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A practical and pithy guide to investing to help everyday investors
achieve their long-term goals The 21st century has been beset with
three financial market shocks in its first 20 years, the bursting
of the Tech Bubble in 2000-2002; the Global Financial Crisis of
2008-09; and 2020 COVID-19 crash. Given this backdrop, it is no
wonder that investing can appear to be so daunting to individual
investors. As Chairman and CEO of Vanguard, one of the largest and
most respected investment management companies in the world, Jack
Brennan has spent his career helping people invest their money. In
the newly updated More Straight Talk on Investing, he shares with
you the lessons he has learned over his over four decades at
Vanguard from a variety of market participants—from Main Street
investors and 401(k) plan holders to veteran portfolio managers at
the helm of Vanguard funds and sophisticated investment
professionals overseeing top endowments and foundations. This a
comprehensive, but approachable book will help you develop the
knowledge, confidence, and discipline to navigate the financial
markets and attain investment success over the long term. While the
financial planning and investing principles covered are timeless, a
considerable amount has changed in the nearly 20 years since the
first edition, including new products and services, lower costs,
and ever-evolving regulation and legislation. An entire generation
of investors has come of age over the past two decades and could
benefit from understanding that sound and sensible investing is an
effective way to achieve financial security. This book will assist
your manage your “serious” money—the dollars that you set
aside for long-term goals, such as retirement or the education of
your children. The book also emphasizes the concept of thinking of
yourself as a “financial entrepreneur”—managing your
financial life like owner manages a business. In a straightforward,
plain talk manner, the book demonstrates how to: Build a balanced,
diversified portfolio that meets your needs and goals Evaluate
mutual funds and ETFs with a discerning eye Adhere to a long-term,
disciplined approach to investing Control your emotions and tune
out the incessant “noise” in the media Understand the risks and
rewards of financial markets Develop a prudent plan and investment
policy statement to guide your path forward Avoid the pitfalls and
mistakes that can derail your investment program With wit and
wisdom, Brennan relays anecdotes and observations that demonstrate
the enduring investment precepts that will serve as a guide to
novice investors and as a practical refresher for seasoned
investors. He has also added three new chapters focusing on
evaluating advice options, garnering lessons from endowments, and
dealing with the challenges of a low interest rate environment.
This four-volume collection contains a comprehensive selection of
over 70 modern papers in empirical corporate finance. Empirical
Corporate Finance also features a new introduction by the editor
which explains the basis for the selection of the articles and
relates the empirical findings they report to recent developments
in corporate financial theory.The volumes are arranged by subject
matter, reflecting the broad stages in the life-cycle of the firm,
starting with venture capital and initial public offerings, and
then moving on to events that characterize corporate maturity:
dividend policy, investment policy, corporate governance issues,
and financing strategy. The volumes conclude with sections on
takeovers and bankruptcy. A major feature of the collection is its
attention to the relation between corporate financial policy and
the legal and economic framework within which the corporation
operates; thus evidence is provided for the importance of asset
resale markets as well as product markets for the capital structure
decision; the legal framework is shown to be related to financing
policies in different countries; and the existence of financial
institutions such as banks and leasing companies is shown to have
important consequences for financial policy. A pervasive theme of
the volumes is the importance of informational asymmetries and
agency relationships for understanding phenomena in corporate
finance. Empirical Corporate Finance will serve as a reference for
professionals and MBA students who are concerned with the evidence
on important issues such as initial public offerings, dividend
policy, capital structure. The volumes will also serve, both as an
introduction to the techniques of investigation in empirical
corporate finance, and to the major substantive findings in the
field for doctoral students; finally, they will be an invaluable
source of reference to the most important work that has been done
in each of the major areas of research.
A Shock to the System is a guide to the decisions that will be
faced by electricity providers, customers, and policymakers.
Produced by a team of analysts at Resources for the Future, this
concise and balanced work provides background necessary to
understand the increasing role of competition in electricity
markets. The authors introduce important concepts and terminology,
and offer the history of public policy regarding electricity. They
identify the significant proposals for implementing competition,
and examine the potential consequences for regulation, industry
structure, cost recovery, and the environment.
A Shock to the System is a guide to the decisions that will be
faced by electricity providers, customers, and policymakers.
Produced by a team of analysts at Resources for the Future, this
concise and balanced work provides background necessary to
understand the increasing role of competition in electricity
markets. The authors introduce important concepts and terminology,
and offer the history of public policy regarding electricity. They
identify the significant proposals for implementing competition,
and examine the potential consequences for regulation, industry
structure, cost recovery, and the environment.
Worldwide, postal operators have been slow to address the threats
from and opportunities created by electronic competition. The
European Commission and member states are wrestling with these
issues, while at the same time continuing to deal with the
interrelated issues of implementing entry into postal markets and
maintaining the universal service obligation. The Postal
Accountability and Enhancement Act of 2006 in the U.S. exacerbated
financial and managerial problems faced by USPS that result in part
from electronic substitution for letter delivery. A major aim of
this book is to examine policies to address postal operations in a
digital world and ways in which postal operators might reinvent
themselves to respond to threats and exploit opportunities.
Potential opportunities examined include parcels, e-commerce,
digital delivery, regulatory innovations and pricing. This book
will be of interest to postal operators, regulatory commissions,
consulting firms, competitors and customers, experts in the postal
economics, law, and business, and those charged with the
responsibility for designing and implementing postal sector
policies. Researchers in regulatory economics, transportation
technology and industrial organization will also find considerable
food for thought in this volume.
This book addresses major issues facing postal and delivery
services throughout the world. Worldwide, there is currently a
considerable amount of interest in postal and delivery economics.
The industry is reacting to a state of near crisis and is
implementing different drastic changes. The European Commission and
member States are still wrestling with the problem of how to
implement entry liberalization into postal markets, how to address
digital competition, and how to maintain the universal service
obligation (USO). The Postal Accountability and Enhancement Act of
2006 in the U.S. has perhaps created and exacerbated the problems
faced by USPS. Digitalisation, technological development and online
platforms are strongly affecting both the way postal and delivery
operators are managing their services as well as their role on the
market. Strong emphasis was attributed to the assets of Postal
Operators (POs) and their added value in the digital age as well as
on new business strategies. This volume presents original essays by
prominent researchers in the field, selected and edited from papers
presented at this year's 26th Conference on Postal and Delivery
Economics held in Split, Croatia, from May 30- June 2, 2018.Topics
addressed by this volume include quality of service, last mile
solutions, and competition in the liberalized market. This book
will be a useful tool not only for graduate students and
professors, but also for postal administrations, consulting firms,
and federal government departments.
Worldwide, postal and delivery economics is the subject of
considerable interest. The postal industry's business model is in
drastic need of change. Notably, the European Commission and member
states are still wrestling with the problems of implementing
liberalization of entry into postal markets, addressing digital
competition, and maintaining the universal service obligation. In
the United States, the Postal Accountability and Enhancement Act of
2006 has, perhaps, exacerbated some of the problems faced by the
United States Postal Service (USPS). Currently, the USPS has
serious financial problems because of difficulties it faces in
making changes and the failure of the Act to address problems that
have been long-standing. Electronic competition is severe and
affects post offices (POs) worldwide, which have been slow to
address the threat. This book addresses this new reality and
includes discussion of how POs may attempt to reinvent themselves.
Parcels and packets will play a major role in developing new
business models for postal operators. This book is of use not only
to students and researchers interested in the field, but also to
postal operators, consulting firms, utilities, regulatory
commissions, Federal Government Departments and agencies of the
European Union and other countries.
Worldwide, postal operators have been slow to address the threats
from and opportunities created by electronic competition. The
European Commission and member states are wrestling with these
issues, while at the same time continuing to deal with the
interrelated issues of implementing entry into postal markets and
maintaining the universal service obligation. The Postal
Accountability and Enhancement Act of 2006 in the U.S. exacerbated
financial and managerial problems faced by USPS that result in part
from electronic substitution for letter delivery. A major aim of
this book is to examine policies to address postal operations in a
digital world and ways in which postal operators might reinvent
themselves to respond to threats and exploit opportunities.
Potential opportunities examined include parcels, e-commerce,
digital delivery, regulatory innovations and pricing. This book
will be of interest to postal operators, regulatory commissions,
consulting firms, competitors and customers, experts in the postal
economics, law, and business, and those charged with the
responsibility for designing and implementing postal sector
policies. Researchers in regulatory economics, transportation
technology and industrial organization will also find considerable
food for thought in this volume.
Worldwide, postal and delivery economics is the subject of
considerable interest. The postal industry's business model is in
drastic need of change. Notably, the European Commission and member
states are still wrestling with the problems of implementing
liberalization of entry into postal markets, addressing digital
competition, and maintaining the universal service obligation. In
the United States, the Postal Accountability and Enhancement Act of
2006 has, perhaps, exacerbated some of the problems faced by the
United States Postal Service (USPS). Currently, the USPS has
serious financial problems because of difficulties it faces in
making changes and the failure of the Act to address problems that
have been long-standing. Electronic competition is severe and
affects post offices (POs) worldwide, which have been slow to
address the threat. This book addresses this new reality and
includes discussion of how POs may attempt to reinvent themselves.
Parcels and packets will play a major role in developing new
business models for postal operators. This book is of use not only
to students and researchers interested in the field, but also to
postal operators, consulting firms, utilities, regulatory
commissions, Federal Government Departments and agencies of the
European Union and other countries.
Contemporary society is in constant change. Transitions and crises
occur in every life, regardless of status, ethnicity, sex, race,
education, or religion. Yet, the traditional societal forms for
helping with these transitions and crises are changing as well. The
typical nuclear family has given way to single-parent, blended, or
dual-career structures. Religious, health, educational, social
service, philanthropic, and other organizational support systems
have also changed from their pre-1950 counterparts. As these
sometimes evolutionary, sometimes revolutionary, changes have
occurred, considerable scholarship and empirical research has
attempted to identify and develop methods of helping people
encounter these transitions and crises. These efforts have come
from various fields: psychology, sociology, anthropology,
linguistics, law, social work, nurs ing, medicine, education, labor
relations, and others. Each has brought its own theories, research
methods, and practical experiences to bear on the problems. One of
the methods that these fields have universally been intrigued with
is the use of empathy. Empathy, that crucial but elusive pheno
menon (so the literature has reported), has been identified as
important in human interactions. Labor mediators, legal
arbitrators, psychiatric psychoanalysts, encounter group
facilitators, classroom instructors, and kindred helpers have been
told that "understanding how the other person or group is thinking
and feeling" will help that person or group. The anxious parent and
troubled spouse have been urged to "understand the other's point of
view." Some writers have even argued that empathy is crucial to
resolving international tensions and terrorist group violent
actions."
With this practical guide, you'll learn how to understand the needs
of external customers without requirements elicitation or
sign-offs, the difference between customer and business value, and
why you need to create both. You'll discover how to respond to
changes in the market and the actions of competitors. You'll
understand how to develop new products, launch them into the
market, and how to deliver business outcomes through the maturity
and eventual retirement of your product.
This outstanding collection of Michael Brennan's writing spans
almost thirty years and reflects the rapid development and growing
importance of the field of finance over this period.The papers
cover corporate finance, option pricing and derivative markets,
international finance and the role of information in financial
markets. The chapters on corporate finance include Brennan's
seminal 1970 paper on the effects of personal taxation on financial
market equilibrium, an analysis of consistency in utility rate
regulation and the classic piece on the application of options
analysis to natural resource investments. The chapters on option
pricing range from the earliest analysis of the American put option
to a synthesis of methods of valuing derivatives, portfolio
insurance and the effect of derivatives on trading volume and
welfare. More recent papers include empirical asset pricing studies
and an innovative proposal to strip the dividends from the
S&P500 portfolio. Michael Brennan has been at the forefront of
recent developments in financial economics and financial management
and this collection of his work will be warmly welcomed by those
working in finance, monetary economics, banking and financial
sector research.
This edited book includes original essays by prominent researchers
and practitioners in the field of postal and delivery economics,
originally presented at the 30th Conference on Postal and Delivery
Economics held in Rimini, Italy, May 25–27, 2022. The central
foci of the book are the role of digital platforms in the postal
sector and the impact of vertically integrated firms in delivery
markets. Other important topics include the regulation of parcels
and their environmental footprint, in light of the innovations
affecting the so-called last mile, and the effects of the COVID-19
pandemic on the postal sector, on both the global and local levels.
Chapters also discuss traditional topics for postal and delivery
sectors, including postal costs, the funding of Universal Service
Obligation (USO) and the related role of Universal Service
Providers. This book is a useful tool not only for graduate
students and professors interested in postal and regulatory
economics but also for postal administrations, consulting firms,
and federal government departments.
This book includes original essays by prominent researchers and
practitioners in the field of postal and delivery economics,
originally presented at the 29th Conference on Postal and Delivery
Economics held online, September 1-3, 2021. The central focus of
the book is the short and long-term impact of covid-19 pandemic on
the sectors, both from the economic and regulatory perspectives.
Other important topics include the unstoppable growth of e-commerce
and the implications for delivery market; solutions for the "last
mile", and the associated challenges in terms of sustainability.
Chapters also discuss traditional topics for postal and delivery
sectors, such as the competitive dynamics in the sector, the
business strategies of postal operators, as well as the definition
and funding of the Universal Service Obligation. This book will be
a useful tool not only for graduate students and professors
interested in postal and regulatory economics, but also for postal
administrations, consulting firms, and federal government
departments.
This book presents in an easy-to-read format a summary of the
important central aspects of microbial glycobiology, i.e. the study
of carbohydrates as related to the biology of microorganisms.
Microbial glycobiology represents a multidisciplinary and emerging
area with implications for a range of basic and applied research
fields, as well as having industrial, medical and biotechnological
implications.
Key Features and Benefits
* Individual chapters provided by leading international scientists
in the field yield insightful, concise and stimulating reviews.
- Provides researchers with an overview and synthesis of the latest
research
* Each chapter begins with a brief 200 word
Summary/Abstractdetailing the topic and focus of the chapter, as
well as the concepts to be addressed.
- Allows researchers to see at a glance what each chapter will
cover
* Each chapter includes a Research Focus Box
- Identifies important problems that still need to be solved and
areas that require further investigation"
The book addresses the most recent challenges faced by the postal
and delivery sector. This book includes original essays by
prominent researchers and practitioners in the field of postal and
delivery economics, originally presented at the 28th Conference on
Postal and Delivery Economics held online, December 1-5, 2020.
Chapters discuss topics such as the sustainability of the universal
service obligations (USO) quality of service, last mile solutions,
competition in liberalized markets, data protection, environmental
sustainability, and the impact of the COVID-19 pandemic. This book
will be a useful tool not only for graduate students and professors
interested in postal and regulatory economics, but also for postal
administrations, consulting firms, and federal government
departments.
In The Theory of Corporate Finance, Michael J. Brennan has brought
together a set of major papers which defines the current status of
the theory of corporate finance. This authoritative collection
emphasizes recent research, while also including representative
classics in the field. The main paradigms in corporate finance are
addressed in these volumes, with particular attention to the
problems raised by information asymmetries and the responses to
them. Major sections deal with issues including shareholder
objectives, agency and monitoring, adverse selection and
signalling, reputation, and contracting and incentives. The Theory
of Corporate Finance also covers the application of the paradigms
of corporate finance to particular aspects of corporate financial
decisions and relationships. These include initial public offerings
of common stock, the role of debt contracts, the relation between
financial structure and the real asset and product markets, capital
investment decisions, hedging and disclosure policy, insider
trading, the effect of taxes on financial policy, takeover contests
and the assignment of voting and control rights, and corporate
bankruptcy. Michael J. Brennan's two volume set brings together key
articles and papers which represent the current state of the
financial theory of the corporation, ensuring that this collection
will be an invaluable resource for scholars, students and
practitioners of finance and financial economics.
This book addresses major issues facing postal and delivery
services throughout the world. Worldwide, there is currently a
considerable amount of interest in postal and delivery economics.
The industry is reacting to a state of near crisis and is
implementing different drastic changes. The European Commission and
member States are still wrestling with the problem of how to
implement entry liberalization into postal markets, how to address
digital competition, and how to maintain the Universal Service
Obligation (USO). Digitalization, technological development and
online platforms are strongly affecting both the way postal and
delivery operators are managing their services, as well as their
role on the market. Strong emphasis was attributed to the assets of
Postal Operators (POs) and their added value in the digital age, as
well as on new business strategies. This volume presents original
essays by prominent researchers in the field, selected and edited
from papers presented at the 27th Conference on Postal and Delivery
Economics held in Dublin, Ireland, 22-25 May, 2019. Topics
addressed by this volume include the fragmentation of the postal
supply chain, blockchain and digital postal services, and the
fading of traditional postal market boundaries. This book will be a
useful tool not only for graduate students and professors, but also
for postal administrations, consulting firms, and federal
government departments.
This book addresses major issues facing postal and delivery
services throughout the world. Worldwide, there is currently a
considerable amount of interest in postal and delivery economics.
The industry is reacting to a state of near crisis and is
implementing different drastic changes. The European Commission and
member States are still wrestling with the problem of how to
implement entry liberalization into postal markets, how to address
digital competition, and how to maintain the Universal Service
Obligation (USO). Digitalization, technological development and
online platforms are strongly affecting both the way postal and
delivery operators are managing their services, as well as their
role on the market. Strong emphasis was attributed to the assets of
Postal Operators (POs) and their added value in the digital age, as
well as on new business strategies. This volume presents original
essays by prominent researchers in the field, selected and edited
from papers presented at the 27th Conference on Postal and Delivery
Economics held in Dublin, Ireland, 22-25 May, 2019. Topics
addressed by this volume include the fragmentation of the postal
supply chain, blockchain and digital postal services, and the
fading of traditional postal market boundaries. This book will be a
useful tool not only for graduate students and professors, but also
for postal administrations, consulting firms, and federal
government departments.
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