...Stephen H. P E N M A N Universi(v of California, Berkeley, CA 94720, USA Received January 1988, final version received April 1989 This paper performs a financial statement analysis that combines a large set of financial statement items into one summary measure which indicates the direction of one-year-ahead earnings changes. Positions are taken in stocks on the basis of this measure during the period 1973-1983, which involve cancelling long and short positions with zero net investment. The two-year holding-period return to the long and short positions is in the order of 12.5%. After adjustment for 'size effects' the return is about 7.0%. These returns cannot be explained by nominated firm risk characteristics. 1. Introduction F i n a n c i a l s t a t e m e n t analysis identifies aspects of financial statements that a r e r e l e v a n t to investment decisions. O n e goal of the analysis is to assess firm value from financial statements. M u c h empirical a c c o u n t i n g research has a t t e m p t e d to discover value-relevant accounting attributes in o r d e r to enhance financial s t a t e m e n t analysis. T h e a p p r o a c h taken in this work assumes that m a r k e t price is sufficient for d e t e r m i n i n g firms' values a n d thus serves as a b e n c h m a r k against which to evaluate the i n f o r m a t i o n in a c c o u n t i n g measures. A c c o u n t i n g a t t r i b u t e s are inferred to be value-relevant because they are c o n t e m p o r a...
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...Business succeeds when it cares about community “The primary objective of a firm is to maximise its profit and its primary accountability is towards its shareholders/owners” Although I can see how in most instances the main objective of a firm is to maximise it’s profit, I do not believe that it necessarily follows that the primary accountability is to the shareholders and owners. I would like to present the following argument that suggests real success can be achieved by working with and caring for communities and stakeholders. If we were to believe that companies would only succeed by looking after their shareholders we would surely limit the opportunities for any firm to have any community purpose and would remove any of the benefits that can be achieved by working with other key stakeholders. Firms can benefit greatly from interaction with wider stakeholders and can reap benefits when they care about their communities because these communities can be seen to work together with firms to support mutual success. In outlining my views I will refer to three theories, namely stakeholder theory, legitimacy theory and agency theory and make a case for how an interaction of these theories will support my views that business succeeds when it cares about its community. Stakeholder Theory, (Financial Times Lexicon, 2011), ‘Stakeholder theory suggests that...
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...IMPORTANT NOTE Please remember ALL components in ALL assignments must be submitted in order to pass the unit. You must submit assignments via Turnit In on Blackboard on or before the due date. Late assignments will incur a penalty of 10 % for each working day late. After seven (7) days, a zero mark will be recorded. E-mailed assignments will not be accepted. If you are given an extension, the details of this must be in writing from your tutor. This email needs to be attached to your assignment as an appendix. All assignments must be typed and professionally presented. All assignments must be uploaded to Turnitin on or before the due date. ASSIGNMENT ONE –AN ESSAY IN RESPONSE TO A PR ISSUE Due: Week of Module 5 Upload to Turnitin by 4pm on the Friday of that week Weighting: 20% This is an individual assignment. Suggested length 1,500 to 2,000 words excluding reference list. Your assignment requires you to examine a current issue in society and respond to the overall question being posed. Your essay should have a clear introduction and conclusion. However, the main body of your essay should address the four set questions. You are recommended to answer each of these questions in turn. Approach the assignment from a communication perspective, using the concepts and theories introduced in class and in your textbook as a framework. The internet sources provided serve only as the starting point for your assignment. You are expected to conduct your...
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...Mekelle University College of Business and Economics Department of Accounting and Finance THE DETERMINANTS OF CAPITAL STRUCTURE Evidence from Commercial Banks in Ethiopia By K i b ro m M e h a ri F i s s e h a Reg.No.-CBE/PR0025/01 Research Project Submitted to the Department of Accounting and Finance, College of Business and Economics, Mekelle University, for the partial fulfillment of the degree of Master of Finance and Investment Under the Guidance of Aregawi Gebremichael (Ph.D. Candidate) Assistant Professor May, 2010 Mekelle, Ethiopia i THE DETERMINANTS OF CAPITAL STRUCTURE Evidence from Commercial Banks in Ethiopia By Kibrom Mehari Fisseha Reg. No. CBE/PR0025/01 ii DECLARATION I, Kibrom Mehari Fisseha, hereby declare that the project work entitled “The Determinants of Capital Structure: Evidence from Commercial Banks in Ethiopia” submitted by me for the award of the degree of Master of Science in Finance and Investment of Mekelle University, is original work and it hasn’t been presented for the award of any other Degree, Diploma, Fellowship or other similar titles of any other university or institution. Place: Mekelle Signature: Date: May, 2010 ………………….. KIBROM MEHARI FISSEHA iii CERTIFICATION I certify that the project work entitled “The Determinants of Capital Structure” is a bona-fide work of Mr. Kibrom Mehari who carried out the research under my guidance. Certified further, that to the best of my...
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...produced without my consent or that of the Kenya Institute of Management. Livingstone Were Munywele Signature……Livingstone Were Munywele……………………… Date………… i ii ACKNOWLEDGEMENT Without the help and support of the Kenya Institute of Management, I could not have completed this project. I wish to express my gratitude to the supervisor, Mr. Joseph Lelan for his time and support through the study. I also thank him for encouraging me to develop a new area of study. I must also thank my friends and colleagues in the institute, who made me, sit down and finally produce a text after months of collecting materials and thoughts in files and boxes: Irene Nasimiyu, Eunice Focus and Helen Wafula. I would also like to thank the PR manager for allowing me to test new ideas with top managers at their organization. In addition, I thank my many colleagues in the office of the president where I have been honored to work for the last two years. I cannot imagine ever having a letter team in place to work on a project like this. The reviewers who helped me to make the project fully complete also deserve special thanks for their helpful comments and advice. iii ABSTRACT Many organizations are faced with/associated with negative public image, this image makes them lose market for their products and face a danger of closure. The study on the on Public Relations will enable the organization remedy their image and play an active role within the market place. The...
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...Background; Fact Sheet; Media Alert; Media “Pitch” Letter. Reading the New York Times every day is highly recommended for this class. Please be prepared to discuss a NYT’s news story in class -- on any topic that interests you. (Student Discount for New York Times’s subscription: nytimes.com/collegerate.) Class Format: 20 minutes: “Media Update”- Class Discussion of top news stories of the week - all are encouraged to participate! 75 minutes: Introduction of a new Media Relations tool or topic (Lecture). 10 minutes: Break 60 minutes: Class Activity and Discussion Week-by-Week Outline WEEK 1 Aug. 29 The Basics: - Media Relations to Build a Brand/ Launch a Product/ Manage Reputation. - PR vs. Advertising: Control vs. No Control/ $$ Value of Impartial Reporting. - Traditional vs. Social Media: “Permission Marketing” / Leveraging the Trust of Legacy Media IN CLASS: Discuss NY Times story: What is the NEWS? What FACTS support it? - Develop our “Class Press List” Assignment: Select NY Times story to discuss in class - what are the FACTS? WEEK 2...
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...body. No part of this research project should be produced without my consent or that of the Kenya Institute of Management. Signature…………………………… Date………… Livingstone Were Munywele i ii ACKNOWLEDGEMENT Without the help and support of the Kenya Institute of Management, I could not have completed this project. I wish to express my gratitude to the supervisor, Mr. Joseph Lelan for his time and support through the study. I also thank him for encouraging me to develop a new area of study. I must also thank my friends and colleagues in the institute, who made me, sit down and finally produce a text after months of collecting materials and thoughts in files and boxes: Irene Nasimiyu, Eunice Focus and Helen Wafula. I would also like to thank the PR manager for allowing me to test new ideas with top managers at their organization. In addition, I thank my many colleagues in the office of the president where I have been honored to work for the last two years. I cannot imagine ever having a letter team in place to work on a project like this. The reviewers who helped me to make the project fully complete also deserve special thanks for their helpful comments and advice. iii ABSTRACT Many organizations are faced with/associated with negative public image, this image makes them lose market for their products and face a danger of closure. The study on the on Public Relations will enable the organization remedy their image and play an active role within the market place. The study was carried...
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...Sarbanes-Oxley Act The Integrity of Financial Reporting Presented to Dr. Tarek Saleh By Abdelrahman Gabr Ayman El Marakby Hisham Moussa The Integrity of Financial Reporting The Gatekeepers (Guardians) are: The The The The The The U.S. Securities & Exchange Commission (SEC) Public Company Accounting Oversight Board (PCAOB) Independent Audit Firm Audit Committee of the Corporate Board of Directors Internal Audit Function Internal Control System Corporate Governance & Financial Reporting U.S. Securities & Exchange Commission (SEC ) Public Company Accounting Oversight Board (PCAOB) Independent Audit Firm Corporate Board Of Directors Audit Committee CEO & CFO Internal Audit Function Internal Control System The U.S. Securities & Exchange Commission (SEC) The mission of the SEC is to protect investors, maintain orderly and efficient financial markets, and facilitate capital formation. The laws and rules governing the securities industry derive from a straightforward concept: all investors, large or small, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it. Therefore the SEC requires public companies to disclose meaningful financial and other information to the public. This provides a common pool of knowledge for all investors to judge for themselves whether to buy, sell, or hold a particular security. For more visit: http://www.sec.gov/about/whatwedo.shtml ...
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...analysis to managers inside the organization to assist them in decision making. Public Accountants -- Provide accounting services to individuals or businesses. Auditing -- Reviewing and evaluating the information used to prepare a company’s financial statements. Financial Statement -- A summary of all the financial transactions that have occurred over a particular period. Assets -- Economic resources owned by a firm. Items can be tangible or intangible. Net Income/Net Loss -- The revenue left over or depleted. Revenues- is the monetary value a firm received for goods sold, services rendered or other payments. Promotion Mix -- The combination of promotional tools an organization uses; the traditional mix includes: Advertising, Person selling, Sales Promotion, and Public Relation. Advertising -- Paid, non-personal communication through various media by organizations and individuals who are in some way indentified in the message. Infomercial -- A full length TV program devoted exclusively to promote a particular product. Personal Selling -- The face-to-face presentation and promotion of a product, including the salesperson’s search for new prospects and follow-up service. Public Relations (PR) -- Evaluates public attitudes, changes policies and procedures in response to the public, and executes a program of action and information to earn public understanding and acceptance. Publicity -- Any information about an individual, product or organization that’s distributed to the...
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...Relations as Integration Propaganda Nina Nakajima University of Toronto lic perception must also be managed. To avoid a negative public image, companies can create the perception that they are effectively handling the problem. This way, public support can be maintained while actually doing very little to solve the problem. Technological change continues to accelerate, and with it come unintended consequences and risks that no one can predict in advance. . . . The economic interests that stand to benefit from those changes have become increasingly skillful at imposing their view of the respective risks and benefits upon society at large. So wrote Rampton and Stauber (2001, pp. 74-75, reviewed in this issue) in their exposé of the public relations (PR) industry. Their work and those...
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...discuss, and modify user-generated content." [Source: http://beedie.sfu.ca/files/PDF/research/McCarthy_Papers/2011_Social_Media_BH.pdf] INTERNET SITES Engaging Youth in Social Media: Is Facebook the New Media Frontier? http://blog.newscloud.com/research/Research_HotDish_Summary.pdf The article focuses on engaging the young people to contribute their thoughts on important societal issues and be engaged in community news through social media. A social media experiment was conducted where two Facebook applications - Hot Dish and The Daily - were developed to find out how young people interact with the news. A summary of findings (on Hot Dish) are enumerated here. The Essential Guide to Social Media http://www.onecaribbean.org/content/files/essentialGuidetoSocialMedia.pdf This 20-page eBook outlines the "social media tools and resources needed to listen and participate, guiding PR, customer service, product development, and marketing". It tackles the impact of social media in business marketing. A chapter devoted to social media as a social science and not totally a technological tool is discussed. How Blogs and Social Media are Changing Public Relations and the Way it is Practiced http://www.prsa.org/SearchResults/download/6D-020203/0/How_Blogs_and_Social_Media_are_Changing_Public_Rel? This report is about a three-year international survey that examined the impact of social media tools, such as blogs, on the practice of public relations. At the end of the study, it was found out...
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...Industry Analysis: Kellogg (K) vs. Kraft (KRFT) Niki Cocke FIN 4461-791 Prof. Amy Ho April 22, 2015 Table of Contents I. Introduction II. Profitability/Risk Ratio Calculations and Analysis a. Kellogg (K) i. Risk ii. Profitability b. Kraft (KRFT) iii. Risk iv. Profitability c. Industry Comparison v. Current Ratio vi. Quick Ratio vii. Days Accounts Receivable Outstanding viii. Profitability 1. Return on Assets 2. Return on Common Equity d. Competitor’s ix. Kellogg’s x. Kraft III. Conclusion IV. Appendix I e. Kellogg’s xi. Kellogg’s Annual Report and Form 10-K 2014 3. Income Statement 4. Cash Flow Statement 5. Balance Sheet f. Kraft xii. Balance Sheet xiii. Statement of Income xiv. Statement of Cash Flows V. References I. Introduction This analysis on Kraft (KRFT) and Kellogg (K) will include multiple facets.Kraft Foods Group, Inc. operates as a consumer packaged food and beverage company. It is also one of the largest company in the North America and the second largest in the world. It operates through six segments: Cheese, Refrigerated Meals, Beverages, Meals & Desserts, Enhancers & Snack Nuts, and Canada. The company provides natura, cream, processed, grated and shredded, and cottage...
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...Masarykova univerzita Ekonomicko-správní fakulta Katedra podnikového hospodářství [pic] Analýza marketingové strategie zahraniční kosmetické firmy působící na českém trhu Exploring Marketing Strategy of the Cosmetic Company Operating in the Czech Market Bakalářská práce Autor: Barbora Vincenecová Brno, listopad 2006 Jméno a příjmení autora: Barbora Vincenecová Název bakalářské práce: Analýza marketingové strategie zahraniční kosmetické firmy působící na českém trhu Název v angličtině: Exploring Marketing Strategy of the Cosmetic Company Operating in the Czech Market Katedra: Katedra podnikového hospodářství Rok obhajoby: 2006 Anotace v češtině Obsahem této práce je analýza marketingové strategie kosmetické firmy Avon, operující na českém trhu. Konkrétně se snaží odpovědět na otázky: jaké metody reklamy Avon praktikuje, jaké nástroje sales promotion používá a jaké typy public relations firma volí k úspěšné komunikaci se zákazníkem. Sběr dat byl uskutečněn na základě rozhovoru s marketingovou ředitelkou společnosti Avon Česká republika. Anotace v angličtině This dissertation investigates the marketing strategy techniques within the cosmetic company operating in the Czech market. It tries to answer following questions: Which methods of advertising does the company use? What types of sales promotion does the organisation apply to attract customers? Which public relation practices does the association utilize to communicate...
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...UNIVERSITE DU QUEBEC THESE PRESENTEE A L'UNIVERSITE DU QUEBEC A TROIS-RIVIERES L'EVALUATION DE LA CONTRIBUTION DES PROGICIELS DE GESTION INTEGRES A LA PERFORMANCE ORGANISATIONNELLE : DEVELOPPEMENT D'UNE METHODOLOGIE PROCESSUELLE PR EV PAR SYLVESTRE UWIZEYEMUNGU JUIN2008 IE COMME EXIGENCE PARTIELLE DU DOCTORAT EN ADMINISTRATION (DBA) OFFERT CONJOINTEMENT PAR L'UNIVERSITE DU QUEBEC A TROISRIVIERES ET L'UNIVERSITE DE SHERBROOKE W 1*1 Library and Archives Canada Published Heritage Branch 395 Wellington Street Ottawa ON K1A0N4 Canada Bibliotheque et Archives Canada Direction du Patrimoine de I'edition 395, rue Wellington Ottawa ON K1A0N4 Canada Your file Votre reference ISBN: 978-0-494-41597-9 Our file Notre reference ISBN: 978-0-494-41597-9 The author retains copyright ownership and moral rights in this thesis. Neither the thesis nor substantial extracts from it may be printed or otherwise reproduced without the author's permission. PR EV NOTICE: The author has granted a nonexclusive license allowing Library and Archives Canada to reproduce, publish, archive, preserve, conserve, communicate to the public by telecommunication or on the Internet, loan, distribute and sell theses worldwide, for commercial or noncommercial purposes, in microform, paper, electronic and/or any other formats. AVIS: L'auteur a accorde une licence non exclusive permettant a la Bibliotheque et Archives Canada de reproduire, publier, archiver, sauvegarder, conserver...
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...QUESTION 1: THERE IS NO SUCH A THING AS GLOBAL PUBLIC RELATIONS-ONLY LOCAL PUBLIC RELATIONS.DISCUSS “It is widely accepted amongst economists that since World War II, the world has been integrated into a single market by lowering trade and investment” (Hill, 2001, p.17). Under this lowering integrated and interdependent world economy, often described as “global economy,” individuals’ nation’s economic gains are much greater than the losses through free flow of goods, services, and capital. The multilateral negotiations among nations, the international organizations to monitor and develop international trade and monetary system, World Trade organization, International Monetary Fund, and World Bank are good illustrations to represent this trend of world economy. Further, Phatak (1997, p.3) claimed that globalization of world economy leads to globalization of other societal entities such as politics, education, and culture etc. Conversely, in the field of public relations, this environmental change led by globalization means opportunities and challenges to practitioners as well as scholars. According to Cutlip, and Broom (2000, p.6), public relations is the management of function that establishes and maintains mutually beneficial relationships between an organization and the public’s on whom its success and failures depends. In other words, public relations is all about the liaison between an organization and the public. Without a clear definition...
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