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Select two of the following and provide completed answers in a minimum of one pa

by | Aug 31, 2022 | Finance | 0 comments


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Select two of the following and provide completed answers in a minimum of one paragraph each. No title page required. Please correctly format and cite any external sources used: 1. In recent years, publicly traded companies have been under pressure to meet or beat the analysts’ consensus earnings estimates in their quarterly reports because the market will punish those that fail to deliver expected earnings. Thus, managers tend to utilize many methods to improve reported profitability that is cosmetic in nature and do not affect “real” operating performance to meet market expectations. These methods are referred to as earnings management (commonly called” cooking the books”). Managers have different motivations to engage in earnings management, and they usually defend their actions, including the following arguments: (1) Increasing stock price by managing earnings benefits stockholders; no one is hurt by these actions, (2) Earnings management is a temporary fix; such actions will be curtailed once “real” profitability improves, as managers expect. What are the affected parties in the schemes above to manage profits to prop up stock price? Do the ends of earnings management justify the means? What governance structure do you think to curb earnings management and increase the reporting quality? Please discuss. 2. Federal authorities recently brought the first-ever cryptocurrency insider-trading case, accusing a former Coinbase Global manager of tipping off his brother and a friend with confidential information and signaling in a companion case an aggressive new push to police digital tokens. Prosecutors in Manhattan filed wire-fraud charges against the three men. At the same time, the Securities and Exchange Commission brought a civil case against them in which it alleged that nine cryptocurrencies, including seven currently available on Coinbase, are unregistered securities. The SEC’s classification of the digital tokens as unregistered securities could have wide-ranging effects on the cryptocurrency industry and expose Coinbase and other platforms to new legal liabilities and regulatory requirements (please refer to the article” Former Coinbase Employee Charged in First-Ever Crypto Insider-Trading Case” under the reading assignment folder ) So, what is insider trading, and what are its most likely impacts on efficiently-functioning markets? Where would you draw the legal and ethical lines on when trading should be considered fair and when it should be considered illegal/unethical? According to the Securities and Exchange Commission, “The Code of Ethics and Insider Trading Policies and Procedures are designed to protect the public from abusive trading practices and to maintain ethical standards for access persons when dealing with the public. Active leadership and management integrity dictate that these principles be diligently implemented and monitored.” What are some examples of “active leadership” that managers and boards of directors can/should take to achieve the SEC’s intent? 3. As U.S. interest rates go up, money-market funds have been quicker to adjust than bank accounts, giving companies an incentive to shift their cash into those funds for a higher return (please refer to the article” Companies Look for Returns on Cash Piles as Interest Rates Rise ” under the reading assignment folder ) What are money market funds? Why do investors invest in them? How have rising interest rates impacted companies’ allocation of excess cash? Why might investing cash in money market funds be beneficial when there is a decline in interest rates? Please discuss.

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