The Sarbanes–Oxley (SOX) Act was passed in 2002 in response to various instances of corporate malfeasance. The Act, designed to protect investors, led to wide-ranging regulation over various actions of managers, auditors and investment analysts. Part of SOX, and the focus of this study, targeted the disclosure by firms of “pro forma” earnings, an alternate (from GAAP earnings), flexible and unaudited measure of firm performance. Specifically, SOX directed the Securities and Exchange Commission (SEC) to craft regulation which would reduce – (...) and preferably eliminate – any pro forma earnings disclosure which might be “misleading”. Examining earnings press releases over a 3-year period, this study addresses three questions. Were firms disclosing pro forma in a potentially misleading manner, what was the nature of this potentially misleading disclosure, and did SOX affect the disclosure practices? We find the following. In 2001 (prior to SOX), 53 firms – over 10% of all U.S. S&P 500 firms – were disclosing pro forma earnings in a potentially misleading manner. This was being done most commonly by using traditional GAAP terminology (e.g., “net income”) in the press release headline to describe what was later in the press release revealed to be a pro forma amount (i.e., “net income excluding special items”). By 2003 (subsequent to the SEC regulation), potentially misleading disclosure practices were seen in less than 1% of the earnings press releases of S&P 500 firms. This significant reduction suggests that managers, prior to the regulation, were either careless in their pro forma reporting practice, or were intentionally – and unethically – attempting to mislead investors. Either way, we conclude that the SEC regulation was both necessary and effective. (shrink)
Introduction Gramsci's relevance The name of the late Italian Marxist, Antonio Gramsci, appears increasingly in the cultural media of the English- speaking ...
Reading feminist theory as a complex imaginative achievement, Feminist Imagination considers feminist commitment through the interrogation of its philosophical, political and affective connections with the past, and especially with the `race' trials of the twentieth century. The book looks at: the 'directionlessness' of contemporary feminist thought; the question of essentialism and embodiment; the racial tensions in the work of Simone de Beauvoir; the totalitarian character in Hannah Arendt; the 'mimetic Jew' and the concept of mimesis in the work of Judith (...) Butler. Vikki Bell provides a compelling rethinking of feminist theory as bound up with attempts to understand oppression outside a focus on 'women'. She affirms feminism as a site and mode of making these connections. What emerges is a profound work brimming with insight that will be required reading for anyone who is seriously interested in feminist theory and, more generally, contemporary social theory. (shrink)
This paper is an attempt to examine issues and problemsraised by agricultural biotechnology by drawing on the richnessof contemporary ideas in ethical theory and thereby contribute tothe project of establishing new approaches to these problems. Thefundamental argument is that many of the negative aspects ofagricultural biotechnology are generated at the level of theunderlying conceptual frameworks that shape the technology''sinternal modes of organization, rather than the unintendedeffects of the application of an inherently benevolent set oftechniques. If ``food ethics'''' is to address (...) the adverse impacts ofagricultural biotechnology, it must ultimately challenge theseconceptual frames, which, I argue, emerge from Enlightenment,liberal, political, and economic theory.The translation of traditional bioethics (focusing on principlessuch as autonomy and rights, justice, and well being) into foodethics does not produce the critical tools that are ableadequately to challenge the harmful legacy of Enlightenmentthinking. What is needed are reorientations of ethics that arecapable of formulating concepts and approaches that to someextent break with the presuppositions that underpin biotechnologyat its foundation. This paper suggests that narrative andfeminist critiques of medical bioethics are a good place to startin this project. (shrink)
