...Equity Valuation and Negative Earnings: The Role of Book Value of Equity ABSTRACT: This study provides an explanation for the anomalous significantly negative price-earnings relation using the simple earnings capitalization model for firms that report losses. We hypothesize and find that including book value of equity in the valuation specification eliminates the negative relation. This suggests that the simple earnings capitalization model is misspecified and the negative coefficient on earnings for loss firms is a manifestation of that misspecification. Furthermore, we provide evidence on three competing explanations for the role that book value of equity plays in valuing loss firms. Specifically, we investigate whether the importance of book value in cross-sectional valuation models stems from its role as (1) a control for scale differences (Barth and Kallapur 1996), (2) a proxy for expected future normal earnings (Ohlson 1995; Penman 1992), or (3) a proxy for loss firms’ abandonment option (Berger et al. 1996; Barth et al. 1996; Burgstahler and Dichev 1997). Our results do not support the conjecture that the importance of book value in cross-sectional valuation stems primarily from its role as a control for scale differences. Rather, the results are consistent with book value serving as a value-relevant proxy for expected future normal earnings for loss firms in general, and as a proxy for abandonment option for loss firms most likely to cease operations and...
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...Managerial decision making in today’s multi-role family based society Universiteit Maastricht School of Business and Economics Maastricht, 28 July 2011 Van ’t Klooster, M.L. ID number: i491675 Study: Economics Course code: Cap3023 Capstone: Organization Writing Assignment: Topic 4 Organization Universiteit Maastricht School of Business and Economics Maastricht, 28 July 2011 Van ’t Klooster, M.L. ID number: i491675 Study: Economics Course code: Cap3023 Capstone: Organization Writing Assignment: Topic 4 Organization Table of contents: 1. Introduction....................................................................................................................2 2. Combining work and family...........................................................................................3 3. The negative effects of having multiple roles.................................................................3 4. The positive effects of having multiple roles..................................................................5 5. Gender differences in having multiple roles...................................................................6 6. Taking personality into account......................................................................................7 7. Organizations and their role............................................................................................8 8. Boundary management..................................
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...Watson Waters Role Models Eng. 093-661 September 30, 2013 Role models are ordinary people like we are, but they are people who are stars who are mostly on T.V. and the radio and they are known all over the world. I have learned over the years role-models have a positive effect, and some have a negative effect, and some have a positive and negative effect on people’s lives. Cam Newton, a pro football player he is a positive role- model. Pro athletes are usually positive role-models. Cam Newton give back to the community and he goes to the hospitals and visit the sick and he does a lot of charity work, and he helps raise money to help find cures for diseases. Cam Newton does a lot of positive things, that’s what makes him a positive role-model. Drug dealers are negative role-models. They sell drugs to whoever wants to buy them; it doesn’t matter if you are an adult or a kid. Drug dealers are just after the money, they will kill you if they think you are trying to play them, they will rob you and some people still want to be like them because they love money, but the love of money is the root of evil. The president, Barack Obama has a positive and negative affect on people’s lives. Barack Obama is our first black president and a lot of people don’t like him because he is black. I believe he won the election because all the black people who voted, they voted for him. It is a lot of people who are glad they lived to see a black man become president, and...
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...Informative Role modls in Sport Role Models are seen everywhere throughout the course of life. However, we are focusing on the positive and negative role models on the sporting fields. Jonathan Vilma, an American Football linebacker, said ‘Whether we like it or not, we are high-profile athletes. We're role models. Kids come up to me all the time to talk and it makes me remember when I was a kid and I got to meet Jerry Rice and how much that meant to me. And how we've got to set a good example.’ The media plays a key role in how sports and athletes are represented, as certain media outlets can broadcast what they want, and are often being bias (one sided). Although the media can have a positive and negative impact on the society, it often...
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...Celebrities, and Role Models Since the beginning of time, people have always dreamed of being famous, living lavish lifestyles, or being highly regarded as the best at what they do. Even though these are amazing things to strive for, once it is achieved, people begin to hold you to a higher standard and consider you as a role model. Sports figures and celebrities have often been considered role models for as long as those particular occupations have existed. But before you consider these people role models, it is best to ask the simple question, why? Why would these groups of people be considered role models? Is it because of their job, the money they make, or the fame that they have achieved? It’s probably best to take time and actually define what a real role model is. In short, a role model is a person who has the attributes, values, and behaviors that comes with a particular role. The people that are held in this role are held to a higher standard and are often admired and emulated by others. According to the Academy of Child and Adolescent Psychiatry whether good or bad, “Children may try to copy the behavior and appearance of celebrities, such as athletes and entertainers, and characters from books, TV, movies and video games” (“Children and Role Models”, 2011). Due to the fact that these groups of people often do not take this into consideration, it is very easy for our youth to copy how these groups of people behave, in which a lot of cases is negative. Although this is...
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...footballers, national cricketers) be role models? In this context, consider the role of observational and social learning, and what role they are modeling. Make sure that you primarily address psychological rather than sociological aspects of being a role model. Sport has always been a fundamental principle of Australian Society. The social and cultural roles of sport have provided Australians with unity as well as a sense of patriotism. Our interest in sport has not only contributed to expanding our “national consciousness” but was also a factor towards federation in 1901 (Cashman, 2003). Currently, almost 70 per cent of Australians engage in some form of sporting activity every week (Department of Foreign Affairs and Trade, 2012) and through this our passion towards sport has even extended to an elite level. Within Australia there is a considerably large football culture, where “thousands of Australians descend on football stadiums” to support their respective teams (Australian Government, 2008). Of these codes the most “loyal and dedicated fans” are those devoted to Australian Rules Football (AFL) (Australian Government, 2008) and their devotion also spreads to those who play it. Due to the physical and social benefits that sport has on young Australians, the negative consequences which may arise due to them idolizing sports men and women, are quite often overlooked. In most cases, young boys view sportsmen such as AFL players as role models where these young boys imitate the...
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...defenses? Week 1 Assignment: Learning Team Charter Team “D” Week 2 BSHS 312 Week 2 Discussion Question # 1 Do you think that a therapist should be an active participant in the treatment of his or her clients? Why or why not? BSHS 312 Week 2 Discussion Question # 2 What is the difference between positive and negative reinforcement? In your opinion, is either effective? Why or why not? Week 2 Assignments: Annotated Bibliography- Stages of Change Model Self-Management Behavior Contract: To Lose weight and lower my BMI (1450+ Words) Week 3 BSHS 312 Week 3 Discussion Question # 1 Do you agree with the necessity for autonomy as defined by the cognitive theorists? Why? BSHS 312 Week 3 Discussion Question # 2 What kinds of all-or-nothing thinking have you detected in yourself? How will you stop it? Week 3 Assignments: Site Visit Report Kitsap Recovery Center (950+ Words) Behavioral-Cognitive Tools Beck Depression Inventory (1250+ Words) Week 4 BSHS 312 Week 4 Discussion Question # 1 Describe what is meant by a genogram? BSHS 312 Week 4 Discussion Question # 2 Explain the positive and negative roles that rules can play in the family system. Week 4 Assignment: BSHS...
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...their surroundings, such as social media sources, television shows, peers, family members, etc. Moreover, these models of behavior definitely contribute to how we form our perspectives of the world. Arguably, parents and celebrities are two of the most influential factors during childhood. Whether they are modeling positive or negative lifestyle choices, parents and celebrities alike face the consequences of those choices, and, subsequently, their children learn from seeing these experiences. Parents are very important when it comes to influencing their children’s lifestyle choices. Being if they live with them, children are with their parents almost all of the time. They teach their children everything from walking, talking, potty training, and etc. Children and young teens watch their parent’s everyday choices. Most parents can be a positive influence for their children, and raise them to be independent and moral. For instance, a parent can be a hard worker, providing for their family everyday, and teaching them that having an education is very important. On the other hand, parents can also show negative influences to young teens. For example, if a parent smokes and drinks all the time, and their children see their mom or dad experiencing it the children think that it is normal and okay to do. The lifestyle choices parents influence can have a positive or negative impact. If a young teens parent or parents work hard, and show them being independent is important, that can...
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...effects are reflected in the intragroup and intergroup situations that are the subject of the chapters in this section. Indeed, De Dreu, West, Fischer, and MacCURTAIN (2001) argued that processes play a special role in developing emotion at this level of analysis. They described group interactions as a process of emotional incubation, where group members’ reactions. The resulting group-level emotional tenor then infuses the whole group, creating what De Rivera(1992,p.197) referred to as group “emotional climate”(see also Barsade,2002; Kelly & Barsade, 2001). In the first chapter in this section, Matthew Grawitch and David Munz tackle the difficult issue of the role of individual affect in problem-solving workgroups. They present a model where individual and group affect norms influence each stage of ostensibly rational problem solving. The model, which they call GAPS( Group Affect in Problem solving), includes four stages: problem identification; brainstorming; solution development; and implementation. At each of these stages both individual and group affect are influenced by the problem-solving process, with group affect becoming more influential over individual members’ affect as the group matures. Distinctive features of the model are that it covers both positive and negative emotion, and includes reciprocal influences between the individual and the group...
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...issues are exemplified through the urban neighborhood, also referred to as the hood, in South Central Los Angeles. The film puts into perspective the effect gun violence, gentrification and role model relationships in an urban slum. The creation of these urban slums comes directly from a term known as gentrification. Gentrification is the process of shifting an urban community towards a wealthier one by removing the lower class from the area and forcing them to relocate. Resulting from gentrification, new urban slums are created which have a high density of residents on the lower end of the socio-economic hierarchy. Consequentially, these urban planning issues...
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...week. For the remaining 40% (5.5 million people), it showed they weren’t doing much exercise to maintain their fitness levels within 12 months when being surveyed. This survey also revealed that more young people and youth participate in sport more often than adults -Elsevier Inc, Science and Medicine in sport, 2004 A young person’s upbringing and home life can influence their personality, genetics, values and attitude, and affect the participation of youth in badminton by having negative and positive outlooks on actions and decisions. Their personality affects their values, attitudes and social participation. Influential parents can also affect their social participation, as well as passing on another factor, the genetic...
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...interest to research in organizational psychology. However, empirical research in that area finds that the link between these constructs is weak at best. A negative effect of effort on job satisfaction is consistent with agency theory, but there is limited empirical evidence to support this assumption. Moreover, some studies have found a positive effect of effort on job satisfaction. Using a model that incorporates the main constructs from agency theory and organizational psychology, the current study finds a negative, direct effect of effort and a positive, direct effect of job performance on job satisfaction. The authors show that conflicting findings in the literature are the result of inconsistency in both the measurement and the definition of constructs across studies that do not fully account for all the relationships between constructs. The current findings emphasize the need to distinguish clearly between factors that represent employees’ inputs in a work relationship (i.e., effort) and those that represent their outputs (i.e., job performance). The article also demonstrates the importance of properly accounting or controlling for all key variables to eliminate biases that can arise in empirical research on work relationships. here is an extensive body of research in organizational psychology that considers the role of job satisfaction in managing effective work relationships. Similarly, job satisfaction is a widely studied construct in marketing research...
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...Yale University, Leon Marshall's curriculum at the College of Commerce of the University of Chicago, and the William A. Vawter Foundation on Business Ethics at Northwestern University. Conflict resolution [electronic resource] Team Publications. (n.d). Amherst, Mass. HRD Press c2002. This article contains team building exercises. The exercises build strength and team cohesive functions. It teaches about working together and compromising in a team setting. It details conflict resolution tactics while defining conflict resolution in a modern world. Bibliography Annotated BADEN, D. (2014). Look on the Bright Side: A Comparison of Positive and Negative Role Models in Business Ethics Education. Academy Of Management Learning & Education, 13(2), 154-170. doi:10.5465/amle.2012.0251 This study explores how positive and negative role models (PRMs and NRMs) of business affect students' attitudes, expectations, and behavioral intentions relating to their future business behavior. A thematic analysis of student reflections based on their experience of material presented in their Business...
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...Children’s opinions are influenced by their friends. Is this a positive or a negative development? What can parents do to influence their children’s opinions? Children are usually impressed by their friend easily. And all of the influence that provided by friends have not only benefits but also drawbacks. From my observation, parental attitude should come before the bad opinions that will impact negative on children’s view. Two methods that parents can maintain the influential role in their children’s opinion are first, spending time with kids and second, being role models. Looking on the possitive, children can learn from friends nice behaviors or possitive outlook on life and study. In fact, children spend more time with classmates by studying and playing with their friends 8 hours per day. As a result, children become more intimated with their friend and tend to be more exposed to friends. It can help children improve and perfect themselves. However, on the other side, friends can also lead to some negative. According to exams, about 70% childrens have started their first crimes under the guidance of their friends, because of immaturity and inexperience. It shows that the role of parents is vital. Therefore, firstly, parents should pay close attention to their children by spending time with kids and sharing their thinking. From that point, parents can get close to kids because they become more approachable and friendly. For example, children rarely talk to their parents...
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...The Effect of Board Size and Ownership Structure on the Financial Performance: An Empirical Study on Egypt Nourhan K. Karkoura* Pharos University in Alexandria, Egypt Abstract Corporate governance can be viewed as a mechanism that ensures external investors receive proper returns on their investments. This paper investigates the effect of board size and the effect of ownership structure on firm performance in Egypt. Using a sample non- financial corporation from the most active 50 corporations listed in the stock exchange after excluding banks and financial firms for the period 2007 to 2009. This study adopts a correlational research design using secondary data from the disclosure book issued by the Egyptian stock exchange. Multiple regressions are used to determine the extent to which variations in performance of the most active corporations is explained by the board size and ownership structure. Firm financial performance is measured by return on assets, returns on equity and Tobin Q ratio, while corporate governance aspects were board size and ownership structure. Keywords: board size, ownership structure, financial performance, and Egypt Nourhan K. Karkoura, Graduate Teacher Assistant in Finance and Investment Department, Faculty of Financial and Administrative Sciences, Pharos University in Alexandria, Egypt, E-mail: nourhan.khaled@pua.edu.eg 1. Introduction The importance of corporate board size and ownership structure as a mechanism of corporate governance...
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