...the integrity of the securities markets.1 The government also created the Securities and Exchange Commission (SEC) to protect the financial markets by enforcing the Securities Exchange Act.2 One of the most important issues covered by the Securities Exchange Act concerns illegal insider trading in which individuals sell or purchase investments based on privileged inside information. Illegal insider trading activities significantly harm the integrity and stability of the securities markets. Thus, it is critical for people to understand and adhere to the requirements set forth by the Securities Exchange Act to prevent illegal insider trading, and it is equally important for those individuals who break the law and engage in these prohibited activities to be prosecuted and punished accordingly. There are two forms of insider trading, one that is considered legal and the other that is clearly illegal. The legal form of insider trading involves corporate officers and directors who buy and sell stock within their own companies on the basis on publically available information. So, once the company releases confidential information to the public, then the insiders are allowed to legally make their trades based on that...
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...Insider Trading More Americans are involved in the stock market than ever before, investing for their retirement and hoping to achieve financial security. But, the stock market has been anything but secure over the years. In fact, after the Stock Market Crash of 1929, so many Americans lost money and confidence in the stock market that Congress passed specific securities laws to help protect investors and to prevent the abuses believed to have contributed to the collapse. The Securities Act of 1933 and Securities Exchange Act of 1934 were enacted by congress with the intent of protecting investors engaged in securities transactions and assuring public confidence in the integrity of the securities markets.1 The government also created the Securities and Exchange Commission (SEC) to protect the financial markets by enforcing the Securities Exchange Act.2 One of the most important issues covered by the Securities Exchange Act concerns illegal insider trading in which individuals sell or purchase investments based on privileged inside information. Illegal insider trading activities significantly harm the integrity and stability of the securities markets. Thus, it is critical for people to understand and adhere to the requirements set forth by the Securities Exchange Act to prevent illegal insider trading, and it is equally important for those individuals who break the law and engage in these prohibited activities to be prosecuted and punished accordingly. There are two forms...
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...examine the steps gene one will have to take in order to complete the initial public offering and to look at two companies and how they approached their initial public offerings. First, I want to show the steps Gene One must follow to prepare for its initial public stock offering: Step One Start planning well in advance, Gene One has set a goal of thirty six months which should give them plenty of time. Step Two Ensure your product is beyond the prototype phase before you proceed. Gene One is well beyond the prototype phase of the core products. Step Three Network. Get to know other entrepreneurs in your community and your industry who know the lawyers, accountants, and investment bankers you should and shouldn't meet. This is a critical step for gene one to surround themselves with people who know what to do. Step Four Develop a solid business plan. Investors will want to see a business plan they can believe in and feel comfortable investing money into Gene One. Step Five Clean up your books and your team. If you have financial...
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...COUNTERINTELLIGENCE O F F I C E O F T H E N A T I O N A L C O U N T E R I N T E L L I G E N C E E X E C U T I V E October 2011 Ta b l e o f C o n t e n t s Executive Summary ................................................................................................................................ i Scope Note ........................................................................................................................................... iii US Technologies and Trade Secrets at Risk in Cyberspace.....................................................................1 The Appeal of Collecting in Cyberspace................................................................................. .....1 Security and attribution ....................................................................................................... 1 Faster and cheaper .............................................................................................................. 2 Extra-territoriality ................................................................................................................ 2 Large but Uncertain Costs........................................................................................................... 3 Pervasive Threat from Intelligence Adversaries and Partners ...............................................................4 China: Persistent Collector..............................................................................................
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...An Improved Pedagogy of Corporate Finance: a Constrained Shareholder Wealth Maximization Goal by Michael R. Santos , Gina Vega , John T. Barkoulas INTRODUCTION Bloom's taxonomy (1956) has guided pedagogical structure and innovation for half a century in the United States, and its focus on developmental learning remains relevant and instructive for us. The six developmental levels (knowledge, understanding, application, analysis, synthesis, and evaluation) separate basic knowledge acquisition from the critical thinking and analytical skills necessary for making ethical decisions or judgments. Answering questions about business ethics requires knowledge from multiple disciplines, including philosophy, psychology, political science, sociology, economics, finance, organizational management, and law. Analyzing such a vast body of data in ethical frameworks requires the highest levels (analysis, synthesis, and evaluation) of critical thinking as expressed in the taxonomy. Corporate governance, an interdisciplinary subject addressed in all these disciplines, explores the inter- workings of both for-profit firms and not-forprofit firms and is an area requiring business students to evaluate ethical issues when making decisions. Despite the broad responsibility of teaching corporate governance in the finance classroom, the pedagogy of finance has been restricted to ideas derived primarily from economics, statistics, and finance. Competing ideas from other disciplines are generally...
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...across national borders --- has significant economic, business and social implications. “The geographic dispersion of industrial and service activities --- research and development, sourcing of inputs, production and distribution, cross-border networking of companies --- joint ventures and the sharing of assets” “Increasingly free flow of ideas, people, goods, services and capital leads to the integration of economies and societies” Globalisation as a process results in changes for markets and businesses --- expansion of trade in goods and services between countries; transfers of financial capital across national; FDI; multi-national companies; the investments by sovereign wealth funds; internationalisation of products and services; global brands; Shifts in production and consumption; increased labour migration --- The increasing inter-dependence of economies --- for macroeconomic health --- newly industrialising countries: growing share of world trade, growing faster than developed nations Global consistency --- assumes the home country’s personnel and ways of doing things are best Local adaptation --- assumes local managers in host countries know best how to run their own operations Geocentric Attitude A world-oriented view that draws upon the best talent from around the world Cultural Intelligence --- capability to function and manage effectively in culturally diverse settings Managing across cultures --- Each country has its own: laws, business customs, work ethics...
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...confidential and sensitive data continues to expand exponentially (Online Trust Alliance, 2014, p. 3). “Breaches and data loss incidents have become a fact of life for organizations of every size and throughout the public and private sectors” (Online Trust Alliance, 2014, p. 4) making no organization immune. Given the growth of data and, therefore, data breaches the threat to the U.S. economy and individual U.S. businesses from trade secret theft is real and growing, therefore; a multi-pronged approach must be implemented by the public and private sectors alike. “Businesses must do their part to harden their cyber defenses, but the “take-home message here is that protecting IP from ‘them’ is an incomplete and inadequate strategy—understanding that ‘we’ are sometimes our own enemy is important to building good policy and practice for defending the crown jewels” (Verizon DBIR Snapshot, 2012, p. 3). However, to avoid continued, significant and irreversible harm to U.S. companies and the overall economy, robust public policy tools—including in particular trade tools—must also be utilized...
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...Human Resource manager AT GOLDEN HOTEL Human Resource manager AT GOLDEN HOTEL Table of Contents Introduction2 Human Resource Management3-4 Projected Future Trends 5 Effective Customer Service Technology Management6 Social Media7 Ethics and Social Responsibility8-9 Website Summary10-11 Conclusion12 References13 INTRODUCTION This project is to help me reach the career path from where I am now to Director of Human Resources in the hospitality industry. Diverse defines the hospitality industry. Human Resources Management Human Resources Management includes enforcing labor and wage laws regarding pay and break periods. Ensuring that employees understand, and that supervisors fairly and consistently adhere to the organization's policies and procedures, helps HR protect worker and company alike. Projected Future Trends Workers’ compensation claims and litigation will continue to be on the rise, resulting in the need for more proactive human resources management of safety in the workplace. Effective customer Service technology management It is well documented that the hotel industry has tended to fall behind in technological advances, opting more for labor intensive operations and service delivery. Therefore, it is perhaps now more important than ever for hotels to make use of technology as a means to provide better guest service quality and increased satisfaction. Social Media Human resource directors...
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...increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. Blackwell Publishing and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance. http://www.jstor.org THE JOURNAL OF FINANCE * VOL. XXXVII, NO. 5 * DECEMBER 1982 A Theory of Capital Structure Relevance Imperfect Information ROBERT HEINKEL* under ABSTRACT Firms raise debt and equity capital to finance a positive net present value project in perfectly competitive capital markets; firm insiders know the function generating the random firm cash flow but potential capital suppliers do not. Taking into account the incentives of insiders to misrepresent their firm type, capital suppliers attempt to design financing mixes of debt and equity that eliminate the adverse incentives of insiders and correctly price securities. Necessary conditions for a costless separating equilibrium are developed to show that the amount of debt used by a firm is monotonically related to its unobservable true value. STIGLITZ[19] AND FAMA [5] DEMONSTRATE...
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...Business Ethics Gabe Galbraith BUS 610 Organizational Behavior Dr. Leo Smith 04/15/2013 Business Ethics There are many different perspectives on what leadership is. Everyone who writes or talks about leadership tends to have his or her own personal definition of leadership. In an organizational context, leadership involves influencing the behaviors of individuals and groups to work toward predetermined goals (Baack, 2012). Some of the primary qualities associated with leadership are vision, enthusiasm, trust, courage, passion, coaching, developing others, and intensity. Many people discuss the similarities and differences of leadership and management. . John Kotter (1990) argues that management focuses on coping with complexity using the basic managerial functions of planning, organizing, and control. Robert House and R. J. Aditya (1997) link the concept of management with the use of formal authority that arises from a person's organizational rank. In a perfect world, all companies would most likely prefer to employ effective leaders. Leaders can establish direction by communicating a vision and inspiring their employees. These leaders influence behaviors in positive ways. With the great things positive leaders do there, unfortunately, some outcomes have had a negative rather than positive way. One potential example includes the failure of leadership Home Depot Chief Executive Officer (CEO) Robert Nardelli, whose termination...
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...The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – US News and World Report “A killer app.” – New York Times One of Forbes’ 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – Smart Money Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today HEDG FUND CARE VAULT CAREER GUIDE TO HEDGE FUNDS © 2007 Vault, Inc. HEDG FUND VAULT CAREER GUIDE TO HEDGE FUNDS ADITI A. DAVARE, HOLLY GOODRICH, MICHAEL MARTINEZ AND THE STAFF OF VAULT © 2007 Vault, Inc. Copyright © 2007 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims...
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...The global manager operates as an "insider" in every market Managing in a Borderless World by Kenichi Ohmae Most managers are nearsighted. Even though today's competitive landscape often stretches to a global horizon, they see best what they know best: the customers geographically closest to home. These managers may have factories or laboratories in a dozen countries. They may have joint ventures in a dozen more. They may source materials and sell in markets all over the world. But when push comes to shove, their field of vision is dominated by homecountry customers and the organizational units that serve them. Everyone-and everything-else is simply part of "the rest of the world." This nearsightedness is not intentional. No responsible manager purposefully devises or imple152 ments an astigmatic strategy. But by the same token, too few managers consciously try to set plans and build organizations as if they saw all key customers equidistant from the corporate center. Whatever the trade figures show, home markets are usually in focus; overseas markets are not. Effective global operations require a genuine equidistance of perspective. But even with the best will in the world, managers find that kind of vision hard to develop-and harder to maintain. Not long ago, the CEO of a major Japanese capital-goods producer canceled several important meetings to attend the funeral of one of his company's local dealers. When I asked him if he would have done the same for DRAWINGS...
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...do not necessarily reflect the views of UNCTAD. The designations and terminology employed are also those of the author. UNCTAD Discussion Papers are read anonymously by at least one referee, whose comments are taken into account before publication. Comments on this paper are invited and should be addressed to the author, c/o Editorial Assistant*, Macroeconomic and Development Policies, GDS, United Nations Conference on Trade and Development (UNCTAD), Palais des Nations, CH-1211 Geneva 10, Switzerland. Copies of the UNCTAD Review, Discussion Papers and Reprint Series may also be obtained from this address. New Discussion Papers are available on the web site at: http://www.unicc.org/unctad/en/pressref/prdis.htm * Tel. 022-907.5733; Fax 907.0274; E.mail: nicole.winch@ unctad.org JEL classification: G280 - iii - CONTENTS Chapter Page INTRODUCTION I. II. III. GROWTH AND CHARACTERISTICS OF LOCAL BANKS IN AFRICA MORAL HAZARD, ADVERSE SELECTION AND FINANCIAL FRAGILITY THE CAUSES OF FINANCIAL DISTRESS AMONG LOCAL BANKS A. B. C. D. IV. V. VI. Insider lending Lending to high-risk borrowers Macroeconomic instability Liquidity support and prudential regulation 1 2 7 9 11 13 15 15 16 18 21 23 WHAT BENEFITS CAN LOCAL BANKS PROVIDE AFRICAN ECONOMIES? IMPLICATIONS FOR BANK REGULATION AND SUPERVISION CONCLUSIONS REFERENCES ***** ABBREVIATIONS BOU BOZ CBK CBN FI K KSh MNC N NBFI...
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...2. Dealing with China: An Insider Unmasks the New Economic Superpower As President George W.Bush’s Treasury secretary from July 2006 through January 2009, Henry Paulson was the president’s leading policy adviser on both domestic and international issues. He is well know to the world at the time of the financial crisis in US. Henry Paulson has made over 100 trips to China and developed intimate relationships with China’s political elite, including Presidents Hu Jintao and Xi Jinging as well as its banking giants, most notably the industrial and Commercial Bank of China’s chairman Jiang Jianqing. Therefore, he has a depth knowledge about China’s economy and still been watching China’s emerging economy until now. In his new book, he describes China’s recent rise to global supremacy and the challenges that lie ahead. He also points out that China is American’s most important economic partner and that how to corporate intelligently to make both nations benefit in the future. In the United States, banks and capital markets are more stable and better capitalized than they were in the financial crisis 2008. As changing in government regulators and American banking system, US still the largest and richest economy, with a normal GDP more than twice the size of China. But according to Paulson, he warns “It’s not a question of it, but when, China’s financial system, particularly the trust companies, will face a reckoning and have to content with a wave of credit losses and debt restructuring”...
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...CHAPTER 3 CO M P U TE R A N D I NT E R N E T C R IME QUOTE In view of all the deadly computer viruses that have been spreading lately, Weekend Update would like to remind you: when you link up to another computer, you’re linking up to every computer that that computer has ever linked up to. —Dennis Miller, Saturday Night Live, U.S. television show VIGNETTE Treatment of Sasser Worm Author Sends Wrong Message Unleashed in April 2004, the Sasser worm hit IT systems around the world hard and fast. Unlike most computer viruses before it, the Sasser worm didn’t spread through e-mail, but moved undetected across the Internet from computer to computer. It exploited a weakness in Microsoft Windows XP and Windows 2000 operating systems. By the first weekend in May, American Express, the Associated Press, the British Coast Guard, universities, and hospitals reported that the Sasser worm had swamped their systems. Computer troubles led Delta Airlines to cancel 40 flights and delay many others. Microsoft quickly posted a $250,000 reward, and by mid-May, authorities apprehended Sven Jaschen, a German teenager. Jaschen confessed and was convicted after a three-day trial. Jaschen could have received up to five years in prison, but because he was tried as a minor, the court suspended his 21-month sentence, leaving him with only 30 hours of community service. Copyright © 2007 by Thomson Course Technology. All rights reserved. This publication is protected by federal copyright...
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