...minimal benefit as report complexity has continued to increase which in most cases lead to higher processing costs. Arthur Levitt, former SEC chairman has said that “In many cases, the problem is not a lack of information; it is actually quite the opposite. To much information can be as much of a problem as to little and more disclosure does not always mean better disclosure.” More information and disclosure, especially to small investors is seen as a negative attribute as it once again comes back to higher processing costs from resources they do not have. This makes it rather difficult for small investors to make an informed investment decision surrounding the filing date of a company’s 10-k. Hypotheses Brian Miller derived two hypotheses, with one consisting of an A & B format surrounding the effects of reporting complexity on small and large investors in order to guide his research. The first hypothesis H1(a) is Total abnormal trading around a 10-K is lower when reports are more complex. Mr. Miller stated that if reports become complex (based on the length & readability), forecasting the profitability and sustainability of future growth from these reports becomes difficult. Investors in this case may simply choose not to invest in companies that produce such complex 10-k reports, which would ultimately lead to a lower abnormal trading volume. H1(b) states that The effects of report complexity on abnormal trading are most...
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...SERVICES Business Report on Santos Produce of America, Inc. *SAMPLE* Information available through 7/01/2014 © Blue Book Services, Inc. This COMPLETE BUSINESS REPORT is provided to the subscriber under the terms of the Membership Agreement and is IN CONFIDENCE, for the subscriber’s exclusive use, without recourse and without guarantee of correctness. Trade experience information may include disputed items, skipped invoices or other extenuating circumstances. This SAMPLE Business Report mimics the Blue Book Business Report. The Guest Reports show a sub-set of this report depending upon the level of report purchased (Blue Book Scores and Equifax information are available only to Members). BB #987654 Santos Produce of America, Inc. P.O. Box 12345 Laredo, TX 78041 USA 2876 Waterfall Dr. Dallas, TX 75201 Phone: 956 555-9878 Fax: 956 555-1619 info@santosproduceofamer.net www.santosproduceofamer.net Credit Snapshot: Current HQ Rating: Current Blue Book Score: Last Financial Statement Date: Net Worth: Avg Integrity/Ability (‘X’) Reports: (past 6 months) 2500M XXXX A 868 12/31/2013 $8,670,144 3.99 (Industry Avg: 3.43) (scale: 1=poor, 4=excellent) Business Snapshot: Incorporation Date: Incorporated In: PACA License Number: March 6, 1986 Texas 123456 Business Ownership: Richard L. Santos, President, 55.00% Michael R. Santos, Vice President/CFO, 45.00% RATING HISTORY Current HQ Rating: 2500M XXXX A (unchanged since 01/08/2014) Trading Member since 2006 ...
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...Chapter One Introdution: Fundamentals of Business Writing I. The major differences between school writing and business writing School writing, typically in the form of essays, is aimed at impressing the audience, i.e. examiners. To score high, student writers have to use fairly complicated vocabulary and sentences in their written work. Business writers, however, mainly aim to communicate information to their colleagues, clients, and other associated parties. They are relatively free to use what language that can get the business done efficiently and effectively. II. Seven steps in the process of wring 1. clarifying your aim 2. identifying your readers 3. making a general plan 4. sketching a synopsis (大纲) 5. drafting your text 6. putting the draft aside 7. revising and editing ★ Writing is a recursive and creative process. The detailed plan is not adhered to in actual writing. Writers frequently come up with ideas that are activated in the process of writing. Writers read the text they have already produced to help generate more ideas. In effect, the writing process is no linear at all but is characterized by recursive ness and creativeness. III. Three principles of business writing 1. Clarity – means setting your message across clearly. (See detailed information on page 4) 2. Consideration – good business writers take their readers’ needs, problems, and reactions to the writing into consideration. And they...
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...What is a report? A report ‘reports’ on something in a concise, formal way using clearly defined sections presented in a standard format, which tell the reader what you did, why and how you did it and what you found. It is the formal writing up of a practical experiment, project or research investigation. A report is written in a way which presumes that the reader knows nothing about your experiment or research. It is usually written more concisely than an essay, with headings and sub-headings and perhaps bullet-point recommendations, etc. A research report must be written in sufficient detail so that someone reading it would be able to replicate your research exactly. It usually contains arguments and critical evaluation to support a proposed course of action, or to evaluate a business issue. BEFORE YOU START WRITING… • Firstly, check with your lecturer and the module handbook for precise instructions, i.e. the prescribed report structure, word count, deadline. All UHBS reports are module and assignment specific, so this guide only gives a very general idea of structure and content. • Be very detail minded. All UHBS reports will require accurate referencing, good clear English, professional presentation, i.e. clear structure, coherent, free of spelling, grammatical and punctuation errors. • If you are compiling a group report, assign roles. One person in the group could be assigned the role of ‘editor’ to finally ensure the report is put together...
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...Abstract: This dissertation examines the Australian ‘Emissions Trading Scheme’ (ETS) and why it is such a fiercely debated topic in politics, industry, community groups and the general public alike. It explores the ways in which the topic of global warming and climate change has significantly altered Australia in numerous aspects and particularly investigates the Rudd Governments’ decision to introduce an emissions trading scheme. The emissions trading scheme came on the back of The Garnaut Climate Change Review which presented its draft report on 4 July 2008 (with the final report submitted in September 2008). Upon receiving the draft report, Climate Change Minister, Penny Wong, issued the Government discussion paper on emissions trading, titled Carbon Pollution Reduction Green Paper. Since this paper was released, and the recommendations stated, turbulent times for all involved has ensued. With the ETS to be made effective sometime in 2010, the government has had to fight tooth and nail in the Senate to get it (the ETS) passed in time for the scheduled deployment. In this piece, both sides of the case will be looked at and a decision on whether the proposed ETS is an effective measure to combat global warming and climate change will be presented. Is an emission trading scheme the right path to alleviate global warming for Australia? Global warming and climate change. Two terms that are constantly thrown around in the Australian media but what do they actually mean?...
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...were enacted by congress with the intent of protecting investors engaged in securities transactions and assuring public confidence in the integrity of the securities markets.1 The government also created the Securities and Exchange Commission (SEC) to protect the financial markets by enforcing the Securities Exchange Act.2 One of the most important issues covered by the Securities Exchange Act concerns illegal insider trading in which individuals sell or purchase investments based on privileged inside information. Illegal insider trading activities significantly harm the integrity and stability of the securities markets. Thus, it is critical for people to understand and adhere to the requirements set forth by the Securities Exchange Act to prevent illegal insider trading, and it is equally important for those individuals who break the law and engage in these prohibited activities to be prosecuted and punished accordingly. There are two forms of insider trading, one that is considered legal and the other that is clearly illegal. The legal form of insider trading involves corporate officers and directors who buy and sell stock within their own companies on the basis on publically available information. So, once the company releases confidential information to the public, then the insiders are allowed to legally make their trades based on that...
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...Morgan Stanley managing director was jailed for seven years for trading with inside information. He brought shares of the Chinese commodities trader after realizing the proposed acquisition of oilfield assets while he was helping it to sell bonds. He was then ordered to compensate HK$23.9 million to investors who sold him shares in 2007 after his conviction with his assets frozen by SFC at the same time. 2. Causes and Antecedents 2.1 Breach of fiduciary duties Du’s failure to perform his fiduciary duty can be attributed to an easy access to nonpublic securities in the company. He was made privy to the details of the pitching exercise of Kazakhstan acquisition and handled a lot of confidential e-mails related to the project. Taking the advantage of this privilege, he got permitted to trade in CRH’s shares with approval from his designated manager without critical scrutiny. During the transaction, Du did not act with integrity in the best interest of his trustees. Instead he breached his duties and committed fraud by having 10 purchases of CRH shares before the announcement of its proposal and that alleged an act of insider dealing contrary to the Securities and Futures Ordinance (SFC). He even counseled and procured his wife to deal in the listed securities of CRH. 2.2 Inadequacy of internal control system A well-developed and comprehensive internal control system should be implemented to detect abnormalities in trading activities. In 2007, Du successfully made surroundings within...
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...1.1 Origin of the Report As part of the term paper of Evening Masters of Business Administration (EMBA) course requirement, we are assigned the topic “Carbon Accounting” by our course teacher for accomplishing our report. 1.2 Objectives of the report ➢ To attain the skill of report writing. ➢ To achieve deep knowledge about Carbon Accounting. ➢ To fulfill the partial requirement of our course of Accounting for Managers. 1.3 Methodology of the report This study was a descriptive research where we have been analyzed mainly secondary data to understand the Carbon Accounting and its application. All the data has gathered for report writing during term. Information collected to furnish this report is mainly from secondary in nature such as related books, journals, periodicals and Websites etc. 1.4 Limitations of the report We have tried our level best to find out the opportunity of work for overcoming the limitation but due to shortage of time, official compulsion and lack of availability of required data it was not possible to collect huge information about the topic. Other limitation is our report is mostly text based. 1.5 What is Carbon Accounting? Carbon accounting refers generally to processes undertaken to "measure" amounts of carbon dioxide equivalents emitted by an entity. It is used by nation states, corporations and individuals. It is the process of measuring, monitoring, benchmarking and reporting an organization Greenhouse Gas Emissions in a defined...
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...Carbon Credit How company’s Generating profit An Interactive Research Project Report Submitted to the Faculty of AMITY BUSINESS SCHOOL AMITY UNIVERSITY UTTAR PRADESH by Aamir Malik(B 43) Anuj Dubey(B 55) MBA (G) 2013-2015 October 2013 __________________________________________________ INDEX S.No | Topic | Page No. | 1. | Acknowledgement | 4 | 2. | Abstract | 5 | 3. | Introduction | 5-6 | 4. | How carbon credit Trading works | 7 | 5. | Global Scenario | 8 | 6. | Analyzing Indian Scenario | 9 | 7. | Benefits for India | 10-11 | 8. | Financing Up port in India | 11-12 | 9. | Business Mechanism and Carbon exchange | 12-13 | 10. | CDM process and carbon Trading | 14 | 11. | Accounting and Tax treatment In different Countries | 15-17 | 12. | CASE 1: Buddhil Hydro Electric Power Ltd. | 18-20 | 13. | CASE 2: Greenply Industries Ltd. | 21-22 | 14. | CASE 3: Reliance Power | 23 | 15. | Future Of Carbon Trading | 24-25 | 16. | Conclusion | 26 | 17. | References | 27 | ACKNOWLEDGEMENT I have taken efforts in this project. However, it would not have been possible without the kind support and help of many individuals and organizations. I would like to extend my sincere thanks to all of them. I am highly indebted to Ms. Lakhwinder Kaur Dhillon Mam for their guidance and constant supervision...
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...Boston College Environmental Affairs Law Review Volume 39 | Issue 2 Article 7 6-1-2012 Accounting for Emissions Trading: How Allowances Appear on Financial Statements Could Influence the Effectiveness of Programs to Curb Pollution Laura E. Souchik Follow this and additional works at: http://lawdigitalcommons.bc.edu/ealr Part of the Environmental Law Commons Recommended Citation Laura E. Souchik, Accounting for Emissions Trading: How Allowances Appear on Financial Statements Could Influence the Effectiveness of Programs to Curb Pollution, 39 B.C. Envtl. Aff. L. Rev. 475 (2012), http://lawdigitalcommons.bc.edu/ealr/vol39/iss2/7 This Notes is brought to you for free and open access by the Law Journals at Digital Commons @ Boston College Law School. It has been accepted for inclusion in Boston College Environmental Affairs Law Review by an authorized administrator of Digital Commons @ Boston College Law School. For more information, please contact nick.szydlowski@bc.edu. ACCOUNTING FOR EMISSIONS TRADING: HOW ALLOWANCES APPEAR ON FINANCIAL STATEMENTS COULD INFLUENCE THE EFFECTIVENESS OF PROGRAMS TO CURB POLLUTION Laura E. Souchik* Abstract: Cap-and-trade programs to curb carbon emissions frequently rely on the use of tradable emissions credits known as “allowances.” To date, companies' presentations of their usage of these allowances on their financial statements has not been uniform. Cap-and-trade programs will be most effective when presentation of allowances on...
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...Climate Change and Corporate Environmental Responsibility Dewan Mahboob Hossain (1) Jahangir Alam Chowdhury (2) (1) Dewan Mahboob Hossain Assistant Professor Department of Accounting & Information Systems University of Dhaka, Dhaka, Bangladesh Email: dewanmahboob@univdhaka.edu (2) M. Jahangir Alam Chowdhury, PhD (Stirling, UK) Professor, Department of Finance, and Executive Director Center for Microfinance and Development University of Dhaka Dhaka - 1000, Bangladesh. Email: mjac_dubd@yahoo.com Introduction Abstract Climate change, as an international environmental issue, is getting a lot of attention. The negative effects of climate change have become one of the most talked about issues among Governments, scientists, environmentalists and others. It is said that business activities are affecting the climate negatively. In order to minimize the negative effects of climate change, the activities of the businesses should be controlled and encouraged to perform in a socially responsible manner. The article focuses on the responsibilities and the responses of businesses on climate change issues. The article first highlights on two prominent issues: Corporate Social Responsibility and Corporate Environmental Responsibility. Then the article introduces climate change as an international environmental concern. Then, by going through several published literature, the article highlights various responsibilities of business towards climate...
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...a brief summary about the CPRS scheme in detail. In the second place, there is an analysis about major and minor financial management decisions. In the final place, the impacts of CPRS on its financial management decision will be raised. All in all, the conclusion is a summary of the aim of the essay and how to achieve this aim. The CPRS scheme The emissions trading scheme (ETS) in Australia is called Carbon Pollution Reduction Scheme (CPRS). Australia is very vulnerable to the effects of climate change. They recognize that human activity is causing the climate change and also Australia is one of the biggest polluters on a per capita basis. The CPRS will help reduce Australia’s carbon pollution by putting a price on carbon for the first time in Australia’s history. The carbon price means that goods that are emissions intensive to produce will generally become more expensive, and that emissions intensive activities will cost businesses more. The main driver of the Government's plan to reduce Australia's greenhouse gas emissions is the Carbon Pollution Reduction Scheme (CPRS). This is an emissions trading scheme which will use a cap and trade mechanism. The cap - an upper limit on the...
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...Macquarie University Master of Applied Finance ------------------------------------------------- Emissions Trading ------------------------------------------------- Assignment 2 ------------------------------------------------- Onesteel Prepared by: Wayne Andrews Student number: 41712986 September 2011 Subject Number : ECFS905 Lecturer : Julian Turecek Class : Sydney P. T. Company Selection Select an ASX200 company that is expected to have a carbon exposure equal to or greater than 2% of EBITDA at a $23/t carbon price. Question 1 Determine the company’s carbon exposure, including direct (Scope 1) and indirect (Scope 2) emissions and establish that its exposure is greater than 2%. The following table summarises Onesteel’s actual and estimated for FY10, FY11 and FY12 emissions and imputed carbon cost under the currently proposed Carbon Tax, relative to reported EBITDA. Table 1 – Implied impact of carbon pricing imputed to 2010 results | Company Guidance | Fixed Price imputed for comparison | Fiscal year commencing | FY10 | FY10 | FY11 | FY12 | Carbon Price (FY10/11 theoretical) | 23.0 | 23.0 | 23.0 | 23.0 | EITE Assistance Rate | 94.5% | 94.5% | 94.5% | 94.5% | EBIT DA $Mil | 619.0 | 619.0 | 638.0 | 717.6 | Type 1 Emissions | 2.55 | 2.55 | 2.66 | 3.05 | Type 2 Emissions | 1.34 | 1.34 | 1...
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...Abstract Insider trading is a serious crime. The general public is held accountable, and yet, it is legal for members of Congress. There are several cases involving members of society being prosecuted for their illegal activity of insider trading; while Congress has exempted their members from acting on the same type of information. This type of conduct has serious legal, ethical and moral considerations. This paper will address the definition of insider trading. The legal, ethical and moral considerations of insider trading will be outlined, through a snap shot of the legal precedence recently in the press involving congressional behavior. It will further look at cases that have made headlines in past years, to show the distinction of what can happen to the general public who participate in insider trading. During a recent article by Parloff (2011), he stated, “The problem arises with respect to market-moving information a congressman learns in the course of doing his legislative work.” This comment is at the heart of the issue involving insider trading and Congress. The people elect members to Congress to act in their best interest. When the people of society feel members of Congress have violated that trust under legal, ethical, or moral wrongdoing, the members of society make decisions based upon those standards set by Congress. Thus members of society participate in insider trading knowing it is legally wrong. Insider Trading Insider trading can be a severe crime...
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...ATMonitor team would like to thank all members and experts that have generously contributed to the success of MyATMonitor. ATMonitor Team. www.atmonitor.co.uk 2 Fragmentation of Liquidity ATMonitor Commentary Experts Panellists (in the order of appearance): Steve Grob Director of Group Strategy, Fidessa Steve is responsible for Fidessa’s strategic development.This includes the development of new geographic markets and strategic partnerships and driving new industry initiatives. As part of this Steve heads up the firm’s strategy in response to the fragmentation of the equities trading landscape, managing the firm’s initiatives in conjunction with both the established exchanges and the new and emerging alternative liquidity venues and dark pools. Steve has also played a significant part in bringing the Fidessa Fragmentation Index (FFI) and the Fragulator® to the wider trading community. He provides a regular commentary on the issues...
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