Accounting for Value teaches investors and analysts how to handle accounting in evaluating equity investments. The book's novel approach shows that valuation and accounting are much the same: valuation is actually a matter of accounting for value. Laying aside many of the tools of modern finance the cost-of-capital, the CAPM, and discounted cash flow analysis Stephen Penman returns to the common-sense principles that have long guided fundamental investing: price is what you pay but value is what you get; the risk in investing is the risk of paying too much; anchor on what you know rather than speculation; and beware of paying too much for speculative growth. Penman puts these ideas in touch with the quantification supplied by accounting, producing practical tools for the intelligent investor. Accounting for value provides protection from paying too much for a stock and clues the investor in to the likely return from buying growth. Strikingly, the analysis finesses the need to calculate a "cost-of-capital," which often frustrates the application of modern valuation techniques. Accounting for value recasts "value" versus "growth" investing and explains such curiosities as why earnings-to-price and book-to-price ratios predict stock returns. By the end of the book, Penman has the intelligent investor thinking like an intelligent accountant, better equipped to handle the bubbles and crashes of our time. For accounting regulators, Penman also prescribes a formula for intelligent accounting reform, engaging with such controversial issues as fair value accounting.
Containing over one hundred and sixty line drawings, maps and one hundred tables, this book explains the fundamental hydrologic principles and favoured methods of analysis. Aimed at students interested in natural resources and environmental science, spreadsheet exercises and worked examples help to develop basic problem solving skills.
Anthropogenic carbon dioxide emissions do not only warm our planet but also acidify our oceans. It is currently unclear to which degree Earth’s climate and marine life will be impacted by these changes but information from Earth history, particularly the geochemical signals of past environmental changes stored in the fossil remains of marine organisms, can help us predict possible future changes. This book aims to be a primer for scientists who seek to apply boron proxies in marine carbonates to estimate past seawater carbonate chemistry and atmospheric pCO2. Boron proxies (δ11B and B/Ca) were introduced nearly three decades ago, with subsequent strides being made in understanding their mechanistic functioning. This text reviews current knowledge about the aqueous systematics, the inorganic and biological controls on boron isotope fractionation and incorporation into marine carbonates, as well as the analytical techniques for measurement of boron proxies. Laboratory and field calibrations of the boron proxies are summarized, and similarities between modern calibrations are explored to suggest estimates for proxy sensitivities in marine calcifiers that are now extinct. Example applications illustrate the potential for reconstructing paleo-atmospheric pCO2 from boron isotopes. Also explored are the sensitivity of paleo-ocean acidity and pCO2 reconstructions to boron isotope proxy systematics that are currently less well understood, including the elemental and boron isotopic composition of seawater through time, seawater alkalinity, temperature and salinity, and their collective impact on the uncertainty of paleo-reconstructions. The B/Ca proxy is based on the same mechanistic principles as the boron isotope proxy, but empirical calibrations suggest seawater pH is not the only controlling factor. B/Ca therefore has the potential to provide a second carbonate parameter that could be paired with δ11B to fully constrain the ocean carbonate system, but the associated uncertainties are large. This text reviews and examines what is currently known about the B/Ca proxy systematics. As more scientists embark on characterizing past ocean acidity and atmospheric pCO2, Boron in Paleoceanography and Paleoclimatology provides a resource to introduce geoscientists to the opportunities and complications of boron proxies, including potential avenues to further refine them.
This book contains the proceedings of a symposium held at the College of Charleston, Charleston, South Carolina, USA, 16-20 June 1986. The seed for this symposium arose from a group of physiologists , soU scientists and biochemists that met in Leningrad, USSR in July 1975 at the 12th Botanical Conference in a Session organized by Professor B.B. Vartepetian. This group and others later conspired to contribute to a book entitled Plant Life in Anaerobic Environments (eds. D. D. Hook and R. M. M. Crawford, Ann Arbor Science, 1978). Several contributors to the book suggested in 1983 that a broad-scoped symposium on wetlands would be useful (a) in facilitating communication among the diverse research groups involved in wetlands research (b) in bringing researchers and managers together and (c) in presenting a com prehensive and balanced coverage on the status of ecology ami management of wetlands from a global perspective. With this encouragement, the senior editor organized a Plan ning Committee that encompassed expertise from many disciplines of wetland scientists and managers. This Committee, with input from their colleagues around the world, organized a symposium that addressed almost every aspect of wetland ecology and management.
Singing master Durham Hills created The Cashaway Psalmody to give as a wedding present in 1770. A collection of tenor melody parts for 152 tunes and sixty-three texts, the Psalmody is the only surviving tunebook from the colonial-era South and one of the oldest sacred music manuscripts from the Carolinas. It is all the more remarkable for its sophistication: no similar document of the period matches Hills's level of musical expertise, reportorial reach, and calligraphic skill. Stephen A. Marini, discoverer of The Cashaway Psalmody, offers the fascinating story of the tunebook and its many meanings. From its musical, literary, and religious origins in England, he moves on to the life of Durham Hills; how Carolina communities used the book; and the Psalmody's significance in understanding how ritual song—transmitted via transatlantic music, lyrics, and sacred singing—shaped the era's development. Marini also uses close musical and textual analyses to provide a critical study that offers music historians and musicologists valuable insights on the Pslamody and its period. Meticulous in presentation and interdisciplinary in scope, The Cashaway Psalmody unlocks an important source for understanding life in the Lower South in the eighteenth century.
Why is groundwater the predominant drinking water source in Hawaii? Why are groundwater sources susceptible to pesticide contamination? How long does it take for water in the mountains to journey by land and underground passages to reach the coast? Answers to questions such as these are essential to understanding the principles of hydrology—the science of the movement, distribution, and quality of water—in Hawaii. Due to the humid tropical climate, surrounding ocean, volcanic earth, and high mountains, many hydrologic processes in the Islands are profoundly different from those of large continents and other climatic zones. Management of water, land, and environment must be informed by appropriate analyses, or communities and ecosystems face great uncertainty and may be at risk. The protection of groundwater, coastal waters, and streams from pollution and the management of flood hazards are also significant. This volume presents applications of hydrology to these critical issues. The authors begin by outlining fundamental hydrologic theories and the current general knowledge then expand into a formal discussion specific to Hawaii and the distinctive elements and their interrelations under natural and human-influenced conditions. They include chapters on rainfall and climate, evaporation, groundwater, and surface runoff. Details on the quantification of hydrologic processes are available to those with more technical knowledge, but general readers with an interest in the topic—one of singular importance for the Hawaiian Islands—will find much in the volume that is timely and accessible.
Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.
This is the first introductory survey of western twentieth-century music to address popular music, art music and jazz on equal terms. It treats those forms as inextricably intertwined, and sets them in a wide variety of social and critical contexts. The book comprises four sections – Histories, Techniques and Technologies, Mediation, Identities – with 16 thematic chapters. Each of these explores a musical or cultural topic as it developed over many years, and as it appeared across a diversity of musical practices. In this way, the text introduces both key musical repertoire and critical-musicological approaches to that work. It historicises music and musical thinking, opening up debate in the present rather than offering a new but closed narrative of the past. In each chapter, an overview of the topic's chronology and main issues is illustrated by two detailed case studies.
For over forty years, Theories of Human Communication has facilitated the understanding of the theories that define the discipline of communication. The authors present a comprehensive summary of major communication theories, current research, extensions, and applications in a thoughtfully organized and engaging style. Part I of the extensively updated twelfth edition sets the stage for how to think about and study communication. The first chapter establishes the foundations of communication theory. The next chapter reviews four frameworks for organizing the theories and their contributions to the nature of inquiry. Part II covers theories centered around the communicator, message, medium, and communication with the nonhuman. Part III addresses theories related to communication contexts—relationship, group, organization, health, culture, and society. “From the Source” contributions from theorists provide insight into the inspirations, motivations, and goals behind the theories. Online instructor’s resource materials include sample syllabi, key terms, exam questions, and text graphics. The theories include those important for their continuing influence in the field as well as emerging theories that encourage thinking about issues in new ways. For a reasonable price, readers are able to explore the patterns, trends, trajectories, and intricacies of the landscape of communication theory and will have an invaluable resource for future reference.
Irrigation methods and components Drawing techniques and presentation Sprinkler and drip irrigation methods and hardware Pipe characteristics and hydraulics Control systems CSI irrigation specifications
If not perhaps the most popular Highland clan, the Campbells are undoubtedly one of the most successful. The Campbell earls of Argyll have traditionally enjoyed a rather unsavoury historical reputation, viewed by their rivals with a mixture of fear, envy and respect. The spectacular advance of Campbell power in the medieval Scottish kingdom has normally been explained in terms of the family's ruthless and duplicitous suppression of their fellow-Gaels in Argyll and the Hebrides at the behest of the Scottish crown. In particular, Clan Campbell's success is seen to be built on the destruction of older and more prestigious regional lordships in the west, such as those of the MacDougall lords of Argyll and the MacDonald lords of the Isles. This book reassesses these negative images and interpretations of the growth of Campbell authority from the thirteenth century and the opening of the Wars of Independence through to the death of Archibald, 2nd earl of Argyll, at the Battle of Flodden in 1513. The lords who dominated the medieval Clan Campbell emerge more as individuals enjoying complex and ambiguous relationships with the Scottish crown and the culture and politics of Gaelic-speaking Scotland, rather than as unquestioning agents of the Stewart monarchy and committed converts to the aristocratic culture of lowland Scotland.
Written in a clear, engaging style Facework: Bridging Theory and Practice introduces a new paradigm that identifies facework as the key to communication within the management of difference. Authors Kathy Domenici and Stephen W. Littlejohn illustrate how facework is a central process in the social construction of both identity and community.
Spanning 20 miles, West Chester Pike, part of Pennsylvania Route 3, connects Philadelphia with the borough of West Chester. From east to west, it passes through suburban communities in Delaware and Chester Counties, namely Millbourne, Upper Darby, Haverford, Marple, Newtown, Edgmont, Willistown, Westtown, East Goshen, and West Goshen. Known early on as the West Chester Road, the route began as a dirt road used to meet the needs of area settlers, mainly Quakers, farmers, and mill owners. In the mid-1800s, formal requests for the construction of a more reliable and easy-to-navigate state roadway came from farmers and mill owners west of Philadelphia who were seeking easier access to markets in the city. West Chester Pike looks at the history of the roadway as it transformed from a simple, rural, dirt road to the bustling four-lane, suburban highway and mostly commercial corridor used today by thousands of area residents, commuters, and commercial workers.
The Australian wildfires of 2019–20 (Black Summer) were devastating and unprecedented. These megafires burnt more than 10 million hectares, mostly of forests in southern and eastern Australia. Many of the fires were uncontrollable. These megafires affected many of Australia’s most important conservation areas and severely impacted threatened species and ecological communities. They were a consequence of climate change – and offered a glimpse of how this is likely to continue to affect our future. Australia’s Megafires includes contributions by more than 200 researchers and managers with direct involvement in the management and conservation of the biodiversity affected by the Black Summer wildfires. It provides a comprehensive review of the impacts of these fires on all components of biodiversity, and on Indigenous cultural values. These fires also triggered an extraordinary and highly collaborative response by governments, NGOs, Indigenous groups, scientists, landholders and others, seeking to recover the fire-affected species and environments – to restore Country. This book documents that response. It draws lessons that should be heeded to sustain that recovery and to be better prepared for the inevitable future comparable catastrophes. Such lessons are of global relevance, for wildfires increasingly threaten biodiversity and livelihoods across the globe.
Modern Portfolio Theory and Investment Analysis, 9th Editionexamines the characteristics and analysis of individual securities, as well as the theory and practice of optimally combining securities into portfolios. It stresses the economic intuition behind the subject matter while presenting advanced concepts of investment analysis and portfolio management. The authors present material that captures the state of modern portfolio analysis, general equilibrium theory, and investment analysis in an accessible and intuitive manner.
The fourth edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the rise of populism and trade barriers on international finance, the advent of Financial Technology, and key regulatory changes impacting the sector. Understanding and Application •Clear, user-friendly style •Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth. •Real World Insight boxes use real companies like Siemens, Avast and Adidas to show how they have applied corporate finance theories and concepts to their businesses and business decisions. •Chapter links in the margin provide quick cross-referencing to show students the connections between topics. Practice and Proficiency •Mini and Practical cases present scenarios and questions to practice applying what you have learnt. •Rigorous testing: between 30 and 40 Questions and Problems per chapter are categorised by topic and level of difficulty. •Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths. •Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style. •Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice New to This Edition •Updated discussions on peer-to-peer trading, cash flow forecasting methods, import/export partners and additional investment appraisal methods •Updated chapters on corporate governance to reflect global changes, efficient markets and mergers and acquisition to reflect new research, financial distress to reflect new data with discussion on trends and insolvencies and fully updated chapter on Leasing to reflect new IFRS standards •New section on Modified Internal Rate of Return and Margin of Safety in Investment Appraisal, Net Asset Value, Islamic Financing, and alternatives to CAPM to reflect research developments • NEW: This edition has now been updated with 8 new videos that covers a worked example from the text and each video has associated concept check questions. The videos are now available on Connect® and cover: • Chapter 1 & 2: Introduction to Finance and Corporate Governance • Chapter 5: Long-Term Financing • Chapter 6: Investment Appraisal • Chapter 9 & 10: Risk and Return • Chapter 15 and 16: Equity and Debt Valuation • Chapter 20: Advanced Capital Budgeting • Chapter 21: Dividends • Chapter 22: Options David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School. A Professor of Finance, David was recognized as being in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator.
In this lively and very readable history of the Roman Empire from its establishment in 27 BC to the barbarian incursions and the fall of Rome in AD 476, Kershaw draws on a range of evidence, from Juvenal's Satires to recent archaeological finds. He examines extraordinary personalities such as Caligula and Nero and seismic events such as the conquest of Britain and the establishment of a 'New Rome' at Constantinople and the split into eastern and western empires. Along the way we encounter gladiators and charioteers, senators and slaves, fascinating women, bizarre sexual practices and grotesque acts of brutality, often seen through eyes of some of the world's greatest writers. He concludes with a brief look at how Rome lives on in the contemporary world, in politics, architecture, art and literature.
Molecular Biology is a rapidly advancing field with a constant flow of new information and cutting-edge developements that impact our lives. Lewin's GENES has long been the essential resource for providing the teaching community with the most modern presentation to this dynamic area of study. GENES XI continues this tradition by introducing the most current data from the field, covering gene structure, sequencing, organization, and expression. It has enlisted a wealth of subject-matter experts, from top institutions, to provide content updates and revisions in their individual areas of study. A reorganized chapter presentation provides a clear, more student-friendly introduction to course material than ever before. - Updated content throughout to keep pace with this fast-paced field.- Reorganized chapter presentation provides a clear, student-friendly introduction to course material.- Expanded coverage describing the connection between replication and the cell cycle is included, and presents eukaryotes as well as prokaryotes.- Available with new online Molecular Biology Animations.- Online access code for the companion website is included with every new book. The companion website offers numerous study aids and learning tools to help students get the most out of their course.- Instructor's supplements include: PowerPoint Image Bank, PowerPoint Lecture Slides, and Test Bank.
Listen to a short interview with Stephen MihmHost: Chris Gondek | Producer: Heron & Crane Few of us question the slips of green paper that come and go in our purses, pockets, and wallets. Yet confidence in the money supply is a recent phenomenon: prior to the Civil War, the United States did not have a single, national currency. Instead, countless banks issued paper money in a bewildering variety of denominations and designs--more than ten thousand different kinds by 1860. Counterfeiters flourished amid this anarchy, putting vast quantities of bogus bills into circulation. Their success, Stephen Mihm reveals, is more than an entertaining tale of criminal enterprise: it is the story of the rise of a country defined by a freewheeling brand of capitalism over which the federal government exercised little control. It was an era when responsibility for the country's currency remained in the hands of capitalists for whom "making money" was as much a literal as a figurative undertaking. Mihm's witty tale brims with colorful characters: shady bankers, corrupt cops, charismatic criminals, and brilliant engravers. Based on prodigious research, it ranges far and wide, from New York City's criminal underworld to the gold fields of California and the battlefields of the Civil War. We learn how the federal government issued greenbacks for the first time and began dismantling the older monetary system and the counterfeit economy it sustained. A Nation of Counterfeiters is a trailblazing work of history, one that casts the country's capitalist roots in a startling new light. Readers will recognize the same get-rich-quick spirit that lives on in the speculative bubbles and confidence games of the twenty-first century.
A spellbinding and varied line-up of recollections of the star turn of the 20th-century South African literary scene. Included in this valuable tribute are detailed memoirs of four of Herman Charles Bosman's keepers of the flame: his colleague George Howard, his cousin Zita Grové, his disciple Lionel Abrahams; and the unpublished chapters by his widow, Helena Lake, never previously collected in book form. In addition there are souvenirs by Bosman's other wives and lovers. Tributes come from his press associates, while much intimate interview material is included to complete this strange portrait of Johannesburg's murderous blue-eyed boy. Their accumulated testimony here gives as good value as Bosman himself ever did during his embattled lifetime.
During the Brexit referendum campaign it became clear how easily national conversations around politics could become raucous and bitter. This book explores the nature of talking about politically contentious issues and how our society can begin to develop a more constructive culture of political talk. Uniquely, this study focuses on citizens own experiences and reflections on developing, practising and evaluating their own political voices. Based on seventy in-depth interviews with a diverse range of people, Stephen Coleman explores the intricate nature of interpersonal political talk and what this means for public attitudes towards politics and how people negotiate their political identities. Engaging with a broad range of subjects from Political Communication to Sociology this book offers valuable insight into how the public can discuss politically turbulent topics in a meaningful and constructive way.
In the past 35 years, the hospice movement has undergone major changes and has grown enormously. Palliative care is of growing importance to society as our culture struggles with how to provide compassionate end-of-life care to a growing segment of the population. This book provides professionals with a comprehensive overview of the hospice practice, as well as the challenges faced by and the future direction of the hospice movement. Chapters address the fundamentals of hospice and palliative care, including key topics such as the goals and importance of community involvement, outcome measurement, and the manner in which hospices address death, grief, and bereavement. Also provided is a detailed analysis of the business side of hospice and offers strategies for proper management for those working in hospice programs that are growing and bringing in new staff and volunteers. This book is being published in partnership with the National Hospice and Palliative Care Organization (NHPCO).
Elite sport can be an unforgiving and harsh environment. This book explores psychological predictors of wellbeing and performance excellence in elite level athletes, and presents an innovative approach for optimizing mental wellbeing and sporting performance. Jointly developed by performance psychologists, clinical psychologists and sport scientists the Flexible Mind approach draws on contemporary psychological theory and research to help athletes build ‘psychological flexibility’ - the ability to experience challenging thoughts and emotions and still be true to one’s values. A range of case studies relating to different sports are used to demonstrate how three core components - Being Present, Being Open and Doing What Matters - can improve athletes’ performance and wellbeing. This book will be a game-changing resource for sports psychologists, mental health practitioners, coaches and support staff who are committed to helping athletes to excel and stay well.
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