and comprehensive guide, the Handbook in Monte Carlo Simulation: Applications in Financial Engineering, Risk Management, and Economics presents a timely account of the applicationsof Monte Carlo methods in financial engineering and economics. Written by an international leading expert in thefield, the handbook illustrates the challenges confronting present-day financial practitioners and provides various applicationsof Monte Carlo techniques to answer these issues. The book is organized into five parts: introduction andmotivation; input analysis, modeling, and estimation; random variate and sample path generation; output analysisand variance reduction; and applications ranging from option pricing and risk management to optimization. The Handbook in Monte Carlo Simulation features: An introductorTable of ContentsPreface xiii Part I Overview and Motivation 1 Introduction to Monte Carlo Methods 3 1.1 Historical origin of Monte Carlo simulation 4 1.2 Monte Carlo Simulation vs. Monte Carlo Sampling 7 1.3 System dynamics and the mechanics of Monte Carlo simulation 10 1.4 Simulation and optimization 21 1.5 Pitfalls in Monte Carlo simulation 30 1.6 Software tools for Monte Carlo simulation 35 1.7 Prerequisites 37 For further reading 38 Chapter References 38 2 Numerical Integration Methods 41 2.1 Classical quadrature formulae 43 2.2 Gaussian quadrature 48 2.3 Extension to higher dimensions: Product rules 53 2.4 Alternative approaches for high-dimensional integration 55 2.5 Relationship with moment matching 67 2.6 Numerical integration in R 69 For further reading 71 Chapter References 71 Part II Input Analysis: Modeling and Estimation 3 Stochastic Modeling in Finance and Economics 75 3.1 Introductory examples 77 3.2 Some common probability distributions 86 3.3 Multivariate distributions: Covariance and correlation 111 3.4 Modeling dependence with copulae 127 3.5 Linear regression models: a probabilistic view 136 3.6 Time series models 137 3.7 Stochastic differential equations 158 3.8 Dimensionality reduction 177 S3.1 Risk-neutral derivative pricing 190 S3.1.1 Option pricing in the binomial model 192 S3.1.2 A continuous-time model for option pricing: The Black–Scholes–Merton formula 194 S3.1.3 Option pricing in incomplete markets 199 For further reading 202 Chapter References 203 4 Estimation and Fitting 205 4.1 Basic inferential statistics in R 207 4.2 Parameter estimation 215 4.3 Checking the fit of hypothetical distributions 224 4.4 Estimation of linear regression models by ordinary least squares 229 4.5 Fitting time series models 232 4.6 Subjective probability: the Bayesian view 235 For further reading 244 Chapter References 245 Part III Sampling and Path Generation 5 Random Variate Generation 249 5.1 The structure of a Monte Carlo simulation 250 5.2 Generating pseudo-random numbers 252 5.3 The inverse transform method 263 5.4 The acceptance–rejection method 265 5.5 Generating normal variates 269 5.6 Other ad hoc methods 274 5.7 Sampling from copulae 276 For further reading 277 Chapter References 279 6 Sample Path Generation for Continuous-Time Models 281 6.1 Issues in path generation 282 6.2 Simulating geometric Brownian motion 287 6.3 Sample paths of short-term interest rates 298 6.4 Dealing with stochastic volatility 306 6.5 Dealing with jumps 308 For further reading 310 Chapter References 311 Part IV Output Analysis and Efficiency Improvement 7 Output Analysis 315 7.1 Pitfalls in output analysis 317 7.2 Setting the number of replications 323 7.3 A world beyond averages 325 7.4 Good and bad news 327 For further reading 327 Chapter References 328 8 Variance Reduction Methods 329 8.1 Antithetic sampling 330 8.2 Common random numbers 336 8.3 Control variates 337 8.4 Conditional Monte Carlo 341 8.5 Stratified sampling 344 8.6 Importance sampling 350 For further reading 363 Chapter References 363 9 Low-Discrepancy Sequences 365 9.1 Low-discrepancy sequences 366 9.2 Halton sequences 367 9.3 Sobol low-discrepancy sequences 374 9.4 Randomized and scrambled low-discrepancy sequences 379 9.5 Sample path generation with low-discrepancy sequences 381 For further reading 385 Chapter References 385 Part V Miscellaneous Applications 10 Optimization 389 10.1 Classification of optimization problems 390 10.2 Optimization model building 405 10.3 Monte Carlo methods for global optimization 412 10.4 Direct search and simulation-based optimization methods 416 10.5 Stochastic programming models 420 10.6 Scenario generation and Monte Carlo methods for stochastic programming 428 10.7 Stochastic dynamic programming 433 10.8 Numerical dynamic programming 440 10.9 Approximate dynamic programming 451 For further reading 453 Chapter References 453 11 Option Pricing 455 11.1 European-style multidimensional options in the BSM world 456 11.2 European-style path-dependent options in the BSM world 462 11.3 Pricing options with early exercise features 475 11.4 A look outside the BSM world 487 11.5 Pricing interest-rate derivatives 490 For further reading 497 Chapter References 498 12 Sensitivity Estimation 501 12.1 Estimating option greeks by finite differences 503 12.2 Estimating option greeks by pathwise derivatives 509 12.3 Estimating option greeks by the likelihood ratio method 513 For further reading 517 Chapter References 518 13 Risk Measurement and Management 519 13.1 What is a risk measure? 520 13.2 Quantile-based risk measures: value at risk 522 13.3 Monte Carlo methods for V@R 533 13.4 Mean-risk models in stochastic programming 537 13.5 Simulating delta-hedging strategies 540 13.6 The interplay of financial and nonfinancial risks 546 For further reading 548 Chapter References 548 14 Markov Chain Monte Carlo and Bayesian Statistics 551 14.1 An introduction to Markov chains 552 14.2 The Metropolis–Hastings algorithm 555 14.3 A re-examination of simulated annealing 558 For further reading 560 Chapter References 561 Index 563

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Book SynopsisAuditors and investors must know how to prepare and interpret transactions, provide fair value guidance, and use fair value measurements in an understandable and reliable manner.Table of ContentsPreface ix Acknowledgments xi About the Authors xiii About the Website xvii Chapter 1 Fair Value Measurements and Financial Reporting: Financial Reporting and the Current Environment 1 Fair Value Measurements 6 Mark-to-Market Accounting 18 Notes 20 Appendix 1.1: Fair Value Flowchart 22 Chapter 2 Business Combinations 29 Intangible Assets 29 Business Combinations 35 The Acquisition Method 36 Recognition and Measurement 41 Goodwill 53 Recording the Consideration Transferred 55 Disclosure 56 Notes 57 Appendix 2.1: Business Combination Flowchart 60 Appendix 2.2: Business Combination Overview 65 Appendix 2.3: Intellectual Property 66 Chapter 3 Case Study 1: Determining the Value of Goodwill and Other Intangible Assets in a Business Combination 71 Consideration and Calculation of the Total of Intangible Assets and Goodwill 72 Business Enterprise Analysis 81 Valuation of Tangible Assets 88 Valuation of Intangible Assets 91 Valuation of Goodwill 122 Weighted Average Return on Assets 123 Disclosure 124 Notes 128 Chapter 4 Noncontrolling Interests and Impairment 131 Noncontrolling Interests 131 Impairment 135 Notes 141 Chapter 5 Case Study 2: Impairment Analysis 143 Valuation of Tangible Assets 155 Valuation of Intangible Assets 158 Conclusion 185 Notes 185 Chapter 6 Implementation and Reference Aids 187 Business Valuation Reporting Standards 187 Reference Aids 197 Implementation Aids 235 Notes 267 Index 269

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Book SynopsisThe father of pension fund management shares essential lessons to building a business As the world''s leading pension fund consultant, George Russell''s advice has been sought by many of America''s largest corporations. A pioneer in this business since the late 1960s, Russell has seen a lot. Now, he shares his experiences in this field with you, and provides valuable insights into what it takes to succeed in business today. Broken down into ten chapters, Success by Ten describes significant moments in the origins and development of pension fund consulting and the institutional investment industry. This history is intertwined with Russell''s own personal story and the innovations that his company introduced to the industry. Author George Russell is well known to many throughout the investment industry as the first pension fund consultant Each chapter represents a business lesson that Russell has learned during his career Outlines a Trade Review"... The four decade history of Frank Russell Company (know today as Russell Investments) is intertwinded with Mr. Russell's matter-of-fact storytelling and insights. His anecdotes about non-negotiable integrity, hiring smarter people, recognizing luck and having fun at work are treasured lore for those who worked alongside him the past 40 years. Now Mr. Russell is sharing his favorite lessons at a time when many entrepreneurs, business leaders and civic-minded philanthropists are questioning what it takes to be successful during challenging times. ..." FinanzNachrichten.de, 20.11.2009Table of ContentsAcknowledgment xi Introduction xiii Chapter 1 Non-Negotiable Integrity 1 Building Character 2 Reach for the Summit 4 Our Business is Based on Trust 6 Integrity is More Important than the Bottom Line 9 Do the Right Thing 9 Integrity Cannot Be Negotiable 11 Chapter 2 Persistence, Patience, and Cold Calls 13 Early Days at Frank Russell Company 14 Building a Retail Sales Operation 15 Harvard to the Rescue 17 The Cold Call 20 Paul Kaltinick’s Perspective 22 A Unique Selling Proposition 23 Evolving the Business Model 24 Compensation 25 Top 40 Hits: 1970–1974 27 Minimal Debt; Reinvest 28 Notes 29 Chapter 3 Hire People Smarter Than You Are 31 The Need for Innovation in Pension Fund Management 32 Peter Dietz and His Method of Performance Measurement 33 Helane Grill, Madelyn Smith, and Joan Sobba—The Three Musketeers of Manager Research 36 Creating a Universe 39 A New Process for a New Industry 40 Madelyn Smith Shows Her Style 42 Russ Fogler—Pioneer of Asset Allocation 43 Duncan Smith Asks the Tough Questions—and Answers Them 46 Don Ezra Defines the Right Way to Be a Fiduciary 49 The Best Investment I Ever Made 52 Notes 53 Chapter 4 Be Creative 55 The Treasurer’s Club: They’re Not Laughing Anymore 55 Blake Eagle Puts Real Estate on the Map 57 London Calling 60 Our Battle to Exceed Client Expectations 62 A Funny Thing Happened on May 1, 1980 63 The Only Difference is the Zeros 64 Making It Fly 65 FRTC’s All-Stars 67 From Wall Street to Main Street 70 Concentric Circles 73 Chapter 5 Work Hard 77 Setting the Tone 78 The 120 Percent People 81 Work is Only a Means to an End 83 Incentives that Worked 85 Growth and Change 88 Chapter 6 Share Credit 93 Getting Rid of Titles 93 Stars of the Investment Industry 94 The A Team 95 Our Biggest Mistake 98 Plenty to Celebrate 100 Sharing Credit—Globally 104 Sharing Ownership 105 Chapter 7 Recognize Luck 109 Are You a Decision Maker? 111 The Decision Factory 112 Decision Triggers 114 Kelly Haughton Builds a Better Benchmark 116 GM Starts with a Clean Slate 118 Crossing the Threshold 118 Testing the Concept 120 How Much is Luck and How Much is Skill? 122 A Grammatical Postscript 124 Note 125 Chapter 8 Plan Transitions 127 Hire and Train Your Replacement 128 The Apprenticeship of Michael Phillips 131 Mike Takes the Helm 133 Continuity of Culture 135 Selling the Company 137 Closing the Deal—Complementary Skills 139 Moving Forward 140 Chapter 9 Take Risks 143 New Opportunities 143 The Inspiration of John Mroz 145 The Opportunity of a Lifetime 146 Access Matters 148 Russell’s Venture in Alternative Investing 150 Asset Allocation is Rocket Science 152 The Final Frontier? 154 Chapter 10 Have Fun 159 Fun in the Himalayas 160 The Russell Sabbatical Program 161 Fun at Work 163 Transition to Philanthropy 166 New Adventures: Russian Puppets and Nuclear Waste 167 EastWest Institute 169 The National Bureau of Asian Research 170 The Pacific Health Summit 171 The Business Humanitarian Forum 173 One Nation Brings Together Americans of Different Faiths 175 A Child’s Right 176 Note 177 About the Authors 179 Index 181

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Book SynopsisComprehensive, accessible guide to technical analysis and market trading strategies Essentials of Technical Analysis for Financial Markets is an all-encompassing handbook on navigating the financial markets successfully using technical analysis.Table of ContentsPreface xiii Acknowledgments xvii 1 Introduction to Technical Analysis: Pursuing Profit in the Financial Markets 1 What Is Technical Analysis? 2 Technical versus Fundamental 2 Methods 5 What to Expect 5 Summary 9 2 The Story of Technical Analysis: From the Japanese Rice Markets to Dow Theory to Automated Trading 11 The Beginning: Japanese Rice Markets 12 Dow Theory 14 Charting 17 Elliott Wave 18 W. D. Gann 20 Indicators 20 Trend Followers 22 Market Technicians Association 23 Technical Analysis Today 23 Summary 24 3 The Power of Technical Analysis: Principles of Price Action 27 Introduction to Price Action Concepts 28 Components of Price Action 29 Summary 32 4 The Basics of Technical Analysis: Bars, Candlesticks, Lines, and Point and Figure 33 Bars and Candlesticks 34 Line Charts 37 Point-and-Figure Charts 38 Summary 40 5 The Heart of Technical Analysis: Uptrends and Downtrends 41 Introduction to Trend 42 Effect of Time Frames on Trend Determination 50 Parallel Trend Channels 52 Trend Lines 54 Summary 55 6 The Soul of Technical Analysis: Support and Resistance 57 Introduction to Support and Resistance 58 Support Becomes Resistance Becomes Support 60 Summary 64 7 Primary Drawing Tools: Trend Lines, Trend Channels, and Horizontal Support and Resistance 65 Introduction to Drawing Tools 66 Static Support and Resistance 67 Dynamic Support and Resistance 72 Horizontal Support and Resistance Lines 78 Trend Lines 81 Parallel Trend Channels 87 Summary 89 8 Chart Patterns: Bar Shapes and Candlestick Formations 91 Introduction to Chart Patterns 91 Continuation Bar Patterns 93 Reversal Bar Patterns 102 Gaps 106 Candlestick Patterns 110 Single-Candle Patterns 111 Multiple-Candle Patterns 116 Summary 118 9 The World of Moving Averages 119 Introduction to Moving Averages 119 Moving Average Crossovers 123 Moving Averages as Support and Resistance 131 Summary 134 10 Key Technical Indicators and Oscillators 135 Introduction to Indicators and Oscillators 135 Key Indicators 139 Key Oscillators 148 Summary 159 11 Fibonacci and Elliott Wave 161 Fibonacci Theory and Methods 161 Elliott Wave Theory 170 Summary 175 12 Point-and-Figure Charting 177 Introduction to Point and Figure 177 Point-and-Figure Patterns 181 Point-and-Figure Price Targets 188 Summary 190 13 Volume 193 Introduction to Volume 193 On-Balance Volume 196 Tick Volume 198 Summary 199 14 Technical Trading Strategies: Practical Applications 201 Introduction to Technical Trading Strategies 202 Moving Average Crossovers 203 Breakout Trading 212 Trend Trading 224 Range Trading 238 Price-Oscillator Divergences 244 Oscillator Trading 249 Fibonacci Trading 254 Positive Expectancy 256 Summary 258 15 Risk Control and Money Management 261 Introduction to Risk Control and Money Management 262 Stop-Losses 263 Reward:Risk Ratio 266 Maximum Allowable Loss 269 Multiple Fractional Positions 271 Diversification 273 Summary 273 Index 277

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Book SynopsisA feasible asset allocation framework for the post 2008 financial world Asset allocation has long been a cornerstone of prudent investment management; however, traditional allocation plans failed investors miserably in 2008. Asset allocation still remains an essential part of the investment arena, and through a new approach, you''ll discover how to make it work. In The New Science of Asset Allocation, authors Thomas Schneeweis, Garry Crowder, and Hossein Kazemi first explore the myths that plague this field then quickly move on to examine how the practice of asset allocation has failed in recent years. They then propose new allocation models that employ liquidity, transparency, and real risk controls across multiple asset classes. Outlines a new approach to asset allocation in a post-2008 world, where risk seems hidden The great manager problem is examined with solutions on how to capture manager alpha while limiting downside risk Table of ContentsPreface xi Acknowledgments xix Chapter 1 A Brief History of Asset Allocation 1 In the Beginning 3 A Review of the Capital Asset Pricing Model 4 Asset Pricing in Cash and Derivative Markets 6 Models of Return and Risk Post-1980 11 Asset Allocation in the Modern World 14 Product Development: Yesterday, Today, and Tomorrow 15 Notes 17 Chapter 2 Measuring Risk 20 What is Risk? 22 Traditional Approaches to Risk Measurement 24 Classic Sharpe Ratio 26 Other Measures of Risk Assessment 28 Portfolio Risk Measures 30 Other Measures of Portfolio Risk Measurement 33 Value at Risk 34 Notes 37 Chapter 3 Alpha and Beta, and the Search for a True Measure of Manager Value 39 What is Alpha? 39 Issues in Alpha and Beta Determination 46 Problems in Alpha and Beta Determination 48 Multi-Factor Return Estimation: An Example 50 Tracking Alternatives in Alpha Determination 54 Notes 56 Chapter 4 Asset Classes: What They are and Where to Put Them 58 Overview and Limitations of the Existing Asset Allocation Process 59 Asset Allocation in Traditional and Alternative Investments: A Road Map 61 Historical Return and Risk Attributes and Strategy Allocation 66 Traditional Stock/Bond Allocation versus Multi-Asset Allocation 70 Risk and Return Comparisons Under Differing Historical Time Periods 71 Extreme Market Sensitivity 74 Market Segment or Market Sensitivity: Does It Matter? 82 How New is New? 84 Notes 88 Chapter 5 Strategic, Tactical, and Dynamic Asset Allocation 91 Asset Allocation Optimization Models 92 Strategic Asset Allocation 99 Tactical Asset Allocation 101 Dynamic Asset Allocation 107 Notes 109 Chapter 6 Core and Satellite Investment: Market/Manager Based Alternatives 110 Determining the Appropriate Benchmarks and Groupings 111 Sample Allocations 117 Core Allocation 119 Satellite Investment 120 Algorithmic and Discretionary Aspects of Core/Satellite Exposure 120 Replication Based Indices 122 Peer Group Creation—Style Purity 126 Notes 132 Chapter 7 Sources of Risk and Return in Alternative Investments 134 Asset Class Performance 135 Hedge Funds 139 Managed Futures (Commodity Trading Advisors) 143 Private Equity 148 Real Estate 153 Commodities 160 Notes 166 Chapter 8 Return and Risk Differences among Similar Asset Class Benchmarks 167 Making Sense Out of Traditional Stock and Bond Indices 168 Private Equity 170 Real Estate 173 Alternative REIT Investments Indices 179 Commodity Investment 179 Hedge Funds 185 Investable Manager Based Hedge Fund Indices 185 CTA Investment 189 Index versus Fund Investment: A Hedge Fund Example 189 Notes 194 Chapter 9 Risk Budgeting and Asset Allocation 195 Process of Risk Management: Multi-Factor Approach 195 Process of Risk Management: Volatility Target 200 Risk Decomposition of Portfolio 202 Risk Management Using Futures 203 Risk Management Using Options 206 Covered Call 206 Long Collar 208 Notes 210 Chapter 10 Myths of Asset Allocation 212 Investor Attitudes, Not Economic Information, Drive Asset Values 213 Diversification Across Domestic or International Equity Securities is Sufficient 214 Historical Security and Index Performance Provides a Simple Means to Forecast Future Excess Risk-Adjusted Returns 215 Recent Manager Fund Return Performance Provides the Best Forecast of Future Return 215 Superior Managers or Superior Investment Ideas Do Not Exist 216 Performance Analytics Provide a Complete Means to Determine Better Performing Managers 216 Traditional Assets Reflect “Actual Values” Better Than Alternative Investments 217 Stock and Bond Investment Means Investors Have No Derivatives Exposure 217 Stock and Bond Investment Removes Investor Concerns as to Leverage 218 Given the Efficiency of the Stock and Bond Markets, Managers Provide No Useful Service 218 Investors Can Rely on Academics and Investment Professionals to Provide Current Investment Models and Theories 218 Alternative Assets are Riskier Than Equity and Fixed Income Securities 219 Alternative Assets Such as Hedge Funds are Absolute Return Vehicles 220 Alternative Investments Such as Hedge Funds are Unique in Their Investment Strategies 221 Hedge Funds are Black Box Trading Systems Unintelligible to Investors 222 Hedge Funds are Traders, Not Investment Managers 222 Alternative Investment Strategies are So Unique That They Cannot Be Replicated 223 It Makes Little Difference Which Traditional or Alternative Indices are Used in an Asset Allocation Model 223 Modern Portfolio Theory is Too Simplistic to Deal with Private Equity, Real Estate, and Hedge Funds 223 Notes 225 Chapter 11 The Importance of Discretion in Asset Allocation Decisions 226 The Why and Wherefore of Asset Allocation Models 226 Value of Manager Discretion 230 Manager Evaluation and Review: The Due Diligence Process 232 Madoff: Due Diligence Gone Wrong or Never Conducted 233 Notes 239 Chapter 12 Asset Allocation: Where is It Headed? 240 An Uncertain Future 241 What is the Definition of Order? 243 Costs and Benefits 246 Today’s Issue 246 Possible Governmental and Private Fund Responses to Current Market Concerns 247 Note 249 Appendix: Risk and Return of Asset Classes and Risk Factors Through Business Cycles 251 Glossary: Asset Class Benchmarks 271 Bibliography 279 About the Authors 285 Index 287

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Book SynopsisA detailed look at how to fix the hedge fund industry The Future of Hedge Fund Investing spells out in refreshingly stark terms exactly how the industry let down its clients, and the changes needed to restore their confidence. Written by Monty Agarwal, the founder of Predator Capital Management, this insider''s guide gives a full assessment of the business, including the advantages of hedge funds, their pitfalls, and, most importantly, how to avoid these missteps. The book begins by describing the hedge fund universe, which includes funds and fund of funds; fund regulators, major investors, and middlemen; and fee structures, incentives, and typical investment strategies. From here, Agarwal explores possible solutions and fixes as he touches upon several important issues within this field. Examines hedge funds'' role in the 2008 market crisis and what can be learned from it Discusses the structural changes for fund of funds in areas includinTable of ContentsForeword. Introduction. Chapter 1 Recent Hedge Fund Scandals. Palm Beach, Florida. KL Financial, March 2005. Amaranth Advisors, September 2006. Bernie Madoff, December 2008. Lesson # 1: Relationships Do Not Trump Due Diligence. Lesson # 2: Investing in Hedge Funds: Hire Experts. Lesson # 3: “We Did Not Know What We Were Investing In,” Is Not An Excuse. Conclusion: So Called Experts, Fund of Funds, Have Failed. Chapter 2 The Players. Flow of Capital in the Hedge Fund Industry. Chapter 3 Hedge Funds. Incentives and the Disincentives of the Hedge Fund Fee Structure. Education of the Future Hedge Fund Manager. Training Grounds of the Hedge Fund Manager. The Chart Readers. The Quants. The Global Macro Trader. From a Moth to a Butterfly. Andrew Lahde's Goodbye Letter. Chapter 4 Hedge Fund Strategies. Long Short Equity. Event Driven. Global Macro. Fixed Income Arbitrage. Relative Value Arbitrage. Effect of 2008 on these Strategies and Looking Forward. Chapter 5 Hedge Fund Service Providers & Regulators. Building a Business. Chapter 6 Funds of Hedge Funds. Philosophy and Services. Failure of Fiduciary Duties. Statistical Bucketing by Strategy. Due Diligence and the Analyst. What's in a Name. The AIMA Due Diligence Questionnaire. Where are the Experienced Professionals? The (Lack of) Ongoing Due Diligence. Multi-Strategy Hedge Funds. Chapter 7 An Expert Failure. Uselessness of Historical Data Crunching. Quest for Steady Returns—Systematic Destruction of Alpha. Bucketing by Asset Class and Geography – A Flawed Concept. Alpha versus Beta—Trader Generates Alpha, not The Strategy. Specialized Strategies. 10% to 20% Allocation Rule. Managing a Hedge Fund Manager. Bookrunner Versus a Proprietary Trader. So-Called Hedge Fund Experts. Hedge Funds – House of Second or Third Chances? Why Does a Losing Hedge Fund Manager Shut down His Fund? Why Does the Industry Keep Funding a Failed Trader? Conclusion. Chapter 8 Remodeling the Funds of Hedge Funds. Traders Managing Trading Investments. Differentiate Between Alpha and Beta Strategies. Bucketing Based on Trader Methodology. Appropriate Risk Template by Strategy. Manager Stop loss and Linked Redemptions. Not 10% Majority Every Time. On-Going Due Diligence – It is Not Just About Returns. Chapter 9 Correct Risk Due Diligence. Position Concentration? So What. Management of Stop Loss Limits – The Be-All and End-All. Over-Leverage and Illiquidity. Hedging – Will the Market Let You Short? Chapter 10 Interviewing a Hedge Fund Manager. Relationship. Strategy Related Questions. What Qualifies You to Execute This Strategy? Work Experience. Risk Appetite. Thinker, Adapter, Entrepreneur? Discipline and Character. Chapter 11 Hedge Fund Industry’s Role in 2008 Market Crisis. Borrowers, Bankers and Investors. Don't Blame the Products, Blame the Users. Failed Due Diligence on Part of Investors. Failure of Fiduciary Responsibilities by Brokers and Lies by Borrowers. No Hedge Fund Has Been Bailed Out. Systemic Risk and Derivative Transactions. Regulating Hedge Funds. Chapter 12 The End. Robert Allen Stanford's Ponzi Scheme. Hedge Fund Industry Offers More Disclosure. Similar Problems with the Pension Funds, Endowments, SWFs. Bibliography. Index.

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Book SynopsisEverything the independent investor needs to know to effectively invest in gold With today''s increasing economic uncertainties, a strong investment strategy is to put a portion of your net worth in gold. However, given investors'' overall lack of knowledge about gold as an investment, as wealth insurance, or as a store of value, many are hesitant to enter this arena. That''s why Jim Gibbons has created The Golden Rule. This book answers many questions, including: How do you purchase gold and in what form? Why gold now? When should you buy? And, most importantly, from whom? Throughout the book, Gibbons puts gold in perspective and shows you why it belongs in every investor''s portfolio. Provides practical gold investment insights from New York Times bestsellers Peter Schiff, William Bonner, Doug Casey, Addison Wiggin, and James Turk as well as from leading experts in this field including: Congressman Ron Paul, Rick Rule, Adrian Day, and many Table of ContentsPreface: It’s Time to Own Gold ix Acknowledgments xxv INTRODUCTION: The Tie that Binds 1Jon Nadler PART I BROKERS/MONEY MANAGERS 11 CHAPTER 1: Gold Remains the Standard 15Eric Sprott CHAPTER 2: Long-Term Fundamentals Still Good for Gold 21An Interview with Adrian Day CHAPTER 3: A Good Investment Strategy, Buy Gold 31Peter D. Schiff CHAPTER 4: The Bear Market Is Your Friend—Four Ways to Win 37Rick Rule CHAPTER 5: The Tale of Taels—A Hard Lesson in Hard Money 47Michael Checkan PART II INVESTMENT NEWSLETTER WRITERS 53 CHAPTER 6: The Greater Depression 57Doug Casey CHAPTER 7: Bet Against a False Premise 75Bill Bonner CHAPTER 8: Undervalued Companies and Gold 85John Pugsley CHAPTER 9: Gold Déjà Vu 93Richard Maybury CHAPTER 10: The Trial of Gold 97David Galland CHAPTER 11: Bullion and Beyond 113Addison Wiggin CHAPTER 12: Gold Is Truly Precious 131Pam and Mary Anne Aden PART III: COIN AND BULLION BROKERS/ DEALERS 139 CHAPTER 13: Rare Coins and Gold Bullion 143Van Simmons CHAPTER 14: Rare Coin Canards 151Dana Samuelson and Dr. Bill Musgrave CHAPTER 15: The Internet Gold and Currency Provider 159James Turk CHAPTER 16: Gold, Fiat Currency, and Integrity 167Franklin Sanders PART IV THE MINERS 179 CHAPTER 17: Silver—“Poor Man’s Gold” 181Bob Quartermain CHAPTER 18: Analyzing a Gold Mining Stock 191Louis James CHAPTER 19: Let’s Talk a Bit about Gold and Gold Exploration 199Brent Cook CHAPTER 20: Money Is Gold, and Gold Is a Noble Metal 205Morgan Poliquin PART V GAME-CHANGING EDUCATORS 213 CHAPTER 21: What the Price of Gold Is Telling Us 215Ron Paul CHAPTER 22: The Gold Price 229Paul van Eeden CHAPTER 23: Becoming a Twenty-First-Century Gold Guerrilla 247Kenneth W. Royce Conclusion: Indian Peasants 255 Author’s Note 259 About the Author 261 About the Contributors 263 Index 275

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Book SynopsisNationally known personal finance expert Terry Savage helps you answer the most important retirement questions During a time when looking to the future is more important than ever, author Terry Savage offers street smart advice for the many soon-to-be retirees wondering how much longer they will have to work to make up for the losses in their retirement accounts. The New Savage Number provides the strategic guidance and hands-on techniques necessary to plan a successful, satisfying retirement. Throughout the book, Savage helps you figure out how much money you need to retire-your savage number-and how to invest to reach that goal. Then, as retirement looms, she guides you through the process of planning withdrawals so the money lasts your entire lifetime. In between, Savage offers practical advice on everything from getting personal finances organized to insuring retirement plans against the disastrous need for long-term care. An informative, engaging book that Table of ContentsPreface to New Edition. Introduction: Can You Retire? Part 1 Retro-Retirement. 1 The Savage Number. Shaping Retirement Reality. Avoiding Generation Warfare. Hoping for a Miracle? You're Not Alone. The Likely Solution: Retro-Retirement. The Starting Point. 2 Time Is Money. Consuming Time and Money. Running Out of Time. What's Your Time Worth? The Time Value of Money. How to Avoid Wasting Time (and Money). 3 The 10 Key Questions. How Long Will I Live? What Will Inflation Do to the Value of My Savings? How Can I Save Enough? How Should I Invest the Money I've Saved for Retirement? How Much Will I Spend to Live in Retirement? How Much Can I Withdraw Each Month without Running Out of Money? What's the Biggest Danger to My Retirement Plans? How Can I Earn Money during Retirement? How Can I Retain Control of My Financial Life? What If I Have Money Left Over When I Die? Getting the Answers. Getting Your “Ballpark Estimate”. Part 2 Monte Carlo Your Money. 4 The Savage Answer: Monte Carlo Modeling. Monte Carlo Modeling—How It Works. Beware of Averages. Monte Carlo Modeling and Retirement Planning. Monte Carlo and You . Do-it-Yourself Monte Carlo. 5 Saving Up, Drawing Down. Accumulation Phase. Withdrawal Phase. The Right Balance. Seven Best Ways to Save for Retirement. 6 Getting It All Together. Online, On Paper, On Your Computer. Free Online Money Management. The Basics: Paying Bills Online. Organizing Your Online Financial Life. A Credit Check-up. Portfolio Tracking. Moving beyond Tracking—To Advice. Resources for Getting It Together. 7 A Road Map to Monte Carlo. The Best Routes. Arriving in Monte Carlo. Choosing a Financial Adviser. Part 3 Investing for Retirement. 8 Stocks, Bonds, and Chicken Money. Realistic Stock Market Expectations. Understanding Bonds. Keep Your Nest Eggs Safe with Chicken Money. A Minute on Mutual Funds. Resources for Stocks, Bonds, and Chicken Money. 9 Beyond the Basics. Exchange-Traded Funds. Real Estate Investment Trusts. Gold and Natural Resources. Options. Futures. The U.S. Dollar. Hedge Funds. Resources for Investing. 10 One-Step Retirement Investing. Buying the “Whole” Market. Retirement Investing Made Easy: Targeted Retirement Funds. Starting Small—No Excuses! Make the Call. Part 4 Streams of Retirement Income. 11 Where Will the Money Come From? The Balancing Act: Income versus Principal. Gainful Employment in Retirement. Withdrawals from Retirement Accounts. Generating Income from Your Portfolio. Income Resources. 12 Annuities for Income and Tax-Deferred Growth. Immediate Annuities. Tax-Deferred Annuities. The Latest Annuity Products. Tax-Deferred Annuity Withdrawals. Tax-Deferred Annuity Exchanges Your IRA Inside an Annuity? Annuities: The Real Risk Factor. Annuity Information and Pricing/Insurance Company Safety Ratings. 13 Social Security and Medicare. Social In-Security. Medicare. A Final Thought about Social Security and Medicare. Government Benefit Resources. 14 How to Turn Your Home into Your Pension. Reverse Mortgages. More Income from Your House Using Trusts. Reverse Mortgage Resources. Part 5 Long-Term Care: The Greatest Risk of All. 15 Long-Term Care Insurance: Who Needs It? The Government’s Role in Long-Term Care. Insurance for Your Retirement. Our Parents, Ourselves. Long-Term Care Insurance: A Woman’s Issue. What If You Don’t Use It? Long-Term Care—The Facts. 16 How to Understand Long-Term Care Coverage. Rising Demand, Soaring Costs. When to Buy? While You Can! How Do I Use My Policy? What Should My Long-Term Care Policy Cover? Key Elements of a Long-Term Care Insurance Policy. 17 Buying Your Long-Term Care Policy. Which Insurance Company Should You Choose? What Should It Cost? 10-Pay: Controlling Price Risk. Long-Term Care Policies and Income Taxes. Paying for Long-Term Care with Life Insurance and Annuities. Employee Group Long-Term Care Policies. The Federal Long-Term Care Insurance Program. Long-Term Care Insurance from Affinity Programs. A Final Argument: The Cost of Not Having. Long-Term Care Insurance. Resources for Purchasing Long-Term Care Insurance. Part 6 Estate Planning: The Price of Success 18 What’s Left? What Could Happen? What Is Your Estate? What Are Estate Taxes? What Is Probate? What Is a Revocable Living Trust? Health-Care Power of Attorney. Durable Power of Attorney. Living Will. Naming Retirement Plan Beneficiaries. What Else Should You Consider? Moving Assets Out of Your Estate. Life Insurance and Your Estate. Spouses and Estate Planning. Choosing an Estate Planner. Estate Planning Checklist. Conclusion. Acknowledgments. Index.

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Book SynopsisHow championing consumers led to ING Direct''s revolutionary rise in the banking industry In an industry dominated by big banks with little patience for their customers, ING Direct has always strived to be different-a rebel with a cause, if you will-and in doing so, they''ve become the most successful online banking venture in history. The Orange Code recounts ING Direct''s intriguing story, explaining the philosophy of its founder Arkadi Kuhlmann-who believes in the power of individuals to control their financial destiny-and his long-running partnership with Bruce Philp, the branding consultant who helped him make ING Direct a cause to its own people and a household name across North America. Discusses the unconventional approach to business strategy, leadership, and management that built ING Direct Written by the company''s CEO, Arkadi Kuhlmann, the driving force behind this unique company and its approach and Bruce Philp, the branding exTable of ContentsForeword. Acknowledgments. ING Direct Today: The Business Case for Being a Rebel with a Cause. Introduction. Chapter 1 The Guy in the Cape. Leading from the Front. Chapter 2 Pixie Dust. Powered by Purpose. Chapter 3 The Dirty Dozen. We Could Be Heroes. Chapter 4 Clicking. The Conundrum of Advertising. Chapter 5 You Say You Want a Revolution? The Opposite of a Bank. Chapter 6 Saving the Savers. Walking the Talk. Chapter 7 It Takes a Village. Building the Orange Brand Nation. Chapter 8 The Money on the Table. Winning the Battle, Losing the War. Chapter 9 Steering by the Stars. Beyond Managing. Chapter 10 Herding Cats. How to Snatch Defeat from the Jaws of Victory. Epilogue Peeling the Orange. A Guided Tour of the Orange Code, and What It Means to Us. Appendix A : Orange Milestones — An ING Direct Time Line. Appendix B : The Voice of Advocacy. About the Authors. Index.

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Book SynopsisFor many companies, fixed assets represent the largest single aspect of their financial statement, yet rarely do they command time proportionate to the magnitude of the investment. This is the first book to show how to implement internal controls for fixed assets. It is a step-by-step guide for developing and maintaining a functioning internal control system that will withstand the closest scrutiny from independent public accountants and the PCAOB. With up-to-the-minute discussion of IFRS and GAAP, this is a must-have guide for controllers, auditors, and CFOs.Table of ContentsPreface. Chapter 1: Internal Control, Sarbanes-Oxley, and the Public Company Accounting Oversight Board. Internal Controls over Property, Plant, and Equipment—Mandatory but Weak. Internal Controls over Working Capital. Securities and Exchange Commission and Public Company Accounting Oversight Board Scrutiny of Financial Statements. Why Do Auditors Not Spend More Time on Property, Plant, and Equipment? Who Is Responsible for Internal Control over Property, Plant, and Equipment? ‘‘What Is So Hard about the Job?’’. Note. Chapter 2: Capitalization versus Expense. Capitalization Theory. Why Capitalization Levels Matter. Consequences of Increasing Minimum Capitalization Level. What Is the Optimum Capitalization Limit? Summary. Note. Chapter 3: Asset Life Cycle—Controls and Software. Software Is the Key. Input, Output, and Reporting Capability. How to Evaluate Software Vendors. Assign Responsibility for Implementation and Beyond. Charging Departments Will Ensure Individual Responsibility. Return on Investment Analysis. Summary. Note. Chapter 4: Depreciation and Amortization for Books and Taxes. Internal Control for Depreciable Tangible Assets. Determining Useful Lives Whenever New Assets Are Acquired. Choosing Accounting Lives. How Valuation Specialists Determine Economic Lives. Determining Lives for Intangible Assets. Changing Lives and Depreciation for Existing Assets. Leasing as a Way to Utilize Depreciation. Summary. Note. Chapter 5: Impairment Testing. Testing Intangible Assets That Are Not Amortized. Testing for Impairment of Property, Plant, and Equipment, and Amortizable Intangibles. Reviewing Lives for Assets Already in Service. Testing for Goodwill. Reporting Units. Determining the Fair Value of a Reporting Unit. Phase II Test of Accounting Standards Codification 350. Understanding Impairment Charges. Summary. Note. Chapter 6: Physical Control of Property, Plant, and Equipment. Tagging of Property, Plant, and Equipment. Alternative Tagging Methods. Barcode Tagging. Radio Frequency Identification Tags. Asset Tagging for Expensed Assets. Recommendation. Summary. Notes. Chapter 7: Taking a Physical Inventory. Planning and Using the Physical Inventory. Who Should Be Responsible? Use Own Staff, or Outsource? What Minimum Dollar Cutoff Should We Use? Initial Effort–Partial Facility versus Total. The $64,000 Question—Assets to Listing or Listing to Assets? Reconciliation of the Inventory to the Records. Fully Depreciated Assets. Reconciliation Process. Revised Asset Lives. Summary. Note. Chapter 8: Reconciliation of Physical Inventory to Accounting Records. Two Approaches to Reconciliation. Ghost Assets. Zombie Assets. Netting Out Ghost and Zombie Assets—Is It Permissible? Netting Out Gains and Losses. Performing the Inventory and Reconciliation Piecemeal. Summary. Chapter 9: Fixed Assets in a Business Combination. Carryover of Target’s Book Value. Applying Indexes to the Target Company’s Asset Register. Inaccuracies in the Target’s Asset Property Register. Detailed Valuation of Property, Plant, and Equipment. Summary. Note. Chapter 10: Insurance for Fixed Assets. Using the Master Property Record for Insurance. Insurable Values Are NOT Fair Value or Fair Market Value. How Appraisers Determine Insurable Values. Indexing. Proof of Loss. Summary. Chapter 11: Property Taxes—Personal Property and Real Estate. Reporting Fair Market Values upon Acquisition. Equity among Taxpayers. Appealing Personal Property Tax Assessments. Indexed Costs May Not Reflect Fair Market Value of Property, Plant, and Equipment. Real Estate Taxes and Appeals. ‘‘Contingency’’ Consultants. Summary. Note. Chapter 12: Developing the Fair Value of Fixed Assets. What Is the Fair Value of Property, Plant, and Equipment? Value in-Use of Property, Plant, and Equipment. What Would Happen if Fair Value Reporting for Property, Plant, and Equipment Was Required? Connection between Fair Value and Book Value. What Would Investors Learn from Fair Value Disclosures of Property, Plant, and Equipment? Summary. Chapter 13: Control of Fixed Assets under International Financial Reporting Standards. Component Depreciation. Asset Revaluation. Investment Property. What Is the ‘‘Cost’’ of Property, Plant, and Equipment? Summary. Note. Chapter 14: Component Depreciation for Buildings. International Financial Reporting Standards Has a Different Approach. Component Depreciation for Taxes. Complying with Internal Revenue Service Requirements. Internal Revenue Service Review of a Cost Segregation Study. Cost Segregation Study for New Construction. Will Cost Segregation Lower My Property Tax Expenses? Componentization for Financial Reporting. Summary. Note. Appendix: Excerpt of Internal Revenue Service Cost Segregation Audit Guide. Introduction. What Are the Most Common Methodologies Utilized for Cost Segregation Studies? What Are the Attributes of Various Cost Segregation Methodologies? Detailed Engineering Approach from Actual Cost Records. About the Author. Index.

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Book SynopsisProtect your clients and yourself from all kinds of financial chicanery and stupidity with this vital new book It doesn''t matter if a financial error was made because of malice or ignorance the end result is that you lose money. Luckily, you don''t have to sit idly and take it. If you have Protecting Clients from Fraud, Incompetence and Scams, you can identify and avoid the dysfunctional sectors of the financial industry, steer clear of the fallout from the Madoff Era, and guide your clients to real, healthy, sustainable returns. This powerful book Pinpoints dysfunctional sectors within the financial industry and offers advice against frauds and scammers Shows how a team approach to asset management can ward off financial predators Offers practical strategies and tools to combat client risk for Risk and Asset Management Offering insightful information to protect your clients from all sorts of frauds and incompetenTable of ContentsAcknowledgments. Introduction: Every Accountant and Attorney Should Read This Book. CHAPTER 1 Meltdown. The Party's Over. We All Know The Result. Grim Statistics. Retirement Plans and the IRS. Summary. CHAPTER 2 Everyone Needs a Family Office. Why a Family Office? Retaining a Firm. The Family Office Advantage. Summary. CHAPTER 3 Protect Your (Retirement) Assets. The Fiduciary Duty. Documenting a Process. Plan Options/Simple IRA. You Cannot Save Enough. Another Option – The 412(e)(3). The Cash-Balance Plan. Summary. CHAPTER 4 How Much Did You Lose Last Year? Basic Financial Strategies Quiz. Estate and Financial Planning. Life Insurance. Succession Planning. The Buy-Sell. Medical Insurance. Asset Protection. VEBA. Other Post-Employment Benefits. OPEB Cost. VEBA Plan Benefits. Taxes. Retirement. Legislative Changes. HSA/HRA. 412(e). Audits. Shelters. 6707A. Captives. Summary. CHAPTER 5 Self-Defense. Captive Insurance. Basics. Sharing. Caveats. Summary. CHAPTER 6 Asset Protection Basics. Asset Protection—Necessity, Not Luxury. Who Needs Asset Protection? Separating Ownership from Control. What Is a Trust? How Does a Trust Work? How Is a Trust Used? Offshore Trusts. Asset Protection FAQs. Summary. CHAPTER 7 Shifting the Risk Equation—Insurance Maneuvers. Key Employee Insurance. LTCi for The Business Owner. Life Insurance for Business Continuation. Summary. CHAPTER 8 Reevaluating Existing Insurance. Evaluation or Audit. Consultative Leverage. Summary. CHAPTER 9 What Financial Advisors “Forget” to Tell Their Clients. Fiduciary Duty. Summary. CHAPTER 10 The Truth About Variable Annuities. Variable Annuity Components. Mortality and Expense Charges. Guarantees. Summary. CHAPTER 11 What Life Insurance Agents “Forget” to Tell Their Clients. Questionable Aspirations. Coverage Needs. Estate Taxes. The ILIT. Summary. CHAPTER 12 What You Must Know About Life Settlements. Life Settlements. Industry Regulation and Compliance. Licensing and Reporting. Compensation. Compensation Abuse. Suitability. Best Execution and Due Diligence. Fraud Prevention. STOLI. Evaluation and Processing. Tax Treatment. Case Studies. Caveat Venditor. Summary. CHAPTER 13 What Health Insurance Agents “Forget” to Tell Their Clients”. Out of Control Costs. Small Business at Risk. The Risk of On-Site Medical Clinics. Using an HSA for Your Personal Retirement. Creating an Employee Retirement Vehicle. IRS Form 8889 (HSA). More Effective Strategy. Aggregate Cap Planning. HRA. Managing General Underwriter. Summary. CHAPTER 14 College Funding Strategies and Solutions. The Traditional Approach. Good Intentions, Disastrous Consequences. Traditional Vehicles. Real Life. Summary. CHAPTER 15 Two Alternative Investments for Financial Independence. The Tertiary Market. History. Risk. Reward. Another Alternative. O&G Advantages. Summary. CHAPTER 16 Avoiding Fraud: Small Business Case Study. Introduction. Suspicion. Investigation. Fraud. Dismissal and Prosecution. New Mechanisms. Summary. Appendix A Best of the Best. Insurance Advisors. Investment Advisors. Law. Business Services. Epilogue. About the Authors. About the Contributors. Mark Boehm, MBA, CWPP Aaron Skloff, AIF, CFA, MBA. Carl Allen, III. Index.

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Book SynopsisThe best way to avoid becoming an accidental philanthropist is by understanding how to make taxes work for you. The Power of Leveraging the Charitable Remainder Trust will show you how to do this and, in the process, add meaning to your money.Table of ContentsAcknowledgments ix Disclaimer xi Introduction: Is this the Change You Can Believe In? xiii Part I Welcome to the War on Wealth Chapter 1 The Weapons of Mass Destruction in the War on Wealth 3 Chapter 2 Accidental Philanthropy—Adding Insult to Injury 17 Part II The Road to Wealth is Paved with Charitable Intentions Chapter 3 How to Fight Back Against the War On Wealth 25 Chapter 4 Unleashing the Power of Charitable Leverage 31 Chapter 5 The First Component to Charitable Leverage—The Charitable Remainder Trust 37 Chapter 6 The Second Component to Charitable Leverage—The Cash Value Life Insurance Contract 63 Chapter 7 Blowing Up the Paradigms 85 Chapter 8 Your Battle Plan for Fighting Back Against the War on Wealth 99 Chapter 9 Why It Works 121 Part III War Stories from the Battlefield Chapter 10 How to Use Charitable Leverage to Build a Personal Supplemental Retirement Plan 141 Chapter 11 Charitably Leveraged Supplemental Retirement Plan for the Bold and Beautiful 149 Chapter 12 Charitably Leveraged Supplemental Retirement Plan for the Young and Restless 171 Chapter 13 Charitably Leveraged Supplemental Retirement Plan for the Old and Cranky 191 Chapter 14 How to Use Charitable Leverage to Fund the Grandparents’ Legacy 201 Chapter 15 A Grandparents’ Legacy War Story and Comparison 215 Chapter 16 How Businesses Can Use Charitable Leverage to Attract and Retain Key Employees 239 Chapter 17 Can Charitable Leverage Save Your IRA? 261 Epilogue 275 About the Author 277 Index 279

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Book SynopsisAn investor''s guide to understanding the most elusive (yet most important) aspect of successful investing - yourself. Why is it that the investing performance of so many smart people reliably and predictably falls short? The answer is not that they know too little about the markets. In fact, they know too little about themselves. Combining the latest findings from the academic fields of behavioral finance and experimental psychology with the down-and-dirty real-world wisdom of successful investors, Drs. Richard Peterson and Frank Murtha guide both new and experienced investors through the psychological learning process necessary to achieve their financial goals. In an easy and entertaining style that masks the book's scientific rigor, the authors make complex scientific insights readily understandable and actionable, shattering a number of investing myths along the way. You will gain understanding of your true investing motivations, learn to avoid the uTrade Review"The market is flooded with books on investor psychology, but most only outline the various ways we screw up with our investments. This is the first book that identifies the root causes and gives a variety of practical, imaginative ways to heal thyself." (Kiplinger's Personal Finance, December 2010)Table of ContentsPreface ix Acknowledgments xiii Chapter 1 Your Investor Identity: And Why You Need One 1 Chapter 2 Investor Identity Fundamentals: Frames, Motivations, and Goals 15 Chapter 3 Your Investor Personality: Your Character and Style 49 Chapter 4 Your Investor Emotions: The Hidden Drivers of Behavior 69 Chapter 5 Your Investor Values: What’s Most Important to You? 99 Chapter 6 Your Investor Blind Spots: Identifying (and Avoiding) Mental Traps 115 Chapter 7 Your Investor Stress: Smoothing Out the Ups and Downs 151 Chapter 8 Being Your Best Self 179 Appendix A Summary of Meditation Techniques 205 Appendix B Gratitude List 209 Notes 213 About the Authors 219 Index 221

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Book Synopsis* Managing Your Firm's 401(k) Plan is written for finance and benefits professionals in the field of creating, managing, and sponsoring employee 401(k) plans.Table of ContentsPreface. Acknowledgments. Chapter 1: The Importance of the 401(k) Plan. Baby Boomers Have Reached Retirement Age. People are Spending More Years in Retirement. Expenses in Retirement Are Increasing. The Shift from DB to DC. Sharing Responsibility. Conclusion. Chapter 2: The Role of the Employer. Why Do Employers Sponsor 401(k) Plans? What Roles Do Employers Play? Conclusion. Chapter 3: Measuring Retirement Readiness. Replacement Ratios. Improving Retirement Readiness. Conclusion. Chapter 4: Establishing a 401(k) Plan. How a 401k) Plan Works. Establishing Plan Objectives. Benchmarking Plan Design Features. Plan Setup. Segregation of Plan Assets. Using Plan Assets to Pay Expenses. Conclusion. Chapter 5: Plan Governance and Fiduciary Issues. Who Is a Plan Fiduciary? Basic Fiduciary Duties. Allocating or Delegating Fiduciary Responsibility. The Prohibited Transactions Rule. Exemptions from Prohibited Transaction Rules. Establishing Roles and Responsibilities. Conclusion. Chapter 6: Protecting Yourself as a Fiduciary. The Impact of Enron Litigation. Consequences of a Breach of Fiduciary Duty. The Voluntary Fiduciary Correction Program (VFCP). Fidelity Bonds vs. Fiduciary Liability Insurance. Conclusion. Chapter 7: Establishing and Managing Plan Investments. The Investment Policy Statement for a Participant-Directed Plan. The Investment Menu. Pre-Diversified Portfolios. Portfolio Construction. Selection of Investments and Managers. Monitoring Investments. Complying with Section 404(c). Employer Stock in 401(k) Plans. Default Investment Option and Mapping. Advice and Education for Plan Participants. Brokerage Accounts and Mutual Fund Windows. Socially Responsible Investing. Conclusion. Chapter 8: Managing Your Plan's Operations. Monitoring Your Service Provider. Vendor Services. Collecting and Using Vendor Metrics. Service Agreements and Standards. Operational Compliance. Regulatory Compliance. Changing Recordkeepers. Conclusion. Chapter 9: Design and Management of Distribution Options. Vesting Rules. Distributable Events. Nondiscrimination Testing Failures and Regulatory Limitations. Forms of Distributions. Optional Design Features. Taxation Considerations. Miscellaneous. Conclusion. Chapter 10: How Business Transactions Affect 401(k) Plans. Why It Matters. Business Mergers and Acquisitions. Divestitures and Downsizing. Options for Distressed Organizations. Conclusion. Chapter 11: Financial Communication and Education for Participants. Why Do You Offer a 401(K) Plan? Communication Strategy. The Implementation Plan. Branding your Program. Managing Vendor Communications. Three Times…Three Ways. Conclusion. Chapter 12: Helping Participants Manage Their Retirement Income. In Plan or Out? Risks of Managing Retirement Income. Retirement Income Product Types. Additional Product Features. Conclusion. Notes. Index.

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Book SynopsisGood Morning America correspondent and ABC News columnist reveals tips for achieving unbelievable savings In this battered economy, saving money matters more to consumers than ever before. But most people are tired of hearing about all the small stuff, like skipping their morning latte. They tried that, and it didn''t work. Americans want fresh, bold ideas and Save Big: Cut Your Top 5 Costs and Save Thousands has them. In fresh, engaging prose, Elisabeth Leamy shows consumers how to save big on life''s most important and costly items. Filled with actionable advice and the insider secrets readers are hungering for, Save Big Details how to save a lot of money on a few things rather than merely saving a little on a bunch of small items Reveals the keys to saving money and the challenges consumers face Educates consumers on how to save thousands on the five things most people spend the most money on: houses, cars, credit, groceries, aTrade ReviewElisabeth Leamy's Save Big: Cut Your Top 5 Costs and Save Thousands is invaluable because it focuses on big expenses, including mortgages, cars and insurance, and makes each step understandable." —Gail MarksJarvis, Chicago Tribune, December 2009 "Advice is practical, clearly explained and, best of all, does not require daily maintenance or routine deprivation. … Even if readers choose only one or two tips from the hundreds offered, Save BIG should live up to its tantalizing title – and you can read it over your latte." —Joanna Brichetto, BookPage, January 2010 “Save BIG is a tremendous source of savings for you, the consumer. I learned many things from reading this book on how to save BIG rather than save small. I highly recommend this book to anyone who is looking to save thousands or possibly millions in a lifetime by just some simple adjustments to what you do.” — Sheri Newton, Associated Content, www.associatedcontent.com January 2010 Table of ContentsForeword. Acknowledgments. Introduction. PART I Houses: Home of Savings. CHAPTER 1: Buy a House ASAP. CHAPTER 2: How Much Should You Spend? CHAPTER 3: Doing the Deal. CHAPTER 4: Getting a Good Mortgage. CHAPTER 5: Choosing a Mortgage Professional. CHAPTER 6: Cut Your Closing Costs. CHAPTER 7: Appeal Your Property Taxes. CHAPTER 8: When to Refinance. CHAPTER 9: Pay Off Your Mortgage Early. CHAPTER 10: Sell Your House Yourself. PART II Cars: The Cheaper Road. CHAPTER 11: What to Buy. CHAPTER 12: What Can You Afford? CHAPTER 13: Where to Buy a Car. CHAPTER 14: Choosing a Reliable Car. CHAPTER 15: Bargaining for the Best Price. CHAPTER 16: Make Your Car Last. CHAPTER 17: Car Insurance for Less. PART III Credit: Loans for Less. CHAPTER 18: Protecting Your Credit Reports. CHAPTER 19: Understanding Your Credit Score. CHAPTER 20: Raising Your Credit Score. CHAPTER 21: Cut Credit Card Debt. PART IV Groceries: Guerilla Grocery Shopping. CHAPTER 22: Price Matching. CHAPTER 23: Stockpiling. CHAPTER 24: Creative Couponing. CHAPTER 25: Wild Cards. PART V Healthcare: Curing High Costs. CHAPTER 26: Choosing a Health Insurance Plan. CHAPTER 27: Negotiating with Your Doctor. CHAPTER 28: Picking Your Prescriptions. CHAPTER 29: Haggling with Hospitals. Conclusion. Index.

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Book SynopsisAn updated and revised look at the truth behind America''s housing and mortgage bubbles In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy. Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. In it, authors Paul Muolo and Mathew Padilla reveal the truth behind how this crisis occurred, including what individuals and institutions were doing during this critical time, and who is ultimately responsible for what happened. Discusses the latest revelations in the housing and mortgage crisis, including the SEC''s charging of Angelo Mozilo Two well-regarded finanTable of ContentsIntroduction: Financial Ashes vii Cast of Characters xiii Chapter 1 Angelo Speaks, the Worldwide Contagion Begins 1 Chapter 2 The Repo Man Meets the Bald Granny: A Short History of Subprime 23 Chapter 3 The Death of the Bailey Building and Loan, the Rise of Millionaire Loan Brokersand Countrywide 47 Chapter 4 The Beach Boys of B&C: How Roland Arnall Became the Johnny Appleseed of Subprime 73 Chapter 5 Angelo Rising: The Son of a Bronx Butcher Makes Good 103 Chapter 6 The Holy Roller of REITs 127 Chapter 7 The End of the (New) Century 149 Chapter 8 A Conspiracy by Merrill? 179 Chapter 9 A Warning from Lewie: CDOs, SIVs, and Other Things No One Understands 205 Chapter 10 Deep in the Belly of the Bear 227 Chapter 11 Armageddon Times: The Tan Man Departs, Bye-Bye Bear 249 Chapter 12 What the Hell Happened? Ten Bad Years for Housing in America 277 Chapter 13 TARP, the Great Recession, and the Return of Stan Kurland 309 Afterword TBTF: A Mortgage Cartel Rises from the Ashes 335 Source and Interview Notes 341 Glossary 351 Acknowledgments 359 About the Authors 361 Index 363

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Book SynopsisA companion Workbook to the text Retirement Portfolios Retirement is one of the most important parts of the financial planning process. Yet only two percent of financial advisors describe themselves as competent in retirement planning. Constructing a retirement portfolio is viewed as a difficult endeavor, and the demands facing financial advisors responsible for this task continue to grow. The pressures are particularly intense due to events such as the financial crisis and oncoming rush of retiring baby boomers. It is imperative that financial advisors be equipped and ready to create appropriate retirement portfolios. That''s why Michael Zwecher-a leading expert on retirement income-has created Retirement Portfolios and the Retirement Portfolios Workbook. In the text Retirement Portfolios, leading retirement income expert Michael Zwecher provides financial professionals with complete coverage of the most important issues in this fielTable of ContentsPreface. PART ONE Questions. CHAPTER 1 Portfolio Focus and Stage of Life. CHAPTER 2 The Top-Down View: A Short Primer on Economic Models of Retirement Income. CHAPTER 3 The Importance of Lifestyle Flooring. CHAPTER 4 Monetizing Mortality: Annuities and Longevity Insurance. CHAPTER 5 Flooring with Capital Markets Products. CHAPTER 6 Building Retirement Income Portfolios. CHAPTER 7 Creating Allocations for Constructing Practical Portfolios by Age and Lifestyle Needs. CHAPTER 8 Rebalancing Retirement Income Portfolios. CHAPTER 9 Active Risk Management for Retirement Income Portfolios. CHAPTER 10 The Transition Phase. CHAPTER 11 Putting Together the Proposal. CHAPTER 12 Market Segmentation. CHAPTER 13 Products and Example Portfolios. CHAPTER 14 Preparing Your Client for a Retirement Income Portfolio. CHAPTER 15 Salvage Operations, Mistakes, and Fallacies. PART TWO Solutions. CHAPTER 1 Portfolio Focus and Stage of Life. CHAPTER 2 The Top-Down View: A Short Primer on Economic Models of Retirement Income. CHAPTER 3 The Importance of Lifestyle Flooring. CHAPTER 4 Monetizing Mortality: Annuities and Longevity Insurance. CHAPTER 5 Flooring with Capital Markets Products. CHAPTER 6 Building Retirement Income Portfolios. CHAPTER 7 Creating Allocations for Constructing Practical Portfolios by Age and Lifestyle Needs. CHAPTER 8 Rebalancing Retirement Income Portfolios. CHAPTER 9 Active Risk Management for Retirement Income Portfolios. CHAPTER 10 The Transition Phase. CHAPTER 11 Putting Together the Proposal. CHAPTER 12 Market Segmentation. CHAPTER 13 Products and Example Portfolios. CHAPTER 14 Preparing Your Client for a Retirement Income Portfolio. CHAPTER 15 Salvage Operations, Mistakes, and Fallacies.

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Book SynopsisA one-of-a-kind resource walking you through one complete fraud investigation, from the original tip to conviction in court Anatomy of a Fraud Investigation is an engrossing read and a valuable resource for fraud investigators, auditors, or anyone who suspects fraud may be occuring in their organizations and is unsure as to how to act.Table of ContentsAcknowledgments ix Introduction xi Chapter 1 First Indications (They're Doing What?) 1 Chapter 2 The Importance of Planning (Maximizing Desired Outcomes) 11 Chapter 3 Collecting the Evidence (a.k.a. ‘‘The Raid’’) 25 Chapter 4 Reviewing the Evidence (The Day After) 45 Chapter 5 Electronic Evidence Considerations (Computers, Files, and Communications) 57 Chapter 6 Interviewing (Responding to Tears) 69 Chapter 7 Importance of Documentation (Keeping Track of Things) 87 Chapter 8 Further Investigative Measures (Obtaining More Evidence) 101 Chapter 9 Tracking Down Leads (The Plot Thickens) 119 Chapter 10 Drawing Conclusions (What Does It All Show?) 131 Chapter 11 Confronting the Suspect (‘‘I Didn't Do Anything Wrong’’) 147 Chapter 12 Documenting the Investigation (Your Written Report) 159 Chapter 13 Working Toward a Resolution (‘‘I Don't Want to Go to Prison’’) 167 Chapter 14 Case Closed! 177 Epilogue Do You Want to Know the Outcome? 181 Notes 185 About the Author 187 Index 189

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Book SynopsisThe world''s best financial minds help us understand today''s financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Table of ContentsAcknowledgments xv Editor’s Note xvii Introduction xix PART I Overview of the Crisis 1 1 Leverage and Liberal Democracy 3George Bragues 2 A Property Economics Explanation of the Global Financial Crisis 9Gunnar Heinsohn and Frank Decker 3 Of Subprimes and Sundry Symptoms: The Political Economy of the Financial Crisis 17Ashok Bardhan 4 The Political Economy of the Financial Crisis of 2008 23Roger D. Congleton 5 The Global Financial Crisis of 2008: WhatWent Wrong? 31Hershey H. Friedman and Linda Weiser Friedman 6 The Roots of the Crisis and How to Bring It to a Close 37James K. Galbraith 7 Enron Rerun: The Credit Crisis in Three Easy Pieces 43Jonathan C. Lipson 8 The Global Crisis and Its Origins 51Peter L. Swan 9 Four Paradoxes of the 2008–2009 Economic and Financial Crisis 59John E. Marthinsen 10 Understanding the Subprime Financial Crisis 69Steven L. Schwarcz PART II Causes and Consequences of the Financial Crisis 77 11 The Origins of the Financial Crisis 79Martin N. Baily, Robert E. Litan, and Matthew S. Johnson 12 Ten Myths about SubprimeMortgages 87Yuliya Demyanyk 13 The Financial Crisis: How Did We Get Here and Where Do We Go Next? New Evidence on How the Crisis Spread Among Financial Institutions 95James R. Barth, Tong Li, Lu Wenling, and Glenn H. Yago 14 A Decade of Living Dangerously: The Causes and Consequences of theMortgage, Financial, and Economic Crises 103Jon A. Garfinkel and Jarjisu Sa-Aadu 15 Making Sense of the Subprime Crisis 109Kristopher S. Gerardi, Andreas Lehnert, Shane M. Sherlund, and Paul Willen 16 Miraculous Financial Engineering or Legacy Assets? 119Ivo Pezzuto 17 TheMaking and Ending of the Financial Crisis of 2007–2009 125Austin Murphy 18 The SubprimeMortgage Problem: Causes and Likely Cure 133Ronald D. Utt 19 Sequence of Asset Bubbles and the Global Financial Crisis 139Abol Jalilvand and A. G. (Tassos) Malliaris PART III Borrowers 147 20 The Past, Present, and Future of Subprime Mortgages 149Shane M. Sherlund 21 FHA Loans and Policy Responses to Credit Availability 155Dr. Marsha Courchane, Rajeev Darolia, and Dr. Peter Zorn 22 The Single-Family Mortgage Industry in the Internet Era: Technology Developments and Market Structure 163Forrest Pafenberg 23 Speed Kills? Mortgage Credit Boom and the Crisis 175Giovanni Dell’Ariccia, Deniz Igan, and Luc Laeven 24 SubprimeMortgages:What We Have Learned From a New Class of Homeowners 181Todd J. Zywicki and Satya Thallam 25 Rating Agencies: Facilitators of Predatory Lending in the SubprimeMarket 191David J. Reiss PART IV The Process of Securitization 197 26 A Primer on the Role of Securitization in the Credit Market Crisis of 2007 199John D. Martin 27 Incentives in the Originate-to-DistributeModel of Mortgage Production 209Robert W. Kolb 28 Did Securitization Lead to Lax Screening? Evidence from Subprime Loans 217Benjamin J. Keys, Tanmoy Mukherjee, Amit Seru, and Vikrant Vig 29 Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis 225Bruce I. Jacobs 30 The Incentives of Mortgage Servicers and Designing Loan Modifications to Address the Mortgage Crisis 231Larry Cordell, Karen Dynan, Andreas Lehnert, Nellie Liang, and Eileen Mauskopf 31 The Contribution of Structured Finance to the Financial Crisis: An Introductory Overview 239Adrian A.R.J.M. van Rixtel and Sarai Criado 32 Problematic Practices of Credit Rating Agencies: The Neglected Risks ofMortgage-Backed Securities 247Phil Hosp 33 Did Asset Complexity Trigger Ratings Bias? 259Vasiliki Skreta and Laura Veldkamp 34 The Pitfalls of Originate-to-Distribute in Bank Lending 267Antje Berndt and Anurag Gupta PART V RiskManagement and Mismanagement 275 35 Behavioral Basis of the Financial Crisis 277J. V. Rizzi 36 Risk Management Failures During the Financial Crisis 283Dr. Michel Crouhy 37 The Outsourcing of Financial Regulation to Risk Models 293Erik F. Gerding 38 The Future of Risk Modeling 301Elizabeth Sheedy 39 What Happened to Risk Management During the 2008–2009 Financial Crisis? 307Michael McAleer, Juan-Angel Jim´enez-Martin, and Teodosio P´erez-Amaral 40 Risk Management Lessons from the Global Financial Crisis for Derivative Exchanges 317Jayanth Varma PART VI The Problem of Regulation 325 41 Regulation and Financial Stability in the Age of Turbulence 327David S. Bieri 42 The Financial Crisis of 2007–2009: Missing Financial Regulation or Absentee Regulators? 337George G. Kaufman and A. G. Malliaris 43 The Demise of the United Kingdom’s Northern Rock and Large U.S. Financial Institutions: Public Policy Lessons 345Robert A. Eisenbeis and George G. Kaufman 44 Why Securities Regulation Failed to Prevent the CDO Meltdown 355Richard E. Mendales 45 Curbing Optimism in Managerial Estimates Through Transparent Accounting: The Case of Securitizations 361Stephen Bryan, Steven Lilien, and Bharat Sarath 46 Basel II Put on Trial: What Role in the Financial Crisis? 369Francesco Cannata and Mario Quagliariello 47 Credit Rating Organizations, Their Role in the Current Calamity, and Future Prospects for Reform 377Thomas J. Fitzpatrick IV and Chris Sagers 48 Global Regulation for GlobalMarkets? 383Michael W. Taylor and Douglas W. Arner 49 Financial Regulation, Behavioral Finance, and the Global Financial Crisis: In Search of a New RegulatoryModel 391Emilios Avgouleas PART VII Institutional Failures 401 50 Why Financial Conglomerates Are at the Center of the Financial Crisis 403Arthur E. Wilmarth 51 Corporate Governance and the Financial Crisis: A Case Study from the S&P 500 411Brian R. Cheffins 52 Secondary-Management Conflicts 419Steven L. Schwarcz 53 The Financial Crisis and the Systemic Failure of Academic Economics 427David Colander, Michael Goldberg, Armin Haas, Alan Kirman, Katarina Juselius, Brigitte Sloth, and Thomas Lux 54 FannieMae and FreddieMac: Privatizing Profit and Socializing Loss 437David Reiss 55 Disclosure’s Failure in the SubprimeMortgage Crisis 443Steven L. Schwarcz PART VIII The Federal Reserve, Monetary Policy, and the Financial Crisis 451 56 Federal Reserve Policy and the Housing Bubble 453Lawrence H. White 57 The Greenspan and Bernanke Federal Reserve Roles in the Financial Crisis 461John Ryan 58 The Risk Management Approach to Monetary Policy: Lessons from the Financial Crisis of 2007–2009 467Marc D. Hayford and A. G. Malliaris 59 Reawakening the Inflationary Monster: U.S. Monetary Policy and the Federal Reserve 475Kevin Dowd and Martin Hutchinson 60 The Transformation of the Federal Reserve System Balance Sheet and Its Implications 483Peter Stella PART IX Implications of the Crisis for Our Economic Systems 493 61 Systemic Risk and Markets 495Steven L. Schwarcz 62 The Transmission of Liquidity Shocks During the Crisis: Ongoing Research into the Transmission of Liquidity Shock Suggests the Emergence of a Range of New Channels During the Credit Crisis 501Nathaniel Frank, Brenda Gonz´alez-Hermosillo, and Heiko Hesse 63 Credit Contagion From Counterparty Risk 509Philippe Jorion and Gaiyan Zhang PART X International Dimensions of the Financial Crisis 517 64 Only in America? When Housing Boom Turns to Bust 519Luci Ellis 65 The Equity Risk Premium Amid a Global Financial Crisis 525John R. Graham and Campbell R. Harvey 66 Australia’s Experience in the Global Financial Crisis 537Christine Brown and Kevin Davis 67 Collapse of a Financial System: An Icelandic Saga 545Tryggvi Thor Herbertsson 68 Iceland’s Banking Sector and the Political Economy of Crisis 551James A. H. S. Hine and Ian Ashman 69 The Subprime Crisis: Implications for Emerging Markets 559William B. Gwinner and Anthony B. Sanders PART XI Financial Solutions and Our Economic Future 569 70 The Long-Term Cost of the Financial Crisis 571Murillo Campello, John R. Graham, and Campbell R. Harvey 71 Coping with the Financial Crisis: Illiquidity and the Role of Government Intervention 579Bastian Breitenfellner and Niklas Wagner 72 Fiscal Policy for the Crisis 587Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, and Carlo Cottarelli 73 The Future of Securitization 595Steven L. Schwarcz 74 Modification ofMortgages in Bankruptcy 601dam J. Levitin 75 The Shadow Bankruptcy System 609Jonathan C. Lipson 76 Reregulating FannieMae and FreddieMac 617Dwight M. Jaffee 77 Would Greater Regulation of Hedge Funds Reduce Systemic Risk? 625Michael R. King and Philipp Maier 78 Regulating Credit Default Swaps 633Houman B. Shadab Index 641

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Book SynopsisInvesting do''s and don''ts from some of the most recognizable voices in personal finance It''s been a tough year for investors. Many have seen their retirement accounts dwindle dramatically and are looking for a safe way to protect what they have and make back some of what they''ve lost. That''s why the bestselling author team of Ben Stein and Phil DeMuth have created The Little Book of Bulletproof Investing: Do''s and Don''ts to Protect Your Financial Life. When you invest, there are essential things you should do and many things you shouldn''t.The Little Book of Bulletproof Investing: Do''s and Don''ts to Protect Your Financial Life addresses this issue and shows you how to utilize the fundamentals of finance to achieve success in today''s market. This practical guide contains proven advice on navigating today''s treacherous financial landscape and will put you in a better position to make more informed investment decisions. Includes streeTrade Review'...many good pieces of advice dispensed [with]in the different chapters...' (Business Traveller, July 2010).Table of ContentsIntroduction: Check In with the Control Tower 1 Chapter One The Nut Behind the Wheel: Behavioral Finance in One Lesson 11 Chapter Two Wall Street Therapy: For Good and for Evil 23 Chapter Three How Not to Invest: Kids, Don’t Try This at Home 39 Chapter Four How to Invest: It’s Not as Fun as It Used to Be 53 Chapter Five The Holy Grail of Investing: Having Your Cake and Eating It, Too 67 Chapter Six Bulletproofing Your Investments: A Recipe for Setting Up Your Tangent Portfolios 83 Chapter Seven Pulling the Trigger: Practicing Portfolio Management at Home for Fun and Profit 95 Chapter Eight Become the CEO of You, Inc.: Get Wise, Get Smart, Get (Further) Educated 107 Chapter Nine Human Capital 411: Your Personal Human Potential Movement 119 Chapter Ten Save ’Til You Drop: Topping off Your Piggy Bank 135 Chapter Eleven Houses of Blues: Welcome to the Neighborhood of Poverty 149 Chapter Twelve Can You Still Retire Comfortably?: Retirement Was Overrated, Anyway 163 Chapter Thirteen The End Game: “If Something Cannot Go on Forever, It Will Stop” 181 So Long, Farewell 197 Acknowledgments 201 About the Authors 203

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Book SynopsisThe most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains iTable of ContentsAcknowledgments ix 1 Mergers, Acquisitions, and Corporate Restructuring: An Overview 1 H. Kent Baker and Halil Kiymaz Part I Background 2 Merger Waves 17 Jarrad Harford 3 Takeover Regulation 39 Marina Martynova and Luc Renneboog 4 Corporate Governance and M&As 57 Fei Xie 5 Ethical and Social Issues in M&As 71 Robert W. McGee 6 Theoretical Issues on Mergers, Acquisitions, and Divestitures 87 Abdul H. Rahman 7 The Short-Term and Long-Term Performance of M&As 105 Shantanu Dutta and Samir Saadi Part II Valuation 8 Standard Valuation Methods for M&As 127 Pablo Fernandez 9 Real Options and Their Impact on M&As 151 Hemantha Herath and John S. Jahera Jr. 10 The Law and Finance of Control Premiums and Minority Discounts 169 Helen Bowers 11 Cross-Border Valuation Effects in Developed and Emerging Markets 185 Wenjie Chen Part III the M&A Deal Process 12 Sources of Financing and Means of Payment in M&As 205 Marina Martynova and Luc Renneboog 13 Cultural Due Diligence 223 Ronald F. Piccolo and Mary Bardes 14 Negotiation Process, Bargaining Area, and Contingent Payments 243 William A. Grimm 15 Merger Negotiations: Takeover Process, Selling Procedure, and Deal Initiation 261 Nihat Aktas and Eric de Bodt 16 Postacquisition Planning and Integration 281 Olimpia Meglio and Arturo Capasso 17 Organizational and Human Resource Issues in M&As 297 Siddhartha S. Brahma Part IV Takeovers and Behavioral Effects 18 Takeover Strategies 323 Shailendra (Shail) Pandit 19 Defensive Strategies in Takeovers 339 Christian Rauch and Mark Wahrenburg 20 The Impact of Restructuring on Bondholders 359 Luc Renneboog and Peter G. Szilagyi 21 Behavioral Effects in M&As 385 Jens Hagendorff Part V Recapitalization and Restructuring 22 Financial Restructuring 401 Otgontsetseg Erhemjamts and Kartik Raman 23 Going Private and Leveraged Buyouts 419 Onur Bayar 24 International Takeovers and Restructuring 437 Rita Biswas Part VI Special Topics 25 Joint Ventures and Strategic Alliances: Alternatives to M&As 461 Tomas Mantecon and James A. Conover 26 Fairness Opinions in M&As 483 Steven M. Davidoff, Anil K. Makhija, and Rajesh P. Narayanan 27 How Initial Public Offerings Affect M&A Markets: The Dual Tracking Phenomenon 495 Roberto Ragozzino and Jeffrey J. Reuer 28 The Diversification Discount 511 Seoungpil Ahn 29 Partial Acquisitions: Motivation and Consequences on Firm Performance 527 Pengcheng Zhu and Shantanu Dutta Answers to End-of-Chapter Discussion Questions 545 Index 581

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Book SynopsisUp to fifty percent of financial forensic services are performed in divorces, or in family law business valuations. Providing the first definitive publication on family law for accountants, this book addresses topics unique to family law accounting, tax, valuation and practice. The coverage begins with pre-engagement of the client and proceeds through to trial and preparation and presentation. Sample checklists, work papers, and trial exhibits are included. CPAs and attorneys will benefit from this handbook's tips on providing financial services in the family law arena.Table of ContentsPreface xvii Acknowledgments xix Part One Family Law Litigation and Financial Experts 1 1 Introduction 3 1.1 Introduction 3 1.2 Development of Property Law 3 1.3 U.S. Property Systems 4 1.4 Role of Fault in Divorce 4 1.5 Support 4 1.6 Property Valuation 4 1.7 Property Division 4 1.8 Income Tax 5 1.9 Marital Fraud 5 1.10 Conclusion 5 2 Divorce Assignments and the Financial Expert 6 2.1 Initial Contact 6 2.2 Engagement Terms and Conditions 12 2.3 Case Management 14 2.4 List of Cases 18 2.5 Notes 21 3 Planning and Coordinating Discovery 22 3.1 Introduction 22 3.2 Forms of Discovery 24 3.3 Financial Experts 25 3.4 Expert Discovery 27 3.5 Evaluation of Adverse Expert 28 3.6 Conclusion 29 Part Two Child and Spousal Support 31 4 Child and Spousal Support 33 4.1 Introduction 33 4.2 Child Support Factors 34 4.3 Child Support Guidelines 35 4.4 College and Other Extraneous Expenses 36 4.5 Uniform Interstate Family Support Act 37 4.6 Full Faith and Credit for Child Support Orders Act 38 4.7 Introduction to Spousal Support (Alimony) 38 4.8 Spousal Support Factors 38 4.9 Types of Alimony 41 4.10 Income Available for Support 42 4.11 Imputation of Income: Ability to Earn 45 4.12 Imputation of Income: Assets 47 4.13 Double Dipping 47 4.14 Conclusion 48 4.15 Notes 49 Part Three Character of Property 51 5 Community Property or Equitable Distribution 53 5.1 Introduction 53 5.2 Definition of Property 54 5.3 Characterization of Property 55 5.4 Division of Community or Marital Property 57 5.5 Transmutation Agreements 58 5.6 Premarital Agreements 59 5.7 Tracing and Apportionment 61 5.8 Notes 62 6 Tracing Bank and Investment Accounts 64 6.1 Introduction: Circumstances and Objectives of Tracing 64 6.2 What Constitutes Separate Property and Community Property? 68 6.3 The Community Property Presumption and the Burden on Separate Property 69 6.4 Intent and Fiduciary Duty 70 6.5 Tracing Menu Choices in California 71 6.6 Putting on Tracing Evidence at Trial 75 7 Real Property 77 7.1 Real Property in Divorce 77 7.2 Personal Residence 78 7.3 Real Estate Investments 80 7.4 Apportionment of Separate Property Interests 82 7.5 Allocation of Income and Deductions during Pendente Lite Period 84 7.6 Notes 85 8 Retirement and Pension Plans in Divorce 86 8.1 Definitions 86 8.2 Defined Benefit Plans 88 8.3 Defined Contribution Plans 92 8.4 Hybrid Plans 96 8.5 Other Retirement Accounts: Individual Retirement Accounts 96 8.6 Annuities in Divorce 97 8.7 Keogh (or HR-10) Plans 103 9 QDROs 104 9.1 Retirement Plan Basics 104 9.2 Common QDRO Issues and Problems 108 9.3 Conclusion 112 9.4 Notes 112 10 Equity-Based Compensation: Stock Options 113 10.1 Introduction 113 10.2 Fundamental Issues that Need to Be Addressed 114 10.3 What Are Stock Options? 114 10.4 Option Valuation Overview 115 10.5 A Black-Scholes Valuation Exercise 116 10.6 Options as Marital Property 118 10.7 Taxation of Options 120 10.8 Distribution of Options 121 10.9 Conclusion 122 10.10 Resources 123 10.11 Notes 123 11 Separate Business Interests 125 11.1 Introduction 125 11.2 Investment of Community Funds 126 11.3 Personal Efforts during Marriage 126 11.4 Reasonable Compensation Method in California: VAN CAMP Apportionment of Community and Separate Property Interests 129 11.5 Postseparation Change in Value 130 11.6 Selection of Method: PEREIRA or VAN CAMP 130 11.7 Equitable Apportionment 131 11.8 Notes 132 Part Four Business Valuations 133 12 Professional Standards 135 12.1 Introduction 136 12.2 The Early Years 137 12.3 Other Valuation Standards 137 12.4 Application of Standards to Valuations for Family Law 137 12.5 Details of the Consulting Standard 138 12.6 AICPA General Professional Standards 139 12.7 Statement of Standards for Valuation Services No. 1 140 12.8 Developmental Standards 145 12.9 Reporting Standards 146 12.10 Reporting Exemption for Certain Controversy Proceedings 148 12.11 Appendices and Interpretation 1-01 to SSVS 1 148 12.12 Accreditation of Valuation Experts 149 12.13 The Future 149 12.14 Notes 150 13 Premise and Standards of Value 151 13.1 Premise of Value 151 13.2 Standard of Value 152 13.3 Notes 156 14 Determining Enterprise Value 158 14.1 Determining the Subject Company Equity Value 158 14.2 Valuation Approaches and Methods 158 14.3 Qualitative and Quantitative Analysis 164 14.4 Normalizing the Benefit Stream 166 14.5 Developing the Discount Rate Using the Buildup Method 167 14.6 Developing the Discount Rate Using the Modified Capital Asset Pricing Model 173 14.7 Difference between the Capitalization and Discount Rate 173 14.8 Long-Term, Sustainable (Perpetual) Growth Rate 173 14.9 Reconciling the Results 174 14.10 Nonoperating Assets and Liabilities 175 14.11 Notes 176 15 Enterprise, Personal, Business, and Celebrity Goodwill 178 15.1 Definitions of Enterprise and Personal Goodwill 178 15.2 Difference between Goodwill and Other Types of Intangible Assets 179 15.3 Why the Need to Differentiate 179 15.4 Differing Standards of Value and Their Effect on the Goodwill Issue 180 15.5 Qualitative Differences between Personal and Enterprise Goodwill 185 15.6 Quantitative Analysis: Allocating between Personal and Enterprise Goodwill 188 15.7 Celebrity Goodwill 191 15.8 Conclusion 192 15.9 Notes 192 16 Owner Agreements’ Impact on Business Value 196 16.1 Overview 196 16.2 Legal Entities 197 16.3 Customary Terms to Agreements 198 16.4 Premises and Standards of Value 199 16.5 Controlling and Noncontrolling Equity Interests 200 16.6 Impact of Agreement Terms on Value and Examples 200 16.7 Summary 209 16.8 Notes 210 17 Premiums and Discounts 211 17.1 Introduction 211 17.2 Entity-Level and Shareholder-Level Valuation Adjustments 212 17.3 Control and Discount for Lack of Control or Minority Interest Discount 214 17.4 Elements of Control 215 17.5 Market Evidence for Control and Acquisition Premiums 215 17.6 Marketability and Liquidity 217 17.7 Discount for Lack of Marketability 220 17.8 Conclusions 225 17.9 Notes 225 Part Five Trial or Settlement 229 18 Dividing the Marital Estate 231 18.1 Introduction 231 18.2 Important Dates 235 18.3 Marital Balance Sheet and Proposed Property Division Schedules 236 18.4 Property Disposition Options: Settlement versus at Trial 240 18.5 Other Specific Issues and Considerations 244 18.6 Conclusion 246 18.7 Notes 247 19 Preparing for Trial 248 19.1 Introduction 248 19.2 Expert Depositions 248 19.3 Pretrial Motions 250 19.4 Voir Dire and Methodology 252 19.5 Preparing for Expert Witness Testimony 253 19.6 Conclusion 261 19.7 Notes 261 Part Six Alternative Dispute Resolution 263 20 Court or Neutral Expert 265 20.1 Introduction: Role of the Neutral, Joint, or Court Expert 265 20.2 Considerations before the Expert Accepts the Engagement 268 20.3 Considerations while Serving as the Court’s Expert 268 20.4 Considerations When Delivering Findings 269 20.5 Practical Tips 270 20.6 Language and Content of Court Orders 271 20.7 Conclusion 272 20.8 List of Cases 272 20.9 Sample 730 Order 273 20.10 Notes 277 21 Mediation and Dispute Resolution 278 21.1 Introduction 278 21.2 Forms of Dispute: Resolution and Mediation 279 21.3 Fundamental Mediation Blocks 280 21.4 Programs and Providers 283 21.5 Preparation and Participation 284 21.6 Conclusion 287 21.7 Notes 287 22 Collaborative Law 288 22.1 Introduction 288 22.2 The Collaborative Process: Isn’t This Just like Mediation? 289 22.3 Collaborative Professionals: Building a Professional Team 290 22.4 Financial Professional 292 22.5 Collaborative Contract 292 22.6 Disclosure in the Collaborative Process 293 23 Private Judging 294 23.1 Introduction 294 23.2 What Is a Private Judge? 294 23.3 What Factors Should Be Considered in the Decision to Go Private? 295 23.4 What Does a Private Judge Offer? 296 23.5 How the Private Process Is Different from the Public Courts 297 23.6 Ethical Considerations 297 23.7 Statutory Authority 298 23.8 Preparation and Participation 298 23.9 Conclusion 307 23.10 Notes 307 Part Seven Income Tax 309 24 Income Tax: General Rules 311 24.1 Introduction 311 24.2 Child Support 311 24.3 Filing Status 312 24.4 Dependency Exemption 313 24.5 Miscellaneous Issues 315 24.6 Notes 319 25 Tax Consequences of Property Division: IRC Section 1041 320 25.1 Introduction 320 25.2 Section 1041 of the Internal Revenue Code 321 25.3 Transfers of Property between Spouses or Former Spouses Incident to a Divorce 321 25.4 Tax Basis of Assets Transferred under Section 1041 323 25.5 Conflicts with Section 1041 324 25.6 Transfers of Stock Options and Deferred Compensation in Divorce 325 25.7 Stock Redemptions in Divorce 327 25.8 Interest Paid and Received on Deferred Equitable or Community Distribution Payments 329 25.9 Preventing Unintended Outcomes 331 25.10 Notes 331 26 Tax Issues of Child and Spousal Support 332 26.1 Support: General Discussion 332 26.2 Definition of Alimony 334 26.3 Definition of Child Support 335 26.4 Key State and U.S. Tax Court Cases Addressing Unallocated Alimony and Child Support 336 26.5 Alimony Recapture 337 26.6 Nunc Pro Tunc 339 26.7 Payments to Third Parties 340 26.8 Temporary Support Issues 340 26.9 Conflict between Family and Tax Law 341 26.10 Support Arrearages 341 26.11 What Agreements Must Say to Qualify as Alimony 341 26.12 Nontaxable and Nonincludable Alimony and Strategies 342 26.13 Payments after Death 342 26.14 Alimony and Expense Issues of a Jointly Owned Home 342 26.15 Child Contingency Issues and Traps 343 26.16 Substitute Payments 347 26.17 Reviewing Divorce Agreements 347 26.18 Internal Revenue Ruling Publications 347 26.19 Notes 350 Part Eight Marital Investigations and Fraud 351 27 Marital Fraud 353 27.1 What’s Love Got to Do with It? 353 27.2 Value in Fraud 354 27.3 Data Gathering 355 27.4 Business Entity And Marital Fraud 358 27.5 Common Frauds and How to Identify Them 362 27.6 Divorce Planning Strategies to Affect Business Values and Income 366 27.7 Conclusion 366 27.8 Bibliography 367 27.9 List of Cases 367 27.10 Sample Document Request 367 27.11 Notes 369 28 Searching Public Information 370 28.1 Privacy Laws and Asset Searches: Introduction 370 28.2 Asset Searches 371 28.3 Hidden Assets 371 28.4 Databases 373 28.5 Search Engines, Meta-Search Engines, and Directories 374 28.6 Alternatives in Searching 375 28.7 Privacy Laws 377 28.8 Conclusion 381 28.9 Notes 382 29 Bankruptcy and Insolvency in Divorce 383 29.1 Introduction 383 29.2 Overview of Chapter 7 Bankruptcy 384 29.3 Overview of Chapter 13 Bankruptcy 386 29.4 Protecting Domestic Support Obligations in Divorce 388 29.5 Protecting Property Settlements in Divorce 389 29.6 Automatic Stay and Divorce Exceptions 390 29.7 Priority of Obligations 391 29.8 Effect of Bankruptcy Filing on Divorce Decree 391 29.9 Certain Obligations 392 29.10 Dismissal 393 29.11 Revocation of Discharge 394 29.12 List of Cases 394 29.13 Notes 394 Glossary 399 About the Editors 409 About the Contributors 413 Index 423

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Book SynopsisInvestors, shell-shocked by the Great Recession of 2008-2009, are looking for answers, for something fresher than the old ''buy-and-hold'' mantra. They hunger for stability, yet yearn for growth to rejuvenate their battered portfolios. Ray Lucia''s The Buckets of Money Retirement Solution: The Ultimate Guide to Income for Life provides just thata reassuring and scientifically proven strategy that gives investors both growth and income. Lucia, a Certified Financial Planner who''s helped thousands of people invest more than $2 billion, explains how to spend down ''safe'' buckets (containing, for example, Treasuries, CDs, bonds), while leaving a riskier bucket (real estate, stocks and alternative investments) to grow long-term. This strategy shields investors from the short-term ups and downs of the market. And it gives them the courage and discipline to stay invested no matter what the future holds. Written in a breezy, accessible style and loaded with tons of exTable of ContentsForeword by Ben Stein xi Acknowledgments xv Introduction xvii Part I Regain Your Balance Chapter 1 Adapt to the Changing Landscape 3 The End of Easy 3 The Lessons 9 A Final Word 10 Chapter 2 Prepare for Whatever the Future Holds 11 Rebuild Your Savings 12 Rethink Your Retirement Years 17 Retool Your Retirement Savings Plans 23 Reinvent Your Strategy 26 A Final Word 28 Part II Forge a New Plan Chapter 3 Grasp the Buckets of Money Concept 33 Put Time on Your Side 34 Other Risks 35 Wall Street’s Answer 38 Flawed Analyses 40 Main Street’s Myopia 41 “Reverse Dollar-Cost Averaging” 42 Proper Allocation 44 Proper Location 45 A Final Word 47 Chapter 4 Choose the Proper Investments 49 Bucket 1: The Income Bucket 49 Bucket 2: The Relative Safety Bucket, Mid-term Investments 58 Bucket 3: The Growth Bucket, Long-Term Investments 68 A Final Word 76 Chapter 5 Execute the Buckets of Money Strategy 77 First, Check Goals 77 Art and Science 78 Filling the Buckets 79 Bucket 1 80 Bucket 3A 81 Planning for Inflation 82 Bucket 3B 83 The Bottom Line 85 The Fate of the Heirs 85 Another Scenario 86 How Much Risk? 87 How to Allocate 88 The Importance of Bucketizing Now 89 A Final Word 90 Part III Refine the Plan Chapter 6 Take Another Look at Annuities 93 What’s an Annuity? 93 Predicting the Future 102 Good Evidence 102 What Academia Says 103 Recovery Strategy 104 Risks and Opportunities 105 A Final Word 106 Chapter 7 See What REITs Can Do for You 109 What Exactly Is a REIT? 110 Combining the Best Features 110 Public versus Nontraded REITs 113 Another Advantage 114 The Lowdown on Loads 116 Are All REITs Low-Leveraged? 118 What Kinds of Properties Are Best? 120 Differs from Homes 124 The Role of REITs in a Portfolio 124 What Should You Look For? 125 Getting Help 128 My Personal Bias 129 A Final Word 131 Chapter 8 Play It Smart When It Comes to Personally Owned Real Estate 133 Your Home and Your Future 133 Buying Other Real Estate 147 A Final Word 153 Chapter 9 Give Uncle Sam His Fair Share—But No More 155 Tax-Free Municipal Bonds 156 Tax Management of Stock Portfolios 157 Real Estate 157 Roth Conversion 159 Incorporating Your Business 162 Tax-Credit Investing 164 Choosing Smart Location of Assets 166 A Final Word 168 Part IV Live Happily Ever After Chapter 10 Craft a Workable Withdrawal Strategy 173 Beware of Averages 174 Pitfalls Abound 176 Getting Set Up 177 Drawing Down Your Total Retirement Resources 179 Keeping Taxes Low 183 A Few More Thoughts about Stocks 187 A Final Word 191 Epilogue Keep Your Eye on Enjoyment 193 About the Authors 197 Recommended Resources 199 Index 203

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Book Synopsis*Reverse Mortgage and Linked Securities is a contributed title that comprises of many of the leading minds in the HECM industry, including reverse mortgage lenders, institutional investors, underwriters, attorneys, and regulators.Table of ContentsPreface. Acknowledgments. List of Contributors. Part One Reverse Mortgage Basics. Chapter 1 Reverse Mortgage Primer. Loan Disbursements. Overview of Lender Challenges. Summary. Chapter 2 The History of Reverse Mortgages – an Insider's View. Formative Years. Private Programs. First Lifetime Reverse Mortgages. Fannie Mae Stakes a Claim to the Marketplace. Roots of the Securitization of Reverse Mortgages. Summary. Chapter 3 HECM Explained Reverse Mortgages Originated through the Home Equity Conversion Mortgage (HECM) Program. Legislative History and Program Fundamentals. Disbursing Funds and Calculating Loans and Interest. Changes to the Program Following the 2008 Act. Consumer Focused Elements of the Program. Summary. Part Two Underwriting and Risk Analysis. Chapter 4 Underwriting Reverse Mortgages. Underwriting Life Expectancy. Life Settlement versus Reverse Mortgage Underwriting. Simplicity of the Current Reverse Mortgage Underwriting Process. Why Does Underwriting Matter? Proposed Elements of Reverse Mortgage Underwriting. Summary. Chapter 5 Risk Mitigation from Existing and Proposed Financial Products. Reverse Mortgage Risks. Agency versus Non-Conforming Loans. Summary. Chapter 6 Longevity Risk and Fair Value Accounting. Longevity Cost Calculator™ as a Loan Underwriting and Pricing Tool. Reverse Mortgage Loan Pricing Using the Longevity Cost Calculator Existing Accounting Framework. Suggested GAAP Compliant Methodology to Standardize Life Settlement Underwriting. Summary. Chapter 7 Risk Mitigation Available Hedges & Products in Development for Risk Transfer. Hedging Crossover Components in the Capital Markets. Insurance Solutions. Summary. Chapter 8 Criteria for Rating U.K. Reverse Mortgage-Backed Securities. Overview of Reverse (Equity Release) Mortgages. Reverse Mortgage-Backed Securitization. Mortality Assumptions. Prepayment Assumptions. House Price Increase Assumptions. HPI in Year 1. HPI in Years 5–15. HPI in Years 16 to Legal Final Maturity Date. Costs and Sale Period. Summary. Part Three Tax Treatment. Chapter 9 United States Federal Income Tax Aspects of Reverse Mortgages. What is a Reverse Mortgage? Deductibility of Interest Payments on Reverse Mortgages. Securitization of Reverse Mortgage Loans Through REMIC Structures. Practical Observations Regarding Investment Reverse Mortgage REMIC Securities. Summary. Part Four Reverse Mortgages in Context. Chapter 10 Unlocking Housing Equity in Japan. Implementation in the Japanese Context. Feasibility of Reverse Mortgages in Japan. Summary. Chapter 11 The Secondary Market in Home Equity Conversion Mortgages. The Reverse Mortgage to Liquidate Home Equity. HECM: A Financial Innovation. Cash Flows, Risk, and Uncertainty. The Secondary Market for HECM. HECM Securitization. Longevity Risk Embedded in HECM. The Constraints of the Underlying Asset. Concluding Remarks. Summary. Appendix A Housing Wealth Among the Elderly. Wealth in Housing. Owner-Occupancy Rates. How Risky is Housing Wealth? Do the Elderly Decumulate their Housing Wealth? Appendix B: Reverse Mortgage Analytics. Determining the Payout Values: Practical Considerations. Computing Payout Values: An Example. Notes. Glossary. About the Author. About the Contributors. Index.

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Book SynopsisA practical guide to passive investing Time and again, individual investors discover, all too late, that actively picking stocks is a loser''s game. The alternative lies with index funds. This passive form of investing allows you to participate in the markets relatively cheaply while prospering all the more because the money saved on investment expenses stays in your pocket. In his latest book, investment expert Richard Ferri shows you how easy and accessible index investing is. Along the way, he highlights how successful you can be by using this passive approach to allocate funds to stocks, bonds, and other prudent asset classes. Addresses the advantages of index funds over portfolios that are actively managed Offers insights on index-based funds that provide exposure to designated broad markets and don''t make bets on individual securities Ferri is also author of the Wiley title: The ETF Book and co-author of The Bogleheads''Table of ContentsForeword vii Preface ix Acknowledgments xix Part I The Active Versus Passive Debate 1 Chapter 1 Framing the Debate 3 Chapter 2 Early Performance Studies 15 Chapter 3 The Birth of Index Funds 33 Chapter 4 Advances in Fund Analysis 41 Chapter 5 Passive Choices Expand 61 Chapter 6 Portfolios of Mutual Funds 79 Part II Chasing Alpha and Changing Behavior 93 Chapter 7 The Futility of Seeking Alpha 95 Chapter 8 Active and Passive Asset Allocation 117 Chapter 9 Changing Investor Behavior 133 Part III The Case For Passive Investing 155 Chapter 10 The Passive Management Process 157 Chapter 11 The Passive Case for Individual Investors 175 Chapter 12 The Passive Case for Charities and Personal Trusts 193 Chapter 13 The Passive Case for Pension Funds 211 Chapter 14 The Passive Case for Advisors 221 Glossary 233 Notes 245 About the Author 253 Index 255

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Book Synopsis*The Trading Course provides aspiring traders with a detailed description of methods to analyze markets, spot profitable trading opportunities, and execute trades properly. * While the book references a variety of methodologies (Candlesticks, Elliott Wave, Dow Theory, momentum indicators, etc.Table of ContentsPreface xi Acknowledgments xvii Part I Foundational Principles 1 Chapter 1 Supremacy of the Trend 3 What is a Trend? 3 Methods for Defining Trends 7 Pinpointing the Trend Reversal in 2009 19 Chapter 2 Momentum’s Leading Edge 21 The Science of Momentum 21 Momentum in the Stock Market 23 Gaps Reveal Momentum 24 The Momentum Indicator 26 The Rate of Change Indicator 34 The 3/10 MACD Oscillator 37 Where Momentum Is Strongest 43 Chapter 3 Price Alternation Principle 45 Defining the Principle 45 Price Contraction Phase 47 Price Expansion Phase 49 Viewing the Market as Buyers and Sellers 53 Feedback Loops 55 Choosing the Right Indicators 64 Part II Strategies and Tools 79 Chapter 4 Candlestick Charting 81 Benefits of Using Candlestick Charts 81 Construction of Candlestick Charts 82 Basic Terms Used to Describe Candlesticks 85 Common Signals 87 Three Trading Scenarios 107 A Little Knowledge Goes a Long Way 109 Chapter 5 Examining Price Patterns 111 What Are Price Patterns? 111 Introduction to the Most Popular Patterns 115 Head and Shoulders 116 Inverse Head and Shoulders 121 Bull Flag 125 Triangles 134 Using Price Patterns in the Real World 143 Chapter 6 Fibonacci Tools 145 What Is Fibonacci in Trading? 145 Fibonacci Retracements 147 How to Identify Fibonacci Retracement Confluence Zones 153 The Multiple Uses of Fibonacci Tools 161 Chapter 7 Following the Life Cycle of a Price Move 163 Three Phases of a Large-Scale Price Move 164 Visualizing the Stages through Charts 169 Ralph Elliott’s Wave Theory 176 The Three Rules of Elliott Wave 182 Elliott Waves Example: Research in Motion 183 Final Tips for Applying the Life Cycle in Real Time 185 Part III Execution and Trade Setups 187 Chapter 8 Edge, Expectancy, and Execution 189 All about Edge 190 Edging Out Your Expectancy 197 Trade Execution Tactics 208 Chapter 9 Four Basic Trade Setups 219 Common Components of Every Trade 219 How to Classify Trade Setups 228 Mean Reversion Strategies 229 Mean Departure Strategies 240 Where Trades Fit in the Life Cycle 248 Trading Confidently 253 Chapter 10 Specific Trade Setups for Today’s Markets 255 The Cradle Trade 255 The Impulse Buy and Impulse Sell Trade 260 Using Multiple Timeframes to Enter an Impulse Buy Trade 265 Concluding Thoughts 270 About the Author 273 Bibliography 275 Index 281

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Book SynopsisAn engaging look at what led to the financial turmoil we now find ourselves in Bailout Nation offers one of the clearest looks at the financial lenders, regulators, and politicians responsible for the financial crisis of 2008. Written by Barry Ritholtz, one of today''s most popular economic bloggers and a well-established industry pundit, this book skillfully explores how the United States evolved from a rugged independent nation to a soft Bailout Nation-where financial firms are allowed to self-regulate in good times, but are bailed out by taxpayers in bad times. Entertaining and informative, this book clearly shows you how years of trying to control the economy with easy money has finally caught up with the federal government and how its practice of repeatedly rescuing Wall Street has come back to bite them. The definitive book on the financial crisis of 2008 Names the culprits responsible for this tragedy-from financial regulatorTable of ContentsForeword. Acknowledgments. Introduction Bailout Nation. PART I A BRIEF HISTORY OF BAILOUTS. Chapter 1 A Brief History of Bailouts. Chapter 2 The Creation of the Federal Reserve, and Its Role in Creating Our Bailout Nation. Chapter 3 Pre-Bailout Nation (1860–1942). Chapter 4 Industrial-Era Bailouts (1971–1995). Intermezzo A Pattern Emerges. PART II THE MODERN ERA OF BAILOUTS. Chapter 5 Stock Market Bailouts (1987-1995). Chapter 6 The Irrational Exuberance Era (1996-1999). Chapter 7 The Tech Wreck (2000-2003). Chapter 8 The Backwards, Rate-Driven Economy. Intermezzo A Brief History of Finance and Credit. Chapter 9 The Mad Scramble for Yield. PART III MARKET FAILURE. Chapter 10 The Machinery of Subprime. Intermezzo A Memo Found in the Street: Uncle Sam the Enabler. Chapter 11 Radical Deregulation, Nonfeasance. Chapter 12 Strange Connections, Unintended Consequences. Chapter 13 Moral Hazard: Why Bailouts Cause Future Problems. PART IV BAILOUT NATION. Chapter 14 2008: Suicide by Democracy. Chapter 15 The Fall of Bear Stearns. Chapter 16 Dot-Com Penis Envy. Chapter 17 Year of the Bailout, Part I: The Notorious AIG. Chapter 18 The Year of the Bailout, Part II: Too Big to Succeed? Intermezzo Idiots Fiddle While Rome Burns. PART V POST-BAILOUT NATION. Chapter 19 Casting Blame. Chapter 20 Misplaced Fault. Chapter 21 The Virtues of Foreclosure. Chapter 22 Casino Capitalism. Postscript Advice to a New President. Notes. Index.

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Book SynopsisRecent catastrophic business failures have caused some to rethink the value of the audit, with many demanding that auditors take more responsibility for fraud detection. This book provides forensic accounting specialists?experts in uncovering fraud?with new coverage on the latest PCAOB Auditing Standards, the Foreign Corrupt Practices Act, options fraud, as well as fraud in China and its implications. Auditors are equipped with the necessary practical aids, case examples, and skills for identifying situations that call for extended fraud detection procedures.Table of ContentsPreface xxi Acknowledgments xxiii Chapter 1 Fraud: An Introduction 1 Fraud: What is It? 2 Fraud: Prevalence, Impact, and Form 3 Fraud in Historical Perspective 4 Types of Fraud 5 Root Causes of Fraud 6 A Historical Account of the Auditor’s Role 7 Auditors Are Not Alone 14 Deterrence, Auditing, and Investigation 16 Conceptual Overview of the Fraud Deterrence Cycle 17 First Look Inside the Fraud Deterrence Cycle 19 Auditing and Investigation 22 Chapter 2 Psychology of the Fraudster 25 Calculating Criminals 26 Situation-Dependent Criminals 27 Power Brokers 28 Fraudsters Do Not Intend to Harm 28 Kinds of Rationalization 33 Auditors’ Need to Understand the Mind of the Fraudster 33 Conclusion 34 Chapter 3 The Roles of the Auditor and the Forensic Accounting Investigator 37 The Patrolman and the Detective 38 Complexity and Change 41 Auditor Roles in Perspective 42 Not All Good People 44 Each Company is Unique 45 Role of Company Culture 45 Estimates 46 Choices 49 What Auditors Do 50 Bedrock of an Effective Audit 55 SPADE 57 Auditing Standards Take a Risk-Based Approach to Fraud 58 Management Override 60 Regulatory Reaction to Fraud 60 Financial Benefits of Effective Fraud Management 61 Conclusion 61 Chapter 4 Auditor Responsibilities and the Law 63 Appendix: Summary of PCAOB Matters Involving Detection of Fraud 77 Chapter 5 When and Why to Call in Forensic Accounting Investigators 79 Today’s Auditors Are Not Forensic Accounting Investigators 80 Auditors Are Not Authenticators 80 Auditors Have Limited Exposure to Fraud 81 Auditors Are Not Guarantors 82 Historically, Audits May Have Been Predictable 83 Potential Trigger Points of Fraud 84 Reliance on Others 91 Conclusion 92 Chapter 6 Internal Audit: The Second Line of Defense 95 What Do Internal Auditors Do? 96 Internal Audit Scope of Services 98 The Handoff to Forensic Accounting Investigators and Legal Counsel 99 Perception Problem 101 Complex Corporate Fraud and the Internal Audit 102 WorldCom and the Thornburgh Report 102 Case Studies: The Internal Auditor Addresses Fraud 103 A Tragic Circumstance 105 Reporting Relationships: A Key to Empowering Fraud Detection 111 Tomorrow’s Internal Auditor, Tomorrow’s Management and Board 113 Chapter 7 Teaming with Forensic Accounting Investigators 115 Forensic Accounting Investigators’ Cooperation with Internal Auditors 117 Forensic Accounting Investigators’ Cooperation with External Auditors 120 Objectives of All Interested Parties 122 Forensic Accounting Investigators’ Objectives 122 Who Should Direct the Investigation and Why? 126 Ready When Needed 127 Where to Find Skilled Forensic Accounting Investigators 127 Chapter 8 Anonymous Communications 133 Typical Characteristics of Anonymous Tips 134 Federal Statutes Related to Anonymous Reporting and Whistle-Blower Protections 135 Receipt of an Anonymous Communication 139 Initial Understanding of Allegations 140 Determine Whether Any Allegation Requires Immediate Remedial Action 141 Development and Implementation of the Investigative Strategy 142 The Investigation Team 142 Disclosure Decisions 143 Prioritize the Allegations 144 Interviewing Employees 145 Follow-Up Tip 149 Conclusion 150 Chapter 9 Personal Privacy and Public Disclosure 151 Introduction 151 Data Privacy: Providing Context 152 Data Privacy in the United States 153 Data Privacy in the European Union 158 Navigating the Legal Differences Between the United States and the European Union 162 Elsewhere around the Globe 165 Public Disclosure 168 Conclusion 173 Chapter 10 Building a Case: Gathering and Documenting Evidence 175 Critical Steps in Gathering Evidence 176 Whose Evidence is It? 182 Evidence Created by the Forensic Accounting Investigator 183 What Evidence Should Be Gathered? 185 Important Considerations Regarding Documents and Working Papers 186 Conclusion 189 Chapter 11 Independence, Objectivity, Skepticism 191 Accountant’s Independence 192 SEC Final Rules for Strengthening Auditor Independence 192 SEC Regulation of Forensic Accounting Services 193 Consulting versus Attest Services 196 Integrity and Objectivity 198 Professional Skepticism 199 Trust but Verify: Exploring Further 203 Loose-Thread Theory of Auditing 207 Further Thoughts on the Loose-Thread Theory 210 Chapter 12 Potential Missteps: Considerations When Fraud is Suspected 213 Confronting Suspects 213 Dismissing the Target 216 Assumptions 217 The Small Stuff Could Be Important 221 Materiality: More on a Key Topic 223 Addressing Allegations 224 The Case of the Central American General Manager 225 Exercising Skepticism 228 Case Outcomes 229 Chapter 13 Potential Red Flags and Fraud Detection Techniques 231 Types of Fraud Revisited 232 Fraud Detection: Overview 233 Laying a Foundation for Detection 236 Interpreting Potential Red Flags 238 Importance of Professional Skepticism 240 Revisiting the Fraud Triangle 243 Identifying and Evaluating Risk Factors 248 Information Gathering 251 Analytic Procedures 254 Analytic Techniques 258 Assessing the Potential Impact of Fraud Risk Factors 260 Evaluating Controls 261 Unpredictable Audit Tests 263 Observation and Inspection 264 Financial Statement Fraud: Detection Techniques 266 Revenue Recognition 267 Corruption 268 Summary 269 Chapter 14 Investigative Techniques 271 Timing 271 Communication 272 Early Administrative Matters 272 Predication 273 What Should You Know before You Start? 275 A Word about Insurance 281 Exceptions and Other Considerations 282 Considerations on International Assignments 283 Accounting Issues 285 Data Analysis 286 Document Review 286 Conclusion 291 Chapter 15 Corporate Intelligence 293 Definition of Corporate Intelligence 293 Evolution of Corporate Intelligence 294 Today’s Business Need 297 Legal and Regulatory Drivers of Corporate Intelligence 297 Cost Drivers of Corporate Intelligence 301 Negotiation Drivers of Corporate Intelligence 303 Basic Deployment and Consumption of Corporate Intelligence 304 Customary Data Fields Necessary to Fulfill Corporate Intelligence Remits 306 Analysis and Reporting of Findings 307 Coordination and Selection of Management and External Advisors for Intelligence Gathering 307 Timing of Deployment 308 Limitations of and Inherent Barriers to Corporate Intelligence 308 Legal Parameters and Operating Constraints versus Enabling Ethical Debates Surrounding Corporate Intelligence 313 Summary 315 Chapter 16 The Art of the Interview 317 Difficulty and Value of Obtaining an Admission 318 Planning for the Interview 319 Types of Interviews 321 Others May Wish to Attend Interviews 325 Interview Process 326 Documenting the Interview 330 Use of Subterfuge 331 Summary 331 Chapter 17 Data Mining 333 Definition and Benefits of Data Mining 334 Structured versus Unstructured Data 335 Planning 335 Methods of Data Acquisition 340 Structured Data Analysis 341 Unstructured Data 352 Advanced Data Analysis Tools 358 Conclusion 360 Chapter 18 Report of Investigation 363 Types of Reports 364 Importance of Adequate Preparation 364 Standards of Reporting 365 Written Report of Expert Witness Opining for the Plaintiff on a Civil Fraud Claim 371 Affidavits 374 Informal Reports 374 Giving a Deposition 376 Mistakes to Avoid in Reporting 380 Working Papers 382 Relationship Review 384 Substantive Working Papers 384 Each Working Paper Should Stand on Its Own 384 Testimony Binder 386 Interview Memorandums 386 Chapter 19 Supporting a Criminal Prosecution 389 Key Considerations 390 Referral Considerations 393 Chapter 20 Working with Attorneys 399 In the Company of Lawyers 399 Confidentiality Requirements 400 Forming the Investigative Team 401 Documentation 407 Civil Litigation 408 Interviewing 408 External Audit Firm 409 Working for or Interacting with Law Enforcement or Government Agencies 412 Disagreements with Counsel 413 Conclusion 414 Chapter 21 Financial Reporting Fraud and the Capital Markets 417 Targets of Capital Market Fraud 418 Securities Investment Model 419 Some Observations on Financial Fraud 429 Summary 430 Chapter 22 Financial Statement Fraud: Revenue and Receivables 433 Improper Revenue Recognition 435 Revenue Recognition Detection Techniques 438 Analytical Procedures to Identify or Explore Potential Revenue Red Flags 440 Improper Allocation of Value in Multiple-Element Revenue Arrangements 450 Improper Accounting for Construction Contracts 452 Related-Party Transactions 453 Revenue and Receivable Misappropriation 455 Inflating the Value of Receivables 460 Extended Procedures 461 Round-Tripping 463 Improperly Holding Open the Books 464 Consignments and Demonstration Goods 465 Summary 466 Chapter 23 Financial Statement Fraud: Other Schemes and Misappropriations 467 Asset Misstatements 467 Understatement of Liabilities and Expenses 478 Backdating Share Options 479 Off-Balance-Sheet Transactions 480 Two Basic Accounting Models 481 Cookie Jar Reserves 482 Improper and Inadequate Disclosures 483 Materiality 484 Disbursement Schemes 485 Invoice Schemes 486 Check Tampering 489 Expense Reimbursement Schemes 490 Payroll Schemes 491 Fraud in an Economic Downturn 492 Unauthorized Trading 492 Mortgage Fraud 494 Chapter 24 Ponzi Schemes 495 Ponzi Scheme Origin and Development 495 Recent Spotlights 497 Insights into Ponzi Schemes: Passing Trend or Lasting Reality? 503 Accountant’s Challenges 507 Regulatory Bodies and Task Forces 508 Bankruptcy Implications 509 Summary 510 Chapter 25 Money Laundering 511 Relationship between Fraud and Money Laundering 511 Counter-Terrorist Financing 514 Varying Impact of Money Laundering on Companies 515 The Five-Point Program for AML-Regulated Businesses 516 Impact of Money Laundering on Financial Statements 520 AML and Forensic Accounting Investigation 521 Legal Arrangements Lending Themselves to Anonymity 523 Auditing and Money Laundering 524 Relationship between Fraud Investigation and AML 525 Chapter 26 Foreign Corrupt Practices Act 527 Background 527 Recent Enforcement Trends 530 U.K. Bribery Act 2010 536 The Role of the Forensic Accountant 537 Red Flags 542 Reporting 545 Conclusion 546 Chapter 27 Construction Projects 547 The Nature of the Construction Industry 547 Contract Pricing Strategy 550 Standard Form Contracts 554 Issues in Analysis 559 Change Orders 560 Financial Damages 561 Underbid 567 Inflation 567 Analysis of Claims 567 Summary 569 Chapter 28 Contract Compliance 571 Effective Integrated Internal and External Contract Compliance Program 572 The Role of the Forensic Accountant 576 Government Contracting 578 Risk and Compliance 578 Recovery 579 Crisis Management and Litigation Support 581 Chapter 29 Other Dimensions of Forensic Accounting 585 Environmental Issues 586 Intellectual Property 586 Insurance and Business Interruption 587 Marital Dissolution 588 Shareholder Litigation 588 Business Valuation 589 Business Combinations 589 Cybercrime 590 Chapter 30 Corporate Remediation 593 What is Remediation? 593 What is Driving Corporate Remediation? 594 Why is Remediation Necessary? 597 How to Remediate 599 Role of the Forensic Accountant 603 Recent Cases 605 Remediation Going Forward 607 Index 611

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

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Book SynopsisThe ultimate guide to the current rules and regulations that govern the securities industry?including amendments in 2010 Providing readers with expert coverage of domestic securities regulation, this book fills the need for coverage of securities regulations, defining, describing, and explaining everything professionals need to know about domestic securities regulation. Examines the current securities rules Provides an overview of the latest regulations for this industry Includes a description of the various government regulations of securities markets, and securities transactions Since the corporate scandals of 2002, this industry has seen intense scrutiny of how it is regulated. Regulation of Securities, Markets, and Transactions demystifies the new laws and regulations with straightforward, to-the-point coverage professionals need.Table of ContentsPreface xvii Chapter 1 Regulation 1 Securities and the Public Interest 1 Meaning of ‘‘Security’’ 3 Debt, Equity, and Option Securities 4 Securities Transactions 6 Institutional and Functional Regulation 7 Exclusions and Exemptions 9 Structure of Securities Laws 14 Other Securities Laws 16 Regulatory Objectives 19 Disclosure and Transparency 21 Regulation and Supervision 24 Registration 29 Registration of Securities 30 Registration of Entities and Persons 34 Issuers of Securities 35 Self-Regulatory Organizations 39 Registered Self-Regulatory Organizations 41 Special-Purpose Self-Regulatory Organizations 44 Regulation of Registered Entities and Persons 44 Chapter 2 Regulation of Nonregistered Entities and Persons 62 Introduction 62 Nonsecurities Laws 68 Chapter 3 Accounting and Auditing 78 Introduction 78 Accounting 78 Mark-to-Market Accounting 80 Auditing 81 Objectives-Oriented Rules for Accounting and Auditing 84 Audit Committees 85 Accounting Capital and Regulatory Capital 86 Accountancy Law 87 Chapter 4 Introduction to Notes 88 Public Laws 88 United States Code 89 Code of Federal Regulations 90 Supreme Court Decisions 91 Federal Register 91 SEC Releases 92 Prefixes for SEC Releases 94 Selected Releases by the Securities and Exchange Commission 94 SEC Release 34-16900, 17 JUN 80, 45 FR 41920, 23 JUN 80 94 SEC Release 34-20221, 23 SEP 83, 48 FR 45167, 3 OCT 83 94 SEC Releases 33-7375, 34-38067, and IC-22412, 20 DEC 96, 62 FR 519, 3 JAN 97 95 SEC Release 34-39829, 6 APR 98, 63 FR 17943, 13 APR 98 95 SEC Releases 33-7607, 34-40633, and IC-23520, 3 NOV 98, 63 FR 67331, 4 DEC 98 95 SEC Release 33-7760, 22 OCT 99, 64 FR 61443, 10 NOV 99 95 SEC Releases 33-7801 and 34-42430, 16 FEB 00, 65 FR 8896, 23 FEB 00 95 SEC Release 34-44989, 25 OCT 01, 66 FR 55220, 1 NOV 01 95 SEC Release 34-48545, 25 SEP 03, 68 FR 56656, 1 OCT 03 96 SEC Release 34-51524, 12 APR 05, Administrative Proceeding 3-11892, In the Matter of the New York Stock Exchange Inc. 96 SEC Release 34-51808, 9 JUN 05, 70 FR 37495, 37545, and 37595, 29 JUN 05 (corrected by Release 34-51808A, 28 DEC 05, 71 FR 232, 4 JAN 06) 96 Selected Public Laws 96 Selected United States Code Titles 105 Selected United States Code Sections 105 Selected Code of Federal Regulations Titles 106 Selected Code of Federal Regulations Parts 106 Structure of U.S. Code and Code of Federal Regulations Sections 107 Selected Banking Regulations 109 State Securities Laws 110 Uniform Commercial Code 111 Chapter 5 Notes 112 Chapter 6 Selected Sections from the Financial Regulation Act of 2010 271 Introduction 271 Major Section Headings of the Financial Regulation Act 271 Selected Sections of the Financial Regulation Act 272 Reports Required by the Financial Regulation Act 273 Chapter 7 Sections of Codified Securities Laws 276 Introduction 276 Securities Act (15 USC Sections 77a and following) 277 Trust Indenture Act (15 USC Sections 77aaa and following) 278 Securities Exchange Act (15 USC Sections 78a and following) 279 Securities Investor Protection Act (15 USC Sections 78aaa and following) 281 Investment Company Act (15 USC Sections 80a-1 and following) 281 Investment Advisers Act (15 USC Sections 80b-1 and following) 283 Public Company Accounting Reform and Corporate Responsibility 284 Chapter 8 Organizations 286 Introduction 286 Executive Branch of Government 286 Legislative Branch of Government 287 Judicial Branch of Government 288 Agencies of Government 289 Self-Regulatory Organizations 290 Accounting Principles and Auditing Standards 290 Industry and Professional Associations 291 State-Related Organizations 294 International Organizations 295 Advisory Committees and Informal Groups 298 Appendix A References 301 Appendix B Web Sites by Name 315 Appendix C Web Sites by Function 324 Glossary 334 About the Author 361 Index 363

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Book SynopsisAn invaluable aid to companies and auditors involved in first-time adoption of the new SMEs standard Applying the IFRS for SMEs provides expert insights and explanations of the International Financial Reporting Standards (IFRS) for small and medium enterprises (SMEs) issued by the International Accounting Standards Board (IASB).Trade Reviewprovides expert insights and explanations of the International Financial Reporting Standards for small and medium enterprises . (Finance & Management Faculty, January 2011).Table of ContentsForeword. Preface. List of Abbreviations. Chapter 1 Scope of the IFRS for SMEs. Chapter 2 Concepts and Pervasive Principles. Chapter 3 Financial Statement Presentation. Chapter 4 Statement of Cash Flows. Chapter 5 Consolidated and Separate Financial Statements. Chapter 6 Business Combinations and Goodwill. Chapter 7 Accounting Policies, Estimates, and Errors. Chapter 8 Inventories. Chapter 9 Investments in Associates. Chapter 10 Investments in Joint Ventures. Chapter 11 Investment Property. Chapter 12 Property, Plant, and Equipment. Chapter 13 Intangible Assets Other than Goodwill. Chapter 14 Impairment of Assets. Chapter 15 Provisions and Contingencies. Chapter 16 Liabilities and Equity. Chapter 17 Financial Instruments. Chapter 18 Leases. Chapter 19 Share-Based Payment. Chapter 20 Employee Benefits. Chapter 21 Income Tax. Chapter 22 Revenue. Chapter 23 Government Grants. Chapter 24 Borrowing Costs. Chapter 25 Foreign Currency Translation. Chapter 26 Hyperinflation. Chapter 27 Events after the End of the Reporting Period. Chapter 28 Related Party Disclosures. Chapter 29 Specialized Activities. Chapter 30 Transition to the IFRS for SMEs. Index.

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Book SynopsisA comprehensive yet simplified guide to the complex world of options investing and risk management Before trading derivatives, one needs to understand the secrets and mechanics behind the options market. Your Options Handbook: The Practical Reference and Strategy Guide to Trading Options offers a straightforward, practical explanation of the options marketplace, including its origins, the mechanics of the market, and how to profit from trading options. Walks you through the stock and option markets from a professional''s perspective, but uses plain language and simple analogies Discusses different trading strategies based upon whether one''s opinion of the market is bullish, bearish, or neutral Details market players, useful tips, and trading psychology, and explains how options are priced Options are a versatile trading instrument that typically cost less and can have lower risk than stocks. They also offer investors a unique edgeTable of ContentsForeword xi Preface xv Acknowledgments xxvii CHAPTER 1 Market Basics and Market Mechanics: What Is Going On and How Does It All Work? 1 The Markets 1 Sectors and Industries 9 ETFs—A Different Kind of Investment 12 Final Thoughts 16 CHAPTER 2 Data That Moves the Markets: The First Step in Your Analysis 17 Data and Sentiment 18 Economists, Predictions, and Indicators 18 Economic Indicators 21 Key Indicators to Watch 27 Final Thoughts 43 CHAPTER 3 Fundamental and Technical Stock Analysis and Tools: The Second Step in Your Analysis 45 Introduction to Fundamental Analysis 46 Digesting the News 57 Cheap versus Value 61 Mergers and Acquisitions for the Everyday Options Trader 64 The Wisdom (or Lack Thereof) of Crowds 65 Trading Tactics and Technical Analysis 67 Plans of Attack 93 New Trader Tips 101 Top 10 Things Professionals Do That the Average Retail Trader Doesn’t 104 Final Thoughts 106 CHAPTER 4 Options Basics: Techniques and Fundamentals to Master before Applying Any Options Strategy 107 The Oracle of Omaha Did It, Why Can’t I? 111 The Basics 114 Trading Options—Order Types 122 Options Expiration in Detail 126 Exercise and Assignment 128 When Should You Exercise an Option Early? 132 What Is Triple Witching? (Or Quadruple Witching) 134 Final Thoughts 137 CHAPTER 5 The Greeks: The Forces That Influence Options’ Prices 139 Delta 139 Final Thoughts 156 CHAPTER 6 Strategy: The Basic Options Trades 159 Basic Single Options Strategies 160 The Long Call 160 Covered Call (Buy-Write) 171 Buy-Write versus Covered Call 175 Long Put 181 Basic Stock and Options Spread 195 Final Thoughts 208 CHAPTER 7 Strategy: The Basic Spread Trades 209 Vertical Spreads in Depth 209 The Four Basic Vertical Spreads—Basic Characteristics and Behavior 214 Credit Spreads versus Debit Spreads 216 Credit Vertical Spreads 219 Debit Vertical Spreads 236 Buying a Put Spread (Bear Put Spread) 237 Buying a Call Spread (Bull Call Spread) 242 Market Direction Neutral Spread Strategies 257 Final Thoughts 271 CHAPTER 8 Strategy: The Advanced Option Spreads 273 Market Neutral, Volatility, and Earnings Spread Strategies 273 Butterflies versus Condors 281 Iron Spreads 285 Iron Butterfly versus Iron Condor 286 Final Thoughts 309 CHAPTER 9 Advanced Concepts 311 Put-Call Parity, Interest Rates, Dividends, and Forwards 312 Synthetics and More on Put-Call Parity 316 Final Thoughts 336 CHAPTER 10 A Revolutionary Approach to the Mind Games of the Markets: Understand Why You Need Emotions to Trade Well 337 Trading Is Like Weather Forecasting 338 What Is Psych Cap? 345 Strategies and Tactics for Large Psych Cap Balances 352 About the Contributor 359 CHAPTER 11 Turning Your Trading into a Business 361 Learning the Dollar 362 Education 362 The Formative Process 363 Tips and Formulas for Budgetary Success 364 Setting Up a Legal Entity 366 Guidelines, Indicators, and Birds of Prey 371 Final Thoughts 381 About the Contributor 381 Notes 383 About the Author 389 Index 391

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