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Rocked by a flurry of high-profile sex discrimination lawsuits in the 1990s, Wall Street was supposed to have cleaned up its act. It hasn't.Selling Women Shortis a powerful new indictment of how America's financial capital has swept enduring discriminatory practices under the rug. Wall Street is supposed to be a citadel of pure economics, paying for performance and evaluating performance objectively. People with similar qualifications and performance should receive similar pay, regardless of gender. They don't. Comparing the experiences of men and women who began their careers on Wall Street in the late 1990s, Louise Roth finds not only that women earn an average of 29 percent less but also that they are shunted into less lucrative career paths, are not promoted, and are denied the best clients. Selling Women Shortreveals the subtle structural discrimination that occurs when the unconscious biases of managers, coworkers, and clients influence performance evaluations, work distribution, and pay. In their own words, Wall Street workers describe how factors such as the preference to associate with those of the same gender contribute to systematic inequality. Revealing how the very systems that Wall Street established ostensibly to combat discrimination promote inequality,Selling Women Shortcloses with Roth's frank advice on how to tackle the problem, from introducing more tangible performance criteria to curbing gender-stereotypical client entertaining activities. Above all, firms could stop pretending that market forces lead to fair and unbiased outcomes. They don't.

As part of its strategy to support global trade, the World Bank Group seeks to enhance trade finance in emerging markets. In 2005 the International Finance Corporation (IFC), part of the Bank Group, introduced the Global Trade Finance Program (GTFP) to support the extension of trade finance to underserved clients globally. This IEG evaluation found that overall, the GTFP was a relevant response to the demand to reduce risk in trade finance in emerging markets. The program significantly improved IFC's engagement in trade finance by introducing an open network of banks and a quick, flexible response platform to support the supply of trade finance. IEG's evaluation covers the program's operations from its inception in 2005 through FY2012. The program grew from a $500 million annual commitment to $5 billion in FY12. It accounted for 39 percent of total IFC commitments and has low costs. It accounted for 2.4 percent of IFC's capital use and 1.2 percent of its staff costs and has had no claims to date. It is profitable as well, although not to the extent originally expected, accounting for 0.6 percent of IFC's net profit. IEG found that the GTFP has particular additionality among higher-risk countries. In its early years, it was concentrated in these countries, particularly in Africa. During the global crisis, the program risk-mitigation instrument became relevant in much broader markets. Client feedback on the program has been positive. In its evaluation IEG does offer several recommendations to enhance its effectiveness, including on issues of transparency and reporting methods, as well as expanding the share of the program in needier markets. For development professionals, the lessons in this evaluation can be applied to private sector development situations, particularly mitigation of financing risks in emerging markets.

Events like the Multilateral Investment Guarantee Agency (MIGA), Georgetown symposium demonstrate that there is much to be learned through the sharing of experiences and thinking together about the critical issues that confront our industry as well as new products and ideas. MIGA opened a new Asian hub in Singapore with underwriters in Hong Kong SAR, China and business development staff in Beijing and Tokyo. This hub aims to capitalize on Asian emerging as a new center of outbound investment growth. We have seen a growing base of investors in China as well as other Asian countries looking to go into the challenging market. MIGA also opened a business development office in Paris, which will focus on new business opportunities in Europe as well as the Middle East and North Africa. We view both of these hubs as providing an excellent opportunity for MIGA to support the economic growth of low-income countries through providing the support to South-South investments. Providing political risk insurance (PRI) for outbound investment from the rich and other middle-income countries has become more important as the level of Foreign Direct Investment (FDI) growth from these countries has increased.

This chapter focuses specifically on being a sole proprietor or being in business for oneself. It provides some important guidance as one considers whether this path is for him, and, if it is, what is the best way to go along this path. Much of what is discussed is based on the author's personal experience. She begins by outlining her background and her decision to work independently, then offers a frank and full discussion of the realities of working on one's own, highlighting both the issues and the opportunities. Much of the chapter is taken up with a discussion of building a client base and marketing services effectively. Today because many people are their own brand, marketing means developing a brand for oneself and being known for a particular set of services or a particular expertise. The number one way to market is through networking.

Banking the Poor explores level and determinants of financial access in 54 countries, mostly in Africa. It collects information from two sources: central banks and leading commercial banks in each surveyed country. It explores associations between countries' banking policies and practices and their levels of financial access, measured in terms of the numbers of bank account per thousand adults. It builds on the previous work measuring financial access through information from regulators, from banks, and also from users' perspectives in household surveys.

It is proposed that consideration of the prospects for operational research should pay attention to changes, actual or projected, in the material base of its potential users. These include the IT revolution, the global restructuring of labour, de-layered management, smaller more autonomous business units, and privatisation of public services. It is argued that these developments have eroded OR's traditional institutional base, and are likely to continue to do so. Opportunities for offsetting gains are suggested in the areas of strategic analysis and of interaction support, both resting on the exploitation of participatory analytic methods. The 'third' or voluntary sector might also prove to have growth potential. Threats to the occupational cohesion and culture of OR are identified, together with some possible remedies.

This chapter focuses on those independent advisors who are considering selling what they've built, and provides 10 steps that can help them realize highest market value on the best possible terms. These steps include taking a position fix and determining exactly what you've built and how it will likely be transferred, and then developing a strategy from this starting point. When you think about implementing an exit plan, it might make sense to shift your focus from the bottom line to long‐term value. Value is also dependent on the market, which is why accurate, appropriate, and industry‐specific benchmarking data is so important. Creating an exit plan and timeline is an opportunity to create a continuity plan to protect practice value and the client base in the event of an emergency prior to implementing an exit plan. Independent broker‐dealers offer practice management consultants with information and advice on the exit planning process, but they may not share your best interests.

This chapter helps buyers in the independent advisor space prepare for an acquisition by taking steps ahead of time to build a solid base upon which to grow and acquire practices. M&A opportunities in the financial services industry are limited, so buyers must build relationships and focus on how a transition will succeed for the client base during the transition and over the long term. There are five keys for buyers: (1) build a base for acquisition; (2) understand the M&A process at a master's level; (3) resolve valuation issues quickly and efficiently; (4) master the vetting process that sellers use, and; (5) consider nontraditional acquisition opportunities. Compared with acquisitions, mergers can offer both buyers and sellers better options. Shareholder or buy and sell agreements allow for merging the founding generation with the next generation. Considering these arrangements can help sellers develop strong continuity, succession, and exit plans, and help corporations and LLCs understand the business, legal, and tax impact of a merger or acquisition.

It is proposed that consideration of the prospects for operational research should pay attention to changes, actual or projected, in the material base of its potential users. These include the IT revolution, the global restructuring of labour, de-layered management, smaller more autonomous business units, and privatisation of public services. It is argued that these developments have eroded OR's traditional institutional base, and are likely to continue to do so. Opportunities for offsetting gains are suggested in the areas of strategic analysis and of interaction support, both resting on the exploitation of participatory analytic methods. The `third' or voluntary sector might also prove to have growth potential. Threats to the occupational cohesion and culture of OR are identified, together with some possible remedies.

This chapter asserts how advisors, who may consider selling their firms to an outside party, should understand the mergers and acquisitions (M&A) process thoroughly to avoid pitfalls and to help ensure they are making the right decision. Advisors should identify things such as investment and planning philosophy, cultural fit, client service model, client profile, and geographic location. They want to be as sure as possible that the buyer will continue to run the firm in a fashion similar to how they have built and run it. They should be careful to approach potential acquirers selectively so that they do not compromise their position or client base. When they enter into a transaction, they should engage a qualified attorney with experience in the securities industry, as well as in mergers and acquisitions, due to the unique nature of the regulatory issues involved. A structured installment transaction allows the buyer to spread out payments over a period of time, thereby creating a better cash flow stream for the business.