- (en)The Case For Spain (ARCANO) (PDF, 80 pages)
- (en)The Case For Spain (ARCANO) Summary (PDF, 38 pages)
- (es)The Case For Spain (ARCANO) Resumen PDF
Feb 7, 2013
"Intellectual-property rights are rules that we create – and that are supposed to improve social well-being." http://t.co/yWz9HFzTFa— Project Syndicate (@ProSyn) December 13, 2013
Keynote address, (Word Doc, 4 pages and a bit).
"How do these ideas translate into precepts for business policy? I want to put forward three ideas. The first is a simple idea, a variant of the..."
Prof. Hugenholtz is a member of the Dutch Copyright Committee that advises the Minister of Justice of the Netherlands, and has acted as a consultant to the World Intellectual Property Organisation (WIPO), the European Commission, and several national governments. He has been on international missions representing WIPO in China and Indonesia, and is a regular speaker at international conferences.
Prof. Hugenholtz is General Editor of the Information Law Series,which is published by Kluwer Law International. In 2001 he was elected a finalist in the Law category of the World Technology Awards (Wikipedia - World Technology Award#Law)
www.ivir.nl/staff/hugenholtz.html (See Publications)
www.ivir.nl/publications/hugenholtz/Intellectual_Property_and%20Innovation_Lisbon_Council.pdf, "Intellectual property and innovation: A framework for 21st century growth and jobs" (4 pages).
Everyone agrees that copyright in the European Union is in a state of crisis. But there is disagreement on what caused it and what to do about it. Rights holders generally complain that copyright law has left them defenceless against mass-scale infringement over digital networks, and call for enhanced copyright enforcement mechanisms. Authors lament that the law does little to protect their right to receive fair compensation from the copyright industries and the users of their works alike. Users and consumers accuse the copyright industries of abusing copyright, and using it as an instrument to conserve monopoly power and sustain outdated business models.
When I first talked to Entrepreneurship Professor Julio de Castro back in July about shooting this video, he was very enthusiastic until the moment I mentioned the yips. Nobody talks about that, he said, it’s just bad luck. Well, after a bit of to-ing and fro-ing, he finally agreed to do it.
Yips or the yips is the loss of fine motor skills without apparent explanation in one of a number of different sports. Athletes affected by the yips demonstrate a sudden, unexplained loss of previous skills.
In golf, the yips is a movement disorder that most-commonly interferes with putting. The term yips is said to have been popularized by Tommy Armour—a golf champion and later a golf teacher—to explain the difficulties that led him to abandon tournament play. The technical term is focal dystonia.
Check out what Prof. de Castro has to say about yips, golf, and entrepreneurs.
In this video IE Professors of Strategic Management, Marketing, Finance, HR, Law and Leadership talk briefly about their field of research while boxing, jogging, or flying in a balloon or in a helicopter… One of them even confesses that the best leadership professor she ever had was Geranio, the horse that she rides. Enjoy!!!
In this video IE Professors of Entrepreneurship, Operations Management, Information Systems, Liberal Arts & Economy talk briefly about their field of research while parachuting, singing, bunjee-jumping or simply by telling a story or asking a question… One of them even confesses that there are no truths only myths!!! Should we believe them? Enjoy!!!
We don't really care about leaders' authenticity. What we care about is their commitment to 'our' cause & community. http://t.co/4ihFz6Aj3m— GianpieroPetriglieri (@gpetriglieri) October 17, 2013
INSEAD Associate Professor of Organisational Behaviour Gianpiero Petriglieri, nominated for the Thinkers50 2013 "Future Thinker Award," comments on the crisis of trust facing today's leaders, and how to resolve it.
Gianpiero Petriglieri (@gpetriglieri) is Associate Professor of Organisational Behaviour at INSEAD. He directs the Management Acceleration Programme, the school’s flagship executive programme for emerging leaders, and the INSEAD initiative for Learning Innovation and Teaching Excellence. He is also vice-chair of the World Economic Forum’s Global Agenda Council on new models of leadership.
Gianpiero’s interests bridge the domains of leadership, identity, adult development and experiential learning. His research explores how and where people develop and sustain the personal foundations and professional abilities to exercise leadership mindfully, effectively and responsibly. He is particularly concerned with the development of leadership in a day and age in which authenticity and mobility have replaced loyalty and advancement as hallmarks of virtue and success.
A BlackBerry bidding war? It seems knowledge intensive companies are particularly vulnerable to bidding wars http://t.co/thIfIEeyJS— Andre Spicer (@andre_spicer) October 11, 2013
T-Mobile to Make It Cheaper to Make Calls While Abroad. Eliminates international roaming charges! http://t.co/ZZbIBxghJH— Anindya Ghose (@aghose) October 12, 2013
@rogerlmartin asks re: MOOCs, “Giving away your product? In what way is that a biz?” A: 1) Ask any Web 2.0 success. 2) It's not our product.— Kevin Werbach (@kwerb) October 19, 2013
Deepak Malhotra is a Professor at the Harvard Business School, where he teaches Negotiation courses to MBA and Executive students. Deepak has won multiple awards for his teaching, including the MBA Class of 2011 Faculty Award at HBS
An absolutely brilliant negotiation framework and tool kit of negotiation strategies, compellingly illustrated from extensive real and complex situations. It’s the most comprehensive, wise, practical book on the subject I’ve ever seen.”—Stephen R. Covey, author of The 7 Habits of Highly Effective Peopleand The 8th Habit: From Effectiveness to Greatness
“Shortly after I sat down with Negotiation Genius, I reached for pen and pad and began to make notes. Thirty-five years in the space with hundreds of major negotiations, and this work still has something to teach me. It’s the rare book that I would recommend to people at any experience level. With its engaging blend of real-world stories, intelligent tools, and emphasis on ethics and integrity, it is must reading for all who wish to excel.” —Brian McGrath, Global Vice President, Chief Procurement Officer, Johnson & Johnson Consumer Companies
“For both the novice and the master, Negotiation Genius is the single, most essential source for the basic understanding of this increasingly important skill set.” —Warren Bennis, Distinguished Professor of Management, University of Southern California; coauthor of Judgment: How Winning Leaders Make Great Calls
Heading to the Academy of Management conference today. That makes 16 consecutive years of hanging out w/ fellow nerds @AOMConnect! Wow.— Deepak Malhotra (@Prof_Malhotra) August 9, 2013
Dr. Nirmalya Kumar is Professor of Marketing and Co-Director of Aditya Birla India Centre at London Business School. He is one of the world's leading thinkers on strategy and marketing; having also taught at Harvard Business School, IMD (Switzerland) and Northwestern University (Kellogg School of Management).
As an author, Nirmalya has written seven books, five of which are published by Harvard Business Press: Marketing as Strategy (2004), Private Label Strategy (2007), Value Merchants (2007), India's Global Powerhouses (2009), and India Inside (2012). His latest book is Brand Breakout: How Emerging Market Brands Will Go Global..
“To truly understand marketing strategy, there is perhaps no better guide than Nirmalya Kumar.” — Indra Nooyi, CEO, PepsiCo
Northwestern University, PhD
Shivaji University, Master of Commerce
Calcutta University, Bachelor of Commerce
(Filmed at TEDxLondonBusinessSchool.)
Can India become a global hub for innovation? Nirmalya Kumar thinks it already has. He details four types of "invisible innovation" currently coming out of India and explains why companies that used to just outsource manufacturing jobs are starting to move top management positions overseas, too.
Nirmalya Kumar is a professor of Marketing at the London Business School and a passionate voice for new entrepreneurs in India. Full bio »
Book India’s Global Powerhouses: Chapter 1, www.thinkers50.com/book_extracts/kumar.pdf
Sydney Finkelstein, Associate Dean for Executive Education; Steven Roth Professor of Management
13 June 2013, BBC Capital, "What would big data think of Einstein?"
Just as companies that build their business on “best practice,” ensure that they will never do more than anyone else, companies that let big data dominate their thinking and management style will not be the ones who change the rules of the game in their industry...
We have started to learn thr is no tradeoff between social progress and economic efficiency in any fundamental sense http://t.co/9R5DyVVQhU— Michael E. Porter (@MichaelEPorter) June 19, 2013
Bruce Corman Norbert Greenwald (Wikipedia) is a professor at Columbia University's Graduate School of Business31 Aug 2012. Columbia Business School professors Joseph Stiglitz and Bruce Greenwald discuss co-teaching the EMBA course Globalization, Markets, and the Changing Economic Landscape, while students share their experiences studying with such accomplished — and politically divergent — economic luminaries.
Professor Jui Ramaprasad, McGill University, CA
The growing popularity of online dating sites is altering one of the most fundamental human activities of finding a date or a marriage partner. Online dating platforms offer new capabilities, such as intensive search, big-data based mate recommendations and varying levels of anonymity, whose parallels do not exist in the physical world. In this study we examine the impact of one such anonymity-related feature, which is unique to the online dating environment, on matching outcomes. This feature allows users to provide a weak signal – the ability to view a potential mate’s profile and leave a clear, definitive and observable trail without actually messaging the individual – an ability that is close to impossible to achieve in the physical world. Based on a large scale controlled randomized trial in partnership with one of the largest online dating companies, we demonstrate causally that weak signaling is a key mechanism in achieving higher levels of matching outcomes. Our results show that this is especially true for women, helping them overcome social frictions coming from established social norms that discourage them from making the first move in dating. Our treatment involves gifting one month of anonymous profile viewing to a randomly selected subset of 50,000 users from a pool of 100,000 randomly selected new users of the site. Anonymous profile viewing is a feature that allows individuals to visit profiles of potential mates anonymously, without leaving a trace, while retaining the ability to know who visited their own profiles. Conventional wisdom suggests that anonymous profile viewing should be associated with improved matching by lowering search costs and allowing users to explore their options freely. At the same time, however, anonymous profile viewing also takes away the ability for our treatment group to send a weak signal, thereby increasing social frictions. We find that social frictions, hitherto not considered by the literature, dominate search frictions, leading to a significant drop in matches for those treated.
NBER Working Paper No. 19064, Issued in May 2013
In an earlier paper, we showed that integrated individual accounts, allowing individuals to borrow against future pensions when they are unemployed, can be welfare increasing, because it allows increased inter-temporal consumption smoothing without attenuating incentives to search. Here, we examine from a lifetime perspective how the optimal mix between publicly provided unemployment insurance (UI) and loans against pension accounts changes over time in a model where unemployment may occur in any period. Even loans can have an adverse effect on search, because they attenuate the consequences of unemployment; and even more so when there is a chance that the loan will not be repaid. As we present the optimal mix of loans and UI as the one that balances the adverse incentive costs with the benefits of inter-state and inter-temporal smoothing while taking into consideration the interactions between loans and UI benefits, we provide general conditions under which loans should still be a part of the unemployment package for the young unemployed. We also show that, if the incidence of long-term unemployment is relatively low, the optimal mix entails more loans and a smaller UI benefit for the young than for the old, while the amount of consumption for the unemployed young is greater than for the unemployed old. We demonstrate that there will be incentives to save excessively in good states as well as to borrow excessively from the market when unemployed. Individuals and markets do not take into account the externalities of such actions: they affect search, and thus the magnitude of UI payments and loan defaults in subsequent periods. Finally, we show how non-market groups can improve welfare through loan-cosigning, which may be voluntarily provided within the group, as it allows income smoothing with lower incentive costs, and while the income sharing is less effective than market pooling, the incentive benefits of co-signing dominate.
Interesting idea from Stiglitz et al: individuated pension accounts you borrow against if you become unemployed:papers.nber.org/papers/w19064#…— Stephen Kinsella (@stephenkinsella) May 27, 2013
April 8, 2013, INSEAD Knowledge"small, non-committal steps"
“It’s interesting to note that the Chinese ideogram for crisis has two key characters,” says INSEAD Professor of Organisational Behaviour, Herminia Ibarra. “One stands for opportunity and the other for danger.”
...“We like to think that the key to a successful career change is knowing what we want to do next then using that knowledge to guide our actions,” she writes. “But studying people in the throes of career change crisis led me to a startling conclusion: change actually happens the other way around. Doing comes first, knowing second.”
March 15, 2013. Ioannis Ioannou (@iioannoulbs), Assistant Professor of Strategy and Entrepreneurship at London Business School and Heather Hancock, Managing Partner, Innovation Talent and Brand at Deloitte discuss corporate social innovation and how large organisations can use their skills, expertise and synergies to help solve major environmental and social challenges.
When Princeton professor Anne-Marie Slaughter published an essay in The Atlantic titled, "Why Women Still Can't Have It All," in July 2012 (most popular article of all-time of The Atlantic), she touched a nerve across generations and among both men and women, setting off a renewed public debate on women's progress and work-life balance.
Slaughter recently visited campus as a guest lecturer in the Authors@Wharton series and spoke directly to the people who she says inspired her to write the piece: this generation's students. In an interview for Knowledge@Wharton with Stewart Friedman, Wharton practice professor of management and director of the Wharton Work/Life Integration Project, Slaughter, former director of policy planning for the U.S. State Department, shares what it was like to draw back the curtain on her life as someone perceived to "have it all," and why she passed up the promotion of a lifetime to be with her family. She also suggests how companies can make life better for both women and men, and what society collectively must do to support the next generation.
An edited transcript of the conversation follows...
"The longer the capital is invested, the lower rate it’s taxed at, until it gradually approaches zero and maybe goes negative".
Clayton Christensen Wants to Transform Capitalism, Wired.com, February 12, 2013.
Howe: You’re working on a new book now, right? The Capitalist’s Dilemma. How is that related to the Innovator’s Dilemma?
Christensen: I wrote a piece for The New York Times just before the election. I was wrestling with a paradox. If you look at the financial measures of prosperity in the economy, things seem to be going just great, especially company balance sheets. They haven’t been so strong in decades.
Howe: High market caps all around.
Christensen: It looks like the economy is emerging from the recession in an exciting way, but we’re not creating more jobs or income for the average person. And in all humility, I think I articulated a simple model that explains why. The bad actors are business school professors like me who have been teaching people what I call the Doctrine of New Finance. We’ve encouraged managers to measure profitability based on a return on net assets, or return on capital employed. That encourages companies to liberate their capital, so they invest in efficiency innovations, which means they can make more money with fewer resources. But what the economy ultimately needs are empowering innovations—like the Model T, the transistor radio. Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently the world is awash in capital but the innovations we need to advance aren’t there.
Howe: What’s the solution?
Christensen: I don’t know the solution, but I believe solutions exist. The government can’t dictate, “Oh, that’s an empowering innovation and that’s not.” But what government can do is create tax rates that transform what I call migratory capital into productive capital. Migratory capital flows to investments that will maximize the speed with which it can then be withdrawn, which plays to the doctrine of new finance. Productive capital wants to stay on the job and not go truant after 366 days.
Howe: Can we structure a tax code that encourages that?
Christensen: Absolutely. The idea would be to peg a tax rate to the length of time the capital is deployed. The longer the capital is invested, the lower rate it’s taxed at, until it gradually approaches zero and maybe goes negative.
...In Ireland we see the success of Hibernia (YouTube), which operates a blended approach with mostly online lectures and some on the ground practical instruction in required areas...
...Despite the doom that is poured out that we have no university in the top 100, every single Irish university is in the top 5% of the THES rankings. Every one is world class. We have a world-class industry here. Within disciplines we have world-class researchers and teachers, in pretty much ever-single discipline.
A MOOC or 10 would demonstrate that to the public and to the wider world. Every international student is an export — lets place ourselves in the world shop window
This session was developed in partnership with Time magazine and broadcast on CNN Money.
Kelley School of Business, INDIANAPOLIS, Ind.—The Strategic Management Society (SMS, StrategicManagement.net) recently elected as president Marjorie Lyles, professor of international strategic management at the Kelley School of Business and OneAmerica Chair in Business Administration. Lyles will be the first female president in the society’s 33-year history.
“It was an election of the membership, which is quite an honor,” said Lyles, of the 3,000-member international society, with members from more than 80 countries and which publishes the highly influential Strategic Management Journal (SMJ), as well as numerous other publications. “I am looking forward to proudly representing the Kelley School of Business in this leadership role.”
The first female management professor at the Kelley School of Business, Lyles has authored more than 100 articles and chapters. Sun Yat-sen University in China recently nominated Lyles for the prestigious Chang Jiang Scholar Award, the Chinese government’s highest award to scholars. In 2011, she received from Indiana University the John W. Ryan Award for her distinguished contributions to international programs, teaching and research.
“Professor Lyles has built her career on in-depth knowledge of business in countries across the globe,” said Idalene Kesner, interim dean of the Kelley School and the Frank P. Popoff Chair of Strategic Management. “Her extensive contributions to strategic management and international business have furthered the Kelley brand. As a member of the Strategic Management Society, I am particularly enthusiastic about the fact that the first female president is from the Kelley School of Business.”..
Simon is a University Lecturer in Finance at Cambridge Judge Business School and is Director of the University of Cambridge Master of Finance (MFin) degree. An economist and former equities head analyst at JPMorgan and Citigroup, he teaches on financial markets and institutions. He has done research on the financing of nuclear power and is now working on Chinese banks. Faculty page
Every country is unique but some are more unique than others. Japan, though quite obviously not located in the geographic western hemisphere, is part of “the west” as a group of rich democracies with advanced economies. Its inclusion is not because it has any historic link to the west, unlike other eastern hemisphere economic success stories like Australia or New Zealand, or even Hong Kong and Singapore. It is the only example of an advanced economy in Asia. Or, to emphasise political science rather than economics, it is the only example so far of true non-western modernity. Other Asian economies are catching up, such as South Korea, Taiwan, Singapore and coastal China. But Japan has been in the western economic league for a century and a democracy (with some interruptions) for longer than more recent Asian converts.
But Japan, despite being the world’s third largest economy, is largely ignored in the western media. It plays a modest role in world affairs, though it is the largest giver of foreign aid. Its international cultural impact is now far less than that of South Korea. And when it is mentioned it is largely as a cautionary tale, a story of what could happen to the US or European economies if they fail to overcome the risk of stagnation.
But Japan looks to become quite interesting in the next year, for two reasons, both linked to the recent general election...
Sports Management Prof. Eduardo Fernandez-Cantelli talks about what running really means for him: Motivation, Meditation and Metamorphosis.
A lot of people run as a way to keep fit, but only few are able to extract daily life lessons from running. This is exactly the case of Management Sports Professor, Eduardo Fernandez-Cantelli. He says that when he talks about running he talks basically about the three Ms:
When he talks about these 3Ms he has in mind the book “What I talk about when I talk about running” by Haruki Murakami. If you remember well, there was a short story “What We Talk About When We Talk About Love” by Raymond Carver, from which Murakami took the title from. Bear in mind he has translated Carver´s works into Japanese. Nobody though has stablished yet what´s the relation between love and running. You wanna try it?
Prof. Fernandez-Cantelli says that there are three reasons to explain failure: Not enough training, not enoug training and not enough training. I really admire his determination and endurance.
Published on 12 Jul 2012What does the world's largest repository (Thomson Web of Science) of more than 26 million scientific papers tell us about trends in the production of scientific knowledge? There appears to be a nearly universal end to the era of the solo scientist and a rise in the supremacy of teams. The advantage of teams is growing and frontier of knowledge is reached through the invisible but complex networks through which scientists assemble teams.
Back in October when I first spoke about shooting this video of the Dean of IE University’s School of Architecture, Javier Quintana, he said he would like to compare the architecture of Venice with the architecture of New York, more specifically the Campanile in Piazza San Marco and the Metropolitan Tower. Coincidentally enough I had to travel to New York at the end of that month and had the opportunity to film some of the places he wanted to talk about. Then, in November, I joined him on a business trip to Venice. I had a great time, partly because there aren’t many cities that can beat Venice on a sunny day, or any other day for that matter, and partly because he spoke with such passion and knowledge about the two cities that I gained a new perspective of every corner, every square, and every tower.
Unfortunately, I couldn’t fit all the interesting things he said into this video, and he didn’t only talk about architecture, but also about music, cinema, and life in general. So there I had no room left to say anything about either the amazing Schubert or the fabulous Death in Venice (both the film and the book). I decided to focus more on the life side of things. You’ll be interested to know that Dean Quintana is really good company when it comes to looking round shops.
P.S.: Don´t miss Martin Rico´s (1833-1908) Venice paintings at Prado Museum. Only till February 2013.
By Harvard Professors Robert G. Eccles & George Serafeim
Globalization has concentrated economic power within a group of large companies who are now able to change the world at a scale historically reserved for nations. Just 1,000 businesses are responsible for half of the total market value of the world's more than 60,000 publicly traded companies. They virtually control the global economy.
This vast concentration of influence should be the starting point for any strategy of institutional change toward a sustainable society...
Scary: over 1000 new coal plants are planned worldwide, totaling 1400GW - like "adding another China" to GHG emissions: m.guardiannews.com/environment/20…— HBS Environment (@HBSBEI) December 7, 2012
Michael Porter, An eight-point plan to restore American competitiveness, The Economist, Nov 21st 2012
2. Simplify the corporate tax code with lower statutory rates and no loopholes. Our corporate tax code is, as our colleague Mihir Desai puts it, the worst of all worlds, with the highest tax rate among OECD countries, but actual revenue collection is low due to loopholes and deductions. Companies respond by aggressive tax planning, seeking offshore tax havens, (See video on BBC, July 22, 2012, Tax havens: Super-rich 'hiding' at least $21tn, maybe $32tn, and www.taxjustice.net +OECD reports) and locating jobs abroad.
Banking Competition, Housing Prices and Macroeconomic Stability (with Oscar Arce). The Economic Journal, (forthcoming, 2012)
Job Creation in Spain: Productivity Growth, Labour Market Reforms or both? (with J. Boscá, R. Doménech and J. Ferri). Chapter 3 in The Spanish Economy: A General Equilibrium Perspective. Boscá, J. E., Doménech, R., Ferri, J., y J. Varela (Eds.). Palgrave MacMillan (Londres, 2011).
Household Leverage and Fiscal Multipliers (with J. Boscá and J. Ferri) Banco de España, Documento de Trabajo 1215. 2012Price Rigidity and the Volatility of Vacancies and Unemployment (with R. Doménech and J. Ferri). New draft, 2011.
EFMD.BlogActiv.eu, 30 October, 2012
In his recent contribution to the EFMD business magazine Global Focus, Sir Richard Lambert, Chancellor of Warwick University, suggests four key issues that businesses will require of their future leaders: Ability to manage diversity; Capacity to deal with uncertainty; A proper understanding of the role and workings of government; A developed understanding of the role, responsibilities and purposes of business itself.
EFMD would like to share this article with its blogactiv readers as another reflection from the community of Business Schools on the future of business education and to ask if it responds to recent socio-economic transformations. It can also be seen as a reference to the current policy evolution and discussions in relation to the roles and impact of higher education institutions...
Illuminated Leadership, Wise Governance, And How The Jesuits Invented Modern Management by Paolo Quattrone, IE professor of Accounting and Management Control
How did the Jesuits accomplish tremendous expansion with endurance?
Think of an organization that, in just a few decades, grew from seven to about 13,000 members, across four continents with 495 branches to serve and manage an indefinitely growing number of clients. These are remarkable achievements by any standard..
Copyright ©2006, William M.K. Trochim (Cornell U.): In fact, some of the best "qualitative" research is often published in book form, often in a style that almost approaches a narrative story. One of my favorite writers (and, I daresay, one of the finest qualitative researchers) is Studs Terkel. He has written intriguing accounts of the Great Depression (Hard Times), World War II (The Good War) and socioeconomic divisions in America (The Great Divide), among others. In each book he follows a similar qualitative methodology, identifying informants who directly experienced the phenomenon in question, interviewing them at length, and then editing the interviews heavily so that they "tell a story" that is different from what any individual interviewee might tell but addresses the question of interest. If you haven't read one of Studs' works yet, I highly recommend them.
Louis "Studs" Terkel (Wikipedia) (May 16, 1912 – October 31, 2008) was an American author, historian, actor, and broadcaster. He received the Pulitzer Prize for General Non-Fiction in 1985 for “The Good War”, and is best remembered for his oral histories of common Americans, and for hosting a long-running radio show in Chicago...
Issue Volume 33, Issue 10, pages 1115–1134, October 2012
We examine how new biotechnology firms (NBFs) select pharmaceutical firms as R&D allies as a function of value creation and value appropriation considerations. We develop a theoretical framework to understand partnering decisions accounting for both, a potential partner's ability as well as incentives to appropriate and create value within an R&D alliance. Our empirical findings show that NBFs are more likely to ally with pharmaceutical firms with the ability to create value, as long as these firms have the incentives to use their skills to create rather than appropriate value. Our study highlights the double-edged sword nature of value creation skills and provides a deeper understanding into the contextual factors that determine when potential R&D partners will perceive such skills as increasing appropriation risks.
Copyright © 2012 John Wiley & Sons, Ltd.