Book Description

As violence spreads in Iraq, many have been stunned by the extensive roles that private firms now are playing in the fighting. In seeking to understand exactly what was going on, ABC, BBC, CBS, CNN, The Economist, Fox News, The New York Times, The New Yorker, The Los Angeles Times, NPR, PBS, USA Today, and the Washington Post all turn to one source: Corporate Warriors: The Rise of the Privatized Military Industry.

Named among the year’s top five books in international affairs by the Gelber Prize, P.W. Singer’s groundbreaking book from Cornell University Press explores one of the most interesting, but little understood developments in modern warfare. Over the last decade, a global trade in hired military services has emerged. Known as "privatized military firms" (PMFs), these businesses range from small consulting firms, who sell the advice of retired generals, to transnational corporations that lease out wings of fighter jets or battalions of commandos. Such firms number in the hundreds. They have an estimated annual revenue of over $100 billion. And, they presently fill military roles in over fifty countries, including in Afghanistan and Iraq. From recent events in Iraq, where some 15,000 private military contractors work on behalf of the coalition, including the four men brutally killed in an ambush in Fallujah earlier this year, to Latin America, where three American private military contractors have been held captive by Colombian rebels for the last 16 months, to Sub-Saharan Africa, where private military personnel earlier this year were arrested as part of an alleged coup plot in Zimbabwe and Equatorial Guinea, these firms appear in the world's hotspots and headlines again and again. Yet, until Corporate Warriors, no book has opened up this powerful new industry to the public eye.

Now released in paperback, Corporate Warriors provides the first comprehensive analysis of the private military industry. The book traces the firms’ historic roots in the mercenary outfits of the past and the more recent underlying causes that led to their emergence at the end of the Cold War. In a series of detailed company portraits, Singer then describes how the industry operated and the three sectors within the industry: how military provider firms, like Executive Outcomes, a South African company made up of ex-Apartheid fighters, offer front-line combat services; how military consulting firms, like MPRI, a Virginia-based firm staffed by U.S. Army veterans, provide strategic and military training expertise for clients around the world; and, finally, how military support firms, like Vice President Cheney’s former Halliburton-Brown & Root, carry out multi-billion dollar military logistics and maintenance services, including running the U.S. military’s supply train in Iraq.!In fact, the book’s portrait of how exactly Halliburton got into the lucrative, but now controversial, military support business has served as a resource for investors, reporters, congressional investigators, and soldiers alike.

Singer then explores the many implications of this industry, ranging from their impact on military operations to their possible roles in international peacekeeping. He analyzes how the hopes for economy and efficiency duel with the risks that come from outsourcing the most essential of government functions, that of national security and soldiers’ welfare. The privatization of military services allows startling new capabilities and efficiencies in the way that war is carried out. However, as demonstrated in Iraq, the mix of the profit motive with the fog of war raises a series of troubling questions –for international affairs, for ethics, for management, for civil-military relations, for international law, for human rights, and, ultimately, for democracy.In other words, when it comes to military responsibilities, private companies’ good may not always be to the public good.

Corporate Warriors is a hard-hitting analysis that provides a fascinating first look inside this exciting, but potentially dangerous new industry. Its research has been featured by every single major news outlet in the United States and covered by media over 20 different countries.

Easily accessible to general readers, the book provides a critical but balanced look at the businesses behind the headlines. With the continued expansion and growth of this industry in the coming years, Corporate Warriors will be the essential sourcebook for understanding how the private military industry works and how governments must respond. As one reviewer describes, "Many fine volumes about U.S. foreign policy and world events have been published in recent months. This one is something special. Corporate Warriors might just be a paradigm shift. It may change the way people look at history and analyze current events…a must-read…" ... Read more

Reviews (8)

probably great
I have not read the book but the author was on a t.v. special called soldiers for hire. while mercenaries have some good purposes that the show adressed, the author gave some startleing facts about private soldiers (or civilian contractors) in our military. about one in 10 americans serving in iraq are private and they are able to just leave when they decide they don't feel like fighting anymore. there is a 30% dropout rate amoung contractors in iraq. some of them even control the newest technology, like unmanned aircraft. private soldiers are less effective than normal soldiers because they have less effective leadership, less backup, and less resourses. i definatly need to check out this book.

Every American Should Read This!
This book should be on the essential reading list for any class on American politics, ethics, or foreign policy.

When I took military ethics at Texas A&M University, Manuel Davenport walked into class the first day and asked, "What is a military officer?"

In unison, the class responded, "Managers of violence."

As one of two 'nonregs' in the class, that made the hair on the back of my neck stand up. In a piece Professor Davenport wrote in Army (May 1980), "Professionals or Hired Guns? Loyalties are the Difference," he noted the peculiar demands of the military profession and what sets it apart. To be a mercenary, a hired killer, is tantamount to being a paid murderer. That is not what the profession is about. For mercenaries, the client is a private entity, and loyalties are to the employer, not the nation, and certainly not humanity. To outsource our defense is to put it in the hands of people whose motive is profit, not the honor of public service, respect for the republic, or the protection of their the country and people they love. Dwight Eisenhower is surely spinning in his grave!

Tragically, this is where we are going: we have outsourced our republic. The government no longer has a monopoly on the use of force, even in our own military operations. Now, private companies are calling the shots. We have even outsourced the ROTC on 200 campuses! Bremer's personal guards, and much of our intelligence is in private hands. Who is really in charge?

As the abuses in Iraq demonstrate, there is a reason to have military officers. If not, we would simply empty our prisons on the enemy and go home. Hiring mercenaries is the downfall of any republic. What will happen when the mercenaries out-gun the United States Army? Who will we turn to then? Brown & Root? Blackwater? What if our enemies outbid us? What if terrorists pay more?

We're being sold out!

Joe Adams, Ph.D.
Mississippi State University

First Steps in Studies of Privatization
Why does it take PW Singer to give us an accurate history of the Sierra Leone war and the role of private warriors? Why is he the first to inform us that ROTC has been privatized since 1996? Perhaps because the media does not grasp the full consequences of Al Gore's "reinventing government" movement of the late 1990s. Singer unveils so much that is unseen in a mere few hundred pages, the head spins.
Granted, this only is a first-pass analysis of Pentagon privatization. We need to understand what happened when NRO and National Geospatial-Intelligence Agency turned over space imaging to the private sector. We need to know what Northrop-Grumman gained when it took over overseas-base construction and management for Eastern Europe and Central Asia in 2003-04. We need to grasp the changes in NSA and NRO that took place when most intelligence processing was outsourced to Raytheon, LockMart, etc. Singer does not get into these latter fields.
However, he is the first to recognize that the consolidation of the "big iron" defense contractors, like LockMart, Boeing, Northrop, is only half the story. It is far more important to understand what SAIC, L3/MPRI, Halliburton/KBRS, and the new consulting firms are doing, as they represent the military contractors of the future. Here's hoping this book moves into paperback, as it surely deserves a wider audience.

Messiah, Mercenary, or Menace?
This book is an intelligent, extremely well researched look at the expanding global use of Private Military Firms (PMF's) in warfare. Singer gives a complete account of their evolution and re-introduction, illustrating how the end of the Cold War has given rise to thousands of PMF's with seemingly no end in sight. The belief that nation states hold absolute military control is quickly diminished as the author demonstrates how even the strongest of nations have out-sourced many key and in some cases, highly sensitive military industries once thought exclusively the charge of the government.

The author contends that although useful and perhaps necessary in certain conflicts, PMF usage on the battlefield is on the sharp rise worldwide. As their availability increases, the number of internal conflicts in weaker nation states have also risen sharply. He sees a new pattern emerging as their easy accessibility means conflicts "are now more easily waged for economic control and resource exploitation." But it is profit not patriotism driving these firms who in many cases are linked to multinational corporate structures complete with CEO's, shareholders, and market share. The notion of engaging in warfare for ideological or patriotic allegiance is doubtful and unlikely, as the very nature of these firms require conflicts persist for their own survival to flourish.

"Corporate Warriors" examines the good, the bad, to the ugly, and case studies past interventions some of which held remarkable positive outcomes, others which hold stark warnings for future implications, and still those where disgraceful accounts of lawlessness and moral ethics were completely abandoned. He discusses the almost non-existent public monitoring mechanisms to oversee possible conflicts in foreign policy and raises the issue of circumventing congressional oversight due to either current laws or offshore corporate links. The book discusses the paradox of mixing business with war and raises valid questions on legal, moral, and international accountability as even now firms with blemished histories in the Balkans have landed lucrative contracts in Afghanistan. Other firms who in the past often operated in the shadows, are seizing the window of opportunity opened as the "war on terror" gives off a sounding bell which is heard loud and clear throughout the industry .....their new meal ticket arriving on a platter.

An intelligent, groundbreaking, & highly controversial book
Most folks will automatically assume this is a book about the latest generation of mercenaries. While that's certainly an aspect of this industry, there's a far more surprising side to this story: Their role in the restoration of peace, and in the reconstruction of wartorn countries.

Thus, private military firms (PMF's) are actually one of the 8 sectors of restorative development, often referred to as the global "restoration economy", which currently accounts for about $2 trillion annually. [Restorative development is defined as "socioeconomic revitalization based on restoration of the natural and built environments".]

This shouldn't be so surprising, given that most of them come from engineering or construction roots. But, why the dichotomy of good and evil? It's simple, really:

When PMF's are used to advance "new development" (such as exploiting someone else's natural resources, which often requires a "regime change"), they are often operating on "the dark side". When they are advancing "restorative development", they are usually the "good guys". The same dynamic can be found in the ordinary (non-PMF) civil engineering community.

Corporate Warriors does a wonderful job of documenting this fast-growing, highly profitable "ancient" industry, which is experiencing a rebirth as a major global force after 3 centuries of slumber. ... Read more

Book Description

If you are wondering whether or not a limited liability company is right for you, Nolo's Quick LLC is the book to grab.

Written by LLC expert Attorney Anthony Mancuso, this book shows you, in plain English, the advantages and drawbacks of forming an LLC, and how the LLC compares with running a business as a corporation, partnership or sole proprietorship.It explains:

*how LLCs are formed by filing Articles of Organization with the state *the Operating Agreement, which details the legal rights and responsibilities of LLC members and managers *how you can choose between a member-run or manager-run LLC *important tax options that qualify an LLC for partnership tax treatment -- an essential benefit of forming an LLC *the required ongoing legal and tax paperwork

Practical, concise and easy to read, the 3rd edition of Nolo's Quick LLC provides vital and the latest information you need to know about this valuable business option. ... Read more

Reviews (3)

PRETTY GOOD
The book spend alot of time with examples, which isnt bad, but if you are looking for a primer on the law, tax advantages, pro's and con's, I found googling just as effective without the hefty price tag, at $5-10 this book is great value, at $30+ retail, well...

Very informative
This book breaks what you need to know to form an LLC down nicely and easily by chapter. You can skip around if you'd like, but I wanted to make sure I knew everything about the topic and read it straight through. Full of helpful examples to illustrate the concepts just presented. Definitely recommend to others looking to learn about corporate structures and most specifically, the LLC.

LLC simple
I recently bought this book and found it to be very informative and to the point. I looked at other books, but most were wordy. My time is limited and I needed a book that would provide me the info without the fluff. There is a good state information section that provides info like Addresses, URLs, Legal URLs, Name Requirements, and form descriptions. The actual forms are not provided but the resource is given. I would recommend this book for someone looking for enough information to answer your questions and give you guidance in going forward. ... Read more

Book Description

Since its publication in 1987, Methods for the economic evaluation of health care programmes has become the standard textbook in this field world-wide Over the past ten years, the field of economic evaluation in health care has expanded considerably, with a rapid rise in the number of published studies, and wider recognition of their use in health care decision-making. Developments in economic evaluation have also led to the publication of several guidelines for study methodology, most recently those proposed by the United States Public Health Services Panel. The new edition of Methods for the economic evaluation of health care programmes follows the same basic structure as the first edition. The key methodological principles are outlined using a critical appraisal checklist that can be applied to any published study. The methodological features of the basic forms of analysis (cost analysis, cost-effectiveness analysis, cost-utility analysis, and cost-benefit analysis) are then explained in more detail. The book has been greatly revised and enlarged, especially with respect to cost-utility and cost- benefit analysis, where major methodological developments have taken place. New to this edition are chapters on collecting and analysing data, and presenting and using economic evaluation results. The new edition will be required reading for anyone commissioning, undertaking, or using economic evaluations in health care, and will be popular with health service professionals, health economists, and health-care decision makers.Reviews of the first edition:'An important contribution to studies on the economic evaluation of medical care...' (British Medical Journal)'This is essential reading. Only if all managers are aware of the powers of economic techniques will they be used sensibly' (The Health Service Journal (UK)'The methodological chapters on cost analysis and cost utility analysis are gems... should become the standard text on the subject at the intermediate level at which it is aimed.' (Medical Decision Making) 'It leaves nothing important in economic evaluation analysis untouched.' (Health Policy and Planning) ... Read more

Book Description

This book describes the risk management methodology as a specific process, a theory, or a procedure for determining your assets, vulnerabilities, and threats and how security professionals can protect them.
Risk Management for Security Professionals is a practical handbook for security managers who need to learn risk management skills. It goes beyond the physical security realm to encompass all risks to which a company may be exposed. Risk Management as presented in this book has several goals:
Provides standardized common approach to risk management through a framework that effectively links security strategies and related costs to realistic threat assessment and risk levels
Offers flexible yet structured framework that can be applied to the risk assessment and decision support process in support of your business or organization
Increases awareness in terms of potential loss impacts, threats and vulnerabilities to organizational assets
Ensures that various security recommendations are based on an integrated assessment of loss impacts, threats, vulnerabilities and resource constraints


Risk management is essentially a process methodology that will provide a cost-benefit payback factor to senior management.

Provides a stand-alone guide to the risk management process

Helps security professionals learn the risk countermeasures and their pros and cons

Addresses a systematic approach to logical decision-making about the allocation of scarce security resources ... Read more

Book Description

The successful first edition of HACCP: A PracticalApproach has established itself as the definitive text on HACCP forthe foodindustry.In an easy to read style, it gives a step-by-stepapproach to developing an effective HACCP system.In this newedition authors bring us up to date with current thinking, includingthe use of more modular HACCP systems and even generic HACCP in somesectors.Greater attention is paid to planning and implementation,and the theory is illustrated with a completely new set of casestudies from UK, Ireland, USA, Canada, South America and Asia. It isan invaluable text for everyone who needs to know what HACCP reallyis, what it can do for a food business, and the best way to build aneffective system. ... Read more

Reviews (1)

Good source of reference, practical, simple text and example
Good source of reference for HACCP subject matter ... Read more

Reviews (1)

the perfect overview book for INtro to Constru Class
This book is wonderful in its content. I especially like the way it chapeters separate into the overview (sorta History) and then the players and then the process and then communications. It has very good examples of things like specifications and partial drawings. it has exmple questions. it has very good charts and lists. But what I liked the most is the balanced portrayal of the players such as which contract method is preferred by say the architect and which most benefits the Construction Manager. We are using it for our Intr to Constr Tech Class. Saves me from copying info from several dif sources. ... Read more

Book Description

From FORD TOUGH

The accident is serious. There are injuries, maybe deaths. The site is unstable. We are in contact with authorities.

Bill Ford Jr. drove to World Headquarters and was met in his 12th floor office by Vella and by Neil Golightly, who was in his first weeks as director of the chairman’s office, with duties that were part public affairs and part executive assistant for Ford. Golightly remembers Ford being visibly concerned and distraught when he walked into the office and sat down for updated information on the accident. Details were still sketchy.

"Do you think I should go?" Ford asked.

Golightly was barely three weeks into his job and still getting to know and understand the man he worked for. The company’s CEO was out of the country. Its head of public affairs was out of town. The chairman bore the company name and the Rouge was an unstable accident scene at a volatile, 78-year-old powerhouse with boilers fed by natural gas. Golightly followed his first gut reaction and advised Ford not to go.

"That’s ridiculous," Ford said. "I’ve got to go."

"Generals don’t go to the front lines," another company adviser told the chairman.

"Bust me down to private then," Ford responded, "because I’m out of here." ... Read more

Book Description

Many people dream of going into business with friends. The Partnership Book shows how to turn that dream into a sound partnership agreement.

The book thoroughly explains the legal and practical issues involved in forming a partnership. In plain English, it covers:

* partnerships compared to other business forms * the financial and tax liability of partners * contributions of cash, property and services * what happens if a partner wants out * how to value partnership assets * admitting new partners * buying out a partner's interest * death of a partner * limited partnerships * and much more

In print for over 20 years, the 6th edition of The Partnership Book is totally revised and updated to reflect the law and realities of today's business world. All the forms for creating a partnership agreement are provided as tear-outs and on CD-ROM. ... Read more

Reviews (2)

Excellant Book, but......
I read the book and found it very helpful with my plan to form a real estate parnership. I found the examples at the end of each subjet very helpful. However, it seems the authors went to a great length to demonstrate to readers that they are NOT gender biased, to the point where one would find himself sometimes cringing. Their objective could have been attained better by replacing all the He, she, him, her, with "he/she" or "him/her", and let each readers to choose the jender for themselves.

All-Encompassing Book on Partnerships
I found this title to be all-encompassing if you're considering entering into a partnership - whether it's an existing partnership or whether you're starting up a new partnership. In fact, I purchased another title on this same topic and I ended up returning it because I didn't see where it covered anything that wasn't already covered in The Partnership Book. I feel much more comfortable entering into a partnership after reading this book as I feel that I now have the necessary information to make proper decisions. I strongly urge anyone considering entering into a partnership to read this book. ... Read more

Reviews (1)

An excellent practical tool.
This book is an excellent practical tool to gain understanding on how the Production Sharing Contracts/ Agreements of the international oil industry work and how the negotiations on PSA normally flow. Johnston does not concentrate on cultural aspects of a particular country, but rather on the mechanics of the PSA and its major issues. The topics that Johnston covers are "Petroleum Fiscal Systems," "Concessionary Systems," "Production Sharing Contracts," "Risk Service Contracts," "Threshold Field Size Analysis," "Global Market for Exploration Acreage," "Production Sharing Contract Outline" "Accounting Principles," and "Double Taxation." This introductory comprehensive overview of PSA concepts is written in a clear and understandable manner so that even a person without a background in accounting, taxation, and oil engineering is able to understand the author's explanations and conclusions. This source will be most helpful to consult if one is interested in learning or simply clarifying the concepts of exploration economics, oil taxation, contract/fiscal terms, and PSA negotiations in the international context. ... Read more

Amazon.com

In many ways, the 20th century has been the Age of Physics. Out of Control is an accessible and entertaining explanation of why the coming years will probably be the Age of Biology -- particularly evolution and ethology --and what this will mean to most every aspect of our society. Kelly is an enthusiastic and well-informed guide who explains the promises and implications of this rapidly evolving revolution very well. ... Read more

Reviews (37)

Painful but thought provoking evaluation of complex systems
This is the best badly written book I have read lately. Kelly's book provides an enthusiastic reflection on the evolution of complex systems, full of vivid images and provocative metaphors, yet one can't avoid the impression he wrote it down as he thought of it. Kelly is a magazine editor (Wired) and his book comes across like a 475-page magazine article -- whenever he decides to change directions mid-chapter, he simply inserts a rosette and moves on. This book and its readers would have been well served by passing the text through the hands of a demanding book editor -- the result would have been a text about 150 pages shorter and much clearer. It also would have been helpful to have had the text proofread -- I nearly tore up the book reading over and over his confused expression "hone in on", an illiterate cross between "hone" and "home in on." I don't know Kelly's educational background. Reading his book I get the impression that his formal credentials are minimal but that he's very good at finding smart people and following them around. The result is a book that chronicles the development of this field while communicating his fascination with complex concepts he just barely understands, and his dilletante's infatuation with the jargon that describes it. The ideas in this book, and particularly the juxtapositions of ideas that Kelly assembles, are well worth reading about. But a better approach might be to skim the book, noting authors and titles, and then go straight to the source material listed at length in the back.

Highly recommended for anyone interested in the future.
Love this book. A great introduction to a world of ideas and concepts about evolution and technologies that are already shaping our (near) future. Horizon-expanding ideas--indeed, the chapter on Borges Library literally had my brain "buzzing" with activity and a restless night of wild dreams on the subject. As the author states himself, he does not write or develop anything new, rather, he creates exposure to the fascinating work of others. Though it is not difficult or dry, the entire book is concepts--not for someone looking for a light novel.

Nature Creates New Things Out of Nothing Every Day
This book must have been as much fun for Kevin Kelly to write as it is to read. It's a little long but very easy to understand. It'll make you think and you are sure to enjoy thinking about the ideas and examples in here.

A more correct title might be "Out of Centralized Control." Kelly's point is that Nature is not a command and control monolith, but instead, a network of relatives, friends, neighbors, and sometimes predators. Nature does not control the Universe so much as it encourages cooperation within the Universe. The examples Kelly gives in the first few pages set the tone of the rest of the book. One is the flock of geese, which somehow knows its migration path from hemisphere to hemisphere even though none of the geese in the flock have ever flown it before.

As Kelly shows us, there are plenty of surprises in Nature. Uncertainty is built in. That's life ! Some readers might find it hard to believe that Nature is not particularly concerned about efficiency. It doesn't mind duplication, redundancy, and a little waste. It fact, it wants these things because they lead us to flexibility. Kelly's point in all this seems to be that Nature does not play by the numbers.

It might be even harder for some readers to believe, at first, that Nature creates new things out of nothing every day. But, Kelly will win you over on that point and many more. His "Nine Laws of God" which sum up the book in the last chapter made me want to read it a second time.

One nice companion to this book would be "Morphic Resonance and the The Presence of the Past: The Habits of Nature" by Ruppert Sheldrake. That book presents a theory that is considered radical by many, yet the critics usually concede that it's well reasoned and fills many of the gaps in our knowledge of Nature.

If you'd like to think about the theological implications of Kelly's ideas, try a few books about process theology, particularly these: "A Basic Introduction to Process Theology" by Robert Mesle, "What is Process Theology?" by Robert Mellert, and "Ominipotence and Other Theological Mistakes" by Charles Hartshorne.

Groundbreaking book, but newer titles offer more insight
This book was groundbreaking in 1994; its insights have been improved upon by more recent writing on the same subjects. If you are interested in this topic, I recommend considering Steven Johnson's EMERGENCE before you buy this book; Johnson discussions some of Kelly's ideas, but offers are more up-to-date analysis of the phenomenon of non-hierarchical/centralized models of organization. Otherwise, this book is valuable for its historical positioning--how things seemed and were seen almost a decade ago.

Giddy Plagiarism
I agree with the "Chicago reader" who said this book could've used an editor, but it's one of the best poorly-written books I've read too.

Kelly's cheerleading for the decentralized, "hive-mind" mentality smacks of the giddy 1940's Tomorrowland propaganda -- oblivious to market realities, people's resistance to change and the fact that simple technologies always win head-to-head competitions with more complex technologies. Yet he makes a valiant attempt to pull a Douglas Hofstadter, and write a "Godel Escher Bach" of future technologies. None of his examples or conclusions are original, but that doesn't diminish the cumulative power of his argument. ... Read more

Book Description

Praise for Creating Value through Corporate Restructuring

"A helpful reference guide for managers facing the complex operational and financial issues raised in today’s competitive environment. Gilson’s case studies provide a real-world context against which corporate leaders can plan their restructuring strategies."–Arthur B. Newman, Senior Managing Director, The Blackstone Group

"Stuart Gilson’s analytical case studies have demystified the battle of enterprise valuations in financial distress and buyout situations. It is a must-read for understanding the restructuring and buyout arena. I highly recommend this book."–Harvey R. Miller, Senior Partner and Chair of the Business, Finance, and Restructuring Department, Weil, Gotshal & Manges LLP

"The economically pivotal process has never before received such a rigorous and well-rounded treatment. Gilson goes far beyond the legal framework of bankruptcy resolution to show how industry-specific factors, conflicting creditor claims, and negotiating stratagems all determine a financially strained company’s fate. Readers of Creating Value through Corporate Restructuring will gain wisdom that could otherwise be obtained only through many years of direct experience in the field."–Martin S. Fridson, Chief High-Yield Strategist, Merrill Lynch & Co., Inc.

"Creating Value through Corporate Restructuring ably describes the importance and difficulty of designing, executing, and marketing restructuring strategies. The case study format offers the reader an inside look at the real world of corporate restructuring. With this book, Gilson provides a useful blueprint for tackling restructuring challenges."–Jay Alix, Founder and Principal, Jay Alix & Associates

"Stuart Gilson has created a much-needed book for practitioners and professors alike.It should be required reading for MBA and PhD students who need to understand corporate reorganization and crisis management."–Sanford Sigoloff, Chairman, President, and CEO, Sigoloff & Associates, Inc.

Please visit our Web site at www.wileyfinance.com ... Read more

Reviews (32)

The only reference guide for the restructuring/turnaround
This is an extremely important book that nimbly moves where no one has gone before to explain the value creation through corporate restructuring and turnaround. It does so by complementing real world case studies with well-focused introductions of theoretical concepts, analytical tools, and legal/tax framework. As a restructuring consultant, I found that the book contains much useful practical information on the restructuring process that turnaround practitioners can find helpful in their practice. The case studies themselves include useful applied, institutional information about how various types of restructuring are done, what motivates restructuring, what different restructuring options are available for dealing with a particular problem or challenge, etc. I find that it goes far beyond the legal framework of bankruptcy resolution to show how conflicting stakeholders claims play to create or destroy value. The book undoubtely breaks new ground in explaining the restructuring strategies and processes. I recommended the book to many of my colleagues in reorganization and restructuring services as I believe it shoud become essential reading for students, creditors, debtors and consultants as they face the complex operational, legal and financial challenges of distressed situations. The price: I found it steep at first glance but then I changed my mind when I compared it to other professional books in the industry.

The SEMINAL WORK on Creating Value Through Restructuring
Without question, Professor Gilson's book is the SEMINAL WORK on creating value through corporate restructuring. It is essentially the Graham & Dodd "Security Analysis" of the corporate restructuring sector. A "must read" on corporate restructuring for investors, professionals, executives, managers, and students. The benchmark against which any other text in this area should be measured. Wealth of practical, yet sophisticated information about real world "how to's" of corporate restructuring. Harvard B-School case study format. The Harvard case studies are carefully designed to provoke discussion and challenge readers to consider the options for restructuring companies facing potentially "life-threatening" business challenges or crises. These companies have actually been through various restructurings (bankruptcy, spin-offs, tracking stocks, mergers, layoffs, etc.); insight comes from real companies and their real challenges. Definitely a useful textbook in any undergraduate or MBA level course addressing these topics (topics unfortunately mostly ignored by writers and universities until now.) Excellent work describing various restructuring processes. For example, Professor Gilson describes in detail Chapter 11 bankruptcy reorganization tactics such as tax issues to be addressed prior to spinning off a division, tracking stock alternatives, and business analysis associated with employee downsizing. Valuable essays on investing in debt of troubled companies and valuing companies during restructuring. Useful introductory chapters summarize case study lessons and list relevant research on related topics. Japonica Partners has been active in the restructuring area since the late '80s, and has created over $2 billion in value for our investors. We've found no other resource in this sector that comes close to this book. Many of our professional team members have already found value-added in its pages. Perhaps Professor Gilson will follow up with a second book (for instructors only) providing a transaction analysis on the evolution of each case.

Finance with Negative Signs
Someone (perhaps it was I) has said that bankruptcy is corporate finance with negative signs. This has always been true but it is amazing how far mainstream finance has gone to try to resist the comparison. The resistance must be, must have been more cultural than economic, because it is axiomatic that anything is a bargain at the right price, and that there is no more or less money to be made in "distress investing" than in any other. Two generations ago, there seems to have been only one person in American that really understood this point - the late Max Heine, who made his grubstake by investing in out-of-favor railroad bonds in the Great Depression, and then riding the wave of prosperity that emerged in World War II. In the same vein, 40 years ago just about any bankruptcy judge would have looked on an "assigned claim" as some kind of monster.

Times have changed. Now everybody's an arbitrageur. The "vulture investors" have their conferences, their social clubs, and for all I know, their own softball team.

Stuart C. Gilson"s "Corporate Restructuring" symbolizes the sea change from the old attitude to the new. It adds the imprimatur of the Harvard Business School to the notion that vulture investing is just another way of making money. As others have noted, this isn't a work of high theory - indeed it has a kind of slapdash, direct-off-the-photocopier feel that is remarkably common in business publications. For fancy theory, you look elsewhere - in law to the likes of Douglas Baird or Lucian Arye Bebchuk; in finance to the developing lore of "real options." But the case studies are an excellent device for getting a sense of the texture and possibilities of vulture investing. It can be read with profit alongside Hilary Rosenberg's "The Vulture Investors." Ambitious students who want the full theoretical framework will match it with David G. Luenberger's "Investment Science." But Gilson's work has merit on its own as one kind of introduction to this revolution in investment thinking.

Only usefull for students
What a waiste of money.... The writer has not included any anlyses or real solutions to the cases that a provided. Unless you are a student in a class that use this book, this book gives you absolute nothing.

Good book but needs a companion text
This is a very good case book, complete with intricate case studies illustrating numerous aspects of challenges often faced in restructuring in bankruptcy. However, the book assumes a level of knowledge about M&A concepts that many readers may not have. Consequently, I would recommend using this book in conjunction with another excellent text by DePamphilis entitled Mergers and Acquisitions: Integrated Approach. There are two editions. The second edition is more complete and up to date. It also tackles some of the problems illustrated in this book. ... Read more

Book Description

In today’s changing political and economic environment, it is increasingly important that companies learn to properly use various trading instruments to protect themselves against price volatility. Since the first successful energy futures contract was introduced almost a quarter century ago, trading in energy futures and options has played an important role in hedging against fluctuations in the price of petroleum products, crude oil, natural gas, propane, electricity, and most recently, coal.

In this 2nd edition of their best-selling primer, authors Steven Errera and Stewart L. Brown explain how exchange traded futures and options markets work, and how companies can successfully use the markets in their overall strategy to increase profitability. They cover everything from market mechanics, hedging, spread trading, and technical trading to the history and growth of the markets.Also included in an extensive appendix detailing contract specifications for thirteen energy futures/options contracts. ... Read more

Reviews (9)

Very Good Primer
This is an excellent and invaluable learning tool. It is helpful to have some financial experience, namely understanding some of the terms like call and put,etc, so that you may spend more time focusing on the concepts, but not absolutely necessary.
The book is logically organized to start with an overview of the futures market,followed by an overview of futures, generalized hedging, and options. All topics are related to energy commodities with easy to understand explanations. Relevant details relating to the energy market (definitions of spark spreads, inter-exchange hedging strategies, etc) are included.
Although I could not go into the market and trade commodities after reading this book, I could understand the overall concept of hedging energy futures and options and this serves as an excellent primer to the next level.
I would say that this book is at about the college senior level, easy on the math and not heavy on modeling. I would recommend it for the beginning MBA student but not at a PHD level.

Outstanding material on trading energy futures and options
Thanks to the authors for presenting this information in language that is understandable to the masses. You have demystified a topic that is often encrypted.

Many people in the energy business would benefit greatly in their overall understanding by reading this book! It is well-organized and makes the complex business of hedging futures contracts seem logical.

I have worked with wholesale energy traders and seen the trading floor with it's live weather maps, analytical systems, and 100 or so traders and I thought it was an exciting environment. Understanding P/(L) positions, mark to market, and familiarizing with the multitude of hedging strategies has made this intriguing business all the more interesting to me.

The book delivers exactly what its title implies. Thank you, again!

easy to understand
The Fundamentals of Trading Energy Futures & Options was one the best business books I've read. It was easy to read and understand. The book is well written and earned its cost in my first hour of trading. I highly recommend this book.

Extremely disappointed
If you're looking for a book to teach the basics of trading options and futures, this one might do you. Of course, for that purpose, it's about $50 overpriced. If you're wanting to learn more about the fundamentals of evaluating energy markets, this book really has absolutely nothing to say. Don't be fooled by the title.

A Clear Description of (Energy) Futures Markets
Mr Errera and Mr Brown are drowing a clear picture of energy futures markets. Many complex subjects are turned into a readable and comprehensible form. In my opinion, this book sould be your own book! ... Read more

Book Description

Unlike the M&A fever that gripped so many large, publicly held corporations in the 1980s, the mergers and acquisitions activity of the 1990s is primarily centered around small and midsize businesses. But the sale and purchase of these companies present a unique constellation of problems, pitfalls, and challenges that may lead the unprepared buyer or seller to disappointment, difficulty, or even disaster. In this book—the only mergers and acquisitions guide that focuses on small and midsize companies—experts from every profession and specialty related to the sale or acquisition of a business lead buyers and sellers step by step through each phase of the M&A process. Their aim is to help both parties avoid hazards and mistakes and arrive at a fair and mutually profitable arrangement.

Beginning with the basics, the book offers an overview of the market: the size and type of businesses covered; who the buyers and sellers are; why businesses are put up for sale; how to prepare a business for sale; and how to size up a business that is on the market. The book's second section looks at financial and valuation issues, a particularly important area when purchasing companies that are not subject to SEC regulations. Coverage includes normalizing historical financial statements, using financial forecasts, determining real ROI, valuation methods for midsize companies, and determining the value of partial ownerships, intangible assets, and business risk characteristics.

After a detailed examination of legal issues, the book explores the roles of outside professionals in the M&A process, including intermediaries, attorneys, accountants, business appraisers, and machinery and technical appraisers. The book concludes with a look at various ways of structuring the final deal and the pros and cons of each arrangement from both the buyer's and seller's perspectives.

With 36 self-contained chapters that can be read in sequence or consulted independently, Mergers and Acquisitions for Small and Midsize Companies is both a comprehensive M&A tutorial for newcomers to the process and an indispensable reference for professionals involved in any aspect of the buying and selling of small and midsize companies.

A Step-by-Step Guide to Buying and Selling a Business from a Distinguished Group of Recognized Experts

Mergers and Acquisitions Handbook for Small and Midsize Companies is the perfect guide for anyone who is selling a business or hoping to buy one. Each of the nearly 30 contributors is a recognized expert in a particular aspect of the M&A process. These authors explain their topics from the ground up, assuming no previous experience on the part of the reader and addressing the subject from every conceivable angle.

Areas of discussion include:

• Fundamentals of the mergers and acquisitions process
• Financial and valuation—normalizing historical financial statements, utilizing forecasts, valuation methods, and more
• Legal aspects—disclosure requirements, due diligence, advisor engagement letters, closing documentation
• The role of outside professionals—intermediaries, attorneys, accountants, business appraisers, and machinery and technical appraisers
• The deal itself—deal structures, creative financing strategies, a case study, pros and cons of ESOPs, and much more

Reviews (1)

The Sitting Bull of M & A Techniques & How To Win
IN "STRUNK & WHITE" STYLE MR. WEST PENNED THE PERFECTLY CONCISE GUIDE TO WINNING AT M & A. THIS SMALL BOOK IS A REQUIRED TEXT. NOTHING IS MISSING FROM ITS TEACHINGS. BUY IT AND READ IT. NOW, GO BACK AND REALLY STUDY IT. THANKS AGAIN THOMAS

DR. MARIO T. SCADUTO PH.D. ... Read more

Book Description

How to identify the most promising investment opportunities in nanotechnology

Imagine machines tiny enough to be injected into the human bloodstream, mobile enough to make their way to specific locations inside the body, and intelligent enough to reduce cancerous tumors to harmless chemical ash. This is one among thousands of potentially revolutionary applications for nanotechnology–the looming technological breakthrough that could transform every aspect of our society.

The Investor’s Guide to Nanotechnology and Micromachines separates science fact from science fiction and shows investors where and how to find nanotech investment opportunities that show real promise.This unique and indispensable guide:

• Profiles government, university, and private sector research programs worldwide
• Explains the six key requirements for creating functional micromachines
• Identifies the most promising nanotech applications in medicine, materials, aerospace, and more
• Provides clear, concise explanations of complex technological issues
• Saves investors countless hours of research and legwork
• Includes informational appendices for easy reference

The Investor’s Guide to Nanotechnology and Micromachines is the essential resource for anyone who is seriously considering investing in nanotechnology. ... Read more

Reviews (6)

Very Good Introduction to Nanotechnology
Nanotechnology is an exciting field with amazing potential across many industries. It is only natural that nanotechnology investment analyses will soon be ubiquitous, as we witness a meteoric rise in the use of the technology. Mr. Fishbine is the first to take a stab at future earning potential of nanotechnology, introducing the reader to his vision.
The book does an excellent job of defining nanotechnology and discussing the potential benefits and challenges of nanotechnology to the reader, especially if you have had little or no experience in the field. In addition, Mr. Fishbine creates a logical and creative model upon which one can easily measure investment potential, while addressing investors' risk preferences. (e.g., stay away if you're risk averse!)
As a scientist and investor, Mr. Fishbine shines, as his deep understanding of the technology is proven while analyzing nanotechnology's interesting potentials and case studies. At times the book reads a bit awkward, however, and it could use some "touching up" from a more experienced writer.
All in all, it's a strong accomplishment that is a courageous attempt to define the nanotechnology investment landscape. Since the technology is quickly evolving, along with the economic and investment environment, I will look forward to an insightful sequel!

A credible and insightful work
I normally never write reviews, but I was amused at the comments of a recent reviewer. Since I routinely recommend this book to my clients, I thought it best to add my thoughts.

First, nanotechnology is an emerging field. There are many more companies claiming to be in the nanotechnology space than are really present. The periodical Forbes/Wolf nanotech report consistently reminds investors to check companies to see how much of their nanotechnology is real, vs. how much is in the name/hyperbole surrounding a company.

Second, most of the nanotechnology emerging today, from an investor's point of view comes from government sources, which need to be nurtured into the commercial/investment market place. The In Realsis study confirms the author's approach to developing investment strategies based on the realities of current investment. It's not as simple as picking stocks. It requires good knowledge of the technology and quality due diligence to make an investment.

Finally, I think the recent review from the August 2002 issue of Physics World summarizes best, this author's work..."the author has done a good and entertaining job of breaking down, ordering and assessing a fair chunk of the technologies currently being developed, and providing a valuable insight into their commercial potential. If anything, this is the main strength of the book as it provides potential investors with a starting point for understanding and locating opportunities."

All in all, bravo on producing the finest guide to nanotechnology investment that one can buy for [this money].

save your money
The author goes off on ridiculous sidetracks about private , academic and government related investment possibilities - all the while completely ignoring the several dozen publicly traded companies that are working on the cutting edge of nanotechnology. Indeed , several public companies dedicated specifically to nanotech are mentioned only once - in a stock chart. No profile or business models are even hinted at. Just a ticker symbol and price. Of no use to the average investor whatsoever.

a valuable investment guide
I found this book to be clearly written, well organized, and very informative. Mr. Fishbine thoroughly explains complex technological issues in down-to-earth, and at times, humorous terminology that anyone can easily relate to. I would recommend this book as a valuable guide to anyone who is seriously thinking about investing in nanotechnology.

great book for investors
This is a concise, easy to read, accurate, and at times entertaining guide to nanotechnology and micromachines. It is chock full of resource info. and understandable to the non-scientist. I have recommended it to everyone in my investment club and will be keeping my eye out for new publications by Glenn Fishbine. ... Read more

Book Description

As each new accounting question or scandal hits Wall Street, investment professionals too often find themselves asking, “What happened?” Accounting for M&A, Equity, and Credit Analysts answers the most common accounting questions, all in an easy-to-follow format designed to provide investment professionals with real-world, hands-on knowledge of key accounting treatments, models, and practices. Written by well-known M&A expert James E. Morris, this versatile accounting desk reference bridges the gap between what is taught in business school and what is needed in the real world.

Reviews (1)

Totally on point
In an email to the author, a Vice President (Mergers & Acquisitions) from a leading global investment bank writes -- Just polished off the 1st chapter on equity method investing. Totally on point. We just advised someone on a potential minority investment in a distributor and every one of these issues about phantom write-ups and cash flow impact came up.

Nice job - ... Read more

Book Description

“Economic Foundations of Strategy uniquely contributes to the strategic management discipline by discussing and integrating the most important theoretical approaches in strategic management research. The book articulates the essence of these theories creatively and eloquently. Currently, our field lacks a scholarly book that brings together these theoretical building blocks of strategic management research.  Mahoney’s book is a superb guide for doctoral students and scholars who are entering the discipline of strategic management.  I conjecture that this book will become a must-have guide for seasoned strategy researchers as well... scholars from related disciplines such as industrial organization economics, international business and organization would also want to have a copy of this phenomenal guide… It was a pleasure to read this book.” -- Yasemin Y. Kor, University of Delaware

Economic Foundations of Strategy provides not only the essential basic tenets of strategy, it also shows the inter-relationships of five major theories of the firm: the behavioral theory; transaction costs theory; property rights theory; agency theory; and dynamic resource-based theory.  Even though technological, organizational and institutional change advances breathlessly, the theories of the firm provided in this research book are durable principles that have stood, and the author maintains will continue to stand, the test of time.  Economic Foundations of Strategy emphasizes the complementarities among these five theories of organization, and the potential for integrating these theories in the evolving science of organization.  Applications of these theories to business practice are emphasized throughout the book.  

Key Features:   • Provides an integrative approach -Covers economics (e.g., transaction costs, property rights and agency theory); -Covers finance (e.g., real options theory) -Covers organization theory (e.g., the behavioral theory of the firm); and -Covers modern strategic management theory (e.g., dynamic resource-based theory).   • Connects “Know-why” and “Know-how” -Covers the theoretical material deeply enough to be of use to advanced students -Connects this research to business applications to be of use to those interested in business practice ... Read more

Book Description

The primary colors of oil today are money (lots of it), technology (basic but demanding) and people (special ones). The colors of the rainbow can be seen in the 100+ oil producing countries. There are a dozen large petroleum producing and exporting countries. Yet most have little in their history that links them to wealth, technology and management. Corruption among the elite and governments, mismanagement and the squandering of the petroleum wealth are endemic. Culture is everything, and no other human endeavor makes this as pointedly obvious as the world of petroleum. ... Read more

Reviews (16)

Best overall view of a powerful industry
Michael Economides and Ron Oligney have taken the world of "big oil" and made all of its components easy to understand and an entertaining read for those with industry knowledge and for those without any oil industry background. From the history to the current politics to technical explanations for exploration and drilling technologies, the entire book brings all of the elements of oil together and logically tells the story of a business that the entire world is dependent upon for survival. A great read considering the current issues with oil prices.

At last! Clear thinking and writing about a murky industry
With a one-two punch of factual data and anecdotal stories, Economides and Oligney peel open the somewhat dark and mysterious ways of petroleum in modern culture and commerce. It was particularly fascinating (and somewhat gratifying) to read how the oil industry's own political self-dealing for the first half of the twentieth-century (always with the more-than-willing assistance of supposedly populist politicians) nearly led to its own demise in the 1970s and 80s... And, the impact of those lessons in the so far relatively laissez faire 90s and 00s and into the next century.

I am somewhat baffled by the assertions of reviewer Stephen Mark, especially about the book's "extremely political" and "ungrammatical" nature. If anything, The Color of Oil exposes the foibles of politics and is an appeal to reason, which of course, is essentially (in the truest sense) apolitical. I found the book well-written and entertaining. Check out the anecdote about Stalin's admonition to his oil minister during WWII: "if Hitler gets one drop of oil, we will shoot you..." I won't give the rest away...

If you're the least bit interested in the oil industry, you are in for a real treat...

Not that interesting
I have been dragging my feet to finish reading this book. It is not well-organized and full of opinions without solid arguments. Therefore, it is dry and hard to read. To the author's credit, a lot is covered in this thin book. If it had been expanded, the reader could have enjoyed it more.

Too Heavy-Handed
Overall this is a decent book about the energy business, but could do with a little more fact and a lot less opinion. The attacks on the environmentalists and other critics of the oil industry are a distraction and add about zero value to ones overall understanding of the business.

A Great Page Turner!
When a colleague suggested I read this book I was expecting a really bland read. Boy, was I surprised! This book is very well written and filled with lots of good and interesting information. A newer book that goes into great detail on oil economics, reserves, etc. and vulnerabilities post-9/11 is Terrorism & Oil by Neal Adams. It's a real eye-opener. ... Read more

Book Description

This book focuses on the major issues that will affect the airline industry as we enter a new millennium. the future development of "open skies", the cutting of labour costs, the virtual airline, global alliances, state aid and the emergence of low cost operators are analysed with a view to how these phenomena influence the options open to airline managers into the new century. ... Read more

Reviews (2)

Very informative and comprehensive
Outlines all the essentials that an airline executive should know in facing the challenge in the 21st century. It would be more perfect if more details can be raised under e-commerce and airport charges ie. direct and indirect costs.

Interesting
A good overall explanation of the airline industry as a whole. Very informative and interesting. ... Read more

Book Description

The central theme running through this book is the mutual dependence of navies and shipbuilding industries. Historically, naval ambitions and the ambitions of industrialists converge, and a symbiosis is born. The technical competence of industry emerges as a key player in determining the effectiveness of navies. That industrial capability, for its part, rests increasingly on the navy as chief customer because progressive specialization renders it more and more unsuited for any other use. These trends are universal, afflicting the relations of all major navies and their industrial suppliers since the dawn of the modern age. They continue to complicate the running of navies today. The book enlarges on this fundamental fact, explaining why the symbiosis emerged and how it is manifested in the contemporary world. ... Read more