An Analysis of the Sale of Contracts by the Athletics after the 1914 Season

The Philadelphia Athletics lost the 1914 World Series to the Boston Braves, being swept in four games. The Athletics had been favored to win the Series over the Braves, who had been in last place as late as the Fourth of July. After the season, Connie Mack, the owner/manager, sold many of the best players for the Athletics. The sale of athletes is often attributed to financial pressures caused by the Federal League, which hired several star players at relatively high salaries and began play in 1914. Perhaps the sales were part of an effort to rebuild the team after the disappointing loss of the World Series. This study will examine the financial implications of the sale of players\u27 contracts. This study has several uses in the classroom. The event may be presented as a sale of assets and incorporated into the decision making component of managerial or cost accounting. as a general rule, such sales should occur if profits will increase as a result. Based on this rule, did Connie Mack make the best decision? This study may also be considered a forensic analysis of the sales. Do the sales make financial sense? If not, what motivations may have influenced Mack? This study will present preliminary analysis of the financial implications of the sales. The Athletics seemed to lose value in the sales. Possible motivations will be explored as the basis of future studies

The Effect of Regulation on Statement Disclosures in the 1915 Moody\u27s Manuals

United States firms in the early 20th century were subject to public and private regulation. Forms of regulation included rate regulation and stock exchange listing requirements. These regulations created incentives to report income statement information. This study utilizes the 1915 Moody’s Analyses of Investments to test whether regulated firms in the United States reported more income statement information than unregulated firms. Rate regulation influenced utilities to report income statements more frequently than industrial companies. Stock market listing requirements also influenced the reporting of income statements. Therefore, the results indicate that both public and private regulations influenced financial reporting in the early 20th century. Another finding of the study is that income statements were more frequently reported than balance sheets for both railroads and utilities

Financial Reporting in 1920: The Case of Industrial Companies

This study uses the 1920 Moody’s Analysis of Industrial Investments to assess the extent of financial reporting by U.S. indus­trial companies. The reporting of an income statement and a balance sheet, as well as the amount of disclosure in both of these statements, is examined empirically to determine which economic factors influ­ence this reporting. The results show that corporate-governance, op­erating, and financing factors all significantly influence the reporting of financial statements and the extent of disclosure within those state­ments. However, the significant factors vary across the two financial statements and the two decisions considered (reporting a particular statement and the amount of disclosure within the statement to re­port). All factors are shown to influence significantly the decision to report both a balance sheet and an income statement and the amount of information to report in a balance sheet. The decision regarding the amount of information to report in an income statement is only influenced by corporate-governance and operating factors

Earnings Management Among Firms During the Pre-SEC Era: A Benford\u27s Law Analysis

This paper examines the existence of financial statement manipulation in the U.S. during a time period when many of the current motivations did not exist. The study looks for types of manipulations that would be motivated by the pre-SEC operating environment. To examine this issue, a sample of U.S. firms from the 1915 Moody\u27s Analyses of Investments is divided into industrial firms, railroads, and utilities. The railroad and utility companies faced rate regulatiori during this time period, providing incentives to manipulate the financial reports so as to maximize the rate received. Industrial firms were not regulated. These companies wanted to attract investors, motivating manipulations to increase income and net assets. To determine if manipulations are occurring, a Benford\u27s Law analysis is used. This analysis examines the frequency of numbers in certain positions within an amount to determine if the distribution of the numbers is similar to the pattern documented by Benford\u27s Law. Some manipulations consistent with expectations are found

Financial reporting in 1920: The case of industrial companies;

This study uses the 1920 Moody\u27s Analysis of Industrial Investments to assess the extent of financial reporting by U.S. industrial companies. The reporting of an income statement and a balance sheet, as well as the amount of disclosure in both of these statements, is examined empirically to determine which economic factors influence this reporting. The results show that corporate-governance, operating, and financing factors all significantly influence the reporting of financial statements and the extent of disclosure within those statements. However, the significant factors vary across the two financial statements and the two decisions considered (reporting a particular statement and the amount of disclosure within the statement to report). All factors are shown to influence significantly the decision to report both a balance sheet and an income statement and the amount of information to report in a balance sheet. The decision regarding the amount of information to report in an income statement is only influenced by corporate-governance and operating factors

Earnings management among firms during the pre-SEC area: a Benford\u27s Law analysis

This paper examines the existence of financial statement manipulation in the U.S. during a time period when many of the current motivations did not exist. The study looks for types of manipulations that would be motivated by the pre-SEC operating environment. To examine this issue, a sample of U.S. firms from the 1915 Moody\u27s Analyses of Investments is divided into industrial firms, railroads, and utilities. The railroad and utility companies faced rate regulation during this time period, providing incentives to manipulate the financial reports so as to maximize the rate received. Industrial firms were not regulated. These companies wanted to attract investors, motivating manipulations to increase income and net assets. To determine if manipulations are occurring, a Benford\u27s Law analysis is used. This analysis examines the frequency of numbers in certain positions within an amount to determine if the distribution of the numbers is similar to the pattern documented by Benford\u27s Law. Some manipulations consistent with expectations are found

An Analysis of Social Factors Influencing the Adoption of International Financial Reporting Standards

his paper examines the decision of 120 countries to permit or not to permit the use of International Financial Reporting Standards (IFRS) for listed companies incorporated within their borders. An empirical model is developed considering variables related to culture, political systems and economic systems of the countries. Least squares regression was used to examine which variables significantly influence the decision to allow the use of IFRS. The results from this regression indicate that literacy rates and net import activity positively influence the decision to allow IFRS. Less economically developed countries were also shown to be more likely to allow IFRS. A model using these three variables was used to predict whether countries would allow IFRS. The model was able to statistically improve on the prediction that all countries would use IFRS

The Third sector in France and the Labour Market Policy

In France, like in other Western European countries, the third sector has been on a steady increase during the last decade as the results of the Johns Hopkins comparative project shows it. Today nonprofit organisations play also an increasing role in labour market policies. In a country with a corporatist welfare state, the access to the labour-market represents the key for social rights

Развитие гражданского общества Франции: взгляд статистика

The article highlights first the historical background: two long-term trends have most strongly influenced the development of the non-profit sector throughout its millennial history. Ап analysis of the French civil society nowadays is made on the basis of the System of national accounts concept using the most recent statistics on this sector ignored by the statistical system two decades ago. The number, size and hu­man resources of civil society organizations (CSOs) are analysed first, then their financial resources by public and private origin and their economic contribution and social impact .  The final part of the research deals with recent1 trends and issues. The evolution of the French non-profit sector during the Millennium decade is outlined. Then focuses on the impact of the financial, economic and social crisis on the French third sector is highlighted.  The sharing of educational, health and social services provision between the state, the local governments and the civil society obviously depends on functions that have been devolved to local governments as well as on the level of externalization or subcontracting which authorities consider to be relevant. Recourse to the non-profit sector makes it possible to reduce public employment, which is very high in France. Grass-roots associations provide local services adapted to the local population through voluntary work. That is the reason why the central and local governments and social security affords an almost total financing to the welfare CSOs and a partial financing to the others while the public sector regulates the CSOs and guarantees universal access to the services provided as well as the equal treatment of all users.  The whole civil society sector associations and foundations is currently looking for its place in the public sphere, either in close partnership with public authorities or within the social and solidarity economy with the cooperatives and the mutual societies. Civil society organizations have demonstrated their ability to respond to the new needs of a more diverse population, and they have proved their resilience during less favourable times.  В статье описаны две долгосрочные тенденции, оказавшие значительное влияние на развитие некоммерческих организаций (НКО) Франции на протяжении всей его тысячелетней истории. Анализируется современное состояние гражданского общества Франции с использованием методов системы национальных счетов и на основе последних статистических данных о НКО, которые еще два десятилетия назад не учитывались статистической системой. Исследуются численность, размер и человеческие ресурсы НКО, их финансовые ресурсы, а также их экономический вклад и воздействие на общество.  Заключительная часть статьи посвящена описанию современных тенденций и проблем в этой сфере. Представлен анализ эволюции французского некоммерческого сектора в течение последнего десятилетия. Выявлено влияние финансового, экономического и социального кризиса на НКО Франции.  Распределение предоставления образовательных, медицинских и социальных услуг домашним хозяйствам между государством, местными органами власти и гражданским обществом зависит от функций, которые были переданы местным органам власти, а также от уровня экстернализации или субподряда, которые власти считают актуальными. Привлечение некоммерческого сектора позволяет снизить уровень занятости в секторе государственного управления, который во Франции очень высок. Ассоциации, связанные с деятельностью общин, предоставляют свои услуги местному населению на общественных началах. По этой причине центральные и местные органы власти и органы социального обеспечения осуществляют почти полное финансирование социальных НКО и частичное финансирование других типов НКО, в то время как сектор государственного управления регулирует НКО и гарантирует всеобщий доступ к предоставляемым ими услугам, а также равный (справедливый) доступ к ним всех пользователей. Весь сектор гражданского общества ассоциации и фонды в настоящее время ищет свое место в общественной сфере: либо вступая в тесное партнерство с органами государственного управления, либо в рамках социальной и солидарной экономики, объединяясь с кооперативами и другими видами ассоциаций. Организации гражданского общества продемонстрировали свою способность реагировать на новые потребности различных слоев населения и доказали свою устойчивость в не столь благопри­ятные времена

Electric Dipole Moments of Leptons in the Presence of Majorana Neutrinos

We calculate the two-loop diagrams that give a non-zero contribution to the electric dipole moment d_l of a charged lepton l due to possible Majorana masses of neutrinos. Using the example with one generation of the Standard Model leptons and two heavy right-handed neutrinos, we demonstrate that the non-vanishing result for d_l first appears in order O(m_l m_\nu^2 G_F^2), where m_\nu is the mass of the light neutrino and the see-saw type relation is imposed. This effect is beyond the reach of presently planned experiments.Comment: 13 page