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misLeading Indicators: How to Reliably Measure Your Business
by Philip Green George GaborThis book reveals the hidden and potentially misleading nature of measurements, empowering readers to avoid making critical business decisions that are harmful, unreasonable, unwarranted, or plain wrong.Decision makers in business and government are more reliant than ever on measurements, such as business performance indicators, bond ratings, Six-Sigma indicators, stock ratings, opinion polls, and market research. Yet many popular statistical and business books and courses relating to measurement are based on flawed principles, leading managers to the wrong conclusions—and ultimately, the wrong decisions. misLeading Indicators: How to Reliably Measure Your Business provides something unique and invaluable: trustworthy tools for judging measurements.Each chapter illustrates the four key principles for reliable measurements: sufficient background information, accuracy and precision, reasonable inferences, and reality checks in different situations. After the three fundamental methods of measuring are defined, the authors expand to the application and interpretation of measurements in specific areas, including business performance, risk management, process, control, finance, and economics. This book supplies essential information for managers in business and government who depend on accurate information to run their organizations, as well as the consultants who advise them.
Misleading Marketing Communication: Assessing the Impact of Potentially Deceptive Food Labelling on Consumer Behaviour
by Viktor Smith Daniel Barratt Peter Møgelvang-Hansen Alexander U. Wedel AndersenUsing the case of food labelling, this book demonstrates that the line between fair and potentially misleading communication can be approached in empirical terms, supplementing the predominantly political and legal deliberations that determine how society deals with these issues. By first critically reviewing the legal conception of misleading commercial practices manifest in EU law, the authors discuss whether and how it can be transposed into empirically measurable terms. Presenting four complementary experimental studies targeting recurrent grey-zone scenarios on the Danish food market, the book illustrates the potential of the so-called ShopTrip test paradigm which simulates and registers real-life e-shopping behaviour as it unfolds while yielding new types of data against which opposing assessments of potential misleadingness can be matched. The results are discussed in the light of possible paths of theoretical explanation and implications for future regulative practices, including companies’ self-regulation.
Mismanagement, “Jumpers,” and Morality: Covertly Concealed Managerial Ignorance and Immoral Careerism in Industrial Organizations (Routledge Studies in Business Ethics)
by Reuven ShapiraExecutives’ morality and ethics became major research topics following recent business scandals, but the research missed a major explanation of executives’ immorality: career advancement by "jumping" between firms that causes ignorance of job-pertinent tacit local knowledge, tempting "jumpers" to covertly conceal this ignorance. Generating distrust and ignorance cycles and mismanagement, this choice bars performance-based career advancement and encourages immoral careerism, advancing by immoral subterfuges. Such careerism is a known managerial malady, but explaining its emergence proved challenging as managerial ignorance is covertly concealed as a dark secret on organizations’ dark side by conspiracies of silence. Managerially educated and experienced, Dr. Shapira achieved a breakthrough by a 5-year semi-native anthropological study of five "jumper"-managed automatic processing plants and their parent firms. This book untangles common ignorance and immoral careerism, concealed as dark secrets by executives who "rode" on the successes of mid-level "jumpers" who high-morally risked their authority and power by admitting ignorance and trustfully learned local tacit knowledge. The opposite choice tendencies accorded power, authority, and status rankings, which made practicing immorality easier the higher one’s position, suggesting that the common "jumping" between managerial careers nurtures immoral executives similar to those exposed in the recent business scandals.
Mismanagement, “Jumpers,” and Morality: Covertly Concealed Managerial Ignorance and Immoral Careerism in Industrial Organizations (Routledge Studies in Business Ethics)
by Reuven ShapiraExecutives’ morality and ethics became major research topics following recent business scandals, but the research missed a major explanation of executives’ immorality: career advancement by "jumping" between firms that causes ignorance of job-pertinent tacit local knowledge, tempting "jumpers" to covertly conceal this ignorance. Generating distrust and ignorance cycles and mismanagement, this choice bars performance-based career advancement and encourages immoral careerism, advancing by immoral subterfuges. Such careerism is a known managerial malady, but explaining its emergence proved challenging as managerial ignorance is covertly concealed as a dark secret on organizations’ dark side by conspiracies of silence. Managerially educated and experienced, Dr. Shapira achieved a breakthrough by a 5-year semi-native anthropological study of five "jumper"-managed automatic processing plants and their parent firms. This book untangles common ignorance and immoral careerism, concealed as dark secrets by executives who "rode" on the successes of mid-level "jumpers" who high-morally risked their authority and power by admitting ignorance and trustfully learned local tacit knowledge. The opposite choice tendencies accorded power, authority, and status rankings, which made practicing immorality easier the higher one’s position, suggesting that the common "jumping" between managerial careers nurtures immoral executives similar to those exposed in the recent business scandals.
Mismanaging Innovation Systems: Thailand and the Middle-income Trap (Routledge-GRIPS Development Forum Studies)
by Patarapong IntarakumnerdOnce recognised as a high-performing newly industrialising Asian economy with the potential for economic and developmental success similar to South Korea, Taiwan, Hong Kong and Singapore, Thailand’s growth rate and competitive edge have declined substantially. With slower adoption and movement towards the knowledge-intensive industries, the loss of the competitive edge is a cause of growing concern among Thai policymakers, with Thailand succumbing to the middle-income trap. This book analyses Thailand’s declining competitiveness in the past 50 years, considering both the national and sectoral roles and capabilities of key players, including the government, universities and research institutes, as well as the electronics, food, and automotive industries. Including comparative analyses with other Asian nations, this book is a must-read for both students and practitioners with interests in development economics, industrial economics and public policy.
Mismanaging Innovation Systems: Thailand and the Middle-income Trap (Routledge-GRIPS Development Forum Studies)
by Patarapong IntarakumnerdOnce recognised as a high-performing newly industrialising Asian economy with the potential for economic and developmental success similar to South Korea, Taiwan, Hong Kong and Singapore, Thailand’s growth rate and competitive edge have declined substantially. With slower adoption and movement towards the knowledge-intensive industries, the loss of the competitive edge is a cause of growing concern among Thai policymakers, with Thailand succumbing to the middle-income trap. This book analyses Thailand’s declining competitiveness in the past 50 years, considering both the national and sectoral roles and capabilities of key players, including the government, universities and research institutes, as well as the electronics, food, and automotive industries. Including comparative analyses with other Asian nations, this book is a must-read for both students and practitioners with interests in development economics, industrial economics and public policy.
Mismatch Explanations of European Unemployment: A Critical Evaluation (European and Transatlantic Studies)
by Horst EntorfThe peristence of European unemployment stands in striking contrast to the cyclical pattern of unemployment in the US. Many people attribute the rise in European unemployment to increased imbalances between the pattern of labour demand and supply - in other words, to greater mismatch, but existing mismatch indicators do not support this view. However, the obvious inference is not legitimate because the evidence is based on trended data, and thus gives rise to spurious statistical results. To get around the problem, the author uses the dynamic flow approach to structural unemployment and disaggregated data. The reader will find new results on "non-spurious" mismatch tendencies, occupational reallocation, the matching of apprentices, and the importance of matching and mobility for wage differentials.
The Mismeasure of Progress: Economic Growth and Its Critics
by Stephen J. MacekuraFew ideas in the past century have had wider financial, political, and governmental impact than that of economic growth. The common belief that endless economic growth, as measured by Gross Domestic Product, is not only possible but actually essential for the flourishing of civilization remains a powerful policy goal and aspiration for many. In The Mismeasure of Progress, Stephen J. Macekura exposes a historical road not taken, illuminating the stories of the activists, intellectuals, and other leaders who long argued that GDP growth was not all it was cracked up to be. Beginning with the rise of the growth paradigm in the 1940s and 1950s and continuing through the present day, The Mismeasure of Progress is the first book on the myriad thinkers who argued against growth and the conventional way progress had been measured and defined. For growth critics, questioning the meaning and measurement of growth was a necessary first step to creating a more just, equal, and sustainable world. These critics argued that focusing on growth alone would not resolve social, political, and environmental problems, and they put forth alternate methods for defining and measuring human progress. In today’s global political scene—marked by vast inequalities of power and wealth and made even more fraught by a global climate emergency—the ideas presented by these earlier critics of growth resonate more loudly than ever. Economic growth appealed to many political leaders because it allowed them to avoid addressing political trade-offs and class conflict. It sustained the fiction that humans are somehow separate from nonhuman “nature,” ignoring the intimate and dense connections between the two. In order to create a truly just and equitable society, Macekura argues, we need a clear understanding of our collective needs beyond growth and more holistic definitions of progress that transcend economic metrics like GDP.
Mismeasuring Our Lives: Why Gdp Doesn't Add Up (pdf)
by Amartya Sen Joseph E. Stiglitz Jean-Paul FitoussiIn February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize-winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)―the most widely used measure of economic activity―is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an agenda for developing better measures. Mismeasuring Our Lives is the result of this major intellectual effort, one with pressing relevance for anyone engaged in assessing how and whether our economy is serving the needs of our society. The authors offer a sweeping assessment of the limits of GDP as a measurement of the well-being of societies―considering, for example, how GDP overlooks economic inequality (with the result that most people can be worse off even though average income is increasing); and does not factor environmental impacts into economic decisions. In place of GDP, Mismeasuring Our Lives introduces a bold new array of concepts, from sustainable measures of economic welfare, to measures of savings and wealth, to a “green GDP.” At a time when policymakers worldwide are grappling with unprecedented global financial and environmental issues, here is an essential guide to measuring the things that matter.
Misplaced Talent: A Guide to Making Better People Decisions
by Joe UngemahHigh-value talent management must be relevant to today's workplace Misplaced Talent takes a hard look at the cluttered field of Talent Management, and offers a clear guide to making better people decisions in any organization. Deliberately challenging practitioners to do more, this insightful discussion sorts through the tools and techniques developed over the last century to examine their true relevance to the modern workplace. You'll learn which activities show the greatest potential to improve the lives of employees and the organizations they work for, and identify which of your existing practices don't really add enough value to be worth the expenditure of time, money, and potentially lost talent. The author asks you to make up your own mind about which approaches work best for your own specific talent decisions, but provides the best theory and practice available today as a foundation upon which to formulate a more relevant strategy. In a world of big data, the potential to understand employees and react appropriately has never been greater. So why is Talent Management as an industry relying on outdated theory and practices? This book is a guide to bringing HR up to date, giving you the tools, techniques, and perspective you need to demonstrate more value to your organization. Adopt the tools and techniques most effective in today's workplace Identify and discard methods that don't add value to the organization Implement critical changes that can transform the HR function Make better people decisions based on psychology and research Fundamentally, not much has changed in what constitutes good people practice. Practitioners must demonstrate the value of Talent Management, but the solutions implemented often fall short of the rigor and discipline they deserve. Misplaced Talent provides the insight you need to refocus attention and engage your organization about the value of better people decisions.
Misplaced Talent: A Guide to Making Better People Decisions
by Joe UngemahHigh-value talent management must be relevant to today's workplace Misplaced Talent takes a hard look at the cluttered field of Talent Management, and offers a clear guide to making better people decisions in any organization. Deliberately challenging practitioners to do more, this insightful discussion sorts through the tools and techniques developed over the last century to examine their true relevance to the modern workplace. You'll learn which activities show the greatest potential to improve the lives of employees and the organizations they work for, and identify which of your existing practices don't really add enough value to be worth the expenditure of time, money, and potentially lost talent. The author asks you to make up your own mind about which approaches work best for your own specific talent decisions, but provides the best theory and practice available today as a foundation upon which to formulate a more relevant strategy. In a world of big data, the potential to understand employees and react appropriately has never been greater. So why is Talent Management as an industry relying on outdated theory and practices? This book is a guide to bringing HR up to date, giving you the tools, techniques, and perspective you need to demonstrate more value to your organization. Adopt the tools and techniques most effective in today's workplace Identify and discard methods that don't add value to the organization Implement critical changes that can transform the HR function Make better people decisions based on psychology and research Fundamentally, not much has changed in what constitutes good people practice. Practitioners must demonstrate the value of Talent Management, but the solutions implemented often fall short of the rigor and discipline they deserve. Misplaced Talent provides the insight you need to refocus attention and engage your organization about the value of better people decisions.
Missbrauchsverhinderungsnormen und Standortwahl: Eine rechtsvergleichende und modelltheoretische Analyse des Einflusses von CFC-Regeln und Unterkapitalisierungsregeln
by Alexander LinnAlexander Linn analysiert den Einfluss bestimmter allgemeiner und spezieller Normen gegen Steuerumgehungsversuche auf die Standortentscheidung einer Unternehmung und ihre Wirkung auf den Steuerwettbewerb. Am Beispiel der Einschränkungen, die die verschiedenen Missbrauchsverhinderungsnormen für die Einsatzmöglichkeiten einer Finanzierungsgesellschaft darstellen, wird deutlich wie sich diese Normen auf die Standortwahl und den Steuerwettbewerb auswirken.
Missed Fortune: Dispel the Money Myth-Conceptions--Isn't It Time You Became Wealthy?
by Douglas R. AndrewMost of us dream of becoming wealthy. While some take steps to achieve it, few realize the goal. Why? According to financial planner Douglas R. Andrew, flawed financial strategis - or what he calls "money myth-conceptions" - lead us down the wrong road. In his revolutionary financial guide, MISSED FORTUNE: Dispel the Money-Myth Conceptions - Isn't it Time You Became Wealthy?, Andrew rattles conventional attitudes about personal investments and challenges readers to build wealth with new and - and very contrarian - strategies.
Missed Fortune 101: A Starter Kit to Becoming a Millionaire
by Douglas R. AndrewTrue or False? * Always prepay your mortgage. * The right 401(k) or IRA will completely cover your retirement. * Defer your taxes and postpone the pain. * True wealth doesn't last forever. They're All False! MISSED FORTUNE 101 ...is like no other money guide you've ever read. Its author, successful financial strategist Douglas R. Andrew, dares to question the conventional wisdom on personal finance that most people accept. He reveals the ways banks, credit unions, and insurance companies amass tremendous wealth-what they do, and what they don't do. He shows you how to seize financial opportunities you never knew existed. With MISSED FORTUNE 101 as your guide, you'll never view your house, your mortgage, your retirement plans, your investments, and your other assets the same way again. * Put the lazy, idle dollars trapped in your home to work safely-and reap as much as an extra million. * Discover hidden and perfectly legal tax breaks-and treat yourself to some surprising windfalls. * Play the bankers' favorite game-borrow at one rate and invest at a higher one. * Explore lesser-known retirement vehicles-and avoid falling into a higher tax bracket when you stop working. * Turn your life insurance policy into an investment-and keep your taxes down and your capital up. * Find out which low-return instruments should be in your portfolio today-and why they'll become high-return stars tomorrow. * Reach your "freedom point"-your financial independence-long before "retirement age"! Learn the real rules of smart investing. Maximize your wealth with MISSED FORTUNE 101.
**Missing**: Insights for Other Professions from Reflective Practice in Teacher Education (SpringerBriefs in Education)
by Linley CornishThis book examines significant developments in reflective practice, delving into research conducted with novice teachers. It fills a gap in existing literature by examining the 'how' of reflective practice. How do professionals learn reflective practice, fostering relearning? How do they guide students, mentees, and novices in adopting reflective practices? Stemming from teacher education, the focus is extended beyond this field, emphasizing the relevance of these strategies across professions. It is divided into three parts – thinking about reflection; learning to reflect; and becoming a reflective practitioner. It offers fresh perspectives on conceptualizing reflective practice and suggests practical strategies for integrating it into pre-service coursework, assessment, training, and development. Intended for academics, practitioners, and educators across disciplines, this book serves as a comprehensive guide for anyone committed to fostering reflective practice within their professional sphere.
**Missing**: Comparative Perspectives and Methodological Pluralism. (Zeitschrift für Vergleichende Politikwissenschaft – Sonderhefte)
by Tobias Debiel Andrea GawrichCorruption is usually understood as hampering political development, economic growth and democratic participation of citizens, but comparing the effects of corruption for different political regimes presents astonishingly complex findings. The ongoing persistence of corruption underlines that it is not only dysfunctional, but can be highly functional as well. This special issue brings together contributions from comparative politics, political science and economics which precisely focus on these (dys) functionalities of corruption in political regimes across various world regions. The question of methodological pluralism is especially important for studying corruption comparatively. While on an international level a trend towards an increased use of quantitative methods in political science as well as in economics can be observed, the special issue underlines the importance of having a pluralistic approach for grasping the complex and multi-layered effects of the phenomenon. Of similar importance is the adoption of a comparative perspective that includes different world regions in order to understand the different roles of corruption in developing, transforming and developed countries alike.Dr. Tobias Debiel is Director of the Centre for Global Cooperation Research and of the Institute for Development and Peace (INEF). Since 2006, he is also Professor in International Relations and Development Policy, Institute of Political Science, University of Duisburg-Essen.Dr. Andrea Gawrich is Professor for International Integration at the University of Gießen.
**Missing**: Generating New Urbanity—An Action Research for Milan (SpringerBriefs in Applied Sciences and Technology)
by Marika Fior Paolo Galuzzi Gabriele Pasqui Piergiorgio VitilloThis book explores the topic of proximity and its relations in the design of contemporary urban fabrics and public spaces. The effects of the COVID-19 pandemic and reflections on the future of cities have lately shed light on the concept of proximity, which is intended as the relationship between communities and urban functions and as relations among people, built spaces, and open spaces. The proximity is a historic and fertile field of interest for American and Northern European urban studies; it is a spatial and social program seemingly surpassed by the styles and rhythms of contemporary city life, but today it is back in vogue with different purposes. Meanwhile, the action research developed by the Department of Architecture and Urban Studies at the Politecnico di Milano for the Municipality of Milan reached its conclusion (2018–2020). The research work focused on contextualizing the new M4 Metro line stations under construction, and jointed mobility flows and places, long-range networks and local ones, boosting the idea of metro stations as regenerative urban thresholds and urban platforms for enabling environmental, sustainable settlement, and active mobility systems. In other words, the action research for Milan shows how to achieve the concept of proximity in the urban design practice in a dense, stratified, and complex urban context.
**Missing** (Advances in Public Relations and Communication Management #6)
by Natalia Rodríguez-Salcedo, Ángeles Moreno, Sabine Einwiller, Mónica RecaldeWe live in evolving societies that undergo profound and rapid transformations, and trust and reputation are at risk in a dynamic, disruptive, and uncertain world. How issues are approached in public relations and communication management will determine the future of the field and practice. In this complex scenario, going back to the basic elements of public relations – people and relationships – when managing communications is more important than ever before. (Re)discovering the Human Element in Public Relations and Communication Management in Unpredictable rethinks what it means to put the person at the center of the organization’s decisions. The chapters explore different aspects of how public relations and communication management address the challenges of change in unpredictable times, while considering the human element and the people behind communication. The research was selected from a large number of peer-reviewed contributions to the 2021 Annual Congress of the European Public Relations Education and Research Association (EUPRERA), hosted by Universidad de Navarra in Spain. Advances in Public Relations and Communication Management (APCRM) is a publication of the European Public Relations Education and Research Association (EUPRERA). Each volume includes contributions from EUPRERA’s annual congress and follow the theme of each event.
**Missing** (Advances in Public Relations and Communication Management #6)
by Natalia Rodríguez-Salcedo Ángeles Moreno Sabine Einwiller Mónica RecaldeWe live in evolving societies that undergo profound and rapid transformations, and trust and reputation are at risk in a dynamic, disruptive, and uncertain world. How issues are approached in public relations and communication management will determine the future of the field and practice. In this complex scenario, going back to the basic elements of public relations – people and relationships – when managing communications is more important than ever before. (Re)discovering the Human Element in Public Relations and Communication Management in Unpredictable rethinks what it means to put the person at the center of the organization’s decisions. The chapters explore different aspects of how public relations and communication management address the challenges of change in unpredictable times, while considering the human element and the people behind communication. The research was selected from a large number of peer-reviewed contributions to the 2021 Annual Congress of the European Public Relations Education and Research Association (EUPRERA), hosted by Universidad de Navarra in Spain. Advances in Public Relations and Communication Management (APCRM) is a publication of the European Public Relations Education and Research Association (EUPRERA). Each volume includes contributions from EUPRERA’s annual congress and follow the theme of each event.
**Missing**: Manifestations and Consequences (Advanced Series in Management #10)
by Tiia Vissak Maaja VadiThis volume concentrates on different forms of honesty and dishonesty in management and their consequences for managers, firms and society. Honesty can be defined as the refusal to pretend that facts of reality are other than what they are, while dishonesty - including lying, stealing, cheating, distortion, concealing of important information, failing to fulfil promises, and abruptly abandoning a business relationship - presents its opposite. Dishonesty can be blatant, massive, strong and active, or subtle, minimal, weak and passive. The volume is divided into four parts. The contributions of the first part concern the nature of (dis)honesty in management. The second part addresses (dis)honesty in public sector management and finance. The third part focuses on (dis)honesty in firm management in Europe and Africa, while the last part presents evidence on (dis)honesty in management in Asia and America. The authors conclude that the understanding of (dis)honesty and (un)ethical behavior differs in different cultural, societal and organizational contexts; moreover, it is not always easy to discover it. Dishonesty may lead to unfavorable consequences for the dishonest and, quite often, also for the honest party, but, sometimes dishonesty may pay off for the dishonest party in the short term. This volume provides new theoretical, managerial and policy insights in the field of management research and it should interest scholars, managers and policy-makers, but also others studying or discussing these issues or having to decide if they should act dishonestly or not.
**Missing**: A Guide to Knowledge Management in the 21st Century (Emerald Points)
by Beverly Weed-SchertzerIn today’s world, strategic knowledge management is a critical practice for all businesses seeking to protect its assets and produce intelligible and useable information. However, formally implementing a comprehensive knowledge management infrastructure to support an organization—enabling businesses to create, protect, and collaborate through knowledge—is often easier said than done. How do businesses adapt to the evolving challenges of knowledge management, and what best-practice tips are actually based on common misconceptions? From social media and collaborative information systems to new technological developments in cognitive computing and artificial intelligence, (Il)logical Knowledge Management dives deep into the sometimes less-than-logical approaches to knowledge management that pervade present practice. It goes beyond existing understanding of how knowledge is transferred, stored, and shared to address the key challenges organizations face in overseeing their business’ knowledge management efforts. In finding the logical by way of the illogical, Beverly Weed-Schertzer highlights opportunities in both the public and private sectors to improve the efficacy and extent of knowledge management infrastructure.
**Missing**: A Guide to Knowledge Management in the 21st Century (Emerald Points)
by Beverly Weed-SchertzerIn today’s world, strategic knowledge management is a critical practice for all businesses seeking to protect its assets and produce intelligible and useable information. However, formally implementing a comprehensive knowledge management infrastructure to support an organization—enabling businesses to create, protect, and collaborate through knowledge—is often easier said than done. How do businesses adapt to the evolving challenges of knowledge management, and what best-practice tips are actually based on common misconceptions? From social media and collaborative information systems to new technological developments in cognitive computing and artificial intelligence, (Il)logical Knowledge Management dives deep into the sometimes less-than-logical approaches to knowledge management that pervade present practice. It goes beyond existing understanding of how knowledge is transferred, stored, and shared to address the key challenges organizations face in overseeing their business’ knowledge management efforts. In finding the logical by way of the illogical, Beverly Weed-Schertzer highlights opportunities in both the public and private sectors to improve the efficacy and extent of knowledge management infrastructure.
The Missing Billionaires: A Guide to Better Financial Decisions
by James White Victor HaghaniAn Economist Best Book of the Year "Making Money and Keeping It" – The Wall Street Journal Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake. The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn’t require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists. Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments. The book is packed with case studies and anecdotes, including one about Victor’s investment with LTCM as a partner, and a bonus chapter on Liar’s Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders– Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel. Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.
The Missing Billionaires: A Guide to Better Financial Decisions
by James White Victor HaghaniAn Economist Best Book of the Year "Making Money and Keeping It" – The Wall Street Journal Over the past century, if the wealthiest families had spent a reasonable fraction of their wealth, paid taxes, invested in the stock market, and passed their wealth down to the next generation, there would be tens of thousands of billionaire heirs to generations-old fortunes today. The puzzle of The Missing Billionaires is why you cannot find one such billionaire on any current rich list. There are a number of explanations, but this book is focused on one mistake which is of profound importance to all investors: poor risk decisions, both in investing and spending. Many of these families didn’t choose bad investments– they sized them incorrectly– and allowed their spending decisions to amplify this mistake. The Missing Billionaires book offers a simple yet powerful framework for making important lifetime financial decisions in a systematic and rational way. It's for readers with a baseline level of financial literacy, but doesn’t require a PhD. It fills the gap between personal finance books and the academic literature, bringing the valuable insights of academic finance to non-specialists. Part One builds the theory of optimal investment sizing from first principles, starting with betting on biased coins. Part Two covers lifetime financial decision-making, with emphasis on the integration of investment, saving and spending decisions. Part Three covers practical implementation details, including how to calibrate your personal level of risk-aversion, and how to estimate the expected return and risk on a broad spectrum of investments. The book is packed with case studies and anecdotes, including one about Victor’s investment with LTCM as a partner, and a bonus chapter on Liar’s Poker. The authors draw extensively on their own experiences as principals of Elm Wealth, a multi-billion-dollar wealth management practice, and prior to that on their years as arbitrage traders– Victor at Salomon Brothers and LTCM, and James at Nationsbank/CRT and Citadel. Whether you are young and building wealth, an entrepreneur invested heavily in your own business, or at a stage where your primary focus is investing and spending, The Missing Billionaires: A Guide to Better Financial Decisions is your must-have resource for thoughtful financial decision-making.
Missing Data Methods: Cross-Sectional Methods and Applications (Advances in Econometrics #27, Part A)
by David M. DrukkerVolume 27 of "Advances in Econometrics", entitled "Missing Data Methods", contains 16 chapters authored by specialists in the field, covering topics such as: Missing-Data Imputation in Nonstationary Panel Data Models; Markov Switching Models in Empirical Finance; Bayesian Analysis of Multivariate Sample Selection Models Using Gaussian Copulas; Consistent Estimation and Orthogonality; and Likelihood-Based Estimators for Endogenous or Truncated Samples in Standard Stratified Sampling.