Accounting Books

This book is suitable for who has quantitative background, the authors have hands-on experiences in both Rating agency and in investment -bank, This book unveil the secret of how rating agency rate structured finance and how should originator to better control their risk and in what dimention.

I liked this book because it's useful for people with various levels of structured finance knowledge. The first few chapters explain the thought process behind the rating process and provide an introduction into the structured finance world of thinking. The second half goes into more depth about actual rating processes. The third part addresses asset specific issues (auto, airlines, etc...) While the last few chapters of the book review more advanced methods of analysis.

For people with little or no knowledge of the structured finance field, the first half of the book will provide a good understanding of the subject, the 2nd half of the book will probably required more time and effort to fully appreciate its value.

Prof Raynes, who is a well known practitioner in this field has distilled his knowledge and insight to publish this book. I am a student in the class that he teaches at Baruch College, CUNY and the classnotes which are so well written have been incorporated in the book. Prof Raynes emphasizes why structured finance is so different from corporate finance and that realization is critical to understand the flaw in the methodology followed by rating agencies while rating structured securities. The book also has considerable and necessary numerical procedures required in the analysis. My only comment that while the book is invaluable as a reference, it would be more useful as a textbook if future versions include end of chapter exercises.

I became aware of the authors through a colleague who was taking one of their classes at NYU. The homework assignments (on which I ?uh- consulted) were interesting, comprehensive, and touched on a number of important subjects, so I bought their book.

The Analysis of Structured Securities - Precise Risk Measurement and Capital Allocation provides reference and background material on a number of quantitative ABS analytic tools, some of which I was familiar with and some which I should have been. Matrix math, eigenvalues and eigenvectors, Markov chains, Cholesky decomposition, Tchebychev polynomials, covariance and correlation and numerous other statistical techniques are addressed as ABS analytical techniques and not as mathematically rarefied numerical analysis procedures.

But what I found most valuable was the focus on reduction-in-yield as the benchmark metric for ABS credit quality. Rather than credit ratings being an ex ante, handed-down-from-on-high, assumed-to-be-valid-within-a-notch-or-two inputs (which, I blush to admit, is how I too often think of them), the book points out how credit ratings should be thought of as a continuous, dynamic variable, interacting with the coupon, yield, prepayment vector, default vector, and triggers. The interactions are determined by cash flow modeling and Monte Carlo simulations, using the techniques mentioned above.

Given this framework and tools, the book discusses how to efficiently optimize the structured security. I have had ABS issuers ask if there were not a way to optimize securitizations beyond what they suspiciously perceived as Wall Street cookie cutter structures. Previously, I have just shrugged. Now I know how to help them.

Written for financial engineers, this book nevertheless can also be read profitably by anyone interested in mathematical modeling or mathematical finance. The authors discuss in fair detail the science of structured securities, which are financial products that are becoming more important as investors and financial firms continue to find more intricate ways of dealing with risk. For non-experts (such as this reviewer) in the field of structured finance, the book requires careful reading and attention to detail. Readers are expected to have an understanding of various mathematical topics such as Markov chains, linear algebra, Monte Carlo simulation, and probability and statistics.

As an investment strategy, the authors describe structured securities as performing best in "controlled" environments. This involves the use of `transaction documents', which are used to keep their performance within an expected range, and also `macro-level' controls to assist in dealing with event shocks. The basic idea of a structured security is to assemble a credit or investment package from a variety of sources and allow them to be administered by third parties. This entails that the sources (the transferors) be completely decoupled from the transferee, the latter of which is called a `special purpose entity' (SPE), and which has an extremely low likelihood of becoming insolvent by its own activities. The SPE is an analogue of the obligor, and is also shielded from the consequences of the insolvency of a related party. Its assets are thus `perfected' against the claims of the transferor.

Early in the book the authors describe what they consider to be the two types of structured securities. The first, called the `long-term transaction model' applies to asset-backed, mortgage-backed, and collateralized debt issues with maturity at least one year. The second, called the `short-term transaction model' applies to asset-backed commercial paper markets.

If structured securities are to be used as an investment strategy, their value must be assessed in as fine a detail as possible. This assessment is of course the main goal behind the authors' book, and they therefore spend a fair amount of time in explaining why the usual credit rating strategies are inadequate for structured securities. One of those discussed is `benchmark pool analysis' which does not require a large volume of data and uses a microeconomic model of the obligors in a collateral pool to simulate the financial impact of economic shocks. Others discussed include the actuarial method, used for asset-backed and mortgage-backed transactions, and the default method, which is used for collateralized debt obligations.

The most interesting discussions take place when the authors attempt to formulate a more exact, analytical notion of rating for structured securities than what is available with the usual corporate rating model. Essentially the authors are advocating a "unification" of credit and market risk in structured finance in their attempt to replace the alphanumeric scale of the usual corporate credit rating by a numerical scale (they motivate this interestingly by discussion involving the `continuum hypothesis' from set theory). Most important in their approach is to view the pricing of structured securities as a nonlinear problem: rating and pricing are entangled with each other, in that to obtain the rating the promised yield must be known; but to find the yield, the rating must be known. There is of course a paucity of exact solutions to nonlinear problems, and so numerical techniques must be used. The authors spend a fair amount of time discussing these techniques in the book, and in formulating the problem of structured pools as one involving (Markovian and non-stationary) stochastic processes.

As a warm-up to the complications of asset behavior, the authors first discuss the modeling of liabilities. The collection and distribution of cash to various parties is contained in the `pooling and servicing agreement' (P&S), which is a legally binding document that contains a collection of payment instructions called a `waterfall' or `structure.' A waterfall codifies the payment prioritization taken from the funds that are available. Examples are given that illustrate their analysis.

For those not familiar with Markov chains, the authors give a short review, and argue that they are important to structured finance due to their ability to eliminate long-term static pool data requirements. The Markov chains used in structured finance are finite-state Markov chains, where the states correspond to recognized delinquency states of an issuer in some asset class. The transition matrices of the associated asset pools represent the credit dynamics of structured securities. The authors give three very detailed examples of their formalism, the first one of these, dealing with automobile receivable securitizations, should be familiar to most readers.

The last chapter of the book deals with `triggers', which generalizes the earlier discussion on liability modeling. The authors describe triggers as being the most `intricate' aspect of the analysis of structured securities. If one views them in terms of their physics analogy as control structures, they are fairly straightforward to understand. `Cash flow triggers' which allow a reallocation of cash but it does so without being too disruptive or expensive, are the only types considered in this chapter. The cash reallocation is obtained through the use of a `trigger index', which is usually dependent on transaction variables such as delinquencies or tranche principal balances. A trigger is `breached' if its trigger index is higher than a pre-selected threshold on any determination date.

The authors discuss four basic types of triggers, all of which are defined mathematically in terms of the proportion P(x(t)) of excess spread to be reallocated and some variable function x(t) of the trigger index: `binary', in which all excess cash is reallocated to the spread account when there is a breach at time t; `proportional', which allows a kind of "ramping up" of the triggering; `differential', where the excess spread is proportional to the first derivative of x(t); and `integral', where P(x(t)) is proportional to the integral of x(t) over a time interval with lower bound the breaching time and the upper bound the current time. Monte Carlo simulations are used to optimize trigger mechanisms.

This is a great conceptual book that is helping me understand what to think about while brainstorming and planning. It is finely written and easy to read. I would not say this book is full of tools to use. So, you won't find hundreds of templates and samples, rather it thoroughly explains what is important and tells you why. I am planning two initial readings, one to get the gist of it and a second to do the work it recommends. I feel this book will be useful again and again but more as a guide rather than a toolkit.

This is an excellent tool for potential and new business owners. It is a guide that makes sense and is straight to the point. For those who have already started their own business, it is an excellent reference to keep at your finger tips just incase you run into any obstacles.

For anybody who wants to raise money for their new business, this book is a must read.

I am toying with the idea of starting a IT consulting company and this book has forced me to really think things through. It is not easy to get a succesful venture started and it helps if you do all the hard work before you meet with potential investors.

OK - so you want to start a business but you do not have a Mickey Goldmill (Rocky Balboa's trainer in the Rocky movies) in your corner.

Well, you can get the next best thing -- Ed Rogoff's "Bankable Business Plans!"

Rogoff's "Bankable Business Plans" guides you through the fundamentals of building a plan, illuminates some all too common errors as well as uncommon successes, provides useful exercises to sharpen your message, and, in general, challenges you to take a disciplined and comprehensive approach to pursuing your dream of starting your own business.

Writing a business plan is like training to be a boxer. You need a plan and you have to work at. So fire up the laptop, fire up your heart by watching the old Rocky trailer http://www.youtube.com/watch?v=6O8xoN9NSzw
, (it's your dream after all), open up Rogoff's book and start typing! Good Luck!

I am in the middle of starting my own small business. I bought 4 different books on business plan writing and this one is the one that I kept referring to. It is by far the best of the bunch. It's very readable, and it is organized so well that I was able to use it as a reference book while I was working on my plan. I also used their online tool too, which helped me generate preliminary financials to take to the bank (and to my now first investor). Overall, if you are at any point of the seemingly daunting task of writing a business plan, this book is the best one I found to get you through it.

I was very excited when I found out about this book I couldn't wait to get my hands on it! Be Your Own Mentor came out at a time when I really needed it. This book is easy to understand and as in all of her books Anne Bruce provides real scenarios, tips and hints and worksheets that allow you to start applying all you've learned as soon as you've closed the book. If you want to spoil yourself a little in 2008 get this book and get motivated to be your own mentor!

The author of this book is clearly writing from experience. She reminds us that the successful approach to becoming your own mentor is an integrative one-involving not only business, but heart and soul as well. I am skeptical of any quick fix book, and this book is not that. It is about knowing yourself and creating the best version of you. I truly enjoyed reading it, and will pass it on.

Anne Bruce has done it again! An absolute "must-have" for anyone searching for the inspiration to take yourself to the next level! This book is packed with real-world guidance and step-by-step tools to give you the confidence to take control and be your own mentor!

Anne Bruce has once again written a book that provides the reader with important information, but more importantly she gives sound strategies, real life examples and great tools on how to apply that information in the most appropriate and effective way - easily! I love the interactive exercises that help me take the information I have just read and see how to put it into action. This book was a New Years gift to myself and it is turning out to be a great investment. Remember - you can do it and this book can help!

I have been reading Anne Bruce's books for years, and I particularly like that this one is about nurturing one's own self. (Some of the others are about motivating employees and such.) The advice is not revolutionary. Rather, it's basic commonsense that we often forget in the whirl of daily life and career. Bruce seems to be writing from personal experience, but she goes beyond herself by relating the experiences of other women to illustrate and inspire.

Finally, a book that addresses stress and depression in the business world! Whether you are an advisor on Wall Street or selling real estate in California, this book provides you with the insight, skills and resources to deal with the everyday stresses of your job in this volatile economy. To be able to understand the different personality types and your own mindset and those of the people around you is something powerful to walk away with after reading this book. The book gives you the knowledge each of us can use to make clear steps in being able to deal with stressful situations and become more successful in our relationships at work, as well as at home! A must read.

Kudos to the authors! It's about time that someone with a profound knowledge of the advisory space stepped up to the plate to provide counsel on how advisors can effectively address the crucial issues we face on a daily basis: volatile markets, angry clients, demanding branch managers, anxiety, depression, burnout! As Sun Tsu's The Art of War remains perhaps the most prestigious and influential treatise on military strategies, Bullish Thinking should become financial advisors' "strategy manual", as it provides unquestionably successful tactics to excel in our business, regardless of the market environment.

It's about time someone addressed the serious problems we are facing everyday - the volatile markets, angry clients, branch managers who push us to the limit, etc. The authors clearly define the problems and obstacles that arise in this fast-paced, high stress business environment and then give you solutions that can easily be incorporated into your daily routine. The book has made me take a step back and examine how my reactions to different situations may be sabatoging my success. This book is a must read for anyone in the financial industry.

Legal dan
I am not a broker or trader. In fact I don't work on Wall Street at all. Regardless, my job is extremely stressful and my work hours, extremely long. I am a corporate litigator and was emailed a blurb about this book from one of my buddies on Wall Street. I was having a tough time managing my anger at work when unpredictable things happened during one of my hearings or throughout the course of a case. I would fly off the handle at my colleagues and my wife. The Channeled Rage section of this book helped me gain control over the powerful emotion of anger. Now I no longer feel lethal with my anger. The Bullish Thinking section is also good for helping me focus on the crazy thoughts that often precede my anger and frustration. I guess there is hope for me after all. My message is that Law is just as stressful as Wall Street and anyone working in this job should read this. If you have ever seen the inside of a court room you would see that there are many angry lawyers out there!

This book is a thoughtful and helpful guide for anyone plagued by negative thoughts and a stressful work environment. It teaches effective techniques for dealing with others, as well as ones' self, to have a more succuessful and happy life. Highly recommended.

I found the book to be well thought out. It definitely gives you a lot to consider up front went building a Team and could save you considerable time and headaches later.

Can I tell you how many SELF HELP, BUSINESS SPECIFIC, HOW-TO types of books on my shelves need dusting? and then arrived Dirk Zellers newest ACE; The Champion Real Estate Team. WOW! Emphatically I encourage other highly motivated,"out of the box thinkers", entrepreunerial spirits and WINNERS to grab this book and devour it, cover to cover! Well written,articulate and direct; I am so glad that my GUT instinct on this one was right. Dirk's 20 plus years of heavily trodden roads to Real Estate Success is not just depicted in stories; rather here is a real,meaty, hands on STEP by STEP instructions for team building success. I have personally spent the bulk of this year building my team, this is the "icing on the cake" that I needed; I am eager to begin implementing much of what he has taught. I have been "planting seeds" for two years now with modest seedlings; I expect 2008 will begin a strong harvest and I am so excited. THANKS Dirk!

Thanks so much for this book! It has really helped me get my team back up and running after taking a break in management. I learned from the first page to change some of the things I had been doing and have used it as a workbook in setting up systems and my business plan for the new year as I re-grow my team.

Dirk Zeller is one of the few who really understands the business of real estate and what it takes to be a top agent. This book follows on from his greatest work "The Champion Real Estate Agent" and outlines a blue print for and how to build a team - not just any team. A Champion team. His writing style is clear, incisive and he pulls no punches and tells it - like it is. Lots of great advice from someone who has been in the trenches and knows what it takes and needed to be great at this business. A great read and I look forward to implementing what he has written. Zeller has provided the blue print - the point is to now go and make it happen everyday.

I was so impressed with this book I ordered one for my Broker. It is clearly written, factual and has a real plan that I believe can help you develop a Great real estate team. This is for Brokers and agents - oh by the way there is also a book titled the Champion Real Estate Agent. It is equally helpful and should be on every real estate person's reading list.The Champion Real Estate Agent

This book clearly articulates a strategically important concept. As the Chief Strategy Officer of a company in an industry that seldom dares to be strange, I hope that no one else in my industry reads this book. Implementing the ideas in this book will become my competitive advantage.

The correct platitude often offered up by a company is that their people are their most important asset and competitive advantage. But in reality, most staff is like electricity... you can't run your company without them, and it's the entry level cost of doing business. In Change To Strange: Create a Great Organization by Building a Strange Workforce, Daniel M. Cable examines how to create a "strange" workforce that actually *is* a competitive advantage over your rivals. It all comes down to your definition of "strange"...

Contents:
Preface; Be Strange. Be Very Strange.; Shine a Flashlight into the Black Box That Exists Between Your Workforce and Beating Your Competition; Organizational Outcomes - How Do I Know I Am Winning in the Way I Want to Win?; Performance Drivers - What Must Customers Notice About Us So That We Win?; Strange Workforce Deliverables - What Our Workforce Does to Make Customers Notice and Love Us; Job Specific Strangeness - Different Deliverables from Different Jobs; Strange Workforce Architecture - What Systems Will Produce the Deliverables I Need From My Workforce?; Strange Workforce Architecture - Breaking Out From the Pack; Strange Workforce Architecture - Taking the Next Step; The Magic of Metrics - Creating and Implementing Measurement Systems;Conclusion; Index

The "strange" that Cable talks about here is a workforce that obsesses about one or two key items that make a difference to the customer. For example, Whole Foods has a workforce that is obsessive about their product and presentation. These people can tell you just about anything you want to know about what they sell, because they believe in it completely. Their hiring systems are geared around making sure that new people coming into the system share that same obsessiveness, and the group is rewarded based on how well each person does. If you're not pulling your weight or if you're not obsessed like everyone else, you'll wash out. It doesn't mean you're not a hard worker or aren't cut out for working in food retail. It just means that you're not "strange" in the way you need to be to work at Whole Foods. This differentiator often is considered crazy or uncopyable by the competition. But since the customer loves it, Whole Foods has a niche all to themselves. And their people truly *are* a competitive advantage for them.

The other issue that makes this difficult is the measuring and metrics. Getting information from your customers about the few things you want to be strange about is hard work. The numbers often aren't easily obtainable without putting some effort into it. Which is another reason competitors don't want to follow that direction, and why changing your workforce to a strange workforce isn't easy. But if you want your company to stand out and be different/strange, it's a requirement to be able to track those factors and measure your people against them. Otherwise you may end up with good solid people, but just not ones that are strange in the areas in which you want to be viewed as unique.

This book also struck me as something you can do for yourself and your skills. Perhaps you want to be known as someone with an obsessive attention to deadlines, design, or quality. You could use this same technique to find your own strange quality/qualities, figure out how to measure it, and them shape yourself into a competitive advantage over others...

While I don't expect an overwhelming majority of companies to run right out and change their HR departments to match this model, reading Change To Strange will at least open up that small window of doubt about whether you really are hiring people who are a competitive advantage for you and your company.

In less than 175 pages, Dr. Daniel Cable delivers something "strange"; a 'how-to' book that nails the organizational performance connection between strategy and people! Written in a direct, talking style, by a Professor whose writing implies he is fun to learn from and with; this book argues the benefits of strategic differentiation and then explains in practical terms how to link effective strategic performance drivers to the people who must deliver that differentiating strategy. Using the term "strange" to emphasis the differentiation element of a successful strategy, the professor uses his 'strange workforce value chain' to show the steps from strategic theory to customer value creation.

1. Organizational Outcomes - three year out lagging indicators of strategic success.
2. Performance Drivers - what customers need to notice for the strategy to win.
3. Strange Workforce Deliverables - ways your people must be `strange' to make the performance drivers happen.
4. Strange Workforce Architecture - design and construct of your people management systems cause your workforce to be `strange'.

An obvious fanatic on measurement as the way to speak strategy with an organization, Dr. Cable noticeably understands the difficulties, time and hard work involved (as well as the many nuances) with creating and maintaining an organization's connection with its strategy. In fact, he is so concerned about the need for an understanding of the specifics, that he holds his favorite chapter, "The Magic of Metrics", for the final chapter of the book. In the meantime he covers "Job-Specific Strangeness" where he distinguishes the strategic leverage of jobs (not leadership positions); sorting them into executor (direct deliverers of 'strange'), operator (essential players in creating value), and outsourcer (cannot be linked to `strange' performance drivers) positions. In subsequent chapters he explains his "Strange Workforce Architecture", supplementing the specifics with numerous examples of 'strangeness' in action.

From uncovering the 'strange' performance drivers of a 'strange' strategy, to hiring and managing the `strange' people who fit with a 'strange' strategy's delivery, the professor conveys a compelling and instructive narrative. This book is recommended for anyone who has used or considered the balanced scorecard; it will put you on a 'strange' and better path.

Dennis DeWilde, author of
"The Performance Connection"

In this book, Cable puts forward a very interesting idea that more managers should have the courage to take seriously and perhaps even execute. The point is that managers should make a concerted effort to hire people that are "strange" rather than those that are similar to all other potential hires. His point is that conventional thinking and execution is inherently limited in the level of success that it can achieve. By strange, he does not mean "weird" or disturbed, the term is used in the sense of being capable of doing constructive and successful thinking outside the box.
Several examples of companies that have adopted such methods and are very successful are presented. One of the best is an explanation of the career of major league baseball general manager Billy Beane. Beane's position is that the standard criteria used to evaluate baseball talent are simplistic and incorrect. Since he rose to the position of general manager of the Oakland Athletics, Beane has fielded a team that ranks at the bottom in terms of salary and near the top in terms of wins. Much of his emphasis is on the "quality at-bat" where a player forces the pitcher to make extra pitches and is willing to accept a base-on-balls, even when there are runners on base.
Since this is a skill undervalued by all other teams, this has allowed Beane to acquire players for much less than other teams are willing to pay them. By molding the team in that image, he has developed a very successful team, although the Athletics have had a difficult time winning games in the playoffs. Given the current financial inequities that exist in major league baseball, this is truly a major success story that others should pay attention to.
Another example is the policy of Home Depot to hire contractors to work in the appropriate sections of the store. Therefore, when the do-it-yourself customer comes in, the person helping them is very knowledgeable and can provide the highest level of customer service. This service translates into an enormous competitive advantage over other stores and can increase sales several orders of magnitude over the extra salary expenses.
To his additional credit, Cable also is clear in stating that hiring "strange" employees is not for everyone. It requires courage to be willing to adopt a novel business or a non-traditional approach to an old one. In nearly all cases, the initial expenses are higher than in other areas and exterior observers are generally very skeptical of the new and novel ways of doing business.
I once participated in a faculty development seminar entitled, "A Whack on the Side of the Head." The purpose was to try to get us to think of new and novel ways to present our material. This book reminded me of that seminar, demonstrating that while going down a different path can be extremely challenging, it can also be very rewarding. From personal experience, those rewards are more than monetary; there is a form of satisfaction in being successfully different that is like no other. Perhaps the key to your success can be found in this book.

Companies often give a lot of lip service to the value of their employees but then go about treating and using everyone just about like every company treats and uses its employees. That is, with indifference and standardized "best" practices. Unsurprisingly, when an organization treats its people just about the same as every other company treats its employees (as inputs to be standardized and minimized), its dreams of having the company be something special, valuable, and unique are seldom to never realized.

Daniel M. Cable tells us that only a strange workforce, that is one that doesn't do things like everyone else, one that knows and has confidence in its uniqueness and specialness and in its goals and methods, can create something that is special, unique, valuable, and with a sustainable (ongoing - but adapting) advantage in the marketplace. Cable explains how and why your workforce can become something valuable and a driving force behind your success.

He starts off the book showing us how we too often treat our employees and the whole HR process as a kind of black box that just happens. We assume that if we are following the laws and standardized HR processes and avoiding being sued we are doing a good job. When we turn things around and start to view this whole concept the way the author frames it we can see that this kind of idea is indeed absurd. It is like building a process to build standardized widgets that claim no special qualities in the marketplace and then later wondering why, despite our fine leadership, those widgets fail to gain special attention in the market place or market dominance.

What I like about this book is the way Cable plays with our perceptions along the way. This is not your standard business book. He asks us questions that seem odd at first, and then we realize that is the point. Have you ever looked at the back of your hand and for some reason your perception changes and it looks a different size to you and in some ways quite different than it ever had before? That is what this book will help you achieve with your workforce. The author admits that building a "strange" workforce takes a great deal of effort and probably will take some time to achieve, but if you want to be regarded as special by your customers you have to be special. And to be strange (not normal - not typical - not ordinary) you have to have strange people working for you who have a strange sense of mission. This requires you to hire strangely, train strangely, measure performance strangely, and provide strange products and services (that is, surprisingly good and surprisingly desired products and services).

Cable provides a simple framework for this complex process and shows us how achieving this strangeness will get us noticed in the marketplace, allow us to satisfy our customers, and avoid the stagnation that often comes with initial success. The old tragic story of sticking with what works until it kills you has to go.

One of the great complaints among employees today is that they don't matter to management. Employees see through the rhetoric and that is why most companies are not only boring to work for, they are boring in the marketplace. Here is a way to turn that around and energize your company by unleashing the real power in your workforce. Of course, once you head down this path, not all your employees will go with you and there will be some significant turnover. Even good "ordinary" employees have to go. Because they provide inertia against becoming successfully strange.

So, get strange.

Detailed, comprehensive and nuanced: the info is presented in a variety of ways made easy for every type of reader. Each systematic analysis is accessible via key-point charts, procedural outlines, step charts, & schedule charts - as well as lucid text. I would not have expected sections on preparing a data room, selection & structuring of so many functional prep teams, how-to's on retention planning, post-deal process assessment, etc. Inspires total confidence. Referenced with a 7-page Index.

Almost any business person would rather do an acquisiton than a divestiture - making a no-nonsense business approach a must.
This comprehensive guide takes you through all the steps. From the initial strategic discussion which centers on analytics instead of emotional political biases or 'sacred' company history; to the project management of the sale transaction; to the softer human issues (which are usually given inadequate analysis).
If you are looking for a pragmatic guide to a process that can get emotionally charged - this is your book.

Not only a lucid thorough and very practical guide, it also presents a wide mix of strategic theories and analyses for corporate planners. The authors clearly come from the real world involved in these events. It will be a prerequisite to newcomers and other professionals involved in these activities.

This one-of-kind guide provides a step-by-step road map for all practitioners of divestitures -- whether on the front-lines or the executive suite. It hits upon the many issues that are often overlooked in the divestiture process. Having been through many divestitures at large billion-dollar corporations and at smaller private companies, I have seen how divestitures can receive short shrift. Following "Corporate Divestitures" logical and highly informed approach will provide your organization with significantly increased shareholder value for the deals consummated. I particularly like the chapter on Disentanglement, an issue, which when poorly planned can bring not only major headaches, but also significant unanticipated negative financial impact. Chapter 5 is a must read!! Thanks for doing justice to a vitally important topic that is usually overlooked.

This is great guide for people interested in executing a successful transaction. It's not your typical M&A book that is filled with professorial theories and indecipherable MBA lingo. This is for people who need to make it happen. Its step-by-step approach provides clarity and confidence to those who look to turn theories into action.

Been looking for a good book on point & figure - this is it - great production - step by step guide - every detail covered - a masterpiece - sure has improved my trading and understanding of the method - 100% recommended

I have yet to trade the systems outlined in this book, but I can honestly say in advance, that this book will enhance my trading and investing by orders of magnitude. This is an extremely well-written book, that is extremely simple to read, and has outstanding examples that pound its principles home. I am going to read it a 2nd time, before embarking on the use of some of its trading mechanisms, but never before have I read book of such diligence, and felt as confident about its use, as I have with this book. I wish I could shake hands with its author !

Highly, highly recommended, if you are interested in learning about P&F, or reviewing its concepts.

All you need to know, all you want to know. Written for easy understanding. This book needs to be on every investors book shelf. Clear out some of that junk and make a place for this one. Besure it's easy to reach you will be refering to it a lot. I really liked the printing and binding made for years of use and referance.

This has fast become my favorite Point and Figure technical book. It is easy to read, concise in its explanations and definitions, has plenty of clear examples, doesn't waste time with non-essential storytelling. Depth and range of topics is excellent. This book is worth adding to your personal library.

This book is written a bit like a textbook with lots of great examples and sample problems you can work through. Takes you through the history, construction techniques, and principles behind point and figure charting. The writing is clear, the author anticipates most likely misunderstandings and proactively heads them off as they arise. What I feared would be a dry treatment is surprisingly readable, even enjoyable.

Harrison & Davis offer intellectual property (IP) professionals - including IP attorney's seeking to advocate for their client - a better and more effective understanding of how to manage IP as a strategic business asset. Unlike other books on the subject, Edison, and it's sequel, "Einstein in the Boardroom" (2006), offers rare pragmatic advise with evidence-based outcomes from a community of IP-savvy companies on the benefits of becoming proactive in identifying, protecting and leveraging all forms of intellectual capital to address strategic business objectives.

Julie Davis and Suzanne Harrison's book, Edison in the Boardroom, takes readers deep enough into the field of intellectual property management for them to incorporate presented theories into their respective professional disciplines - researcher, attorney, licensing exec, etc. - without the book becoming unwieldy. Excellent balance. This book can become a cornerstone text for any professional involved with intellectual property to direct his or her focus for additional study and to ensure his or her working knowledge of the challenges confronting professionals in other disciplines that together form a corporate intellectual property management program.

Professor Thomas G. Field, Jr., Franklin Pierce Law Center

Few variables are more likely to dictate short- and long-term commercial success than a firm's ability to convert intellectual assets into intellectual property (IP). The smaller the firm, the bigger the need, and the need only grows.
Most companies are careful to avoid IP infringement and are eager to sue direct competitors who do not. Many firms also educate key employees on their roles in perfecting and protecting intangible assets. Fewer give full attention to IP and antecedents that might nevertheless be regarded as assets. For example, those who would not hesitate to monitor and sue infringing competitors may not monitor non-competitors as potential licensees.
To extract the most from intellectual assets, many factors, e.g., legal, technical marketing and sales, must be weighed. Edison in the Boardroom offers important advice to help firms take steps to meet that need. Despite its reference to "assets" in the subtitle, however, most of this book focuses more narrowly - on IP, and on patents specifically.
Davis and Harrison, said to bring "a quarter century of IP consulting accomplishments between them," document that some companies have long engaged in trying to optimize the value of their intellectual assets. The authors also assign companies to a five-level hierarchy based on a range of IP-management strategies. A goldmining metaphor is usefully advanced at one point to describe those levels as: defensive (staking claims), panning (cost control), mining (deeper profit seeking), processing (integration), and sculpting. The heart of the book consists of five chapters that discuss these levels seriatim and offers a host of useful ideas and anecdotes.
The book is generally well-structured. For example, early in each of the five core chapters is a description of what "companies are trying to accomplish" at the corresponding level of IP-management sophistication. At the defensive level, of course, companies have processes for seeking, maintaining and enforcing IP. Yet, in the discussion of second-level companies, said to seek to reduce costs by exercising judgment about what is brought into and kept in their patent portfolios, it becomes clear how much various levels overlap. The first two topics may usefully be segregated for purposes of discussion, but it is hard to imagine any company that can afford, literally, to pursue protection without attempting to balance portfolio goals against concomitant costs. Indeed, one thesis of the second chapter is that no firm can seek the strongest protection for everything of potential patentability, much less seek it in every possible country.
The third chapter diverges considerably. Companies featured there are said to seek, e.g., to extract portfolio value as quickly and cheaply as possible. Several have gone well beyond suing competitors or easily discovered, non-competing infringers. The most aggressive of such firms regard IP departments as profit centers and actively solicit licensees. Their success is sometimes remarkable. As the authors point out, "Worldwide revenues from patent licensing have grown from $15 billion in 1990 to over $100 billion in 2000." Echoing the central theme of another recent book, Davis and Harrison also point out that, "Some experts estimate that companies are sitting on $1 trillion per year in unexploited licensing fees."
Fourth- and fifth-level firms are difficult to distinguish from ones discussed earlier - or from each other. For example, level-four companies are said to seek to integrate "IP awareness and operations throughout all functions of the company." That seems necessary, too, for allegedly less capable compatriots. Further, when level-five firms are described as embedding intellectual assets and their management into the company culture, it is difficult to find divergence.
The last are said to have as additional objectives: (1) staking a claim on the future and (2) encouraging "disruptive technologies." Still, these could easily been collapsed into "Get a Crystal Ball!" Heuristics for meeting them non-serendipitiously are weak.
Consider, for example, the mouse and graphic interface as commercialized on Macintosh computers. Steve Jobs is said to have derived both from the Alto computer developed by Xerox's Palo Alto Research Center. While Jobs became a billionaire, "Xerox completely failed to get into the personal computer business, missing one of the biggest business opportunities in history." To avoid repeating such mistakes, Davis and Harrison suggest that companies should "identify ways the corporation can benefit from [ideas outside their business capacity] before moving on." They, not surprisingly, can offer little guidance.
One IP attorney recently stressed the need for his colleagues better to understand the identification, protection and use of intellectual capital "effectively to address strategic corporate objectives." Those for whom this is novel terrrain will find Edison in the Boardroom helpful.
Also, senior IP counsel better acquainted with the topic may find the book useful. Some will face difficulty in convincing those at the same level or higher in the corporate hierarchy of its importance. To the extent that their advocacy of the critical role to be played by IP counsel is perceived as serving selfish aims, the book should help allay suspicions.
For these and other attorneys, the value of Edison in the Boardroom could easily, and vastly, exceed its modest price.

The basic concept of this book is very intriguing: Briefly examine the life and career of Thomas Edison and then suggest direct correlations between his achievements with real-world situations in which various companies are now deriving substantial value from their intellectual capital. The authors also make skillful use of Edison's own recorded thoughts and feelings. Of special interest to me was what he had to say about the creative process. For example, "Men are just beginning to propose questions and find answers, and we may be sure that no matter what question we ask, so long as it is not against the laws of nature, a solution can be found." This what the author refer to as "The Edison Mindset." Edison apparently had almost no concern about a given experiment's "failure" which he continued to view, rather, as non-success to that stage. Too often, senior-level executives become preoccupied with results and neglect the process by which they can be achieved. Among Edison's greatest (and perhaps least appreciated) achievements was the establishment of the first research laboratory in which he and his associates would collaborate on various projects. Edison was a pioneer in recognizing the importance of assembling the best available talent and providing them with sufficient resources as well as a culture wherein those talents could be fully utilized. Davis and Harrison obviously have this point in mind when observing that "benchmarking best practices without any regard for the underlying culture of the firm can be problematic."

NOTE: For those interested in this subject, I highly recommend Organizing Genius in which Bennis and Biederman examine the collaborative efforts of those involved at the Disney studios which produced so many animation classics; at Xerox's Palo Alto Research Center (PARC) which developed the first personal computer; at Apple Computer which then took it to market; at the so-called "War Room" which helped to elect Bill Clinton President in 1992; those active in the so-called "Skunk Works" where so many of Lockheed's greatest designs were formulated; at Black Mountain College which "wasn't simply a place where creative collaboration took place. It was about creative collaboration"; and at Los Alamos (NM) and the University of Chicago where the Manhattan Project eventually produced a new weapon called "the Gadget."

This is an extremely well-organized and well-written book in which Davis and Harrison use the life and career of Edison for guidance to understanding subjects of major importance today such as breakthrough innovation, collaborative effort, the development and management of intellectual property, and effective organizational transformation. They suggest that companies (indeed all organizations) function in one or more of five levels which comprise "the hierarchy of value" for intellectual property, a model created at Andersen's Intellectual Property Management Practice and then at ICMG:

1. Defensive: "If a corporation owns an intellectual asset (such as a great business concept), it can prevent competitors from using the asset."

2. Cost Control: "Companies focus on how to reduce the costs of filing and maintaining their IP portfolios."

3. Profit Center: "Having learned how to control many of their patent-related costs, companies at this level turn their attention to more proactive strategies that can generate millions of dollars of additional revenues while further continuing to trim costs.'

4. Integrated Level: In this level the IP function ceases to focus on self-centered activities and reaches outwardly beyond its own department to serve a greater purpose within the organization as a whole."

5. Visionary Level: "Few companies have reached this level of looking outside the company and into the future. In this level, the IP function, having already become deeply ingrained in the company, takes on the challenge of identifying future trends in the industry and consumer preferences."

After an excellent Introduction, the authors devote a separate chapter to each of the five Levels and then provide a case study of the Dow Chemical Company, followed by three appendices: Mining a Portfolio for Value, Competitive Assessment, and Integrated Performance Reporting. They suggest all manner of similarities and differences between and among these five Levels, in process suggesting also a wealth of strategies and tactics to consider when attempting to achieve the desired results at any of these Levels.

To a greater extent now than at any prior time in human history, with all due respect to major developments such as the light bulb, telephone, automobile, and personal computer, corporations (indeed entire societies) seek "exciting, new, novel, and discontinuous innovations....For centuries, companies have linked ideas and money by embedding their new ideas (legally protected or not) into products to be sold or bartered. Today, however, an exciting new concept is revolutionizing the way companies extract value from their ideas: an idea no longer needs to be embedded into a product or service to create value. Today ideas are licensed, sold, or bartered in their raw state for great value." And they are getting that value through intellectual property management (IPM). Hence the importance of encouraging and supporting "The Edison Mindset."

Here in a single volume, the authors provide a comprehensive, cohesive, and cost-effective program. It remains for decision-makers in any organization now considering or at work on the design of an IPM to select whatever material in the book is most appropriate to their organization's specific needs. One value-added benefit of this book is that Davis and Harrison can assist with that selection process. A point made earlier, however, deserves repeating: "benchmarking best practices without any regard for the underlying culture of the firm can be problematic."

The authors provide an excellent framework for companies to manage their intellectual property - without using too much consultant speak.

They quote examples at different levels of their framework and look at companies who are suceeding at managing and valuing their IP effectively. This is a skill which can only be more and more wanted in the future.

The most interesting takeaway is that most companies are very bad in this field, and there are very few success stories.

David Audretsch chronicles perhaps the most significant shift in modern life and the effects for innovation, productivity and social welfare. The new world is ever-changing and its actors must be responsive in order to compete. He emphasizes the importance of supporting entrepreneurship to achieve economic development, along with some interesting policy insights to do this.

The book makes "entrepreneurship" accessible to a wide audience because it is easy to read, interesting and relevant to things we already know (education, factories, etc.). He demonstrates why it matters - for everybody.

Great read. Enjoyed the ability to read about a topic I have limited knowledge. I really got a feel of how this might impact the economy in general. would recommend to any one interested in a fresh view of the subject.

I received this book as a gift from my CEO and completed the reading in a couple of days and found it to be outstanding. David Audretsch gave an excellent and coherent framework for the fundamental transformation of key economic models and its relationship with key cultural, social, educational and political aspects. Having spent many years with a large and dominant company in the old managed economy and also Silicon Valley ones, I can especially internalize with his insights for that portion of the model.

I feel that this is a must read especially for colleges grads who are stepping into long journeys of global opportunities.

This books is well written for the policy wonk and the concerned citizen. It illustrates why the old guard of economic development struggles to enact better policies in an era where workers seek meaningful jobs and well paying jobs. The personal anecdotes, historical review of past economic challenges, and economic data presented offer a strong argument that we need to begin a new line of policymaking that throws out the old "managed economy" model and experiments with new, small, and highly targeted policies for economic development.

Why should we be concerned about the entrepreneurial society at all? This prompted me to read this book. I imagined this book to read like an academic book but to my great surprise, I found that this book wonderfully narrates a story- the story of the world we are living in that is filled with a high degree of uncertainty and a huge number of opportunities. I found this book very interesting.

As more and more people complain that gloablisation is taking jobs away from the developed countries, David Audretsch provides a compelling solution. The solution is to observe how the world around has transformed over the last decades, to understand the evolution of the society from its historic respect for the large corporation to admiration to the small firm, from life-long jobs to self-employment.

This is a story that one would love to listen to-it sounds like a thriller and engages you till the very end. I commend David Audretsch for writing this story in a way that many people can hear and understand. I am looking forward to reading the sequel!