Business & Economics

The idea that business is only about the money doesn’t hold true in the twenty-first century, when companies around the world are giving up traditional distinctions in order to succeed. Yet our expectations for businesses remain under the sway of an outdated worldview that emphasizes profits for shareholders above all else.

The Power of And offers a new narrative about the nature of business, revealing the focus on responsibility and ethics that unites today’s most influential ideas and companies. R. Edward Freeman, Kirsten E. Martin, and Bidhan L. Parmar detail an emerging business model built on five key concepts: prioritizing purpose as well as profits; creating value for stakeholders as well as shareholders; seeing business as embedded in society as well as markets; recognizing people’s full humanity as well as their economic interests; and integrating business and ethics into a more holistic model. Drawing on examples across companies, industries, and countries, they show that these values support persevering in hard times and prospering over the long term. Real-world success stories disprove the conventional wisdom that there are unavoidable trade-offs between acting ethically and succeeding financially. The Power of And presents a conceptual revolution about what it means for business to be responsible, providing a new story for us to tell in order to help all kinds of companies thrive.

The United States is supposed to offer economic opportunity to everyone. It shouldn’t take a worldwide pandemic and nationwide protests to bring economic and racial inequality to the forefront of problems we desperately need to solve. But now that the opportunity is here, what should we do? How can we create more equality, opportunity, and growth for everyone? Not someday, but what can government and the private sector do right now to disrupt a status quo that almost everyone wants to change?

In Common Sense, the New York Times best-selling author Joel Greenblatt offers an investor’s perspective on building an economy that truly works for everyone. With dry wit and engaging storytelling, he makes a lively and provocative case for disruptive new approaches—some drawn from personal experience, some from the outside looking in. How can leading corporations immediately disrupt our education establishment while creating high-paying job opportunities for those currently left behind? If we want a living wage for everyone, how can we afford it while using an existing program to get it done now? If we subsidize banks, what simple changes can we make to the way we capitalize and regulate them to help grow the economy, increase access, and create more jobs (while keeping the risks and benefits where they belong)? Greenblatt also explains how dramatically increasing immigration would be like giving every American a giant bonus and the reason Australia might be the best place to learn about saving for retirement.

Not everyone will agree with what Greenblatt has to say—but all of us can benefit from the conversations he aims to start.

What explains the massive worldwide success of video games such as Fortnite, Minecraft, and Pokémon Go? Game companies and their popularity are poorly understood and often ignored from the standpoint of traditional business strategy. Yet this industry generates billions in revenue by thinking creatively about digital distribution, free-to-play content, and phenomena like e-sports and live streaming. What lessons can we draw from its major successes and failures about the future of entertainment?

One Up offers a pioneering empirical analysis of innovation and strategy in the video game industry to explain how it has evolved from a fringe activity to become a mainstream form of entertainment. Joost van Dreunen, a widely recognized industry expert with over twenty years of experience, analyzes how game makers, publishers, and platform holders have tackled strategic challenges to make the video game industry what it is today. Using more than three decades of rigorously compiled industry data, he demonstrates that video game companies flourish when they bring the same level of creativity to business strategy that they bring to game design. Filled with case studies of companies such as Activision Blizzard, Apple, Electronic Arts, Epic Games, Microsoft, Nexon, Sony, Take-Two Interactive, Tencent, and Valve, this book forces us to rethink common misconceptions around the emergence of digital and mobile gaming. One Up is required reading for investors, creatives, managers, and anyone looking to learn about the major drivers of change and growth in contemporary entertainment.

Making strategy requires undertaking major—often irreversible—decisions aimed at long-term success in an uncertain future. All leaders must formulate a clear course of action, yet many lack confidence in their ability to think systematically about their strategy. They struggle to apply the abstract lessons offered by conventional approaches to strategic analysis to their unique contexts.

Making Great Strategy resolves these challenges with a straightforward, readily applicable framework. Jesper B. Sørensen and Glenn R. Carroll show that one factor underlies all sustainably successful strategies: a logically coherent argument that connects resources, capabilities, and environmental conditions to desired outcomes. They introduce a system for formulating and managing strategy through a set of three core activities: visualization, formalization and logic, and constructive argumentation. These activities can be implemented in any organization and are illustrated through examples and case studies from well-known companies such as Apple, Walmart, and The Economist.

This book shows that while great strategic thinking is hard, it is not a mystery. Widely applicable and relevant for managers and leaders at all levels, especially executive teams charged with setting the course of their organizations, it is essential reading for anyone faced with practical problems of strategic management.

A WALL STREET JOURNAL BUSINESS BESTSELLER

The future of work is already here, and what this future looks like must be a pressing concern for the current generation of leaders in both the private and public sectors. In the next ten to fifteen years, rapid change in a post-pandemic world and emerging technology will revolutionize nearly every job, eliminate some, and create new forms of work that we have yet to imagine. How can we survive and thrive in the face of such drastic change?

Deanna Mulligan offers a practical, broad-minded look at the effects of workplace evolution and automation and why the private sector needs to lead the charge in shaping a values-based response. With a focus on the power of education, Mulligan proposes that the solutions to workforce upheaval lie in reskilling and retraining for individuals and companies adapting to rapid change. By creating lifelong learning opportunities that break down boundaries between the classroom and the workplace, businesses can foster personal and career well-being and growth for their employees. Drawing on her own experiences, historical examples, and reports from the frontiers where these issues are unfolding, Mulligan details how business leaders can prepare for and respond to technological disruption. Providing a framework for concrete and meaningful action, Hire Purpose is an essential read about the transformations that will shape the next decade and beyond.

The term “emerging market” refers to a country where incomes are currently low but that is likely to experience rapid growth and increasing economic competitiveness. Identifying emerging markets is important for international development, and for investors they represent intriguing opportunities to reap uncommon gains. Yet many of the characteristics of emerging markets—including demographic shifts, rising educational attainment, and growing urbanization—are also found closer to home, in communities that have been underserved by the existing financial-services system.

Gregory Fairchild introduces readers to the rising set of entrepreneurs whose efforts to reach marginalized groups are reshaping the emerging markets of the United States. He explores how minority-owned and community-development institutions are achieving innovations in consumer- and small-business-targeted financial services to further economic development and reduce inequality. Fairchild illustrates these transformative models through compelling narratives: the decision by a Chinese-ethnic credit union to open a branch in a new neighborhood, investment by a minority-led private equity firm in satellite radio for the developing world, and efforts by a community-development-loan fund to bring fresh foods into a food desert in Philadelphia. He analyzes the models of these organizations, measures their successes and failures, and provides suggestions for sustainable growth of similar organizations. Bringing together quantitative research, powerful stories of real-world entrepreneurs, and nuanced insights on public policy, Emerging Domestic Markets offers a vital set of prescriptions for inclusive financial development.

Anyone can buy stock in a public company, but not all shareholders are equally committed to a company’s long-term success. In an increasingly fragmented financial world, shareholders’ attitudes toward the companies in which they invest vary widely, from time horizon to conviction. Faced with indexers, short-term traders, and activists, it is more important than ever for businesses to ensure that their shareholders are dedicated to their missions. Today’s companies need “quality shareholders,” as Warren Buffett called those who “load up and stick around,” or buy large stakes and hold for long periods.

Lawrence A. Cunningham offers an expert guide to the benefits of attracting and keeping quality shareholders. He demonstrates that a high density of dedicated long-term shareholders results in numerous comparative and competitive advantages for companies and their managers, including a longer runway to execute business strategy and a loyal cohort against adversity. Cunningham explores dozens of corporate practices and policies—such as rational capital allocation, long-term performance metrics, and a shareholder orientation—that can help shape the shareholder base and bring in committed owners. Focusing on the benefits for corporations and their investors, he reveals what draws quality shareholders to certain companies and what it means to have them in an investor base. This book is vital reading for investors, executives, and directors seeking to understand and attract the kind of shareholders that their companies need.

Most of us have an intuitive sense of superior branding. We prefer to purchase brands we find distinctive—that deliver on some important, relevant dimension better than other brands. These brands have typically achieved positional advantage. Yet few professionals have had the formal training that goes beyond marketing theory to bridge the “theory-doing gap”—understanding the specific techniques and strategies that can be used to create brands that attain positional advantage in the marketplace.

Positioning for Advantage is a comprehensive how-to guide for creating, building, and executing effective brand strategies. Kimberly A. Whitler identifies essential marketing strategy techniques and moves through the major stages of positioning a brand to achieve in-market advantage. Introducing seven tools—from strategic positioning concepts to strategy mapping to influencer maps—Whitler provides templates, frameworks, and step-by-step processes to build and manage growth brands that achieve positional advantage. This book presents real-world scenarios, helping readers activate tools to increase skill in creating brands that achieve positional advantage. Brimming with insights for students and professionals alike, Positioning for Advantage helps aspiring C-level leaders understand not only what superior branding looks like but also how to make it come to life.

Diversification is a core principle of investing. Yet money managers have not applied it to their own ranks. Only around 10 percent of portfolio managers—the people most directly responsible for investing your money—are female, and the numbers are even worse at the ownership level. What are the causes of this underrepresentation, and what are its consequences—including for firms’ and clients’ bottom lines?

In Undiversified, experienced practitioners Ellen Carr and Katrina Dudley examine the lack of women in investment management and propose solutions to improve the imbalance. They explore the barriers that subtly but effectively discourage women from entering and staying in the industry at each point in the pipeline. At the entry level, the lack of visible role models discourages students from considering the field, and those who do embark on an investment management career face many obstacles to retention and promotion. Carr and Dudley highlight the importance of informal knowledge about how to navigate career tracks, without which women are left at a disadvantage in an industry that lionizes confidence. They showcase a diverse constellation of successful female portfolio managers to demystify the profession.

Drawing on wide-ranging research, interviews with prospective, current, and former industry practitioners, and the authors’ own experiences, Undiversified makes a compelling case that increasing the number of women could help transform active investment management at a time when it is under threat from passive strategies and technological innovation.

Managing a high-growth organization requires both strategy and adaptability. Unfortunately, start-up founders and executives seeking to scale up to the next level find all too frequently that growth turns into chaos. Rather than laying the groundwork for the future, organizations get stuck by covering up complex problems with unsustainable band-aids and duct-tape fixes, implementing anecdote-based solutions from the latest tech-industry unicorns or leadership books, and relying on too much on-the-fly learning from inexperienced managers.

This book is the definitive guide for leaders of high-growth organizations seeking to understand and execute the people-management principles that are essential to continued success. Combining a wealth of practical experience, well-grounded academic research, and easy-to-apply frameworks, Andrew Bartlow and T. Brad Harris offer a practical toolkit that founders, functional leaders, and managers of people can use to rethink their practices to meet their organizations’ needs. They help readers identify the core people-management programs and practices that are best for an organization at its current stage and size while also supporting a foundation for continued development and the capacity to adapt to inevitable surprises. Practical, actionable, and supplemented with numerous diagnostic tools and illustrative examples, Scaling for Success is a must-have playbook for organizational leaders pursuing smart and sustainable growth.

Winner, 2022 Leonard L. Berry Marketing Book Award, American Marketing Association

How do leaders, managers, and proprietors go about the essential task of setting prices? What biases enter into this process, and why? How can a business debias its price setting to become more productive, strategic, and profitable?

Combining perceptive insights from behavioral economics with leading-edge ideas on price management, this book offers a new approach to pricing. Gerald Smith demonstrates why understanding, reframing, and refining everyday pricing processes—a firm’s or manager’s pricing orientation—results in a better long-term pricing strategy. He explores how pricing actually happens in practice and shows how to identify and remove the psychological blinders that cause suboptimal decisions and policies. Smith details how to improve pricing orientation by combining the soft behavioral skills that intuitively shape and refine pricing practice with the hard analytic skills that guide and structure pricing strategy. The result is more rational and more profitable pricing—with respect to not only revenue and profitability but also employee productivity and customer satisfaction.

Offering an accessible and actionable model, Getting Price Right is the first book to apply behavioral economics to managerial price setting. It is a must-read for corporate business leaders, thought leaders, and professionals interested in advances in pricing and for managers, entrepreneurs, proprietors, and small and midsize business owners whose everyday work involves pricing.

In daylong hackathons, design thinking seems deceptively easy. On the surface, it involves a set of seemingly simple activities such as gathering data, identifying insights, generating ideas, prototyping, and experimentation. But practiced at a superficial level, even great design tools don’t go deep enough to create the shifts in mindset and skillset that are required to achieve transformational impact. Going deep with design requires more than changing the activities of innovators; it involves creating the conditions that shape who they become. Individuals become design thinkers by experiencing design.

Drawing on decades of researching design thinking and teaching it to people not trained in design, Jeanne Liedtka, Karen Hold, and Jessica Eldridge offer a guide for how to create these deep experiences at each stage of the design thinking journey, whether for an individual, a team, or an organization. For each experience phase, they specify the mindset shifts and competencies that need to be achieved, describe how different personality types experience different kinds of journeys, and show how to fully leverage the diversity of teams. Experiencing Design explores both the science and practicalities of design and includes two assessment instruments for individual and organizational development.

Ultimately, innovators need to be someone new to create something new. This book shows you how to use design thinking to make this happen.

Well-meaning Westerners want to find ways to help the less fortunate. Today, many are not just volunteering abroad and donating to international nonprofits but also advancing innovations and launching projects that aim to be socially transformative. However, often these activities are not efficient ways of helping others, and too many projects cause more harm than good.

Reimagining Global Philanthropy shares the journey of a conservative banker and a progressive professor to find a better way forward. Kirk S. Bowman and Jon R. Wilcox explain the boom in the global compassion industry, revealing the incentives that produce inefficient practices and poor outcomes. Instead of supporting start-up projects with long-shot hopes for success, they argue, we can dramatically improve results by empowering local leaders.

Applying lessons from the success of community banks, Bowman and Wilcox develop and implement a new model that significantly raises philanthropic efficacy. Their straightforward and rigorously tested approach calls for community members to take the lead while outside partners play a supporting role. Bowman and Wilcox recount how they tested the model in Brazil, demonstrating the value of giving people in marginalized communities the opportunity to innovate. In a time of widespread social reckoning, this book shows how global philanthropy can confront its blind spots and failures in order to achieve truly transformative outcomes.

Readers can access five of the documentary films discussed in the book on a companion website. In addition to the films, chapter discussion questions and other supplemental materials are also available at the site.

Family offices are private organizations that assume the daily administration and management of a wealthy family’s personal and financial affairs. Historically, these repositories of great wealth were shrouded in secrecy, their activities conducted behind closed doors. Recently, family offices have acquired a considerably higher public profile: they represent a mere 7 percent of the world’s ultra-high-net-worth population—yet control a staggering 50 percent of the wealth. As only a select few families now hold a disproportionate amount of global wealth, there are significant social implications to how such assets are managed and used.

This book provides an insider’s view for anyone looking to understand family offices and how to best serve and advise them. The veteran practitioners William I. Woodson and Edward V. Marshall offer a thorough guide to family offices: why wealthy families create them, what they do, and how to manage them effectively. They present these insights through a series of problem-based learning cases that follow a single family’s journey from the time of a significant liquidity event; through the creation, staffing, and management of their family office; and on to its succession. Each case study is supported by detailed background reference material. The cases and background materials are drawn from the authors’ practical knowledge, network of industry experts, and experience advising family offices large and small. They shed light on the unique issues that ultrawealthy families face and the solutions they adopt to address them throughout the life cycle of a family office. This book is the definitive resource for practitioners and students, as well as family principals, advisers, service providers, and all others who engage with the world of family offices.

There is significant evidence that an effective organizational culture provides a major competitive edge—higher levels of employee and customer engagement and loyalty translate into higher growth and profits. Many business leaders know this, yet few are doing much to improve their organizations’ cultures. They are discouraged by misguided beliefs that an executive’s tenure and an organization’s attention span are too short for meaningful transformation.

James Heskett provides a roadmap for achievable and fast-paced culture change. He demonstrates that an effective culture supplies the trust that makes managing change of all kinds easier. It provides a foundation on which changes in strategy can be based, and it’s a competitive edge that can’t easily be hacked or copied. Examining leading companies around the world, Heskett details how organizational culture makes employees more loyal, more productive, and more creative. He discusses how to quantify its effects in order to sell the notion of culture change to the organization and considers how to preserve an organization’s culture in the face of the trend toward remote work hastened by the COVID-19 pandemic. Showing how leadership can bring about significant changes in a surprisingly short time span, Win from Within offers a playbook for developing and deploying culture that enables outsized results. It is a groundbreaking demonstration of organizational culture’s role as a foundation for strategic success—and its measurable impact on the bottom line.

A WALL STREET JOURNAL BUSINESS BESTSELLER

The internet was supposed to connect us to endless possibilities. So why do we keep ending up browsing the same old sites and best-seller lists? When sellers don’t offer potential customers a compelling digital experience, consumers miss out on great products—and businesses miss a vital opportunity to grow.

Raj K. De Datta, the founder of a company that powers digital-commerce experiences for many of the world’s biggest brands, offers an actionable playbook for companies looking to deliver better digital experiences. His key insight is that exceptional digital experiences are much more than marketplaces. They don’t just serve customers’ transactional needs but rather address the deeper problems for which they seek solutions. They are built on a digital-experience platform that provides agile, personalized, scalable performance. And they are created by product-centric digital teams, not traditional organizations.

The Digital Seeker distills key lessons from the compelling stories of innovative businesses: not just tech companies but companies spanning a wide range of industries, including amusement parks, fashion, sports, health care, distribution, and the public sector. De Datta defines and explains the power of the seeker-centric philosophy—translating it into a core operational playbook for digital teams to achieve transformative results.

Importantly, this book also offers crucial insights into the impact of the COVID-19 pandemic on our digital lives and the long-term effects it will have on digital experiences of the future.

Every company faces challenges, but some are able to achieve long-term vitality while others flame out. What distinguishes a healthy, high-performing organization? Which ingredients, decisions, and values result in a business that is built for the long haul?

Profitably Healthy Companies lays out ten essential principles of organizational development for sustained success. Bringing together practical and academic expertise, W. Warner Burke and Michael O’Malley detail proven methods for every organization at each level. They demonstrate why a focus on employee and community well-being is more likely to ensure lasting profitability than a single-minded focus on the bottom line. Burke and O’Malley explain the keys to company resilience, examining safeguards against decline and disaster as well as tools for generative renewal and growth. They show how organizational culture encourages optimal performance, flexible and adaptive corporate strategy, and employee motivation and commitment. The book emphasizes up-to-the-moment issues, such as how to center diversity and inclusion and the promise and pitfalls of remote work.

Burke and O’Malley base their recommendations on research in organizational psychology as well as their own extensive consultative experience, providing a rich array of case studies and examples. Profitably Healthy Companies is a clear and authoritative guide for practitioners, leaders, and decision makers, synthesizing an all-inclusive treatment of organizational life with a comprehensive checklist of what organizations must do in order to thrive.

Every company faces challenges, but some are able to achieve long-term vitality while others flame out. What distinguishes a healthy, high-performing organization? Which ingredients, decisions, and values result in a business that is built for the long haul?

Profitably Healthy Companies lays out ten essential principles of organizational development for sustained success. Bringing together practical and academic expertise, W. Warner Burke and Michael O’Malley detail proven methods for every organization at each level. They demonstrate why a focus on employee and community well-being is more likely to ensure lasting profitability than a single-minded focus on the bottom line. Burke and O’Malley explain the keys to company resilience, examining safeguards against decline and disaster as well as tools for generative renewal and growth. They show how organizational culture encourages optimal performance, flexible and adaptive corporate strategy, and employee motivation and commitment. The book emphasizes up-to-the-moment issues, such as how to center diversity and inclusion and the promise and pitfalls of remote work.

Burke and O’Malley base their recommendations on research in organizational psychology as well as their own extensive consultative experience, providing a rich array of case studies and examples. Profitably Healthy Companies is a clear and authoritative guide for practitioners, leaders, and decision makers, synthesizing an all-inclusive treatment of organizational life with a comprehensive checklist of what organizations must do in order to thrive.

When the world reemerges from the COVID-19 pandemic, it seems likely that it will have transformed irrevocably. Can societies already reeling from climate change, income inequality, and structural racism change for the better? Does the shock of the pandemic offer an opportunity to pivot to a more sustainable way of life?

Early in the crisis, a global volunteer collaboration called Pivot Projects was formed to rethink how the world works. Some members are experts in the sciences and the humanities; others are environmental activists or regular people who see themselves as world citizens. In The Pivot, the journalist Steve Hamm—who embedded in the enterprise from the start—explores their efforts and shows how their approach provides a model for achieving systemic change. Chronicling the group’s progress along an uncharted path, he shows how people with a variety of skills and personalities collaborate to get things done.

Through their work, Hamm examines some of today’s most important technologies and concepts, such as systems thinking and modeling, complexity theory, artificial intelligence, and new thinking about resilience. The book features vivid, informal profiles of a number of the group’s members and brings to life the excitement and energy of dynamic, smart people trying to change the world.

Part journal of a plague year and part call to action, The Pivot tells the remarkable story of a collaborative experiment seeking to make the world more sustainable and resilient.

Once an obscure niche of the investment world, private equity has grown into a juggernaut, with consequences for a wide range of industries as well as the financial markets. Private equity funds control companies that represent trillions of dollars in assets, millions of employees, and the well-being of thousands of institutional investors and their beneficiaries. Even as the ruthlessness of some funds has made private equity a poster child for the harms of unfettered capitalism, many aspects of the industry remain opaque, hidden from the normal bounds of accountability.

The Myth of Private Equity is a hard-hitting and meticulous exposé from an insider’s viewpoint. Jeffrey C. Hooke—a former private equity executive and investment banker with deep knowledge of the industry—examines the negative effects of private equity and the ways in which it has avoided scrutiny. He unravels the exaggerations that the industry has spun to its customers and the business media, scrutinizing its claims of lucrative investment returns and financial wizardry and showing the stark realities that are concealed by the funds’ self-mythologizing and penchant for secrecy. Hooke details the flaws in private equity’s investment strategies, critically examines its day-to-day operations, and reveals the broad spectrum of its enablers. A bracing and essential read for both the financial profession and the broader public, this book pulls back the curtain on one of the most controversial areas of finance.

Once a blue-collar outpost, Seattle, home to Microsoft, Amazon, and hundreds of startups, transformed into one of the world’s major innovation hubs in less than twenty years. As other cities try to solve the riddle of creating vibrant economies, many have looked to Seattle as a model for tech-driven urban renaissance. However, that success comes with skyrocketing housing costs, increasing homelessness, public safety concerns, persistent racial inequality, and a widening gap between the haves and have-nots. Against that backdrop, big tech has become a popular target.

Tom Alberg, a venture capitalist who was one of the first investors in Amazon, draws on his experience in Seattle’s tech boom to offer a vision for how cities and businesses can build a brighter future together. He explores ways that cities can soar to prosperity by creating the conditions that encourage innovation. Like flywheels, livable cities generate momentum by drawing creative citizens who launch businesses. Success attracts more talent, energizing local economies and accelerating further innovation. Alberg emphasizes the importance of city governments and tech companies partnering to address civic challenges. He reflects on why the benefits of the tech boom have not been distributed equally and what business and government leaders must do differently to ensure inclusive growth. The book also examines success stories from smaller cities and their lessons for other up-and-coming tech hubs. Demonstrating the need for innovative thinking that encourages livability alongside economic growth, Flywheels is timely reading for everyone from mayors to business leaders to engaged citizens.

Roger Murray (1911–1998) was a crucial figure in the history of value investing. A financial professional, economist, adviser to members of Congress, and educator, Murray was the successor to the legendary Benjamin Graham as professor of the securities analysis course at Columbia Business School. There, he mentored generations of students, including Mario Gabelli, Charles Royce, Leon G. Cooperman, and Art Samberg.

This book offers a compelling account of Murray’s multifaceted career alongside a series of remarkable lectures he gave late in his life that encapsulated his philosophy of investing. The investing professionals and educators Paul Johnson and Paul D. Sonkin chronicle Murray’s life and accomplishments, capturing his professional triumphs, theoretical insights, and lasting legacy. They highlight Murray’s educational philosophy and mentorship, including personal recollections from his students about his teaching and influence.

The Enduring Value of Roger Murray features the transcripts of four lectures Murray gave in 1993, hosted by Gabelli, which became legendary in the investing community. These lectures inspired Bruce Greenwald to ask Murray to co-teach a security analysis course, leading to the resurrection of value investing education at Columbia Business School, which had waned after Murray’s retirement in 1977. Annotated by Johnson and Sonkin, these lectures are now available to a wide audience for the first time. They will be illuminating and instructive for all value investing students and practitioners today.

Most investment books try to assess the attractiveness of a stock price by estimating the value of the company. Expectations Investing provides a powerful and insightful alternative to identifying gaps between price and value.

Michael J. Mauboussin and Alfred Rappaport suggest that an investor start with a known quantity, the stock price, and ask what it implies for future financial results. After showing how to read expectations, Mauboussin and Rappaport provide a guide to rigorous strategic and financial analysis to help investors assess the likelihood of revisions to these expectations. Their framework traces value creation from the triggers that shape a company’s performance to the impact on the value drivers. This allows a practitioner of expectations investing to determine whether a stock is an attractive buy or sell candidate.

Investors who read this book will be able to evaluate stocks of companies in any sector or geography more effectively than those who use the standard approaches of most investors. Managers can use the book’s principles to devise, adjust, and communicate their company’s strategy in light of shareholder expectations.

This revised and updated edition reflects the many changes in accounting and the business landscape since the book was first published and provides a wealth of new examples and case studies.

Innovation requires more than a eureka moment. The vast majority of new product ideas never make it to market. Typically, this is because of the failure to address a real problem that a customer has experienced and is willing to pay to have solved. What do people and businesses need to know about the realities of innovating in order to develop products successfully?

Lorraine Marchand—a seasoned practitioner who has guided Fortune 500 companies and start-ups on developing and launching new ideas—lays out a step-by-step framework for spurring success. She shares her eight laws of innovation, a formula for driving significant and lasting transformation in any organization. Marchand emphasizes the frame of mind needed to spark the innovation process, underscoring the importance of creating a problem-solving culture and supporting personal curiosity, passion, and talent. She pinpoints the strengths shared by the big ideas that break through and debunks the myths that hold back aspiring creators. Drawing on her experience as a woman in a male-dominated field, Marchand discusses how to support entrepreneurship by women and highlights the contributions of underrepresented innovators.

Marchand’s how-to program for innovation is clear and easy to follow, featuring a toolkit of strategic templates and planning frameworks that are illustrated by helpful case studies. Written in authoritative but conversational language, The Innovation Mindset offers a practical plan for both the veteran with another great idea and the first-timer with a big dream.

Should business and finance play larger roles in resolving the great social and environmental challenges of our time? Proponents of environmental, social, and governance (ESG) investing say yes. They argue that ESG financial strategies can help reverse runaway carbon emissions and fix income and gender inequalities, among other ills. ESG-integrated investments already encompass more than $120 trillion in financial assets. Are they working as promised? If not, how can they be improved?

In Sustainable, a finance-industry veteran offers an insider’s look at the promises, prospects, and perils of ESG investing. Terrence Keeley argues that many ESG advocates have been overly optimistic about what it can accomplish. Divestment threats are ineffective tools for altering corporate behavior, and verifiably “good” companies do not systematically generate great returns. Most importantly, business and finance cannot cure social ills on their own: regulators, public policies, civil society, and individuals must all play specific, complementary roles to shape the future we want. Keeley provides comprehensive solutions that would promote more inclusive, sustainable growth. In particular, he recommends reallocating capital from some indexed products toward an emerging class of strategies with more verifiable social and environmental benefits. Keeley identifies dozens of alternative “impact investing” strategies that could generate true double bottom lines. He also highlights promising civic organizations with proven methodologies for achieving widely shared benefits at scale.

Proposing practical, actionable, and in many cases profitable solutions to social and environmental problems, Sustainable offers an incisive vision of the roles business and finance can and should play in building a flourishing society.

Finalist, 2023 George R. Terry Book Award, Academy of Management

Entrepreneurs are among the primary shapers of our culture, yet their role in driving progress and influencing society has often been overlooked. As far back as we can trace human history, there have been entrepreneurs. Almost five millennia ago, copper tool manufacturers set up a factory in what today is southwest Spain, profiting for hundreds of years from trade around the Mediterranean. Papyri document the diverse investments of an ancient Egyptian businessperson, from grain-yielding land to flax for linen cloth. What do these figures have in common with renowned modern entrepreneurs, and how do their similarities help us achieve a deeper understanding of entrepreneurship as well as the potential for a healthier, wealthier, and more equitable and sustainable future?

Derek Lidow delves into the deep history of innovation to deliver essential new insights into how entrepreneurs create value and bring about change. Telling the captivating stories of people from many different cultures over thousands of years, he shows how entrepreneurs transform the world through relentless innovation. Lidow demonstrates that far from being heroic lone individuals, they copy and then add to the inventions of others. The cumulative innovations of swarms of entrepreneurs expand the scale, scope, and range of products and services. Lidow emphasizes how entrepreneurship can harm society as well as benefit it, and he underscores ways to mitigate its harmful side and harness its positive effects. By highlighting the fundamental qualities of innovation throughout history, this book provides indispensable new perspective on how it is shaping our present and future.

A climate catastrophe can be avoided, but only with a rapid and sustained investment in companies and projects that reduce greenhouse gas emissions. To the surprise of many, this has already begun. Investors are abandoning fossil-fuel companies and other polluting industries and financing businesses offering climate solutions. Rising risks, evolving social norms, government policies, and technological innovation are all accelerating this movement of capital.

Bruce Usher offers an indispensable guide to the risks and opportunities for investors as the world faces climate change. He explores the role that investment plays in reducing emissions to net zero by 2050, detailing how to finance the winners and avoid the losers in a transforming global economy. Usher argues that careful examination of climate solutions will offer investors a new and necessary lens on the future for their own financial benefit and for the greater good. Companies that reduce greenhouse gas emissions will create great wealth, and, more importantly, they will provide a lifeline for humanity.

Grounded in academic and industry research, Usher’s insights bring clarity to a complex and controversial topic while illuminating the people behind the numbers. This book sets out a practical and actionable plan for investors that will alter the course of climate change.

Confidence and conviction are the keys to success in asset management. Analysts projecting these traits become more likely candidates for promotion; clients gravitate to portfolio managers who radiate assurance about future performance. However, these qualities do a disservice to optimal decision making and long-term investment performance. The future is too complex to justify such levels of confidence.

In Reasons to Pass, the seasoned practitioner Ralph Birchmeier argues that an optimal portfolio-building strategy means patiently waiting for the few investments worthy of capital allocation. He outlines the principles required for success then examines specific reasons to pass on investments, detailing behavioral biases that disrupt optimal decision making. Although professional and retail investors alike are tempted by various opportunities, the wisdom of experience proves the value of prudence. An investing strategy built to last requires humility and the willingness to accept uncertainty; most of the time, it’s best to pass.

Reasons to Pass brings investing back to the basics, helping readers navigate the complexity of the financial landscape and bringing clarity to the investment process. By underscoring the perils of overconfidence and the importance of humility, this book offers invaluable new perspective on investing for the long term.

Gold Medal Winner, 2024 Axiom Business Book Award, Business Intelligence and Innovation

In Think Bigger, Sheena Iyengar—an acclaimed author and expert in the science of choice—answers a timeless question with enormous implications for problems of all kinds across the world: “How can I get my best ideas?”

Iyengar provides essential tools to spark creative thinking and help us make our most meaningful choices. She draws from recent advances in neuro- and cognitive sciences to give readers a set of practical steps for coming up with powerful new ideas. Think Bigger offers an innovative evidence-backed method for generating big ideas that Iyengar and her team of researchers developed and refined over the last decade.

For anyone looking to innovate, the black box of creativity is a mystery no longer. Think Bigger upends the myth that big ideas are reserved for a select few. By using this method as a guide to creative thinking, anybody can produce revolutionary ideas.

The investment profession is in a state of crisis. The vast majority of equity fund managers are unable to beat the market over the long term, which has led to massive outflows from active funds to passive funds. Where should investors turn in search of a new approach?

Pulak Prasad offers a philosophy of patient long-term investing based on an unexpected source: evolutionary biology. He draws key lessons from core Darwinian concepts, mixing vivid examples from the natural world with compelling stories of good and bad investing decisions—including his own. How can bumblebees’ survival strategies help us accept that we might miss out on Tesla? What does an experiment in breeding tame foxes reveal about the traits of successful businesses? Why might a small frog’s mimicry of the croak of a larger rival shed light on the signs of corporate dishonesty?

Informed by successful evolutionary strategies, Prasad outlines his counterintuitive principles for long-term gain. He provides three mantras of investing: Avoid big risks; buy high quality at a fair price; and don’t be lazy—be very lazy. Prasad makes a persuasive case for a strategy that rules out the vast majority of investment opportunities and advocates permanently owning high-quality businesses.

Combining punchy prose and practical insight, What I Learned About Investing from Darwin reveals why evolutionary biology can help fund managers become better at their craft.

Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end.

Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.

The business side of sports isn’t just the established terrain of NFL, NBA, and MLB teams and their billionaire owners. Entrepreneurs are launching dynamic new businesses that are transforming the broader sports landscape. What are the up-and-coming opportunities and high-growth areas for start-ups today?

This book is for anyone who dreams of starting a sports business. Christopher Mumford explores the state of the game in data analytics, sports betting, eSports, youth sports, fitness, and the fan experience. He surveys the key players in each sector, identifying possibilities and constraints for new entrants. Interviews with figures such as the creator of a “Bloomberg platform for soccer,” a professional sports bettor, and the founder of a fantasy-sports-focused analytics company add vital insight. Mumford also shares the stories of his own sports start-ups and offers advice based on these experiences.

Sports Entrepreneurship details practical step-by-step methods for turning an idea into an enterprise. Mumford guides readers through an actionable framework: map out interests and goals, recognize opportunities, get feedback from users, and accelerate growth. Written for a broad audience, from practitioners seeking to jump-start their next big idea to students in sports management and entrepreneurship, this book is an indispensable guide to new opportunities in the sports industry.

Budding entrepreneurs face a challenging road. The path is not made any easier by all the clichés they hear about how to make a startup succeed—from platitudes and conventional wisdom to downright contradictions.

This witty and wise guide to the dilemmas of entrepreneurship debunks widespread misconceptions about how the world of startups works and offers hard-earned advice for every step of the journey. Instead of startup myths—legends spun from a fantasy version of Silicon Valley—Rizwan Virk provides startup models—frameworks that help make thoughtful decisions about starting, growing, managing, and selling a business. Rather than dispensing simplistic rules, he mentors readers in the development of a mental toolkit for approaching challenges based on how startup markets evolve in real life.

In snappy prose with savvy pop-culture and real-world examples, Virk recasts entrepreneurship as a grand adventure. He points out the pitfalls that appear along the way and offers insights into how to avoid them, sharing the secrets of founding a startup, raising money, hiring and firing, when to enter a market and when to exit, and how to value a company.

Virk combines lessons learned the hard way during his twenty-five years of founding, investing in, and advising startups with reflections from well-known venture capitalists and experts. His candid advice makes Startup Myths and Models an ideal guide for those readers just embarking on the startup life and those looking for their next adventure.

IBM was the world’s leading provider of information technologies for much of the twentieth century. What made it so successful for such a long time, and what lessons can this iconic corporation teach present-day enterprises?

James W. Cortada—a business historian who worked at IBM for many years—pinpoints the crucial role of IBM’s corporate culture. He provides an inside look at how this culture emerged and evolved over the course of nearly a century, bringing together the perspectives of employees, executives, and customers around the world. Through a series of case studies, Inside IBM explores the practices that built and reinforced organizational culture, including training of managers, employee benefits, company rituals, and the role of humor. It also considers the importance of material culture, such as coffee mugs and lapel pins.

Cortada argues that IBM’s corporate culture aligned with its business imperatives for most of its history, allowing it to operate with a variety of stakeholders in mind and not simply prioritize stockholders. He identifies key lessons that managers can learn from IBM’s experience and apply in their own organizations today. This engaging and deeply researched book holds many insights for business historians, executives and managers concerned with stakeholder relations, professionals interested in corporate culture, and IBMers.

Experimentation is an essential part of innovation. It is the link between generating new ideas and putting them into practice. We are constantly experimenting in our daily lives, and organizations place great value on testing new products, services, and strategies. Yet there is a shortage of actionable guidance on how to design and execute high-quality experiments for practical purposes.

This book is a hands-on manual for crafting and conducting useful experiments in real-life settings. It guides readers from any background or discipline through the fundamentals of identifying testable ideas, selecting an evidence base, prototyping, and testing, building users’ skill sets and channeling their creativity through an interactive, exercise-oriented format. The book details a step-by-step framework, with user-friendly instructions and a case study illustrating the process at work at each step, as well as templates for readers to customize in their own projects. It draws on design thinking as well as other practical business approaches. From the classroom to the practice world, The Experimentation Field Book is a vital tool kit for all problem solvers and innovators seeking to address today’s pressing challenges.

Innovation is a top priority for all kinds of organizations, of all sizes and shapes, throughout the world. But innovation doesn’t happen only at the executive level. People within an organization come up with great ideas that can propel the company forward. All too often, however, would-be innovators find that the organization is unreceptive to their new ideas. They are stymied by bureaucracy, power dynamics, or countless other barriers to innovation. They find themselves lost in a labyrinth that blocks them everywhere they turn.

William Duggan—a leading expert on innovation and strategic thinking—offers a guide to navigating the maze from idea to implementation. He provides practical advice on communicating new ideas effectively, getting buy-in from others, winning allies, and overcoming resistance or outright opposition to innovation. Duggan focuses on the strategy and tactics of building support within the organization, exploring the crucial takeaways from research in psychology about how people react to new ideas. This book includes a series of interviews with successful corporate innovators as well as analysis of historical cases that combine lively storytelling with actionable insights. For anyone in an organization who has been frustrated with the lack of innovation, Corporate Innovator delivers an essential roadmap for going from idea to action.

Our brains are wonderful tools, but they are nonetheless prone to misjudging information and making suboptimal decisions. In many situations, we act without fully considering why we are behaving in a certain way. We like to feel good about ourselves; we interpret the world using stories instead of statistics; and we make instinctive judgments and then stick to them. How can we think more clearly and make better decisions—in business and in life?

This book is a practical and accessible introduction to mental models, teaching readers how to harness their power to think more clearly, make better decisions, and learn more effectively. The essential step in applying these concepts and frameworks, Jaime Lester shows, is to pause. Take a moment to reflect on the options, decide on the optimal approach before launching into action, and reexamine the process regularly. Drawing on a variety of academic disciplines as well as cognitive and behavioral research, Lester offers step-by-step templates to improve readers’ critical thinking and decision making. He guides readers through honing their reasoning in areas including finance, economics, statistics, and daily life and draws broader lessons for cultivating a prudent investment approach as well as personal well-being and happiness. Written in a conversational and witty style and featuring memorable examples and illustrations, Pause to Think shares essential lessons and tools for all readers interested in the power of mental models.

In today’s highly competitive marketplace, a brand must tell meaningful stories that resonate with their target audiences across media channels. People want more than a utilitarian benefit—stories are ultimately what drive us to engage with brands. And we want to align ourselves with brands that are ethical and purpose-driven and that take responsibility for their actions and messaging.

This indispensable book reveals what makes brand stories “shareworthy” and guides readers through creating relevant and resonant advertising. Combining practitioner and academic perspectives, Robin Landa and Greg Braun offer a roadmap for conceiving and developing creative advertising campaigns that are responsible and inclusive—and that audiences enthusiastically share. They demonstrate that shareworthy storytelling embraces diversity, equity, inclusion, purpose, and brand activism and eschews tropes, stereotypes, and negative messaging. The book features candid interviews with expert practitioners spanning diverse global communities who share the hard-earned wisdom of their award-winning campaigns, as well as insightful case studies from major companies such as Amazon, Nike, the New York Times, and Dove. Timely and actionable, Shareworthy shows current and aspiring marketing professionals how to craft a story, connect with the audience, and embrace social responsibility throughout.

The Bloomberg Guide to Business Journalism provides students and professionals with the essential tools for reporting on companies, industries, financial markets, economies, banks, and government policies anywhere in the world. It illustrates how to chronicle capitalism for different audiences—from general consumers of business news to market specialists—and how to present compelling stories across print, web, video, and audio formats.

At the heart of the book are exercises and explanations that demonstrate the most appropriate ways to cover a range of business topics. For those looking to begin careers as business journalists, the guide offers step-by-step instructions for reporting and breaking news, emphasizing high standards for accuracy and fairness. Readers will learn key questions to ask when interviewing executives, how to interpret a company financial statement, why markets move, and much more.

An engaging and easy-to-understand storyline set in a fictional “Businessworld” accessibly conveys key concepts. The book offers clear advice on reporting, writing, editing, and producing multimedia content for today’s busy readers, listeners, and viewers. Chapters can be used for individual study or university instruction, and material can be customized for settings from a weeklong workshop to a full semester course.

This authoritative book shows readers how to excel in business journalism and related communication fields at a time when the media landscape is changing rapidly and dramatically.

The Bloomberg Guide to Business Journalism provides students and professionals with the essential tools for reporting on companies, industries, financial markets, economies, banks, and government policies anywhere in the world. It illustrates how to chronicle capitalism for different audiences—from general consumers of business news to market specialists—and how to present compelling stories across print, web, video, and audio formats.

At the heart of the book are exercises and explanations that demonstrate the most appropriate ways to cover a range of business topics. For those looking to begin careers as business journalists, the guide offers step-by-step instructions for reporting and breaking news, emphasizing high standards for accuracy and fairness. Readers will learn key questions to ask when interviewing executives, how to interpret a company financial statement, why markets move, and much more.

An engaging and easy-to-understand storyline set in a fictional “Businessworld” accessibly conveys key concepts. The book offers clear advice on reporting, writing, editing, and producing multimedia content for today’s busy readers, listeners, and viewers. Chapters can be used for individual study or university instruction, and material can be customized for settings from a weeklong workshop to a full semester course.

This authoritative book shows readers how to excel in business journalism and related communication fields at a time when the media landscape is changing rapidly and dramatically.

What if you could have whatever you want, produced and provided immediately and affordably no matter how customized—with minimal environmental impact? Products, services, and experiences on demand. Just-in-time anything, anywhere, anytime. This radical change is underway, as digital technologies push the production and provision of value ever closer to the moment of demand.

Robert C. Wolcott and Kaihan Krippendorff provide an indispensable guide to the Proximity revolution, showing how it’s transforming every industry—and our lives. Offering unparalleled foresight for leaders and innovators, they reveal how pervasive this trend will be. Proximity represents an entirely new way to serve customers, with critical implications for corporate strategy, investing, public policy, supply chain resilience, and sustainability. Incremental changes to existing business models won’t suffice.

Through interviews and compelling examples, Proximity shares stories of the people and companies leading the way. The book places rapidly advancing technologies—from generative AI and 3D printing to lab-grown meats, renewable energy, and virtual reality—in context and explores the factors accelerating the transformation.

Proximity offers a playbook for business leaders, investors, and entrepreneurs to win this rapidly emerging game—and for each of us to consider the implications for our careers, families, communities, and lives.

Shortlist, 2024 Best in Business Book Awards, Society for Advancing Business Editing and Writing

We once idolized tech entrepreneurs for creating innovations that seemed like modern miracles. Yet our faith has been shattered. We now blame them for spreading lies, breaking laws, and causing chaos. Yesterday’s Silicon Valley darlings have become today’s Big Tech villains. Which is it? Are they superheroes or scoundrels? Or is it more complicated, some blend of both?

In The Venture Alchemists, Rob Lalka demystifies how tech entrepreneurs built empires that made trillions. Meta started as a cruel Halloween prank, Alphabet began as a master’s thesis that warned against corporate deception, and Palantir came from a campus controversy over hateful speech. These largely forgotten origin stories show how ordinary fears and youthful ambitions shaped their ventures—making each tech tale relatable, both wonderfully and tragically human. Readers learn about the adversities tech entrepreneurs overcame, the troubling tradeoffs they made, and the tremendous power they now wield. Using leaked documents and previously unpublished archival material, Lalka takes readers inside Big Tech’s worst exploitations and abuses, alongside many good intentions and moral compromises.

But this story remains unfinished, and The Venture Alchemists ultimately offers hope from the people who, decades ago, warned about the risks of the emerging Internet. Their insights illuminate a path toward more responsible innovations, so that technologies aren’t dangerous weapons but valuable tools that ensure progress, improve society, and enhance our daily lives.

Where did modern banking come from—and how does this history help us understand financial crises?

In the twelfth century, Pisa was a thriving metropolis, a powerhouse of global trade, and a city that stood at the center of medieval Europe. But Pisa had a problem: Money came in the form of coins, and they were becoming scarce. In the face of this financial and monetary crisis, the foundations of modern banking were laid.

In Money and Promises, the distinguished banker, executive, and historian Paolo Zannoni examines the complex relationship between states and banks that has changed the world. Drawing on in-depth archival research, he explores seven case studies: the republic of Pisa, seventeenth-century Venice, the early years of the Bank of England, imperial Spain, the Kingdom of Naples, the nascent United States during the American Revolution, and Bolshevik Russia in 1917 through 1923. Zannoni also tells the story of how the Continental Congress established the first public bank in North America, exploring the roles of Thomas Jefferson, Benjamin Franklin, and Alexander Hamilton. Spanning many countries, political systems, and historical eras, this book shows that at the heart of these institutions is an intricate exchange of debts and promises that shaped the modern world as we know it.

A climate catastrophe can be avoided, but only with a rapid and sustained investment in companies and projects that reduce greenhouse gas emissions. To the surprise of many, this has already begun. Investors are abandoning fossil-fuel companies and other polluting industries and financing businesses offering climate solutions. Rising risks, evolving social norms, government policies, and technological innovation are all accelerating this movement of capital.

Bruce Usher offers an indispensable guide to the risks and opportunities for investors as the world faces climate change. He explores the role that investment plays in reducing emissions to net zero by 2050, detailing how to finance the winners and avoid the losers in a transforming global economy. Usher argues that careful examination of climate solutions will offer investors a new and necessary lens on the future for their own financial benefit and for the greater good. Companies that reduce greenhouse gas emissions will create great wealth, and, more importantly, they will provide a lifeline for humanity.

Grounded in academic and industry research, Usher’s insights bring clarity to a complex and controversial topic while illuminating the people behind the numbers. This book sets out a practical and actionable plan for investors that will alter the course of climate change.

How should an investor challenge the market price and find value? This book provides a new lens, arguing that value investing is a matter of understanding the business through accounting. Stephen Penman and Peter F. Pope—leading authorities on accounting and its investment applications—demonstrate why attention to financial statements is the key to judicious valuation. More broadly, they show that accounting fundamentals, when analyzed in a systematic manner, teach us how to think about value in new ways.

This guide to investing through analysis of financial statements presents both underlying principles and practical examples. It examines how an accounting book is structured, the ways to read one in order to extract information about value, and why accounting techniques help investors avoid common traps. Through cases that depict finance, investing, and accounting principles in action, readers learn crucial lessons for challenging the market’s pricing.

Financial Statement Analysis for Value Investing is essential reading for anyone interested in the fundamentals of value investing, practitioners and students alike. Both professional and individual investors can benefit from its techniques and insights, and it is well suited for value investing and financial statement analysis courses in business schools.

Excessive corporate debt can lead to financial distress, which prevents a business from realizing its full potential. When this occurs, a company transforms into a “zombie,” incapable of making essential investments for its future growth or attracting the resources required to execute its business strategy effectively.

In this book, the restructuring veteran Mike Harmon provides an indispensable go-to guide tailored for executives, business owners, boards of directors, creditors, advisors, and investors grappling with financial distress. He equips stakeholders with an invaluable tool kit for mending a company’s fractured balance sheet while demystifying complex techniques and explaining restructuring methods in an accessible fashion.

Readers will acquire the skills needed to detect early warning signs of distress and to formulate a financial restructuring plan that reduces the risk of future trouble. They will learn how an effective plan optimizes the objectives of a company’s various stakeholders, its ability to service future financial obligations, its legal and contractual constraints, and its future prospects and business strategy.

Written for both current and aspiring practitioners, The Financial Restructuring Tool Set is not just a survival guide—it is a blueprint for transformation, empowering stakeholders to achieve a brighter, more prosperous future.

Why did the “stagflation” of the 1970s—the improbable combination of high unemployment and runaway inflation—prove so painful and protracted? What explains the U.S. stock market’s remarkable forty-year run of 12 percent average annual returns since then? Why is Japan still mired in a decades-long recession—and the Chinese economy in a tailspin? And what accounts for the resilience of U.S. stock and labor markets in the wake of the COVID-19 pandemic and in the face of the Fed’s record interest rate hikes?

Donald H. Chew, Jr., argues that answers to these questions lie in the principles and methods of “modern corporate finance.” Ideas formulated and tested by finance scholars—notably, an efficient stock market in which prices reflect the long-run values of public companies and a “market for corporate control” that exerts continuous pressure on management—informed and spurred the investor-driven capitalism that has created the world’s most productive and valuable companies. Drawing on his career-long relationships with leading academics and practitioners, Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. Corporate efficiency and value creation, he contends, are the fundamental source of the social wealth essential to addressing challenges such as poverty and climate change. Lively and provocative, this book makes corporate finance approachable—and even admirable—for readers interested in how the success and failure of companies affect their lives.

Hackathons—participatory gatherings in which people with various backgrounds and experiences come together to address a challenge or create something new in a limited period of time—have become an important part of today’s technological, social, and business landscapes. They originated in IT and have since spread into other fields including medicine, law, biology, environment, education, and civic engagement. How and why can hackathons drive innovation? How can they challenge the status quo? What role can they play in an organization’s strategy? Under what conditions are hackathons most effective, and what are their limitations?

Maciej Ryś—a hackathon leader and scholar with extensive experience in the field—offers a step-by-step guide to organizing successful hackathons and understanding their dynamics. He examines the evolution of hackathons from niche programming marathons to versatile platforms fostering technological advancements, entrepreneurial ventures, and social change. Drawing on extensive research, including observations and interviews from dozens of events worldwide, this book provides data-driven insights into the hackathon ecosystem. Ryś shares practical lessons for organizers, participants, and mentors ranging from planning to inclusivity and sustaining momentum afterward, emphasizing both individual and group levels. Readers will learn how to build better hackathons that attract more participants, and they will gain a deeper understanding of the dynamics of innovation. For both hackathon veterans and those new to the field, Sparks for Innovation helps readers develop new skills, discover new possibilities, and achieve new breakthroughs.

Cars are killing people and making the planet uninhabitable. Crashes take the lives of more than a million people around the world each year. Air pollution linked to motor vehicles contributes to even more untimely deaths. Highways and unsafe streets have devastated cities, yet traffic congestion still swallows up countless hours. And carbon emissions from transportation are a key driver of climate change, which now threatens to make the world unlivable. Why do we still worship at the altar of the car? How can we find alternatives that are healthier for the planet and ourselves?

This book exposes how “Big Car”—the complex of companies in the automobile, oil, insurance, media, and concrete industries that promote and entrench car dependence—has pursued profit at the expense of the common good. David Obst explores how Big Car gained almost immeasurable influence over our lives, weighing the benefits and the costs of reliance on private automobiles. He details how industry covered up the harms of lead additives, fought against seatbelts, and continues to fund climate-change denialism. Obst considers the future of mobility, surveying how cities—from Taipei to Tempe, Copenhagen to Chicago—are experimenting with forms of transportation that offer alternatives to the dominance of cars. Provocative and comprehensive, Saving Ourselves from Big Car is a powerful wake-up call for us to change how we use cars before it’s too late.

Principles of Bitcoin presents a holistic, first-principles-based framework for understanding one of the most misunderstood inventions of our time. By stripping away the hype, jargon, and superficial analysis that often surrounds the crypto industry, this book uncovers the true ingenuity behind Satoshi Nakamoto’s creation—and its profound implications for the future of money, governance, and individual freedom.

Vijay Selvam analyzes the technology, economics, politics, and philosophy of Bitcoin, making the case that only through this holistic understanding can we gain an appreciation of its true meaning and significance. Readers are invited to consider Bitcoin as a tool for individual empowerment, a catalyst for economic autonomy, and a challenge to traditional monetary systems. Selvam demonstrates why Bitcoin stands alone in the digital asset space as a path-dependent once-in-history invention that cannot be replicated.

Principles of Bitcoin is an invaluable resource for professionals in the financial world seeking a rigorous and accessible understanding of Bitcoin. Students, curious thinkers, and all who find the technology daunting will also benefit from its clear, foundational approach. Equipping readers with the tools to grasp the many facets of Bitcoin, this book is an ideal guide to exploring its role in shaping a more decentralized, transparent, and equitable future.