Most measures of the American economy over the past two centuries or so produce a jagged sine wave--"irrationally exuberant" highs leading to painful lows. Bubbles lead to panics, over and over again. Payne has written a short book on the 1920s to demonstrate to undergraduates how this pattern emerges, especially how the highs get to be so high--specifically during the 1920s, which seem to offer instructive examples of the worst practices and circumstances. This "How Things Worked" volume explains market mechanisms, popular pressures, and the workings or failings of regulation. While every drop in the economy has its peculiar features, that of 1929 has the markings of a classic"--Provided by publisher.
One of the goals of mathematical physics is to provide a rigorous derivation of the properties of macroscopic matter starting from Schrodinger's equation. Although at the present time this objective is far from being realized, there has been striking recent progress, and the fourth "Ettore Majorana" International School of Mathematical Physics held at Erice, 1-15 June 1980 with the title Rigorous Atomic and Mqlecular Physics focussed on some of the recent advances. The first of these is the geometric method in the theory of scattering. Quantum mechanical scattering theory is an old and highly cultivated subject, but, until recently, many of its fundamental developments were technically very complicated and conceptually rather obscure. For example, one of the basic properties of a system of N particles moving under the influence of appropriately restricted short-range plus Coulomb forces is asymptotic completeness: the space of states is spanned by the bound states and scattering states. However, the proof of asymp totic. completeness for N bodies was achieved only with physically unsatisfactory restrictions on the nature of the interaction and even for N = 2 required an involved argument rather more subtle than the physical circumstances seemed to warrant. The reader will find in the present volume a very simple and physical proof of asymptotic completeness for N = 2 as well as an outline of the geometrical ideas which are currently being used to attack the problem for N > 2. (See the lectures of Enss.
Unparalleled coverage of U.S. political development through a unique chronological framework Encyclopedia of U.S. Political History explores the events, policies, activities, institutions, groups, people, and movements that have created and shaped political life in the United States. With contributions from scholars in the fields of history and political science, this seven-volume set provides students, researchers, and scholars the opportunity to examine the political evolution of the United States from the 1500s to the present day. With greater coverage than any other resource, the Encyclopedia of U.S. Political History identifies and illuminates patterns and interrelations that will expand the reader’s understanding of American political institutions, culture, behavior, and change. Focusing on both government and history, the Encyclopedia brings exceptional breadth and depth to the topic with more than 100 essays for each of the critical time periods covered. With each volume covering one of seven time periods that correspond to key eras in American history, the essays and articles in this authoritative encyclopedia focus on the following themes of political history: The three branches of government Elections and political parties Legal and constitutional histories Political movements and philosophies, and key political figures Economics Military politics International relations, treaties, and alliances Regional histories Key Features Organized chronologically by political eras Reader’s guide for easy-topic searching across volumes Maps, photographs, and tables enhance the text Signed entries by a stellar group of contributors VOLUME 1 ?Colonial Beginnings through Revolution ?1500–1783 ?Volume Editor: Andrew Robertson, Herbert H. Lehman College ?The colonial period witnessed the transformation of thirteen distinct colonies into an independent federated republic. This volume discusses the diversity of the colonial political experience—a diversity that modern scholars have found defies easy synthesis—as well as the long-term conflicts, policies, and events that led to revolution, and the ideas underlying independence. VOLUME 2 ?The Early Republic ?1784–1840 ?Volume Editor: Michael A. Morrison, Purdue University No period in the history of the United States was more critical to the foundation and shaping of American politics than the early American republic. This volume discusses the era of Confederation, the shaping of the U.S. Constitution, and the development of the party system. VOLUME 3 ?Expansion, Division, and Reconstruction ?1841–1877 ?Volume Editor: William Shade, Lehigh University (emeritus) ?This volume examines three decades in the middle of the nineteenth century, which witnessed: the emergence of the debate over slavery in the territories, which eventually led to the Civil War; the military conflict itself from 1861 until 1865; and the process of Reconstruction, which ended with the readmission of all of the former Confederate States to the Union and the "withdrawal" of the last occupying federal troops from those states in 1877. VOLUME 4 ?From the Gilded Age through the Age of Reform ?1878–1920 ?Volume Editor: Robert Johnston, University of Illinois at Chicago With the withdrawal of federal soldiers from Southern states the previous year, 1878 marked a new focus in American politics, and it became recognizably modern within the next 40 years. This volume focuses on race and politics; economics, labor, and capitalism; agrarian politics and populism; national politics; progressivism; foreign affairs; World War I; and the end of the progressive era. VOLUME 5 ?Prosperity, Depression, and War ?1921–1945 ?Volume Editor: Robert Zieger, University of Florida Between 1921 and 1945, the U.S. political system exhibited significant patterns of both continuity and change in a turbulent time marked by racist conflicts, the Great Depression, and World War II. The main topics covered in this volume are declining party identification; the "Roosevelt Coalition"; evolving party organization; congressional inertia in the 1920s; the New Deal; Congress during World War II; the growth of the federal government; Franklin D. Roosevelt’s presidency; the Supreme Court’s conservative traditions; and a new judicial outlook. VOLUME 6 ?Postwar Consensus to Social Unrest ?1946–1975 ?Volume Editor: Thomas Langston, Tulane University This volume examines the postwar era with the consolidation of the New Deal, the onset of the Cold War, and the Korean War. It then moves into the 1950s and early 1960s, and discusses the Vietnam war; the era of John F. Kennedy; the Cuban Missile Crisis; the Civil Rights Act; Martin Luther King and the Voting Rights Act; antiwar movements; The War Powers Act; environmental policy; the Equal Rights Amendment; Roe v. Wade; Watergate; and the end of the Vietnam War. VOLUME 7 ?The Clash of Conservatism and Liberalism ?1976 to present ?Volume Editor: Richard Valelly, Swarthmore College ?The troubled Carter Administration, 1977–1980, proved to be the political gateway for the resurgence of a more ideologically conservative Republican party led by a popular president, Ronald Reagan. The last volume of the Encyclopedia covers politics and national institutions in a polarized era of nationally competitive party politics and programmatic debates about taxes, social policy, and the size of national government. It also considers the mixed blessing of the change in superpower international competition associated with the end of the Cold War. Stateless terrorism (symbolized by the 9/11 attacks), the continuing American tradition of civil liberties, and the broad change in social diversity wrought by immigration and the impact in this period of the rights revolutions are also covered.
Sickness, starvation, brutality, and forced labour plagued the existence of tens of thousands of Allied POWs in World War II. More than a quarter of these POWs died in captivity. Long Night’s Journey into Day centres on the lives of Canadian, British, Indian, and Hong Kong POWs captured at Hong Kong in December 1941 and incarcerated in camps in Hong Kong and the Japanese Home Islands. Experiences of American POWs in the Philippines, and British and Australians POWs in Singapore, are interwoven throughout the book. Starvation and diseases such as diphtheria, beriberi, dysentery, and tuberculosis afflicted all these unfortunate men, affecting their lives not only in the camps during the war but after they returned home. Yet despite the dispiriting circumstances of their captivity, these men found ways to improve their existence, keeping up their morale with such events as musical concerts and entertainments created entirely within the various camps. Based largely on hundreds of interviews with former POWs, as well as material culled from archives around the world, Professor Roland details the extremes the prisoners endured — from having to eat fattened maggots in order to live to choosing starvation by trading away their skimpy rations for cigarettes. No previous book has shown the essential relationship between almost universal ill health and POW life and death, or provides such a complete and unbiased account of POW life in the Far East in the 1940s.
Armor and weaponry were central to Islamic culture not only as a means of conquest and the spread of the faith, but also as symbols of status, wealth, and power. The finest arms were made by master craftsmen working with the leading designers, goldsmiths, and jewelers, whose work transformed utilitarian military equipment into courtly works of art. This book reveals the diversity and artistic quality of one of the most important and encyclopedic collections of its kind in the West. The Metropolitan Museum's holdings span ten centuries and include representative pieces from almost every Islamic culture from Spain to the Caucasus. The collection includes rare early works, among them the oldest documented Islamic sword, and is rich in helmets and body armor, decorated with calligraphy and arabesques, that were worn in Iran and Anatolia in the late fifteenth century. Other masterpieces include a jeweled short sword (yatagan) with a blade of "watered" steel that comes from the court of Süleyman the Magnificent, a seventeenth-century gold-inlaid armor associated with Shah Jahan, and two gold-inlaid flintlock firearms belonging to the guard of Tipu Sultan of Mysore. Presenting 126 objects, each handsomely photographed and richly documented with a detailed description and discussion of its technical, historical, and artistic importance, this overview of the Met's holdings is supplemented by an introductory essay on the formation of the collection, and appendixes on iconography and on Turkman-style armor.
From an economist who warned of the global financial crisis, a new warning about the continuing peril to the world economy Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. Rajan shows how the individual choices that collectively brought about the economic meltdown—made by bankers, government officials, and ordinary homeowners—were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world. In Fault Lines, Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.
Ever since Adolph Berle and Gardiner Means wrote their classic 1932 analysis of the American corporation, The Modern Corporation and Private Property, social scientists have been intrigued and challenged by the evolution of this crucial part of American social and economic life. Here William Roy conducts a historical inquiry into the rise of the large publicly traded American corporation. Departing from the received wisdom, which sees the big, vertically integrated corporation as the result of technological development and market growth that required greater efficiency in larger scale firms, Roy focuses on political, social, and institutional processes governed by the dynamics of power. The author shows how the corporation started as a quasi-public device used by governments to create and administer public services like turnpikes and canals and then how it germinated within a system of stock markets, brokerage houses, and investment banks into a mechanism for the organization of railroads. Finally, and most particularly, he analyzes its flowering into the realm of manufacturing, when at the turn of this century, many of the same giants that still dominate the American economic landscape were created. Thus, the corporation altered manufacturing entities so that they were each owned by many people instead of by single individuals as had previously been the case.
Congressional primaries are increasingly being blamed for polarization and gridlock in Congress. Most American states adopted congressional primaries during the first decades of the 20th century as a means of breaking the hold of political "bosses" on the nomination of candidates. Yet now, many contend that primaries have become a means by which the most dedicated party activists choose candidates unrepresentative of the electorate, and so general election voters are forced to choose between two ideologically extreme candidates. Consequently, there have been recent instances in both parties where nominees were chosen who were clearly not preferred by party leaders, and who arguably lost elections that their parties should have won. This book is the first to focus solely upon congressional primary elections, and to do so for a student readership. Boatright organizes his text around the contention that there are important differences between types of primaries, and these differences prevent us from making blanket statements about primary competition. He focuses on explanations of two sources of difference: differences in electoral structure and differences brought about by the presence or absence of an incumbent seeking reelection. The first three chapters introduce these differences, explore how they came to exist, and outline some of the strategic considerations for candidates, parties, interest groups, and voters in primary elections. The subsequent four chapters explore different types of primary elections, and the final chapter evaluates actual and proposed primary reforms. Congressional Primary Elections is the first book to provide a history and analysis of congressional primary elections and will serve as a crucial part of courses on political parties and campaigns and elections. The book gives students the tools for understanding arguments for and against the reform of primary elections and for understanding the differences between types of primaries.
� Practical guide for asset-liability managers faced with the decision as to whether to build or buy a financial model � Topics include modeling cash flows, net investment income versus net portfolio value, projections of interest rates, and volatility A guide for asset-liability managers and other investment professionals who are faced with the decision of whether to build or buy a financial model to measure, monitor, and help manage their institution's risk exposure. It reviews the evolution of interest rate risk models and evaluates the state-of-the-art models in use. Includes Modeling cash flows; modeling the term structure; OAS technology; net interest income versus net portfolio value; build versus buy analysis; practical methods for deriving input assumptions; prepayment rates; deposit decay rates; projections of interest rate and volatility.
This revised textbook for courses on urban politics challenges the notion that the field is dominated by political economy, showing that despite the undeniable importance of economic issues, citizens do play a significant part in urban politics.
First Published in 1998. Approximately 75 percent of Americans live in cities and surrounding suburbs, and the characteristics of those cities inescapably affect the quality of their lives. This book examines the extent to which these Americans use the political process to control the characteristics of life in their metropolises. In addition, this second edition revision places great emphasis on the role of political leaders, while recognising the interdependence between those leaders and various interests in the city.
Wetlands are, by their very nature, ephemeral and transitional, which makes them challenging to characterize. Yet the need for characterizing wetlands continues to grow, particularly as we develop a better understanding of the wealth of ecosystem services that they provide. Wetland Landscape Characterization: Practical Tools, Methods, and Approaches for Landscape Ecology, Second Edition shows how wetland characterization tools, methods, and approaches can be integrated to more effectively address twenty-first-century wetland issues. A Practical Toolbox for Integrated Wetland Landscape Characterization The book explains how to locate, identify, and map the extent of wetlands to learn more about their importance to society and the larger landscape. It examines jurisdictional, regulatory, and practical applications from the scientific, engineering, and lay perspectives. Fully updated, the second edition reflects an emerging infrastructural, ecosystem goods-and-services perspective to better assist readers who may encounter these concepts and challenges as they assess and characterize wetlands. Examples and case studies illustrate a variety of situations and solutions, highlighting the use of current techniques to assess, inventory, and monitor natural resources under changing conditions. These examples offer lessons and ideas for the issues encountered every day by wetland landscape ecology practitioners. The book also refers readers to additional resources to help them solve specific challenges. New in This Edition Updates of practical geospatial methods More project-driven examples A description of the pitfalls of using ecological data at landscape scales, along with solutions Alternative techniques for a variety of practitioners Linkages between field and landscape ecological practices Online resources for practitioners New illustrations This book helps readers develop the concepts, skills, and understanding of how to best achieve project goals in the rapidly changing disciplines of landscape science and wetland ecology and management. A valuable resource, it provides practical tools, methods, and approaches for conceptualizing, designing, and implementing broad-scale wetland projects that take into account critical societal linkages.
Addresses the connections between communication patterns & more general social conditions, with analysis of types of communication, their meanings, & associations with ethnicity & class. For scholars in comm theory, discourse, & social issues.
A total CBT training solution, with practical strategies for improving educational outcomes. Teaching and Supervising Cognitive Behavioral Therapy is the first comprehensive package to provide empirically-validated CBT training and supervisory techniques. Applicable to a variety of behavioral health care disciplines, this multi-modal guide provides educators with the information and tools that can help improve educational outcomes. An examination of CBT developments over the past twenty years leads into a discussion of practical applications for improving CBT education, while addressing the technological advances that facilitate dissemination and the specific challenges posed to confidentiality and patient care. The digital component contains additional audio and video content, plus downloadable worksheets that reinforce and expand upon the strategies presented. Coverage includes advice geared specifically toward the most commonly-encountered problems, with video of training sessions that address issues like frustration with patients, disbelief in psychotherapy, dislike of the method, and lack of skills. Readers will gain insight into effective goal setting, and implement a structured approach to supervision. Examine existing literature and research on training, supervision, and evaluation Integrate theory with practical strategies to improve learning outcomes Customize training approaches to specifically suit different professional groups Fit the methods to the environment, including workshops, webinars, and podcasts Mental health professionals who favor an empirically-based approach to therapy will appreciate the effectiveness of an empirically-based approach to pedagogy. Backed by over two decades of CBT research and the insight of leading CBT experts, Teaching and Supervising Cognitive Behavioral Therapy provides trainers with the tools and information they need to improve therapist educational outcomes.
This book is concerned with religious revivalism in the United States since 1825. It attempts to explain the part which revivalism has played, and is playing today, in the social, intellectual, and religious life of America. The aim has been, in describing the development of modern revivalism and the men who devoted their lives to it, to look below the surface phenomenon in an effort to discover why revivals have constantly recurred, what their effects have been, and what they meant not only to those directly concerned but to all Americans. If the revivals of the past century and a quarter have not always been the crucial factors in the course of American history that their devout exponents claimed, they have nevertheless been more significant than the social historians have yet acknowledged. from the Preface
From the colonial era to the present day, small businesses have been an integral part of American life. First published in 1991 and now thoroughly updated, this study explores the central but ever-changing role played by small enterprises in the nation's economic, political and cultural development.
Forming connections between human performance and design Engineering Psychology and Human Performance, 4e examines human-machine interaction. The book is organized directly from the psychological perspective of human information processing. The chapters generally correspond to the flow of information as it is processed by a human being--from the senses, through the brain, to action--rather than from the perspective of system components or engineering design concepts. This book is ideal for a psychology student, engineering student, or actual practitioner in engineering psychology, human performance, and human factors Learning Goals Upon completing this book, readers should be able to: * Identify how human ability contributes to the design of technology. * Understand the connections within human information processing and human performance. * Challenge the way they think about technology's influence on human performance. * show how theoretical advances have been, or might be, applied to improving human-machine interaction
In Constitutional Law for a Changing America: Rights, Liberties, and Justice, bestselling authors Lee Epstein, Kevin T. McGuire, and Thomas G. Walker show students how political factors influence judicial decisions and shape the development of constitutional law. The Twelfth Edition, updated with additional material such as recent court rulings, more than 500 supplemental cases, and greater coverage of freedom of expression, will facilitate a deeper understanding of how the U.S. Constitution protects civil rights and liberties. Included with this title: LMS Cartridge: Import this title′s instructor resources into your school′s learning management system (LMS) and save time. Don′t use an LMS? You can still access all of the same online resources for this title via the password-protected Instructor Resource Site. Select the Resources tab on this page to learn more.
In the 20th century tax-exempt charitble foundations in the US have grown substantially, both in their financial importance, and in the scope of their activties. This book examines the economic, cultural, and intellectual implications of these organizations.
A guide to improving sales and profits in consumer financial services that stresses the development of a sales and service culture. The key principles discussed are interaction with customers, cultural support and values, service from the customer's point of view, service selling, characteristics of successful sales organizations, star sales people, perfecting the sales process, dealing with prospective clients, and ongoing interaction with the client.
How do companies like Microsoft and Wal-Mart rise to the top of their industries and dominate year after year, while others like People Express and LA Gear burn out after promising starts? In Changing the Game, Eric Flamholtz and Yvonne Randle, two leading management consultants, reveal that the key to success lies in how you transform your organization. Virtually all organizations face critical transition points in their life cycle, when they must change how they play the game, or perish. Flamholtz and Randle focus here on three critical moments: the move from entrepreneurial to professional management, when a firm reaches a stage of growth where it can no longer operate in an informal, unstructured way; the revitalization of an established business that is losing ground to competitors; and a radical change in a business vision. The authors show, for instance, how American Century Investors made the transformation from a $50 million entrepreneurship to a professionally managed company with a market value of $2 billion; how IBM, one of the great American corporations, was forced by the proliferation of PCs in the 1980s to overhaul its business to survive; and how Starbucks Coffee, originally a Seattle coffee-bean store, was inspired by Milans romantic coffee bars to recreate itself and transformed an entire industry. The book concludes with a look at how one company--Bell Carter Olive Company--pulled together all the concepts and tools presented in the book and successfully changed the game. Changing the Game provides a comprehensive framework and a set of tools for the strategic management of organizational transformation. It will help managers meet the challenges of an increasingly competitive business environment.
Brian G. Slocum s "Ordinary Meaning "offers an extended legal-linguistic analysis of the eponymous interpretive doctrine. A centuries-old consensus exists among courts and legal scholars that words in legal texts should be interpreted in light of accepted standards of communication. Therefore the questions of what makes some meaning the ordinary one, and how the determinants of ordinary meaning are identified and conceptualized, are of crucial importance to the interpretation of legal texts. Arguing against reliance on acontextual dictionary definitions, "Ordinary Meaning" rigorously explores the contributions that specific context makes to meaning, along with linguistic phenomena such as indexicals and quantifiers. Slocum provides a theory and a robust general framework for how the determinants of ordinary meaning should be identified and developed.
To European explorers, it was Eden, a paradise of waist-high grasses, towering stands of walnut, maple, chestnut, and oak, and forests that teemed with bears, wolves, raccoons, beavers, otters, and foxes. Today, it is the site of Broadway and Wall Street, the Empire State Building and the Statue of Liberty, and the home of millions of people, who have come from every corner of the nation and the globe. In Gotham, Edwin G. Burrows and Mike Wallace have produced a monumental work of history, one that ranges from the Indian tribes that settled in and around the island of Manna-hata, to the consolidation of the five boroughs into Greater New York in 1898. It is an epic narrative, a story as vast and as varied as the city it chronicles, and it underscores that the history of New York is the story of our nation. Readers will relive the tumultuous early years of New Amsterdam under the Dutch West India Company, Peter Stuyvesant's despotic regime, Indian wars, slave resistance and revolt, the Revolutionary War and the defeat of Washington's army on Brooklyn Heights, the destructive seven years of British occupation, New York as the nation's first capital, the duel between Aaron Burr and Alexander Hamilton, the Erie Canal and the coming of the railroads, the growth of the city as a port and financial center, the infamous draft riots of the Civil War, the great flood of immigrants, the rise of mass entertainment such as vaudeville and Coney Island, the building of the Brooklyn Bridge and the birth of the skyscraper. Here too is a cast of thousands--the rebel Jacob Leisler and the reformer Joanna Bethune; Clement Moore, who saved Greenwich Village from the city's street-grid plan; Herman Melville, who painted disillusioned portraits of city life; and Walt Whitman, who happily celebrated that same life. We meet the rebel Jacob Leisler and the reformer Joanna Bethune; Boss Tweed and his nemesis, cartoonist Thomas Nast; Emma Goldman and Nellie Bly; Jacob Riis and Horace Greeley; police commissioner Theodore Roosevelt; Colonel Waring and his "white angels" (who revolutionized the sanitation department); millionaires John Jacob Astor, Cornelius Vanderbilt, August Belmont, and William Randolph Hearst; and hundreds more who left their mark on this great city. The events and people who crowd these pages guarantee that this is no mere local history. It is in fact a portrait of the heart and soul of America, and a book that will mesmerize everyone interested in the peaks and valleys of American life as found in the greatest city on earth. Gotham is a dazzling read, a fast-paced, brilliant narrative that carries the reader along as it threads hundreds of stories into one great blockbuster of a book.
You may need The Art of War to defeat your enemies, but if you prefer to win them over, read The Art of Woo G. Richard Shell and Mario Moussa know what it takes to drive new ideas through complex organizations. They have advised thousands of executives from companies such as Google, Microsoft, and General Electric to organizations like the World Bank and even the FBI's hostage rescue training program. In The Art of Woo, they present their systematic, four- step process for winning over even the toughest bosses and most skeptical colleagues. Beginning with two powerful self-assessments to help readers find their "Woo IQ," they show how relationship-based persuasion works to open hearts and minds. "Ranging across history, from Charles Lindbergh to Sam Walton, the authors examine how savvy negotiators use persuasion - not confrontation-to achieve goals." -U.S. News & World Report
A one-stop guide for the theories, applications, and statistical methodologies essential to operational risk Providing a complete overview of operational risk modeling and relevant insurance analytics, Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk offers a systematic approach that covers the wide range of topics in this area. Written by a team of leading experts in the field, the handbook presents detailed coverage of the theories, applications, and models inherent in any discussion of the fundamentals of operational risk, with a primary focus on Basel II/III regulation, modeling dependence, estimation of risk models, and modeling the data elements. Fundamental Aspects of Operational Risk and Insurance Analytics: A Handbook of Operational Risk begins with coverage on the four data elements used in operational risk framework as well as processing risk taxonomy. The book then goes further in-depth into the key topics in operational risk measurement and insurance, for example diverse methods to estimate frequency and severity models. Finally, the book ends with sections on specific topics, such as scenario analysis; multifactor modeling; and dependence modeling. A unique companion with Advances in Heavy Tailed Risk Modeling: A Handbook of Operational Risk, the handbook also features: Discussions on internal loss data and key risk indicators, which are both fundamental for developing a risk-sensitive framework Guidelines for how operational risk can be inserted into a firm’s strategic decisions A model for stress tests of operational risk under the United States Comprehensive Capital Analysis and Review (CCAR) program A valuable reference for financial engineers, quantitative analysts, risk managers, and large-scale consultancy groups advising banks on their internal systems, the handbook is also useful for academics teaching postgraduate courses on the methodology of operational risk.
In "Securities Regulation Reassessed," Paul Mahoney shows that policy responses to financial crises are broadly similar across place and time: political actors, hoping to avoid blame for a financial crisis, create a narrative of market failure, arguing that misbehavior by securities market participants, rather than prior policy errors, is the primary cause of the crisis. Politically obliged regulators craft reforms that purport to solve problems which are either non-existent or only tangentially related to the crisis; yet they increase the complexity and expense of compliance, resulting in consolidation and concentration of market share in the hands of already leading financial firms. "Securities Regulation Reassessed" illustrates these points primarily but not exclusively with evidence from the New Deal-era securities reforms in the United States. Against the conventional wisdom that regards the New Deal reforms as successful, Mahoney provides substantial countervailing evidence, showing instead that Congress s diagnoses were systematically inaccurate and its remedies reduced competition in the securities industry. Looking farther into history, the work treats several key episodes prior to the New Deal, including the English financial crises of 1697 and 1720 and the blue sky era of the 1910s and 1920s in the United States. Finally, Mahoney considers the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act of 2010 from the same analytical perspective. Mahoney finds a predictable pattern for efforts at securities reform: they require huge effort to enact, and yield little objectively measurable payoff and some objectively measurable harm.
First Published in 2005. This volume offers a summary of all phases of economic growth in the USA. It is based upon the contents of the standard college textbooks in American economic history. It presents in succinct form and in the most common organization the essential facts about the economic development of the American people.
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