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Article
Publication date: 18 September 2007

Edward J. Ferraro

The purpose of this article is to analyze and draw conclusions from recent SEC staff proposals and commissioners' comments and a recent roundtable discussion concerning access to…

238

Abstract

Purpose

The purpose of this article is to analyze and draw conclusions from recent SEC staff proposals and commissioners' comments and a recent roundtable discussion concerning access to foreign exchanges and broker‐dealers by US investors.

Design/methodology/approach

The paper summarizes a proposal by Erik Sirri, Director of the SEC Division of Market Regulation; a proposal by Ethiopis Tafara and Robert J. Peterson, respectively, the Director of the SEC Office of International Affairs and its Senior Counsel; and comments in speeches by Commissioners Roel Campos, Paul Atkins, and Annette Nazareth; and draws conclusions regarding the SEC's current efforts to develop and articulate a strategic approach to mutual recognition.

Findings

As the securities market becomes globalized, there is a growing interest among US investors for foreign securities and for more direct access to foreign broker‐dealers and exchanges. The SEC is determined to remain in the forefront among US government agencies on securities exchange mutual recognition issues, and therefore is pursuing an accelerated agenda to address these issues. The SEC sees its role as not only to function as a bulwark for the protection of US investors but also to take constructive, affirmative steps that serve to strengthen the US capital markets. While the SEC has historically been an advocate for the global convergence of national regulatory standards, it is now considering proposals for a country‐by‐country bilateral approach based upon cooperation among regulators with substantively comparable regulatory regimes.

Originality/value

This paper presents a useful analysis of the direction the SEC is likely to take on the mutual recognition issue by an experienced securities lawyer.

Details

Journal of Investment Compliance, vol. 8 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 2 May 2008

238

Abstract

Details

Library Hi Tech News, vol. 25 no. 4
Type: Research Article
ISSN: 0741-9058

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Article
Publication date: 1 July 1990

Paul Atkins

The article reviews the practical problems ofapplying inventory control techniques withreference to IDV, a company in the beers, winesand spirits industry. Recommendations are…

460

Abstract

The article reviews the practical problems of applying inventory control techniques with reference to IDV, a company in the beers, wines and spirits industry. Recommendations are made for improving control of inventory through the stock administration department.

Details

International Journal of Physical Distribution & Logistics Management, vol. 20 no. 7
Type: Research Article
ISSN: 0960-0035

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Article
Publication date: 1 April 1985

ROY DAVIES

Q‐analysis is a methodology for investigating a wide range of structural phenomena. Structures are defined in terms of relations between members of sets and their salient features…

136

Abstract

Q‐analysis is a methodology for investigating a wide range of structural phenomena. Structures are defined in terms of relations between members of sets and their salient features are revealed using techniques of algebraic topology. However, the basic method can be mastered by non‐mathematicians. Q‐analysis has been applied to problems as diverse as discovering the rules for the diagnosis of a rare disease and the study of tactics in a football match. Other applications include some of interest to librarians and information scientists. In bibliometrics, Q‐analysis has proved capable of emulating techniques such as bibliographic coupling, co‐citation analysis and co‐word analysis. It has also been used to produce a classification scheme for television programmes based on different principles from most bibliographic classifications. This paper introduces the basic ideas of Q‐analysis. Applications relevant to librarianship and information science are reviewed and present limitations of the approach described. New theoretical advances including some in other fields such as planning and design theory and artificial intelligence may lead to a still more powerful method of investigating structure.

Details

Journal of Documentation, vol. 41 no. 4
Type: Research Article
ISSN: 0022-0418

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Article
Publication date: 1 April 2004

Robert W. Helm and Megan C Johnson

In the wake of the market timing, late trading, and conflict‐of‐interest‐related scandals in the investment company industry, the Securities and Exchange Commission (SEC) recently…

187

Abstract

In the wake of the market timing, late trading, and conflict‐of‐interest‐related scandals in the investment company industry, the Securities and Exchange Commission (SEC) recently adopted rules and rule amendments designed to enhance the governance practices of registered investment companies, or “funds.” In an effort to protect shareholders and reduce conflicts of interest between fund boards and fund investment advisers, the SEC has adopted rules that, among other things, increase the required disclosure regarding approval of investment advisory contracts and prescribe the composition of and processes for fund boards. Under these new rules, funds that rely on certain SEC exemptive rules will be required to comply with new governance standards such as having an independent board chairmen and a 75% independent director majority and conducting annual board self‐evaluations. This article addresses the responsibilities fund boards will face in the wake of these new rules.

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Journal of Investment Compliance, vol. 5 no. 2
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 11 September 2009

Benjamin J. Haskin, Joseph G. Davis and Jocelyn C. Flynn

The current financial crisis revealed weaknesses in the US financial system, including the difficulty of valuing complex assets. This paper seeks to examine regulatory and…

1698

Abstract

Purpose

The current financial crisis revealed weaknesses in the US financial system, including the difficulty of valuing complex assets. This paper seeks to examine regulatory and compliance issues for hedge funds valuing complex assets.

Design/methodology/approach

Within the context of hedge fund valuation, the paper provides a general overview of: the regulatory background of hedge funds and the central role valuation plays in the operation and regulation of such funds; relevant cases brought by the SEC; and a discussion of valuation best practices.

Findings

Hedge funds are not “unregulated.” There is a body of law and accounting standards that applies to hedge fund valuation. Nevertheless, hedge fund valuation standards are evolving in this era of heightened regulatory scrutiny. The common concepts that have emerged from valuation best practices will likely provide the underpinning for any regulatory initiatives regarding hedge fund valuation.

Research limitations/implications

By the time of publication, Congress may pass pending legislation governing hedge funds and there may be additional notable SEC cases on hedge fund valuation.

Practical implications

The economic crisis has revitalized the SEC's interest in this area. Consequently, hedge funds should consider adoption of a compliance program that specifically targets valuation by stressing investor disclosure, independence of the valuation function, comprehensive written valuation polices and procedures, and internal controls.

Originality/value

The paper compiles and organizes in one place the regulatory and compliance standards governing asset valuation by hedge funds.

Details

Journal of Investment Compliance, vol. 10 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 14 November 2008

Donald Nordberg

The passage of the Sarbanes‐Oxley Act of 2002 followed hard on the collapses of Enron and WorldCom. Waste makes haste. Official reports for US government agencies worried that the…

1302

Abstract

Purpose

The passage of the Sarbanes‐Oxley Act of 2002 followed hard on the collapses of Enron and WorldCom. Waste makes haste. Official reports for US government agencies worried that the legislation may have impaired New York's competitiveness as a venue for international capital transactions. But a threat from a seemingly different direction – the subprime shakeout – exposed bigger issues. This paper aims to raise questions about many of the assumptions made in the discourse about the relative competitiveness of US and European capital markets.

Design/methodology/approach

Building on Healy and Palepu's analysis of Enron, it compares the root issues at Enron with a preliminary view of the sources of the subprime crisis to build an outline for regulatory response.

Findings

Remedies in Sarbanes‐Oxley failed to address several of the ailments in evidence in Enron. The haste of making “Sarbox” may have led us to waste an opportunity to prevent or reduce the impact of the subprime debacle.

Originality/value

The comparison of the seemingly unrelated cases reveals similar ethical gaps and regulatory lapses, suggesting a different type of legislative and regulatory response may be needed. It makes suggestions for further research to guide future policymaking.

Details

Journal of Financial Regulation and Compliance, vol. 16 no. 4
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 1 September 2007

Abbass F. Alkhafaji

The purpose of this paper is to evaluate recent corporate failures and their effect on financial statements, as well as the measures being taken to rebuild trust in corporate…

2266

Abstract

Purpose

The purpose of this paper is to evaluate recent corporate failures and their effect on financial statements, as well as the measures being taken to rebuild trust in corporate America.

Design/methodology/approach

Looks at how corporate governance in the USA is undergoing comprehensive reforms, particularly the significant Sarbanes‐Oxley Act.

Findings

Measures to rebuild trust in corporate America are being implemented.

Originality/value

The paper is of value by showing how the Sarbanes‐Oxley Act is by far is the most important legislative act governing business in the beginning of the twenty‐first century.

Details

Competitiveness Review: An International Business Journal, vol. 17 no. 3
Type: Research Article
ISSN: 1059-5422

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Article
Publication date: 1 October 2000

Paul Greenbank

Despite the importance of micro‐businesses to the UK economy, training has failed to recognise and take into account the way owner‐managers run such firms. These owner‐managers…

1947

Abstract

Despite the importance of micro‐businesses to the UK economy, training has failed to recognise and take into account the way owner‐managers run such firms. These owner‐managers tend to combine informally absorbed information, heuristics and other short‐cut methods in a more intuitively‐based approach to decision making. Does not, however, advocate that more formalised and comprehensive forms of decision making should be adopted. Instead, suggests that intuitive methods of decision making may be the most appropriate for micro‐business owner‐managers. As such, training should attempt to reduce the types of bias that are inherent in more intuitive approaches to decision making.

Details

Journal of European Industrial Training, vol. 24 no. 7
Type: Research Article
ISSN: 0309-0590

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Article
Publication date: 21 November 2008

Thomas J. Friedmann, Anthony H. Zacharski, Margaret A. Bancroft, Roger Mulvihill, Susan A. Reading, Robert J. Williams and Alan Rosenblat

The purpose of this paper is to summarize and analyze the SEC's July 9, 2008 roundtable discussion regarding fair value accounting and auditing standards.

1030

Abstract

Purpose

The purpose of this paper is to summarize and analyze the SEC's July 9, 2008 roundtable discussion regarding fair value accounting and auditing standards.

Design/methodology/approach

The paper discusses investor, auditor/accountant/actuary, and corporation views concerning the usefulness of fair value accounting, potential market behavior effects from fair value accounting, challenges in applying fair value standards, possible improvement to the current standards, and working with auditors who provide assurance for fair value accounting.

Findings

Some investor panelists said fair value provides investors with the most current and relevant information of any accounting method and some believe fair valuation is important for market integrity and trust because it is a transparent measure for valuation. Auditors are especially challenged in determining fair values in illiquid or frozen markets. Roundtable participants viewed disclosure as critical for implementation of fair valuation, particularly regarding key inputs and assumptions. Auditors and corporations would like more guidance on applying fair value accounting from the SEC and Public Company Accounting Oversight Board.

Originality/value

The paper provides expert guidance by experienced securities lawyers.

Details

Journal of Investment Compliance, vol. 9 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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