...What do all people have in common: children and adults, rich and poor, men and women? Despite the obvious resemblance between us, the answer lies behind the scenes, behind what we all try to forget and to hide with our masks. We are addicted! Every single one of us. We overuse addiction in order to make ourselves feel better when in fact, we all are faking what we are and we are turning into individuals who cannot think for themselves and cannot be what they really are without the help of other things. Even if initially the term addiction was used to define people who used to take drugs or other substances in order to feel better, to be what they wanted to be and to illustrate another universe where they could live their lives the way they wanted, the signification of this word has crossed the border and has turned into a disease we all face at the moment. Although the main forms of addiction are caused by drugs, alcohol, narcotics, cigarettes, we are facing other addictions that we may not be aware of. To begin with, we have to open our eyes and see what the world is really like. Open your eyes wide. What do you see? You see what others make you see. Why? Because the media is controlling and manipulation us and makes us see a different reality. Try to have a conversation with a random person from the street. Wait! You may want to ask for his id messenger or you may want to see the Facebook profile. Give the children a toy. Watch them play. Surprise again! They are throwing...
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...available at ScienceDirect Journal of Accounting and Economics journal homepage: www.elsevier.com/locate/jae Accrual-based and real earnings management activities around seasoned equity offerings Daniel A. Cohen 1, Paul Zarowin à New York University, Stern School of Business, NY 10012-1118, USA a r t i c l e i n f o abstract Article history: Received 15 January 2008 Received in revised form 22 December 2009 Accepted 18 January 2010 Available online 2 February 2010 We show that SEO firms engage in real activities manipulation, and the decline in postSEO performance due to the real activities management is more severe than that due to accrual management. Our evidence is important, because it shows that post-SEO operating underperformance is driven not just by accrual reversals, but also reflects the real consequences of operational decisions made to manage earnings. We also show how firms’ choices of real versus accrual-based earnings management activities around SEOs vary predictably as a function of the firm’s ability to use accrual management and the costs of doing so. & 2010 Elsevier B.V. All rights reserved. JEL Classification: G14 G32 M4 M41 Keywords: Seasoned equity offerings Earnings management Accounting choices Accounting Accruals Real activities 1. Introduction In this paper, we examine both real and accrual-based earnings management activities around seasoned equity offerings (SEOs). Prior research has documented that SEOs...
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...Earnings Management through Real activities Manipulation Purpose: Earnings management is a strategy where Company can easily control and manipulate their earnings to reach their pre-determined earning target. The purpose of this article is to develop empirical methods to detect earnings management through real activities manipulation. Companies reducing discretionary expenditures by increasing price discounts which increases sales temporarily, also overproduction report lower cost of goods sold. I think, real activities manipulation is influenced by the stock of inventories and receivables, incentives to meet zero earnings and the industry membership. Is earnings management good or bad and who is responsible to constrain earnings management? How does market react to firm's earnings management behavior? Hypotheses: Companies and accountants cannot predict every business structure, every new and innovative transaction. Therefore, they build up principles that allow for flexibility so that they can adapt to changing circumstances. Also companies use of that flexibility and they employ earnings management techniques to shade financial unpredictability. I think, the real results of the decisions of the management are veiled. In this article, there were two main hypotheses that are stated in alternative form, are the following: H1A. After controlling for sales level, suspect company years shows evidence of at least one of the following: abnormally low cash flow from operations...
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... Ever been stuck in traffic and have a flight to catch? Or Having an urgent interview and want to reach early? Fed up stuck in jams during peak hours and want to reach home early? Well these are some of the problems that we tackle for our customers. Aiming to be the one stop solution for all last-mile connectivity issues, through DropSewa we are solving this problem in the most seamless and user friendly manner. We save users time, so that time we save, is used by our customers for something that they love to do. Time to bid goodbye to autos, taxis which usually take a lot from your pocket. Time to order a DROP. Challenge Client want to be the leader in market for bikes as a mode of public transport. Our challenge is to create a real time solution for all last-mile connectivity issues with the best user experience possible. Solution * Rider download Drop app from Playstore and sign in as user. Similarly, bike owners can login as drivers * Rider needs to setup a pickup location and request for a ride. Our matching algorithm matched the ride to a biker who arrives for pickup in minutes * Upon completing the ride, rider can pay cash or use Drop wallet to pay for ride Figure 1. Application work flow We acknowledge that in today’s times, to give a great service, we need to address issues of temporary network outage, customer safety and ease of use of the product. We have tackled each and every issue through our cloud based infrastructure with a scalable...
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...available at ScienceDirect Journal of Accounting and Economics journal homepage: www.elsevier.com/locate/jae Accrual-based and real earnings management activities around seasoned equity offerings Daniel A. Cohen 1, Paul Zarowin à New York University, Stern School of Business, NY 10012-1118, USA a r t i c l e i n f o abstract Article history: Received 15 January 2008 Received in revised form 22 December 2009 Accepted 18 January 2010 Available online 2 February 2010 We show that SEO firms engage in real activities manipulation, and the decline in postSEO performance due to the real activities management is more severe than that due to accrual management. Our evidence is important, because it shows that post-SEO operating underperformance is driven not just by accrual reversals, but also reflects the real consequences of operational decisions made to manage earnings. We also show how firms’ choices of real versus accrual-based earnings management activities around SEOs vary predictably as a function of the firm’s ability to use accrual management and the costs of doing so. & 2010 Elsevier B.V. All rights reserved. JEL Classification: G14 G32 M4 M41 Keywords: Seasoned equity offerings Earnings management Accounting choices Accounting Accruals Real activities 1. Introduction In this paper, we examine both real and accrual-based earnings management activities around seasoned equity offerings (SEOs). Prior research has documented that SEOs...
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...truth about the new herd taking over their territory. He is afraid that the old man might shout on his face and rave. Even though things aren’t going well in their territory, Basil told the Old Man that things are well and there’s nothing to worry about. This has lead to the Old Man believing that everything is going so well. If Basil was only brave enough to tell Old Man the truth, Old man might have prevented the departure of other walruses to the new herd. In this story, there seemed to have a “mum effect” which occurs when people are reluctant to communicate bad news. Basil clearly was reluctant to deliver the real and bad news to Old Man. 2. What communication “lessons” does this fable offer to those who are serious about careers in the new workplace? In the new workplace, our channels of communication should be open may it be actively or passively. The real information should be told no matter how bad it may be. Failure to communicate the whole truth might affect the organization badly and it may lead to a bigger and chains of problems. In listening, we should be able to interpret correctly what we have heard especially if it is an instruction. Your boss might be disappointed in you once you do things wrongly and he might not trust you with crucial and important tasks again. We don’t want that to happen especially when we are new in the workplace. We should avoid...
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...Plant (A) This paper is written to analysis the case of “Sony Barcelona Plant (A)”. This case is mainly to discuss how was going on in new strategy plan in Europe plants. In this report, there have some of main topics will be discussed which are including that what factors causes STAR project difficult to complete smoothly, how to define a new strategy, what are Information system problems, what are the different opinions in changing the Information system and why to select Oracle ERP Suite. Then, some recommendations will be provided at the end as well. What factors causes STAR project difficult to complete smoothly? 1. According to different real situation or environment, there were different needs among the different plants which made it difficult to create the synthesis hoped for; 2.Not significant advances had been made and the real implementation of any application was not being planned; 3.The NTT consultants’ lack of experience; 4.A lack of commitment because the entire project team was centralized in one location; 5.Production information system was built base on the theoretical idea. How to define a new strategy? 1.Create more flexibility and economies of scale in the production process and in the procurement of common elements; 2.Reduce production time cycles; 3.Improving materials and resource planning and shortening the “time-to-market” and “time-to-delivery” cycles; 4.Reduce inventory costs and improve material planning; 5.Increase collaboration with suppliers; 6...
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...Fairly Real Tales Guillermo del Toro’s Pan’s Labyrinth is about the power of fairy tales. As del Toro discusses, for Ofelia, fantasy compensates for the horrors of reality. Throughout the film, she struggles to reconcile her two worlds: the real and the imaginary. Furthermore, her imaginary world can be seen as one in which she has the agency that she is denied in the real world. Ultimately, Ofelia’s fairy tale world offers her insight into the real world and salvation from the horrors of the real world. In an interview, Ethan Alter asked Guillermo del Toro whether Ofelia’s fantasy world is real or all in her mind. He answered that it’s true: “There’s a very clear instance in the movie where there is no other explanation” (Ethan 14). He says that “in my mind, the movie tries to say that if you don’t know where to look, you won’t see these creatures. Like Vidal—he’s unable to see them” (Ethan 14). However, he does say that other viewers may see the film in different ways: “there are two kinds of audiences for this movie: one that will believe it’s real and the other that will think it’s imaginary. For me, the movie is like a Rorschach test. It defines you as a glass-half-empty or glass-half-full person. Which is fine, I like the idea of that being your choice” (Ethan 14). Del Toro’s comments prove that Pan’s Labyrinth attempts to show a world in which fairy tales offer insight into reality and a means of saving oneself from its daily...
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...research, we delivered 50 copies of questionnaire to 50 students from different classes. They were all second-year English Department students. We conducted the survey among second- year students because they are more mature than the first-year students and not too busy like the students in the last semesters. In addition, they are also familiar with studying environment at university. After a quite long learning time, whether they can find out methods to balance their lives between studying and other activities. Before carrying out the real survey, we had a sample in one of our class for one day. We received the useful comments from our classmates. Our original questionnaire does not have various types of question, so they see that it is quite boring. Therefore, we added some open-ended questions as well as more choices to make our questionnaire clearer and more attractive. When having a complete questionnaire, we started conducting the real...
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...Juan Menchaca Professor Mochizuki History 17 (Ticket #22545) 2 October 2013 Bread Givers In the novel Bread Givers, written by Anzia Yezierska, Sara Smolinsky is an independent young girl fighting to achieve the American dream and create a life of her own. Throughout the novel, one uncovers the struggle Sara overcomes, the “real” person she eventually is, and how she ultimately succeeds in becoming an American. Sara is seeking for a better life without her father and attempts to find her true identity in several ways. For example, Sara finds the room she wants to rent on her own and is the basis of her new independent life. ”This door was life. It was air. The bottom starting-point of becoming a person. I simply must have this room with the shut door.”(158-159). After Sara enters the door; she feels that she can now truly begin to identify herself and exemplifies her financial freedom. She can now study for an education that will help her reach the goal of employment as a teacher. This room also gives Sara a small glimpse of her goal. As Ms. Smolinsky said in America only the rich can afford privacy. Sara truly appreciates her new taste of the American dream and can now look forward to reaching the goal of a teacher. If Sara had stayed living with Reb and Ms. Smolinsky, she would have gotten nowhere towards her goal and remained the same she had grown up to—a mere image of her father. Sara dreams about how good of a time she would have, but finds herself desperately searching...
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...restates or rehashes theses facts without making relevant summary comments. 3. Make reasonable assumptions. Every case is incomplete in terms of some piece of information that you would like to have. A good case analysis must make realistic assumptions to fill in the gaps of information in the case. For example, the case may not describe the purchase decision process for the product of interest. A poor analysis would either omit mentioning this or just state that no information is available. A good analysis would attempt to present this purchase decision process by classifying the product and drawing upon real life experience. Could you not describe the purchase decision process for a bike, even though you have never read a research report about it? 4. Don’t confuse symptoms with problems. In summarizing an agency’s problems a poor analysis confuses the symptoms with real problems. For example, one might list two problems as (1) sales are down and (2) employee turnover is high. This would not be...
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...had happened. But when she made her own path she stepped out of her own peaceful world. The further she moves in to the woods the gloomier it becomes. She has defiantly stepped out of her peaceful world when she stepped smack into the cranium of a dead man. The flowers have a big symbolic value in the story. They represent her innocence and ignorant world as a child. When she steps on the skull she begins to wonder but she still hasn’t found out that her childhood is ruined. Then she takes pink rose and see’s the remains of a rotted noose. She sees the shred of the noose overhanging a branch from a great oak. That’s when she laid down her flowers. Her safe peacefully and ignorant childhood had come to an end. She has seen how cruel the real world can be. The seasons are also very symbolic. There is a sudden change from summer to autumn and from a warm and innocent world to a rough and cold world with racial...
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...Managers evaluate RRA method by the effect it has on them (and not on an investor or a company). 1. RRA is not a reliable measure of management’s performance - Managers have nothing to do with oil estimates and search of new sources. 2. RRA is not a representation of the value of the company’s reserves - RRA is an estimate, and the real quantity may sufficiently fluctuate from the estimated amount 3. RRA is dependent on market prices - If oil prices in the market drop, this will cause a decrease in RRA revenue. Managers are not in control id the market prices; therefore, they are not responsible for the loss. - Also, RRA uses a year-end market price. That means that in a rising market, the amount will be biased downwards relative to real value, and vice versa. 4. RRA uses a fixed discount rate - In real world ideal conditions cannot be applied; therefore the usage of a single fixed discount rate does not give any reliable information. 5. RRA requires a lot of estimates - Objective state probabilities are not available; hence, estimates are needed to determine subjective probabilities. - Estimates are subject to bias and error, and are likely to change in future. 6. Only applied to proven reserves. - That means that managers are not able to show the possible reserves that are not yet proven. The process of approving the reserves by engineers is very long and costly. 7. RRA is not reliable - RRA is not giving reliable information, as it requires the use of many...
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...March 14, 2012 [AEROELASTICITY MIDTERM PROJECT-FLUTTER ANALYSIS ] Objective: To conduct flutter analysis of a typical section model of an airfoil using the parameters as discussed in lecture. Consider both the case without the ̇ ̇ term and the case with the term in the aerodynamic model. Create the Eigen value plot for both the cases. Answer: Introduction to Flutter: Flutter is a dangerous phenomenon encountered in flexible structures subjected to aerodynamic forces. This includes aircraft, buildings, telegraph wires, stop signs and bridges. Flutter occurs as a result of interactions between aerodynamics, stiffness and inertial forces on a structure. In an aircraft, as the speed of the wind increases, there may be a point at which the structural damping is insufficient to damp out the motions which are increasing due to aerodynamic energy being added to the structure. This vibration can cause structural failure and therefore considering flutter characteristics is an essential part of designing an aircraft. ̇ Case 1 : Flutter Analysis when there is no additional term ( ) in the aerodynamic damping For the case of simplicity we consider the following typical section model Equations of motion for this model are: ̈ ̈ ̈ (E1) ̈ (E2) where m=modal mass matrix =static unbalance =moment of inertia =spring constant Page 1 [AEROELASTICITY MIDTERM PROJECT-FLUTTER ANALYSIS ] March 14, 2012 =constant of torsional spring =displacement...
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...improve and wondering if you can re-teach for us in the last week before the exam. In the lecture topic 4, the benefits of using the IT to do work will improve the speed, cheaper, more accurately and more consistently. Such as, enrolling online, submit assignments… although, in the IS, we don’t get it what is the real IS. We didn’t understand what is the different between the IT and IS. Form the lecture, it only tell us the IS improve the process. We are wondering that if you could email us back to give us some details of the IS system. Thanks. David Chung CISB student Davidchung419@yahoo.com.tw Dear Mr Stuart Gill, It has come to the notice of the communication and information systems in business, because of the exam is coming, we all afraid that the work we might fail on. In this email, we arrange some detail we might need to improve and wondering if you can re-teach for us in the last week before the exam. In the lecture topic 4, the benefits of using the IT to do work will improve the speed, cheaper, more accurately and more consistently. Such as, enrolling online, submit assignments… although, in the IS, we don’t get it what is the real IS. We didn’t understand what is the different between the IT and IS. Form the lecture, it only tell us the IS improve the process. We are wondering that if you could email us back to give us some details of the IS system. Thanks. David Chung CISB student...
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