...Journal of Empirical Finance 18 (2011) 36–55 Contents lists available at ScienceDirect Journal of Empirical Finance j o u r n a l h o m e p a g e : w w w. e l s ev i e r. c o m / l o c a t e / j e m p f i n Corporate governance and firm value: International evidence☆ Manuel Ammann a, David Oesch b, Markus M. Schmid c,⁎ a b c Swiss Institute of Banking and Finance, University of St. Gallen, CH-9000 St. Gallen, Switzerland Department of Finance, Stern School of Business, New York University, New York, NY 10012, USA University of Mannheim, Finance Area, D-68131 Mannheim, Germany a r t i c l e i n f o a b s t r a c t In this paper, we investigate the relation between firm-level corporate governance and firm value based on a large and previously unused dataset from Governance Metrics International (GMI) comprising 6663 firm-year observations from 22 developed countries over the period from 2003 to 2007. Based on a set of 64 individual governance attributes we construct two alternative additive corporate governance indices with equal weights attributed to the governance attributes and one index derived from a principal component analysis. For all three indices we find a strong and positive relation between firm-level corporate governance and firm valuation. In addition, we investigate the value relevance of governance attributes that document the companies' social behavior. Regardless of whether these attributes are considered individually or aggregated into...
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...Weakness 1. Increases in costs of goods sold (85m) and inventories(18m) disproportionate with growth of sales 2. Current purchasing system contributed to redundant purchasing and high inventory holding costs 3. Siti Aminah (CFO) has no experience in system and technology 4. Internal control weaknesses: Purchasing system Current purchasing system contributed to redundant purchasing and high inventory holding costs and caused increases in costs of goods sold and inventories disproportionate with growth of sales a) The purchasing clerk, Cik Anne should not have received the invoice and DO. - In this case show that Cik Anne received the DO and SRN FROM En. Min and invoices from supplier, she batched, checked and coded the invoices. b) There is no copy of PO being sent to vendor, Receiving Department and AP. - In this case, En, Razi get the approveal from En.Ghani, a Managing Director, then he passes the PO to the Purchasing clerk, Cik Anne for sorting and disputing. En. Razi not mention any copy of PO being sent to vendor, Recieving Department and AP. c) The Materials Resource Planning, Cik Lim should not update AP. The liability should be recorded by another clerk from Finance Department. - In this case, all matters regarding finance will be done by En. Razi. In order to have a good flowchart of purchasing process, the company should have a good segregation of duties and not rely on En. Razi. d) The Finance Clerk, Encik Faris should not prepare cheque. -...
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...12 of 19 Mystery of-disappearing-oil 4,783 views * Share * Like * Download Cik Liana Omar Follow 1 6 0 Published on Dec 2, 2014 maf680 ... Published in: Education ------------------------------------------------- 0 Comments ------------------------------------------------- 4 Likes ------------------------------------------------- Statistics ------------------------------------------------- Notes ------------------------------------------------- Top of Form Post Bottom of Form * Be the first to comment Mystery of-disappearing-oil 1. 1. In our opinion we think that the possibility of Jamel short-changinng is high. We have indentified the fraud symptoms as below: 1. Unusual behaviour - Jamel’s body language Unusual behaviour is seen through an individual's recognizable behaviour pattern to attempt to cope with the stress. The guilty leads to fear; fear leads to stress; and stress leads to behaviour changes. Research in psychology reveals that when a person, especially a first-time offender, commits a crime, he or she becomes engulfed by emotions of fear and guilt. Those emotions cause the individual to experience a significant amount of stress, and in order to cope with the stress, the individual will exhibit unusual and recognizable behaviour patterns. In this case, Jamel’s behaviour is very suspicious. First, body language such as the facial expressions and body posture can show people emotion and thinking especially...
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...INTRODUCTION Selangor is one of the 13 states in Malaysia. It is on the west coast of Peninsular Malaysia and is bordered by Perak to the north, Pahang to the east, Negeri Sembilan to the south and the Strait of Malacca to the west. It completely surrounds the federal territories of Kuala Lumpur and Putrajaya. The origin of the name Selangor is lost in history, although some source claim the name to have come from the Malay word selangau, which gives the meaning of a large fly, most probably due to the abundance of flies in the marshes along the Selangor River in the state’s northwest. Another more plausible theory claims the state’s name was derived from the term Selang Ur meaning “land of the straits” (ur means “land” in Tamil, selang means “straits” in the Malay language). Selangor is also known by its Arabic honorific, Darul Ehsan (“Abode of Sincerity”). Selangor is hailed as the gateway to Malaysia, given its strategic location to all major travel routes. It is home to the Kuala Lumpur International Airport (KLIA), the country’s main entry point and Port Klang, the largest port in Malaysia. There is an extensive network of highways and expressways in the state, making all parts of Selangor easily accessible. The location of Kuala Lumpur, Malaysia’s capital city and Putrajaya, the new federal administrative centre within the bounds of the state further enhances the touristic appeal of Selangor. The magnificent Kota Darul Ehsan Arch along the Federal Highway welcomes visitors...
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...THE CONFERENCE OF THE BIRDS BY FARID UD-DIN ATTAR The Conference Of The Birds By Farid Ud-Din Attar. This web edition created and published by Global Grey 2013. GLOBAL GREY NOTHING BUT E-BOOKS TABLE OF CONTENTS PART I. THE PARLIAMENT OF THE BIRDS PART II. ON, TO THE CITY OF GOD PART III.THROUGH THE SEVEN VALLEYS PART IV.RECEPTION AT THE ROYAL COURT 1 The Conference Of The Birds By Farid Ud-Din Attar PART I. THE PARLIAMENT OF THE BIRDS THE PARLIAMENT OF THE BIRDS Once upon a time, in the dim old days, all the birds of the world assembled in solemn conclave to consider a momentous question. Ever since the dawn of Creation the inhabitants of every city had had a king or leader, called Shahryar, or the friend of the city, but these feathered souls had no king to befriend them. Theirs was an army without a general—a position most precarious. How could they be successful in the battle of life without a leader to guide the weakwinged party through the perils of earthly existence? Many an eloquent speaker addressed the assembly, deploring their helpless plight in plaintive terms, bringing tears to the eyes of thetiny ones, and it was unanimously agreed that it was highly desirable, nay, absolutely necessary, that they should place themselves without delay under the protection of a king. At this stage, full of fervour, leapt forward the Hoopoe (Hud-hud) renowned in the Muslim scriptures for the part she had played as King Solomon’s trusted...
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...Collapse- book is about a history topic about how societies choose to fail or survive. The main characters are historical people and unknown kings of Mayan cities or Easter Island villages. Jared Diamond tells the story of the Viking explorer Erik the Red, who discovered Greeland and Vinland (Terranova, in Canada). Another character is captain Olafsson, a norse sailor who wrote the last news about Greenland in 1410. Another main character is Christopher Columbus, who arrived at Hispaniola in 1492, but now this island is two countries, the Dominican Republic and the Haiti. Diamond studied the politics of two presidents. the dominican Rafael Trujillo, who protected the enviroment and the dictator François, Papa Doc, Duvalier, who decided on politics of deforestatation of his country, Haiti. The author considered the bad politics of another main character, king George II, who was interested in sending merinosheeps from Spain to Australia, an idea which was succesful from 1820 to 1950 but then the farmers understood their lands lost fertility. Another main character is Tokuwaga Jeayasu, a shogun of Japan in 1600, who prohibited Christianity in 1600 and protected his country againt deforestation. The book takes us to a lot of places around the globe: Mayan cities, Rwanda, Viking colonies of Vinland or Greenland, Haiti and Dominican Republic, Easter Island and Polynesian colonies in Pacific, and the Chaco villages in New Mexico (United States). The time period was from 800 AC, when...
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...MYSTERY OF DISAPPEARING OIL In our opinion we think that the possibility of Jamel short-changinng is high. We have indentified the fraud symptoms as below: 1. Unusual behaviour - Jamel’s body language Unusual behaviour is seen through an individual's recognizable behaviour pattern to attempt to cope with the stress. The guilty leads to fear; fear leads to stress; and stress leads to behaviour changes. Research in psychology reveals that when a person, especially a first-time offender, commits a crime, he or she becomes engulfed by emotions of fear and guilt. Those emotions cause the individual to experience a significant amount of stress, and in order to cope with the stress, the individual will exhibit unusual and recognizable behaviour patterns. In this case, Jamel’s behaviour is very suspicious. First, body language such as the facial expressions and body posture can show people emotion and thinking especially when someone is trying to lying to another. In the meeting between Jamel and Mat Jon, Jamel’s reaction and expressions make him to be suspicious that he is doing something wrong and trying intentionally to cover it up from others knowing, especially his Pak Long, Mat Jon. We can see that Jamel looked very worry and nervous. He even trying hard to look confident, in order to not want his uncle to be monitoring the business closely and do not want his uncle to know what exactly happen in the business. Moreover, when Mat Jon question to Jamel the problem that...
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...CR TOPIC-WISE EXERCISES (700-800 LEVEL) 1 The 700-800 Club Critical Reasoning Critical Reasoning Topic 1: CONCLUSION 1. • • • • • 2. In the United States, about $5,200 per person per year is spent on health care, while in Britain the amount is about half that. A recent study indicated that middle-aged white Americans have a significantly higher rate of diabetes and heart disease than do middle-aged white Britons. Even after eliminating from the study the lifestyle differences of diet, exercise, smoking, and drinking, the data showed that the Americans have poorer health than their British counterparts. The statements above, if true, best support which of the following assertions? Health care spending in the United States should be reduced by 50%. More expensive health care causes a higher incidence of certain diseases. The money spent on health care in the United States is not being used effectively. The average health care spending for middle-aged white Americans is probably less than the average health care spending for Americans in general. Something other than diet, exercise, smoking, and drinking must account for the difference in health for the two groups in the study. Spokesperson: In the 2006 election of the city mayor, 55% of the voters were female. All the voters were between ages 18 and 70 and 2/3 of them supported the incumbent mayor. The incumbent mayor won the election with a substantially greater number of votes than any other...
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...FOR BLYTHE Acknowledgments My profound thanks to three dear friends with whom I have the great luxury of working: my editor, Jason Kaufman; my agent, Heide Lange; and my counselor, Michael Rudell. In addition, I would like to express my immense gratitude to Doubleday, to my publishers around the world, and, of course, to my readers. This novel could not have been written without the generous assistance of countless individuals who shared their knowledge and expertise. To all of you, I extend my deep appreciation. To live in the world without becoming aware of the meaning of the world is like wandering about in a great library without touching the books. The Secret Teachings of All Ages ———————————— FACT: In 1991, a document was locked in the safe of the director of the CIA. The document is still there today. Its cryptic text includes references to an ancient portal and an unknown location underground. The document also contains the phrase “It’s buried out there somewhere.” All organizations in this novel exist, including the Freemasons, the Invisible College, the Office of Security, the SMSC, and the Institute of Noetic Sciences. All rituals, science, artwork, and monuments in this novel are real. ———————————— Prologue House of the Temple 8:33 P.M. The secret is how to die. Since the beginning of time, the secret had always been how to die. The thirty-four-year-old initiate gazed down at the human skull cradled in his palms. The skull was hollow, like...
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...Supernatural: The Life of William Branham Book 6: The Prophet and His Revelation 1960 – 1965 by Owen Jorgensen 1 Acknowledgments: In a project of this magnitude, it is understandable that I should owe many people a debt of gratitude for their help. First of all I want to thank Pearry Green for his vision, his encouragement and his efforts in publishing and distributing these books. I also want to thank Saundra Miles, David Buckley, Jay Weber, and the other people who spent many hours editing and proof reading the six manuscripts in this series. Their suggestions helped to make this a better book and a more accurate account of William Branham‘s life. Also, I want to thank Steven and Kathy Strooh, who put these books into audio format for all those people who would rather listen than read. I must certainly thank those people who have translated these books into their native languages: Spanish, Portuguese, French, German, Russian, Norwegian, Hindi, and many other languages. Supernatural: the Life of William Branham took me 17 years to complete. I was 34 when I started and 51 when I finished. To put that into perspective, my four children were in grade school when I began writing this biography. By the time I finished, three of my children were married and I had nine grandchildren. During the 17 years I worked on this project, my life had its ups and downs. I want to thank everyone who prayed for me during those 17 years. Finally I want to thank my four children—Benaiah...
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...COLLAPSE HOW S O C I E T I E S CHOOSE TO FAIL OR S U C C E E D JARED DIAMOND VIK ING VIKING Published by the Penguin Group Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, U.S.A. Penguin Group (Canada), 10 Alcorn Avenue, Toronto, Ontario, Canada M4V 3B2 (a division of Pearson Penguin Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R ORL, England Penguin Ireland, 25 St. Stephen's Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Books Australia Ltd, 250 Camberwell Road, Camberwell, Victoria 3124, Australia (a division of Pearson Australia Group Pty Ltd) Penguin Books India Pvt Ltd, 11 Community Centre, Panchsheel Park, New Delhi—110 017, India Penguin Group (NZ), Cnr Airborne and Rosedale Roads, Albany, Auckland 1310, New Zealand (a division of Pearson New Zealand Ltd) Penguin Books (South Africa) (Pty) Ltd, 24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa Penguin Books Ltd, Registered Offices: 80 Strand, London WC2R ORL, England First published in 2005 by Viking Penguin, a member of Penguin Group (USA) Inc. 13579 10 8642 Copyright © Jared Diamond, 2005 All rights reserved Maps by Jeffrey L. Ward LIBRARY OF CONGRESS CATALOGING IN PUBLICATION DATA Diamond, Jared M. Collapse: how societies choose to fail or succeed/Jared Diamond. p. cm. Includes index. ISBN 0-670-03337-5 1. Social history—Case studies. 2. Social change—Case studies. 3. Environmental policy— Case studies. I. Title. HN13. D5 2005 304.2'8—dc22...
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...UNIT 40 INVESTIGATING INTERNATIONAL BUSINESS BTEC NATIONAL INTRODUCTION. The international nature of business is evident to anyone who, for example, buys an iPod from Apple or insurance from Aviva. Many brand names are recognised throughout the world as organisations increase demand for their products by expanding from a national to an international market. Initially, the nature of the international business environment will be considered by looking at the size and importance of international markets. Governments encourage businesses to trade internationally but protectionism is also common. International business is regulated not just by national governments but also by transnational trading arrangements promoted by trading blocs such as the European Union and global agencies such as the World Trade Organization (WTO). Both large and small businesses trade internationally but doing business internationally is often more complex than doing business in the home market. Consideration will be given to the issues facing a domestic (UK) business when it expands its operations into the international sphere. However, some insights can be made by considering issues faced by overseas businesses as they have expanded their operations by moving into the UK market. Tesco has had very limited success in extending operations into France and Carrefour has had similar problems in establishing operations in the UK. However, they both have had more success in Malaysia and...
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...2009 Award Winning Essays Organized by Supported by The Goi Peace Foundation UN ESC O Japan Airlines Foreword The International Essay Contest for Young People is one of the peace education programs organized by the Goi Peace Foundation. The annual contest, which started in the year 2000, is a UNESCO/Goi Peace Foundation joint program since 2007. The United Nations has designated 2001-2010 as the "International Decade for a Culture of Peace and Non-Violence for the Children of the World" and 2005-2014 as the "United Nations Decade of Education for Sustainable Development." Not only should young people benefit from these global initiatives, but they should be empowered to play a leading role in them. Each year, the essay contest adopts a theme relevant to building a Culture of Peace and a sustainable future, such as "Respect for life," "Caring for our planet," "Learning to live together," and "The role of media and ICT in building a peaceful world." The theme of the 2009 International Essay Contest for Young People was "The role of science in building a better world." Scientific progress has brought many benefits to humanity, while some applications of science have had adverse impacts. Young people were invited to express their vision for the future of science, and the kind of studies or researches they wish to engage in. 4,506 essay entries were received from as many as 134 countries. This publication contains a total of 16 essays: First Prize, Second Prize and Third Prize...
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...This book has been optimized for viewing at a monitor setting of 1024 x 768 pixels. MADE TO STICK random house a new york MADE TO STICK Why Some Ideas Survive and Others Die • • • C H I P H E AT H & D A N H E AT H Copyright © 2007 by Chip Heath and Dan Heath All rights reserved. Published in the United States by Random House, an imprint of The Random House Publishing Group, a division of Random House, Inc., New York. Random House and colophon are registered trademarks of Random House, Inc. Library of Congress Cataloging-in-Publication Data Heath, Chip. Made to stick : why some ideas survive and others die / Chip Heath & Dan Heath p. cm. Includes index. eISBN: 978-1-58836-596-5 1. Social psychology. 2. Contagion (Social psychology). 3. Context effects (Psychology). I. Heath, Dan. II. Title. HM1033.H43 2007 302'.13—dc22 2006046467 www.atrandom.com Designed by Stephanie Huntwork v1.0 To Dad, for driving an old tan Chevette while putting us through college. To Mom, for making us breakfast every day for eighteen years. Each. C O N T E N T S INTRODUCTION WHAT STICKS? 3 Kidney heist. Movie popcorn. Sticky = understandable, memorable, and effective in changing thought or behavior. Halloween candy. Six principles: SUCCESs. The villain: Curse of Knowledge. It’s hard to be a tapper. Creativity starts with templates. CHAPTER 1 SIMPLE 25 Commander’s Intent. THE low-fare airline. Burying the lead and the inverted pyramid. It’s the...
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...dracontias 1 2007 no. 1 2007 1 dracontias 1 2007 2 dracontias 1 2007 Melez! Occasionally, one encounters persons calling themselves “theoretical magicians” and thus meaning that they subscribe to the magical paradigms without practising magic. But, theoretical magic is a contradiction. Magic is practice, action. Eugenio Trias, professor in philosophy, have pointed out that the word magic can be traced back to the same root as make (Swedish makt meaning ‘power’, German machen meaning ‘do’ or ‘make’). Magic is a creative, creating force through which the magician enables his visions through action. This is echoed in the Draconian magical formula: Visio, Vires, Actio: Vision, Force, Action. Practising magic, however, is an art that demands dedication, patience and discipline. A process of ennobling is demanded to develop the magical abilities, a path of initiation, an alchemy in which vision and action are united into a whole. The Magical Week on Gotland is the most important magical highlight of the year, where we unite magical work with inspiring social activities and there will be a unique opportunity to work magically in depth together with others in Dragon Rouge. The Magical Week 2007 we will focus on Visio Vires Actio – The Draconian Alchemy and we will ennoble our magical abilities during intensive magical operations. HDHM! Dracontias No. 1 2007 In this issue: Editorial A few words by Thomas Karlsson The Path Through the Underworld By Anne L. The Manala...
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