...Stock Picking Skills of SEC Employees Shivaram Rajgopal Schaefer Chaired Professor of Accounting Goizueta Business School Emory University 1300 Clifton Road NE, Atlanta, GA 30030 Email: shivaram.rajgopal@emory.edu Roger M. White PhD Student in Accounting J. Mack Robinson School of Business Georgia State University Email: rwhite42@gsu.edu Preliminary and incomplete Comments welcome This draft: February 18, 2014 Abstract: We use a new data set obtained via a Freedom of Information Act request to investigate the trading strategies of the employees of the Securities and Exchange Commission (SEC). We find that a hedge portfolio that goes long on SEC employees’ buys and short on SEC employees’ sells earns positive and economically significant abnormal returns of (i) about 4% per year for all securities in general; and (ii) about 8.5% in U.S. common stocks in particular. The abnormal returns stem not from the buys but from the sale of stock ahead of a decline in stock prices. We find that at least some of these SEC employee trading profits are information based, as they tend to divest (i) in the run-up to SEC enforcement actions; and (ii) in the interim period between a corporate insider’s paper-based filing of the sale of restricted stock with the SEC and the appearance of the electronic record of such sale online on EDGAR. These results raise questions about potential rent seeking activities of the regulator’s employees. We acknowledge financial assistance from our respective...
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...Berkshire’s Corporate Performance vs. the S&P 500 Annual Percentage Change in Per-Share in S&P 500 Book Value of with Dividends Berkshire Included (1) (2) ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ........................................................ ...................................
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...September 18, 2012 Mr. Patrick Heck Deputy Chief Financial Officer Denver International Airport 201 West Colfax Avenue Denver, Colorado 80202 Re: The Westin Denver International Airport – Denver, Colorado Dear Mr. Heck: Pursuant to your request, we have conducted a study of the potential market demand and developed a statement of the estimated annual operating results for a proposed 519-room Westin hotel (the “Subject”) to be located at the south terminal of the Denver International Airport (“DIA”) in Denver, Colorado. Throughout this analysis, we formally refer to the Subject as The Westin Denver International Airport. The development of the Subject hotel is expected to be financed through the issuance of tax-exempt bonds coupled with some form of public subsidies/guarantees/loans. This report has been prepared for use by the Denver International Airport and its financial advisors in determining the estimated annual operating results of the proposed Subject. The conclusions set forth in this report are based on an analysis for supply and demand for the transient lodging market in the Denver-Aurora market area as of August 8, 2012, the completion date of our fieldwork and primary market research. As in all studies of this type, the estimated results assume competent and efficient marketing and operational management, and presume no significant change in the status of the competitive lodging industry from that as set forth in this report. The terms of this engagement are such that...
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...Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States SEVENTH EDITION Data Communications and Computer Networks A Business User’s Approach Curt M. White DePaul University Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Data Communications and Computer Networks: A Business User’s Approach, Seventh Edition Curt M. White Editor-In-Chief: Joe Sabatino Senior Acquisitions Editor: Charles McCormick, Jr. Senior Product Manager: Kate Mason Editorial Assistant: Courtney Bavaro Marketing Director: Keri Witman Marketing Manager: Adam Marsh Senior Marketing Communications Manager: Libby Shipp Marketing Coordinator: Suellen Ruttkay Media Editor: Chris Valentine Art and Cover Direction, Production Management, and Composition: PreMediaGlobal Cover Credit: © Masterfile Royalty Free Manufacturing Coordinator: Julio Esperas © 2013 Course Technology, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means—graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act—without the prior written permission of the publisher. For product information and technology assistance...
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...Changing the game. Annual Report to Stockholders 2012 Dear Stockholder, Welcome to TMUS. You are an owner of America’s Un-carrier — the combined entity of MetroPCS and T-Mobile USA. As the industry’s premier challenger and value player, we are revolutionizing the wireless industry. TM T-Mobile 2012 Annual Report 3 Building the Foundation In 2012, MetroPCS and T-Mobile built the foundations to become the Un-carrierTM in 2013. Each company made good progress across what are now the combined company’s five strategic priorities — the building blocks that enable us to bring consumers exciting new choices while delivering an exceptional experience. Here are notable 2012 highlights: Amazing 4G Services Increased Spectrum – T-Mobile increased its spectrum holdings in the top 100 metropolitan areas by nearly 20%. This includes spectrum secured as part of the AT&T deal breakup, as well as spectrum obtained through commercial deals with Verizon and Leap. Enhanced Network Experience – T-Mobile launched a three-year $4 billion network modernization investment program, ending 2012 with approximately 9,400 modernized sites; MetroPCS ended the year with 2.2 million customers and 26% of its base on LTE. Value Leader Launched Unlimited 4G Data – MetroPCS launched 4G LTE for All TM and T-Mobile introduced Unlimited Nationwide 4G Data. Secured the iPhone® – In December, T-Mobile announced that the iPhone would be available to T-Mobile customers in 2013. Accelerated Prepaid Growth...
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