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October 28, 1997. The Dow drops 500 points. Investors the world over receive a startling reminder that "what goes up, must come down." It is a profoundly unsettling experience for those of us who have either forgotten or have never known the experience of a bear market. Half of the money invested in U.S. stocks in this century entered the market from 1991-1996, making the dark days of October memorable for their bloodletting. Overall, this was just a scratch, and despite the optimism of so many investors, history has shown that the bear attacks time and time again. John Rothchild, critically acclaimed author of the bestselling A Fool and His Money, isn't even afraid to face a full-fledged bear market. In his topical and timely new book, Rothchild reveals how to prepare psychologically and tactically for the looming debacle. Breaking from the pack of investment books which tacitly assume a bull market, The Bear Book focuses on protecting assets and minimizing losses during a bear market and on taking advantage of unique opportunities for profit. With customary flair and style, Rothchild chronicles the long history of bear markets, exploring in detail exactly what constitutes a bear market and how it affects us. Along with his own expertise, the author draws on respected and knowledgeable names such as Jim Rogers, Jim Grant, and Martin Zweig, among a host of prominent investment advisors, strategists, and fund managers. The result is a comprehensive chronicle that deftly and definitively fills the "bearish information gap." John Rothchild's masterful penchant for blending wit, good storytelling, and sound investment analysis makes The Bear Book both informative and vastly entertaining. He distinguishes the characteristics of past bear markets, examining what triggered them, how long they lasted-and why. He probes the unique psychology of bearish investing, concentrating on which types of investments generally do well during a downturn in the market. His often surprising answers to some straightforward, no-nonsense questions clarify, among other key issues, what can happen to mutual funds in a bear market, and exactly what the dangers are of selling short. Of critical importance is Rothchild's overview of the alternatives to stocks, including gold, bonds, and money market funds, as well as tips on what stocks to buy when the market starts to turn bullish again. For historical perspective, The Bear Book also includes a unique and eye-opening account of the Crash of '29 and its survivors. Profiles of prominent bearish investors-Roy Neuberger and Philip Carret, among them-contain illuminating long-term perspectives on the ups and downs of the stock market over the past fifty to seventy-five years. A bracing tonic for investors at all levels of experience, The Bear Book offers a veritable blueprint of the various stages of a typical bear market. It will prove invaluable to those of us who wish to protect our savings -and peace of mind -whenever the market drops.

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AN INSTANT NEW YORK TIMES BESTSELLERImagine if all the worn-out, untrue, painful chapters of our lives started to quiet, and the beautiful, unique pieces of who we are were to rise. Imagine if the stories we tell brought us back to our true selves, back to one another. Imagine if they spoke of how we loved and lost and tried our best. How we saw it all, even the parts that hurt. Joanna Gaines' new book, The Stories We Tell, invites us on an authentic and deeply vulnerable journey into her story—and helps shine a light on the beauty of our own—guiding us to release the weights that hold us back so we may live and share our story in truth. We've all dropped anchor in places that suited us for a time: a city, a perspective, a lie we mistook as truth. This book is an invitation to a kind of life where you know how to hold what you believe—about yourself and the quiet worlds behind the people you pass—with gracious and open hands. To see your story as greater than any past or future thing, but for all the beauty and joy and hope it holds today. It’s an invitation to take stock of the chapters you’ve lived—the good and the bad, the beautiful and the ugly—glean what’s gold, and carry only that forward. Let it slow your feet and steady your life-in-motion so you can see where you stand today from a new point of view. No longer through weary or uncertain eyes, but a lens brimming with hope. ————— "The only way to break free was to rewrite my story. Because something would happen every time my pen stopped: It was like my soul was coming back to my body. Like the deepest parts of me that got knocked around and drowned out by all the crap I let the world convince me about who I was came back to the surface. And what was left was only what was real and true. I was, finally, standing in the fullness of my story. I felt hopeful. I felt full. Our story may crack us open, but it also pieces us back together. We all have a story to tell. This happens to be mine—every chapter a window into who I am, the journey I’m on, and the season I’m in right now. Because this is my story, maybe you won’t always relate, or maybe it will feel like you’re looking in a mirror. Whatever we have in common and whatever differences lie between us, I only hope my story can help shine a light on the beauty of yours. That my own soul work will stir something of your own. And that by the time you get to the end of my story, you’re also holding the beautiful beginnings of your own. A story only you can tell. And I hope that you will."-Joanna

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The ultimate guide to relationships, influence and persuasion in 21st century business. What is most important to your success as a sales or business professional? Is it education, experience, product knowledge, job title, territory, or business dress? Is it your company's reputation, product, price, marketing collateral, delivery lead times, in stock ratios, service guarantees, management strength, or warehouse location? Is it testimonials, the latest Forbes write up, or brand awareness? Is it the investment in the latest CRM software, business 2.0 tools, or social media strategy? You could hire a fancy consulting firm, make the list longer, add some bullet points, put it into a PowerPoint presentation, and go through the whole dog and pony show. But at the end of the day there will be only one conclusion… None of the above! You see, the most important competitive edge for today's business professionals cannot be found on this list, your resume, or in any of your company's marketing brochures. If you want to know the real secret to what matters most in business, just look in the mirror. That's right, it's YOU. Do these other things matter? Of course they do, but when all things are equal (and in the competitive world we live in today, things almost always are) People Buy You. Your ability to build lasting business relationships that allow you to close more deals, retain clients, increase your income, and advance your career to rise the top of your company or industry, depends on your skills for getting other people to like you, trust you, and BUY YOU. This break-through book pushes past the typical focus on mechanics and stale processes found in so many of today's sales and business books, and goes right to the heart of what matters most in 21st century business. Offering a straight forward, actionable formula for creating instant connections with prospects and customers, People Buy You will enable you to achieve a whole new level of success in your sales and business career. You'll discover: Three relationship myths that are holding you back Five levers that open the door to stronger relationships that quickly increase sales, improve retention, increase profits and advance your career The real secret to making instant emotional connections that eliminate objections and move buyers to reveal their real problems and needs How to anchor your business relationships and create loyal customers who will never leave you for a competitor How to build your personal brand to improve your professional presence and stand-out in the market place People Buy You is the new standard in the art of influence and persuasion. Few books have tackled the subject of interpersonal relationships in the business world in such a practical and down-to-earth manner, breaking what many perceive as a complex and frustrating process into easy, actionable steps that anyone can follow.

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Rare is the opportunity to see, much less own, an original. But this unusual, carefully crafted reproduction of Benjamin Graham and David Dodd's immortal Security Analysis gives you that chance--to read and treasure a true classic--the book that gave birth to value investing.Continuously in print through five editions, for more than 60 years, and through nearly a million copies, the primer for many of America's most illustrious investors--and the wellspring of Graham and Dodd's Wall Street Immortality--Security Analysis is indisputably the most influential book on investing ever written. Still the investors' bible, it's as frequently consulted today as it was when it first appeared in 1934.Of course, over the years and over five editions, Security Analysis changed. Its language was modernized. New material was added. Metaphors and examples were brought up to date. In the light of changing times, these alterations were necessary and appropriate.But what of the original book? The very durability of this work arouses our curiosity. And what we discover when we return to the original is very simply a classic, a work whose uncompromising worth has not paled since it first saw the light of day in 1934.The original words of Benjamin Graham and David Dodd--put to paper not long after the disastrous Stock Market Crash of 1929--still have the mesmerizing qualities of rigorous honesty and diligent scrutiny, the same riveting power of disciplined thought and determined logic that gave the work its first distinction and began its illustrious career.The words you will read here are eloquent. Not only a financial genius and a man of high repute for honorable dealings, Graham was a man of letters invited to teach in the literature department at Columbia University (as well as in the economics and philosophy departments).But this reproduction is far more than a historical curiosity, an interesting object, and a delightful read. It presents the original Graham/Dodd method of investing--told in their own words as they first described it in the 1930s.What exactly is this method that has drawn such longterm devotion in the notably fickle reaches of Wall Street?Graham and Dodd were Wall Street's first bargain shoppers. In this book they first explain their methods for locating bonds and stocks "which are selling well below the levels apparently justified by a careful analysis of the relevant facts." In this book, they tell you precisely how to find these undervalued securities and analyze those "relevant facts."Are these methods still practical and usable today? The great fortunes created by value investors Warren Buffett, Mario Gabelli, John Neff, Michael Price, and John Bogle testify that they certainly are.In their preface to this book, Graham and Dodd write that they hope their work "will stand the test of the ever enigmatic future." There is no doubt that it has.This distinctively wrought book is a careful reproduction of the 1934 edition, containing every word of the original.

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Ponzi schemes are a particularly vicious form of financial fraud, in that the overly trusting victims, who are often wiped out, typically share an affiliation with the fraudster. They are interesting, in that they share some features with legitimate financial phenomena (such as stock manias) and shed light on the human tendency towards behaving foolishly, especially when encouraged or modeled by others. In Understanding Ponzi Schemes, Mervyn Lewis has written what is probably the best and most comprehensive book on the topic. Extremely readable, this book uses both theoretical models and real-life case studies to provide readers with an answer to two questions: 'How do Ponzi schemes work and why are they successful?' Lewis also provides useful answers to a third question: 'What can regulators and individuals do to be protected from future incarnations of Charles Ponzi?'''- Stephen Greenspan, University of Connecticut, US and author of Annals of Gullibility'Starting with very readable (and well-referenced) accounts of various Ponzi fraudsters from Ponzi himself through to Madoff and Stanford, lessons are drawn from such diverse disciplines such as psychology and statistical analysis to advocate novel approaches to the regulation of Ponzi schemes. A 'must read' for regulatory policy-makers and a fascinating read for the general reader, Professor Lewis is to be congratulated for advancing the debate on this age-old phenomenon by suggesting distinctive and innovative strategies to tackle it.'- Eva Lomnicka, Dickson Poon School of Law, King's College London, UK'Readers looking for a clear explanation of how Ponzi schemes work and description of recent and historical examples, both large and small scale, will find that in this very readable book. But the author, Professor Mervyn Lewis, goes well beyond those topics by drawing on behavioural economics and psychology to help understand how 'victims' get caught in such schemes, and the motives and behaviours of the scheme operators. That analysis also provides a valuable checklist for readers to help them avoid becoming victims.'- Kevin Davis, University of Melbourne, AustraliaA Ponzi scheme is one of the simplest, albeit effective, financial frauds to engineer, and new schemes keep coming forward. Despite this, however, people continue to invest in them. How are we to account for the seemingly never-ending lure of such schemes? In providing answers to this central question, this concise and well-researched book examines how Ponzi schemes operate, how they differ from pyramid schemes, Ponzi finance and other financial arrangements.The author questions whether the victims have only themselves to blame, why fraudsters think that they can avoid detection, and what important insights behavioural finance theory and psychology can add. Particular attention is paid to the reasons behind the failure of financial regulation, and the types of regulatory changes needed to protect investors and avoid repetitions. The analysis is informed by case studies of 11 Ponzi schemes in the US, UK, Australia and New Zealand.Finance and business academics interested in the operation of Ponzi schemes, and how they differ from pyramid schemes, will find this book invaluable, as will students of economics, finance, behavioural decision-making and psychology. Lawyers, psychologists, regulatory agencies and financial institutions will also benefit considerably from the analysis.

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Whether you’re 22 or 52, learn all the things about adulthood they didn’t teach you at school in this accessible and encouraging workbook. Being an adult is hard. And it’s not just the big things like buying your own home, getting married, having children, or saying goodbye through death or divorce that make us feel like grown-ups—it’s all the necessary little things along the way that nobody celebrates, but that are hard nonetheless. When 63% of Gen Zers and Millennials (representing ages 18 to 42) report not feeling like they were prepared for the responsibility of being an adult and that they're already feeling burned out by adulthood, something has to change. The Adulting Workbook gets it, and is here to help. It's one part habit tracker, one part advice guide, and one part cheerleader, giving you tips and tricks on a variety of adulting subjects. You'll also find celebratory reward badge icons for adult milestones, such as: “I made a shopping list and followed it.” “I made a phone call.” “I put on clothes that weren't pajamas.” “I didn't waste my afternoon scrolling on social media.” “I worked out.” “I paid a bill on time.” “I put the dishes away.” “I updated my resume.” "I drank water." By earning these “I did it!” successes along the way, you’ll feel good about the small steps you take on your path to full-fledged adulthood. Comfortably arranged by topic, you can jump to the chapters that affect you the most, so you can learn just what you need for this moment. Subjects include: Financial Management (budgets, taxes, 401(k) & IRAs, savings, handling debt, buying big-ticket items); one in three Gen Zers and Millenials say they do not feel financially independent Employment and Career (resumes, how to dress appropriately, how to act/speak in meetings, office relationships) Health & Wellness (regular checkups and screenings, preventive medicine, diet and exercise) Relationships (romantic, platonic, friendships, neighbors, roommates) Home (down payments, furnishings, what to stock in the cupboards, cleaning and maintenance 101); half of Gen Zers and Millenials feel they will never be able to afford a home, and this book will show them the path Within each topic are guided writing prompts to explore why you’re stuck and actionable "Adulting Challenge" exercises to get you moving again. A layflat binding makes the workbook easy to write in and its compact size means you can work on your grown-up skills everywhere you go. Even if you don’t yet feel like an adult, this guided workbook will help get you on your way. With so much of our lives and contact going digital, the Guided Workbooks offer an intimate way to nurture your connection with yourself and the people around you. Other books in the series include: Finding Your Authentic Self, Stop Overthinking, 5-Minute Productivity Workbook, 3-Minute Positivity Workbook, 52 Weeks to Better Mental Health, Tarot: A Guided Workbook to Unlock and Explore Your Magickal Intuition, Astrology: A Guided Workbook to Understand and Explore the Wisdom of the Universe, and Finding Your Balance: A Cognitive Behavioral Therapy Workbook.

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Nurture yourself—and your well-being—through one year of self-reflective writing prompts. Discovering who you really are is a powerful way to create change. Regularly writing down thoughts, feelings, and goals can ultimately help reduce stress, increase focus, ease anxiety, improve positivity, and make life work better overall. Following guided writing prompts takes the personal discovery one step further by helping you attune to your mental and emotional needs in ways that can help you increase your well-being. The easy-to-follow exercises and writing prompts in these pages will help you improve your attitude and satisfaction with your life. Broken into nine sections for mental health wellness, 52 Weeks to Better Mental Health offers focused self-exploration exercises for every week of the year—so you can start writing in it at any time. With encouraging quotes and affirmations throughout, every other week offers additional check-ins for self-reflection on progress and goal setting. As you continue your journey, you’ll notice that you’re more focused and mindful—and less stressed. Sample prompts include: Of the people close to you, who treats you as you want to be treated? What would your parents say or do to comfort you as a child? How can you create a habit of comforting yourself when you need it? Is there something you want from a particular person? How can you give that to yourself? What do you do that gives you satisfaction in your life? How can you create more satisfaction? How has your relationship with yourself changed? Who are you becoming with the new changes? Additionally, you’ll learn mental tricks that can help your daily routines go smoother and help you be more productive. You’ll also find out how to: Motivate yourself Maintain happier relationships Create a better work-play balance Feel more in charge Manage difficult feelings Deal with problematic people And so much more! Make this the workbook for creating the life you want. Explore yourself—and improve your mental outlook—in just one year! With so much of our lives and contact going digital, the Guided Workbooks offer an intimate way to nurture your connection with yourself and the people around you. An entertaining way to get off your screen, the pages in these guided prompt books are great for writers and first-timers alike. Each workbook offers content around a different, compelling theme, filled with thoughtful questions, inspiration for composition, and interactive prompts to learn about yourself and the world around you. Beautifully designed on high-quality paper stock and full of mindful prompts, channel your inspiration as you put pen to paper to learn more about what inspires you. Other books in the series include Stop Overthinking (by the same author), The Loneliness Problem, Overcome Your Anxiety, Finding Your Authentic Self, The Adulting Handbook, 5-Minute Productivity Workbook, 3-Minute Positivity Workbook, Tarot: A Guided Workbook to Unlock and Explore Your Magickal Intuition, Astrology: A Guided Workbook to Understand and Explore the Wisdom of the Universe, and Finding Your Balance: A Cognitive Behavioral Therapy Workbook.

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Examine the high yield market for a clear understanding of this evolving asset class High Yield Debt is the one-stop resource for wealth advisors seeking an in-depth understanding of this misunderstood asset class. The high yield market provides a diverse opportunity set, including fixed and floating rate debt, high and low quality debt issues and both short- and long-term duration; but many fail to understand that not all high yield exposure is the same, and that different market segments and strategies work best at different points in the economic cycle. This guide addresses the confusion surrounding high yield debt. You'll find the information you need to decide whether or not to buy in to a high yield fund, and how to evaluate the opportunities and risks without getting lost in the jargon. The U.S. corporate high yield market is worth $2.4 trillion—more than the stock markets of most developed countries. Market growth has increased the number of funds with high yield exposure, as well as the types of debt products available for investment. This book breaks it down into concrete terms, providing the answers advisors need to effectively evaluate the opportunities on offer. Understand the high yield asset class Learn the debt structures, performance and defaults Evaluate risk and investment opportunities Penetrate the jargon to make sense of high yield investment Over 300 publicly traded funds provide exposure to U.S. high yield, but despite it's size and ubiquity, understanding of the asset class as a whole remains somewhat of a rarity—even among participants. A lack of transparency is partially to blame, but the market's evolution over the past fifteen years is the larger issue. High Yield Debt explains the modern high yield market in real terms, providing a much-needed resource for the savvy investor. "Rajay Bagaria has written the first book that captures a 360 degree view of the high yield debt market. Whether you are an investor, investment banker, corporate lawyer, CFO or layperson simply trying to gain insights into the fundamentals of high yield debt, this book translates financial and legal concepts, trends and structures of high yield bonds and leveraged loans into a simple, understandable format. Mr. Bagaria’s book is a valuable resource for anyone involved in the new issue or secondary leveraged finance markets."—Frank J. Lopez, Co-Head Global Capital Markets, Proskauer "Bagaria does a great service for both high yield professionals and beginners by providing an accessible, well-written, insightful market primer."—Steven Miller, Managing Director, S&P Capital IQ, Leveraged Commentary & Data "High-Yield Debt - An Insider’s Guide to the Marketplace is a comprehensive book that provides an in-depth understanding of the history, growth, basics and details of high-debt and the high-yield market. The author gives insights that only an experienced professional can provide. The book will be invaluable to readers both starting out and knowledgeable about an important segment of corporate finance, dealing with concepts, structures and performance."—Arthur Kaufman, Retired Partner, Fried, Frank, Harris, Shriver & Jacobson LLP / Member of Adjunct Faculty, Columbia Law School

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With 1001 questions asking everything you never knew you didn’t know about yourself, this guided journal encourages exploration into the curious corners of yourself.This is Me can be an informative read for others or an informative writing journey for you. Broken up into 4 sections–About Me, A Little History, The Present is a Present, and Looking forward to the Future–these thoughtful questions flesh out every aspect of a person. Both reflective and entertaining, these questions offer a chance to delve into the depths of your soul or joke around with yourself in an insightful way. Use these answers to discover more about yourself, write an autobiography, or just pass the time with something other than doom scrolling. Check out the following prompts as a taste and see if they offer any insight into your innermost self. Have you ever had a second home? Is there an aspect of home it replicated? Or did this second home have something your first home didn’t? Do you remember the last time someone told you what your shortcomings were? Did you agree with them? Pick a random person and imagine what they would say are your shortcomings. Make a list of what you consider to be your worst habits. Then make a list of your best habits. Are there any habits that other people can view as both excellent and sinister? What is the one thing you’ve ever wanted but realized later on that you didn’t need it? How did you come to that realization? Prompts are thoughtful yet encourage brevity. Simple answers often yield the most interesting and thoughtful conclusions. Create and fully realize the best and most interesting version of yourself with these 1001 questions. With so much of our lives and contact going digital, the Creative Keepsakes journals offer an intimate way to nurture your connection with yourself and the people around you. An entertaining way to get off your screen, these guided and free-form journals are great for writers and artists alike. Each journal offers content around a different theme, including silly prompts for a laugh, random yet thoughtful questions, inspiration for art and composition, interactive prompts to learn about your heritage, and blank interiors on high-quality paper stock to use as your creative canvas. Beautifully designed and full of mindful prompts, channel your inspiration as you put pen (or pencil, or marker, or crayon!) to paper to learn more about yourself, your talents, and the people you love. Also in this Series: 3,001 Questions All About Me, 3,001 Would You Rather Questions, 3,001 This or That Questions, 301 Things to Draw, 301 Writing Ideas, Anti-Anxiety Journal, Complete the Drawing, Create a Poem, Create a Story, Create Comics: A Sketchbook, Design & Destroy, Forever Friends, Gratitude Journal, Inner Me, Inspired by Prayer, Internet Password Book, Mom & Me, My Family Story, My Father's Life, My Grandfather's Life, My Grandmother's Life, My Life Story, My Mother's Life, Our Love Story, Sermon Notes, Sketch - Large Black, Sketch - Large Kraft, Sketch - Medium Black, Sketch - Medium Kraft,Write - Medium Black, Write - Medium Black

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Practical, day-to-day ways to manage your depression.Some call it the blues or a storm in their head. William Styron referred to it as "darkness visible." Whatever the description, depression is a disorder of the mind and body that affects millions of adults at some point in their lives. In Take Control of Your Depression, Dr. Susan J. Noonan provides people experiencing depression with strategies to take stock of their mental state, to chart a course toward emotional balance, and to track their progress on the journey to well-being. Writing from her personal experience as both a recipient and a provider of mental health services, Dr. Noonan explains how to obtain care from professionals, outlines what medical options are available, and lists everyday things people can do to feel better. Integrating medicine, psychology, and holistic care while exploring the basics of mental health, she touches on diet, sleep habits, physical activity, and mindfulness techniques.This useful and compassionate workbook, which is specifically designed for people who find it difficult to focus and concentrate during a depressive episode, includes• proven relapse prevention and resilience techniques• targeted cognitive exercises • daily worksheets that can be used to track your progress and response to therapy• the fundamentals of Cognitive Behavior Therapy• advice on dealing with family and friends• guidance from remarkable people on depression• a discussion of how technology and social media can be used to manage well-being• a section on treatment-resistant depression• specialized tips aimed at women, men, adolescents, the elderly, and people dealing with chronic illnessThe only workbook on depression that combines a discussion of medical options, talk therapy techniques, and established self-help strategies, Take Control of Your Depression empowers individuals to participate in their own care, which offers them a better chance of recovery and of staying well.Praise for Other Books by Susan J. Noonan"This practical and compassionate handbook is perfectly suited to individuals living with depression: in accessible language, it offers firm, specific advice and quick cognitive tests and self-assessment metrics that even those in the deepest of doldrums will find helpful and relevant . . . a valuable volume for those suffering from depression, as well as for loved ones who are fighting the fight by their side."—Publisher's Weekly"From defining a baseline of depression to charting moods and preventing relapses, this workbook is a top pick for any depression sufferer!"—Reference and Research Book News"This practical guide is an important contribution to the growing genre of self-help works on this topic."—Library Journal"This text is a much-needed addition to mental health literature, as depression is stigmatized and few understand how to support friends and loved ones who frequently do not obtain help on their own."—American Reference Books Annual"This book offers useful insight for any health professional working within mental health . . . It is of enormous value to the layperson, hungry for knowledge about how best to interact and help their loved one face the dreadful ravages of depression."—Nursing Times

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Sustainability Sustainability is to become the guiding principle of social action and economic activity. At the same time, its ways and means are far from clear. As a holistic praxis, sustainability must combine technical and material as well as social, economic, ecological and also ethical strategies, which have multiple complex interactions and all too often also conflicting goals and priorities. In no other field can these be better observed, addressed and influenced than in architecture and building. "Building Better – Less – Different" Each volume of "Building Better – Less – Different" details two fundamental areas of sustainability and explores their specific dynamics and interactions. After introductory overviews, innovative methods and current developments are described and analysed in in-depth essays, international case studies and pointed commentaries. The sustainability criteria of efficiency ("better"), sufficiency ("less") and consistency ("different") form the framework for each book. What the press say about the first volume"Circular Construction and Circular Economy" "The articles, case studies and commentaries in this book make a major contribution to advancing the current discourse on implementing circular-based economic models in the building sector." Hessian Chamber of Architects, book reviews "To think of tomorrow when building today is the core message that Dirk E. Hebel and Felix Heisel want to convey to their readers. … And they also show us how: with the help of relevant examples, grouped under the headings ‘better’, ‘less’ and ‘different’, they demonstrate concrete applications and argue that circular construction can also benefit the construction industry…" architektur aktuell Clean energy transition It has long been common knowledge that energy and sustainability are closely interlinked. And yet we are witnessing a profound shift in the sector. While the earlier focus was on improving energy efficiency and increasing the proportion of renewable energy in buildings, current energy conservation policies are supporting a broader, more holistic view. This encompasses integral approaches in which building design and construction measures form part of the energy concept from the outset, as well as accounting for grey energy in building materials and a holistic evaluation of buildings over their entire life cycle. For the energy-intensive and emission-producing building sector, climate change presents an even greater challenge than conserving resources. How can we contribute to a shift in heating strategies and employ new technologies to achieve climate-neutral heating? How can we respond to rising temperatures and the risk of increased energy consumption for cooling? Can low-tech concepts help to reduce the environmental impact of buildings over their life cycle? Shouldn’t we take greater account of the users of buildings, and do we need completely different energy supply strategies? Digital Transformation At a time of natural ubiquity of digital tools, widely adopted to streamline project delivery in architecture, the foundations have been laid for a profound transformation of the construction industry to address the climate crisis. Digital architectural design and construction methods can be used as enabling technologies for a fundamental change towards a circular construction approach with significantly reduced ecological and climate impact. This approach comprises a digital reinterpretation of natural building materials through digital construction technologies. Digital deconstruction and reuse strategies can transform the existing building stock into resources for the future. Mass customization of tailor-made building components minimizes resource consumption. Architects, in their emerging role as interdisciplinary interface and digital master builders, reunite design and making through digital craft. Finally, the book provides a glimpse into the potential future of construction, which might be characterized by fundamentally different concepts of design and materialization of our built environment, challenging current paradigms within our discipline.

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This Handbook demonstrates the well-established body of thinking on sustainable development which now exists, and its tighter focus today on limits to current economic growth patterns. But while there have been lots of big global debates on planetary boundaries, and thresholds for critical resources, there has been little progress on the ground and in getting the politics right. Contributing authors show that many of the models we use to understand and manage relations between planet, people and profit are hopelessly mis-specified. But better tools exist, such as sustainability indicators, national environmental accounts, and the ecological footprint to help bridge this gap.'- Camilla Toulmin, International Institute for Environment and Development (IIED), UK'There is now wide recognition that current patterns of economic development are already putting great strains on resources, environment and the climate and that, if continued, the consequences could undermine or reverse past development gains and, possibly, lead to catastrophe. In other words our current paths are unsustainable. This Handbook provides a very thorough, thoughtful and valuable contribution to our understanding of the possible meanings of sustainable development, how it can be understood and calibrated, and characteristics of and choices around alternative paths. This is a subject that should be at the centre of the study of development and encompasses many disciplines. And it should be a subject that commands the attention of all those who think carefully about our future well-being; they will find this Handbook fascinating and essential reading.'- Lord Nicholas Stern, London School of Economics and Political Science, UKThis timely and important Handbook takes stock of progress made in our understanding of what sustainable development actually is and how it can be measured and achieved.This fully updated and revised second edition captures recent developments in the field, including 14 new chapters by internationally renowned authors from a variety of perspectives and disciplines. The authors explain that the gap between public commitments to sustainable development and real-world action towards achieving it is still significant, but not insurmountable, and that opportunities do exist to reduce that margin. Contributors synthesize the established knowledge and clearly present cutting-edge concepts from the frontier of sustainability research with direct relevance to theory and practice. Topics covered include: the fundamentals of sustainability; equity within and between generations; the capital approach; green growth; measurements and indicators of sustainability; climate change and wellbeing.This accessible, comprehensive and multidisciplinary approach to exploring the theory and practice of sustainable development will prove an invaluable reference tool for researchers, students, academics and practitioners with an interest in the field of sustainable development.Contributors: W.N. Adger, S. Afionis, J. Agyeman, M. Agarwala, J.A. Allan, G.B. Asheim, G. Atkinson, R.M. Auty, E.B. Barbier, A. Bowen, C. Carraro, M.A. Cole, G. Cranston, S. Dietz, L. Dupuy, O. Edenhofer, P. Ekins, S. Fankhauser, T.J. Foxon, A. Galli, G. Gosnell, A. Gouldson, R. Green, K. Hamilton, G. Heal, C. Hepburn, J. Hodbod, T. Jackson, S. Kadner, B. Kristr m, G.-M. Lange, P. Lawn, A. Lucchesi, G. Luderer, J.A. McGregor, G. McNicoll, J.C. Morales, Y. Mulugetta, E. Naikal, E. Neumayer, B.G. Norton, D. Pearce, A. Randall, Y. Rydin, G. Schwerhoff, R. Sullivan, A. Thompson, C.A. Tisdell, J.C.J.M. van den Bergh, J. Vogler, C. von Stechow, M. Wackernagel, A. Winkels, G. Yohe, Z. Zhang

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Begin your epic poetry adventure today with engaging writing prompts that will have you turning out verse in no time. No doubt you’ve fallen in love with a poem at some point in your life. Whether it was a nursery rhyme from childhood or something you read in a high school English class, something about poetry’s form has captured your attention. And now you’d like to try writing a poem yourself. But where do you start?From the moment you put pen to paper, you’re a poet! And like other poets, your goal is to express yourself in a way that’s different from how you would write a short story or letter. But it’s easy to let your inner critic take over and silence your creative voice before you even begin. That’s where the Write Away! Poetry journal comes in. The 101+ writing prompts and exercises will help you find inspiration, try new approaches to writing, and learn to play with language. They’ll encourage you to think creatively and look at your world (and yourself) in a new way. Use these prompts to get your creative juices flowing and shut down that inner critic. Remember, this is your journal—there is no right way to follow these prompts. Do them in order or jump around; do one a day or several in a row. Featuring a layflat binding for easy writing and a compact size perfect for writing on the go, Write Away! Poetry includes prompts like: Write a poem about lost or forgotten things. Write an acrostic poem—a poem in which the first letter of each line spells out a word—to your parent or grandparent, using their first name. Write a poem about your favorite season. Write a poem that plays around with onomatopoeia (a word that sounds like its meaning, such as “sizzle”). Write a poem to your 13-year-old self with advice for living a good life (or avoiding heartache). Write a poem using couplets, which are two-line stanzas. Write a poem that describes how it sounds when snow, leaves, or rain falls. Write a poem that is not about food or cooking but written in the form of a recipe. Once you’ve gone through the book, challenge yourself by going back and writing fresh material in response to the prompts to see how your writing has evolved. Who knows? Maybe you’ll find the start of a brand-new poem to fall in love with. With so much of our lives and contact going digital, the Guided Workbooks offer an intimate way to nurture your connection with yourself and the people around you. An entertaining way to get off your screen, the pages in these guided prompt books are great for writers and first-timers alike. Each workbook offers content around a different, compelling theme, filled with thoughtful questions, inspiration for composition, and interactive prompts to learn about yourself and the world around you. Beautifully designed on high-quality paper stock and full of mindful prompts, channel your inspiration as you put pen to paper to learn more about what inspires you. Other books in the series include: The Adulting Workbook, Finding Your Authentic Self, Stop Overthinking, 5-Minute Productivity Workbook, 3-Minute Positivity Workbook, 52 Weeks to Better Mental Health, Tarot: A Guided Workbook, Astrology: A Guided Workbook , and Finding Your Balance: A Cognitive Behavioral Therapy Workbook.

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An up-to-date, accurate framework for credit analysis and decision making, from the experts at Standard & Poor's"In a world of increasing financial complexity and shorter time frames in which to assess the wealth or dearth of information, this book provides an invaluable and easily accessible guide of critical building blocks of credit analysis to all credit professionals." --Apea Koranteng, Global Head, Structured Capital Markets, ABN AMRO"The authors do a fine job of combining latest credit risk management theory and techniques with real-life examples and practical application. Whether a seasoned credit expert or a new student of credit, this is a must read book . . . a critical part of anyone's risk management library."--Mark T. Williams, Boston University, Finance and Economics Department"At a time when credit risk is managed in a way more and more akin to market risk, Fundamentals of Corporate Credit Analysis provides well-needed support, not only for credit analysts but also for practitioners, portfolio managers, CDO originators, and others who need to keep track of the creditworthiness of their fixed-income investments."--Alain Canac, Chief Risk Officer, CDC IXISFundamentals of Corporate Credit Analysis provides professionals with the knowledge they need to systematically determine the operating and financial strength of a specific borrower, understand credit risks inherent in a wide range of corporate debt instruments, and then rank the default risk of that borrower. Focusing on fundamental credit risk, cash flow modeling, debt structure analysis, and other important issues, and including separate chapters on country risks, industry risks, business risks, financial risks, and management, it guides the reader through every step of traditional fundamental credit analysis.In a dynamic corporate environment, credit analysts cannot rely solely on financial statistical analysis, credit prediction models, or bond and stock price movements. Instead, a corporate credit analysis must supply loan providers and investors with more information and detail than ever before. On top of its traditional objective of assessing a firm's capacity and willingness to pay its financial obligations in a timely manner, a worthy credit analysis is now expected to assess recovery prospects of specific financial obligations should a firm become insolvent.Fundamentals of Corporate Credit Analysis provides practitioners with the knowledge and tools they need to address these changing requirements. Drawing on the unmatched global resources and capabilities of Standard & Poor's, this valuable book organizes its guidelines into three distinct components: Part I: Corporate Credit Risk helps analysts identify all the essential risks related to a particular firm, and measure the firm through both a financial forecast and benchmarking with peers Part II: Credit Risk of Debt Instruments explains the impact of debt instruments and debt structures on a firm's recovery prospects should it become insolvent Part III: Measuring Credit Risk presents a scoring system to assess the capacity and willingness of a firm to repay its debt in a timely fashion and to evaluate recovery prospects in the event of financial distress In addition, a fourth component--Cases in Credit Analysis--examines seven real-life studies to provide examples of the book's theory and procedures in practice. Senior Standard & Poor's analysts explore diverse cases ranging from North and South America to Europe and the Pacific Rim, on topics covering mergers (AT&T-Comcast, MGM-Mirage, Kellogg-Keebler), foreign ownership in a merger (Air New Zealand-Ansett-Singapore Airlines), sovereign issues (Repsol-YPF), peer comparisons (U.S. forestry), and recovery analysis (Yell LBO). Industry "Keys to Success" are identified and analyzed in each cas

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Black and Scholes (1973) and Merton (1973, 1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the face value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities, equity, warrants, debt, contingent convertible debt, guarantees, etc.In the four volumes we present the major academic research on CCA in corporate finance starting from 1973, with seminal papers of Black and Scholes (1973) and Merton (1973, 1974). Volume I covers the foundation of CCA and contributions on equity valuation. Volume II focuses on corporate debt valuation and the capital structure of the firm. Volume III presents empirical evidence on the valuation of debt instruments as well as applications of the CCA to various financial arrangements. The papers in Volume IV show how to apply the CCA to analyze sovereign credit risk, contingent convertible bonds (CoCos), deposit insurance and loan guarantees. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: Corporate Debt Valuation with CCAVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Empirical Testing and Applications of CCAVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: Contingent Claims Approach for Banks and Sovereign DebtVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).

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Created by the expert hosts of the popular Well-Fed Women Podcast, a step-by-step food and fitness plan for women, that teaches them how to improve their health by changing the quality—not the quantity—of the food they eat.To eat your way to better health, you don’t need to limit your calorie intake, or cut out carbs or fat. You don’t need to count "points." Better health doesn’t come from limits. It comes from focusing on the quality of food that you eat—not the quantity. Instead of limiting your food intake you should be enriching it, argue Noelle Tarr and Stefani Ruper. The popular hosts of the Well-Fed Women Podcast want you to focus on the good things you eat. They want to make sure you get enough food so that your body has the fuel and nourishment it needs to support a healthy, long, and energetic life.Noelle and Stefani know about eating for health firsthand. They, too, struggled with confusing and frustrating medical conditions, including infertility, digestive issues, acne, polycystic ovarian syndrome, hypothyroidism, and anemia. They discovered that the secret to improving wellness was actually more food: they ditched the diet books, calorie counters, and scales, and started eating their way to health.In Coconuts and Kettlebells, you’ll eat at least 2,000 calories a day thanks to a delicious selection of dishes that are all gluten-free, grain-free, and paleo. Within those 2,000 calories, setting a minimum intakes of protein, fat, and carbohydrates instead of the usual maximums will ensure that your diet is full of nutrients, while also providing flexibility to enjoy what you’re eating. Noelle and Stefani identify the Big Four foods—grains, dairy, vegetable oils, and refined sugar—that cause the most health problems among women. While many diets require you to eliminate these foods entirely, Coconuts and Kettlebells provides an easy-to-follow step-by-step program to test these foods and determine which you need to cut back on—and which you don’t—to feel better.To help you discover how your body responds to the Big Four, you’ll choose from two simple 4-week meal plans: one for the Butter Lover (people who tend to feel more satisfied eating higher ratios of fats) and one for the Bread Lover (people who tend to feel more satisfied eating higher ratios of carbs). Each meal plan comes with a weekly shopping list, a guide to kitchen tools and equipment, and instructions on how to batch cook, meal prep, and stock the pantry. In addition, you’ll have access to over 75 gluten-free and paleo-friendly flavor-packed recipes (free of the Big Four foods) for every meal of the day, including: Coconut Chai Latte Kale and Bacon Breakfast Skillet Apple Pie Smoothie Thai Coconut Curry Shrimp Moroccan Lamb Meatballs Shrimp and Cabbage Stir Fry Parsnip and Carrot Fries Mango Jalapeno Salsa Chocolate Cherry Energy Bites Lemon Raspberry Mini Cheesecakes To go along with the meal plans, Noelle and Stefani also provide three 4-week fitness plans tailored to three experience levels: beginner, intermediate, and advanced. All of the workouts can be done anywhere—at your home or on the road—and take no more than thirty minutes. A comprehensive whole body program to get and keep you healthy inside and out, Coconuts and Kettlebells provides the knowledge and tools you need to heal in a way that is effortless, rewarding, confidence-boosting, and everlasting.Coconuts and Kettlebells is illustrated with color photos throughout.

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An eye-opening panoramic guide providing the economic literacy you need to be in control of your money decisions and get on the path to long-term financial independenceEverything that happens in the world—even things we don’t see or understand—affects our abilities to earn, invest, and make money. And believe it or not, affecting the change in the world that you would like to see is driven by what you choose to do with your money. But how do you know what to do? Where do you begin to answer the question “What Should I Do with My Money?” Certified Financial Planner™ and podcast host Bryan M. Kuderna—a nationally recognized advisor and millennial who made his first million by the age of 30—knows first-hand that the key to making wise investment decisions is to know how current issues drive the economy and vice versa.What Should I Do with My Money? provides a sweeping look at how economies and markets are directly affected by the way people live, work, play, love, and hate: these issues, he explains, are the same ones that determine how groups, corporations, and nations make money or lose money. Kuderna demystifies the future of economics by breaking it down into the most important categories and how they impact markets: Population: Population and migration over the past 100 years, the pros and cons of a crowded planet, and how the supply and demand of givers and takers within society affect everything Entitlements: A thorough look at the past, present, and future of entitlements and government support (i.e., Social Security, Medicare/Medicaid, pensions, stimulus) Education: The history of higher education, student loan issues, and future of college in U.S. versus other developed nations Economic Philosophy: Socialism vs. Capitalism, political systems, and the history of various countries’ economies and future outlook Environment: The green movement, global warming, plastics, and natural resources Technology: Opportunities and threats from the fastest-growing sector of the stock market War: Analysis of superpowers U.S. and China, potential threats to both, opportunities for collaboration, and the use of proxy wars, civil military fusion, and nontraditional warfare Religion: The timeless philosophies that have impacted world views, governance, family, and their effects on prior chapters Personal Finances: Career advice in attaining 3 I’s: impact, independence, and income Each chapter includes special features explaining the “macro problem,” and what that looks like on your personal “micro” scale—helping you connect the dots of the global issues to your own financial life. Now more than ever you might feel overwhelmed, the victim of existing economic structures, but wait and see how there has been no better time for you to take control and gain wealth. Introspective questions throughout, along with the same financial and economic insights Kuderna offers to his own clients, help you apply your newfound understanding of why what you do with your money goes beyond the kitchen table and is critical to develop your own goals and strategies.What Should I Do with My Money? provides a thorough look at history, current events, and economics, so you can finally understand the important, holistic relationship between the global economy and individual decisions for your financial future.

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Plays from Romania: Dramaturgies of Subversion reflects the diversity of dramatic writing exploring the past and present of Romania, and takes stock thirty years after the collapse of communism. In addition to plays originally written in Romanian, the collection includes work by German, Hungarian and Roma authors born and/or working in Romania, and brings together plays written during the communist period and its aftermath. The plays included in the collection, edited and translated by Jozefina Komporaly and fully published for the first time in English, demonstrate broad variety in terms of form and content – ranging from family dramas to allegories, and absurdist experiments to modular texts rooted in open dramaturgy – and are the work of both individual playwrights and the results of collective creation. These works share a preoccupation with critically reflecting urgent concerns rooted in Romanian realities, and are notable dramaturgical experiments that push the boundaries of the genre. In addition, these plays also seek novel ways to examine universal experiences of the human condition, such as love, loss, abuse, betrayal, grief, violence, manipulation and despair. This unique anthology celebrates the renewed vitality and variety of writing for the stage after 1990, and endeavours to place Romanian theatre in a forward-looking transnational context. Lowlands ('Niederungen') by Herta Müller, adapted for the stage by Mihaela Panainte (German) This stage adaptation is based on a volume of short stories by Herta Müller written in German in 1982 and focuses on the perspective of a child narrator, by way of a series of episodes that centre on mundane aspects of daily life in a remote village against the backdrop of the oppressive atmosphere of mid-twentieth century Romania. The Spectator Sentenced to Death ('Spectatorul condamnat la moarte') by Matéi Visniec (Romanian) This play is a bitter parody of the Stalinist justice system, which totally disregards the fundamental question whether the accused is actually guilty or not. The Passport ('Kalucsni') by György Dragomán (Hungarian) This play is set pre-1989 in a typical small town in the Transylvanian province of Romania, in which the lives of the various social classes, and the fate of the persecuted and that of those who persecute are closely intertwined. The Man Who Had His Inner Evil Removed ('Omul din care a fost extras raul') by Matéi Visniec (Romanian) This topical play is a sharp reflection on the voluntary servitude in which we place ourselves, often unawares, in conditions of our contemporary consumer culture, and a fierce critique of increasingly dominant tendencies to abandon moral criteria in political life. Stories of the Body (Artemisia, Eva, Lina, Teresa) ('A test történetei') by András Visky (Hungarian) The cycle Stories of the Body comprises four plays based on real life stories as experienced by remarkable women (including Mother Teresa and Italian Renaissance painter Artemisia Gentileschi), and are connected to various cities including Budapest, Cluj/Kolozsvár, Kolkata and Rome, from the 17th to the 21st century. Sexodrom by Giuvlipen Theatre Company (Mihaela Dragan, Antonella Lerca Duda, Nicoleta Ghita, Zita Moldovan, Bety Pisica, Oana Rusu, Raj Alexandru Udrea), based on a concept by Bogdan Georgescu.(Roma) This is a work of collective creation by members of the Roma Theatre company Giuvlipen, aiming to bring to public attention taboo subjects, to enhance the visibility of Roma performers and to experiment with new forms of theatre-making in a Romanian context.

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In its 104-year history, Lincoln Electric Company has managed to sustain its status as the world's leader in welding technology despite intense domestic and foreign competition. The company's success can be attributed to founder James Lincoln, who began adopting principles of management that empowered workers and allowed the company to change rapidly to take advantage of new opportunities. This book shows you how to duplicate these pioneering ideas and follow the brilliance of the Lincoln management system. The results of this system include happier customers, more prosperous workers, and richly rewarded shareholders. Joseph Maciariello uncovers Lincoln's approach to management in a systematic manner and demonstrates why the company has been so effective for over a century. You'll discover how Lincoln employs a mutually reinforcing set of management systems that creates a boost in overall performance. When these systems are described and understood in their entirety, you'll see how the company's sustained success is due to its natural development of agility. You'll findout how this agility is connected to its executive leadership, management systems, and cultural environment. And you'll learn how to utilize these principles and techniques in your own company to obtain similar results. The management system detailed in this book has helped Lincoln Electric: * Obtain net sales of over $1.1 billion in 1998 * Grab 40% of the U.S. market for welding machines and products * Double the average return on stock- holder equity in the metals industry * Provide production workers with an average salary that is twice as much as the industry median By implementing this system, you can also experience these strong financial returns for shareholders, an increase in wages for workers, higher productivity, and much more! "Lasting Value is that rarest of books: a "why to" book, a "what to" book, and a "how to" book- its examples deal with manufacturing companies and blue-collar workers. But the lessons have particular force for the new job facing management: building organizations of knowledge workers who perform and who create lasting value." -Peter F. Drucker "In today's world of quarterly expectations and Wall Street's praise for major restructuring, Lasting Value successfully illustrates that long-term shareholder value can occur when corporations are truly customer and employee driven with the highest of motives." -Donald F. Hastings Chairman Emeritus, Lincoln Electric Company "Worthington was founded on the lifelong principles rooted in the Golden Rule and today it represents one of the strongest employee-employer partnerships in American business. We are proud of this important foundation for our company, as it has provided us with lasting value." -John H. McConnell Founder and Chairman Emeritus, Worthington Industries "This book should be on every manager's bookshelf and be required reading at everybusiness school." -F. Kenneth Iverson Chairman Emeritus, NUCOR Corporation "Joe Maciariello's in-depth description and detailed analysis of the Lincoln Electric Company will allow managers (and others) to revisit the powerful lessons this company has offered. Lasting Value is a valuable and practical contribution that should be welcomed by managers everywhere." -Christopher A. Bartlett Daewoo Professor of International Business and Chair, Program for Global Leadership Harvard University "Managers should consider the application of this novel approach to managing their companies. Lincoln Electric has used it successfully for almost 100 years." -Robert N. Anthony Walker Professor of Management Control, Emeritus The Harvard Business School

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Seven discrete areas of land were excavated by Archaeological Solutions to the north-east of Stowmarket in Mid Suffolk, on the clay hillside above the river Gipping. Four phases of medieval and post-medieval land use were identified; the main period of activity was in the 13th–14th centuries AD. To the north of Cedars Park, where the hillside levels off to a plateau, excavation revealed part of an enclosed farmstead. The remains of two buildings with earth-fast foundations were identified, as well as cobbled yard surfaces, numerous quarry and rubbish pits and a large pond or watering hole. On the lower slopes to the south-west was an area of roadside settlement marked by regular property boundaries/drainage ditches either side of Creeting Road. The direct relationship between the road and the medieval boundary ditches demonstrates that it was in use by the 13th century if not earlier. Because the excavation areas were set back slightly from the road, evidence of dwellings was absent. However, the rear areas of several roadside tofts, containing cobbled yard surfaces and the remains of barns or other agricultural buildings, were revealed. Scattered pits containing quantities of pottery, animal bone and other domestic rubbish attested to occupation close by. Field name evidence indicates that the settlement lay on the edge of a green which had been enclosed by the early post-medieval period. It is likely to have been directly associated with the medieval manor at Thorney Hall, 250m to the west. To the east of the site, close to Sheepcote Hall, was a small double-ditched stock enclosure which is thought to have been used for corralling sheep, with another area of medieval roadside settlement nearby at the junction of Creeting Road and Mill Street. Cedars Park was probably settled under the favourable environmental conditions of the 12th and early 13th centuries, at a time of rising population. The spread of small, dispersed settlement sites across the landscape was also a result of the gradual breakup of the large late Saxon royal estate of Thorney into a multitude of separate manors. The reasons for the abandonment of much of the site around the mid 14th century are unknown but the Black Death and subsequent outbreaks of plague, and the difficulty of farming the local clay soil in the worsening climate of the 14th century, may have played a part. The enclosed farmstead can be tentatively identified with a tenement documented in the records of Thorney Hall manor court, which was owned by one William Le Newman until its abandonment in c.1340. At the end of the 14th century, the green-edge plots were probably held by one Geoffrey Atte Grene. By 1408, Geoffrey’s tenements had passed to Thomas Mysterton, a gentleman, who is unlikely to have occupied them himself. Changing patterns of land ownership therefore contributed to the final abandonment of this part of the site. Subsequent agricultural land use was represented by a series of field boundary ditches which closely matched those recorded on the 1839 Stowupland tithe map. The dispersed medieval settlements at Cedars Park were occupied by people of relatively low status, with little evidence for specialised agricultural or craft production and few signs of wealth. Mixed farming with an important pastoral component produced enough food for their subsistence and a modest surplus with which they were able to purchase pottery and other commodities at local markets; most items found at the site were produced within a thirty-mile radius. Similar small farms and roadside or green-edge settlements were typical of the medieval landscape of the Suffolk, Essex and Norfolk claylands. However, while these types of dispersed settlement are well known from documentary records and field survey, very few have been subject to modern open-area excavation and the recovery of detailed structural, economic and environmental evidence.

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Wiley Online Trading for a Living When to get in-when to get out Build, test & trade a winning system Online brokers, research & market data For those who are well suited to day trading and short-term trading, the futures market is one of the best games in town. As the original short-term vehicle, the futures market allows the trader to collapse the time frame in which he or she can reach the desired profit target-or pain threshold. As a result, wins and losses are compounded much more quickly than in stock trading-and, in the case of wins, often more profitably. The ability to gain leverage with very little on margin gives you, the trader, the ability to earn more off smaller swings. And enough home runs could allow you to become your own boss, work from home in your bathrobe, or even work from your cell phone while lying on the beach. So far, so good. But what does it take to win? In Day Trade Futures Online, award-winning veteran futures trader Larry Williams gives a no-holds-barred view of the risks and rewards of this increasingly accessible arena. His straightforward approach to helping you determine your trading personality is the first step. Then he offers traders what they really need: strategies and tactics designed to beat the futures markets. From hardware and software setup to trading psychology and successful strategizing, this highly readable book covers all the bases needed to prepare you to trade online, including: * Assessing your risk threshold * Streamlining the glut of trading and price information to make it work for you * The importance of knowing how to manage your money * Choosing an online broker and utilizing other online resources, such as news, chat rooms, and message boards * When to get out of your trades * Building a system based on Larry's time-tested strategies . . . and that's just for starters. Also included are an appendix of basic futures concepts and a select bibliography of some of the best learning resources. With good humor and brutal honesty, Williams guides you in building the trading system that will work best for you. GET IN ON THE ORIGINAL SHORT-TERM GAME WITH BIG-TIME PROFITS With unflinching honesty and decades of trading experience, award-winning veteran futures trader Larry Williams lends his expertise to the many aspects of futures trading online, including: * Winning strategies * Determining your trading personality * The art of using the Internet * Hardware and software solutions * History and development of short-term trading Praise for Larry Williams and day trade futures online "Larry Williams, the astute and experienced trader, has presented the reader with many computer-tested patterns that should give one an edge up in the hard world of day trading. He not only gives the patterns, he explains the 'why' of market action and what it takes to be successful from a psychological and money management standpoint. This is one of the best practical books ever written on trading by a veteran trader. Buy it."-John Hill, President, Futures Truth Co. "Larry possesses an incredible talent to differentiate between what is important in life as well as in the markets. In his book, he shares insights into market behavior and short-term price dynamics that are useful to beginning and experienced traders alike. Whereas most day trading books merely discuss the market in generalities, Larry focuses on computer-tested techniques that can actually help make traders profitable. This is Larry at his best and finest!"-Tom DeMark, President, Market Studies Inc., author of New Science of Technical Analysis and New Market Timing Techniques "Day Trade Futures Online is another must-have Larry Williams trading book. That's because nearly all the profitable futures traders I've known have attributed their trading success to an idea or concept learned from Larry. When Larry speaks, you better listen."-Gary Smith, author of How I Trade for a Living

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People leaving prison; refugees; victims of abuse and prostitution. All struggle to find a home, to build relationships, to get back on their feet. The root cause of homelessness is relational: the homeless suffer not just the lack of a roof, but a lack of love. But what if someone could provide not only a home, but also a network? Real people, who knew what they were doing, and who cared? In 2007 Ed Walker published with Monarch Books a book called Reflections from the Scorched Earth. It described his nine years of living and working in six distinct war zones - notably in Darfur - as a Christian humanitarian aid worker with Tearfund. Returning to the UK, Ed worked for the YMCA for three years. But before long Ed and Rachel felt the call to start a genuinely Christian charity working with ex-offenders and the homeless. The private rental sector was out of reach for many, and government provision was horribly inadequate. Both problems have grown massively in the subsequent years. Scraping together every penny they could find, in 2010 the young couple set up a charity, Hope into Action, invested GBP30,000 in a house and bought the first home for the homeless in partnership with their church. This charity has now grown to 51 homes across fifteen towns and cities. Hope into Action have won numerous awards both secular and Christian (they won the Guardian's Public Service Award in 2017, and an award from the Centre for Social Justice). The vision is simple, but devastatingly effective. It provides a vehicle for Christians with money to invest in housing stock, with a modest but guaranteed return. Once funds in a locality are available, and in partnership with a local church, HiA will select a suitable house, which is refurbished as necessary. Together with the local church, the members of which will receive training from HiA in befriending and providing guidance, HiA will select suitable tenants. HiA provide case workers to monitor, smooth understanding, provide support and impose discipline. The churches offer friendship and local contacts. The underlying vision is not simply to help the marginalised, but to enable churches. Tenants come from a variety of backgrounds. Some are men coming out of prison and stuck in hostels. Some are recommended by social services, others by refugee agencies. In the last year HiA have provided homes for refugees fleeing from Sudan and Darfur, the Democratic Republic of Congo, Eritrea, Syria, and Iran. The results to date have been impressive, bearing in mind that many of those helped have multiple personal challenges. In the annual statement for 2017 Hope into Action report that 87% of tenants succeeded in maintaining their tenancies; 89% of those who had been in custody refrained from crime; 81% of those with addictions reduced or ceased their drug use; 82% reported improved relations with their families; 47% were involved in volunteering, education or training; and 23% had found a job. There is no requirement upon tenants to have any kind of faith (and many clients are Muslim refugees) but many do become believers. There have been endless teething problems. Relationships have broken down. Tenants who seemed well on the way to recovery and stability have gone completely off the rails. Money has been tight. Most notably however, Ed and his small team have seen God move and provide in amazing, multiple ways. "We have seen miracles, healings, conversions, churches transformed," Ed comments. "I have also gone through some major heart-breaks and dangerous situations, but through it all God has been faithful." Hope into Action tells Ed's story of faith and struggle as he and his wife saw the need, felt the call and stepped out in faith, developed a new theology of sharing and saw both tragic and wonderful results. It explains how we meet and grow in Christ as we interact with those in the shadows and those hidden in darkness.

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‘Kiley's writing is delightful and so easy to cosy down with…Best book of the year!’ ⭐⭐⭐⭐⭐Reader ReviewA fairytale ending isn’t just for fiction…The Borrow-a-Bookshop is recovering, seven months on from the winter flood that destroyed all its stock, and the latest temporary bookseller, Joy Foley, arrives in Clove Lore with her daughter, five-year-old Radia Pearl. As a tech expert, she’ll be working on dragging the Bookshop into the twenty-first century.But what no one knows is that Joy is running from Radia Pearl’s father. She can’t settle down here or anywhere … moving on is how she stays safe. So when Radia befriends Monty Bickleigh, ex-fisherman and the new cook at The Siren’s Tail pub, despite herself, Joy finds herself growing closer to him, and the quirky community of Clove Lore.While Joy settles in to the bookshop, Araminta Clove-Congreve, local lady of the Manor, is finding running her new wedding business harder than anticipated. She needs to hire a chief wedding planner, and fast - and Joy’s family may have the answer.As Joy finds her heart softening by the magic of Clove Lore, can her new friends – and Monty – be enough to convince Joy to stop running and find a new life?An uplifting, gorgeously romantic read that will warm your heart; fans of Jenny Colgan and Trisha Ashley won't be able to put this down. Bookworms everywhere, escape to the magic of Clove Lore today...Readers are loving Something New at the Borrow a Bookshop:‘I couldn't get enough of this story and was reading it every second I had over the course of a day. Just simply fabulous.’ ⭐⭐⭐⭐⭐Reader Review‘What a heart-warming, feel good story! A perfect weekend read…Loved it!’ ⭐⭐⭐⭐⭐Reader Review‘Charming, cozy, heartbreaking, and heart-warming. It was truly a delight to read.’ ⭐⭐⭐⭐⭐Reader Review‘A wonderful read which made me feel warm and gooey inside. Perfect for a pick-me-up!’ ⭐⭐⭐⭐⭐Reader Review‘An absolutely wonderful read. Kiley never disappoints and this book was no exception…some deep themes all wrapped up in a warm hug.’ ⭐⭐⭐⭐⭐Reader Review‘The Borrow-a-Bookshop series is like a gentle hug from a friend… Before you know it, you are caught up in the lives of the characters and want to join them.’ ⭐⭐⭐⭐⭐Reader Review‘A lovely and emotional (in a good way) romance, with a wonderful sense of community.’ ⭐⭐⭐⭐⭐Reader Review‘These books are uplifting, heart-warming and heart-breaking’. ⭐⭐⭐⭐⭐Reader Review‘A book series to rely on, one that has me longing to visit again, enjoying the escape and the warmth inside.’ ⭐⭐⭐⭐⭐Reader Review‘A quaint seaside village, interesting characters, a cozy bookshop, and the sweetest love story.’ ⭐⭐⭐⭐⭐Reader Review‘A cute, heart-warming, cosy read…I have fallen in love with Clove Lore and their residents.’ ⭐⭐⭐⭐⭐Reader Review‘I think this is the best book in the series to date… A story of community and friendships and family.’ ⭐⭐⭐⭐⭐Reader Review‘I adore this series, so, so much! I read them much too fast because they are so darn cute.’ ⭐⭐⭐⭐⭐Reader Review‘These books are a real treat and pure escapism not to be missed.’ ⭐⭐⭐⭐⭐Reader Review‘A truly satisfying read with a wonderful ensemble cast.’ ⭐⭐⭐⭐⭐Reader Review‘The author packs this book with lovable characters…A heart-warming trip to a fictional gem of the Devon seaside.’ ⭐⭐⭐⭐⭐Reader Review

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From East Baltimore to Forest Park to Park Heights, from Nates and Leon's deli to Hutzler's department store, Jewish Baltimore tells stories of neighborhoods, people, and landmarks that have been important to Baltimore's Jewish experience. Gilbert Sandler, whose popular columns have appeared in Baltimore's Jewish Times and the Baltimore Sun, offers a wide-ranging history of the region's Jewish community from the 1850s to the present, covering both German Jewish and Russian Jewish communities. Sandler's archival research uncovers new details about important people and events, but the heart of his book lies in its anecdotes and quotations-the reminiscences of those who recall the rich tapestry of days gone by. More than a hundred nostalgic photographs help to bring the memories to life. Many of Sandler's essays invoke famous names in Baltimore history-names like Jack Pollack, the ex-boxer turned politician; Joseph Meyerhoff, who gave his city a symphony hall; Samuel Hecht, founder of the last surviving local department store chain. But just as often, these essays remind us of unsung heros: rabbis, merchants, teachers, and camp counselors. Sandler tells many inspirational stories, including how one young woman, escaping from Germany in 1939 on a ship headed to Bolivia, seized an opportunity when she learned the ship would stop in Baltimore. She sent a cable to her boyfriend in Richmond, Virginia, telling him to meet her at the dock, and the two were married onboard-which eventually allowed her to enter the United States. Sandler always uncovers the "human interest" in his stories. His account of the S.S. President Warfield-refitted as the Exodus to carry food, supplies, and 4,500 European refugees to Palestine in 1947-contains personal recollections from one of the local businessmen who played a key role in the secret operation, and even a statement from someone who, as a young workman, helped to load the ship. Jewish Baltimore also highlights fondly remembered institutions. Hutzler's s department store, for example, was a common meeting place for weekend shoppers; a notebook in Hutzler's balcony allowed friends to trade messages and track each other down in the large store. Hutzler's celebrated return policy stated that "anything could be returned within a reasonable amount of time"-with the word reasonable conveniently left to the customer's discretion. There was also Hendler's ice cream, whose advertisements featured a kewpie doll, proclaiming "Take home a brick!" When a competing chain bragged about producing twenty-eight flavors, Albert Hendler counted fifty flavors in his father's stock-including licorice, eggnog, and tomato aspic (the last flavor produced as a speciality for the Southern Hotel). Focusing on religious education, Sandler tells of the Talmud Torahs, the area's first highly visible, community-wide system committed to providing a Jewish education-two hours of instruction daily, in addition to a Jewish student's other lessons. The Talmud Torahs, dating from 1889, laid the foundation for later Jewish schools, such as the Isaac Davidson Hebrew School. Sandler also visits P.S. 49, a public school remembered for its high concentration of Jewish students. For recreation, the Monument Street "Y" was a popular site, providing a health club, game rooms, six-lane swimming pool, soda fountain, and library. In his essays on summer vacations, Sandler discusses family visits to Eastern Shore beaches and describes the summer camps that were frequented by Jewish children. Sandler has a knack for getting the people he interviews to recall every detail, from the names of favorite teachers or rabbis down to the price of a movie at the Avalon theater and which streetcar line they used to get there. Baltimore has a strong and historically important Jewish presence, and this book engagingly tells the story of that community.

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"A brilliantly conceived and lucidly written exposition of the most important topic on the frontier of modern finance. This book takes the mystery out of derivatives. Bravo!"—John H. Langbein, Professor, Yale Law School "Derivatives for Decision Makers is a first in explaining derivatives to those who need to understand them. It explains what derivatives are, how they can be used as risk management tools, and what managers and decision makers need to know about the subject. Not only is the technical substance superb, but the form is accessible to all decision makers."—Afsaneh Mashayekhi Beschloss, Director, The World Bank Group "Derivatives for Decision Makers is an excellent resource for both users and providers of derivative products, regardless of the reader's level of sophistication. The recent highly publicized derivatives problems are objectively reviewed by the authors who contribute important and sensible recommendations to avoid similar situations in the future."—Dipak K. Rastogi, Executive Vice President and former Head of Global Derivatives, Citibank, N. A. "Derivatives can play a critical role in achieving corporate financing and investment strategies. Whether you are a novice or a seasoned practitioner, Crawford and Sen present a superb roadmap with well-chosen, real-world illustrations. Their vivid insights make this book a 'must-read' for corporate and pension fund managers."—Sandra S. Wijnberg, Vice President & Assistant Treasurer, PepsiCo, Inc. "Crawford and Sen have done a fine job of making derivatives comprehensible for managers who need to understand the basic features and uses of these instruments. This coverage, together with the book's unique emphasis on senior management's fiduciary obligations to the firm's shareholders, sets this book apart from other attempts to make derivatives accessible to senior management. This book is an important read."—John F. Marshall, Executive Director, International Association of Financial Engineers and Professor of Financial Engineering, Polytechnic University Derivatives are the power tools that enable users to analyze components of risk and return inherent in an investment or a business. The popularity of derivative use in the marketplace has surged in recent years, spurring financial innovation and better risk management. Yet this popular instrument is double-edged: derivatives are as risky as they are beneficial. In light of recent, highly publicized disasters—the Orange County bankruptcy and the Barings fiasco—it is imperative that business and finance professionals have a current and basic knowledge of this complicated and venturesome field. If you are a shareholder, director, or other decision maker in a company utilizing derivatives, it is important that you know how to maximize the benefits of derivatives and minimize the damage that they can cause. Now, two leading financial experts provide the solid principles you need to understand and properly use derivative products and structured financing. Starting upwards from the ground floor, this straightforward, no-nonsense resource is replete with tables, graphs, and common examples and common sense, offering invaluable information on: The three major types of derivatives-options, futures, and swaps Leverage—what it is, why it is so important, how it is used to increase returns, and how it multiplies risk Hedging a stock portfolio and hedging industry risk with synthetic futures Business risks—core and secondary risks; which business risks to hedge with derivatives Investment strategies using derivatives Derivative risks—market, credit, legal, and systemic Fiduciary duties—the duties of loyalty and care, exceptions, the prudent investor rule, business judgment, rule and disclosure requirements Delegating management functions—selecting, instructing, and monitoring experts Whether you're a manager, director, attorney, accountant, corporate executive, or corporate shareholder, this comprehensive book will prove to be an invaluable guide on utilizing and handling derivatives wisely, resourcefully, and successfully.

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"The Goal Is to Teach All Traders to Think with the Mindset of a Successful Trader..." While successful trading requires tremendous skill and knowledge, it begins and ends with mindset. What do exceptional traders think when they purchase a quality stock and the price immediately plummets? How do they keep one bad trade from destroying their confidence - and bankroll? What do they know that the rest of us don't? "Some trades are not worth the risk and should never be done."High Probability Trading" shows you how to trade only when the odds are in your favor. From descriptions of the software and equipment an exceptional trader needs high probability signals that either a top or bottom has been reached, it is today's most complete guidebook to thinking like an exceptional trader - every day, on every trade. "It's not how good you are at one individual thing, but it's the culmination of every aspect of trading that makes one successful."Before he became a successful trader, Marcel Link spent years wading from one system to the next, using trial and error to figure out what worked, what didn't, and why. In "High Probability Trading", Link reveals the steps he took to become a consistent, patient, and winning trader - by learning what to watch for, what to watch out for, and what to do to make each trade a high probability trade. "Why do a select few traders repeatedly make money while the masses lose? What do bad traders do that good traders avoid, and what do winning traders do that is different? Throughout this book I will detail how successful traders behave differently and consistently make money by making high probability trades and avoiding common pitfalls..." - From the preface.Within 6 months of beginning their careers full of promise and hope, most traders are literally out of money and out of trading. "High Probability Trading" reduces the likelihood that you will have to pay this "traders' tuition," by detailing a market-proven program for weathering those first few months and becoming a profitable trader from the beginning.Combining a uniquely blunt look at the realities of trading with examples, charts, and case studies detailing actual hits and misses of both short- and long-term traders, this straightforward guidebook discusses: the 10 consistent attributes of a successful trader, and how to make them work for you; strategies for controlling emotions in the heat of trading battle; technical analysis methods for identifying trends, breakouts, reversals, and more; market-tested signals for consistently improving the timing of entry and exit points; how to "trade the news" - and understand when the market has already discounted it; and learning how to get out of a bad trade before it can hurt you. The best traders enter the markets only when the odds are in their favor. "High Probability Trading" shows you how to know the difference between low and high probability situations, and only trade the latter. It goes far beyond simply pointing out the weaknesses and blind spots that hinder most traders to explaining how those defects can be understood, overcome, and turned to each trader's advantage. While it is a cliche, it is also true that there are no bad traders, only bad trades. Let "High Probability Trading" show you how to weed the bad trades from your trading day by helping you see them before they occur.Packed with charts, trading tips, and questions traders should be asking themselves, plus real examples of traders in every market situation, this powerful book will first give you the knowledge and tools you need to tame the markets and then show you how to meld them seamlessly into a customized trading program - one that will help you join the ranks of elite traders and increase your probability of success on every trade.

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Over the last three decades, wine economics has emerged as a growing field within agricultural economics, but also in other fields such as finance, trade, growth, environmental economics and industrial organization. Wine has a few characteristics that differentiate it from other agricultural commodities, rendering it an interesting topic for economists in general. Fine wine can regularly fetch bottle prices that exceed several thousand dollars. It can be stored a long time and may increase in value with age. Fine wine quality and prices are extraordinarily sensitive to fluctuations in the weather of the year in which the grapes were grown. And wine is an experience good, i.e., its quality cannot be ascertained before consumption. As a result, consumers often rely on 'expert opinion' regarding quality and maturation prospects.This handbook takes a broad approach and familiarizes the reader with the main research strands in wine economics.After a general introduction to wine economics by Karl Storchmann, Volume 1 focuses on the core areas of wine economics. The first papers shed light on the relevance of the vineyard's natural environment for wine quality and prices. 'Predicting the Quality and Prices of Bordeaux Wine' by Orley Ashenfelter is a classic paper and may be the first wine economics publication ever. Ashenfelter shows how weather influences the quality and the price of Bordeaux Grands Crus wine. Since the weather condition of the year when the grapes were grown is known, an econometric analysis may be constructed. It turns out this model outperforms expert opinion, i.e., critical vintage scores. At best, expert opinion reflects public information. The subsequent papers, by Ashenfelter and Storchmann, Gergaud and Ginsburgh, and Cross, Plantinga and Stavins, tackle the terroir question. That is, they examine the relevance of a vineyard's physical characteristics for wine quality and prices, but from various dimensions and with different results. Next, Alston et al. analyze a question of great concern in the California wine industry: the causes and consequences of the rising alcohol content in California wine. Is climate change the culprit?The next chapter presents three papers that apply hedonic price analyses to fine wine. Combris, Lecocq and Visser show that Bordeaux wine market prices are essentially determined by the wines' objective characteristics. Costanigro, McCluskey and Mittelhammer differentiate their hedonic analysis for various market segments. Ali and Nauges incorporate reputational variables into their pricing model and distinguish between short- and long-run price effects.The next section of this volume deals with one of the unique characteristics of wine — its long storage life, which makes it potentially an investment asset. Studying wine's increasing role as an alternative asset class, Sanning et al., Burton and Jacobsen, Masset and Weisskopf, Masset and Henderson, and Fogarty all examine the rate of return to holding wine as well as the related risks. Since these papers analyze different wines and different time periods there is no 'one message.' However, all point out that, while wine may diversify an investor's portfolio, wine's returns do not beat common stock in the long run.The last two chapters examine the role of wine experts. First, Ashenfelter and Quandt revisit the 1976 'Judgment of Paris' and show that aggregating the assessments of several judges should go beyond 'adding points.' Depending on the method employed, the results may vary, and some measure of statistical precision is essential for interpreting the reliability of the results. In two different papers, Cicchetti and Quandt respond to the necessity to provide statistical tools for the assessment of wine tastings.In a seminal paper, Hodgson reports a remarkable field experiment in which similar wines were placed before judges at a major competition. The results have the shocking implication that how medals are awarded at a major California wine fair is not far from being random. Ashton analyzes the performance of professional wine judges and finds little support for the idea that experienced wine judges should be regarded as experts.Do experts scores influence the price of wine? The answer to this question is less obvious then commonly thought since expert opinion oftentimes only repeats public information such as wine quality that results from the weather that produced the wine grapes. Hadj Ali, Lecocq, and Visser as well as Dubois and Nauges find that high critical scores exert only small effects on wine prices. However, Roberts and Reagans show that a high critical exposure reduces the price-quality dispersion of wineries.Lecocq and Visser analyze wine prices and find that 'characteristics that are directly revealed to the consumer upon inspection of the bottle and its label explain the major part of price differences.' Expert opinion and sensory variables appear to play only a minor role. In an experimental setting using two Vickrey auctions, Combris, Lange and Issanchou confirm the leading role of public information, i.e., the label remains a key determinant for champagne prices. In a provocative and widely discussed study drawing on blind tasting results of some 5,000 wines, Goldstein and collaborators find that most consumers prefer less expensive over expensive wine.Finally, Weil examines the value of expert wine descriptions and lets several hundred subjects match the wines and their descriptors. His results suggest that the ability to assign a certain description to the matching wine is more or less random.Volume 2 covers the topics reputation, regulation, auctions, and market organizational. Landon and Smith, Anderson and Schamel, and Schamel analyze the impact of current quality and reputation (i.e., past quality) on wine prices from different regions. Their results suggest that prices are more influenced by reputation than by current quality. Costanigro, McCluskey and Goemans develop a nested framework for jointly examining the effects of product, firm and collective reputation on market prices.The following four papers deal with regulatory issues in the US as well as in Europe. While Riekoff and Sykuta shed light on the politics and economics of the three-tier system of alcohol distribution and the prohibition of direct wine shipments in the US, Deconinck and Swinnen analyze the European planting rights system. The political economy of European wine regulation is then covered by Melonie and Swinnen, before Anderson and Jensen shed light on Europe's complex system of wine industry subsidies.The next chapter is devoted to wine auctions. In three different papers, Fevrier, Roos and Visser, Ashenfelter, and Ginsburgh analyze the effects of specific auction designs on the resulting hammer prices. The papers focus on multi-unit ascending auctions, absentee bidders, and declining price anomalies.The last chapter, supply and organization, is devoted to a wide range of issues. First, Heien illuminates the price formation process in the California winegrape industry. Then, Frick analyzes if and how the separation of ownership and control affects the performance of German wineries.Vink, Kleynhans and Willem Hoffmann introduce us to various models of wine barrel financing, particularly to the Vincorp model employed in South Africa. Galbreath analyzes the role of women in the wine industry. He finds that (1) women are underrepresented and (2) that the presence of a female CEO increases the likelihood of women in winemaker, viticulturist, and marketing roles in that firm. Gokcekus, Hewstone, and Cakal draw on crowdsourced wine evaluations, i.e., Wine Tracker data, and show that private wine assessments are largely influenced by peer scores lending support to the assumption of the presence of a strong herding effect.Mahenc refers to the classic model of information asymmetries and develops a theoretical model highlighting the role of informed buyers in markets that are susceptible to the lemons problem. Lastly, in their paper 'Love or Money?' Scott, Morton and Podolny analyze how the presence of hobby winemakers may distort market outcomes. Hobby winemakers produce higher quality wines, charge higher prices, and enjoy lower financial returns than professional for-profit winemakers. As a result, profit-oriented winemakers are discouraged from locating at the high-quality end of the market.

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Over the last three decades, wine economics has emerged as a growing field within agricultural economics, but also in other fields such as finance, trade, growth, environmental economics and industrial organization. Wine has a few characteristics that differentiate it from other agricultural commodities, rendering it an interesting topic for economists in general. Fine wine can regularly fetch bottle prices that exceed several thousand dollars. It can be stored a long time and may increase in value with age. Fine wine quality and prices are extraordinarily sensitive to fluctuations in the weather of the year in which the grapes were grown. And wine is an experience good, i.e., its quality cannot be ascertained before consumption. As a result, consumers often rely on 'expert opinion' regarding quality and maturation prospects.This handbook takes a broad approach and familiarizes the reader with the main research strands in wine economics.After a general introduction to wine economics by Karl Storchmann, Volume 1 focuses on the core areas of wine economics. The first papers shed light on the relevance of the vineyard's natural environment for wine quality and prices. 'Predicting the Quality and Prices of Bordeaux Wine' by Orley Ashenfelter is a classic paper and may be the first wine economics publication ever. Ashenfelter shows how weather influences the quality and the price of Bordeaux Grands Crus wine. Since the weather condition of the year when the grapes were grown is known, an econometric analysis may be constructed. It turns out this model outperforms expert opinion, i.e., critical vintage scores. At best, expert opinion reflects public information. The subsequent papers, by Ashenfelter and Storchmann, Gergaud and Ginsburgh, and Cross, Plantinga and Stavins, tackle the terroir question. That is, they examine the relevance of a vineyard's physical characteristics for wine quality and prices, but from various dimensions and with different results. Next, Alston et al. analyze a question of great concern in the California wine industry: the causes and consequences of the rising alcohol content in California wine. Is climate change the culprit?The next chapter presents three papers that apply hedonic price analyses to fine wine. Combris, Lecocq and Visser show that Bordeaux wine market prices are essentially determined by the wines' objective characteristics. Costanigro, McCluskey and Mittelhammer differentiate their hedonic analysis for various market segments. Ali and Nauges incorporate reputational variables into their pricing model and distinguish between short- and long-run price effects.The next section of this volume deals with one of the unique characteristics of wine — its long storage life, which makes it potentially an investment asset. Studying wine's increasing role as an alternative asset class, Sanning et al., Burton and Jacobsen, Masset and Weisskopf, Masset and Henderson, and Fogarty all examine the rate of return to holding wine as well as the related risks. Since these papers analyze different wines and different time periods there is no 'one message.' However, all point out that, while wine may diversify an investor's portfolio, wine's returns do not beat common stock in the long run.The last two chapters examine the role of wine experts. First, Ashenfelter and Quandt revisit the 1976 'Judgment of Paris' and show that aggregating the assessments of several judges should go beyond 'adding points.' Depending on the method employed, the results may vary, and some measure of statistical precision is essential for interpreting the reliability of the results. In two different papers, Cicchetti and Quandt respond to the necessity to provide statistical tools for the assessment of wine tastings.In a seminal paper, Hodgson reports a remarkable field experiment in which similar wines were placed before judges at a major competition. The results have the shocking implication that how medals are awarded at a major California wine fair is not far from being random. Ashton analyzes the performance of professional wine judges and finds little support for the idea that experienced wine judges should be regarded as experts.Do experts scores influence the price of wine? The answer to this question is less obvious then commonly thought since expert opinion oftentimes only repeats public information such as wine quality that results from the weather that produced the wine grapes. Hadj Ali, Lecocq, and Visser as well as Dubois and Nauges find that high critical scores exert only small effects on wine prices. However, Roberts and Reagans show that a high critical exposure reduces the price-quality dispersion of wineries.Lecocq and Visser analyze wine prices and find that 'characteristics that are directly revealed to the consumer upon inspection of the bottle and its label explain the major part of price differences.' Expert opinion and sensory variables appear to play only a minor role. In an experimental setting using two Vickrey auctions, Combris, Lange and Issanchou confirm the leading role of public information, i.e., the label remains a key determinant for champagne prices. In a provocative and widely discussed study drawing on blind tasting results of some 5,000 wines, Goldstein and collaborators find that most consumers prefer less expensive over expensive wine.Finally, Weil examines the value of expert wine descriptions and lets several hundred subjects match the wines and their descriptors. His results suggest that the ability to assign a certain description to the matching wine is more or less random.Volume 2 covers the topics reputation, regulation, auctions, and market organizational. Landon and Smith, Anderson and Schamel, and Schamel analyze the impact of current quality and reputation (i.e., past quality) on wine prices from different regions. Their results suggest that prices are more influenced by reputation than by current quality. Costanigro, McCluskey and Goemans develop a nested framework for jointly examining the effects of product, firm and collective reputation on market prices.The following four papers deal with regulatory issues in the US as well as in Europe. While Riekoff and Sykuta shed light on the politics and economics of the three-tier system of alcohol distribution and the prohibition of direct wine shipments in the US, Deconinck and Swinnen analyze the European planting rights system. The political economy of European wine regulation is then covered by Melonie and Swinnen, before Anderson and Jensen shed light on Europe's complex system of wine industry subsidies.The next chapter is devoted to wine auctions. In three different papers, Fevrier, Roos and Visser, Ashenfelter, and Ginsburgh analyze the effects of specific auction designs on the resulting hammer prices. The papers focus on multi-unit ascending auctions, absentee bidders, and declining price anomalies.The last chapter, supply and organization, is devoted to a wide range of issues. First, Heien illuminates the price formation process in the California winegrape industry. Then, Frick analyzes if and how the separation of ownership and control affects the performance of German wineries.Vink, Kleynhans and Willem Hoffmann introduce us to various models of wine barrel financing, particularly to the Vincorp model employed in South Africa. Galbreath analyzes the role of women in the wine industry. He finds that (1) women are underrepresented and (2) that the presence of a female CEO increases the likelihood of women in winemaker, viticulturist, and marketing roles in that firm. Gokcekus, Hewstone, and Cakal draw on crowdsourced wine evaluations, i.e., Wine Tracker data, and show that private wine assessments are largely influenced by peer scores lending support to the assumption of the presence of a strong herding effect.Mahenc refers to the classic model of information asymmetries and develops a theoretical model highlighting the role of informed buyers in markets that are susceptible to the lemons problem. Lastly, in their paper 'Love or Money?' Scott, Morton and Podolny analyze how the presence of hobby winemakers may distort market outcomes. Hobby winemakers produce higher quality wines, charge higher prices, and enjoy lower financial returns than professional for-profit winemakers. As a result, profit-oriented winemakers are discouraged from locating at the high-quality end of the market.

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