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Topic: Misleading financial analysis

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Misleading financial analysis

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	Industry Analysis - Financial Analysis from BizMiner
		Valuable data is of two main types: financial analysis that benchmarks your operations against industry peers, and statistics that paint a picture of competitive trends in your specific line of business.
		By the same token, financial analysis numbers are generally available at the national level only, due to the limited number of firms willing to share complete industry balance sheet information.
		Financial information is available from most firms near the beginning of each year for the prior year; Only then can data providers begin to collect, analyze and publish reports.
	www.bizminer.com /articles.asp (700 words)

	FPA Journal - The Comprehensive Wealth Management Doctrine (Site not responding. Last check: 2007-10-31)
		Financial advisors subscribing to the AAP Doctrine are still faced with the problem of determining the appropriate asset allocation policy.
		Financial advisors subscribing to the AAP Doctrine are hard pressed to demonstrate that the investment and financial planning solutions they offer reflect their clients’ real financial objectives.
		While financial advisors operating under the AAP Doctrine claim that their investment solutions are evaluated in terms of the client financial objectives, these claims are misleading.
	www.fpanet.org /journal/articles/2000_Issues/jfp0900-art8.cfm (1635 words)

	Courtover Investment Management Ltd fined Â£20,000 for approving misleading financial promotion (Site not responding. Last check: 2007-10-31)
		If regulated firms approve financial promotions for other firms, they must remember that it remains their responsibility to ensure they comply with our rules to help consumers to make the right choice about the right product at the right time.
		Anyone who sees a financial promotion they think is misleading should report it to the FSA either through the FSA's website or via the financial promotions hotline on 0845 730 0168.
		The full text of the Final Notice issued by the FSA, which includes the background to the case, the relevant statutory provisions, regulatory requirements contravened, examples of contravening publications, and the factors taken into account when setting the level of the fine may be found on the FSA website.
	www.fsa.gov.uk /pages/Library/Communication/PR/2005/047.shtml (680 words)

	Salmi & Martikainen (1994), Review of Financial Ratio Analysis
		The research areas reviewed are the functional form of the financial ratios, distributional characteristics of financial ratios, classification of financial ratios, and the estimation of the internal rate of return from financial statements.
		A financial ratio is of the form X/Y, where X and Y are figures derived from the financial statements or other sources of financial information.
		After a principal component factor analysis of 39 ratios of the Pinches, Eubank, Mingo and Caruthers (1975) they conclude that there is a high instability in always selecting the financial ratio with the highest absolute factor loading as the representative financial ratio for the observed factors.
	www.uwasa.fi /~ts/ejre/ejre.html (11219 words)

	Morgan Stanley - Wikipedia, the free encyclopedia
		Misleading financial analysis was disclosed amongst investment banks in the United Kingdom, but the FSA Financial Services Authority, decided not to intervene.
		It should be noted that Morgan Stanley lost an estimated $300 million on the Sunbeam collapse, calling into serious question any alleged motive on the firm's part.
		From a business ethics perspective, it is also questionable whether Morgan Stanley, in its analyst capacity, was responsible for or even capable of ensuring the accuracy of Sunbeam financial data, which is generally considered the responsibility of internal and external accounting faculties.
	en.wikipedia.org /wiki/Morgan_Stanley (1764 words)

	FSA fines Hemscott Investment Analysis Ltd 50,000 for misleading financial promotions (Site not responding. Last check: 2007-10-31)
		The full text of the Final Notice issued by the FSA includes the background to the case, the relevant statutory provisions, regulatory requirements contravened and the factors taken into account by the RDC when setting the level of the fine.
		Financial penalties are not treated as income by the FSA.
		The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
	www.fsa.gov.uk /Pages/Library/Communication/PR/2005/002.shtml (547 words)

	Ratio Analysis by ECI.
		In assessing the significance of various industry financial data, experts engage in financial ratio analysis or the process of determining and evaluating financial ratios.
		A financial ratio is a relationship that indicates something about an industry's activities, such as the ratio between the industry's current assets and current liabilities, or between its accounts receivable and its annual sales.
		Third, a financial ratio is meaningful only when it is compared with some standard, such as another industry trend or a ratio trend for the specific industry being analyzed in the ratio analysis.
	www.eci-equity.com /ratio_analysis.htm (529 words)

	Financial Statement Analysis - The Credit Bookstore (Site not responding. Last check: 2007-10-31)
		This guide to interpreting financial statements will enable you to make better business and decisions by understanding how accounting choices affect financial data and how you can adjust reported data to enhancedecision making.
		Written by the man Wall Street Week's Louis Rukeyser calls "an expert on corporate financial games," this no-nonsense guide draws on eye-opening case histories of major companies whose recent accounting "shenanigans" brought in millions of investment dollars before they were exposed.
		Analysis of Financial Statements will improve a company's competitive position by analyzing its financial strengths and weaknesses.
	www.nacmint.com /bookstore/statement.html (269 words)

	Comments of America's Community Bankers on S7-39-02
		The list should not, however, include providing an auditor with "inaccurate or misleading" legal analysis unless the description of that conduct is revised to require fraudulent or improper intent.
		Attorneys, especially outside counsel, must frequently depend on their clients for factual information upon which to base their legal analysis, and may not be in a position to independently verify the accuracy of the information.
		A third party may act in accordance with his or her own agenda, but believe he or she is acting on behalf of, or in the interest of, a director or officer.
	www.sec.gov /rules/proposed/s73902/cmbahin1.htm (1776 words)

	FORENSIC INVESTING: RED FLAGS
		Many investors and creditors are discouraged from using financial statements and the related footnotes because of their complexity.
		Auditor switching and the financial condition of a company are dependent to a limited extent.
		Financial statements, which can seem extremely complex, are based upon certain accounting rules with which you should be familiar; once you learn the basic rules and terms, the statements seem much less formidable.The goal of forensic investing is to help you become proficient in understanding and interpreting financial statements, looking for those
	www.bus.lsu.edu /accounting/faculty/napostolou/forensic.html (4277 words)

	Session 15: Limitation of Ratio Analysis
		Inflation renders comparisons of results over time misleading as financial figures will not be within the same levels of purchasing power.
		Ratio analysis is useful, but analysts should be aware of these problems and make adjustments as necessary.
		Ratios analysis conducted in a mechanical, unthinking manner is dangerous, but if used intelligently and with good judgement, it can provide useful insights into the firm’s operations.
	cbdd.wsu.edu /kewlcontent/cdoutput/TOM505/page26.htm (1041 words)

	[No title]
		Financial indicators from LamLum’s Financial summary worksheet The IRR seed is a variable to be entered by the analyst.
		The “Sensitivity Analysis Scaling Factors” may be changed from 100 percent to see the impact of changes in costs or revenues on the net present values, internal rates of return, and cash flows.
		Sensitivity analysis scaling factors: percentages that may be varied up or down from 100 percent to test the sensitivity of the net present values, rates of return, and break-even laminations costs to changes in various costs and revenues.
	www1.fpl.fs.fed.us /LamLum_documentation.doc (14597 words)

	Shenanigans (Site not responding. Last check: 2007-10-31)
		Management has the option to produce misleading financial statements, forcing analysis to be prepared to conduct forensic analysis to uncover the misdeed.
		Financial shenanigans are actions or omissions intended to hide or distort the real financial performance or financial condition of an entity.
		The father of forensic analysis is Abraham J. Briloff, Emmanuel Saxe Distinguished Professor of Accountancy, Bernard M. Baruch College of the City University of New York.
	www.capatcolumbia.com /Coursework/Seminar/shenanig.htm (776 words)

	Financial Analysis
		External groups (such as investors, regulators, lenders, suppliers, customers) also perform financial analysis in deciding whether to invest in a particular firm, whether to extend credit etc. There are several rating agencies (such as Moody’s, Standard and Poors) that routinely perform financial analysis of firms in order to arrive at a composite rating.
		They read the footnotes to the financial statements carefully for clues that will tell them how aggressively the company is pushing to use legal, but misleading GAAP, rules to their limit.
		Financial analysts prefer using ratio #3 to ratio #2, although ratio #2 is more widely reported.
	faculty.philau.edu /lermackh/financial_analysis.htm (7014 words)

	Chapter 2 - Financial, managerial accounting and reporting
		Ratio analysis is a particularly powerful technique aimed at helping marketers to compare sets of figures over time and between companies.
		Financial ratio analysis is helpful in assessing an organisation's internal strengths and weaknesses.
		A thorough financial analysis usually is a condition of these three approaches.
	www.fao.org /docrep/W4343E/w4343e03.htm (5430 words)

	District of Columbia: Office of Campaign and Finance: Complaints & Final Decisions (Site not responding. Last check: 2007-10-31)
		Please be advised that each candidate, officer, and employee, who has filed a Financial Disclosure Statement with the Director of Campaign Finance since January 1, 2002, is not required to file another statement pursuant to this Notice, unless there is any change in the information supplied in the previously filed statement.
		Please contact the Office of Campaign Finance to obtain a Financial Disclosure Statement or additional information regarding the filing of the Statement on (202) 671-0547, or visit the Office at 2000 14th Street, NW, Suite 420, Washington, DC 20009.
		A person who knowingly files a false or misleading Financial Disclosure Statement is subject to the penalties under DC Official Code § 1-1107.01(b).
	ocf.dc.gov /rep/fds_def.shtm (413 words)

	Comments (Site not responding. Last check: 2007-10-31)
		It was split off from JP Morgan in order to comply with the provisions of the Glass-Steagall Act.
		The merged company was briefly known as "Morgan Stanley Dean Witter Discover and Co. " until 1998 and then "Morgan Stanley Dean Witter and Co." until late 2001.
		Misleading financial analysis was disclosed amongst investment banks in the United Kingdom, and Sir Howard Davies, chairman of the UK Financial Services Authority, decided not to intervene.
	babie.blogdrive.com /comments?id=3 (179 words)

	Monthly Review March 2003 \| Commentary \| John McMurtry
		The tradition of misleading the American people by false pretexts for aggressive wars is an old one in U.S. history, but since the fascist interregnum war criminal invasions of other countries have not been accepted by public opinion.
		If the military, corporate and financial axis the President stands for across the world interfere in elections, train death squads to kill democrats, melt down entire economies by coercive prescriptions, and bomb civilian infrastructures to ruin, the connected causal structure is blocked out by the ruling group-mind as non-existent.
		The title to bribery and threats of UN Security Council members to coerce their vote for war is also presupposed as a given right, not to be questioned even by the UN itself.
	www.monthlyreview.org /0303mcmurtry.htm (6512 words)

	REAL ESTATE APPRAISERS/A
		It is essential that a professional appraiser arrive at and communicate his or her analyses, opinions, and advice in a manner that will be meaningful to the client and will not be misleading in the marketplace.
		In particular, it is unethical for an appraiser to use or communicate a misleading or fraudulent report or to knowingly permit an employee or other person to communicate a misleading or fraudulent report.
		Definitions of the financial indices used (such as internal rate of return) and explanations of the financial analysis techniques and computer programs employed should be included.
	www.alabamaadministrativecode.state.al.us /docs/reapp/Reappa&b.htm (15817 words)

	Permanent Repeal of the Estate Tax Would Be Costly, Yet Would Benefit Only a Few, Very Large Estates, 6/3/02
		For example, a Treasury Department analysis found that raising the exemption for these family-owned enterprises to $4 million ($8 million for couples), as then-Senator Daniel Patrick Moynihan proposed in 2000, would have exempted almost all family-owned farms and reduced the already small number of family businesses subject to the tax by nearly three-quarters.
		As assets are held by each succeeding generation, it could eventually become necessary to track changes in value that occurred over a century or more.
		That supporters of eliminating the estate tax included the carry-over basis provision in last year's law as an accompaniment to estate tax repeal highlights the misleading nature of claims that the estate tax represents unfair double taxation.
	www.cbpp.org /6-3-02tax.htm (6590 words)

	Amazon.com: Financial Analysis With Microsoft Excel: Books: Timothy R. Mayes,Todd M. Shark (Site not responding. Last check: 2007-10-31)
		It is ideal for courses in financial management, financial models, capital budgeting, or case courses.
		His research interests include portfolio performance analysis and reporting, portfolio theory, derivatives, and, of course, the use of spreadsheets in financial education.
		I would think that you could use Access 2000 to apply financial analysis if Access is better suited than Excel, which I am not so sure; although Mr.
	www.amazon.com /exec/obidos/tg/detail/-/003018083X?v=glance (1300 words)

	Wachowicz's Web World - Part III
		Information on financial analysis using business or financial ratios and norms courtesy of the Milner Library at Illinois State University.
		HISTORY produces a financial analysis of up to 5 years of user-supplied, historical financial data about a company.
		Key financial ratios for public companies and a comparison of those ratios to industry and S&P 500 figurs.
	web.utk.edu /~jwachowi/part3.html (1581 words)

	Give.org
		Data Analysis: Through a specialized computer program, the system will make an initial analysis of the charity's responses to determine if the charity meets or does not meet the Alliance's comprehensive Standards for Charity Accountability.
		In those areas, the system is designed to flag certain charity responses for Alliance staff analysis as to whether the charity meets the applicable standards.
		For example, the financial section includes help screens for each of the financial items that show where to find the referenced item in either the audited financial statements or the IRS Form 990.
	www.give.org /news/caresfaq.asp (1440 words)

	Morgan Stanley (Site not responding. Last check: 2007-10-31)
		NEW YORK, November 17 (newratings.com) - Analyst Michael L Mayo of Prudential Financial reiterates his "underweight" rating on Morgan Stanley (MWD.NYS).
		WEST PALM BEACH, Fla. (AP) - Citing a pending appeal, a judge declined to rule on whether the investment firm Morgan Stanley and several executives should be...
		Sir Howard Davies, chairman of the UK Financial services authority when it decided not to intervene after misleading financial analysis was disclosed amongst investment banks, is an employee of the bank.
	www.wikiverse.org /morgan-stanley (286 words)

	James K. Glassman on P/S Ratios on NRO Financial
		You have to apply holistic analysis, too; that is, use your head.
		John M. Bajkowski, the group's vice president for financial analysis, uses a computerized "screen" that seeks companies whose P/S ratios are not merely low in an absolute sense but also low compared with their own P/S history and with the P/S levels in their industry.
		Also, as a way to keep clunkers off the list, he insists that the company's "relative strength index" (that is, its return compared with that of other companies) over the past year be greater than the industry median.
	www.nationalreview.com /nrof_glassman/glassman200310020809.asp (1933 words)

	Georgia Tech - College of Management \| Faculty & Research \| Centers & Initiatives \| Financial Analysis Lab (Site not responding. Last check: 2007-10-31)
		Georgia Tech's Financial Analysis Lab conducts unbiased stock market research.
		A recurring theme in our work is the identification of reporting practices that give investors a misleading signal, whether positive or negative, of corporate earning power.
		We define earning power as the ability to generate a sustainable stream of earnings that is backed by cash flow.
	mgt.gatech.edu /fac_research/centers_initiatives/finlab.html (243 words)

	Most Frequently Asked Questions (FAQ)
		If you elect to purchase an analysis or select a license you will automatically be directed to complete the necessary registration form.
		Recent corporate revelations and events indicate that financial data contained in annual reports, questionnaires, or loan applications from companies should not be taken at face value and used for financial analysis or investment decisions.
		The end result of the VentureLine approach to company and industry analysis is that we provide you, our MBA members, with information that is, to the best of our knowledge, the most accurate and reliable.
	www.ventureline.com /faq.asp (776 words)

	Financial Analysis - Finance - Management Portal (Site not responding. Last check: 2007-10-31)
		How to read it, what its elements are and how to use it to invest intelligently is the theme of this article.
		In the early 60's Edward Altman, using Multiple Discriminant Analysis combined a set of 5 financial ratios to come up with the Altman Z-Score.
		TSC has developed a five-day series on the how-to of fundamental analysis: what it is, how to read a balance sheet, and how to read an income statement.
	www.themanager.org /knowledgebase/Finance/Analysis.htm (206 words)

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