...[pic] BEHAVIORAL FINANCE LECTURER: DR. CHUN AN LI Assignment I Student name: Dinh Thi Quynh Nhu (Tina) Part 1: Vietnam Joint Stock Commercial Bank for Industry and Trade report, The Beta is 1.52 Reference link: http://cafef.vn/hastc/CTS-cong-ty-co-phan-chung-khoan-ngan-hang-cong-thuong-viet-nam.chn Part 2: Nowadays, financial market keeps changing so fast, which would affect a lot almost investors, especially with efficient market. Post earning announcement drift (PEAD) is the tendency of stock returns to continue moving in direction of thee earning surprise for a year after the initial disclosure of earning. However, will PEAD is effected immediately in the following quarter? In order to answer this question, we have to do PEAD procedure and give some analysis based on the results ( which porfolio should we invest on?). We have: SUEt = Earning per share of each stock was: Average earning = 3.55 Earning standard deviation = 2.25 (SUE1 = 0.24 (SUE2 = 0.2 (SUE3 = (0.69) (SUE4= 0.02 (SUE5 = 0.38 (SUE6 = (0.29) (SUE7 = (0.24) (SUE8 = 0.2 (SUE9 = 0.29 (SUE10 = (0.1) From SUE results we have: |LOWEST |(0.69) |Group 1 | | |(0.29) |Group 2 | | |(0.24) |Group 3 | | |(0.1) ...
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...by one cent (The Beaters), we sell short the stock in the threeyear horizon. If the actual EPS miss the estimation by one cent (The Missers), we buy the stock and hold for three years. Note that the portfolio of investment is equally weighted between all component stocks. Further examination of the data shows somehow very contrasting result: For the beaters, it is generally better off if we sell short the stocks for the following three years. What is more interesting is: 1 During the first two years after the earnings announcement date, the price of the stocks’ behavior varies, yet after that, during the third year, there exists a general price drop, namely a large one. Here we are not examining the Post Earnings Announcement Drift (PEAD) in a small...
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...Financial Accounting Theory Test 1: 1) Please briefly describe the essences of the following cases of accounting scandal or earnings management. (20 points) A) ENRON (8 points) * Enron created many special purpose entities (SPEs) controlled by senior Enron officers that they used in conducting off balance sheet financing * SPE’s borrowed money from banks using Enron’s stock as collateral However all of the liability was reported on the SPE’s books, not on Enron’s, even though the borrowed cash went to Enron * Thus investors had no idea of Enron’s debt because they did not consolidate the SPE’s like they were suppose to under GAAP * Enron also charged fees for management and other services supplied to their SPE’s and included appreciation of its own stock which exaggerated net income * They had to consolidate their financials resulting in a reduction of shareholder’s equity, restatement of previous 4 years earnings, loss of investor confidence, share price fell from $90 to 66 cents then 1 cent * The SEC revoked the auditing license of accounting firm they used, Arthur Anderson B) MCI WORLDCOM (8 points) * From 1999-2002 they overstated their earnings by $11 billion * $4 billion of this amount was from capitalization of network maintenance and other costs that should have been expensed * and $3.3 billion came from reductions in the allowance for doubtful accounts * WorldCom’s merger with MCI was a disaster and went bankrupt...
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...Statman (2008) compares “normal” investors and rational investors by pointing out the difference that normal investors are reluctant to realize losses since normal investors are affected by cognitive biases and emotions. Statman also compares Behavioral Portfolio Theory and Markowitz mean-variance theory. Another comparison made by Statman is between Behavioral Asset Pricing Model (BAPM) and capital asset pricing model (CAPM), stating that the asset pricing model of standard finance is moving away from CAPM toward Fama and French three-factor model, a model similar to the BAPM. Bloomfield’s article discusses anomalies that market price deviation from action of rational traders. The most robust anomaly is PEAD (Post-earnings-announcement drift), which is reported in 1968. PEAD describes market reaction to earnings announcement. It seems illogical that earnings instead of future cash flow could influence...
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...2013 ESPN Fantasy Football Draft Kit Standard League Cheat Sheet 1. (12) 2. (14) 3. (19) 4. (25) 5. (31) 6. (44) 7. (46) 8. (49) 9. (65) 10. (69) 11. (76) 12. (82) 13. (94) 14. (97) 15. (111) 16. (118) 17. (128) 18. (136) 19. (161) 20. (169) 21. (170) 22. (176) 23. (179) 24. (181) 25. (215) 26. (242) 27. (249) 28. (262) 29. (288) 30. (291) 31. (298) 32. (300) 33. (344) 34. (346) 35. (353) 36. (359) 37. (360) 38. (378) 39. (380) 40. (385) Quarterbacks Aaron Rodgers, GB Drew Brees, NO Peyton Manning, DEN Tom Brady, NE Cam Newton, CAR Matt Ryan, ATL Colin Kaepernick, SF Robert Griffin III, WAS Matthew Stafford, DET Russell Wilson, SEA Andrew Luck, IND Tony Romo, DAL Eli Manning, NYG Ben Roethlisberger, PIT Joe Flacco, BAL Michael Vick, PHI Sam Bradford, STL Andy Dalton, CIN Jay Cutler, CHI Josh Freeman, TB Carson Palmer, ARI Matt Schaub, HOU Philip Rivers, SD Ryan Tannehill, MIA Alex Smith, KC Jake Locker, TEN Christian Ponder, MIN Brandon Weeden, CLE Matt Flynn, OAK Geno Smith, NYJ Kevin Kolb, BUF EJ Manuel, BUF Blaine Gabbert, JAC Chad Henne, JAC Nick Foles, PHI Mark Sanchez, NYJ Matt Cassel, MIN Jason Campbell, CLE Bruce Gradkowski, PIT Kirk Cousins, WAS Tight Ends Jimmy Graham, NO Rob Gronkowski, NE Tony Gonzalez, ATL Jason Witten, DAL Vernon Davis, SF Kyle Rudolph, MIN Owen Daniels, HOU Greg Olsen, CAR Antonio Gates, SD Brandon Myers, NYG Jared Cook, STL Martellus Bennett, CHI Brandon Pettigrew, DET Jermichael Finley, GB Ed Dickson, BAL Dustin Keller, MIA Fred Davis, WAS Coby...
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...2012 ESPN Fantasy Football Draft Kit Standard League Cheat Sheet 1. (4) 2. (6) 3. (8) 4. (13) 5. (23) 6. (27) 7. (32) 8. (45) 9. (49) 10. (64) 11. (73) 12. (79) 13. (86) 14. (99) 15. (100) 16. (104) 17. (107) 18. (110) 19. (122) 20. (126) 21. (130) 22. (136) 23. (137) 24. (138) 25. (173) 26. (199) 27. (206) 28. (221) 29. (253) 30. (254) 31. (257) 32. (262) 33. (309) 34. (311) 35. (315) 36. (322) 37. (323) 38. (357) 39. (359) 40. (375) Quarterbacks Aaron Rodgers, GB Tom Brady, NE Drew Brees, NO Matthew Stafford, DET Cam Newton, CAR Eli Manning, NYG Michael Vick, PHI Tony Romo, DAL Peyton Manning, DEN Philip Rivers, SD Matt Ryan, ATL Ben Roethlisberger, PIT Matt Schaub, HOU Jay Cutler, CHI Robert Griffin III, WAS Josh Freeman, TB Alex Smith, SF Andy Dalton, CIN Joe Flacco, BAL Carson Palmer, OAK Sam Bradford, STL Ryan Fitzpatrick, BUF Andrew Luck, IND Matt Cassel, KC Tim Tebow, NYJ Jake Locker, TEN John Skelton, ARI Mark Sanchez, NYJ Christian Ponder, MIN Russell Wilson, SEA Brandon Weeden, CLE Blaine Gabbert, JAC Ryan Tannehill, MIA Matt Flynn, SEA Matt Hasselbeck, TEN Chad Henne, JAC Kevin Kolb, ARI Matt Moore, MIA David Garrard, MIA Joe Webb, MIN Tight Ends Rob Gronkowski, NE Jimmy Graham, NO Antonio Gates, SD Vernon Davis, SF Jermichael Finley, GB Aaron Hernandez, NE Tony Gonzalez, ATL Jason Witten, DAL Fred Davis, WAS Brandon Pettigrew, DET Jared Cook, TEN Jacob Tamme, DEN Owen Daniels, HOU Brent Celek, PHI Dustin Keller, NYJ Martellus Bennett, NYG Jermaine Gresham, CIN Coby...
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...Introduction This paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science. There is some confusion about what PAT is. If the definition of accounting theory (i.e., accounting theory seeks to explain and predict accounting and auditing practice) given in Watts and Zimmerman’s 1986 book is taken to mean PAT, studies of accounting choices and auditing practices constitute PAT. At the same time, they also seek to explain the economics-based empirical literature in accounting and they describe, in addition to accounting choice studies, capital market-based accounting research. They point out that Ball and Brown (1968) initially popularized positive research in accounting, suggesting that PAT includes both capital market-based accounting research and research in accounting choices. This paper takes PAT to include both research programs. This usage is consistent with Watts and Zimmerman’s (1986) assertion that when they use the term “positive” to differentiate it from “prescriptive” theory. Positive Accounting Theory and Science by M. Humayun Kabir Senior Lecturer, Faculty of Business Auckland University of Technology, Auckland, New Zealand Abstract This paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science: Popper (1959), Kuhn (1996), and Lakatos (1970). PAT has been one of the most influential accounting research programs...
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...136 Positive Accounting Theory and Science JCC Journal of CENTRUM Cathedra ™ Positive Accounting Theory and Science by M. Humayun Kabir Senior Lecturer, Faculty of Business Auckland University of Technology, Auckland, New Zealand Abstract This paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science: Popper (1959), Kuhn (1996), and Lakatos (1970). PAT has been one of the most influential accounting research programs during the last four decades. One important reason which Watts & Zimmerman (1986) have used to popularize and legitimize their approach is that their view of accounting theory is the same as that used in science. Thus, it is important to examine how far accounting has been successful in imitating natural science and how the development of PAT compares with the three standard accounts of science. This paper shows that accounting could not emulate the success of natural science. Further, the methodological positions of PAT conform to none of the standard accounts of science. Rather, PAT contains elements of all three. Finally, this paper identifies some methodological gaps in PAT. Keywords: Positive Accounting Theory, Philosophy of Science, Methodological Controversies Acknowledgements I would like to thank two anonymous reviewers of the journal for their helpful comments. Earlier versions of this paper benefited from comments from Lee Parker of the University of South Australia, Keith...
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...T ABLE OF CONTENTS RANKINGS & PROJECTIONS REVISIONS.................................................................................... 3 OVERALL RANKINGS........................................................................................................... 5 RANKINGS BY POSITION..................................................................................................... 7 QUARTERBACK SEASON PROFILES......................................................................................... 9 RUNNING BACK SEASON PROFILES......................................................................................... 13 WIDE RECEIVER SEASON PROFILES........................................................................................ 18 TIGHT END SEASON PROFILES............................................................................................... 26 KICKER SEASON PROFILES................................................................................................... 29 TEAM DEFENSE SEASON PROFILES......................................................................................... 33 IDP LINEBACKER & D-LINE SEASON PROFILES............................................................................ 37 IDP DEFENSIVE BACK SEASON PROFILES.................................................................................. 39 SLEEPERS & UNDERVALUED PLAYERS..................................................................................... 41 BUSTS & OVERVALUED...
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...RELATÓRIO DE IMPACTO AMBIENTAL - RIMA COMPLEXO PETROQUÍMICO DO RIO DE JANEIRO Sumário O relatório de impacto ambiental ......................................................................... 03 Como ler este relatório ? ...................................................................................... 04 COMPERJ : renovação econômica e ambiental para o estado do Rio de Janeiro ........ 05 O empreendedor ............................................................................................... 07 Objetivos .......................................................................................................... 09 Do petróleo ao plástico ....................................................................................... 17 Escolha do local e tecnologias ............................................................................. 33 O meio ambiente ............................................................................................... 45 Avaliação dos impactos ambientais e cenários futuros ............................................ 89 Medidas, planos e programas ambientais ........................................................... 111 Conclusões ......................................................................................................135 Glossário ........................................................................................................ 141 Equipe técnica ..................................................................
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