...Journal of Economic Perspectives—Volume 17, Number 2—Spring 2003—Pages 3–26 The Fall of Enron Paul M. Healy and Krishna G. Palepu F rom the start of the 1990s until year-end 1998, Enron’s stock rose by 311 percent, only modestly higher than the rate of growth in the Standard & Poor’s 500. But then the stock soared. It increased by 56 percent in 1999 and a further 87 percent in 2000, compared to a 20 percent increase and a 10 percent decline for the index during the same years. By December 31, 2000, Enron’s stock was priced at $83.13, and its market capitalization exceeded $60 billion, 70 times earnings and six times book value, an indication of the stock market’s high expectations about its future prospects. Enron was rated the most innovative large company in America in Fortune magazine’s survey of Most Admired Companies. Yet within a year, Enron’s image was in tatters and its stock price had plummeted nearly to zero. Exhibit 1 lists some of the critical events for Enron between August and December 2001—a saga of document shredding, restatements of earnings, regulatory investigations, a failed merger and the company filing for bankruptcy. We will assess how governance and incentive problems contributed to Enron’s rise and fall. A well-functioning capital market creates appropriate linkages of information, incentives and governance between managers and investors. This process is supposed to be carried out through a network of intermediaries that include professional...
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...Verjetnost Sluˇajna spremenljivka c Spomnimo se ◮ Vzorˇni prostor S je mnoˇica vseh moˇnih izidov sluˇajnega c z z c poskusa. ◮ Dogodek je podmnoˇica vzorˇnega prostora sluˇajnega z c c poskusa. ◮ Verjetnost je preslikava, ki vsakemu dogodku E vzorˇnega c prostora S priredi neko ˇtevilo P(E ), tako da velja: s P(S) = 1, 0 ≤ P(E ) ≤ 1, P(E1 ∪ E2 ) = P(E1 ) + P(E2 ), ˇe E1 ∩ E2 = ∅. c Gregor Dolinar Uporabna statistika Verjetnost Rezultat sluˇajnega poskusa poskusimo opisati s ˇtevilom. c s Vsakemu moˇnemu izidu priredimo neko realno ˇtevilo. z s Primer Met kovanca. Moˇna izida sta: prednja stran, hrbtna stran. z ˇ prednja stran, izidu priredimo ˇtevilo 1, ˇe hrbtna stran, izidu Ce s c priredimo 0. Igra na sreˇo: ˇe prednja stran, 2 evra dobimo, ˇe hrbtna stran, 2 c c c evra izgubimo. ˇ Ce prednja stran, izidu priredimo ˇtevilo 2, ˇe hrbtna stran, izidu s c priredimo -2. Gregor Dolinar Uporabna statistika Verjetnost Definicija Sluˇajna spremenljivka je preslikava, ki vsakemu moˇnemu izidu c z priredi realno ˇtevilo (poleg tega poznamo tudi verjetnosti moˇnih s z izidov). Definicija ◮ Sluˇajna spremenljivka je diskretna, ˇe je njena zalogo c c vrednosti konˇna ali kveˇjemu ˇtevno neskonˇna. c c s c ◮ Sluˇajna spremenljivka je zvezna, ˇe je njena zalogo vrednosti c c enaka intervalu. Gregor Dolinar Uporabna statistika Verjetnost Diskretno sluˇajno spremenljivko...
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