...“Fenway Park” It is the bottom of the eighth inning and the Red Sox are down five runs to one run. David Ortiz steps to the plate and with one swing hits a grand-slam. Fenway Park erupted with cheer. As I looked around at the crowd celebrating, I began to admire Fenway Park. It was chockfull of banners and memorabilia. Fenway Park appeared simple in architectural design, but little did I know how much history existed here. In today's society some of the best things are ones that change little and remain basically the same as they have for decades. Fenway Park is an example of this as the Boston Red Sox have remained committed to staying at this classic ballpark that they have called home since 1912. It is the oldest major league ballpark in use and still retains the same feel and characteristics as it did when it opened on April 20th 1912. Newspaper coverage of the opening was overshadowed by continuing coverage of the Titanic sinking a few days earlier (National Geographic 2010). On March 7, 2012, the park was added to the National Register of Historic Places. The park is considered to be one of the most well-known sports venues in the world. (BCC 2010). The park's address was originally 24 Jersey Street. In 1977, the section of Jersey Street nearest the park was renamed Yawkey Way in honor of longtime Red Sox owner Tom Yawkey. The park's address is now 4 Yawkey Way. The Red Sox moved to Fenway Park from the old Huntington Avenue Baseball Grounds. In 1911, owner...
Words: 1510 - Pages: 7
...decision he made although at first, he had to get used to the American culture living in a city as Chicago, where the cultural clash can be felt extremely fast. Culturally speaking, India is a very wealthy country and possesses a millenary history. According to Ankit there is a great diversity in religions being Hinduism the largest, followed by Sikhism, Islam, Christianity and Jainism. Despite he does not identify himself with any particular religion, he confesses to be amazed by the existent respect between religions in the USA. The most challenging aspect he faced when he first arrived to the States was the food. Back home, Ankit used to eat traditional Indian dishes, and although it’s not hard to find Indian restaurants in the US, college cafeterias hardly ever serve it. After a few weeks he found himself following a completely occidental menu loaded with fat calories. He soon realized a changed was needed or otherwise he would rapidly start gaining weight. Moving into an apartment where he could cook was the best solution. Moreover, English was not an issue for him. India’s has two main languages; Hindi and English, and most of the population speaks both perfectly. Furthermore, he highlights how passionate he became for American sports since he arrived to the country. India’s most popular sports are field hockey and cricket; sports such as football, basketball, or baseball have barely any exposure at all. Living in Chicago transformed him into a huge...
Words: 664 - Pages: 3
...Emerging Markets Review 13 (2012) 516–547 Contents lists available at SciVerse ScienceDirect Emerging Markets Review journal homepage: www.elsevier.com/locate/emr Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis☆ G. Andrew Karolyi ⁎ Johnson Graduate School of Management, Cornell University, 348 Sage Hall, Ithaca, NY 14853, USA a r t i c l e i n f o Article history: Received 30 June 2011 Received in revised form 6 August 2012 Accepted 7 August 2012 Available online 17 August 2012 JEL classification: F30 G15 G32 G38 Keywords: Cross-listing Stocks Bonding International financial markets a b s t r a c t Why firms from around the world seek to cross-list their shares on overseas exchanges has intrigued scholars during the past two decades. A general dissatisfaction with the conventional wisdom about investment barriers segmenting global investors and how cross-listings overcome those barriers cleared the way for newer wisdom about informational problems and agency conflicts, and how firms could overcome weaknesses in corporate governance by listing on, and thus “bonding” to, overseas markets with stronger regulatory oversight, stringent reporting and disclosure requirements and investor protections. Critics have challenged the viability of the bonding hypothesis, which I answer in this review. © 2012 Elsevier B.V. All rights reserved. 1. Introduction Cross-listing — also referred...
Words: 26372 - Pages: 106
...Fall 16 AFM 431 -‐ Essay Group 9 Neeraj Venkatraman, Rahul Bhambhani, Steven Yang, Ahmed Husain, Dilraj Dhillon In today’s world, businesses have moved from complicated to downright complex. Firms, industries, and global business systems continue to invest in, employ, utilize, and revolve around many varying, technical, formal tools and mechanisms in the business world. In the context of global business, complexity can be loosely defined as the state of intricacy of interactions of people, objects, events, and transactions. The modern business world and the business environment is highly complex in its nature, and therefore transparency is essential for shareholders and investors to better understand their investments, as well as deter fraudulent behavior. The complexity in the modern business world, and its need for transparency can be evidenced through an examination of 3 levels: company-wide, industry, and globally. Looking on a company-wide basis, a lack of transparency on the part of individual organizations can lead to fraud and unethical practices, whereas a demonstration of strong transparency reduces the impact and likelihood of scandals. Enron, a leading energy and natural gas provider was accused of an accounting fraud in 2001. One of the primary reasons that led to this scandal was Enron’s usage of special purpose entities (SPEs) to cover up debt that the company was taking upon...
Words: 2006 - Pages: 9
...the poorest teams in baseball, the Oakland Athletics, win so many games? For more than a decade the people who run professional baseball have argued that the game was ceasing to be an athletic competition and becoming a financial one. The gap between rich and poor in baseball was far greater than in any other professional sport, and widening rapidly. At the opening of the 2002 season, the richest team, the New York Yankees, had a payroll of $126 million while the two poorest teams, the Oakland A's and the Tampa Bay Devil Rays, had payrolls of less than a third of that, about $40 million. A decade before, the highest payroll team, the New York Mets, had spent about $44 million on baseball players and the lowest payroll team, the Cleveland Indians, a bit more than $8 million. The raw disparities meant that only the rich teams could afford the best players. A poor team could afford only the maimed and the inept, and was almost certain to fail. Or so argued the people who ran baseball. And I was inclined to...
Words: 101165 - Pages: 405
...court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs 20-25 lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal . What is the Satyam scam about? It is about corporate governance and fraudulent auditing practices allegedly in connivance with auditors and chartered accountants. The company misrepresented its accounts both to its board, stock exchanges, regulators, investors and all other stakeholders. Is this an accounting fraud, a market manipulation/fraud or both? It is a fraud, which misled the market and other stakeholders by lying about the company’s financial health. Even basic facts such as revenues, operating profits, interest liabilities and cash balances were grossly inflated to show the company in good health. Who is to blame here? The promoters? The promoters are primary culprits, although it is almost impossible to misrepresent such facts without the connivance of the auditors and some executive board members. Independent directors, it seems, were kept in the dark about the actual books of accounts. What about the auditors? The role of external third party auditors, who were tasked to ensure that no financial bungling is undertaken to carry out promoters’ interest or hide facts, have also been brought to question. Anatomy of a fraud 1. Maintaining records · Raju maintained thorough...
Words: 3344 - Pages: 14
...Corporate Governance What is Corporate Governance? Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. The principal stakeholders are the shareholders, management, and the board of directors. Other stakeholders include labor(employees), customers, creditors (e.g., banks, bond holders), suppliers, regulators, and the community at large. Objectives & Principles : Corporate governance is a major concern in the Asia and Pacific region, especially in the aftermath of the 1997 Asian financial crisis. The size and frequency of recent corporate governance debacles show that poor governance is not only a formidable hurdle to surmount but is also at the forefront of economic development issues. Ten core principles have been listed by Asian Development Bank (ADB). An attempt has been made to model the principles in a manner consistent with global best practice. Principle 1: Performance Orientation The principal objective of business enterprises is to enhance economic value for all shareholders by making the most efficient use of resources. A company that meets this shareholder value creation objective will have greater internally generated resources, improving its prospects for meeting its environmental, community, and social...
Words: 2392 - Pages: 10
...and may be eventually phased out in favor of the International Accounting Standards. 1. Generally Accepted Accounting Principles (GAAP) In the U.S., Generally Accepted Accounting Principles are accounting rules used to prepare, present, and report financial statements for a wide variety of entities, including publicly traded and privately held companies, non-profit organizations, and governments. The term is usually confined to the United States; hence it is commonly abbreviated as US GAAP or simply GAAP. However, in the theoretical sense, Generally Accepted Accounting Principles encompass the entire industry of accounting, and not only the United States. Outside the academic context, GAAP means US GAAP. Similar too many other countries practicing under the common law system, the United States government does not directly set accounting standards, in the belief that the private sector has better knowledge and resources. US GAAP is not written in law, although the U.S. Securities and Exchange Commission (SEC) require that it be followed in financial reporting by publicly traded companies. Currently, the Financial Accounting Standards Board (FASB) is the highest authority in establishing generally accepted accounting principles for public and private companies, as well as non-profit entities. For local and state governments, GAAP is determined by the Governmental Accounting Standards Board (GASB), which operates under a set of assumptions, principles, and constraints, different...
Words: 4381 - Pages: 18
...------------------------------------------------- Air pollution From Wikipedia, the free encyclopedia "Bad air quality" redirects here. For the obsolete medical theory, see Bad air. "Air quality" redirects here. For the measure of how polluted the air is, see Air quality index. Not to be confused with Qualities of air. Air pollution from a World War II wartime production plant Air pollution is the introduction into the atmosphere of chemicals, particulates, or biological materials that cause discomfort, disease, or death to humans, damage other living organisms such as food crops, or damage the natural environment or built environment. The atmosphere is a complex dynamic natural gaseous system that is essential to support life on planet Earth. Stratospheric ozone depletion due to air pollution has long been recognized as a threat to human health as well as to the Earth's ecosystems. Indoor air pollution (see Airlog) and urban air quality are listed as two of the World’s Worst Toxic Pollution Problems in the 2008 Blacksmith InstituteWorld's Worst Polluted Places report.[1] ------------------------------------------------- Pollutants Main articles: Pollutant and Greenhouse gas Before flue-gas desulfurization was installed, the emissions from this power plant in New Mexico contained excessive amounts of sulfur dioxide. Schematic drawing, causes and effects of air pollution: (1) greenhouse effect, (2) particulate contamination, (3) increased UV radiation, (4) acid...
Words: 9233 - Pages: 37
...different outtake on what was ethical on tolerable. During those times there were no child labor laws so children were allowed to work in order to be able to provide another source of income for the family. In today’s society we have laws and guidelines that an employer needs to follow in order to be able keep the business from being fined or closed on. Going back to the 1920’s there were no safety guidelines set so if the main provider of the family became injured then the oldest son would have to fill in, in order to keep the family with an income. Employers did not have to follow certain hours in which kids were going to be working such as in today’s society. Aside from children working long hours with no protection women did not work at all outside the house. With no women working outside of their home then we can say that there were no laws on sexual harassment against women. This was something that America was dealing with when they were trying to establish great ethics in our country. Other countries have dealt with much more than sexual harassment and child labor. The first article being reviewed for the Business Ethics across Cultures article review was about issues with Wal-Mart and China. Nearly every product that is sold in Wal-Mart stores today are made in China, which I am sure that, that was not what Sam Walton would have wanted you to believe in the late 1980’s and early 1990’s. When Mr. Walton introduced Wal-Mart to the country his mission was to...
Words: 1521 - Pages: 7
...moral stance against gambling. But gambling has always been around. Gambling was a popular pastime in America, even before the colonies were united. Dice and cards were brought over by both the Dutch and the English. Lotteries have been said to have paid for the settlement of Virginia, and the establishment of storied schools like Yale and Harvard. Most of the colonies used a type of lottery to pay for defenses. One clever New Yorker even designed a lottery where the prize was marriageable ladies, who couldn’t find husbands. The system listed the women in descending order from beauties, through pretty girls, widows, agreeables, good conditioned, housewives, friskies, special breeders and saints of the first magnitude. Just about every country-seat in colonial America had a lottery wheel. A lottery wheel was as necessary as a jail and a courthouse. (Evening Impendent, 1963) Other types of gambling existed, such as cockfighting. They even had a sport on which they wagered called bear-baiting, a very popular sport banned by the Puritans (Ortiz, p.4) When early church leaders sought to eliminate all forms of gambling, the Wild West gave gambling new life. Far away from both moral interference of reform groups in the East, as well as governmental controls, games of chance were so popular that Monte-card tables were...
Words: 2858 - Pages: 12
...Effects of Outsourcing Name Institution Effects of Outsourcing Abstract Outsourcing is the practice of assigning a firm's business progressions to an outside agency for the purpose of improving service quality, driving innovation, or developing benefits of lower labour costs (Burkholder. 2006). Intercontinental outsourcing occasionally known as offshoring is a significant facet of economic globalization. Since outsourcing hints to more specialization, it is anticipated to reduce production expenses and to raise productivity. This study uses micro data on American firms to investigate the effects of international and domestic outsourcing on the economy at large, jobs, the production quality and the its ethnic view in the United States. It is based on a unique survey on outsourcing covering the period 2001 to 2013 over a decade of study. The survey allows one to distinguish between domestic and international outsourcing and between outsourcing of core and support activities. This article will highlight the changes that have been observed since the initiation of the outsourcing practise to its impact on the areas of study in sub-topics. Introduction The conflict has been going on from at least the 1880s, when the first New England textile mills initiated moving its manufacturing process to the Carolinas. Whatever name it goes by be it runaway plants, outsourcing, global sourcing, offshoring workers and the public tends to have mixed fillings towards it, executives view it as...
Words: 2874 - Pages: 12
...is a recurrent publication prepared by the UNCTAD secretariat since 1968 with the aim of fostering the transparency of maritime markets and analysing relevant developments. Any factual or editorial corrections that may prove necessary, based on comments made by Governments, will be reflected in a corrigendum to be issued subsequently. * ** Symbols of United Nations documents are composed of capital letters combined with figures. Use of such a symbol indicates a reference to a United Nations document. * ** The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. * ** Material in this publication may be freely quoted or...
Words: 47885 - Pages: 192
...------------------------------------------------- COURSE CODE: ACCT 6014 ------------------------------------------------- SEMESTER TWO ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Estalene Carrington: 20050270 ------------------------------------------------- Assignment 1 ------------------------------------------------- lECTURER – STACEY ESTWICK Due date – 27 February 2012 ------------------------------------------------- ------------------------------------------------- Question 1 What is Linear’s current payout policy? Linear Technology went public in 1986 and is the seventh largest company by market capitalization under the SOX Act. It split its stock four times since its Initial Public Offering (IPO). Linear’s first dividend was declared on October 13th, 1992. Coghlan (Linear’s CFO) explained that the company had a positive cash flow since their IPO. He further posits that paying a dividend would signal to investors that buying shares in Linear was not as risky as buying shares in most other technology companies. Furthermore, offering a dividend would give Linear access to a new set of investors with varying...
Words: 3589 - Pages: 15
...services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent testing and validation services, IT infrastructure services and business process outsourcing. Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in the industry leading to the rise of offshore outsourcing. The GDM is based on the principle of taking work to the location where the best talent is available, where it makes the best economic sense, with the least amount of acceptable risk. Infosys has a global footprint with 65 offices and 63 development centers in US, India, China, Australia, Japan, Middle East, UK, Germany, France, Switzerland, Netherlands, Poland, Canada and many other countries. Infosys and its subsidiaries have 133,560 employees as on June 30, 2011. Infosys takes pride in building strategic long-term client relationships. 99% of our revenues come from existing customers. Infosys employee Metrics is Empoyee Details 2011 2010 Total employee 1,30,820 1,13,796 S/W Professional 1,23,811 1,06,864 Services 1,09,026 93,254 Banking Product Group 6,220 4,730 Trainee 8,565 8,880 Sales & Support 7,009 6,932 Attrition annualised 17.00% 13.40% Infosys made an initial public offer in February 1993 and was listed on stock...
Words: 4998 - Pages: 20
