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Book SynopsisA guided journey revealing hidden values and buried treasures while negotiating the investing landscape. A metaphorical journey through the hot, shifting sands of the capital markets desert' to awaken readers to the urgency of the Behavior Gapa chronic gap of under-performance relative to the markets experienced by investors worldwide. This is a roadmap of portfolio management concepts and contrarian tactics that can turn misbehaviors, undue risks, and short-term gambles into longer-term strengths. Through 27 chapters and four tiers, the author progressively introduces more powerful tools & techniques used in the founding and ongoing management of the Oasis Growth Fund, a North American Hedge Fund.Table of ContentsAbout the Author xi List of Abbreviations xiii Introduction xv Foundation 1 Chapter 1: Eyes Wide Open 3 Chapter 2: Choosing the Right Path 13 Chapter 3: Risk 101 31 Chapter 4: Setting the Asset mix 45 Chapter 5: Firming Our “Backbone” 59 Chapter 6: The Case for a Planner/Advisor 69 Foundation Comments 83 The Investing Oasis: Tier 1 85 Chapter 7: The Oasis Growth Fund (OGF) Model 87 Chapter 8: Stock Selection: Quantitative Filters 97 Chapter 9: Stock Selection: Brains and the Brawn 111 Chapter 10: Stock Selection: Qualitative Filters 119 Chapter 11: Stock Selection: 3+ Degrees of Diversification 131 Chapter 12: Portfolio Construction: Equal- Weighting a Portfolio 145 Chapter 13: Beware Those Temptations 153 Tier 1 Summary 161 The Investing Oasis: Tier 2 163 Chapter 14: The Buy- in 165 Chapter 15: Contrarian Rebalancing 183 Chapter 16: A Hidden Well of Income 193 Tier 2 Summary 203 The Investing Oasis: Tier 3 205 Chapter 17: Warren B – The Ultimate Contrarian 207 Chapter 18: Contrarian Cash and Leverage 213 Chapter 19: Digging for Buried Treasures 227 Chapter 20: Emotion-free Selling 247 Tier 3 Summary 255 The Investing Oasis: Tier 4 257 Chapter 21: “Storm” Forecasting 259 Chapter 22: “Rounding Up the Camels” 267 Chapter 23: Portfolio Protection 281 Tier 4 Summary 301 Chapter 24: Putting It All Together 303 Chapter 25: The Next- Gen Financial System 311 Chapter 26: A Case for Active Management 321 Chapter 27: Tools and Resources 325 About the Website 333 Index 335

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Book Synopsis

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Book Synopsis

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Book SynopsisTable of ContentsPreface v 1 The Development of Accounting Theory 1 The Early History of Accounting 2 Accounting in the United States Since 1930 5 The Role of Ethics in Accounting 22 International Accounting Standards 26 Cases 27 FASB ASC Research 29 Room for Debate 29 2 The Pursuit of the Conceptual Framework 30 The Early Theorists 30 Early Authoritative and Semiauthoritative Attempts to Develop the Conceptual Framework of Accounting 32 Statement on Accounting Theory and Theory Acceptance 38 The FASB’s Conceptual Framework Project 41 International Convergence 66 Cases 74 FASB ASC Research 76 Room for Debate 77 3 International Accounting 78 International Business Accounting Issues 79 The Development of Accounting Systems 79 Preparation of Financial Statements for Foreign Users 81 The International Accounting Standards Committee 81 The Uses of International Accounting Standards 92 The IASC and the IOSCO 94 The IASB Annual Improvements Project 95 IASB–FASB Convergence 96 The Effects of International versus US GAAP Accounting Standards 97 Standards Overload 100 Framework for the Preparation and Presentation of Financial Statements 101 The IASB–FASB Financial Statement Presentation Project 110 Cases 112 FASB ASC Research 114 Room for Debate 114 4 The Status Development and Uses of Financial Reporting 115 The Financial Reporting Environment 115 Research Methodology 118 The Outcomes of Providing Accounting Information 121 The Relationship Among Accounting Research Education and Practice 147 Cases 149 FASB ASC Research 152 Room for Debate 153 5 Income Concepts Revenue Recognition and Other Methods of Reporting 154 The Nature of Income 155 Economic Versus Accounting Income 159 Revenue Recognition 161 Matching 180 Income Recognition Constraints 182 Non- GAAP Measures of Performance 183 Sustainability Reporting 186 Earnings Quality Earnings Management and Fraudulent Financial Reporting 191 International Accounting Standards 197 Cases 203 FASB ASC Research 206 Room for Debate 207 6 Financial Statement I: The Income Statement 208 The Economic Consequences of Financial Reporting 208 Income Statement Elements 208 Statement Format 210 The Value of Corporate Earnings 233 International Accounting Standards 238 Cases 243 FASB ASC Research 246 Room for Debate 246 7 Financial Statements II: The Balance Sheet and the Statement of Cash Flows 247 The Balance Sheet 247 Fair Value Measurements 259 Evaluating a Company’s Financial Position 266 The Statement of Cash Flows 269 Financial Analysis of Cash- Flow Information 279 International Accounting Standards 280 FASB ASC Research 291 Room for Debate 292 8 Working Capital 293 Development of the Working Capital Concept 293 Current Usage 295 Components of Working Capital 295 Working Capital Management 306 International Accounting Standards 314 Cases 316 FASB ASC Research 319 Room for Debate 319 9 Long- Term Assets I: Property Plant and Equipment 321 Property Plant and Equipment 321 Financial Analysis of Property Plant and Equipment 326 Cost Allocation 326 Capital and Revenue Expenditures 329 Recognition and Measurement Issues 330 Impairment of Value 330 Accounting for Asset Retirement Obligations 333 International Accounting Standards 335 Cases 341 FASB ASC Research 345 Room for Debate 346 10 Long- Term Assets II: Investments and Intangibles 347 Investments in Equity Securities 347 Investments in Debt Securities 355 Impairment of Investments in Unsecuritized Debt Including Receivables and Loans 359 The Fair Value Option for Financial Assets 363 Transfers of Financial Assets 364 Cryptocurrency 376 Financial Analysis of Investments and Intangibles 379 International Accounting Standards 379 Cases 390 FASB ASC Research 394 Room for Debate 394 11 Long- Term Liabilities 395 The Definition of Liabilities 395 Recognition and Measurement of Liabilities 396 Debt versus Equity 397 Classification of Long- Term Debt 400 Other Liability Measurement Issues 414 Reference Rate Reform 422 Troubled Debt Restructurings 424 Financial Analysis of Long- Term Debt 426 International Accounting Standards 428 Cases 437 FASB ASC Research 440 Room for Debate 441 12 Accounting for Income Taxes 442 Historical Perspective 442 The Income Tax Allocation Issue 444 Permanent and Temporary Differences 444 Conceptual Issues 448 Alternative Interperiod Tax Allocation Methods 452 Financial Statement Disclosure 460 FIN No. 48 “Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109” 462 The Tax Cuts and Jobs Act of 2017 463 Financial Analysis of Income Taxes 466 International Accounting Standards 469 Cases 472 FASB ASC Research 475 Room for Debate 476 13 Leases 477 Accounting for Leases 478 Subsequent Developments 489 ASU 2016- 02 (FASB ASC 842) 491 Lease Agreements Affected by ASU 2020- 04 Reference Rate Reform 502 Financial Analysis of the Effects of Capitalizing Operating Leases 503 International Accounting Standards 506 Cases 511 FASB ASC Research 516 Room for Debate 517 14 Pensions and Other Postretirement Benefits 518 Historical Perspective 520 Accounting for the Pension Fund 531 The Employee Retirement Income Security Act 531 Other Postretirement Benefits 532 Postemployment Benefits 534 SFAS No. 132 534 SFAS No. 158 534 Financial Analysis of Pension and Other Postretirement Benefits 536 International Accounting Standards 537 Cases 539 FASB ASC Research 543 Room for Debate 544 15 Equity 545 Theories of Equity 545 Definition of Equity 550 The Distinction Between Debt and Equity 551 Reporting Equity 553 Financial Analysis of Stockholders’ Equity 565 International Accounting Standards 567 Cases 569 FASB ASC Research 573 Room for Debate 574 16 Accounting for Multiple Entities 575 Business Combinations 575 Accounting for Business Combinations 576 Consolidations 582 Theories of Consolidation 589 Noncontrolling Interest 590 Drawbacks of Consolidation 593 Special Purpose Acquisition Companies 594 Segment Reporting 596 Foreign Currency Translation 601 International Accounting Standards 609 Cases 621 FASB ASC Research 624 Room for Debate 625 17 Financial Reporting Disclosure Requirements and Ethical Responsibilities 626 Recognition and Measurement Criteria 626 Areas Directly Affected by Existing FASB Standards: Supplementary Information 632 Financial Reporting: Other Means of Financial Reporting 640 All Information Useful for Investment Credit and Similar Decisions: Other Information 643 Securities and Exchange Commission Disclosure Requirements 645 Ethical Responsibilities 655 International Accounting Standards 663 Cases 666 FASB ASC Research 670 Room for Debate 670 Index I- 1

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Book SynopsisDiscover how to dip your toe into the cryptocurrency investing pool without getting burned In Sustainably Investing in Digital Assets Globally, international finance and fintech expert Selva Ozelli delivers an eye-opening and insightful discussion of cryptocurrency investment, as well as the risks and opportunities that await those who deal in this promising new technology. In the book, the author explores how cryptocurrencies have been used by illicit operators throughout the US and the world and how legitimate investors have sought to limit their exposure to illegal activity. Readers will also find comprehensive treatments of US-based and global cryptocurrency regulations, as well as: Advice for investors concerned about the environmental sustainability of blockchain technology but who still wish to invest in cryptocurrenciesInformation about a variety of countries and governments who have explored and implemented various cryptocurrency initiatives inside their own bordersDiscussiTable of ContentsForeword ix Preface xiii Acknowledgments xix About the Author xxi Introduction 1 Part 1: Digital Asset Utilization and Regulation in the United States 7 Chapter 1: About Bitcoin 9 Chapter 2: Ethereum 21 Chapter 3: Initial Coin Offering 27 Chapter 4: New Financial Alternatives 33 Chapter 5: Hedging Bitcoins with Options on the World Wide Web 37 Chapter 6: Cryptocurrency Spreads 45 Chapter 7: Altcoin, Stablecoin Utility Coins, and CBDC 51 Chapter 8: Cryptocurrency Tumblers and Mixing Services 59 Chapter 9: The Darknet 63 Chapter 10: Illicit Use of Cryptocurrencies 69 Chapter 11: Cybercrime Task Force 75 Chapter 12: Money Laundering 81 Chapter 13: Theft Hacking and Ransom Payments 93 Chapter 14: Cryptocurrency Bribes 97 Chapter 15: Corruption 101 Chapter 16: US Tax Evasion 103 Chapter 17: Intellectual Property Espionage and Cryptocurrency 107 Chapter 18: The US Government Implements Blockchain Programs to Improve Transparency and Efficiency 111 Chapter 19: Supply Chain Management with Blockchain Amid the COVID Pandemic 117 Chapter 20: Are NFTs Here to Stay? 135 Chapter 21: Regulation of Digital Assets 151 Part 2: Digital Asset Utilization and Regulation Around the World 153 Chapter 22: Portugal 155 Chapter 23: Netherlands 159 Chapter 24: South Africa 165 Chapter 25: Switzerland 169 Chapter 26: Israel 175 Chapter 27: South Korea 181 Chapter 28: Brazil 185 Chapter 29: Canada 191 Chapter 30: Malta 197 Chapter 31: Germany 201 Chapter 32: The United Arab Emirates 209 Chapter 33: Turkey 215 Chapter 34: Singapore 223 Chapter 35: Puerto Rico 229 Part 3: Solarized Around the World 235 Chapter 36: Is US Environmental Tax Policy Hindering Solar Power to Fuel Digital Technologies? 237 Chapter 37: Japan to Solarize Its Burgeoning Digital Economy 245 Chapter 38: Green Policy and Crypto Energy Consumption in the EU 259 Chapter 39: Chinese Blockchain-Based Mobile Payment Revolution 271 Chapter 40: India Is Fostering a Solarized Digital Future 287 Chapter 41: Russia Leads Multinational Stablecoin Initiative 295 Chapter 42: Africa’s Solarized Digitalization Agenda in the Time of Coronavirus 307 Chapter 43: The Need to Report Carbon Emissions Amid the Coronavirus Pandemic 315 Chapter 44: The Pandemic Year Ends with a Tokenized Carbon Cap-and-Trade Solution 327 Chapter 45: The UN’s COP26 Climate Change Goals Include Emerging Tech and Carbon Taxes 337 Index 345

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Book SynopsisTable of ContentsAcknowledgments ix About the Author xi Introduction xiii 1 History of Environmental and Corporate Entanglement 1 2 New Businesses and New Business Models 21 3 The Partnership between Investors and Corporations 45 4 The New World of Bonds 71 5 Rating Regional ESG Progress 93 6 The Role of Ratings 125 7 How Public and Private Partnerships Can Support ESG 149 8 Partnership, Philanthropy, and the Pursuit of Social Good 171 9 ESG Frameworks and Voluntary Standards 199 10 Challenges of Today and Tomorrow 221 Appendix: ESG Analysis for Beginners 259 Index 269

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Book SynopsisTable of ContentsPreface xi Acknowledgments xiii About the Author xv 1 Finding Your Catalyst 1 2 Money Habits and Money Mindset 15 3 Creating Your Budget 47 4 The Secret Behind Successful Budgeting 75 5 Paying Off Debt While Enjoying Life 95 6 Saving for Emergencies 121 7 Setting Up Sinking Funds 137 8 Goal Setting: The Ultimate Game Changer 155 9 Conquering Impulse Spending with Intention 177 10 Working with Your Partner 201 11 Accelerating Your Financial Progress 219 12 How to Stay on Track with Your Money 229 13 Investing for Your Future 249 14 Conclusion 269 About the Website 273 Index 275

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Book SynopsisYour personal roadmap to financial freedom through small but mighty changes to your money In a world where you have questions about money and Google has a million different answers, it can be hard to know how to make the most of what you have Especially if you don't have a ton of it. In Building Wealth on a Dime: Finding Your Financial Freedom, financial educator and Latina Kimberly Hamilton delivers an engaging guide for building wealth through small but powerful changes to your money even if you're starting small. As a former student debt warrior turned homeowner, Kimberly knows this experience first-hand, but this book isn't about her. Through the financial lives of everyday moneymakers like Claire in New York, Tanya in Chicago, and Eric in Portland, Kimberly teaches you how to take control of your finances, eliminate debt, and invest for your financial future. Written in a tone that sounds more like a friend than financial adviceTable of ContentsPreface 1 Million Dollar Habits 1 No. 1: Start Small, Dream Big 3 No. 2: Don’t Compare Yourself to Others 5 No. 3: Automate and Stay Consistent 5 No. 4: Start with Day 1 6 No. 5: Keep It Real 7 No. 6: Invest Early and Often 9 Summary 12 Notes 13 Worksheet: Million Dollar Habits 14 2 Plans Change – So Can Your Money 15 The Story No One Told You 17 The Real Reasons Money Feels Tight 18 A New Plan for Your Money 26 Summary 29 Notes 29 3 Money Mindset and Your Emotions 31 Emotions and Your Money 34 Step 1: Identify Your Money Mindset 35 Step 2: Tackle Your Emotional Spending 41 Step 3: Take Action 46 Summary 47 Notes 48 Worksheet: Shift Your Money Mindset 49 4 Flip the Script on Budgets 51 What a Budget Should Be 53 Step 1: Get Organized 58 Step 2: Set Your Money Goals 64 Step 3: Build Your Budget 73 Step 4: Automate Your Money 80 Summary 85 Worksheet: Build Your Budget 87 5 Tackle Your Debt 95 Develop Your Debt Payoff Plan 101 Find Extra Money to Pay Down Your Debt 114 Accelerate Your Debt Payoff 120 For the Student Debt Warriors 124 Summary 131 Notes 136 Worksheet: Debt Payoff 137 6 Get Your Full Financial Picture 141 Net Worth 143 Your Credit Score 144 Your Liquidity Ratio 146 Your Debt-to-Income (DTI) Ratio 147 How Often Should I Check These Numbers? 149 Summary 151 Worksheet: Get Your Financial Picture 152 7 Invest Early and Often 155 The Magic of Investing: Compound Growth 158 Tanya’s Wealth Journey 163 How Much Should I Invest? 169 Update Your Investment Goals 175 Summary 177 Notes 178 8 Investing 101 179 The Magic of Tax-Advantaged Accounts 181 The Average Money Maker’s Guide to Investments 208 Summary 220 Notes 221 Worksheet: Investing 101 222 9 Beyond the Basics 225 Tanya’s Next Steps 227 How to Open a Brokerage Account 232 For High Income Earners: Consider a Backdoor Roth 240 Get Penalty-Free Access to Your Investments? Using a Roth Ladder 241 Tracking Your Investments Across Multiple Accounts 243 Creating Generational Wealth 243 Summary 249 10 Confessions of a First-Time Homebuyer 251 My Homeownership Journey 253 Lessons Learned 259 11 The Rent Versus Buy Debate 267 Why Buying a House Can Be Difficult 268 The Pros and Cons of Homeownership 272 Questions to Ask Yourself Before Buying a Home 274 Summary 276 Notes 276 12 Nine Steps to Homeownership 277 Real Estate Lingo 278 Step 1: Find Out How Much You Can Afford 282 Step 2: Shop Around for Lenders 289 Step 3: Find Your Home 291 Step 4: Make a Strong Offer 292 Step 5: Finalize Your Mortgage 293 Step 6: Get Your Inspection 294 Step 7: Get Homeowners Insurance 295 Step 8: Final Walk-Through 295 Step 9: Closing Day! 295 Building Wealth with Real Estate 296 Summary 302 Closing 305 Appendix 309 Acknowledgments 317 About the Author 319 Index 321

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Book SynopsisTransform your financial situation with easy-to-follow advice from a first-generation professional In Overcoming Debt, Achieving Financial Freedom: 8 Pillars to Build Wealth, lawyer, business owner, and first-generation professional Cindy Zuniga-Sanchez delivers a practical and actionable blueprint for financial independence. Full of easy-to-apply advice for young adults, students, and early-career professionals, the book is a holistic guide to responsibly managing money and debt while building your nest egg. In the book, you'll explore how to be a responsible consumer, how to budget, save, invest, pay off debt, build credit, and increase your income. You'll also understand much of what school didn't teach you about student loans. The author explains: Strategies to create a realistic and actionable debt repayment plan that will save you money and time Strategies for maximizing your income by negotiating your salary and finding profitable side huTable of ContentsPreface xi Acknowledgments xv About the Author xvii Part 1 My Money Story 1 1 Money Lessons from the Bronx 3 2 Financial Hurdles in Pursuit of the American Dream 9 3 The Journey to Financial Freedom 17 Part 2 Eight Wealth-Building Pillars 25 4 Take Inventory of Your Numbers 27 5 Choose the Best Budget for You 45 6 Become a Conscious Consumer 71 7 Save with a Purpose 87 8 Create Your Debt Payoff Plan 109 9 Master Your Credit and Your Credit Cards 141 10 Invest for Future You 165 11 Increase Your Income 193 Part 3 Implementing the Pillars 211 12 Your Financial Roadmap 213 Notes 231 Index 245

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Book SynopsisExplore and understand how investment capital is transforming the world's most critical emerging markets In Power of Capital: An Adventure Capitalist's Journey to a Sustainable Future, distinguished author and Chief Investment Officer at Global Delta Capital, Asha Mehta, shares a simultaneously daring and heartening exploration of rapidly evolving emerging markets. Delivering equal doses of business discussion and geopolitical insight, the author examines the changes gripping the globe and why the average personand investorshould care. The book provides an on-the-ground perspective informed by the author's personal experiences and visits to far-flung regions of the world. It also shares incisive commentary on issues crucial to continuing global economic growth, including terrorism and instability, corruption and autocracy, and sustainable investing. Power of Capital offers: Illuminating insights of China's new role as a global economic powerhouTable of ContentsAdventure Capital: An Introduction 1 What Is an Emerging Market? 2 Power of Capital 4 Technology: AI for Alpha and Impact 6 What Does the Future Hold? 8 1 What Is an Emerging Market?: China: The Opportunities and Risks Within the World’s Second-Largest Economy 11 She Will Shake the World 13 Hot Stocks in the Heart of Capital 14 All Rules Are Off 17 Trade War or Tech War 19 Sino- Sustainability: How China Went Woke 22 The Next Center of the Universe 25 2 Gem on the Pacific Rim: Vietnam: From a War-Torn Past to a Sizzling Future 27 The Fall of Saigon 28 Dairy Queen: Innovation in the South Pacific 30 Turbulence 33 The Silver- Tongued Minister 36 Environmental and Social Risks at the Red River Delta 38 His Eyes Are Always Watching 41 3 Global Flows: Spotlight on Saudi Arabia: The Greatest Story That Nobody Knows 43 The Commodities Rut 46 Woman in a Strange Land 49 Opening the Doors 51 Crown’s Jewel 55 Gleam of Success 58 4 Submerging Markets? Corruption and Autocracy: Romania’s Unexpected Rise and the Role of Capital Markets 61 A Sinister Beauty 63 From Hard Communism to Hard Capitalism 66 Sustainable Markets 69 Financial Returns and Financial Inclusion 71 Biutiful Bucharest 73 Castle in the Sky? 75 5 Terrorism and Instability: When Markets Become Uninvestable: North Africa and the Middle East 77 Buying When There’s Blood in the Streets 80 Capital as a Weapon of War 83 The Cost of Divestment 85 Investing in Change 87 The Long Road Out of the Ruins 88 6 Harnessing Domestic-Driven Demand: India’s Unique Opportunity for Sustainable Growth 91 Microfinance: The Original Impact Investing 93 Responsible Investing Is Born 97 Clear Skies Behind the Smog 100 SDG Integration and the Role of Technology 103 Transforming Wonderland 106 7 Data Is the New Oil: Africa Needs (Venture Funding), China Feeds (Seed Capital) 109 East Africa’s Silicon Savannah 110 Powered Up in South Africa 114 Africa Needs, China Feeds 118 Can Crypto Save Nigeria? 123 From Gray to Green: Data Is the Oil 126 8 Twenty-First-Century Investing: Transforming Economies and Livelihoods from Bogotá to Brasilia 129 Doing Good and Doing Well in Colombia 130 The Role of Business in Argentina’s Society 135 From Destruction to Disruption in Brazil 139 Chile: Accelerating into the Future 143 Greenlighting Latin America 146 9 The Next Half: The Queens of Wall Street: The Largest Emerging Market Is Women 149 Vast Segment with Productive Capacity 150 Whispers of Opportunity 152 Untapped Potential 155 Structural Barriers 159 Why Now? 162 Queens of Wall Street 167 Conclusion 171 Fellow Travelers 173 Money Changes Everything 175 Reimagined Capitalism 177 Mint and Honey 178 Notes 181 Acknowledgments 195 About the Author 197 Index 199

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Book SynopsisAn in-depth overview of investing in the real world In Goals-Based Portfolio Theory, award-winning Chartered Financial Analyst Franklin J. Parker delivers an insightful and eye-opening discussion of how real people can navigate the financial jungle and achieve their financial goals. The book accepts the reality that the typical investor has specific funding requirements within specified periods of time and a limited amount of wealth to dedicate to those objectives. It then works within those limits to show you how to build an investment portfolio that maximizes the possibility you'll achieve your goals, as well as how to manage the tradeoffs between your goals. In the book, you'll find: Strategies for incorporating taxation and rebalancing into a goals-based portfolio A discussion of the major non-financial risks faced by people engaged in private wealth management An incisive prediction of what the future of wealth management and inveTable of ContentsForeword by Jean LP Brunel, CFA ix Preface: Goals-Based Investors and the Need for Better Theory xv Acknowledgments xxvii Chapter 1 The Story of the Idea: How Goals- Based Portfolio Theory Came to Be 1 Chapter 2 A Theoretical Foundation 11 Chapter 3 Allocating Wealth Across Goals and Across Investments 31 Chapter 4 Allocating Wealth Through Time 45 Chapter 5 Real Markets, Real Risk, Real Portfolios 65 Chapter 6 Insurance Through a Goals- Based Lens 85 Chapter 7 Impact Investing 97 Chapter 8 Taxes and Rebalancing 109 Chapter 9 Goals- Based Reporting 125 Chapter 10 Fragility Analysis of Goals- Based Inputs 137 Chapter 11 Human Risks 147 Chapter 12 Prudent Investing with High- Variance Assets: An Experimental Chapter 161 Chapter 13 As a Bridge Between Normative and Behavioral Finance 173 Chapter 14 The Future Structure of Wealth Management Firms 199 Some Final Thoughts 209 Index 219

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Book SynopsisTable of ContentsPreface 4 Introduction 5 Part 1: Moonscape 13 Chapter 1: Risk & Mindsets 13 Chapter 2: Preparation 17 Chapter 3: Some Helpful Math! 24 Part 2: Fuel 29 Chapter 4: Portfolio Guardrails: Quantity to Own & Diversification 29 Chapter 5: Snapshot of Financial Statements 32 Chapter 6: Financial Benchmarking 38 Part 3: Navigation 50 Chapter 7: Radar: Trendspotting and Correlations 50 Chapter 8: Making Sense of Corporate Strategy 60 Chapter 9: The Five-Stack Discovery 68 Part 4: The Equalizer 128 Chapter 10: The Double Eye: Imagination and Ideating 128 Chapter 11: Visual Investment Maps to Guide You! 133 Part 5: to the Moon! 142 Chapter 12: Execution of Your Stock Trade: Stops & Limits 143 Chapter 13: Information Satellites 148 Chapter 14: Other Plays: Options, Shorting, and Crypto 149 Chapter 15: Helpful Principles and Touchpoints 157 Chapter 16: Conclusion 161 Appendix A: Real-Life Financial Word-Fest 163 Appendix B: CPI 171 Appendix C: Unemployment Rate 171 Appendix D: GDP 172 Appendix E: Treasuries 173 Appendix F: Oil Prices 174 Appendix G: VIX 174 Appendix H: The Federal Reserve 175 Appendix I. Sector Components 176

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Book SynopsisGet to grips with Sage One in simple steps. Sage One For Dummies explains every aspect of setting up and navigating Sage One, the newest accounting solution for small businesses and sole traders.Table of ContentsIntroduction 1 Part I: Setting Up and Registering Sage One 7 Chapter 1: Introducing Sage One 9 Chapter 2: Sorting Out Your Settings 29 Chapter 3: Keeping in Contact: Setting up Your Records 43 Chapter 4: Recording Your Opening Balances 57 Part II: Using Sage One Accounts 73 Chapter 5: Entering Invoices for Customers and Suppliers 75 Chapter 6: Recording Payments from Customers and to Suppliers 93 Chapter 7: Banking on Your Bank Accounts 109 Chapter 8: Running Your VAT Return 135 Chapter 9: Preparing Reports 145 Part III: Introducing Sage One Cashbook 153 Chapter 10: Setting Up Your Sage One Cashbook 155 Chapter 11: Entering Data into Your Cashbook 165 Part IV: Working with an Accountant 195 Chapter 12: When the Going Gets Tough: Calling an Accountant 197 Chapter 13: Collaborating with Sage One Accountant Edition 207 Part V: The Part of Tens 215 Chapter 14: Ten Top Troubleshooting Tips 217 Chapter 15: Ten Ways to Run Your Accounts System Effectively 221 Appendix: Glossary 227 Index 231

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Book SynopsisArms investors with powerful new tools for measuring and managing the risks associated with the various illiquid asset classes With risk-free interest rates and risk premiums at record lows, many investors are turning to illiquid assets, such as real estate, private equity, infrastructure and timber, in search of superior returns and greater portfolio diversity. But as many analysts, investors and wealth managers are discovering, such investments bring with them a unique set of risks that cannot be measured by standard asset allocation models. Written by a dream team of globally renowned experts in the field, this book provides a clear, accessible overview of illiquid fund investments, focusing on what the main risks of these asset classes are and how to measure those risks in today''s regulatory environment. Provides solutions for institutional investors in need of guidance in today''s regulatory environment Offers detailed descriptions of risk measureTable of ContentsForeword xi Acknowledgements xiv 1 Introduction 1 1.1 Alternative investing and the need to upgrade risk management systems 1 1.2 Scope of the book 4 1.3 Organization of the book 6 1.3.1 Illiquid investments as an asset class 6 1.3.2 Risk measurement and modelling 8 1.3.3 Risk management and its governance 12 Part I Illiquid Investments as An Asset Class 2 Illiquid Assets, Market Size and the Investor Base 17 2.1 Defining illiquid assets 17 2.2 Market size 20 2.3 The investor base 23 2.3.1 Current investors in illiquid assets and their exposure 23 2.3.2 Recent trends 26 2.4 Conclusions 32 3 Prudent Investing and Alternative Assets 33 3.1 Historical background 34 3.1.1 The importance of asset protection 34 3.1.2 The prudent man rule 34 3.1.3 The impact of modern portfolio theory 35 3.2 Prudent investor rule 36 3.2.1 Main differences 36 3.2.2 Importance of investment process 37 3.3 The OECD guidelines on pension fund asset management 38 3.4 Prudence and uncertainty 38 3.4.1 May prudence lead to herding? 39 3.4.2 May prudence lead to a bias against uncertainty? 39 3.4.3 Process as a benchmark for prudence? 40 3.4.4 Size matters 40 3.5 Conclusion 41 4 Investing in Illiquid Assets through Limited Partnership Funds 43 4.1 Limited partnership funds 43 4.1.1 Basic setup 43 4.1.2 The limited partnership structure 45 4.1.3 Is “defaulting” an option for limited partners? 47 4.2 Limited partnerships as structures to address uncertainty and ensure control 47 4.2.1 Addressing uncertainty 48 4.2.2 Control from the limited partner perspective 48 4.3 The limited partnership fund’s illiquidity 49 4.3.1 Illiquidity as the source of the expected upside 49 4.3.2 The market for lemons 50 4.3.3 Contractual illiquidity 51 4.3.4 Inability to value properly 51 4.3.5 Endowment effect 51 4.4 Criticisms of the limited partnership structure 52 4.5 Competing approaches to investing in private equity and real assets 52 4.5.1 Listed vehicles 53 4.5.2 Direct investments 53 4.5.3 Deal-by-deal 54 4.5.4 Co-investments 54 4.6 A time-proven structure 55 4.7 Conclusion 57 5 Returns, Risk Premiums and Risk Factor Allocation 59 5.1 Returns and risk in private equity 59 5.1.1 Comparing private equity with public equity returns 60 5.1.2 Market risk and the CAPM 64 5.1.3 Stale pricing and the optimal allocation to private equity 67 5.1.4 Informed judgments and ad hoc adjustments to the mean–variance framework 68 5.1.5 Extensions of the CAPM and liquidity risk 69 5.1.6 Liability-driven investing and risk factor allocation 70 5.2 Conclusions 73 6 The Secondary Market 75 6.1 The structure of the secondary market 76 6.1.1 Sellers and their motivations to sell 76 6.1.2 Buyers and their motivations to buy 79 6.1.3 Intermediation in the secondary market 82 6.2 Market size 83 6.2.1 Transaction volume 83 6.2.2 Fundraising 86 6.3 Price formation and returns 87 6.3.1 Pricing secondary transactions 87 6.3.2 Returns from secondary investments 90 6.4 Conclusions 93 Part II Risk Measurement and Modelling 7 Illiquid Assets and Risk 97 7.1 Risk, uncertainty and their relationship with returns 98 7.1.1 Risk and uncertainty 98 7.1.2 How objective are probabilities anyway? 99 7.1.3 How useful are benchmark approximations? 100 7.1.4 Subjective probabilities and emerging assets 101 7.2 Risk management, due diligence and monitoring 102 7.2.1 Hedging and financial vs. non-financial risks 102 7.2.2 Distinguishing risk management and due diligence 103 7.3 Conclusions 105 8 Limited Partnership Fund Exposure to Financial Risks 107 8.1 Exposure and risk components 108 8.1.1 Defining exposure and identifying financial risks 108 8.1.2 Capital risk 110 8.1.3 Liquidity risk 111 8.1.4 Market risk and illiquidity 112 8.2 Funding test 113 8.3 Cross-border transactions and foreign exchange risk 117 8.3.1 Limited partner exposure to foreign exchange risk 117 8.3.2 Dimensions of foreign exchange risk 118 8.3.3 Impact on fund returns 119 8.3.4 Hedging against foreign exchange risk? 120 8.3.5 Foreign exchange exposure as a potential portfolio diversifier 120 8.4 Conclusions 121 9 Value-at-Risk 123 9.1 Definition 123 9.2 Value-at-risk based on NAV time series 124 9.2.1 Calculation 125 9.2.2 Problems and limitations 127 9.3 Cash flow volatility-based value-at-risk 129 9.3.1 Time series calculation 131 9.3.2 Fund growth calculation 133 9.3.3 Underlying data 135 9.4 Diversification 136 9.5 Factoring in opportunity costs 141 9.6 Cash-flow-at-risk 143 9.7 Conclusions 144 10 The Impact of Undrawn Commitments 149 10.1 Do overcommitments represent leverage? 150 10.2 How should undrawn commitments be valued? 151 10.3 A possible way forward 153 10.3.1 Reconciling fund valuations with accounting view 153 10.3.2 Modelling undrawn commitments as debt 154 10.3.3 The “virtual fund” as a basis for valuations 155 10.4 Conclusions 159 11 Cash Flow Modelling 161 11.1 Projections and forecasts 162 11.2 What is a model? 163 11.2.1 Model requirements 164 11.2.2 Model classification 164 11.3 Non-probabilistic models 167 11.3.1 Characteristics of the Yale model 168 11.3.2 Extensions of the Yale model 169 11.3.3 Limitations of the Yale model 171 11.4 Probabilistic models 171 11.4.1 Cash flow libraries 172 11.4.2 Projecting a fund’s lifetime 173 11.4.3 Scaling operations 176 11.5 Scenarios 178 11.6 Blending of projections generated by various models 179 11.7 Stress testing 180 11.7.1 Accelerated contributions 181 11.7.2 Decelerated distributions 182 11.7.3 Increasing volatility 183 11.8 Back-testing 184 11.9 Conclusions 187 12 Distribution Waterfall 189 12.1 Importance as incentive 190 12.1.1 Waterfall components 190 12.1.2 Profit and loss 191 12.1.3 Distribution provisions 191 12.1.4 Deal-by-deal vs. aggregated returns 191 12.2 Fund hurdles 191 12.2.1 Hurdle definitions 192 12.2.2 Option character and screening of fund managers 192 12.3 Basic waterfall structure 193 12.3.1 Soft hurdle 193 12.4 Examples for carried interest calculation 195 12.4.1 Soft hurdle for compounded interest-based carried interest allocation 196 12.4.2 Hard hurdle for compounded interest-based carried interest allocation 198 12.4.3 Soft hurdle for multiple-based carried interest allocation 200 12.4.4 Hard hurdle for multiple-based carried interest allocation 200 12.5 Conclusions 202 13 Modelling Qualitative Data 207 13.1 Quantitative vs. qualitative approaches 207 13.1.1 Relevance of qualitative approaches 207 13.1.2 Determining classifications 208 13.2 Fund rating/grading 208 13.2.1 Academic work on fund rating 209 13.2.2 Techniques 209 13.2.3 Practical considerations 210 13.3 Approaches to fund ratings 211 13.3.1 Rating by external agencies 211 13.3.2 Internal fund assessment approaches 215 13.4 Use of rating/grading as input for models 216 13.4.1 Assessing downside risk 216 13.4.2 Assessing upside potential 217 13.4.3 Is success repeatable? 217 13.5 Assessing the degree of similarity with comparable funds 218 13.5.1 The AMH framework 219 13.5.2 Strategic groups in alternative assets 219 13.5.3 Linking grading to quantification 220 13.6 Conclusions 220 14 Translating Fund Grades into Quantification 221 14.1 Expected performance grades 221 14.1.1 Determine quantitative score 222 14.1.2 Determine qualitative score 223 14.1.3 Combine the two scores, review and adjust 224 14.2 Linking grades with quantifications 225 14.2.1 Estimate likely TVPIs 225 14.2.2 Practical considerations 228 14.3 Operational status grades 228 14.4 Conclusions 229 Part III Risk Management and Its Governance 15 Securitization 233 15.1 Definition of securitization 233 15.1.1 Size, quality and maturity 236 15.1.2 Treatment of other types of assets 237 15.2 Financial structure 237 15.2.1 Senior notes of a securitization 237 15.2.2 Junior notes/mezzanine tranche of a securitization 238 15.2.3 Equity of a securitization 238 15.3 Risk modelling and rating of senior notes 239 15.3.1 Payment waterfall 239 15.3.2 Modelling of default risk and rating on notes 240 15.4 Transformation of non-tradable risk factors into tradable financial securities 244 15.4.1 CFOs as good example for risk and liquidity management practices 245 15.4.2 Risk of coupon bonds as one part of the risk of illiquid asset classes 246 15.4.3 Market risk as second part of the risk of illiquid asset classes 247 15.5 Conclusions 248 16 Role of the Risk Manager 249 16.1 Setting the risk management agenda 249 16.1.1 What risk taking is rewarded? 250 16.1.2 Risk management: financial risk, operational risk or compliance? 250 16.1.3 A gap of perceptions? 251 16.2 Risk management as part of a firm’s corporate governance 251 16.2.1 “Democratic” approach 251 16.2.2 “Hierarchic” approach 252 16.3 Built-in tensions 253 16.3.1 Risk managers as “goal keepers” 253 16.3.2 Different perspectives – internal vs. external 253 16.3.3 Analysing and modelling risks 253 16.3.4 Remuneration 254 16.4 Conclusions 255 17 Risk Management Policy 257 17.1 Rules or principles? 258 17.1.1 “Trust me – I know what I’m doing” 258 17.1.2 “Trust but verify” 258 17.2 Risk management policy context 258 17.2.1 Investment strategy 259 17.2.2 Business plan 260 17.2.3 Organizational setting 261 17.2.4 System environment 261 17.3 Developing a risk management policy 262 17.3.1 Design considerations 262 17.3.2 Risk limits 264 17.4 Conclusions 264 References 267 Abbreviations 277 Index 279

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Book SynopsisThe only guide focusing entirely on practical approaches to pricing and hedging derivatives One valuable lesson of the financial crisis was that derivatives and risk practitioners don't really understand the products they're dealing with.Table of ContentsPreface ix Acknowledgements xi 1 An Introduction to the Major Asset Classes 1 1.1 Equities 1 1.2 Commodities 5 1.3 Fixed Income 12 1.4 Foreign Exchange 15 Summary 17 2 Derivatives: Forwards, Futures and Swaps 19 2.1 Derivatives 19 2.2 Forward Contracts 20 2.3 Futures Contracts 24 2.4 Calculating Implied Forward Prices and Valuing Existing Forward Contracts 26 2.5 Pricing Futures Contracts 34 2.6 Swaps 35 Summary 49 3 Derivatives: Options and Related Strategies 51 3.1 Call Options 51 3.2 Put Options 55 3.3 Boundary Conditions for Call and Put Options Prices 58 3.4 Put–Call Parity 61 3.5 Swaptions 63 3.6 Options Strategies 64 Summary 76 4 Binomial Option Pricing 77 4.1 One-Period Binomial Tree: Replication Approach 77 4.2 Risk-Neutral Valuation 83 4.3 Two-Period Binomial Tree: Valuing Back Down the Tree 85 4.4 The Binomial Tree: A Generalization 89 4.5 Early Exercise and American Options 90 4.6 Volatility Calibration 90 Summary 92 5 The Fundamentals of Option Pricing 93 5.1 Intrinsic Value and Time Value of an Option 93 5.2 What is Volatility and Why Does it Matter? 95 5.3 Measurement of Realized Volatility and Correlation 97 5.4 Option Pricing in the Black–Scholes Framework 99 5.5 The Option Delta and the Replication of the Option Payoff 100 5.6 Option Replication 102 5.7 Option Replication, Risk-Neutral Valuation and Delta Hedging Revisited 104 5.8 Options on Dividend Paying Assets 106 5.9 Options on Futures: The Black Model 107 5.10 Monte Carlo Pricing 108 5.11 Other Pricing Techniques 112 5.12 Pricing Techniques Summary 113 5.13 The Excel Spreadsheet “Option Replication” 114 Summary 117 6 Implied Volatility and the Greeks 121 6.1 Implied Volatility 121 6.2 The Greeks 123 6.3 Delta and its Dynamics 123 6.4 Gamma and its Dynamics 127 6.5 Vega and its Dynamics 132 6.6 Theta and its Dynamics 136 6.7 Rho 142 6.8 Option Trading 143 6.9 Some Additional Remarks (in Q&A Format) 146 6.10 An Example of the Behaviour of Implied Volatility: EUR/USD Rate and S&P 500 in 2010–2012 147 Summary 148 7 Volatility Smile and the Greeks of Option Strategies 151 7.1 The Volatility Smile – Why is the Implied Volatility Not Flat Across Different Strikes? 151 7.2 The “Sticky Delta” and “Sticky Strike” Approaches to Describing Volatility Smile 153 7.3 The Volatility Term Structure – Why is the Implied Volatility Not Flat Across Different Expiries? 155 7.4 The Volatility Surface – Combining Smile and Term Structure 156 7.5 Analysing the Greeks of Common Option Strategies 158 7.6 Some Additional Remarks on Straddles, Risk Reversals and Butterflies 170 7.7 Vega Hedging is Not Just Simply Offsetting Overall Vega Exposure 171 7.8 Hedging Volatility Risk: A Brief Introduction of the Vanna–Volga Approach 172 7.9 The Volatility Smile – One Step Further 173 7.10 Pricing Exotic Options 178 7.11 Different Types of Volatility 179 Summary 184 8 Exotic Derivatives 185 8.1 Exotic Derivatives with Fixed Payoffs 185 8.2 Other Common Exotic Derivatives 188 8.3 European Digital Options: Pricing and Greeks 191 8.4 Other Exotic Options: Pricing and Greeks 200 Summary 208 9 Multi-Asset Derivatives 209 9.1 Basket Options 209 9.2 Best-of and Worst-of Options 211 9.3 Quanto Derivatives 222 9.4 “Compo” Derivatives 225 Summary 227 10 Structured Products 229 10.1 Definition 229 10.2 Common Features 229 10.3 Principal Protection 230 10.4 The Benefit to the Issuer 231 10.5 Redemption Amounts and Participation 232 10.6 Principal at Risk: Embedding a Short Option 234 10.7 More Complicated Payoffs 235 10.8 Auto-Callable Note: Pricing and Risk Profile 238 10.9 One Step Forward: The Worst-of Digital Note 240 10.10 A Real-Life Example of Structured Product 241 10.11 Liquidity and Exchange-Traded Notes (ETNs) 242 Summary 243 Index 245

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Book SynopsisExplains that the truth behind increasingly volatile oil market is that over the years oil prices have come untethered from all classical notions of supply and demand and have transcended any country's, consortium's, cartel's, or corporate entity's powers to control them.Table of ContentsForeword xiii Preface xv Quick Reference Guide xix List of Figures xxiii List of Tables xxvii List of Boxes xxix 1 TheWorld Crude Oil Paradoxes 1 2 The Market Events from 2008 to 2011 7 World Energy Policy 8 The Financial Crisis and the Oil Market 10 Fundamentals or Financial Speculation? 17 Demand/Supply of Gasoline and Gasoil 21 WTI – Brent Differential 24 3 Evolution of the Price of Crude Oil from the 1960s up to 1999 29 1960–1980: The Oil Monopoly and the Two Crises in the 1970s 30 The 1980s: The Gradual Disappearance of OPEC 33 The Price War 35 1985–2000: From the Introduction of Brent as an International Benchmark to the Clean Air Act 37 The Suicide of OPEC 40 The Start of the Free Market 41 The Consequences of the Environmental Turnaround 44 4 Changes in the Market for Automotive Fuels 45 Evolution of Environmental Demand 45 Gasoline and its Components 50 Reforming 51 Cracking 52 Alkylation 53 Isomerization 53 Refiners Walk the Tightrope 53 The Fiscal Policy of the Industrialized Countries Regarding Fuels 55 5 World Oil Flow 63 Transformations in the Downstream 66 World Supply Structure 70 6 The Classical Model of the International Oil Market 73 7 The Short-term Model of the International Oil Market 81 8 The Brent Market 89 The Sale and Purchase Contract 90 The Forward Market for Brent (15 day Brent Contract) 94 The IPE Brent Market 100 The Divorce Between Oil Price and Oil 102 9 Principal Uses of the Forward and Futures Markets 105 Tax Spinning 105 Benchmarking 105 Hedging the Price Risks 106 Speculations on Operational Flexibilities at Loading 114 Market Structure: Contango and Backwardation 117 Procedures at the Loading Terminals 119 10 Problems of the Brent Forward Market 123 11 The European Refinery Crisis 131 12 Conclusions:We are Ourselves OPEC 155 Bibliography 163 Index 165

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Book SynopsisAn accessible beginner s guide to the fundamentals of audit and assurance Audit and assurance is a basic and vital aspect of the financial world and a key element of all professional accountancy programs.Trade ReviewKatherine Bagshaw s boook could be a lifesaver PQ rating: 5/5 this book could make a real difference. (PQ Magazine, June 2013)Table of ContentsIntroduction 1 1 Auditors, Audits and Other Types of Assurance and Passing the Exam First Time 3 1.1 The Need for Audit and Other Types of Assurance 4 1.2 Passing the Exam First Time 13 2 Taking on Professional Work and Maintaining Standards 23 2.1 Introduction to Professional Standards 24 2.2 Fundamental Principles, Threats and Safeguards 26 2.3 Changes in a Professional Appointment 32 2.4 Obtaining Professional Work 34 2.5 Professional Ethics: Fees 39 2.6 Professional Ethics: Conflicts of Interest and Hospitality 43 2.7 Professional Ethics: Independence and Objectivity 45 2.8 Appointing and Removing Auditors 57 2.9 Agreeing Engagement Terms 61 3 Housekeeping: Planning, Materiality and Documentation 67 3.1 Planning 68 3.2 Materiality 73 3.3 Audit Documentation 77 4 The Core of the Audit 87 4.1 Risk Assessments 87 4.2 Audit Evidence 113 4.3 Responding to Risk 128 4.4 Audit Tools 152 4.5 More Audit Tools: Using the Work of Others 196 4.6 Related Parties, Initial Engagements, Opening Balances and Comparative Information 228 5 Corporate Governance, Professional Liability, Regulation and Other Current Issues 237 5.1 Corporate Governance 237 5.2 Professional Liability, Regulation and Other Current Issues 250 6 Audit Reporting 265 6.1 Audit Finalisation 265 6.2 Modified and Unmodified Audit Opinions 275 6.3 Emphasis of Matter and Other Matter Paragraphs, Going Concern 288 6.4 Communications with Management and those Charged with Governance 299 6.5 Other Information 306 7 Fraud, Money Laundering, Forensic Accounting, Financial Instruments 311 7.1 Fraud: Auditors’ Responsibilities 312 7.2 Laws and Regulations: Auditors’ Responsibilities 322 7.3 Money Laundering 325 7.4 Forensic Accounting 331 7.5 Financial Instruments 335 8 The Wider Framework: Assurance, Other Engagements, Audit Quality and Quality Control 343 8.1 International Standards 345 8.2 Overall Objectives of Audits, the Framework For Assurance Engagements, ISAE 3000 353 8.3 Audit Quality and Quality Control 371 9 Smaller Entity Audits, Reviews, Compilations, Agreed-Upon Procedures Engagements, Not-For-Profit Engagements 383 9.1 Smaller Entity Audits 384 9.2 Overview of Reviews, Agreed-Upon Procedures and Compilation Engagements 387 9.3 Review Engagements 389 9.4 Compilation Engagements 398 9.5 Agreed-Upon Procedures Engagements 402 9.6 Not-For-Profit Engagements 406 10 Other Assurance Engagements 415 10.1 Introduction to Other Assurance Engagements 416 10.2 Assurance or Agreed-Upon Procedures: Key Performance Indicators 418 10.3 Social and Environmental Reporting and ISAE 3410 Assurance Engagements of Greenhouse Gas Statements 421 10.4 Prospective Financial Information 428 10.5 ISAE 3420 Reporting on the Compilation of Pro-Forma Financial Information in Prospectuses 433 IAASB Standards and Related Guidance Covered in This Publication 437 Answers 439 Abbreviations 487 Index 489

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Book SynopsisA comprehensive introduction to various numerical methods used in computational finance today Quantitative skills are a prerequisite for anyone working in finance or beginning a career in the field, as well as risk managers. A thorough grounding in numerical methods is necessary, as is the ability to assess their quality, advantages, and limitations. This book offers a thorough introduction to each method, revealing the numerical traps that practitioners frequently fall into. Each method is referenced with practical, real-world examples in the areas of valuation, risk analysis, and calibration of specific financial instruments and models. It features a strong emphasis on robust schemes for the numerical treatment of problems within computational finance. Methods covered include PDE/PIDE using finite differences or finite elements, fast and stable solvers for sparse grid systems, stabilization and regularization techniques for inverse problems resulting from the calibration oTable of ContentsAcknowledgements xiii About the Authors xv 1 Introduction and Reading Guide 1 2 Binomial Trees 7 2.1 Equities and Basic Options 7 2.2 The One Period Model 8 2.3 The Multiperiod Binomial Model 9 2.4 Black-Scholes and Trees 10 2.5 Strengths and Weaknesses of Binomial Trees 12 2.5.1 Ease of Implementation 12 2.5.2 Oscillations 12 2.5.3 Non-recombining Trees 14 2.5.4 Exotic Options and Trees 14 2.5.5 Greeks and Binomial Trees 15 2.5.6 Grid Adaptivity and Trees 15 2.6 Conclusion 16 3 Finite Differences and the Black-Scholes PDE 17 3.1 A Continuous Time Model for Equity Prices 17 3.2 Black-Scholes Model: From the SDE to the PDE 19 3.3 Finite Differences 23 3.4 Time Discretization 27 3.5 Stability Considerations 30 3.6 Finite Differences and the Heat Equation 30 3.6.1 Numerical Results 34 3.7 Appendix: Error Analysis 36 4 Mean Reversion and Trinomial Trees 39 4.1 Some Fixed Income Terms 39 4.1.1 Interest Rates and Compounding 39 4.1.2 Libor Rates and Vanilla Interest Rate Swaps 40 4.2 Black76 for Caps and Swaptions 43 4.3 One-Factor Short Rate Models 45 4.3.1 Prominent Short Rate Models 45 4.4 The Hull-White Model in More Detail 46 4.5 Trinomial Trees 47 5 Upwinding Techniques for Short Rate Models 55 5.1 Derivation of a PDE for Short Rate Models 55 5.2 Upwind Schemes 56 5.2.1 Model Equation 57 5.3 A Puttable Fixed Rate Bond under the Hull-White One Factor Model 63 5.3.1 Bond Details 64 5.3.2 Model Details 64 5.3.3 Numerical Method 65 5.3.4 An Algorithm in Pseudocode 68 5.3.5 Results 69 6 Boundary, Terminal and Interface Conditions and their Influence 71 6.1 Terminal Conditions for Equity Options 71 6.2 Terminal Conditions for Fixed Income Instruments 72 6.3 Callability and Bermudan Options 74 6.4 Dividends 74 6.5 Snowballs and TARNs 75 6.6 Boundary Conditions 77 6.6.1 Double Barrier Options and Dirichlet Boundary Conditions 77 6.6.2 Artificial Boundary Conditions and the Neumann Case 78 7 Finite Element Methods 81 7.1 Introduction 81 7.1.1 Weighted Residual Methods 81 7.1.2 Basic Steps 82 7.2 Grid Generation 83 7.3 Elements 85 7.3.1 1D Elements 86 7.3.2 2D Elements 88 7.4 The Assembling Process 90 7.4.1 Element Matrices 93 7.4.2 Time Discretization 97 7.4.3 Global Matrices 98 7.4.4 Boundary Conditions 101 7.4.5 Application of the Finite Element Method to Convection-Diffusion-Reaction Problems 103 7.5 A Zero Coupon Bond Under the Two Factor Hull-White Model 105 7.6 Appendix: Higher Order Elements 107 7.6.1 3D Elements 109 7.6.2 Local and Natural Coordinates 111 8 Solving Systems of Linear Equations 117 8.1 Direct Methods 118 8.1.1 Gaussian Elimination 118 8.1.2 Thomas Algorithm 119 8.1.3 LU Decomposition 120 8.1.4 Cholesky Decomposition 121 8.2 Iterative Solvers 122 8.2.1 Matrix Decomposition 123 8.2.2 Krylov Methods 125 8.2.3 Multigrid Solvers 126 8.2.4 Preconditioning 129 9 Monte Carlo Simulation 133 9.1 The Principles of Monte Carlo Integration 133 9.2 Pricing Derivatives with Monte Carlo Methods 134 9.2.1 Discretizing the Stochastic Differential Equation 135 9.2.2 Pricing Formalism 137 9.2.3 Valuation of a Steepener under a Two Factor Hull-White Model 137 9.3 An Introduction to the Libor Market Model 139 9.4 Random Number Generation 146 9.4.1 Properties of a Random Number Generator 147 9.4.2 Uniform Variates 148 9.4.3 Random Vectors 150 9.4.4 Recent Developments in Random Number Generation 151 9.4.5 Transforming Variables 152 9.4.6 Random Number Generation for Commonly Used Distributions 155 10 Advanced Monte Carlo Techniques 161 10.1 Variance Reduction Techniques 161 10.1.1 Antithetic Variates 161 10.1.2 Control Variates 163 10.1.3 Conditioning 166 10.1.4 Additional Techniques for Variance Reduction 168 10.2 Quasi Monte Carlo Method 169 10.2.1 Low-Discrepancy Sequences 169 10.2.2 Randomizing QMC 174 10.3 Brownian Bridge Technique 175 10.3.1 A Steepener under a Libor Market Model 177 11 Valuation of Financial Instruments with Embedded American/Bermudan Options within Monte Carlo Frameworks 179 11.1 Pricing American options using the Longstaff and Schwartz algorithm 179 11.2 A Modified Least Squares Monte Carlo Algorithm for Bermudan Callable Interest Rate Instruments 181 11.2.1 Algorithm: Extended LSMC Method for Bermudan Options 182 11.2.2 Notes on Basis Functions and Regression 185 11.3 Examples 186 11.3.1 A Bermudan Callable Floater under Different Short-rate Models 186 11.3.2 A Bermudan Callable Steepener Swap under a Two Factor Hull-White Model 188 11.3.3 A Bermudan Callable Steepener Cross Currency Swap in a 3D IR/FX Model Framework 189 12 Characteristic Function Methods for Option Pricing 193 12.1 Equity Models 194 12.1.1 Heston Model 196 12.1.2 Jump Diffusion Models 198 12.1.3 Infinite Activity Models 199 12.1.4 Bates Model 200 12.2 Fourier Techniques 201 12.2.1 Fast Fourier Transform Methods 201 12.2.2 Fourier-Cosine Expansion Methods 203 13 Numerical Methods for the Solution of PIDEs 209 13.1 A PIDE for Jump Models 209 13.2 Numerical Solution of the PIDE 210 13.2.1 Discretization of the Spatial Domain 211 13.2.2 Discretization of the Time Domain 211 13.2.3 A European Option under the Kou Jump Diffusion Model 212 13.3 Appendix: Numerical Integration via Newton-Cotes Formulae 214 14 Copulas and the Pitfalls of Correlation 217 14.1 Correlation 218 14.1.1 Pearson’s ρ 218 14.1.2 Spearman’s ρ 218 14.1.3 Kendall’s τ 220 14.1.4 Other Measures 221 14.2 Copulas 221 14.2.1 Basic Concepts 222 14.2.2 Important Copula Functions 222 14.2.3 Parameter estimation and sampling 229 14.2.4 Default Probabilities for Credit Derivatives 234 15 Parameter Calibration and Inverse Problems 239 15.1 Implied Black-Scholes Volatilities 239 15.2 Calibration Problems for Yield Curves 240 15.3 Reversion Speed and Volatility 245 15.4 Local Volatility 245 15.4.1 Dupire’s Inversion Formula 246 15.4.2 Identifying Local Volatility 246 15.4.3 Results 247 15.5 Identifying Parameters in Volatility Models 248 15.5.1 Model Calibration for the FTSE- 100 249 16 Optimization Techniques 253 16.1 Model Calibration and Optimization 255 16.1.1 Gradient-Based Algorithms for Nonlinear Least Squares Problems 256 16.2 Heuristically Inspired Algorithms 258 16.2.1 Simulated Annealing 259 16.2.2 Differential Evolution 260 16.3 A Hybrid Algorithm for Heston Model Calibration 261 16.4 Portfolio Optimization 265 17 Risk Management 269 17.1 Value at Risk and Expected Shortfall 269 17.1.1 Parametric VaR 270 17.1.2 Historical VaR 272 17.1.3 Monte Carlo VaR 273 17.1.4 Individual and Contribution VaR 274 17.2 Principal Component Analysis 276 17.2.1 Principal Component Analysis for Non-scalar Risk Factors 276 17.2.2 Principal Components for Fast Valuation 277 17.3 Extreme Value Theory 278 18 Quantitative Finance on Parallel Architectures 285 18.1 A Short Introduction to Parallel Computing 285 18.2 Different Levels of Parallelization 288 18.3 GPU Programming 288 18.3.1 CUDA and OpenCL 289 18.3.2 Memory 289 18.4 Parallelization of Single Instrument Valuations using (Q)MC 290 18.5 Parallelization of Hybrid Calibration Algorithms 291 18.5.1 Implementation Details 292 18.5.2 Results 295 19 Building Large Software Systems for the Financial Industry 297 Bibliography 301 Index 307

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Book SynopsisA complete guide to sovereign wealth funds written by and for industry practitioners Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater.Table of ContentsForeword xi List of Tables and Figures xiii List of Abbreviations xv Acknowledgements xvii Introduction 1 A few stylized facts 2 SWFs under the spotlight 4 Defining SWFs 9 Misplaced fears 10 The plan of the book 13 1 The Macroeconomic Dynamics Behind SWFs 17 1.1 Persistent current account surpluses translate into accumulation of foreign assets 18 1.2 Absorption constraints: the rationale for establishing SWFs and FWFs 21 1.3 The management of natural resources windfall 24 1.4 Commodities demand and the super‐cycle theory 29 1.5 SWFs as alternative to an income tax system: what if Norway becomes like Saudi Arabia? 33 2 Size and Growth of SWFs Assets 37 2.1 Size and clusters of SWFs 38 2.2 Drivers of SWFs asset growth 43 2.3 The optimal level of foreign exchange reserves 45 2.4 Future growth in FX reserves: commodity- versus noncommodity-exporting countries 47 2.5 Size of SWFs by 2016 49 Appendix: How big could SWFs be by 2016? 54 3 SWFs as Investors in Global Markets 71 3.1 Clustering SWFs by objectives and investment profiles 74 3.2 SWFs as strategic investors in domestic and global markets 83 3.3 Geographical and sector distribution of SWF strategic investments: the 2007–2008 surge of investments in Western financials 86 3.4 Investment performance of SWFs and the impact of the financial crisis 94 3.5 Explicit and implicit liabilities of SWFs 97 3.6 Long-term investments: SWFs as the ultimate risk bearers 99 4 Risk Management for SWFs 105 4.1 The crisis in retrospect 108 4.2 The complex qualitative nature of risk: uncertainty, chaos, black swans and fat tails 111 4.3 Banking regulation, herd behaviour and contagion 113 4.4 The evolution of the regulatory framework 118 4.5 Sketches of risk management for SWFs 121 4.6 An unconventional dimension of risk management: shareholders vs stakeholders 129 5 SWFs in the Geopolitics of the Twenty-first Century 131 5.1 The shift to the East of the global economy: the New Silk Route 137 5.2 The law of unintended consequences? China’s influence through financial muscle 141 5.3 SWFs investing in the less developed economies: Africa as the last investment frontier 145 5.4 The new financial geography: the emerging multipolar financial architecture 147 5.5 The dominance of the US$ in global financial markets: SWFs as US$ diversifiers 149 5.6 SWFs and the new regulatory environment for financial institutions: the upcoming ‘war for capital’ 152 6 The Politics of SWFs Engagement 155 6.1 National responses to the growing role of SWFs 156 6.2 International response to the growing role of SWFs 159 6.3 SWFs’ response to international pressure 161 6.4 Santiago Principles: rationale, implementation and reality 163 6.5 A digression on public versus private role in the economy 168 7 Wrapping Up 173 7.1 Towards a multipolar world 175 7.2 Governments’ activism in economic and financial affairs 176 7.3 Barbarian at the gates or welcome partners? 177 7.4 The end of the savings gluts and the coming era of capital scarcity 179 7.5 Towards a multicurrency regime 180 7.6 A proposal to allay fears over transparency 185 7.7 The new responsibilities on the global scene 186 Bibliography 189 Index 199

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Book SynopsisA practical guide to addressing the challenges managers face in implementing and enforcing new anti-bribery regulations The Bribery Act became the law of the land in July 2011. It abolished all existing U.K. anti-bribery laws and replaced them with a suite of new regulations decidedly different and more strenuous than what has come before. Under it companies found noncompliant will be open to billions in penalties and remediation costs, and managers will be open to prosecution if anyone associated with their company commits an offence covered by the act. As employees in nearly all departments will share responsibility for ensuring that adequate procedures are in place and enforced, there is a screaming need for practical, jargon-free guidance on the subject. This book fills that need. It arms managers and advisors with the knowledge and tools they need to implement, communicate and test controls and procedures that not only comply with but exceed the new anti-bribery requireTrade Review'This is a great book if you re in business we d go so far to say that this is the only book you ll need to read. When you ve read it. Read it again. And again. And again. (thebribaryact.com, 29th May) a stand out contribution bringing common sense to what could easily become a trudge through the quicksand of bribery legislation a masterclass that helps the reader to grasp both the law and the numerous ways in which it can be broken. (The Times, 31st May 2012)Table of ContentsAbout the Author xiii Acknowledgements xv Bribery Acronyms and Terms, and a Quick Index xvii Introduction 1 1 Timeline 5 2 Who Pays Bribes? 19 3 What Are the Key Sets of Rules that Govern International Bribery? 69 4 Frequently Asked Questions 97 5 How Do I Set Up Proportionate Yet Effective Anti-Bribery Compliance Procedures? 343 6 How Do I Carry Out a Review to Detect and Deter Bribery? 405 7 Cautionary Tales – What Happens If You Get Caught? 433 8 What Are My Predictions for 2012 and Beyond? 455 9 Appendices 483 References 525 Get the Text of the Statutes on Your Smartphone from the Following QR Codes 545 Do I Need to Read this Book (Again)? 547 Index 549

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Book SynopsisIn the wake of the recent financial crisis, many will agree that it is time for a fresh approach to portfolio management. The Complete Guide to Portfolio Construction and Management provides practical investment advice for building a robust, diversified portfolio.Table of ContentsForeword xiii About the Author xv Acknowledgements xvii Introduction xix Part I Investors and Risk 1 1 Basic Principles 3 1.1 Investors 3 1.2 Inflation 3 1.3 Choices for Investors in Terms of Investments 5 2 Measures of Risk 7 2.1 Volatility or Standard Deviation 7 2.2 Beta as a Measure of Risk 11 2.3 Value-at-Risk (VaR) 13 2.4 Investor Behaviour Towards Risk 14 Part II Asset Classes and Their Degree of Risk 17 3 Asset Classes and Associated Risks 19 3.1 Money Market Investments 19 3.1.1 Definition 19 3.1.2 Risks associated with money market investments 20 3.2 Bonds 22 3.2.1 Definition 22 3.2.2 Risks associated with bonds 26 3.3 Stocks 33 3.3.1 Definition 33 3.3.2 Risks associated with stocks 36 3.4 Real Estate 45 3.4.1 Definition 45 3.4.2 Risks associated with real estate 46 3.5 Commodities and Metals 48 3.5.1 Definition 48 3.5.2 Risks associated with commodities and metals 51 3.6 Private Equity 54 3.6.1 Definition 54 3.6.2 Risks associated with private equity 54 3.7 Other Asset Classes 56 4 Particular Forms of Investment within Asset Classes 59 4.1 Hedge Funds 59 4.1.1 Definition 59 4.1.2 Risks associated with hedge funds 60 4.2 Structured Products 63 4.2.1 Definition 63 4.2.2 Risks associated with structured products 64 4.3 Options 65 4.3.1 Definition 65 4.3.2 Risks associated with options 66 5 Classification of Asset Classes According to their Degree of Risk 71 5.1 Selected Criteria for Classification of Asset Classes 71 5.2 Classification of the Different Asset Classes 75 Part III the Market 77 6 Market Efficiency 79 6.1 Weak Form Market Efficiency 79 6.2 Semi-strong Form Market Efficiency 80 6.3 Strong Form Market Efficiency 80 6.4 Conclusion on Market Efficiency 81 7 Fundamental Analysis 83 7.1 Discounted Cash Flow 83 7.2 Relative Measures 85 7.2.1 Price to Earnings Ratio (P/E) 85 7.2.2 Price to Book 85 7.3 Strategic Analysis 86 7.3.1 The business model 86 7.3.2 External analysis 88 7.3.3 Internal analysis 95 7.3.4 The SWOT table (Strengths, Weaknesses, Opportunities and Threats) 97 7.4 Criticism of Fundamental Analysis 98 8 Technical Analysis 101 8.1 The Three Fundamental Principles of Technical Analysis 101 8.1.1 Prices reflect all available information 101 8.1.2 Prices move in trends 102 8.1.3 History repeats 104 8.1.4 Criticism of technical analysis 105 8.2 Conclusion on Technical Analysis 106 9 Investment Approach Based on “Psychological Principles” 109 Part IV Valuation of Financial Assets 111 10 Valuation of Money Market Investments 113 11 Valuation of Bonds 115 12 Valuation of Stocks 117 13 Valuation of Options 119 14 Valuation of Real Estate 121 15 Valuation of Commodities and Metals 123 16 Conclusion on Valuation 125 Part V Three Practical Approaches to Security Selection: Buffett, Graham and Lynch 127 17 Warren Buffett’s Value Investing Approach 129 18 Benjamin Graham’s Approach 133 18.1 The Defensive Investor 133 18.2 The Enterprising Investor 134 18.3 Security Analysis 135 18.3.1 Bond selection 135 18.3.2 Stock selection 135 18.4 The Margin of Safety Concept 136 19 Peter Lynch’s Approach 137 19.1 Stock Categories 138 19.1.1 Slow growers 138 19.1.2 The stalwarts 138 19.1.3 The fast growers 139 19.1.4 Cyclicals 139 19.1.5 Turnarounds 140 19.1.6 The asset plays 140 19.2 The Perfect Company According to Lynch 140 19.3 Earnings and Earnings Growth 143 19.4 Selection Criteria 144 19.4.1 The sales percentage 144 19.4.2 The P/E ratio 145 19.4.3 Liquid assets 145 19.4.4 Debt 145 19.4.5 Dividends 146 19.4.6 Hidden assets 146 19.4.7 Cash flow 146 19.4.8 Inventories 146 19.4.9 Growth rate 146 19.4.10 Gross profits 146 19.5 Conclusion on Peter Lynch’s Approach 147 Part VI Behavioural Finance 149 20 Investors in Behavioural Finance 151 21 Heuristics and Cognitive Biases 153 21.1 Information Selection 153 21.1.1 Availability heuristic 153 21.1.2 Herding 153 21.1.3 Ambiguity aversion 154 21.1.4 Wishful thinking 154 21.2 Information Processing 154 21.2.1 Representation bias 154 21.2.2 Confirmation bias 154 21.2.3 Narrative fallacy 155 21.2.4 Gambler’s fallacy 155 21.2.5 Anchoring 155 21.2.6 Framing 155 21.2.7 Probability matching 155 21.2.8 Wearing blinkers 156 21.2.9 Overconfidence bias 156 21.2.10 Illusion of control 157 21.3 The Use of Assets 157 21.3.1 Mental accounting 157 21.3.2 Disposition effect 158 21.3.3 House money effect 158 21.3.4 Endowment effect 158 21.3.5 Home bias 158 21.3.6 No go’s 158 21.3.7 Sunk costs 158 21.3.8 Lack of control 159 21.3.9 Pride and regret 159 22 Investment Approach Based on Behavioural Finance 161 22.1 Momentum Strategy 161 23 Criticism of Behavioural Finance 165 Part VII Forecasting Market Movements 167 24 Investment Approach Based on Probabilities 169 25 Random Walk Theory 171 26 Market Timing 173 27 Macroeconomic Investment Approach 177 27.1 State Interventions 179 27.1.1 Tax and fiscal policy 180 27.1.2 Monetary policy 181 27.1.3 The appropriate policy 181 27.2 The Major Macroeconomic Forces 182 27.2.1 Inflation 182 27.2.2 Economic growth 185 27.2.3 Recession 192 27.2.4 Productivity and technological change 195 27.2.5 Regulations and taxes 197 27.3 Sectorial Analysis 197 27.4 Peter Navarro’s Approach 198 27.4.1 Trends and stock picking 199 27.4.2 Sector rotation 200 27.5 Criticism of the Macroeconomic Approach 202 Part VIII Modelling Market Movements 203 28 Suggested Investment Approach 207 29 The Forces 209 29.1 The Macroeconomic Force 209 29.2 The Fundamental Force 209 29.3 The Technical Force 209 29.4 The Behavioural Force 210 29.5 The Luck Force 210 30 The Forces’ Strength 211 31 The Beauty of the Approach 213 Part IX Portfolio Construction and Management 215 32 Modern Portfolio Theory According to Markowitz 217 32.1 David Swensen’s Approach 219 33 The Capital Asset Pricing Model (CAPM) 221 34 The Minimum Variance Portfolio 223 35 Value-at-Risk (VaR) 227 36 Discretionary Mandates 229 37 The Dollar-cost Averaging Approach 231 38 Our Portfolio Construction Method 233 38.1 Basic Principles of Portfolio Construction 233 38.1.1 10 rules for protecting your capital 234 38.1.2 The 12 rules of risk management 235 38.2 The Portfolio Construction Process 238 38.2.1 The investor’s life objectives 238 38.2.2 The investor’s life cycle and investment time horizon 238 38.2.3 Choosing a reference currency 238 38.2.4 Evaluating the risk profile 238 38.2.5 Estimating a return target 239 38.2.6 The investor’s tax rate 240 38.2.7 Determining the proportion of risky assets 240 38.2.8 Evaluating the expected degree of liquidity (share of illiquid assets) 240 38.2.9 Portfolio construction and management 240 38.3 A Practical Example of Portfolio Construction 249 Part X Attractiveness of the Different Asset Classes 253 39 Asset Classes 255 39.1 Money Market Investments 255 39.2 Bonds 255 39.3 Stocks 256 39.4 Real Estate 257 39.5 Commodities and Precious and Industrial Metals 258 40 The Four Forces of the Investment Model 259 40.1 The Macroeconomic Force 259 40.1.1 The Macroeconomic Force and money market investments 259 40.1.2 The Macroeconomic Force and bonds 259 40.1.3 The Macroeconomic Force and stocks 260 40.1.4 The Macroeconomic Force and real estate 261 40.1.5 The Macroeconomic Force and commodities, precious and industrial metals 262 40.2 The Fundamental Force 262 40.2.1 The Fundamental Force and money market investments 262 40.2.2 The Fundamental Force and bonds 263 40.2.3 The Fundamental Force and stocks 263 40.2.4 The Fundamental Force and real estate 269 40.2.5 The Fundamental Force and commodities, precious and industrial metals 269 40.3 The Technical Force 269 40.3.1 The Technical Force and money market investments 269 40.3.2 The Technical Force and bonds 270 40.3.3 The Technical Force and stocks 270 40.3.4 The Technical Force and real estate 270 40.3.5 The Technical Force and commodities, precious and industrial metals 271 40.4 The Behavioural Force 271 40.4.1 The Behavioural Force and money market investments 271 40.4.2 The Behavioural Force and bonds 271 40.4.3 The Behavioural Force and stocks 271 40.4.4 The Behavioural Force and real estate 272 40.4.5 The Behavioural Force and commodities, precious and industrial metals 272 41 Table Summarising the Different Forces 273 42 A Final Example: Analysis of the Subprime Crisis 277 Conclusion 281 Bibliography 283 Index 285

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Book SynopsisThe definitive question and answer guide to understanding corporate finance From the team behind the popular corporate finance website, Vernimmen. com comes a concise guide to the subject, presented in an easy-to-use, highly accessible question and answer format.Table of Contents1 Frequently Asked Questions 1 2 Topics 409 50 years of research in finance 410 Ten deadly mistakes in corporate finance 412 Five mistakes in corporate valuation 423 M&A: Six mistakes to be avoided 429 Rating agencies 432 Credit scoring 435 Behavioral finance: are investors really rational? 438 Micro-finance: helping the poor 444 Project finance 449 Corporate finance in Europe: confronting theory with practice 454 Capital markets: some useful definitions 457 Transaction multiples: before and during the crisis 459 The making of an investment banker 469 Corporate finance books 472 Brainteasers – PART I 475 Brainteasers – PART II 478 Answers 481 True or false: test yourself 482 Answers 484 Crossword 487 Index 493

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Book SynopsisEmbrace emerging technology in your own organization with jargon-free and practical guidance In Emerging Technologies for Business Professionals: A Nontechnical Guide to the Governance and Management of Disruptive Technologies, a team of accomplished accounting systems experts and educators delivers a straightforward and jargon-free management and governance blueprint of emerging technologies ideal for business professionals. In this book you will learn how to use cutting-edge technologies, including AI, analytics, robotic process automation, blockchain, and more to maintain competitive advantage while managing risks. The authors provide real-world examples and case studies of each of the discussed technologies, allowing readers to place the technical details in the context of identifiable business environments. Each chapter offers simple and useful insights in new technology that can be immediately applied by business professionals. Readers will also find: Table of ContentsAcknowledgments v Chapter 1 Introduction to Emerging Technologies 1 Chapter 2 Information Technology and Ethics 15 Chapter 3 Introduction to Data Analytics 27 Chapter 4 Data Analytics Governance and Management 51 Chapter 5 Introduction to Artificial Intelligence 71 Chapter 6 Artificial Intelligence Implementation and Management 87 Chapter 7 Cryptocurrency and Blockchain 107 Chapter 8 Blockchain Developments and Governance 127 Chapter 9 The Metaverse and Non- Fungible Tokens 147 Chapter 10 Introduction to Robotic Process Automation 163 Chapter 11 Robotic Process Automation Implementation and Management 179 Chapter 12 Quantum and Edge Computing 201 Chapter 13 Augmented Reality 219 Chapter 14 Introduction to Cybersecurity 233 Chapter 15 Cybersecurity Management 249 Appendix: Governance Frameworks 265 About the Authors 281 About the Website 283 Index 285

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Book Synopsis

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Book SynopsisYour business reputation can take years to build and mere minutes to destroy The range of business threats is evolving rapidly but your organization can thrive and gain a competitive advantage with your business vision for enterprise risk management.Table of ContentsList of Figures xxvii Preface to the Second Edition xxxi Acknowledgements xxxv About the Author xxxvii Part I Enterprise Risk Management In Context 1 1 Introduction 3 1.1 Risk Diversity 4 1.2 Approach to Risk Management 5 1.3 Business Growth Through Risk Taking 5 1.4 Risk and Opportunity 6 1.5 The Role of the Board 7 1.6 Primary Business Objective (or Goal) 8 1.7 What is Enterprise Risk Management? 9 1.8 Benefits of Enterprise Risk Management 10 1.9 Structure 12 1.9.1 Corporate Governance 12 1.9.2 Internal Control 13 1.9.3 Implementation 14 1.9.4 Risk Management Framework 14 1.9.5 Risk Management Policy 15 1.9.6 Risk Management Process 15 1.9.7 Sources of Risk 16 1.10 Summary 16 1.11 References 16 2 Developments in Corporate Governance in the UK 19 2.1 Investor Unrest 19 2.2 The Problem of Agency 20 2.3 The Cadbury Committee 21 2.4 The Greenbury Report 23 2.5 The Hampel Committee and the Combined Code of 1998 23 2.6 Smith Guidance on Audit Committees 23 2.7 Higgs 24 2.8 Tyson 24 2.9 Combined Code on Corporate Governance 2003 25 2.10 Companies Act 2006 26 2.11 Combined Code on Corporate Governance 2008 26 2.12 Sir David Walker’s Review of Corporate Governance, July 2009 (Consultation Paper) 27 2.13 Sir David Walker’s Review of Corporate Governance, November 2009 (Final Recommendation) 29 2.14 House of Commons Treasury Committee 2009 30 2.15 UK Corporate Governance Code, June 2010 32 2.16 The “Comply or Explain” Regime 34 2.17 Definition of Corporate Governance 34 2.18 Formation of Companies 35 2.19 The Financial Services Authority and Markets Act 2000 36 2.20 The London Stock Exchange 36 2.21 Summary 37 2.22 References 38 3 Developments in Corporate Governance in the US 41 3.1 Corporate Governance 41 3.2 The Securities and Exchange Commission 42 3.2.1 Creation of the SEC 42 3.2.2 Organisation of the SEC 43 3.3 The Laws That Govern the Securities Industry 44 3.3.1 Securities Act 1933 44 3.3.2 Securities Exchange Act 1934 44 3.3.3 Trust Indenture Act 1939 45 3.3.4 Investment Company Act 1940 45 3.3.5 Investment Advisers Act 1940 45 3.4 Catalysts for the Sarbanes-Oxley Act 2002 45 3.4.1 Enron 46 3.4.2 WorldCom 47 3.4.3 Tyco International 47 3.4.4 Provisions of the Act 50 3.4.5 Implementation 52 3.4.6 Sarbanes-Oxley Section 404 52 3.4.7 The Positive Effects of Post-Enron Reforms 52 3.4.8 Criticism of Section 404 Before the Global Financial Crisis 54 3.4.9 Criticism of Section 404 After the Global Financial Crisis 54 3.5 National Association of Corporate Directors 2008 55 3.6 Summary 56 3.7 References 57 4 The Global Financial Crisis of 2007–2009: A US Perspective 59 4.1 The Financial Crisis in Summary 59 4.2 How the Financial Crisis Unfolded 60 4.3 The United States Mortgage Finance Industry 61 4.4 Subprime Model of Mortgage Lending 61 4.4.1 Contributing Events to the Credit Crisis 61 4.4.2 Foreclosures 63 4.4.3 Negative Equity 65 4.4.4 Housing Surplus 67 4.4.5 Vicious Circles 68 4.5 Why this Crisis Warrants Close Scrutiny 68 4.6 Behaviours 70 4.6.1 Investor Behaviour in the Search for Yield 70 4.6.2 Mortgage Lending Behaviour 71 4.6.3 Bank Behaviour and Risk Transfer through Securitised Credit 71 4.6.4 “Group Think” and Herd Behaviour 72 4.6.5 Banks’ Behaviour and Risk Appetite 74 4.6.6 Behaviour of Regulators and the Division of “Narrow Banking” from Investment Banking 75 4.6.7 Banks’ Behaviour and Misplaced Reliance of Sophisticated Mathematics and Statistics 75 4.7 Worldwide Deficiencies in Risk Management 76 4.8 Federal Reform 76 4.9 Systemic Risk 79 4.10 The Future of Risk Management 81 4.11 Summary 82 4.12 References 82 5 Developments in Corporate Governance in Australia and Canada 85 5.1 Australian Corporate Governance 85 5.1.1 Regulation Arising from Corporate Failures 85 5.1.2 Corporate Governance Reforms Following the Accounting Scandals of the Early 2000s 86 5.1.3 Horwath 2002 Corporate Governance Report 88 5.1.4 The ASX Corporate Governance Council 89 5.1.5 Financial Statements 90 5.2 Canada 90 5.2.1 Dey Report 90 5.2.2 Dey Revisited 91 5.2.3 Kirby Report 91 5.2.4 Saucier Committee 92 5.2.5 National Policy and Instrument (April 2005) 92 5.2.6 TSE Corporate Governance: Guide to Good Disclosure 2006 93 5.3 Summary 94 5.4 References 94 6 Internal Control and Risk Management 97 6.1 The Composition of Internal Control 97 6.2 Risk as a Subset of Internal Control 98 6.2.1 The Application of Risk Management 98 6.3 Allocation of Responsibility 102 6.3.1 Cadbury Committee 102 6.3.2 Hampel Committee 102 6.3.3 Turnbull 103 6.3.4 Higgs Review 104 6.3.5 Smith Review 104 6.3.6 OECD 105 6.4 The Context of Internal Control and Risk Management 106 6.5 Internal Control and Risk Management 107 6.6 Embedding Internal Control and Risk Management 107 6.7 Summary 107 6.8 References 108 7 Developments in Risk Management in the UK Public Sector 109 7.1 Responsibility for Risk Management in Government 109 7.1.1 Cabinet Office 110 7.1.2 Treasury 111 7.1.3 Office of Government Commerce 111 7.1.4 National Audit Office 112 7.2 Risk Management Publications 112 7.3 Successful IT 113 7.4 Supporting Innovation 115 7.4.1 Part 1: Why Risk Management is Important 115 7.4.2 Part 2: Comprehension of Risk Management 115 7.4.3 Part 3: What More Needs to be Done to Improve Risk Management 115 7.5 The Orange Book 116 7.5.1 Identify the Risks and Define a Framework 116 7.5.2 Assign Ownership 116 7.5.3 Evaluate 117 7.5.4 Assess Risk Appetite 117 7.5.5 Response to Risk 117 7.5.6 Gain Assurance 118 7.5.7 Embed and Review 118 7.6 Audit Commission 118 7.7 CIPFA/SOLACE Corporate Governance 120 7.8 M_o_R 2002 121 7.9 DEFRA 123 7.9.1 Risk Management Strategy 123 7.10 Strategy Unit Report 124 7.11 Risk and Value Management 125 7.12 The Green Book 126 7.12.1 Optimism Bias 126 7.12.2 Annex 4 127 7.13 CIPFA Guidance on Internal Control 127 7.14 Managing Risks to Improve Public Services 129 7.15 The Orange Book (Revised) 131 7.16 M_o_R 2007 132 7.17 Managing Risks in Government 132 7.18 Summary 134 7.19 References 136 Part II The Risk Management Process 137 References 139 8 Establishing the Context: Stage 1 141 8.1 Process 141 8.2 Process Goal and Subgoals 142 8.3 Process Definition 143 8.4 Process Inputs 143 8.5 Process Outputs 145 8.6 Process Controls (Constraints) 145 8.7 Process Mechanisms (Enablers) 146 8.7.1 Ratios 146 8.7.2 Risk Management Process Diagnostic 147 8.7.3 SWOT Analysis 148 8.7.4 PEST Analysis 148 8.8 Process Activities 149 8.8.1 Business Objectives 149 8.8.2 Business Plan 150 8.8.3 Examining the Industry 151 8.8.4 Establishing the Processes 151 8.8.5 Projected Financial Statements 153 8.8.6 Resources 155 8.8.7 Change Management 155 8.8.8 Marketing Plan 155 8.8.9 Compliance Systems 156 8.9 Summary 156 8.10 References 156 9 Risk Identification: Stage 2 159 9.1 Process 159 9.2 Process Goal and Subgoals 159 9.3 Process Definition 160 9.4 Process Inputs 161 9.5 Process Outputs 162 9.6 Process Controls (Constraints) 162 9.7 Process Mechanisms (Enablers) 163 9.7.1 Risk Checklist 163 9.7.2 Risk Prompt List 163 9.7.3 Gap Analysis 163 9.7.4 Risk Taxonomy 164 9.7.5 PEST Prompt 165 9.7.6 SWOT Prompt 168 9.7.7 Database 168 9.7.8 Business Risk Breakdown Structure 169 9.7.9 Risk Questionnaire 169 9.7.10 Risk Register Content/Structure 170 9.8 Process Activities 171 9.8.1 Clarifying the Business Objectives 171 9.8.2 Reviewing the Business Analysis 171 9.8.3 Need for Risk and Opportunity Identification 171 9.8.4 Risk and Opportunity Identification 172 9.8.5 Facilitation 172 9.8.6 Gaining a Consensus on the Risks, the Opportunities and their Interdependencies 182 9.8.7 Risk Register 182 9.9 Summary 182 9.10 References 182 10 Risk Analysis: Stage 3 185 10.1 Process 185 10.2 Process Goal and Subgoals 186 10.3 Process Definition 186 10.4 Process Inputs 186 10.5 Process Outputs 188 10.6 Process Controls (Constraints) 188 10.7 Process Mechanisms (Enablers) 188 10.7.1 Probability 188 10.8 Process Activities 189 10.8.1 Causal Analysis 190 10.8.2 Decision Analysis and Influence Diagrams 190 10.8.3 Pareto Analysis 193 10.8.4 CAPM Analysis 194 10.8.5 Define Risk Evaluation Categories and Values 195 10.9 Summary 195 10.10 References 196 11 Risk Evaluation: Stage 4 197 11.1 Process 197 11.2 Process Goal and Subgoals 197 11.3 Process Definition 198 11.4 Process Inputs 198 11.5 Process Outputs 198 11.6 Process Controls (Constraints) 199 11.7 Process Mechanisms (Enablers) 200 11.7.1 Probability Trees 200 11.7.2 Expected Monetary Value 201 11.7.3 Utility Theory and Functions 203 11.7.4 Decision Trees 204 11.7.5 Markov Chain 208 11.7.6 Investment Appraisal 210 11.8 Process Activities 215 11.8.1 Basic Concepts of Probability 215 11.8.2 Sensitivity Analysis 216 11.8.3 Scenario Analysis 217 11.8.4 Simulation 217 11.8.5 Monte Carlo Simulation 218 11.8.6 Latin Hypercube 220 11.8.7 Probability Distributions Defined from Expert Opinion 220 11.9 Summary 221 11.10 References 222 12 Risk Treatment: Stage 5 223 12.1 Process 223 12.2 Process Goal and Subgoals 223 12.3 Process Definition 224 12.4 Process Inputs 224 12.5 Process Outputs 224 12.6 Process Controls (Constraints) 225 12.7 Process Mechanisms 225 12.8 Process Activities 226 12.9 Risk Appetite 226 12.10 Risk Response Strategies 228 12.10.1 Risk Reduction 228 12.10.2 Risk Removal 228 12.10.3 Risk Reassignment or Transfer 229 12.10.4 Risk Retention 230 12.11 Summary 230 12.12 References 231 13 Monitoring and Review: Stage 6 233 13.1 Process 233 13.2 Process Goal and Subgoals 234 13.3 Process Definition 234 13.4 Process Inputs 235 13.5 Process Outputs 235 13.6 Process Controls (Constraints) 235 13.7 Process Mechanisms 236 13.8 Process Activities 236 13.8.1 Executing 236 13.8.2 Monitoring 236 13.8.3 Controlling 237 13.9 Summary 239 13.10 Reference 240 14 Communication and Consultation: Stage 7 241 14.1 Process 241 14.2 Process Goal and Subgoals 242 14.3 Process Definition 242 14.4 Process Inputs 243 14.5 Process Outputs 243 14.6 Process Controls (Constraints) 244 14.7 Process Mechanisms 244 14.8 Process Activities 244 14.9 Internal Communication 245 14.10 External Communication 245 14.11 Summary 245 14.12 Reference 246 Part III Internal Influences – Micro Factors 247 15 Financial Risk Management 249 15.1 Definition of Financial Risk 249 15.2 Scope of Financial Risk 250 15.3 Benefits of Financial Risk Management 250 15.4 Implementation of Financial Risk Management 251 15.5 Liquidity Risk 251 15.5.1 Current and Quick Ratios 251 15.5.2 Mitigation of Liquidity Risk 253 15.6 Credit Risk 253 15.6.1 Default Risk 253 15.6.2 Exposure Risk 254 15.6.3 Recovery Risk 254 15.6.4 Credit Insurance 255 15.6.5 Counterparty Risk 256 15.6.6 Due Diligence 256 15.7 Borrowing 259 15.8 Currency Risk 259 15.9 Funding Risk 260 15.10 Foreign Investment Risk 262 15.10.1 Country Risk 262 15.10.2 Environment Risk 263 15.11 Derivatives 263 15.11.1 Exchange Traded Derivatives 263 15.11.2 Over-the-Counter Derivatives 264 15.12 Summary 264 15.13 References 265 16 Operational Risk Management 267 16.1 Definition of Operational Risk 268 16.2 Scope of Operational Risk 269 16.3 Benefits of Operational Risk 270 16.4 Implementation of Operational Risk 270 16.5 Strategy 270 16.5.1 Definition of Strategy Risk 270 16.5.2 Objectives 271 16.5.3 Business Plan 272 16.5.4 New Business Development 272 16.5.5 Resources 273 16.5.6 Stakeholder Interests 273 16.5.7 Corporate Experience 274 16.5.8 Reputation 274 16.6 People 275 16.6.1 Definition of People Risk 275 16.6.2 Types of People Risk 276 16.6.3 Human Resource Management Practices 276 16.6.4 Ability to Pay Salaries 277 16.6.5 Regulatory and Statutory Requirements 277 16.6.6 Staff Constraints 280 16.6.7 Staff Dishonesty 287 16.6.8 Risk Management 287 16.6.9 Health and Safety 292 16.7 Processes and Systems 292 16.7.1 Definition of Processes and Systems Risk 293 16.7.2 Controls 293 16.7.3 Regulatory and Statutory Requirements 294 16.7.4 Continuity 294 16.7.5 Indicators of Loss 295 16.7.6 Transactions 295 16.7.7 Computer/IT Systems 297 16.7.8 Knowledge Management 301 16.7.9 Project Management 302 16.8 External Events 303 16.8.1 Change Management 303 16.8.2 Business Continuity 304 16.9 Outsourcing 305 16.10 Measurement 307 16.11 Mitigation 307 16.12 Summary 307 16.13 References 308 17 Technological Risk Management 309 17.1 Definition of Technology Risk 310 17.2 Scope of Technology Risk 310 17.3 Benefits of Technology Risk Management 311 17.4 Implementation of Technology Risk Management 311 17.5 Primary Technology Types 312 17.5.1 Information Technology 312 17.5.2 Communications Technology 315 17.5.3 Control Technology 319 17.6 Responding to Technology Risk 324 17.6.1 IT Governance 324 17.6.2 Investment 326 17.6.3 Projects 329 17.7 Summary 330 17.8 References 331 18 Project Risk Management 333 18.1 Definition of Project Risk 334 18.2 Definition of Project Risk Management 334 18.3 Sources of Project Risk 335 18.4 Benefits of Project Risk Management 335 18.5 Embedding Project Risk Management 336 18.5.1 Common Challenges in Implementing Project Risk Management 336 18.5.2 Lack of Clearly Defined and Disseminated Risk Management Objectives 337 18.5.3 Lack of Senior Executive and Project Director Commitment and Support 337 18.5.4 Lack of a Risk Maturity Model 337 18.5.5 Lack of a Change Process to Implement the Discipline 338 18.5.6 No Common Risk Language (Terms and Definitions) 338 18.5.7 Lack of Articulation of the Project Sponsor’s Risk Appetite 338 18.5.8 No Definition of Roles and Responsibilities 339 18.5.9 Lack of Risk Management Awareness Training to Build Core Competencies 339 18.5.10 Lack of Integration of Risk Management with Other Project Disciplines 340 18.5.11 Reticence of Project Personnel to Spend Time on Risk Management 340 18.5.12 Risk Owners not Automatically Taking Responsibility for Assigned Risks 341 18.5.13 No Clear Demonstration of How Risk Management Adds Value and Contributes to Project Performance 341 18.5.14 Overcomplicated Implementation from an Unclear Risk Policy, Strategy, Framework, Plan and Procedure 341 18.5.15 Lack of Alignment between the Business Strategy, Business Model and the Risk Management Objectives 341 18.5.16 Lack of the Integration of Risk Management Activities into the Day-to-Day Activities of Project Managers 342 18.6 Project Risk Management Process 342 18.6.1 Establish the Context 342 18.6.2 Risk Identification 344 18.6.3 Risk Analysis 344 18.6.4 Risk Evaluation 345 18.6.5 Risk Treatment 345 18.6.6 Risk Monitoring and Review 345 18.6.7 Communication and Consultation 346 18.7 Responsibility for Project Risk Management 346 18.8 Project Director’s Role 347 18.9 Project Team 347 18.9.1 Lack of Team Structure 347 18.9.2 Lack of Definition of Roles 348 18.9.3 Lack of Responsibility Assignment Matrix 348 18.9.4 Poor Leadership 348 18.9.5 Poor Team Communication 348 18.10 Optimism Bias 349 18.10.1 The Investment Decision 349 18.10.2 Optimism Bias 350 18.10.3 Monitoring 350 18.10.4 Using Numerical Indicators in Project Decision Making 350 18.10.5 Causes of Optimism Bias 351 18.10.6 The Distinction between Risk Events and Optimism Bias 351 18.11 Software Tools Used to Support Project Risk Management 351 18.12 Techniques Used to Support Project Risk Management 352 18.13 Summary 352 18.14 References 354 19 Business Ethics Management 355 19.1 Definition of Business Ethics Risk 355 19.2 Scope of Business Ethics Risk 356 19.3 Benefits of Ethics Risk Management 357 19.4 How Unethical Behaviour can Arise 357 19.5 Recognition of the Need for Business Ethics 358 19.5.1 US Department of Commerce 358 19.5.2 The G8 Summit in Italy Pushes for a Return to “Ethics” 359 19.5.3 OECD and Its Approach to Business Ethics 359 19.5.4 UK Financial Services Authority 360 19.5.5 US Department of Justice 360 19.6 Factors that Affect Business Ethics 361 19.7 Risk Events 361 19.8 Implementation of Ethical Risk Management 365 19.8.1 Areas of Focus 365 19.8.2 Levels of Application 366 19.8.3 The System 368 19.9 Summary 374 19.10 References 374 20 Health and Safety Management 375 20.1 Definition of Health and Safety Risk 375 20.2 Scope of Health and Safety Risk 376 20.3 Benefits of Health and Safety Risk Management 376 20.3.1 Business Benefits 377 20.3.2 The Enterprise Context: AstraZeneca 378 20.4 The UK Health and Safety Executive 378 20.4.1 The UK Perspective: Health and Safety Record 379 20.5 The European Agency for Safety and Health at Work 379 20.5.1 Main Challenges Concerning Health and Safety at Work 380 20.6 Implementation of Health and Safety Risk Management 380 20.6.1 Management Arrangements 381 20.6.2 Risk Controls 381 20.6.3 Workplace Precautions 381 20.6.4 System Implementation 382 20.7 Workplace Precautions 382 20.8 Contribution of Human Error to Major Disasters 382 20.8.1 Tenerife, 27 March 1977 382 20.8.2 Chernobyl, 26 April 1986 384 20.8.3 Kegworth, 8 January 1989 385 20.8.4 Herald of Free Enterprise, 6 March 1987 386 20.8.5 Piper Alpha, 6 July 1988 387 20.8.6 Ladbroke Grove, 5 October 1999 387 20.9 Improving Human Reliability in the Workplace 388 20.10 Risk Management Best Practice 389 20.10.1 Crisis Management Plan 389 20.11 Summary 390 20.12 References 390 Part Iv External Influences – Macro Factors 391 21 Economic Risk 393 21.1 Definition of Economic Risk 393 21.2 Scope of Economic Risk 393 21.3 Benefits of Economic Risk Management 394 21.4 Implementation of Economic Risk Management 394 21.5 Microeconomics and Macroeconomics 394 21.6 Macroeconomics 395 21.6.1 Gross Domestic Product 395 21.7 Government Policy 397 21.7.1 Fiscal Policy 397 21.7.2 Monetary Policy 397 21.7.3 Competing Theories 398 21.8 Aggregate Demand 398 21.8.1 Using Aggregate Demand Curves 399 21.8.2 Determinants of Consumer Spending 399 21.8.3 Determinants of Investment Expenditure 400 21.8.4 Determinants of Government Spending 400 21.8.5 Determinants of Net Expenditure on Exports and Imports 401 21.9 Aggregate Supply 401 21.10 Employment Levels 403 21.11 Inflation 403 21.12 Interest Rate Risk 404 21.13 House Prices 405 21.14 International Trade and Protection 405 21.14.1 Trade 405 21.14.2 Methods of Protectionism 406 21.14.3 Trade Policy 406 21.14.4 Balance of Trade 406 21.15 Currency Risk 407 21.15.1 Risk Mitigation by Hedging 407 21.16 Summary 412 21.17 References 412 22 Environmental Risk 413 22.1 Definition of Environmental Risk 413 22.2 Scope of Environmental Risk 415 22.3 Benefits of Environmental Risk Management 415 22.4 Implementation of Environmental Risk Management 415 22.5 Energy Sources 416 22.5.1 Renewable Energy 417 22.6 Use of Resources 419 22.7 Pollution 420 22.8 Global Warming 420 22.9 Response to Global Warming 422 22.9.1 Earth Summit 422 22.9.2 The Kyoto Protocol 422 22.9.3 Pollution Control Targets 422 22.9.4 Sufficiency of Emission Cuts 423 22.9.5 US Climate Pact 423 22.9.6 The Copenhagen Accord 424 22.9.7 European Union 425 22.9.8 Cancún Agreements 425 22.9.9 Domestic Government Response to Climate Change 426 22.9.10 Levy 427 22.9.11 Emissions Trading 428 22.9.12 Impact on Business 428 22.10 Stimulation to Environmental Considerations 429 22.10.1 FTSE4Good Index 429 22.10.2 Carbon Trust 429 22.10.3 Public Pressure 430 22.11 Environmental Sustainability 431 22.12 Summary 432 22.13 References 433 23 Legal Risk 435 23.1 Definition of Legal Risk 435 23.2 Scope of Legal Risk 435 23.3 Benefits of Legal Risk Management 436 23.4 Implementation of Legal Risk Management 436 23.5 Business Law 437 23.6 Companies 438 23.6.1 The Company Name 438 23.6.2 The Memorandum of Association 438 23.6.3 Articles of Association 439 23.6.4 Financing the Company 439 23.6.5 The Issue of Shares and Debentures 440 23.6.6 The Official Listing of Securities 440 23.6.7 The Remedy of Rescission 440 23.6.8 Protection of Minority Interests 440 23.6.9 Duties of Directors 441 23.7 Intellectual Property 441 23.7.1 Patents 441 23.7.2 Copyright 445 23.7.3 Designs 446 23.8 Employment Law 447 23.9 Contracts 447 23.9.1 Essentials of a Valid Contract 447 23.9.2 Types of Contract 447 23.10 Criminal Liability in Business 448 23.10.1 Misdescriptions of Goods and Services 448 23.10.2 Misleading Price Indications 449 23.10.3 Product Safety 450 23.11 Computer Misuse 451 23.11.1 Unauthorised Access to Computer Material 451 23.11.2 Unauthorised Access with Intent to Commit or Facilitate Further Offences 451 23.11.3 Unauthorised Modification of Computer Material 451 23.12 Summary 452 24 Political Risk 453 24.1 Definition of Political Risk 454 24.2 Scope of Political Risk 454 24.2.1 Macropolitical Risks 454 24.2.2 Micropolitical Risks 455 24.3 Benefits of Political Risk Management 455 24.4 Implementation of Political Risk Management 455 24.5 Zonis and Wilkin Political Risk Framework 457 24.6 Contracts 459 24.7 Transition Economies of Europe 459 24.8 UK Government Fiscal Policy 460 24.9 Pressure Groups 461 24.10 Terrorism and Blackmail 461 24.11 Responding to Political Risk 462 24.11.1 Assessing Political Risk Factors 463 24.11.2 Prioritising Political Risk Factors 464 24.11.3 Improving Relative Bargaining Power 464 24.12 Summary 464 24.13 References 465 25 Market Risk 467 25.1 Definition of Market Risk 467 25.2 Scope of Market Risk 468 25.2.1 Levels of Uncertainty in the Marketing Environment 469 25.3 Benefits of Market Risk Management 470 25.4 Implementation of Market Risk Management 470 25.5 Market Structure 470 25.5.1 The Number of Firms in an Industry 471 25.5.2 Barriers to Entry 471 25.5.3 Product Homogeneity, Product Diversity and Branding 473 25.5.4 Knowledge 473 25.5.5 Interrelationships within Markets 474 25.6 Product Life Cycle Stage 475 25.6.1 Sales Growth 476 25.7 Alternative Strategic Directions 476 25.7.1 Market Penetration 477 25.7.2 Product Development 477 25.7.3 Market Development 479 25.7.4 Diversification 481 25.8 Acquisition 482 25.9 Competition 483 25.9.1 Price Stability 483 25.9.2 Non-Price Competition 484 25.9.3 Branding 485 25.9.4 Market Strategies 486 25.10 Price Elasticity/Sensitivity 489 25.10.1 Elasticity 489 25.10.2 Price Elasticity 489 25.11 Distribution Strength 490 25.12 Market Risk Measurement: Value at Risk 490 25.12.1 Definition of Value at Risk 490 25.12.2 Value at Risk 490 25.12.3 VaR Model Assumptions 491 25.12.4 Use of VaR to Limit Risk 493 25.12.5 Calculating Value at Risk 494 25.13 Risk Response Planning 496 25.14 Summary 496 25.15 References 497 26 Social Risk 499 26.1 Definition of Social Risk 499 26.2 Scope of Social Risk 500 26.3 Benefits of Social Risk Management 500 26.4 Implementation of Social Risk Management 501 26.5 Education 501 26.6 Population Movements: Demographic Changes 502 26.6.1 The Changing Market 503 26.7 Socio-Cultural Patterns and Trends 504 26.8 Crime 504 26.8.1 Key Facts 504 26.9 Lifestyles and Social Attitudes 505 26.9.1 More Home Improvements 505 26.9.2 Motherhood, Marriage and Family Formation 505 26.9.3 Health 506 26.9.4 Less Healthy Diets 507 26.9.5 Smoking and Drinking 508 26.9.6 Long Working Hours 509 26.9.7 Stress Levels 509 26.9.8 Recreation and Tourism 510 26.10 Summary 510 26.11 References 511 Part V The Appointment 513 27 Introduction 515 27.1 Change Process From the Client Perspective 515 27.1.1 Planning 515 27.1.2 Timely Information 516 27.1.3 Risk Management Resources 516 27.2 Selection of Consultants 517 27.2.1 Objectives 517 27.2.2 The Brief 517 27.2.3 Describing Activity Interfaces 517 27.2.4 Appointment Process Management 518 27.2.5 The Long-Listing Process 518 27.2.6 Short-List Selection Criteria 519 27.2.7 Request for a Short-Listing Interview 519 27.2.8 Compilation of Short List 519 27.2.9 Prepare an Exclusion Notification 520 27.2.10 Prepare Tender Documents 520 27.2.11 Agreement to be Issued with the Tender Invitation 521 27.2.12 Tender Process 521 27.2.13 Award 521 27.2.14 Notification to Unsuccessful Tenderers 522 27.3 Summary 522 27.4 Reference 522 28 Interview with the Client 523 28.1 First Impressions/Contact 523 28.2 Client Focus 524 28.3 Unique Selling Point 524 28.4 Past Experiences 526 28.5 Client Interview 527 28.5.1 Scene/Overview 527 28.5.2 Situation/Context 527 28.5.3 Scheme/Plan of Action 527 28.5.4 Solution Implementation 528 28.5.5 Success, Measurement of 528 28.5.6 Secure/Continue 528 28.5.7 Stop/Close 528 28.6 Assignment Methodology 528 28.7 Change Management 529 28.8 Sustainable Change 529 28.9 Summary 530 28.10 References 531 29 Proposal 533 29.1 Introduction 533 29.2 Proposal Preparation 533 29.2.1 Planning 533 29.2.2 Preliminary Review 534 29.3 Proposal Writing 534 29.3.1 Task Management 534 29.3.2 Copying Text 534 29.3.3 Master Copy 534 29.3.4 Peer Review 534 29.4 Approach 535 29.5 Proposal 535 29.5.1 Identify the Parties – the Who 535 29.5.2 Identify the Location – the Where 537 29.5.3 Understand the Project Background – the What 537 29.5.4 Define the Scope – the Which 537 29.5.5 Clarify the Objectives – the Why 537 29.5.6 Determine the Approach – the How 538 29.5.7 Determine the Timing – the When 538 29.6 Client Responsibilities 538 29.7 Remuneration 539 29.8 Summary 539 29.9 References 539 30 Implementation 541 30.1 Written Statement of Project Implementation 541 30.2 Management 541 30.2.1 Objectives 541 30.2.2 Planning the Project 542 30.2.3 Consultant Team Composition 543 30.2.4 Interface with Stakeholders 543 30.2.5 Data Gathering 543 30.2.6 Budget 544 30.2.7 Assessment of Risk 544 30.2.8 Deliverables 544 30.2.9 Presentation of the Findings 545 30.2.10 Key Factors for Successful Implementation 545 30.3 Customer Delight 548 30.4 Summary 548 30.5 References 548 Appendix 1: Successful IT: Modernising Government in Action 549 Appendix 2: Sources of Risk 553 Appendix 3: DEFRA Risk Management Strategy 557 Appendix 4: Risk: Improving Government’s Capability to Handle Risk and Uncertainty 561 Appendix 5: Financial Ratios 567 Appendix 6: Risk Maturity Models 573 Appendix 7: SWOT Analysis 579 Appendix 8: PEST Analysis 583 Appendix 9: VRIO Analysis 587 Appendix 10: Value Chain Analysis 589 Appendix 11: Resource Audit 591 Appendix 12: Change Management 595 Appendix 13: Industry Breakpoints 599 Appendix 14: Probability 601 Appendix 15: Value at Risk 611 Appendix 16: Optimism Bias 613 Index 621

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Book SynopsisA fully up-to-date, cutting-edge guide to the measurement and management of liquidity risk Written for front and middle office risk management and quantitative practitioners, this book provides the ground-level knowledge, tools, and techniques for effective liquidity risk management.Table of ContentsPreface xiii About the authors xvii Abbreviations and acronyms xix Part I Liquidity and Banking Activity 1 1 Banks as lemons? 3 1.1 Introduction 3 1.2 The first wave 4 1.3 Banks as lemons? 7 1.4 The response 9 1.5 The second wave 13 1.6 Conclusion 15 2 A journey into liquidity 17 2.1 Introduction 17 2.2 Central bank liquidity 18 2.3 Funding liquidity 19 2.4 Market liquidity 22 2.5 The virtuous circle 24 2.6 The vicious circle 24 2.8 The role of the central bank, supervision and regulation 28 2.9 Conclusions 31 3 Too big to fail 33 3.1 Introduction 33 3.2 When giants fall 34 3.3 A hard lesson 36 3.4 Closer supervision 37 3.5 G-SIFI regulations 39 3.6 The next steps 41 3.7 Conclusion 44 4 The new framework 47 4.1 Introduction 47 4.2 Some basic liquidity risk measures 48 4.3 The first mover 50 4.4 Basel III: The new framework for liquidity risk measurement and monitoring 53 4.4.1 The liquidity coverage ratio 55 4.5 Inside the liquidity coverage ratio 63 4.6 The other metrics 66 4.7 Intraday liquidity risk 69 4.8 Beyond the ratios 72 4.9 Conclusion 74 5 Know thyself ! 75 5.1 Introduction 75 5.2 Some changes on the liabilities side 75 5.3 The role of leverage 79 5.4 The originate-to-distribute business model 82 5.5 The liquidity framework 84 5.6 Stress-testing and contingency funding plan 89 5.7 The CEBS identity card 95 5.8 Conclusions 97 5.9 Appendix: The CEBS Identity Card Annex (CEBS) 98 Part II Tools To Manage Liquidity Risk 109 6 Monitoring liquidity 111 6.1 A taxonomy of cash flows 111 6.2 Liquidity options 114 6.3 Liquidity risk 115 6.4 Quantitative liquidity risk measures 118 6.4.1 The term structure of expected cash flows and the term structure of expected cumulated cash flows 119 6.4.2 Liquidity generation capacity 123 6.4.3 The term structure of available assets 127 6.5 The term structure of expected liquidity 134 6.6 Cash flows at risk and the term structure of liquidity at risk 135 7 Liquidity buffer and term structure of funding 143 7.1 Introduction 143 7.2 Liquidity buffer and counterbalancing capacity 143 7.3 The first cause of the need for a liquidity buffer: Maturity mismatch 145 7.3.1 Some or all stressed scenarios do not occur 149 7.3.2 The cost of the liquidity buffer for maturity mismatch 152 7.3.3 Liquidity buffer costs when stressed scenarios do not occur 158 7.3.4 A more general formula for liquidity buffer costs 163 7.4 Funding assets with several liabilities 168 7.5 Actual scenarios severer than predicted 169 7.6 The term structure of available funding and the liquidity buffer 171 7.6.1 The term structure of forward cumulated funding and how to use it 175 7.7 Non-maturing liabilities 179 7.7.1 Pricing of NML and cost of the liquidity buffer 182 7.8 The second cause of the liquidity buffer: Collateral margining 186 7.8.1 A method to set the liquidity buffer for derivative collateral 186 7.8.2 The cost of the liquidity buffer for derivative collateral 188 7.9 The third cause of the liquidity buffer: Off-balance-sheet commitments 192 7.10 Basel III regulation and liquidity buffer 194 8 Models for market risk factors 199 8.1 Introduction 199 8.2 Stock prices and FX rates 199 8.3 Interest rate models 201 8.3.1 One-factor models for the zero rate 201 8.3.2 Vasicek model 202 8.3.3 The CIR model 202 8.3.4 The CIR++ model 209 8.3.5 The basic affine jump diffusion model 211 8.3.6 Numerical implementations 212 8.3.7 Discrete version of the CIR model 212 8.3.8 Monte Carlo methods 214 8.3.9 Libor market model 215 8.4 Default probabilities and credit spreads 219 8.4.1 Structural models 219 8.4.2 Reduced models 221 8.4.3 Credit spreads 223 8.5 Expected and minimum liquidity generation capacity of available bonds 224 8.5.1 Value of the position in a defaultable coupon bond 225 8.5.2 Expected value of the position in a coupon bond 226 8.5.3 Haircut modelling 227 8.5.4 Future value of a bond portfolio 228 8.5.5 Calculating the quantile: a ∆ - Γ approximation of the portfolio 228 8.5.6 Estimation of the CIR++ model for interest rates 231 8.5.7 Estimation of the CIR++ model for default intensities 233 8.5.8 Future liquidity from a single bond 239 8.5.9 Future liquidity from more bonds 240 8.6 Fair haircut for repo transactions and collateralized loans 247 8.7 Adjustments to the value of illiquid bonds 256 8.7.1 Liquid equivalent adjustment 258 8.7.2 Price volatility adjustment 261 8.A Expectation value of the bond with selling probability and spread 270 9 Behavioural models 277 9.1 Introduction 277 9.2 Prepayment modelling 277 9.2.1 Common approaches to modelling prepayments 277 9.2.2 Hedging with an empirical model 278 9.2.3 Effective hedging strategies of prepayment risk 285 9.2.4 Conclusions on prepayment models 288 9.2.5 Modelling prepayment decisions 288 9.2.6 Modelling the losses upon prepayment 290 9.2.7 Analytical approximation for ELoP1 296 9.2.8 Valuing the ELoP using a VaR approach 299 9.2.9 Extension to double rational prepayment 303 9.2.10 Total prepayment cost 305 9.2.11 Expected cash flows 306 9.2.12 Mortgage pricing including prepayment costs 308 9.3 Sight deposit and non-maturing liability modelling 316 9.3.1 Modelling approaches 317 9.3.2 The stochastic factor approach 319 9.3.3 Economic evaluation and risk management of deposits 324 9.3.4 Inclusion of bank runs 334 9.4 Credit line modelling 337 9.4.1 Measures to monitor usage of credit lines 339 9.4.2 Modelling withdrawal intensity 340 9.4.3 Liquidity management of credit lines 341 9.4.4 Pricing of credit lines 360 9.4.5 Commitment fee 362 9.4.6 Adding the probability of default 364 9.4.7 Spread option 365 9.4.8 Incremental pricing 368 9.A General decomposition of hedging swaps 371 9.B Accuracy of mortgage rate approximation 373 9.B.1 Internal model simulation engine 373 9.B.2 Results 374 9.C Accuracy of the approximated formula for correlated mortgage rate and prepayment intensity 379 9.D Characteristic function of the integral 382 Part III Pricing Liquidity Risk 383 10 The links between credit risk and funding cost 385 10.1 Introduction 385 10.2 The axiom 385 10.3 Cash flow fair values and discounting 386 10.4 Critique of debit value adjustment 389 10.4.1 Single-period case 389 10.4.2 Multi-period case 391 10.4.3 DVA as a funding benefit 394 10.5 DVA for derivative contracts 397 10.6 Extension to positive recovery and liquidity risk 402 10.7 Dynamic replication of DVA 404 10.7.1 The gain process 404 10.7.2 Dynamic replication of a defaultable claim 405 10.7.3 Objections to the statement ‘‘no long position in a bank’s own bonds is possible’’ 409 10.7.4 DVA replication by the funding benefit 410 10.7.5 DVA replication and bank’s franchise 415 10.8 Recapitulation of results 419 10.9 Accounting standard and DVA 419 10.10 Distinction between price and value 421 11 Cost of liquidity and fund transfer pricing 425 11.1 Introduction 425 11.2 Principles of transfer pricing 425 11.2.1 Balance sheet 425 11.2.2 Bank’s profits and losses 426 11.3 Funding and banking activity 431 11.4 Building a funding curve 432 11.5 Including the funding cost in loan pricing 446 11.5.1 Pricing of a fixed rate bullet loan 450 11.6 Monitoring funding costs and risk control of refunding risk 452 11.7 Funding costs and asset/liability management 456 11.8 Internal fund transfer pricing system 457 11.8.1 Multiple curves 459 11.8.2 Single curve 461 11.8.3 Implementation of funding policies 465 11.9 Best practices and regulation 468 12 Liquidity risk and the cost of funding in derivative contracts 473 12.1 Pricing of derivative contracts under collateral agreements 473 12.1.1 Pricing in a simple discrete setting 475 12.1.2 The replicating portfolio in continuous time 480 12.1.3 Pricing with a funding rate different from the investment rate 483 12.1.4 Funding rate different from investment rate and repo rate 489 12.1.5 Interest rate derivatives 491 12.2 Pricing of collateralized derivative contracts when more than one currency is involved 499 12.2.1 Contracts collateralized in a currency other than the payoff currency 499 12.2.2 FX derivatives 505 12.2.3 Interest rate derivatives 511 12.2.4 Cross-currency swaps 514 12.3 Valuation of non-collateralized interest rate swaps including funding costs 518 12.3.1 The basic setup 518 12.3.2 Hedging swap exposures and cash flows 519 12.3.3 Funding spread modelling 521 12.3.4 Strategy 1: Funding all cash flows at inception 522 12.3.5 Strategy 2: Funding negative cash flows when they occur 524 12.3.6 Including counterparty credit risk 528 12.3.7 Practical examples 531 13 A sort of conclusion: towards a new treasury? 539 13.1 Introduction 539 13.2 Organization of the treasury and the dealing room 539 13.3 Banking vs trading book 542 13.3.1 Collateralization 542 13.3.2 Links amongst risks 543 13.3.3 Production costs 545 References 547 Index 553

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Book SynopsisMake better financial choices, reduce money anxiety, and grow your wealth In Unbiased Investor: Reduce Financial Stress and Keep More of Your Money, Portfolio Manager at CIBC World Markets, Coreen Sol, delivers an inspiring and illuminating roadmap to investing success. In the book, you'll explore the behavioral and psychological roadblocks to achieving optimal results from your portfolio and the strategies you can use to overcome them. You'll learn to focus on basic economic principlesrather than harmful psychological biasesto reduce financial stress and reliably grow wealth. The book also shows you how to: Recognize the decision-making shortcuts (heuristics) we use to navigate and understand the world around us Avoid counter-productive and ineffective risk-management strategies that decrease returns without mitigating risk Consider your own financial goals, personal preferences, and skills in the creation of a strategy to make Table of ContentsIntroduction: The Path of Least Resistance 1 Chapter 1 Making Sense of What You See 9 Anchoring: An Invisible Hand 9 Representativeness: If It Walks Like a Duck 15 Money Illusion: The Rule of 72 and the Risk of Inflation 20 Recency Effect: A Clear and Present Danger 23 Reversion to the Mean: That Makes Sense but Doesn’t Answer Anything 27 Availability Bias and Distortion: Overestimating What You Can Easily Recall 29 Familiarity Bias: Recognizing a Stranger 31 Proportional Money Effect: Why We Save Pennies Only to Neglect Dollars 35 Mental Accounting: Pigeonholing Money 37 Endowment Effect: Loyalty Reward Points are Not Free Money 40 Status Quo Bias: The Influence of Inertia 45 Chapter 2 Controlling Risk 49 Conservativism: Close but No Cigar 49 Gambler’s Fallacy: Heads or Tails? 51 Possibility and Certainty Effect: A Bird in the Hand Is Worth Two in the Bush 52 House Money and Break-Even Effect: What Just Happened? 56 Disposition Effect: The Worst Time to Lock in a Profit 59 Loss Aversion and False Risk Control: Ante Up! 61 Chapter 3 Wanting To Be Right 65 Overconfidence: We All Can’t Be Above Average 65 Hindsight Bias Is Convincing: I Knew It! 69 Cognitive Dissonance: The Grapes Were Sour Anyway 71 Confirmation Bias: Buying and Selling a Boat 73 Availability Bias, Recency Effect, and Real Estate: House Prices Always Rise, Right? 76 Sunk Cost: Why Camping Seems Affordable 81 Barnum and Forer Effect: A Fool Is Born Every Minute 86 Loss Aversion Undermines Your Beliefs: Trading Money for Sleep 89 Herd Mentality: Consensus Hurts Performance 91 Chapter 4 Developing Your Personal Economic Values 99 Why Commit to the Eight Steps? 99 Personal Economic Values Workbook 103 Chapter 5 Adopting Unbiased Habits 113 The Point of Impact 113 Don’t Take It Personally 117 Quantify Your Returns 119 Keep a Journal of Investment Decisions 121 The Power of SMT 122 Negotiations 124 Just Pick One 125 Automate, Outsource, and Schedule 127 Stop Checking Your Investments 130 Establish Investment Constraints 133 Stick to Your Plan 134 Reframing Decisions 135 No Safety in Numbers 136 Money Doesn’t Care Where It Came From 137 Craft Your Personal Investment Policy Statement (IPS) 138 I Knew-It-All-the-Time 145 Cut Your Losses 147 Trees Don’t Reach the Sky 148 In the Absence of Research 151 Be Average 153 The Unbiased Habit Checklist 155 Chapter 6 What An Investment Advisor Can and Cannot Do 161 The Bottom Line 161 Bull Markets and DIY 161 Is Passive Investing a Silver Bullet? 166 Intuition 169 Avoiding Hindsight Bias with Training 172 When to Trust Expert Investment Advice 175 Know What You Don’t Know 177 Bias Resistance 179 Portfolio Abandonment 181 Chapter 7 Can Money Buy You Happiness? 185 Happiness, Work, and Retirement 186 Happiness and Spending Money 191 Happiness and Gluttony 194 Health, Happiness, and Your Money 198 How Much Is Enough? 200 Notes 205 Index 209

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Book SynopsisTable of ContentsAbout This Book The Author Dedication PART I: INTRODUCTION TO MODELING Chapter 1: Modeling and Its Uses Chapter 2: Principles of Model Design PART II: ESSENTIALS OF EXCEL Chapter 3: Menus, Operations, Functions and Features Chapter 4: Sensitivity and Scenario Analysis PART III: GENERAL CALCULATIONS AND STRUCTURES Chapter 5: Growth Calculations for Forecasting Chapter 6: Modular Structures and Summary Reports Chapter 7: Scaling and Ratio-driven Forecasts Chapter 8: Corkscrews and Reverse Corkscrews Chapter 9: Waterfall Allocations Chapter 10: Interpolations and Allocations PART IV: ECONOMIC FOUNDATIONS AND EVALUATION Chapter 11: Breakeven and Payback Analysis Chapter 12: Interest Rates and Compounding Chapter 13: Loan Repayment Calculations Chapter 14: Discounting, Present Values and Annuities Chapter 15: Returns and Internal Rates of Returns PART V: CORPORATE FINANCE AND VALUATION Chapter 16: The Cost of Capital Chapter 17: Financial Statement Modeling Chapter 18: Corporate Valuation Modeling Chapter 19: Ratio Analysis PART VI: DATA AND STATISTICAL ANALYSIS Chapter 20: Statistical Analysis and Measures Chapter 21: Data Preparation: Sourcing, Manipulation, and Integration

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Book SynopsisAs the economic pendulum swings, it's time to start living smart Living Well in a Down Economy For Dummies offers ideas for keeping more money in your pocket during a topsy-turvy economy. With more than 100 tips, it shows you how to tighten your belt without feeling a big pinch in your day-to-day life. Discover innovative and effective ways to cut expenses and boost your income in today's economy. It isn't about making sacrifices. It's about setting priorities. Gain the skills you need to take control of your spending, make smarter choices, and stop the financial drain that can accompany a downturn in the economy. Inside, you'll find practical advice on how to live and thrive when prices creep up or your income falls. Get tips for spending less in all areas of lifeutilities, groceries, pet care, entertainment, and beyond. And figure out how to slip in some self-care without breaking the bank. You can do this, thanks to this no-judgment For Dummies guide. Table of ContentsIntroduction 1 Part 1: Facing off Against a Recession 5 #1: Determining Your Net Worth 7 #2: Calculating Spendable Income 10 #3: Calculating Required Expenses 14 #4: Calculating Discretionary Spending 17 #5: Tracking Expenses 20 #6: Setting Spending Practices 22 #7: Creating a Budget 27 #8: Breathing Away Tension 30 #9: Tensing Your Way to Relaxation 32 #10: Stretching Away Your Stress 35 #11: Practicing Habits of Effective Stress Managers 37 Part 2: Bumping Up Your Bring-home 41 #12: Updating Your Resume 43 #13: Choosing the Right Resume Format 47 #14: Making Your Resume Stand Out 49 #15: Preparing for a Job Interview 53 #16: Standing Out during an Interview 57 #17: Dealing with Video Interviews 60 #18: Employing Post-Interview Tactics 62 #19: Trying Quick Ways to Find Good Jobs 64 #20: Looking into Federal Jobs 67 #21: Checking Out Best Career-Changing Tips 68 #22: Figuring Out Whether You Should Change Your Career Course 70 #23: Telecommuting as an Alternative to Traditional Work 72 #24: Persuading Your Organization to Let You Work from Home 74 #25: Considering Self-Employment 76 #26: Getting Acquainted with Home-Based Businesses 78 #27: Setting Up Your Home-Based Business 80 #28: Taking a Few Steps Before Leaving Your Job 88 #29: Getting the Cash Flowing 90 #30: Surveying Tax Deductions Available to Home-Based Businesses 92 #31: Recognizing Often Overlooked Ways to Save on Your Taxes 94 #32: Ensuring the Survival of Your Home-Based Business in Tough Times 96 #33: Boosting Your Household Income with a Side Hustle 100 Part 3: Putting Your Personal Finances On Firm Footing 103 #34: Categorizing Your Financial Records 105 #35: Setting Up a Filing System for Your Financial Records 107 #36: Finding an Insurance Agent 112 #37: Having a Balanced Insurance Program 115 #38: Deciding between Permanent and Term Life Insurance 117 #39: Choosing a Permanent Life Insurance Policy 119 #40: Selecting a Term Life Insurance Policy 121 #41: Avoiding Life Insurance Mistakes 123 #42: Saving Money on Your Homeowner’s Policy 126 #43: Looking into Umbrella Policies 127 #44: Buying an Umbrella Policy Wisely 128 #45: Reducing Risk and the Expense of Car Insurance 130 #46: Getting the Right Car Insurance Coverage 132 #47: Cutting the Cost of Your Car Insurance 134 #48: Continuing Health Coverage When You Leave Your Job 136 #49: Capping Out-of-Pocket Health Expenses 138 #50: Saving on Individual Health Coverage 139 #51: Using Health Savings Accounts 140 #52: Tapping into Short-Term Health Insurance 142 #53: Examining Health Insurance Options for the Self-Employed 143 #54: Considering Long-Term Care Insurance 145 #55: Seeing the Tax Benefits of a 401(k) Plan 146 #56: Knowing the Limits on 401(k) Contributions 148 #57: Reducing the Amount You Invest in a 401(k) 149 #58: Timing Investment Allocations to Match Employer Contributions 150 #59: Protecting Your Retirement Goals with a 401(k) .152 #60: Withdrawing Money from Your 401(k) with the Fewest Penalties 155 #61: Borrowing from Your 401(k) 157 #62: Taking a Hardship Withdrawal 160 #63: Rolling Over Your 401(k) to Avoid Taxes 164 #64: Leaving Money in Your Old Employer’s Plan 166 #65: Avoiding Lump-Sum Withdrawals 168 #66: Taking Your 401(k) Plan with You to Your New Job 170 #67: Investigating Tax-Deferred Ways to Save for College 172 #68: Considering Costs of Different Colleges 175 #69: Working Part-Time and Summer Jobs 178 #70: Applying for Financial Federal Aid 180 #71: Squeezing Out Every Drop of Available College Money 182 #72: Looking into Federal Assistance Programs 185 #73: Using Federal Loans 186 #74: Deferring or Discharging Student Loan Debt 188 #75: Consolidating Your College Loans 189 #76: Getting Tuition Discounts and Waivers 190 #77: Finding College-Based Scholarships 193 #78: Accessing State and Local Scholarships 194 #79: Looking into Charitable Foundations for College Funds 195 #80: Tapping Organizations for Scholarships 197 #81: Accepting Work-Study Opportunities 198 #82: Receiving College Funding in Exchange for Service 199 #83: Searching Out Merit-Based Financial Aid 201 #84: Negotiating Better Financial Aid 203 #85: Carefully Considering Retirement Accounts for College Expenses 206 #86: Knowing When to Refinance Your Mortgage 208 #87: Calculating the Cost of Refinancing 209 Part 4: Living a Recession-busting Life 213 #88: Developing Good Shopping Habits 215 #89: Buying Store Brands and in Bulk 217 #90: Seeing through the Gimmicks Grocery Stores Use 219 #91: Using Coupons and Rebates 221 #92: Targeting Seasonal Grocery Sales 223 #93: Planning Your Meals Economically 225 #94: Stretching One Meal into Two (Or More) 229 #95: Finding Alternatives to Store-Bought Food 231 #96: Saving on Baby Food 233 #97: Cooking Up Money Savings 235 #98: Canning and Preserving Your Food 238 #99: Freezing Fruits and Vegetables 241 #100: Trying Other Ways to Save in the Kitchen 244 #101: Getting Toiletries on a Budget 246 #102: Saving on Salon Expenses 248 #103: Cutting Your Kids’ Hair 249 #104: Expanding Your Wardrobe 251 #105: Getting Stains Out of Kids’ Clothing 253 #106: Reconstructing Your Clothes 255 #107: Shopping for Secondhand Clothes 257 #108: Utilizing Community Resources 259 #109: Having Fun in Your Own Backyard and Beyond 260 #110: Saving for a Family Vacation 262 #111: Traveling on a Few Dollars a Day 263 #112: Finding Transportation Bargains 266 #113: Saving on Phone Bills 270 #114: Staying Cool on the Cheap 271 #115: Keeping Warm 273 #116: Making Your Own Cleaning Solutions 275 #117: Fixing Squeaky Floors 278 #118: Extending the Life of Your Roof 281 #119: Fixing Roof Leaks 282 #120: Prolonging the Life of Your Siding 284 #121: Using Less Energy 289 #122: Keeping Your Fridge Running Well 291 #123: Insulating to Save Energy Costs 295 #124: Insulating Pipes 298 #125: Insulating Heat Ducts 299 #126: Stopping Air Leaks 300 #127: Identifying and Fixing Plumbing Leaks 302 #128: Improving Water Heater Efficiency 304 #129: Helping Your Furnace Work More Efficiently 306 #130: Saving on Your Vehicle Fuel Expenses 308 #131: Adding Antifreeze 312 #132: Checking and Changing Your Oil 314 #133: Taking Care of Your Tires 319 #134: Easily Making Other Automotive Checks and Fixes 323 #135: Choosing an Automotive Service Facility 326 #136: Finding and Evaluating a New Automotive Service 331 Part 5: Making the Most of Holidays And other Special Events 333 #137: Entertaining on a Shoestring 335 #138: Throwing a Party on a Budget 337 #139: Making Inexpensive Easter Baskets 339 #140: Creating Frightfully Affordable Halloween Costumes 340 #141: Celebrating a Budget-Friendly Thanksgiving 342 #142: Trying Creative Hanukkah and Christmas Ideas 343 #143: Hosting a Frugal Birthday Bash 345 #144: Packing Up Treats on the Cheap 347 #145: Finding Inexpensive Gifts for Your Sweetheart 349 #146: Checking Out Frugal Gift Ideas for Any Occasion 351 #147: Making Great Gift Baskets 353 #148: Cutting Costs with a Birthday Box 355 #149: Exploring Alternative Gift Ideas 356 #150: Looking at Gifts for Bridal and Baby Showers 358 Part 6: Staying Afloat if the Boat Starts to Sink 361 #151: Spotting Signs of Financial Trouble 363 #152: Avoiding Credit Pitfalls 365 #153: Getting Copies of Your Credit Report and Scores 367 #154: Checking Your Credit Report 371 #155: Disputing Inaccurate Info on Your Credit Report 374 #156: Adding Positive Info to Your Credit Report 378 #157: Taking the First Steps to Dig Out of Credit Card Debt 380 #158: Gauging Your Need for Help with Credit Situations 382 #159: Taking Debt Situations into Your Own Hands 384 #160: Working with a Credit Counseling Agency 387 #161: Creating a Debt Management Plan 390 #162: Talking to Creditors to Work Out a Solution 392 #163: Negotiating a Payback Arrangement with Collectors 397 #164: Avoiding Debt Settlement 399 #165: Keeping Credit Under Control While Unemployed 400 #166: Consolidating Debts 404 #167: Taking Control When Foreclosure Looms 406 #168: Drafting a Plan of Attack to Offset Foreclosure 409 #169: Understanding Types of Bankruptcy 412 #170: Avoiding Bankruptcy 416 #171: Choosing Which Bills to Pay When You File for Bankruptcy 419 #172: Negotiating with Creditors to Avoid Bankruptcy 421 #173: Handling IRS Debts 423 Part 7: the Part of Tens 425 #174: Ten Ways to Trim the Money Tree 427 #175: Ten Ways to Handle Financial Emergencies 429 Index 431

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Book SynopsisAn essential companion to The Holistic You In The Holistic You: Integrating Your Family, Finances, Faith, Friendships, and Fitness Workbook, the renowned Rabbi Daniel Lapin delivers a practical companion and accompaniment to his widely read The Holistic You. If you were inspired by the idea of holistic life renewal but aren't sure of the next step, this book is for you. In the workbook, you'll find practical strategies for implementing the 5F crosslinks into your personal and business lifeplans. Exercises include Explorations and descriptions of how characteristics such as punctuality, zeal, and humility can be used to enhance every aspect of one's life. Additional study materials for readers who wish to become 5F trainers Developing each F even when one is introverted or otherwise handicapped. Restoring relationships after years of neglect. Replacing passivity with ambitious activism Implementing the Table of ContentsPreface ix Acknowledgements xiii About the Authors xv Introduction 1 Chapter 1 Meeting the Five Fs 9 What Systems Have We Been Sold? Getting Rid of Our Myths of Happiness 14 The Secret of Ancient Jewish Wisdom 19 How Holistic Systems Work 22 It Helps to Play by the Rules of the Game 29 Chapter 2 Connect for Success 33 Connections in Time 36 The Bible’s Teaching of Connection 39 Family Connection 43 Connection to Belongings 47 The True Meaning of Harmony 48 Chapter 3 Seeing the Invisible 53 The Blindness of Science 57 Human Origins 61 Can We Really Get Along Without God Awareness? 69 Chapter 4 Bodybuilding 77 How Fitness Is Impacted by the Other Four Fs 79 Healing the Soul to Heal the Body 87 Healing the Body to Heal the Soul 90 The Golden Mean 92 Food: Filling and Fulfilling 94 The Other End of the Mouth— The Indignity of “Crap” 100 The Spiritual Message of Sleep 102 Resistance and Struggle 103 Chapter 5 Money and Morality 107 Let’s Connect 112 Language Matters 120 Earning Money Versus Receiving Money 122 Chapter 6 Sex: Pleasure and Pain 125 Changes and Not- So- Changes, Let There Be 127 Are Men and Women the Same? 135 The Explosive Power of Sex 141 The Physical Depicts the Spiritual 144 Chapter 7 Some Tough Decisions 147 Are Marriage and Children Disposable? 151 Finance and Marriage 153 Platonic Relationships 155 Making Money Is Central to a Man’s Masculinity 159 Teams Are Made of People Fulfilling Different Roles 160 Deliberate Decisions 166 Chapter 8 Putting the 5Fs to Work 167 How to Grow 169 Takeaways from The Holistic You 170 Index 177

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Book SynopsisTransform your relationship with money into one that powers true wellbeing. Money can buy happiness when you spend it on wellness. In Happy Money Happy Life: A Multidimensional Approach to Health, Wealth, and Financial Freedom, celebrated writer, speaker, and entrepreneur Jason Vitug delivers an exciting and practical discussion at the intersection of our mental and emotional health and our money. You'll explore the importance of physical and spiritual wellbeing, the interconnectedness of environmental comfort, meaningful work, and social connections as you learn to live a healthier, wealthier, and happier life. With insightful takeaways from happiness research, you'll understand how money weaves itself into every aspect of your life and how you can masterfully use it to choose happiness. In the book, you'll find: Descriptions of the 8 dimensions of wellness and a hands-on framework you can use to achieve your financial and life goals<Table of ContentsDedication Contents Better Luck Next Life: Preface Poetic Introduction Introduction Book I Book I: In Pursuit of Happiness Chapter 1: The Artful Non-Science of Happiness Chapter 2: Money Isn’t Everything Chapter 3: But Money Impacts Most Things Chapter 4: Money Can Buy Happiness Book II Book II Poetic Introduction Book II: Happy Life Chapter 5: Happy Money – Living financially free Chapter 6: Happy Work – Rewire, don’t retire Chapter 7: Happy Mind – Invest in yourself and learn continuously Chapter 8: Happy Heart – Memories appreciate, stuff depreciates Chapter 9: Happy Body – Be kind toyour body, it’s priceless Chapter 10: Happy Social – Connections are your lifeline Chapter 11: Happy Space – Free your space and yourself Chapter 12: Happy Spirit – Serve a purpose, not a purchase Happy Dimension Summary Happy Break - The Acorn Within, a Spoken Word Poem Book III Book III: Happy Money Introduction / Choosing Financial Happiness Chapter 13: Part 1: Money Beliefs Chapter 14: Part 2: Money Vitals Part 3: Money Journey Introduction Chapter 15: Save for the unexpected Chapter 16: You’re going to retire one day Chapter 17: Debt is holding you back Chapter 18: You need to make more money Chapter 19: Start investing right now Chapter 20: Be creditworthy, not credit hungry Chapter 21: For your protection, please Chapter 22: Your ultimate safety net Chapter 23: Independence is your birthright Conclusion: Choose Happiness Poetic Affirmation Author Bio Acknowledgments Index

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Book SynopsisLearn how to get in on the ground floor of the booming cannabis industry with this comprehensive guide Investing in Cannabis: The Next Great Investment Opportunity examines the rapidly expanding world of cannabis investment. Written by a renowned expert in vice investing, Investing in Cannabis takes an in-depth look at all aspects of publicly traded stocks in the cannabis industry for medical or recreational use, including: CBD / hemp companies Cannabis oil extraction Cannabis cultivation / agriculture companies Biotech / pharmaceutical companies This book focuses on the status and history of cannabis legalization plus concrete examples that every day investors can use to make intelligent and informed investments in any sector of the modern, legal cannabis industry. With an emphasis on good lists and data, the author guides readers through the ins and outs of the booming cannabis industry and attempts to distTable of ContentsA Note to Readers vii Preface ix Acknowledgments xi Chapter 1: Like Investing in Alcohol at the End of Prohibition 1 Chapter 2: The Feds, the DEA, and the War on Drugs 13 Chapter 3: The Cannabis Investment Opportunity 21 Chapter 4: Buy Low, Sell High? 29 Chapter 5: The Movement Toward Legality 45 Chapter 6: Canada Versus the United States 65 Chapter 7: The State of the States 75 Chapter 8: The Worldwide Opportunity 95 Chapter 9: Canadian Licensed Producers 97 Chapter 10: US Multi-state Operators 117 Chapter 11: Extraction and Concentrates 135 Chapter 12: Hemp and CBD Focused 141 Chapter 13: Pharmaceutical and Biotech 149 Chapter 14: Suppliers and Everyone Else 159 Chapter 15: Mergers and Acquisitions 169 Chapter 16: Don’t Get Burned 175 Appendix I: Portfolio Manager Dan Ahrens’ Cannabis Exchange-traded Fund Holdings on June 30, 2020 183 Appendix II: Portfolio Manager Dan Ahrens’ US Cannabis Exchange-traded Fund Planned Holdings in August 2020 185 Appendix III: Constituents of the North American Marijuana Index as of June 30, 2020 187 About the Author 189 Index 191

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Book SynopsisEducate yourself about finance and socially conscious investing with a woman-centered approach Activate Your Money provides the foundational support women need to talk to each other about their money, invest to grow their wealth, and to take the actions required to shift their assets into alignment with their values. Written for smart, savvy women who want to feel financially empowered, Activate Your Money starts where other personal finance books leave off. It delivers the depth of information you need to make informed investment decisions across your entire portfolio. Starting with checking and savings accounts and proceeding asset class by asset class, this book provides you with core investment knowledge, as well as concrete examples about how and where you can invest your money in alignment with your values. You don''t have to do it alone. As women, our strength is in relationships, and this book will help you use that strength to attain betteTable of ContentsPreface: Welcome to a Brave New World xiii Part 1 Establishing Your Foundation 1 Chapter 1 Values-Aligned Investing: Step into Your Financial Power 3 Chapter 2 Your Relationship with Money: Invest with Your Heart and Mind 15 Chapter 3 Your Financial Foundation: Master Some Core Principles 31 Part 2 Crafting an Aligned Portfolio 53 Chapter 4 Cash: Activate Your Savings and Checking Accounts 55 Chapter 5 Cash Alternatives: Yield Higher Returns for Idle Cash 77 Chapter 6 Fixed Income: Grasp the Potential of Bonds 87 Chapter 7 Public Equities: Invest in the Stock Market with Confidence 113 Chapter 8 Public Equities: Select Values-Aligned Investments 133 Chapter 9 Private Investments: Explore Private Debt, Private Equity, and Angel Investing 153 Chapter 10 Alternative Investments: Achieve Deeper Diversification and Impact 177 Chapter 11 Maximize Your Philanthropy: Finish with Grants and Concessionary Investing 199 Part 3 Building a Community of Support 221 Chapter 12 Professional Support: Find Values-Aligned Financial Advisors 223 Chapter 13 Retirement Accounts: Build Values into IRAs and Employer Plans 243 Chapter 14 Gather Your Friends: Get Together for Fun and Profit 261 Conclusion Stepping into Your Financial Future 273 Glossary 275 Acknowledgments 285 About the Author 289 Index 291

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Book SynopsisLearn the ins-and-outs of managing, funding, and handling the accounting for a nonprofit Nonprofits are not like other businesses. They're special. It doesn't matter if you're launching a career as part of a multi-million dollar organization or a volunteer running your local little league, you'll need special know-how to navigate the accounting practices and funding needs of a not-for-profit. Nonprofit Management All-in-One For Dummies is your guide for know-how on making a nonprofit organization operate properly. This beginner-friendly reference helps replace your shelf of nonprofit how-to books with a single reference to answer your questions on how to manage a mission-focused organization, build budgets, and raise funds while staying within the confines of the laws governing nonprofits. You''ll also find advice on valuable skills like marketing that benefit your organization. Learn how to run a nonprofit organization Find funding for your organiTable of ContentsIntroduction 1 Book 1: Bringing Your A-Game to Nonprofit Management 5 Chapter 1: Journeying into the World of Nonprofit Organizations 7 Chapter 2: From the Top: Examining the Nonprofit Management Structure 21 Chapter 3: Strategic Planning: Embracing the Ongoing Process 31 Chapter 4: Evaluating Your Work: Are You Meeting Your Goals? 53 Chapter 5: You Can Count on Me! Working with Volunteers 69 Chapter 6: Working with Paid Staff and Contractors 87 Book 2: Fundraising for Your Good Cause 113 Chapter 1: Developing Your Case Statement: Winning with Words 115 Chapter 2: Creating a Fundraising Plan 133 Chapter 3: Mining for Donors 151 Chapter 4: Meeting Your Donor with Grace and Grit 165 Chapter 5: Cultivating Major Givers 177 Chapter 6: Making the Major Gift Ask 189 Book 3: Applying for and Winning Grants 203 Chapter 1: Grant-Writing Basics for Beginners 205 Chapter 2: Preparing for Successful Grant Seeking 219 Chapter 3: Venturing into Public-Sector Grants 237 Chapter 4: Navigating the Federal Grant Submission Portals 247 Chapter 5: Researching Potential Private-Sector Funders 259 Chapter 6: Finding Federal Grant Opportunities That Fit Your Needs 269 Chapter 7: Winning with Peer Review Scoring Factors 281 Chapter 8: Preparing Preliminary Documents 295 Chapter 9: Sharing Your Organizational History and Developing the Narrative 307 Chapter 10: Incorporating Best Practices to Build the Program Design Narrative 325 Chapter 11: Preparing Project Management Plans and Sustainability Narratives 347 Chapter 12: Creating a Budget That Includes All the Funding You Need 361 Chapter 13: Checking Off the Mandatory Requirements for Compliance 381 Chapter 14: Waiting on the Grant Maker’s Decision 395 Book 4: Being Smart about Nonprofit Bookkeeping and Accounting 413 Chapter 1: Starting with Basic Bookkeeping and Accounting 415 Chapter 2: Setting Up the Chart of Accounts for Nonprofits 431 Chapter 3: Recording Transactions and Journal Entries 443 Chapter 4: Balancing the Checkbook: Donations and Expenses 459 Chapter 5: Balancing Cash Flow: Creating an Operating Budget 477 Chapter 6: Staying in Nonprofit Compliance 491 Chapter 7: Accounting for Payroll and Payroll Taxes 503 Chapter 8: Doing the Accounting for Tax Form 990 519 Chapter 9: Analyzing the Statement of Activities 529 Chapter 10: Reporting Financial Condition on a Statement of Financial Position 541 Chapter 11: Eyeing the Statement of Cash Flows 555 Chapter 12: Organizing the Statement of Functional Expense 567 Chapter 13: Closing the Nonprofit Books 577 Book 5: Speaking on Behalf of Your Nonprofit 591 Chapter 1: Getting Started with Public Speaking 593 Chapter 2: Crafting a Captivating Speech 609 Chapter 3: Using Visual Aids 629 Chapter 4: Practicing Your Speech 643 Chapter 5: Overcoming Performance Anxiety 663 Book 6: Spreading the Word through Social Media Marketing 685 Chapter 1: Launching SMM Campaigns 687 Chapter 2: Developing Your SMM Voice 705 Chapter 3: Finding the Right Platforms 717 Chapter 4: Practicing SMM on Your Website 727 Index 737

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Book SynopsisA devastatingly incisive look at the devaluation of the American dollar and how it impacts you In the newly revised third edition of Demise of the Dollar: From the Bailouts to the Pandemic and Beyond, New York Times and international bestselling author Addison Wiggin delivers yet another timely and insightful account of the devaluation of the American dollar. Fully updated to consider the events of the last ten yearsincluding the COVID-19 pandemicthe book contains nuanced discussions of historic inflation, interest rates and the Federal Reserve, the impact the Euro has had since its introduction, the rise of China prior to the pandemic, cryptocurrencies and the United States' consumer debt addiction. It also demonstrates how all these factors, and more, are affected by the American dollar's role as the world's reserve currency. You'll learn what a weakened American dollar means for your portfolio and how you can best arrange your finances to protect against global macroeconomic risks. You'll find: Strategies for making your portfolio more resilient against economic shocks, downturns, and crisesExplorations of what increasing levels of US consumer debt mean for your investments, and for the world's largest economicsExaminations of how foreign countries have come to control the economic fate of the United States via the issuance of debtA fascinating account of one of the most important trends in American economics in the last hundred years, Demise of the Dollar offers incisive observations about the factors driving the world's contemporary economies and specific and strategic guidance on how to structure your portfolio to survive, and even thrive, in a new financial environment.Table of ContentsForeword xi Acknowledgments xv Introduction: Fistful of Dollars 1 Chapter 1: The Greenback Boogie 7 Chapter 2: “We Are All Keynesians Now” 19 Chapter 3: Attention to Deficits Disorder 31 Chapter 4: Here Comes the Boom 59 Chapter 5: Oops, Here’s the Bust 83 Chapter 6: A Modern Enigma 99 Chapter 7: Short, Unhappy Episodes In Monetary History 111 Chapter 8: Alas, the Demise of the Dollar 135 Notes 179 Index 189

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Book SynopsisA new paradigm of value creation, driven by your personal values. In Invisible Wealth: 5 Principles for Redefining Personal Wealth in the New Paradigm, certified wealth management advisor and entrepreneur, Jennifer Wines, delivers an insightful exploration into reimagining and redefining wealth. This book explores the technological advancements and societal shifts that have us considering everything from digital assets to digital community, all of which are organized around values. This new paradigm places a premium on intangible, or invisible, assets represented by 5 principlesmoney, health, knowledge, time, and relationshipseach of which is attainable through your own personal, renewable resources. This paradigm shift takes on a more holistic and personalized approach to defining wealth. In this book, you'll discover: How to use the personal wealth algorithm to identify your values, and wealth goals. HowTable of ContentsPreface xiii Part I 1 Chapter 1: Defining and Redefining Wealth 3 The Relationship Between Wealth, Money, and the Economy 3 What Is Wealth? 4 First Principles Thinking 4 The Etymology of Wealth 5 What Is Money? 6 Commodity Money 8 Representative Money 9 Fiat Money 10 Electronic/Digital Money 11 Bitcoin 12 Central Bank Digital Currency 14 What Is an Economy? 15 The Bartering Economy and the Money Economy 15 Adam Smith: The Economy, Money, and Work 16 The Digital Economy 18 The New Wealth Paradigm 19 Chapter 2: A Rich Opportunity for the Unluckiest Generation 21 Past: Why Are Millennials Called the Unluckiest Generation? 21 Lucky Tailwinds 22 Unlucky Headwinds 24 From Numbers to Stories 28 Present: Are Millennials Still Unlucky? 30 Future: A Rich Opportunity for the Unluckiest Generation 32 Chapter 3: We Can’t Put the Genie Back in the Bottle 35 The Great Wealth Transfer 35 The Great Migration 36 Migrating 37 Migrating Online 39 The Great Resignation 40 The Great Restructuring 42 Entrepreneurial Spirit Animals 44 Digital Darwinism 46 Part II 49 Chapter 4: The 5 Principles of Invisible Wealth 51 The Wealth of Money and Investment 54 The Wealth of Health and Quality of Life 55 The Wealth of Knowledge, Status, and Influence 56 The Wealth of Time, Energy, and Experiences 57 The Wealth of Relationships, with Self and Others 58 Chapter 5: The Wealth of Money and Investment 59 The Relationship Between Money, Investment, and Wealth 60 Making Money 60 Multiple Streams of Income 61 The Creator Economy + Web 3 62 Inheriting Money 64 Spending Money 64 Saving Money 66 Investing Money 67 Investing Before the Internet 68 Retail Revolution 68 Public and Private Markets 69 The Democratization of Wealth 70 Sustainable Investing 72 Blockchain and Digital Assets 73 What Is Blockchain Technology? 74 Decentralized Finance (DeFi) 74 Societal Implications of Wealth Creation 77 Chapter 6: The Wealth of Health and Quality of Life 79 The Relationship Between Health, Quality of Life, and Wealth 79 Wealth of Health: The Foundation on Which All Else Is Built 80 What Is Health? 82 Physical Health 82 Mental Health 85 Spiritual Health 88 What Is Quality of Life? 91 Living 92 Working 93 Playing 94 Chapter 7: The Wealth of Knowledge, Status, and Influence 97 The Relationship Between Knowledge, Status, Influence, and Wealth 98 What Isn’t Knowledge? 98 Information Versus Knowledge 98 What Is Knowledge? 99 Using Knowledge 100 The Knowledge Doubling Curve 101 The Knowledge Economy 102 What Is Status? 103 Status Through Abilities and Achievements 104 Status Through Associations and Affiliations 105 Status Symbols 107 What Is Influence? 108 Personal Brand and Influence 108 The Influencer Economy 110 Chapter 8: The Wealth of Time, Energy, and Experiences 113 The Relationship Between Time, Energy, Experiences, and Wealth 114 What Is Time? 114 Time Value of Money 116 Monetary Value of Time 116 Technology and Time 118 What Is Energy? 119 Energy and Work 119 Managing Time and Energy 120 The Pareto Principle 121 The Attention Economy 122 What Are Experiences? 123 Extraordinary Experiences 123 Ordinary Experiences 126 Experience Economy 127 Chapter 9: The Wealth of Relationships with Self and Others 129 The Relationship Between Our Relationship with Self, Others, and Wealth 130 What Is a Relationship with Self? 130 Intuition 132 What Are Relationships with Others? 132 Relationships and Technology 135 Relationship Capital™ 136 Relationships and Money 137 Technology 137 Dating: The Paradox of Choice 138 Marriage and Money 140 Part III 143 Chapter 10: Personal Wealth Algorithm 145 The Relationship Between Principles, Values, and Wealth 146 Collective Principles 147 P1: Wealth of Money and Investment 147 P2: Wealth of Health and Quality of Life 148 P3: Wealth of Knowledge, Status, and Influence 148 P4: Wealth of Time, Energy, and Experience 149 P5: Wealth of Relationships with Self and Others 150 Individual Values 150 Collective and Individualistic Culture 151 Personal Wealth Algorithm 153 Practical Application 153 Wealth Goals Change, Too 157 Chapter 11: Personal, Renewable Resources 159 The Relationship Between Environmental and Personal, Renewable Resources 160 Environmental, Renewable Resources 160 Non- renewable Energy 161 Renewable Energy 162 Personal, Renewable Resources 163 Attaining Your Wealth Goals 163 Your Renewable Resources Are Your Superpowers 165 Inside Out 166 External, Renewable Resources 167 Where Wealth Begins 168 Notes 171 About the Author 191 Index 193

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Book SynopsisAssess the likelihood, timing and scope of climate risks In Climate Risks: An Investor's Field Guide to Identification and Assessment, financial analyst Bob Buhr delivers a risk-based framework for classifying and measuring potential climate risks at the firm level, and their potential financial impacts. The author presents a climate risk taxonomy that encompasses a broad range of physical, transition and natural capital risks that may impact a firm's financial profile. The taxonomy presented in the book will be of interest to investors and lenders involved in: The identification and assessment of the potential scope and impact of a wide range of risks that might normally remain outside of more traditional risk or credit analysis, usually for horizon issues; The determination of the points at which climate risks may crystallize into real and significant financial exposure The assessment of the relative aggregate riskiness of portfolios Table of ContentsPreface ix Chapter 1 Introduction: Why We Need a Risk Taxonomy 1 Chapter 2 What Should a Climate Risk Taxonomy Do? 19 Chapter 3 The Climate Risk Taxonomy and Its Constituents 45 Chapter 4 Physical Risks 57 Chapter 5 Adaptation Risks 95 Chapter 6 Mitigation Risks 131 Chapter 7 Natural Capital Risks 193 Chapter 8 Concluding Observations 217 Selected Bibliography 219 Organizational Information 223 Acknowledgments 227 About the Author 229 Index 231

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Book SynopsisDiscover how the wealthy think about, earn, spend, and invest money In Eavesdropping on Millionaires: Investment Strategies and Advice on How to Build and Maintain Wealth, John and Tiffani Mauldin of Mauldin Economics, follow millionaires over 12 years to deliver a one-of-a-kind money management guide based on the investment habits, lessons, and techniques used by a cross-section of affluent people. The book provides revelatory insights to those aspiring to new financial heights, investment managers who want to know more about their clients, and for those firmly on the path of financial freedom a rare window into the lives of your peers. The authors show you how to achieve significant wealth by demonstrating how real people have already traveled that road. You'll find: Discussions of how the subjects of the book made their money, how they invested, how they spent, and the plans they've created for the immediate future. Explorations of how milliTable of ContentsPreface: The Creation Story of Eavesdropping on Millionaires ix Acknowledgments xi Introduction 1 Chapter 1 Rediscovering Purpose: A Hike, a Moment of Clarity, and Walking Away When It Doesn’t Feel Fun – Mel A. 7 Eavesdropping on Millionaires and Their Children 28 Chapter 2 Slow and Steady Wins the Race – Richard K. 31 Most Important Life Lessons from the Mouths of Millionaires 44 Chapter 3 Never Let a Bad Situation Get the Best of You – Gordon K. 47 Eavesdropping on Millionaires’ Childhoods 65 Chapter 4 Creating Your Own Path: From Family Expectations to Personal Fulfillment – Richard R. 67 Advice Millionaires Took to Heart 83 Chapter 5 From Immigrant to the American Dream Embodied – George D. 85 Charts 102 Chapter 6 Can a Book Change Your Life? – Jack M. 121 Eavesdropping on Millionaires’ Business Lessons 132 Chapter 7 The Worst Mistake or Best Decision? Joining the Family Business – Lincoln A. 135 The One Thing That Could Have Kept You from Achieving Your Goals/Success 149 Chapter 8 Going Debt-Free and Focusing on Doing What I Like – Allen A. 151 Eavesdropping on Millionaires – Their Early Years 163 Chapter 9 Don’t Let Complacency Keep You from Achieving Your Goals – Tom Z. 165 What Do You Think Is the Next “Big Thing” and To What Personal Character Trait Do you Attribute Your Financial Success? 180 Chapter 10 A Blank Piece of Paper with My Preferred Future – Skip V. 183 Insight Journal 197 Index 201

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Book SynopsisExpand your enterprise into new regions using systems engineering and data analysis In Data Driven Decisions: Systems Engineering to Understand Corporate Valuation and Intangible Assets, investment banker, systems engineer, and Cornell University lecturer Joshua Michael Jahani delivers an incisive and unique unveiling of how to use the tools of systems engineering to value your organization, its intangible assets, and how to gauge or prepare its readiness for an overseas or cross-border expansion. In the book, you'll learn to implement a wide range of systems engineering tools, including context diagrams, decision matrices, Goal-Question-Metric analyses, and more. You'll also discover the following: How to communicate corporate value measurements and their impact to owners, executives, and investors. Explorations of the relevant topics when considering an international expansion, including macroeconomics, joint ventures, market entry, corporateTable of ContentsForeword xi Prologue xiii Introduction 1 Part I: Intangible Assets 7 Chapter 1: When Intangibles Matter Most 9 Chapter 2: Examples of Intangible Assets 13 Chapter 3: The Rise of Intangible Economies 15 Chapter 4: Defining Intangibles 19 Chapter 5: Valuing Intangible Assets 23 Chapter 6: EBITDA Is Not the Best Way to Value Intangible- Heavy Companies 27 Chapter 7: Separability, Measurability, and Predictability 33 Chapter 8: Why Systems Engineering Is Relevant for Corporate Valuations and Intangible Assets 41 Chapter 9: What Intangibles Matter Most for Corporate Valuation 45 Chapter 10: What Intangibles Matter Most for Corporate Expansion 55 Chapter 11: Buy-Side Intangibles 59 Chapter 12: PE Ratios 63 Chapter 13: The Business Moat as an Intangible Asset 67 Chapter 14: How Investors Think About Intangibles 71 Chapter 15: Intangible Assets in Branded Consumer Products 75 Chapter 16: Intangible Assets in Healthcare 79 Part II: Systems Engineering Tools and Examples 83 Chapter 17: Systems Engineering Tools 85 Chapter 18: Customer Affinity and Context Diagrams 89 Chapter 19: Context Diagrams and Context Matrices 97 Chapter 20: Use Cases and Behavioral Diagrams 103 Chapter 21: Originating Requirements 109 Chapter 22: Decision Matrix 117 Chapter 23: GQM – Goal Question Metric Analysis 123 Chapter 24: Analytical Hierarchy 131 Chapter 25: Precedence Matrix 133 Chapter 26: Failure Mode and Effect Analysis 137 Chapter 27: Interface Matrix 143 Chapter 28: House of Quality 147 Chapter 29: Operations Description Template 153 Chapter 30: Interface Tracking 157 Chapter 31: Conclusion to Tools 159 Chapter 32: GQM, Decision Matrix, and Analytical Hierarchy for Ad-Tech Industries 161 Chapter 33: GQM, Decision Matrix, and Analytical Hierarchy for Logistics Industries 167 Chapter 34: GQM, Decision Matrix, and Analytical Hierarchy for Manufacturing Industries 171 Part III: Geographical Application 173 Chapter 35: Introduction 175 Chapter 36: The MENA Region 179 Chapter 37: The ASEAN Region 187 Chapter 38: The Latin American Region 195 Chapter 39: Case Studies: Bringing It All Together 205 Chapter 40: Case Studies: LATAM Expanding to the United States 209 Chapter 41: Case Studies: MENA Medical Devices 213 Chapter 42: Case Studies: ASEAN Aerospace Schema – Context Diagram 217 Chapter 43: Case Studies: In Conclusion 221 Chapter 44: Summary 223 Bibliography 225 Index 235

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Book SynopsisTable of ContentsIntroduction 1 Book 1: An Accounting Primer 7 Chapter 1: Principles of Accounting 9 Chapter 2: Double-Entry Bookkeeping 29 Chapter 3: Special Accounting Problems 49 Book 2: Getting Ready to Use QuickBooks 73 Chapter 1: Setting Up QuickBooks 75 Chapter 2: Loading the Master File Lists 93 Chapter 3: Fine-Tuning QuickBooks 117 Book 3: Bookkeeping Chores 151 Chapter 1: Invoicing Customers 153 Chapter 2: Paying Vendors 189 Chapter 3: Tracking Inventory and Items 209 Chapter 4: Managing Cash and Bank Accounts 241 Chapter 5: Paying Employees 273 Book 4: Accounting Chores 285 Chapter 1: For Accountants Only 287 Chapter 2: Preparing Financial Statements and Reports 303 Chapter 3: Preparing a Budget 327 Chapter 4: Using Activity-Based Costing 341 Chapter 5: Setting Up Project and Job Costing Systems 357 Book 5: Financial Management 369 Chapter 1: Ratio Analysis 371 Chapter 2: Economic Value Added Analysis 389 Chapter 3: Capital Budgeting in a Nutshell 403 Book 6: Business Plans 419 Chapter 1: Profit-Volume-Cost Analysis 421 Chapter 2: Creating a Business Plan Forecast 441 Chapter 3: Writing a Business Plan 479 Book 7: Care and Maintenance 493 Chapter 1: Administering QuickBooks 4950 Chapter 2: Protecting Your Data 515 Chapter 3: Troubleshooting 535 Book 8: Appendixes 541 Appendix A: A Crash Course in Excel 543 Appendix B: Glossary of Accounting and Financial Terms 559 Index 589

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Book SynopsisTable of ContentsPrologue xiii Part I: Base Camp – The Adventure Begins 1 Preparing for Base Camp: The must-read chapters to maximize the probability of success 1 Identifying the Summit 5 Setting the Investment Objective 6 Understanding Constraints and Payout 8 Various Approaches to Policy Portfolios 11 Risk Tolerance 13 Time Horizon 16 2 Defining Governance Responsibilities 19 Delegation of Authority 20 Extent of Delegation 21 Governance 25 Assembling the Team 26 Transparency into the Investment Process 30 Settling in at Base Camp: Expanding the toolbox to refine the skill set and broaden the options in the face of changing conditions 3 The Subtlety of Public Markets 35 The Role of Public Assets 36 Capturing Growth in Public Equities 37 Nuances of Fixed Income 41 Hedge Funds Are an Essential Tool 43 4 Perspectives on Private Markets 47 The Role of Private Investments 48 The Illiquidity Premium 51 Duration of Investment Holding Period 52 Leverage 53 Traditional Fund Structures 54 Alternative Fund Structures 54 Reconciling Performance 57 Part II: The Excitement of the Climb 61 From Base Camp to First Camp: Asset Allocation; Developing the road map for the expedition 5 Developing a Policy Portfolio 65 Capital Market Assumptions 66 Optimizer Constraints 70 The Cloud of Efficiency 73 Creating the Policy Portfolio 74 Range of Possible Outcomes 76 Stress Testing 76 From First Camp to Second Camp: Portfolio Management; The art of adapting to the constantly changing landscape 6 Portfolio Construction 85 Selecting Market Beta Exposure 86 Diversification of Alpha Sources 86 Designing Asset Class Strategy 87 Philosophy of Concentration versus Diversified Managers 87 Sizing of Managers 88 Reassessing Sizing 89 Rebalancing Ranges 90 Internal Process 91 Exogenous Risks 93 7 Active Risk 95 Measuring Active Risk 95 Size Limitations to Active Risk 97 Setting Expectations of Annualized Alpha 98 8 Portfolio Hedging 99 Active Hedging Strategy 101 Volatility Management Strategy 104 Alternatives to Hedging 106 9 Liquidity Management 109 Illiquidity Tolerance 110 Unfunded Commitments 112 Modeling Portfolio Cash Flows 113 10 Secondaries 115 Tool in Active Portfolio Management 115 Selection of a Secondary Agent 117 Constructing a Portfolio for Sale 118 Risk Management Benefits versus Cost 120 11 Benchmarks 123 Benchmark Design Options 124 Benchmark Selection 127 Testing the Benchmarks 127 Making Changes to Benchmarks 128 From Second Camp to Third Camp: Manager Selection; Selecting your partners for the climb, trusting your instincts, and learning when to quit with grace 12 Manager Selection 131 Evolution of Manager Selection 132 Setting the Bar 133 Refining the Skills Needed on the Team 134 Due Diligence Process Design 134 Manager Diligence and Selection Process 135 Sizing the Investment 139 Monitoring the Portfolio 140 Identifying Biases in Mature Portfolios 141 Knowing When to Quit 143 Part III: the Summit in View 147 Reaching for the Summit: Managing Stakeholders; The most dangerous part of the climb 13 Managing the Team 153 Team Culture 154 Team Structure 155 Decision-Making Process 156 Size and Skills of Team 157 Leadership 158 Designing an Incentive Plan That Works 160 14 Managing Up 165 Developing Trust with the Board 166 Transparency in Reporting 167 15 Managing Relationships with Fellow Investors 171 Developing True Partnership with GPs 172 Approaches to Diversity, Equity, and Inclusion 174 16 Managing the Self 179 The Value of Integrity, Emotional Intelligence, and Values 179 Honing the Competitive Edge 181 Glossary 187 Index 189

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Book SynopsisA comprehensive handbook for middle-market business sellers In Selling Your Business with Confidence: A Practical Playbook for Mid-Market Owners, veteran M&A advisor David McCombie delivers an insider''s guide to navigating the mergers and acquisitions (M&A) sales process. In plain English, this book covers every essential topic for owners considering the sale of their business. Readers will fully understand the process, the range of options available, and their implications. In the book, you''ll learn to navigate every step of the excitingyet stressfulbusiness sale journey, such as: The overall timeline, mechanics, and typical strategies of a deal Understanding different types of buyers and what they prioritize Tactics you can implement immediately to make your company more valuable Strategies for emotionally and psychologically preparing yourself for the transaction An essential roadmap to the complicated world

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