The impact of stock spams on volatility

This paper is dedicated to study the impact of stock spams through the analysis of the variations of volatility. We use the methodology of event studies on a sample of hundred ten firms. The results show positive and significant changes in volatility during 12 days of the event window; a widening of the variation [lowest price - highest price] was noticed following the consignment of messages by the spammers. The sending of stock spams affected the behaviour of investors, indicating thus that the spamming activity is a lucrative business.Stock spam, event studies, volatility, penny stock

Accounting Information Systems for A Distribution Company

A distribution company with consigned goods needs to record their transactions. They need to view a flexible consignment report, value-added tax (VAT) excluded price, and pricing based on first in first out (FIFO) method. Based on this background, a structural accounting information system is designed to meet the company�s requirements. The system was build using PHP language and MySQL database. The results obtained from the system are master recording for suppliers, customers, salespersons, and goods data. Transactions include purchases, purchase returns, sales, sales returns, and consignment. All transactions are integrated with inventory stock card and the journal. This software also generates financial statement such as income statement, owner�s equity statement, and balance sheet

Buyback and return policies for a book publishing firm = Egy könyvkiadó vállalat visszavásárlási stratégiája

A dolgozat célja egy vállalati gyakorlatból származó eset elemzése. Egy könyvkiadót tekintünk. A kiadó kapcsolatban van kis- és nagykereskedőkkel, valamint a fogyasztók egy csoportjával is vannak kapcsolatai. A könyvkiadók projekt rendszerben működnek. A kiadó azzal a problémával szembesül, hogy hogyan ossza el egy frissen kiadott és nyomtatott könyv példányszámait a kis- és nagykereskedők között, valamint mekkora példányszámot tároljon maga a fogyasztók közvetlen kielégítésére. A kiadóról feltételezzük, hogy visszavásárlási szerződése van a kereskedőkkel. A könyv iránti kereslet nem ismert, de becsülhető. A kis- és nagykereskedők maximalizálják a nyereségüket. = The aim of the paper is to analyze a practical real world problem. A publishing house is given. The publishing firm has contacts to a number of wholesaler / retailer enterprises and direct contact to customers to satisfy the market demand. The book publishers work in a project industry. The publisher faces with the problem how to allocate the stocks of a given, newly published book to the wholesaler and retailer, and to hold some copies to satisfy the customers direct from the publisher. The publisher has a buyback option. The distribution of the demand is unknown, but it can be estimated. The wholesaler / retailer maximize the profits. The problem can be modeled as a one-warehouse and N-retailer supply chain with not identical demand distribution. The model can be transformed in a game theory problem. It is assumed that the demand distribution follows a Poisson distribution

Defining Agency and Its Scope (II)

Fiduciary law necessarily raises issues of delineation and demarcation, which this paper demonstrates through examples involving common-law agents. Serving as an agent, and thus as a fiduciary, does not necessarily mean that agency law prescribes all duties that the agent owes the principal. The agent may have rights external to the relationship that the agent may exercise, distinct from the duty of loyalty owed the principal. When an agent acts outside the bounds of an agency relationship, the principal’s consent is not requisite to conduct that would constitute disloyalty within the bounds of the agency relationship. The paper illustrates the significance of this point through a series of examples drawn from a range of contexts, including auctions of art objects. Prior scholarship neglects the implications of demarcations that define the scope of an agency relationship and of fiduciary relationships more generically. More generally or theoretically, the paper examines the qualities of fiduciary duty as a default rule, arguing that the relative “stickiness” of the default varies. Agency law contains two different kinds of altering rules—necessary and sufficient conditions to vary a default rule—consisting of agreements that define the scope of the agent’s representative role on behalf of the principal, and consent by the principal to actions by the agent within that scope that relieve the agent of liability for breach of fiduciary duty, which impose significantly different requisites. The basic distinction between agreement and consent has parallels elsewhere in agency law; for example, ratification, like consent, requires specificity because to be legally effective ratification requires that the principal know, as a matter of historical fact, what the agent has done. Agreement, on the other hand, requires less specificity, comparable to manifestations that confer actual authority on an agent which necessarily does not require that the principal foresee all actions that the agent may take that fall within the scope of the grant of authority. And ratification, like effective consent, is a matter of historical fact, not hypothesis. These implications follow because agency law, by positioning an agent as the principal’s representative for purposes of legally-salient interactions with third parties and facts about the world, frames the agent as an extension of the principal, not the principal’s substitute

Eden Fisheries Advisory Committee 29th April, 1975

This is the report from the Eden Fisheries Advisory Committee meeting, which was held on the 29th April, 1975. It covers information on fishery byelaws, and a report by unit fisheries officer on fisheries activities. This section includes work on stocking, biological work carried out, fish surveys, fishing information for migratory fish, trout, and coarse fish, and hatchery work. Information of a fish mortality on the River Petteril is also covered. Other areas looked at include licence duties and inportation of live freshwater fish. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996

Mersey & Weaver Fisheries Advisory Committee 21st April, 1975

This is the report from the Mersey and Weaver Fisheries Advisory Committee meeting, which was held on the 21st April, 1975. It covers information on fishery byelaws, and a report by Unit Water Quality Officer on fisheries activities. This section includes work on fisheries management, stocking carried out, biological work carried out on the Rivers Bollin, Etherow, Goyt, Tame, Glaze and Roch and information on the mortality of coarse fish in the Rochdale Canal. Other areas looked at include licence duties and inportation of live freshwater fish. The Fisheries Advisory Committee was part of the Regional Water Authorities, in this case the North West Water Authority. This preceded the Environment Agency which came into existence in 1996

The Origins of New Zealand's Chinook Salmon, Oncorhynchus tshawytscha

Chinook salmon, Oncorhynchus tshawytscha, are well established as anadromous and landlocked runs in New Zealand. Ova introductions during the 1870's (probably from the McCloud River, California, U.S.A.), failed to generate anadromous stocks, but further introductions offall-run salmon ova from hatcheries in California's Sacramento River basin in the early 1900's were successful and formed the basis for existing runs. The first batch of ova in the 1900's consignments originated from Battle Creek, a Sacramento River tributary, but the explicit source of later batches is not known. It seems likely that the successful runs stem from the second batch (1903 brood year-1904 consignment in New Zealand), probably augmented by returns from later importations

Pengaruh Net Working Capital (Nwc), Current Ratio (Cr), Quick Ratio (Qr), Cash Flow Liquidity Ratio (Cflr) Dan Market Value Added (Mva) Terhadap Return Saham (Studi Pada Perusahaan Sektor Industri Barang Konsumsi Yang Go Public Di Bei Periode 2013-2015)

The purpose of this study was determine and explain the simultanious impact of Net Working Capital (NWC), Current Ratio (CR), Quick Ratio (QR), Cash Flow Liquidity Ratio (CFLR), and Market Value Added (MVA) to Stock Returns and which is the most dominant to Stock returns. This study use linear regression analysis with tool SPSS for Windows ver 23.00. The result of the testing indicate that NWC, CR, QR, CFLR, and MVA are have influence simultaneously to stock returns at consumer goods industry companies period 2013-2015, amounting significant 0,027. NWC is the most dominant significant impact on stock returns amounting 0,003 at consumer goods industry companies period 2013-2015.CR and QR are have insignificant effect because the consumer goods industry requires large consignment stock and due to large inventories,it can not meet the large income in its monthly financial statements