Stock Picking Skills of SEC Employees Shivaram Rajgopal Schaefer Chaired Professor of Accounting Goizueta Business School Emory University 1300 Clifton Road NE, Atlanta, GA 30030 Email: shivaram.rajgopal@emory.edu Roger M. White PhD Student in Accounting J. Mack Robinson School of Business Georgia State University Email: rwhite42@gsu.edu Preliminary and incomplete Comments welcome This draft: February 18, 2014 Abstract: We use a new data set obtained via a Freedom of Information Act request
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current Chairman and Chief Executive Officer. Mr. Plank’s son, Roger, was the company’s current CFO, but the company was not controlled by the Plank family, and in fact, officers and directors as a group held less than 1.25% of the company’s common stock (see Exhibit 1-3 for Apache’s Income Statement, Balance Sheet, and Cash Flow Statement). By 2001, Apache had evolved into a large independent oil company that explored, developed, and produced oil and natural gas in North America, with offshore exploration
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motivations for earnings management include the need to maintain the levels of certain accounting ratios due to debt covenants, boost earnings to beat analyst targets, or intentionally understate the earnings to get rid of the political pressure. Analysis of earnings management often focuses on management’s use of discretionary accruals. Such research requires a model that estimates the discretionary components of reported income. In this paper, we studied three companies from three different
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Revenue recognition – the accounting term for determining the amount of revenues to be “booked” for purposes of calculating a firm’s earnings in a given period – is an important, complex and controversial issue. The importance of revenue recognition stems from the accountant’s approach to calculating earnings, which is to first calculate recognized (“booked”) revenues, and then deduct the accounting costs of earning those revenues (a process known as “matching costs with revenues”). Consequently
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An Built heydays. nearly as avid in creating Nxxx,2012-01-22,A,001,Bs-BK,E3 all of the Abroad of Almost Empire Almost all millionnotheydays. heydays. Almost the 70 in America. Today, few are. mous companies were in theirall of 70 million the 70 million Apple employsApple employs 43,000 43,000 peoAmerican jobs as other faiPhones, 30 million iPads iPads andiPadsApple employs 43,000 peoand iPhones, 30 million30 million iPhones, and Almost all of the 70 million heydays. plemous companies
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for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Copyright C
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Introduction 2 Background 3 The Need for CSR at Home and Abroad 7 Case Study Analyses: Four Critical Events in the Oil Industry and their Effect on CSR Case Study #1: The Exxon Valdez Oil Spill 9 Case Study #2: Occidental and the Piper Alpha Disaster 12 Case Study #3: A Two-Part Analysis of Shell in the Mid-1990s a) Shell’s Human Rights Violations in Nigeria 16 b) Shell’s Response—Outsource CSR 21 Case Study #4: BP’s Major Advances
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around the globe. To do this, a nine-step problem-solving model will be applied starting with identifying of issues and opportunities and ending with the optimal solution, implementation of the solution, and an evaluation of the results. Situation Analysis Issue and Opportunity Identification Riordan Manufacturing has an existing facility in China that has been so successful in the past year, the Chief Executive Officer, Dr. Michael Riordan, has decided to look at the potential of expanding the facility
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---------------------------------------------------------- Page 43-44 OVERVIEW OF THE OIL AND GAS INDUSTRY Companies in this industry develop and operate fields to extract crude oil and natural gas. Major players include Apache, Conoco Phillips, and Exxon Mobile (all based in the US), as well as BP (the UK), and Tatneft (Russia), National Iranian Oil Company, PETROBRAS (Brazil), Royal Dutch Shell (the Netherlands), and Saudi Aramco (Saudi Arabia). The global oil and gas exploration and production
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competitive power. In fact, these invisible assets are often the only real source of competitive edge that can be sustained over time. —HIROYUKI ITAMI, MOBILIZING INVISIBLE ASSETS You’ve gotta do what you do well. —LUCINO NOTO, FORMER VICE CHAIRMAN, EXXON MOBIL OUTLINE l Introduction and Objectives l The Role of Resources and l Organizational Capabilities Classifying Capabilities The Architecture of Capability l Appraising Resources and Capabilities Establishing Competitive Advantage Sustaining Competitive
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