...Wor9 - 1 04 - 0 71 R EV: JU LY 2 6 , 2 00 4 RO BERT S. KAPLAN D A VI D KIR O N Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather, there was a broad breakdown of the system of internal controls, corporate governance and individual responsibility, all of which worked together to create a culture in which few persons took responsibility until it was too late . — Richard Thornburgh, former U.S. attorney general1 On July 21, 2002, WorldCom Group, a telecommunications company with more than $30 billion in revenues, $104 billion in assets, and 60,000 employees, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Between 1999 and 2002, WorldCom had overstated its pretax income by at least $7 billion; a deliberate miscalculation that was, at the time, the largest in history. The company subsequently wrote down about $82 billion (more than 75%) of its reported assets.2 WorldCom’s stock, once valued at $180 billion, became nearly worthless. Seventeen thousand employees lost their jobs; many left the company with worthless retirement accounts. The company’s bankruptcy also jeopardized service to WorldCom’s 20 million retail customers and on government contracts affecting 80 million Social Security beneficiaries, air traffic control for the Federal Aviation Association, network management for the Department of Defense and long-distance services for both houses of Congress and the...
Words: 8351 - Pages: 34
...9-104-071 REV: SEPTEMBER 14, 2007 ROBERT S. KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather, there was a broad breakdown of the system of internal controls, corporate governance and individual responsibility, all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh, former U.S. attorney general1 On July 21, 2002, WorldCom Group, a telecommunications company with more than $30 billion in revenues, $104 billion in assets, and 60,000 employees, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. Between 1999 and 2002, WorldCom had overstated its pretax income by at least $7 billion, a deliberate miscalculation that was, at the time, the largest in history. The company subsequently wrote down about $82 billion (more than 75%) of its reported assets.2 WorldCom’s stock, once valued at $180 billion, became nearly worthless. Seventeen thousand employees lost their jobs; many left the company with worthless retirement accounts. The company’s bankruptcy also jeopardized service to WorldCom’s 20 million retail customers and on government contracts affecting 80 million Social Security beneficiaries, air traffic control for the Federal Aviation Association, network management for the Department of Defense, and long-distance services for both houses of Congress and...
Words: 9061 - Pages: 37
...prathapoburai@yahoo.co.in Phone: 0091-79- 2632 4942 Professor Michael J Baker. University of Strathclyde, Glasgow, United Kingdom This paper is a revised version of a competitive paper reviewed and accepted for presentation at the Academy of Marketing 2004 conference, July 06-09, Cheltenham, University of Gloucestershire Business School, England, United Kingdom 1 A Grounded Exploration of Sales and Distribution Channel Structures in Thirteen Industries in India Leading to a Classification Scheme Abstract Innovation is a fundamental virtue of marketing. In this paper, a case is made to promote the use of innovative and novel combinations of research methodologies to derive new insights of business phenomena. This study is an attempt to understand and explain the sales and distribution channel structures in thirteen different industries in India. The investigation adopted a mix of case research and grounded theoretic research methodologies in exploring the subject under scrutiny. The study offers a classification scheme for grouping marketing channels into homogenous clusters based on similarity/dissimilarity using multivariate multidimensional mapping techniques. This scheme offers to explain the variety found in structures and suggests alternative channel possibilities. Such a scheme can be used in formulating marketing strategies and in deciding upon operational issues as well. While the main setting of the reported findings is Indian, the findings may prove to...
Words: 4871 - Pages: 20
...REPORT OF INVESTIGATION BY THE SPECIAL INVESTIGATIVE COMMITTEE OF THE BOARD OF DIRECTORS OF WORLDCOM, INC. Dennis R. Beresford Nicholas deB. Katzenbach C.B. Rogers, Jr. Counsel Wilmer, Cutler & Pickering Accounting Advisors PricewaterhouseCoopers LLP March 31, 2003 I. SUMMARY AND CONCLUSIONS ................................................................................. 1 A. The Nature of the Accounting Fraud....................................................................... 9 1. 2. B. C. D. E. Reduction of Reported Line Costs .............................................................. 9 Exaggeration of Reported Revenues ......................................................... 13 WorldCom’s Culture ............................................................................................. 18 Compromising Financial Arrangements ............................................................... 24 Why WorldCom’s Auditors Did Not Discover the Fraud..................................... 25 WorldCom’s Governance...................................................................................... 29 1. 2. 3. 4. Board’s Lack of Awareness of Accounting Fraud .................................... 29 Adequacy of Board’s Oversight of Company ........................................... 30 Stock Sales ................................................................................................ 33 Lease of Airplane to Chairman of Compensation Committee ......
Words: 102110 - Pages: 409
...Atiyah: Sale of Goods The Sale of Goods 11th ed Patrick S. Atiyah , John N. Adams , Hector MacQueen ISBN13: 9780582894082 Published: April 2005 Publisher: Pearson Higher Education £47.95 Buy Note: Cases linked in the text on the right are either to BAILII reports (where available) or the Wikipedia reference. Contract Text Contents 1. Introduction 2. The Contract of Sale 3. Terms of the contract 4. Exclusion Clauses 5. Title and Passing of Property 6. Retention of Title 7. Nemo Dat 8. Performance of the Contract 9. Remedies of the Seller 10. Remedies of the Buyer 11. Articles on Sale of Goods and Contract issues 12. Drafting Sale Contracts and specimen sale contract Sponsors Student Subscription Subscribe to the 2009 Weekly Law Reports & Receive All Parts for 2008 Free! That's just £90 (£96 overseas) for two years' worth of parts (standard UK subscription cost for 2009: £450). Contact: 0207 242 6471 Recent Case Law Cases on Sale of Goods and Contract 2009 - 2000 Statutes Sale of Goods Act 1979 Sale and Supply of Goods Act 1994 The Sale and Supply of Goods to Consumers Regulations 2002 Unfair Contract terms Act 1977 Factors Act 1889 Part III Hire Purchase Act 1964: ss.27 - 29. Companion Volume The Law of Contract Monday August 19th 2013 6. Terms of the Contract There are few formalities in...
Words: 29335 - Pages: 118
...MANAGERIAL ECONOMICS Suggested Practice Problems • All multiple choice problems in Chapters 21, 22, and 23 • Individual problems: 21.2, 21.3, 22.5, 23.3, 23.5 • Answers (Click Here) Complete Final Exam. The exam must be completed by Sunday at 11:59 p.m. ET. Exam covers Weeks 5, 6, 7, and 8. Chapter 21 – Getting Employees to Work in the Firm’s Best Interests Chapter 22 – Getting Divisions to Work in the Firm’s Best Interests Chapter 23 – Managing Vertical Relationships Managerial Economics, 3rd Edition Luke M. Froeb; Brian T. McCann; Michael R. Ward; Mikhael Shor http://en.wikipedia.org/wiki/Managerial_economics / http://www.coursehero.com/sitemap/schools/501-FIT/courses/1467122-ECONBUS-5421/ http://www.coursehero.com/sitemap/states/Massachusetts/ Managerial economics is the "application of the economic concepts and economic analysis to the problems of formulating rational managerial decisions".[1]It is sometimes referred to as business economics and is a branch of economics that applies microeconomic analysis to decision methods of businesses or other management units. As such, it bridges economic theory and economics in practice.[2] It draws heavily from quantitative techniques such as regression analysis, correlation and calculus.[3] If there is a unifying theme that runs through most of managerial economics, it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by...
Words: 83490 - Pages: 334
...IMPRINT Imprint © 2013 Smashing Media GmbH, Freiburg, Germany ISBN: 978-3-94454016-0 Cover Design: Ricardo Gimenes PR & Press: Stephan Poppe eBook Strategy and Editing: Vitaly Friedman Technical Editing: Cosima Mielke Planning and Quality Control: Vitaly Friedman, Iris Lješnjanin Tools: Elja Friedman. Syntax Highlighting: Prism by Lea Verou. Idea & Concept: Smashing Media GmbH Preface Over the past few years, our eBook collection has grown steadily. With more than 50 eBooks already available and counting, we made the decision half a year ago to bundle all of this valuable content into one big lovely package: The Smashing Library1. As a humble gift to you, dear reader, we have now put together this Editor’s Choice eBook. It’s a little Smashing Library treat, featuring some of the most memorable and useful articles that have been published on Smashing Magazine in the last few years — all of them carefully selected and thoroughly edited. Ranging from heavily discussed topics such as responsive Web design, to ideas on UX, to trusty mainstays like nifty Photoshop tricks, to hands-on business advice and design inspiration, this eBook is a potpourri as diverse as your work as a Web designer. We hope you enjoy reading it as much as we do editing and creating each and every eBook page that finds a home in our Smashing Library. — Cosima Mielke, Smashing eBook Producer 1. http://smashed.by/library 2 TABLE OF CONTENTS Designing For The Reading Experience...
Words: 39572 - Pages: 159
...A UTH-WE ST MBA series N's CEN G SO ER GE in E conomics Managerial Economics A Problem Solving Approach SECOND EDITION LUKE M. FROEB Vanderbilt University BRIAN T. MC CANN Vanderbilt University Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Managerial Economics: A Problem Solving Approach, Second Edition Luke M. Froeb, Brian T. McCann Vice President of Editorial, Business: Jack W. Calhoun Vice President/Editor-in-Chief: Joe Sabatino Acquisitions Editor: Michael Worls Developmental Editor: Jean Buttrom Associate Marketing Manager: Betty Jung Content Project Manager: Lindsay Bethoney Media Editor: Deepak Kumar © 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Print Buyer: Sandee Milewski Production Service:...
Words: 130248 - Pages: 521
...ELEVENTH EDITION Management LEADING & COLLABORATING IN A COMPETITIVE WORLD Thomas S. Bateman McIntire School of Commerce University of Virginia Scott A. Snell Darden Graduate School of Business University of Virginia MANAGEMENT: LEADING & COLLABORATING IN A COMPETITIVE WORLD, ELEVENTH EDITION Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2015 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2013, 2011, and 2009. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 ISBN 978-0-07-786254-1 MHID 0-07-786254-6 Senior Vice President, Products & Markets: Kurt L. Strand Vice President, Content Production & Technology Services: Kimberly Meriwether David Managing Director: Paul Ducham Executive Brand Manager: Michael Ablassmeir Executive Director of Development: Ann Torbert Senior Development Editor: Laura Griffin Digital Product Analyst: Kerry Shanahan Marketing Manager: Elizabeth Trepkowski ...
Words: 87010 - Pages: 349
...ESSENTIALS OF MARKETING THIRD EDITION JIM BLYTHE Essentials of Marketing ii Marketing Planning: principles in practice We work with leading authors to develop the strongest educational materials in marketing, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing please visit us on the World Wide Web at: www.pearsoned.co.uk Last A Head on Spread 000 Jim Blythe University of Glamorgan Essentials of Marketing Third Edition Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published under the Financial Times Pitman Publishing imprint 1998 Second edition 2001 Third edition 2005 © Financial Times Professional Limited 1998 © Pearson Education Limited 2001, 2005 The right of Jim Blythe to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written...
Words: 127555 - Pages: 511
...The fourteenth edition of Purchasing and Supply Management focuses on decision making throughout the supply chain. Based on the conviction that supply managers, in concert with suppliers and distributors, have to contribute to organizational goals and strategies, this edition continues to focus on how to make that mission a reality. Fourteenth Edition Highlights of the Fourteenth Edition: More than 40 real-life supply chain cases afford the opportunity to apply of the acquisition process. Criteria for supply decisions have been organized into three categories: (1) strategic, (2) operational, and (3) additional. In this third category, new factors such as balance sheet and income statement considerations, dimensions of risk, and environmental and social considerations are considered. Visit the text’s Online Learning Center at www.mhhe.com/Johnson14e Michiel R. Leenders, D.B.A., PMAC Fellow Professor of Purchasing Management Emeritus Richard Ivey School of Business The University of Western Ontario Anna E. Flynn, Ph.D., C.P.M. Formerly Clinical Associate Professor Supply Chain Management Thunderbird School of Global Management Formerly Associate Professor Institute for Supply Management TM Johnson Leenders Flynn Purchasing and Supply Management Johnson Leenders Flynn MD DALIM #1093963 06/05/10 BLUE GREEN P. Fraser Johnson, Ph.D. Leenders Purchasing Management Association of Canada Chair Associate Professor, Operations Management ...
Words: 188430 - Pages: 754
...fourth EDItION fourth EDItION This clear, learner-friendly text helps today’s students bridge the gap between Its comprehensiveness allows instructors to tailor the material to their individual teaching styles, resulting in an exceptionally versatile text. Highlights of the Fourth Edition: Additional readings and essays in a new Appendix as well as in Chapters 7 and 8 nearly double the number of readings available for critical analysis and classroom discussion. An online chapter, available on the instructor portion of the book’s Web site, addresses critical reading, a vital skill for success in college and beyond. Visit www.mhhe.com/bassham4e for a wealth of additional student and instructor resources. Bassham I Irwin Nardone I Wallace New and updated exercises and examples throughout the text allow students to practice and apply what they learn. MD DALIM #1062017 12/13/09 CYAN MAG YELO BLK Chapter 12 features an expanded and reorganized discussion of evaluating Internet sources. Critical Thinking thinking, using real-world examples and a proven step-by-step approach. A student ' s Introduction A student's Introduction everyday culture and critical thinking. It covers all the basics of critical Critical Thinking Ba ssha m I Irwin I Nardone I Wall ace CRITICAL THINKING A STUDENT’S INTRODUCTION FOURTH EDITION Gregory Bassham William Irwin Henry Nardone James M. Wallace King’s College TM bas07437_fm_i-xvi.indd i 11/24/09 9:53:56 AM TM Published by McGraw-Hill...
Words: 246535 - Pages: 987
...Published by McGraw-Hill, an imprint of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011, 2008, 2005, 2002. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOC/DOC 0 ISBN: 978-0-07-340743-2 MHID: 0-07-340743-7 Vice President, Editorial: Michael Ryan Director, Editorial: Beth Mejia Sponsoring Editor: Mark Georgiev Marketing Manager: Pam Cooper Managing Editor: Nicole Bridge Developmental Editor: Phil Butcher Project Manager: Lindsay Burt Manuscript Editor: Maura P. Brown Design Manager: Margarite Reynolds Cover Designer: Laurie Entringer Production Supervisor: Louis Swaim Composition: 11/12.5 Bembo by MPS Limited, A Macmillan Company Printing: 45# New Era Matte, R. R. Donnelley & Sons Cover Image: © Brand X/JupiterImages Credits: The credits section for this book begins on page C-1 and is considered an extension of the copyright page. Library of Congress Cataloging-in-Publication Data Critical thinking : a student’s introduction / Gregory Bassham . . . [et al.].—4th ed. p. cm. Includes bibliographical references and index. ISBN 978-0-07-340743-2 (alk. paper) 1. Critical thinking—Textbooks...
Words: 240232 - Pages: 961
...The fourteenth edition of Purchasing and Supply Management focuses on decision making throughout the supply chain. Based on the conviction that supply managers, in concert with suppliers and distributors, have to contribute to organizational goals and strategies, this edition continues to focus on how to make that mission a reality. Fourteenth Edition Highlights of the Fourteenth Edition: More than 40 real-life supply chain cases afford the opportunity to apply of the acquisition process. Criteria for supply decisions have been organized into three categories: (1) strategic, (2) operational, and (3) additional. In this third category, new factors such as balance sheet and income statement considerations, dimensions of risk, and environmental and social considerations are considered. Visit the text’s Online Learning Center at www.mhhe.com/Johnson14e Michiel R. Leenders, D.B.A., PMAC Fellow Professor of Purchasing Management Emeritus Richard Ivey School of Business The University of Western Ontario Anna E. Flynn, Ph.D., C.P.M. Formerly Clinical Associate Professor Supply Chain Management Thunderbird School of Global Management Formerly Associate Professor Institute for Supply Management TM Johnson Leenders Flynn Purchasing and Supply Management Johnson Leenders Flynn MD DALIM #1093963 06/05/10 BLUE GREEN P. Fraser Johnson, Ph.D. Leenders Purchasing Management Association of Canada Chair Associate Professor, Operations Management ...
Words: 188430 - Pages: 754
...Allan and Barbara Pease are the internationally renowned experts in human relations and body language, whose 20 million book sales worldwide have turned them into household names. People's body language reveals that what they say is often very different from what they think or feel. It is a scientific fact that people's gestures give away their true intentions. Every day we are confronted by hundreds of different signals that can mean anything from 'That's a great idea' to 'You must be kidding'. And we are all sending out these signals whether we realise it or not. Now, in this authoritative guide written with great humour and insight, you can learn the secrets of body language to give you more confidence and control in any situation — from negotiating a deal to finding the right partner. Discover the techniques that will show you how to interpret gestures, read the underlying thoughts and emotions — and reach the right conclusions. Front cover photo supplied courtesy of Shufunotomo Co., Ltd. 2-9 Kanda Surugadai, Chiyoda-Ku, Tokyo, Japan Allan Pease is the world's foremost expert on body language. His book Why Men Don't Listen And Women Can't Read Maps co-authored with wife Barbara, has sold over 10 million copies in 48 languages since its release. Allan travels the world lecturing on human communication, has written 8 other bestselling books and appeared in his own television series which attracted over 100 million viewers. Barbara Pease is CEO of Pease International which...
Words: 96880 - Pages: 388
