{"product_id":"measuring-market-risk-hardback-9780470013038","title":"Measuring Market Risk (Hardback) 9780470013038","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eMeasuring Market Risk\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eKevin Dowd (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780470013038, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 27 May 2005\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e416 pages\u003cbr\u003e25.4 x 17.6 x 3 cm, 0.85 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eFully revised and restructured, \u003ci\u003eMeasuring Market Risk, Second Edition\u003c\/i\u003e includes a new chapter on options risk management, as well as substantial new information on parametric risk, non-parametric measurements and liquidity risks, more practical information to help with specific calculations, and new examples including Q\u0026amp;A’s and case studies. \u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003ePreface to the Second Edition xiii\u003c\/p\u003e \u003cp\u003eAcknowledgements xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 The Rise of Value at Risk 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 The emergence of financial risk management 2\u003c\/p\u003e \u003cp\u003e1.2 Market risk measurement 4\u003c\/p\u003e \u003cp\u003e1.3 Risk measurement before VaR 5\u003c\/p\u003e \u003cp\u003e1.3.1 Gap analysis 5\u003c\/p\u003e \u003cp\u003e1.3.2 Duration analysis 5\u003c\/p\u003e \u003cp\u003e1.3.3 Scenario analysis 6\u003c\/p\u003e \u003cp\u003e1.3.4 Portfolio theory 7\u003c\/p\u003e \u003cp\u003e1.3.5 Derivatives risk measures 8\u003c\/p\u003e \u003cp\u003e1.4 Value at risk 9\u003c\/p\u003e \u003cp\u003e1.4.1 The origin and development of VaR 9\u003c\/p\u003e \u003cp\u003e1.4.2 Attractions of VaR 11\u003c\/p\u003e \u003cp\u003e1.4.3 Criticisms of VaR 13\u003c\/p\u003e \u003cp\u003eAppendix: Types of Market Risk 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Measures of Financial Risk 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 The mean–variance framework for measuring financial risk 20\u003c\/p\u003e \u003cp\u003e2.2 Value at risk 27\u003c\/p\u003e \u003cp\u003e2.2.1 Basics of VaR 27\u003c\/p\u003e \u003cp\u003e2.2.2 Determination of the VaR parameters 29\u003c\/p\u003e \u003cp\u003e2.2.3 Limitations of VaR as a risk measure 31\u003c\/p\u003e \u003cp\u003e2.3 Coherent risk measures 32\u003c\/p\u003e \u003cp\u003e2.3.1 The coherence axioms and their implications 32\u003c\/p\u003e \u003cp\u003e2.3.2 The expected shortfall 35\u003c\/p\u003e \u003cp\u003e2.3.3 Spectral risk measures 37\u003c\/p\u003e \u003cp\u003e2.3.4 Scenarios as coherent risk measures 42\u003c\/p\u003e \u003cp\u003e2.4 Conclusions 44\u003c\/p\u003e \u003cp\u003eAppendix 1: Probability Functions 45\u003c\/p\u003e \u003cp\u003eAppendix 2: Regulatory Uses of VaR 52\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Estimating Market Risk Measures: An Introduction and Overview 53\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Data 53\u003c\/p\u003e \u003cp\u003e3.1.1 Profit\/loss data 53\u003c\/p\u003e \u003cp\u003e3.1.2 Loss\/profit data 54\u003c\/p\u003e \u003cp\u003e3.1.3 Arithmetic return data 54\u003c\/p\u003e \u003cp\u003e3.1.4 Geometric return data 54\u003c\/p\u003e \u003cp\u003e3.2 Estimating historical simulation VaR 56\u003c\/p\u003e \u003cp\u003e3.3 Estimating parametric VaR 57\u003c\/p\u003e \u003cp\u003e3.3.1 Estimating VaR with normally distributed profits\/losses 57\u003c\/p\u003e \u003cp\u003e3.3.2 Estimating VaR with normally distributed arithmetic returns 59\u003c\/p\u003e \u003cp\u003e3.3.3 Estimating lognormal VaR 61\u003c\/p\u003e \u003cp\u003e3.4 Estimating coherent risk measures 64\u003c\/p\u003e \u003cp\u003e3.4.1 Estimating expected shortfall 64\u003c\/p\u003e \u003cp\u003e3.4.2 Estimating coherent risk measures 64\u003c\/p\u003e \u003cp\u003e3.5 Estimating the standard errors of risk measure estimators 69\u003c\/p\u003e \u003cp\u003e3.5.1 Standard errors of quantile estimators 69\u003c\/p\u003e \u003cp\u003e3.5.2 Standard errors in estimators of coherent risk measures 72\u003c\/p\u003e \u003cp\u003e3.6 The core issues: an overview 73\u003c\/p\u003e \u003cp\u003eAppendix 1: Preliminary Data Analysis 75\u003c\/p\u003e \u003cp\u003eAppendix 2: Numerical Integration Methods 80\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Non-parametric Approaches 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Compiling historical simulation data 84\u003c\/p\u003e \u003cp\u003e4.2 Estimation of historical simulation VaR and ES 84\u003c\/p\u003e \u003cp\u003e4.2.1 Basic historical simulation 84\u003c\/p\u003e \u003cp\u003e4.2.2 Bootstrapped historical simulation 85\u003c\/p\u003e \u003cp\u003e4.2.3 Historical simulation using non-parametric density estimation 86\u003c\/p\u003e \u003cp\u003e4.2.4 Estimating curves and surfaces for VAR and ES 88\u003c\/p\u003e \u003cp\u003e4.3 Estimating confidence intervals for historical simulation VaR and ES 89\u003c\/p\u003e \u003cp\u003e4.3.1 An order-statistics approach to the estimation of confidence intervals for HS VaR and ES 89\u003c\/p\u003e \u003cp\u003e4.3.2 A bootstrap approach to the estimation of confidence intervals for HS VaR and ES 90\u003c\/p\u003e \u003cp\u003e4.4 Weighted historical simulation 92\u003c\/p\u003e \u003cp\u003e4.4.1 Age-weighted historical simulation 93\u003c\/p\u003e \u003cp\u003e4.4.2 Volatility-weighted historical simulation 94\u003c\/p\u003e \u003cp\u003e4.4.3 Correlation-weighted historical simulation 95\u003c\/p\u003e \u003cp\u003e4.4.4 Filtered historical simulation 96\u003c\/p\u003e \u003cp\u003e4.5 Advantages and disadvantages of non-parametric methods 99\u003c\/p\u003e \u003cp\u003e4.5.1 Advantages 99\u003c\/p\u003e \u003cp\u003e4.5.2 Disadvantages 100\u003c\/p\u003e \u003cp\u003e4.6 Conclusions 101\u003c\/p\u003e \u003cp\u003eAppendix 1: Estimating Risk Measures with Order Statistics 102\u003c\/p\u003e \u003cp\u003eAppendix 2: The Bootstrap 105\u003c\/p\u003e \u003cp\u003eAppendix 3: Non-parametric Density Estimation 111\u003c\/p\u003e \u003cp\u003eAppendix 4: Principal Components Analysis and Factor Analysis 118\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Forecasting Volatilities, Covariances and Correlations 127\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Forecasting volatilities 127\u003c\/p\u003e \u003cp\u003e5.1.1 Defining volatility 127\u003c\/p\u003e \u003cp\u003e5.1.2 Historical volatility forecasts 128\u003c\/p\u003e \u003cp\u003e5.1.3 Exponentially weighted moving average volatility 129\u003c\/p\u003e \u003cp\u003e5.1.4 GARCH models 131\u003c\/p\u003e \u003cp\u003e5.1.5 Implied volatilities 136\u003c\/p\u003e \u003cp\u003e5.2 Forecasting covariances and correlations 137\u003c\/p\u003e \u003cp\u003e5.2.1 Defining covariances and correlations 137\u003c\/p\u003e \u003cp\u003e5.2.2 Historical covariances and correlations 138\u003c\/p\u003e \u003cp\u003e5.2.3 Exponentially weighted moving average covariances 140\u003c\/p\u003e \u003cp\u003e5.2.4 GARCH covariances 140\u003c\/p\u003e \u003cp\u003e5.2.5 Implied covariances and correlations 141\u003c\/p\u003e \u003cp\u003e5.2.6 Some pitfalls with correlation estimation 141\u003c\/p\u003e \u003cp\u003e5.3 Forecasting covariance matrices 142\u003c\/p\u003e \u003cp\u003e5.3.1 Positive definiteness and positive semi-definiteness 142\u003c\/p\u003e \u003cp\u003e5.3.2 Historical variance–covariance estimation 142\u003c\/p\u003e \u003cp\u003e5.3.3 Multivariate EWMA 142\u003c\/p\u003e \u003cp\u003e5.3.4 Multivariate GARCH 142\u003c\/p\u003e \u003cp\u003e5.3.5 Computational problems with covariance and correlation matrices 143\u003c\/p\u003e \u003cp\u003eAppendix: Modelling Dependence: Correlations and Copulas 145\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Parametric Approaches (I) 151\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Conditional vs unconditional distributions 152\u003c\/p\u003e \u003cp\u003e6.2 Normal VaR and ES 154\u003c\/p\u003e \u003cp\u003e6.3 The t-distribution 159\u003c\/p\u003e \u003cp\u003e6.4 The lognormal distribution 161\u003c\/p\u003e \u003cp\u003e6.5 Miscellaneous parametric approaches 165\u003c\/p\u003e \u003cp\u003e6.5.1 Lévy approaches 165\u003c\/p\u003e \u003cp\u003e6.5.2 Elliptical and hyperbolic approaches 167\u003c\/p\u003e \u003cp\u003e6.5.3 Normal mixture approaches 167\u003c\/p\u003e \u003cp\u003e6.5.4 Jump diffusion 168\u003c\/p\u003e \u003cp\u003e6.5.5 Stochastic volatility approaches 169\u003c\/p\u003e \u003cp\u003e6.5.6 The Cornish–Fisher approximation 171\u003c\/p\u003e \u003cp\u003e6.6 The multivariate normal variance–covariance approach 173\u003c\/p\u003e \u003cp\u003e6.7 Non-normal variance–covariance approaches 176\u003c\/p\u003e \u003cp\u003e6.7.1 Multivariate t-distributions 176\u003c\/p\u003e \u003cp\u003e6.7.2 Multivariate elliptical distributions 177\u003c\/p\u003e \u003cp\u003e6.7.3 The Hull–White transformation-into-normality approach 177\u003c\/p\u003e \u003cp\u003e6.8 Handling multivariate return distributions with copulas 178\u003c\/p\u003e \u003cp\u003e6.8.1 Motivation 178\u003c\/p\u003e \u003cp\u003e6.8.2 Estimating VaR with copulas 179\u003c\/p\u003e \u003cp\u003e6.9 Conclusions 182\u003c\/p\u003e \u003cp\u003eAppendix: Forecasting Longer-term Risk Measures 184\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Parametric Approaches (II): Extreme Value 189\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Generalised extreme-value theory 190\u003c\/p\u003e \u003cp\u003e7.1.1 Theory 190\u003c\/p\u003e \u003cp\u003e7.1.2 A short-cut EV method 194\u003c\/p\u003e \u003cp\u003e7.1.3 Estimation of EV parameters 195\u003c\/p\u003e \u003cp\u003e7.2 The peaks-over-threshold approach: the generalised Pareto distribution 201\u003c\/p\u003e \u003cp\u003e7.2.1 Theory 201\u003c\/p\u003e \u003cp\u003e7.2.2 Estimation 203\u003c\/p\u003e \u003cp\u003e7.2.3 GEV vs POT 204\u003c\/p\u003e \u003cp\u003e7.3 Refinements to EV approaches 204\u003c\/p\u003e \u003cp\u003e7.3.1 Conditional EV 204\u003c\/p\u003e \u003cp\u003e7.3.2 Dealing with dependent (or non-iid) data 205\u003c\/p\u003e \u003cp\u003e7.3.3 Multivariate EVT 206\u003c\/p\u003e \u003cp\u003e7.4 Conclusions 206\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Monte Carlo Simulation Methods 209\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Uses of Monte carlo simulation 210\u003c\/p\u003e \u003cp\u003e8.2 Monte Carlo simulation with a single risk factor 213\u003c\/p\u003e \u003cp\u003e8.3 Monte Carlo simulation with multiple risk factors 215\u003c\/p\u003e \u003cp\u003e8.4 Variance-reduction methods 217\u003c\/p\u003e \u003cp\u003e8.4.1 Antithetic variables 218\u003c\/p\u003e \u003cp\u003e8.4.2 Control variates 218\u003c\/p\u003e \u003cp\u003e8.4.3 Importance sampling 219\u003c\/p\u003e \u003cp\u003e8.4.4 Stratified sampling 220\u003c\/p\u003e \u003cp\u003e8.4.5 Moment matching 223\u003c\/p\u003e \u003cp\u003e8.5 Advantages and disadvantages of Monte Carlo simulation 225\u003c\/p\u003e \u003cp\u003e8.5.1 Advantages 225\u003c\/p\u003e \u003cp\u003e8.5.2 Disadvantages 225\u003c\/p\u003e \u003cp\u003e8.6 Conclusions 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Applications of Stochastic Risk Measurement Methods 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Selecting stochastic processes 227\u003c\/p\u003e \u003cp\u003e9.2 Dealing with multivariate stochastic processes 230\u003c\/p\u003e \u003cp\u003e9.2.1 Principal components simulation 230\u003c\/p\u003e \u003cp\u003e9.2.2 Scenario simulation 232\u003c\/p\u003e \u003cp\u003e9.3 Dynamic risks 234\u003c\/p\u003e \u003cp\u003e9.4 Fixed-income risks 236\u003c\/p\u003e \u003cp\u003e9.4.1 Distinctive features of fixed-income problems 237\u003c\/p\u003e \u003cp\u003e9.4.2 Estimating fixed-income risk measures 237\u003c\/p\u003e \u003cp\u003e9.5 Credit-related risks 238\u003c\/p\u003e \u003cp\u003e9.6 Insurance risks 240\u003c\/p\u003e \u003cp\u003e9.6.1 General insurance risks 241\u003c\/p\u003e \u003cp\u003e9.6.2 Life insurance risks 242\u003c\/p\u003e \u003cp\u003e9.7 Measuring pensions risks 244\u003c\/p\u003e \u003cp\u003e9.7.1 Estimating risks of defined-benefit pension plans 245\u003c\/p\u003e \u003cp\u003e9.7.2 Estimating risks of defined-contribution pension plans 246\u003c\/p\u003e \u003cp\u003e9.8 Conclusions 248\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Estimating Options Risk Measures 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Analytical and algorithmic solutions for options VaR 249\u003c\/p\u003e \u003cp\u003e10.2 Simulation approaches 253\u003c\/p\u003e \u003cp\u003e10.3 Delta–gamma and related approaches 256\u003c\/p\u003e \u003cp\u003e10.3.1 Delta–normal approaches 257\u003c\/p\u003e \u003cp\u003e10.3.2 Delta–gamma approaches 258\u003c\/p\u003e \u003cp\u003e10.4 Conclusions 264\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Incremental and Component Risks 265\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Incremental VaR 265\u003c\/p\u003e \u003cp\u003e11.1.1 Interpreting Incremental VaR 265\u003c\/p\u003e \u003cp\u003e11.1.2 Estimating IVaR by brute force: the ‘before and after’ approach 266\u003c\/p\u003e \u003cp\u003e11.1.3 Estimating IVaR using analytical solutions 267\u003c\/p\u003e \u003cp\u003e11.2 Component VaR 271\u003c\/p\u003e \u003cp\u003e11.2.1 Properties of component VaR 271\u003c\/p\u003e \u003cp\u003e11.2.2 Uses of component VaR 274\u003c\/p\u003e \u003cp\u003e11.3 Decomposition of coherent risk measures 277\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Mapping Positions to Risk Factors 279\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Selecting core instruments 280\u003c\/p\u003e \u003cp\u003e12.2 Mapping positions and VaR estimation 281\u003c\/p\u003e \u003cp\u003e12.2.1 Basic building blocks 281\u003c\/p\u003e \u003cp\u003e12.2.2 More complex positions 287\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Stress Testing 291\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Benefits and difficulties of stress testing 293\u003c\/p\u003e \u003cp\u003e13.1.1 Benefits of stress testing 293\u003c\/p\u003e \u003cp\u003e13.1.2 Difficulties with stress tests 295\u003c\/p\u003e \u003cp\u003e13.2 Scenario analysis 297\u003c\/p\u003e \u003cp\u003e13.2.1 Choosing scenarios 297\u003c\/p\u003e \u003cp\u003e13.2.2 Evaluating the effects of scenarios 300\u003c\/p\u003e \u003cp\u003e13.3 Mechanical stress testing 303\u003c\/p\u003e \u003cp\u003e13.3.1 Factor push analysis 303\u003c\/p\u003e \u003cp\u003e13.3.2 Maximum loss optimisation 305\u003c\/p\u003e \u003cp\u003e13.3.3 CrashMetrics 305\u003c\/p\u003e \u003cp\u003e13.4 Conclusions 306\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Estimating Liquidity Risks 309\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 Liquidity and liquidity risks 309\u003c\/p\u003e \u003cp\u003e14.2 Estimating liquidity-adjusted VaR 310\u003c\/p\u003e \u003cp\u003e14.2.1 The constant spread approach 311\u003c\/p\u003e \u003cp\u003e14.2.2 The exogenous spread approach 312\u003c\/p\u003e \u003cp\u003e14.2.3 Endogenous-price approaches 314\u003c\/p\u003e \u003cp\u003e14.2.4 The liquidity discount approach 315\u003c\/p\u003e \u003cp\u003e14.3 Estimating liquidity at risk (LaR) 316\u003c\/p\u003e \u003cp\u003e14.4 Estimating liquidity in crises 319\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Backtesting Market Risk Models 321\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Preliminary data issues 321\u003c\/p\u003e \u003cp\u003e15.2 Backtests based on frequency tests 323\u003c\/p\u003e \u003cp\u003e15.2.1 The basic frequency backtest 324\u003c\/p\u003e \u003cp\u003e15.2.2 The conditional testing (Christoffersen) backtest 329\u003c\/p\u003e \u003cp\u003e15.3 Backtests based on tests of distribution equality 331\u003c\/p\u003e \u003cp\u003e15.3.1 Tests based on the Rosenblatt transformation 331\u003c\/p\u003e \u003cp\u003e15.3.2 Tests using the Berkowitz transformation 333\u003c\/p\u003e \u003cp\u003e15.3.3 Overlapping forecast periods 335\u003c\/p\u003e \u003cp\u003e15.4 Comparing alternative models 336\u003c\/p\u003e \u003cp\u003e15.5 Backtesting with alternative positions and data 339\u003c\/p\u003e \u003cp\u003e15.5.1 Backtesting with alternative positions 340\u003c\/p\u003e \u003cp\u003e15.5.2 Backtesting with alternative data 340\u003c\/p\u003e \u003cp\u003e15.6 Assessing the precision of backtest results 340\u003c\/p\u003e \u003cp\u003e15.7 Summary and conclusions 342\u003c\/p\u003e \u003cp\u003eAppendix: Testing Whether Two Distributions are Different 343\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 Model Risk 351\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 Models and model risk 351\u003c\/p\u003e \u003cp\u003e16.2 Sources of model risk 353\u003c\/p\u003e \u003cp\u003e16.2.1 Incorrect model specification 353\u003c\/p\u003e \u003cp\u003e16.2.2 Incorrect model application 354\u003c\/p\u003e \u003cp\u003e16.2.3 Implementation risk 354\u003c\/p\u003e \u003cp\u003e16.2.4 Other sources of model risk 355\u003c\/p\u003e \u003cp\u003e16.3 Quantifying model risk 357\u003c\/p\u003e \u003cp\u003e16.4 Managing model risk 359\u003c\/p\u003e \u003cp\u003e16.4.1 Managing model risk: some guidelines for risk practitioners 359\u003c\/p\u003e \u003cp\u003e16.4.2 Managing model risk: some guidelines for senior managers 360\u003c\/p\u003e \u003cp\u003e16.4.3 Institutional methods to manage model risk 361\u003c\/p\u003e \u003cp\u003e16.5 Conclusions 363\u003c\/p\u003e \u003cp\u003eBibliography 365\u003c\/p\u003e \u003cp\u003eIndex 379\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52173726613784,"sku":"9780470013038","price":68.25,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9780470013038.jpg?v=1781168483","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/measuring-market-risk-hardback-9780470013038","provider":"Freshly Printed Books","version":"1.0","type":"link"}