Tor editor Anna Genoese explains how profit and liability analyses work, using the example of a mass market paperback original that fails to earn out the author’s advance. (This post might equally well be titled “Why accepting a massive advance for a first novel is not such a great idea.”) Ms. Genoese’s continuing series of posts aimed at demystifying publishing is collected here — she’s been producing great lucid descriptions of the business of editing commercial fiction which are extremely edifying to a sheltered writing-program pup like me. I highly recommend checking them out.