Market Composition Essay -- Global Finance, Investments

Over the past two decades, a panoply of behavioral finance research has been devoted to exploring the trading patterns of behavior and trading performance of individual and institutional investor categories over time and across exchanges. In fact, this intriguing research topic is of considerable interest to academic scholars and market practitioners alike, because it has great academic value and practical implications for industry. Specifically, capturing the trading pattern and investment performance of each investor group within a particular country can cast light on some worthwhile issues such as market composition, information transmission, asset price formation, and market efficiency and liquidity. Due, in part, to the information asymmetry evidenced between institutional investors and individual investors (e.g., Alangar et al., 1999; Lin et al., 2007; Duong et al., 2009), each group is more likely to have its unique characteristics. In their 2008 study, Kaniel et al. point out that institutional investors are by and large perceived to be better-informed rational traders, and to have a rather long-term investment perspective. In contrast, individual investors are generally viewed as unsophisticated traders, who prefer short-term investment horizons and are deeply involved in making sentiment-driven investment decisions based on their own cognitive biases. On the other hand, researchers working in the area of behavioral finance distinguish between two acknowledged trading patterns premised on investors' reactions to the past price movements of stocks. The first pattern of behavior is labeled as momentum investing or positive feedback trading, in which investors purchase (sell) a stock in anticipation of a further rise (d... ...kes (2011) report significant evidence that all three investor types – especially insurers – are more contrarian when selling than buying, which suggests that investors are reluctant to realize losses, in conformity with the evidence presented by Grinblatt and Keloharju (2001) and Odean (1998). More recently, Phansatan et al. (2012) examine the Stock Exchange of Thailand (SET) and find that individual and institutional investors appear to be contrarian traders as opposed to foreign investors who are shown to be positive feedback traders. Interestingly, the trading strategies of institutions in the Thai stock market lead to very inferior security section, and thus very poor overall trading performance. On the other hand, the trading behavior of individual investors brings about gains from security section, but their poor market timing counterbalances these gains.

Prince Shotoku

Prince Shotoku Prince Shotoku was born on February 7,572. Prince Shotoku was a member of the imperial clan and took the throne after Empress Suiko’s reign. He was also known as Prince Umayado, Prince Kamitsumiya. Prince Shotoku was the son of Emperor Yomei. He was the second son born to the Emperor. When he was very little, he read a lot of books and he became very smart. Because of his intelligence and mind, Emperor Yomei decided that his second born son would make a good prince and future emperor. Prince Shotoku came into power in 593.Shotoku was inspired by Buddhist teachings, and wished to form a centralized government in his ruling era. Prince Kamitsumiya created and formed Japan’s first Constitution, also known as the Seventeen- Article Constitution to have rules for officials to be more worried about political affairs. He also wanted to spread Buddhism throughout Japan and build temples and much more to spread around the world. Prince Shotoku believed in Buddhism and followed all of the Buddhism to reach paradise and be a good Emperor.He was a very intelligent ruler with all of his thoughtful ideas and plans, he brought Japan to its Golden Age. He allowed his people to believe that he was a good ruler and could bring peace and harmony into Japan. After his years of ruling, he has turned Japan into a powerful aristocracy, and also noble families also held high positions in the government. â€Å"All men are influenced by partisanship, and there are few who have wide vision. † – Prince Shotoku From February 7, 572- April 8, 622

Justice Is Unfair Or Unjust - 1189 Words

When one hears the word, justice, one would think of the courts and how people are dealt out punishment based on the law. One may also think of several court cases where the outcome may have been unfair or unjust. It is interesting how justice is perceived by people as justice can mean several things to people, like what is true justice? How is a sentence deemed fair? Most people believe that true justice is when a sentence is given to someone and that the sentence chosen is in line with the crime committed by the person who is deemed guilty. However what if there was a person who committed a murder but had a mental illness. Is it fair to give him the death sentence? Some would say yes because they killed someone, however others would†¦show more content†¦Though Arthur didn’t want to kill his wife, whom he loved so dearly, the King wished for true justice to prevail so he ordered his wife to be executed in the name of the law. Here is an example of how the King put hi s emotions in check in order for justice to prevail. However one would wonder whether it was really true justice as the king had forgiven his wife but he had to still attempt to execute her. As such, it can be lead to believe that true justice isn’t real. Though a ruling might seem just to one party, it may be be unfair to another. In the court system one party may receive the proper justice that they wanted but the other may feel as the judgment was unfair. The poet, Langston Hughes dealt with this matter through his poetry. In his poem, â€Å"Justice†, Hughes calls justice a â€Å"blind goddess† (Hughes â€Å"Justice† 1) that only â€Å"we black are wise† (Hughes â€Å"Justice† 2). By doing so he is calling out that justice is unfair, in the context of his poem, he is relating to the matter regarding black rights in America during the 1900’s. He states that the current justice system is only fair to white people and not black. This helps to prove the point that rulings are often unfair especially in regards to racial issues. In the past court cases, blacks were unfairly treated and prosecuted due to the fact that it was deemed at the time that whites were ‘superior.’ However over time this changed though itShow MoreRelatedThe Act of Cheating870 Words   |  4 Pageswant to be on unequal ground with anyone. If you can get an edge you take it. Such is the way of our nature and of our current society. A good example of this is performance enhancing drugs in sports. If a player or team uses it, it gives them an unfair advantage against other teams. Most players and teams respond to this by using those drugs themselves to even the playing field. It’s only fair since the opposing team would have performed drastically better than them if they had not. And by usingRead MorePrejudicial issues in To Kill a Mockingbird by Harper Lee Essay753 Words   |  4 Pagesof Atticus. Having Scout as the narra tor allows Harper Lee to highlight the gender inequity through a youthful unbiased perspective. The chauvinistic attitudes and prejudiced views of most of the town’s folk leaves Maycombs social hierarchy in an unfair order, victimising many of the town’s people due to their socially non-conforming habits some ‘socially unaccepted people’ including Boo Radely and the Cunninghams. Read MoreJustice Is One Of Four Cardinal Platonic Virtues Essay1298 Words   |  6 PagesJustice is one of four cardinal Platonic virtues. These virtues are said to be good by nature, and so they must be ideals that all individuals strive to demonstrate in their lives. In The Republic, Plato (through Socrates) attempts to find the definition of Justice through dialogue with his colleagues. One of his colleagues Thrasymachus proclaims that: â€Å"Justice is in the interest of the stronger.† (338c) In other words, rulers make laws from which only they reap the benefits of. Fortunately, thisRead MoreAntigone Essay926 Words   |  4 PagesCivil disobedience is an act Antigone and multiple modern-day women commit to raise awareness of a lack of justice in their societies. Civil disobedience is the refusal to comply with certain laws as a peaceful form of political protest. This form of protest is sho wn throughout Sophocles’ tragedy Antigone. Antigone, the protagonist, exhibits civil disobedience when she gives her brother, Polyneices, a proper burial. Antigone is very much like Rosa Parks as described in the article â€Å"Rosa Parks leavesRead MoreAntigone And Martin Luther Kings Letter From Birmingham Jail831 Words   |  4 PagesUnited States still struggles with injustice and unjust laws that causes many problems within the country. Such as it did 54 years ago, and even during the BC ages was it a problem. Dr King’s letter explains how he knew he broke the law by blocking a road, but did it due to the racism and injustices that were happening. In Antigone, she buries her brother even though he was not meant to, and due to she is a female and that she broke the law that was unjust her consequence is to die. Sophocles’ AntigoneRead MoreAnalysis Of The Book Jim Crow On Trial 747 Words   |  3 PagesThe book Jim Crow on Trial is very much centered aroun d subjects of justice and fairness. As it follows a real court case, if must do so. The boys suffer through a time of unfair and often cruel treatment. They are accused by 2 white girls, tried by bias and racist juries, and finally, thrice convicted of rape and sentenced to death. In their last trial, some had their charges dropped, and others received only life in prison. Those in prison eventually left on parole. Only one of the boys was pardonedRead MoreTo Kill A Mockingbird Southern Injustice Analysis853 Words   |  4 PagesJ. Corbett once wisely stated, â€Å"Individuals can resist injustice, but only a community can do justice†. This quote paints a clear picture of how sometimes individuals, such as Atticus, can stand up for what’s right, yet the entire community must invest in justice in order to advance in this area. Striving for truth and justice in their own lives, all citizens must make an investment in seeing that justice also oversees everything happeni ng in the community. Sadly, in To Kill a Mockingbird, the peopleRead MorePolitical And Economic Theory Is An Often Contentious Subject1582 Words   |  7 Pageseveryone is better off together than alone but that everyone wants to reap the benefits of a society and no one wants to bear the burden. Because of these conflicts, a system of justice must be put in place to aid in the division of these benefits and burdens. With this idea in mind, Rawls develops the principles of social justice. He argues that a well-ordered society is one where everyone accepts these principles. These principles show that individuals have different purposes and goals but recognizesRead MoreWhat Does Human Justice And Injustice Look Like?1318 Words   |  6 PagesBefore answering the question of â€Å"What does human justice and injustice look like?†, we ought to firstly define the two words. First we give an informal, contemporary definition of the words. The word justice can be defined as being treated with fairness or fair behavior, the word justice is also commonly linked with peace and good. On the other hand, the word injustice can be defined as the opposite of justice and absence of fairness and justice. Theses two words are commonly linked and correspondsRead MoreMartin Luther King Jr., Lenard Pitts, Henry David Thoreau, And Harper Lee970 Words   |  4 Pages In order for justice to prevail there must be realization that there are unjust occurrences that need to be dealt with, there must be action taken to show how immense the situation is and how rapidly it should be dealt with, and there must be nonviolent demonstrations for superb end conclusions. There are 3 steps in order for justice to prevail which were ideas derived from Martin Luther King Jr., Lenard Pitts, Henry David Thoreau, and Harper Lee. Those three steps will be explained and discussed

Where the Wild things Are Film - 869 Words

To escape the reality of this undeniably complicated world, would be something so distant to even consider, yet it would not be impossible to. The film â€Å"Where the Wild Things Are† unconsciously portrays an attempt at this escape through the leading role, Max and his fellow Wild Things. Max’s Journey could be considered a quest for sanity and morality in the sense that his everyday life initiated him to escape this reality and experience a much preferable life in which would be considered his safe space, where he was unknowingly faced with his own deepest aspects of himself through the personalities and conflicts of others leading him to further learn his place in the world. It is evident that Max tries to escape his reality and get†¦show more content†¦Max used a fantasy world to help him better understand and cope with his emotions and problems. Through the wild things brought a sense of comfort and left Max feeling wanted, which was something he was de prived of at home. The wild things were alike Max in various ways, he felt welcomed, safe, understood and most of all wanted. It is merrily obvious that without fantasy, it is nearly impossible for a child to fathom the more complicated things in life on their own. Through fantasy brings understanding and the ability to keep continuous hope through life because with imagination comes hope and imagination is the root to all beginning of understanding. Max begins to find sanity through the wild things, he experiences every feeling he has dealt with through the personalities and situations of his fellow friends. Through dealing with the emotions and conflicts of the wild things, each character easily becomes scene as a shadow of one of Max’s feelings. Whether it be through Carol, who seemed to have similar attributes as a father figure, yet was just as out of control as max was said to be, or Alexander who was neglected and belittled compared to others, just like Max was. All the characters in some way project Max’s personality and put a twist on his reality so that it is based on them instead of him, which allows him to better understand and deal with such concepts and issues. A great poet Schiller once said â€Å"Deeper meaningShow MoreRelatedReflection On The History Of America961 Words   |  4 Pagesthis semester ends, I can begin to reflect on what I have learned. This journal will summarize that I have learne d and how my attitudes have changed. I will also address what text I enjoyed most. Finally, I will compare and contrast the films: Into the Wild and Wild as well as which movie spoke to me more. This semester I have learned more than I thought I would. I learned about the history of America in a very different way. I have read many books about the history of America but never haveRead MoreReview Of Woody Allen s Wild Strawberries 1661 Words   |  7 PagesIntroduction Ingmar Bergman has been openly described by Woody Allen as a major influence in his craft of making films. Throughout the years of his career, spanning over decades, Allen has been heavily drawn to Bergman’s style as an art form, enough to impact his own style of telling stories in the cinematic medium. Bergman’s strong method of telling a story was truly riveting and groundbreaking in the entertainment industry, especially for the development of Swedish cinema. As for AmericanRead MoreThe Killer Whale Exhibitions, Blackfish Is An Effective Documentary By Film Maker, Gabriela Cowperthwaite1501 Words   |  7 Pagesinternal machinations of SeaWorld s killer whale exhibitions, Blackfish is an effective documentary by film maker, Gabriela Cowperthwaite. The film depicts graphic images, testimony, and data aimed at the public’s assumption that these cherished amusement parks are fun and safe. One of the ways in which the film successfully reaches audiences is in its way of emotional appeals. For example, the film found a member of the whale hunting crew who first went out and captured orcas to be trained to entertainRead MoreFinding Magic Within The Wild1394 Words   |  6 PagesFinding Magic Within the Wild To McCandless and many others that share the same love for nature, it plays a very important role in several choices made by him throughout the film. In retrospect, the same can be applied to SpongeBob SquarePants on an easier to understand level. Now, SpongeBob doesn’t leave his wealth and his family to live on his own, but he does have magic in the wild, just like the magic bus Chris McCandless used as shelter throughout the weeks. This was called the magic conchRead MoreExistentialism : Wild ( 2014 ) And Into The Wild1739 Words   |  7 Pages Existentialism: Wild(2014) and Into the Wild(2007) For this paper, both movies used to explain Existentialism are adapted from real stories. The first film is Wild, starring Reese Witherspoon as Cheryl Strayed and the second is Into the Wild, starring Emile Hirsch as Christopher McCandless. In Sartre’s definition of existentialism, human existence precedes essence, therefore leading to meaning, purpose and identity. When Chris and Cheryl leave their family, friends and everything else they knowRead MoreComparing Brave New World and Blade Runner 1324 Words   |  6 Pagesrelationships, and humanitys understanding of the wild, are shaped and reflected in Blade Runner, by Ridley Scott, and in Brave New World (Aldous Huxley) through their composers use of the contrast between true nature and the wild. The human relationship with the wild is tenuous, and this is shown within both texts. More often than not, nature is understood simply as a force to be dominated, controlled or exploited for the benefit of humanity. The new wild is one created by human society however, althoughRead MoreChris Mccandless And Henry David Thoreau755 Words   |  4 Pages Both Chris McCandless and Henry David Thoreau explore the idea of authentic living and simplicity, throughout both texts they portray their ideas to the audience. The film Into the WIld largely encaptures the ideas of Henry David Thoreau, sometimes by quoting him, especially his extremely famous piece Where I Lived and What I Lived For. It is very obvious to the audience that Chris is a fan of Thoreau’s writing and he connects to it greatly. Chris is able to portray to the audience that he hasRead MoreThe Tale of Bigfoot1634 Words   |  6 PagesCanada. The natives told this tale of a group of giant hairy wild ape-man like people that protect the forests to give reason for respecting nature and preserve order. Bigfoot sightings have spread throughout the United States and the world. Our fascination with this creature have spiraled into almost mass hysteria among people to find and prove this creature is real. I decided to observe and analyze the film Bigfoot. When watching the film Bigfoot created in 1970 directed by Robert Slatzer and starringRead MoreThe Character s Views On Love1078 Words   |  5 Pagesmoney. Holly states, â€Å"Never love a wild thing†¦ if you let yourself love a wild thing, you’ll end up looking at the sky.† She refers to herself as a wild thing and is warning him not to love her. The sky is also described as an empty place where things disappear, which relates back to her view on love. Louis, who is Samantha’s love interest, wants to love her and despite her constantly running away from it, he fights for her because he believes love is a good thing. Paul, who is Holly’s love interestRead MoreSecondhand Lions By Director Tim Mccanlies971 Words   |  4 Pagesone where all could experience, and that is true love. The film that will be analyzed is called Secondhand Lions by director Tim McCanlies, it is based on a boy named Walter is dropped off by his mother, who lies to him frequen tly, so Walter doesn’t know whether to believe her or not, but she drops him off with his two uncles named Hub and Garth, out in Texas. These two men have lots of adventures and lived life to the fullest. Walter has a lot to learn from the two uncles. Throughout the film it

The Internship Is A Comedy Directed By Shawn Levy

The internship is a comedy directed by Shawn Levy. It is about two friends Bill (Vince Vaughn) and Nick (Owen Wilson) who got fired from their watch salesman job. Therefore Billy goes to search for jobs with people with few skills but the they were not satisfied with that so bill had a vision that they would work for Google company. He then informed Nick in order for them to go and apply for the interview which was successful because they were given the chance to be interns at the company. They struggled to fit in because they were the eldest interns and they did not have high IQs. They were then formed into a team by Stuart who worked for management who became their team leader. The team did not get along well because of cultural diversity however when Billy and Nick inspired them to work together they were able to succeed and complete the tasks well which they ended up winning but the last challenge had a few misaps however they got through that and they won the competition because they had googliness and they were given full time employment at google. Management and leadership There are a lot of different scenes that show the different kinds of leadership that is present however I will only discuss a few scenes. Kevin has an autocratic type of relationship with his employees. The scene with Nick and Kevin at the store shows this. By Kevin talking inappropriately with Nick and his behavior towards the customers was inappropriate he is very casual with employees. HeShow MoreRelatedStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesorganization that deny equal opportunity to perform or unequal rewards for performance Unwanted sexual advances and other verbal or physical conduct of a sexual nature that create a hostile or offensive work environment Overt threats or bullying directed at members of speciï ¬ c groups of employees Jokes or negative stereotypes; sometimes the result of jokes taken too far Exclusion of certain people from job opportunities, social events, discussions, or informal mentoring; can occur unintentionally

C.S.I †Myth vs. Reality Free Essays

Jennifer Weaver L. Leggo Law Monday April 19, 2010 C. S. We will write a custom essay sample on C.S.I – Myth vs. Reality or any similar topic only for you Order Now I – Myth vs. Reality Crime Scene Investigation is a series that followers investigators that use evidence to solve murders. The show is very popular due to its courageous matter and popular characters. However, despite CSI’s popularity it has been heavily criticized for realism to actual crime solving. CSI portrays an inaccurate, to say the least, image of how police solve crimes. To begin with, CSI has depicted many manifestations to people who watch it. Two main things noticed in the episode watched are the myth of crime scene investigating and DNA testing. The show does a really good job â€Å"hollywooding† the field of forensic science. One clear myth of the show is it’s characters and how attractive they are. Forensic scientists are more likely to look like fat men with glasses rather than sexy women who wear camisoles to a crime scene, as seen in the show. In addition, the show depicts solving a case as easy and not time consuming, when in reality the majority of these cases would take months or even years to solve. Moreover, when collecting evidence and DNA in the show, it shows DNA results returning in a matter or hours when it would normally take years. This false interpretation contributes to viewers manifestation of DNA testing in real cases; thinking that its an easy process. The only reality of the show found was when one of the investigators collected a finger print, however, even that was glamorized because a print would never come out so clear, as it did in the show. Overall, the show itself is a good show, it is very entertaining, from its graphics to the acting, however, its realism is non-existent and it exemplifies the forensic field falsely. How to cite C.S.I – Myth vs. Reality, Papers

Accounting and Financial Management for HIH Group - myassignmenthelp

Question: Discuss about theAccounting and Financial Management for HIH Group. Answer: Introduction HIH group was the second largest general insurer in Australia with 217 subsidiaries. The company was established in the year 1968 as MW Payne Liability Agencies Pty Ltd as an underwriting insurance business in Australia. The mission of the company is to capture a large market share in the general insurance industry of Australia and to adopt different channels for distributing its products. The company has acquired different businesses in insurance industry. The collapsed of HIH insurance is the largest failure in the history of Australian business. One. Tel was a telecommunication company established in 1995 by Brad Keeling and Jodee Rich in Australia. The company is expanding its business operations in USA and Europe by the adoption of customer driven approach and low pricing strategy (Fleckner and Hopt, 2013). One.Tel company is one of the fastest growing companies in Australia and got the second highest ranking in the industry. The shareholders of the company has made substantial investment in the company for the purpose of overcoming cash crisis and resulted in ceasing its trading in 2001. It was the fourth largest telecommunication company in Australia. It had two million customers and operations in eight countries (Fleckner and Hopt, 2013). ABC Learning center was established in the year 1988 in Brisbane Australia. It is considered as the dominant player in Australian long day care. The company has adopted a franchise model and expanded the learning centers in different regions of Australia. In addition to this, ABC Learning has become a leader due to which other companies in the industry follow the company which results in the formation of corporate care provided by those companies whose shares are traded on Australian stock exchange. Along with this, the child care centers in Australia were not for profit organizations which are supported by government subsidies. The company has managed 18 child care centers and considered as a major player in private childcare sector of Australia. For the promotion and growth of the sector, the government has provided subsidy to families through direct payments (Margret, 2011). The company has expanded its business operations in different regions of Australia by acquiring properties in prime locations and single day care centers and child care groups. The company has listed on Australian stock exchange in the year 2001 which results in provision of the capital for further growth. The company owned 2238 centers in Australia, US, New Zealand and UK in the year 2008. There is a growth in the market capitalization of Aus $ 2.5 billion in the year 2006. Besides this, in the year 2007, the after tax profit of A$ 143.1 million and revenues of Aus $ 1.7 billion. In the year 2008, the ABC Learning centers have collapsed and went into liquidation (Huang, 2009). Reasons for Collapse The main reasons behind the collapse of the HIH Insurance is the presence of debts of Aus$ 5.3 billion. The company has liquidated in the year 2001. There was a decline in the share prices of the company to Aus$ 0.175 in the year 2001 from Aus $ 1 in 2000. It has a direct negative impact on the stakeholders of the company that were interested in taking protection from unforeseen calamities. Besides this, the main reasons for the occurrence of collapse include improper pricing of past claims on the policies and inadequate provisions for insurance claims. There was an occurrence of the mismanagement of the core operations of the business. Besides the other reason behind the collapse of HIH insurance was the self indulgence and corporate expenditure which raised concern for risk management and corporate governance in the company. The company failed to provide transparent information and disclosure of the deteriorating position of the financial statements (Mirshekary, Yaftian and Cross, 2005). The main reasons for collapse of the telecommunication company named One.Tel include failure of performance of the duties by the directors and management, lack of internal controls and absence of independence in the audit function. Besides this, other reasons for the occurrence of collapse of One.Tel company include strategic mistakes, unbridled growth, failed expectations and wrong pricing policy. There is a presence of lack of involvement of directors and management in the operations of the business (Jones, 2011). The company has adopted management by crisis approach in place of forward planning. The company has misstated its profits and cash flows generated from different activities to meet its obligations. Along with this, the directors of the company failed to establish strong agency relationship with the shareholders and get the approval of excessive loans for the expansion of the business without implementing an appropriate system of audit and control. They have violated diffe rent sections of Corporation Act 2001 i.e. 180, 181, 182 and 183 (Sievers, 2009). Besides this, the actions of the directors are not in the good faith and best interests of the company. In addition to this, the management and financial personnel has failed to exercise their duties with diligence and due care because there is a lack of their involvement in day to day operations of the company. Besides this, the company has failed to state the true financial position to its shareholders due to which the company has collapsed and unable to recover from it. Along with this, the financial statements of the company were audited by two different accounting firms i.e. BDO and Ernst Young. The auditing firms have not fulfilled their roles and responsibilities in an effective manner (Campbell and Houghton, 2005). BDO has issued unqualified reports which leads in material misstatement. The company has purchased lot of non-audit services from its auditors which created conflict of interest between individuals within the auditing firms. Out of five ethical principles which are followed by auditors i.e. objectivity, due care, professional competence, integrity and confidentiality, the auditors have breeched some of the ethical values i.e. integrity, professional behavior, and objectivity. The auditors did not comply with different laws and regulations which result in the breach of professional behavior (Kirby and Drury, 2012). There is also a presence of some inherent risk such as increased outlays beyond the financial capacity of the firm. In addition to this, the company is offering telecom services to subscribers at low prices than the payments made by the company. Along with this, the billing system of the company has failed as it lacks in providing the bills to customers in quick manner and take receipts from them on time due to increase in the number of customer base of the company (Gaylord, 2001). The main reasons for the collapse of ABC Learning include debt repayments, weak operating cash flow, business model, capital expenditure and accounting. In order to repay the debt, the company has sold 60% of its US subsidiary due to which there is a decline in the share price from Aus $ 8.62 to Aus $ 0.54. This is the reason that it has been delisted from Australian stock exchange. In addition to this, in the financial statements of the company, there is a large amount of intangible assets such as goodwill and childcare licenses as it has recognized large number of licenses for operating the childcare centers (Kruger, 2011). The company has shown increased amount of licenses and goodwill in the year 2007-2008 to Aus $2.4 billion and Aus $ 271 million in a respective manner from Aus $647.6 million and Aus $37.4 million respectively. Along with this, there was also an impairment charges for such intangible assets amount to Aus $ 2 million and Aus $ 8.4 million for goodwill and childcare licenses in a respective manner for two years. Besides this, these intangible assets become worthless in the year 2008 when a company faces crisis. Besides this, there is also a presence of inherent risk related to valuation of the assets (Garvis and Manning, 2017). In addition to this, the company has appointed three auditors namely KPMG, Ernst Young and Pitcher Partners who had provided unqualified opinions to the company. The company has total liabilities of Aus $1.1 billion which has reclassified the current liabilities to non-current liabilities. The main reason behind it is the refinancing of the funds. In the year 2007-2008, the profit for the company has fell to 42% due to covenants for debt and one off charges. Along with this, the company has not generated enough cash flow from operating activities for the purpose of payment of salaries, interest, dividends and suppliers (Garvis and Manning, 2017). Consequences of collapse of One.Tel, HIH insurance and ABC Learning Centers There is a need for the senior managers to have a knowledge regarding the difference existed between managing and directing. It is essential for the manager or director in board of directors to act in the best interests of the company. There is a need to clearly communicate and delegate roles and responsibilities to every member of the organization. This helps in effective management and increased productivity of the organization. In addition to this, there is a need to frame code of conduct which takes into consideration management and legal guidelines such as culture, risk management programs and monitoring and review of the operational, project and strategic activities (Cheng and Seeger, 2012). There is also a requirement of understanding of the activities carried out by the organization by directors which facilitates in the monitoring in a regular manner the attendance at board of directors meetings and familiarity with the financial status of the company. Besides this, it is also found out that it is ineffective to increase the customer base if it not result in an increase in the profitability of the company (Clarke, 2017). There is also a need to establish and implement strong internal controls, effective management scrutiny, financial reporting quality and full disclosure of company affairs to its stakeholders (Caliyurt and Crowther, 2008). It is also requisite for non executive members should interact with middle and lower level management to provide transparency of the operations carried out by the firms. Besides this, the investors who have large share in the company should take active participation in the management of the firm. The board of directors should control the agenda and monitor the behavior of the management in an effective manner (Ferran and Ho, 2014). Conclusion It can be concluded that the collapse of HIH Insurance, One.Tel and ABC Learning are the largest corporate scandals in Australia. It can also be concluded that HIH Insurance was established in the year 1968 and considered as a largest general insurer company in Australia. Besides this, One.Tel was the fourth largest telecommunication company established in the year 1995. ABC Learning centers was the company that provides child care services in Australia and established in the year 1988. It can also be summarized that One.Tel company has collapsed in the year 2001. Along with this, HIH insurance has also liquidated in the year 2001. In addition to this, ABC Learning centers has liquidated in the year 2008. The main reasons behind the collapse of these companies include presence of large amount of liabilities which the companies were unable to pay, improper pricing of previous claims, weak operating cash flows, misrepresentation of the financial statements by auditors and so on. To avo id liquidation, there is a requirement for the companies to clear communicate and delegate roles and responsibilities to members of the organization. Along with this, it is also required by the non executive directors to communicate with the middle and low level management in order to bring transparency in the operations of the business. References Caliyurt, K.T. and Crowther, D. (2008) Globalization and Social Responsibility. USA: Cambridge Scholars Publishing. Campbell, T. and Houghton, K.A. (2005) Ethics and Auditing. USA: ANU E Press. Cheng, S.S. and Seeger, M.W. (2012) Lessons Learned from Organizational Crisis: Business Ethics and Corporate Communication. International Journal of Business and Management 7(12), pp. 74-86. Clarke, T. (2017) International Corporate Governance: A Comparative Approach. USA: Taylor Francis. Ferran, E. and Ho, L.C. (2014) Principles of Corporate Finance Law. UK: OUP Oxford. Fleckner, A.M. and Hopt, K.J. (2013) Comparative Corporate Governance: A Functional and International Analysis. USA: Cambridge University Press. Garvis, S. and Manning, M. (2017) An Interdisciplinary Approach to Early Childhood Education and Care: Perspectives from Australia. USA: Taylor Francis. Garvis, S. and Manning, M. (2017) An Interdisciplinary Approach to Early Childhood Education and Care: Perspectives from Australia. USA: Taylor Francis. Gaylord, B. (2001) Liquidation of One. Tel of Australia is outlined. [Online]. 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