Naming Babies

Naming Babies Naming Babies Naming Babies By Maeve Maddox From the beginning of time, societies have joined extraordinary significance to names. In certain societies individuals, similar to felines, have mystery names known uniquely to themselves. Most guardians I know went through hours, days, even months recording potential names, doing the best to guarantee that their last decision would go with their family name and that the child’s initials wouldn’t explain a word that could incite criticize. American culture may not put a similar incentive on the naming ceremony as some others. On the off chance that you viewed the film Pulp Fiction, you may recollect what one of the characters says about the futility of American names. By the by I was bewildered to peruse that in 1994 in New York City, 2,516 infant young ladies were named Female. In that equivalent year, 3,639 infant young men got the name Male. Their folks hadn’t tried to give them a name, so the sex assigned on their papers was recorded as the given name. Albeit a portion of the guardians later gave veritable names, a considerable lot of the kids grew up with names articulated [fuh-MAHL-ee] and [MAH-lee], separately. A few nations have laws that control over the top creative mind in naming babies. The United States isn't one of them. American superstars will in general pick irregular names for their posterity. For instance: Indiana August Moses Amadeus Handbag Seamus Seven Sirius Apple Zowie Some non-famous people go further: Hippo Jedi Thunder Popeye Espn Google Burger Vanille J’Adore Shoog In spite of names like these, a look at the most well known names given to babies in the United States step by step uncovers that conventional names have fortitude. Classic â€Å"Mary† stayed in the best three until the 1970s; â€Å"Michael† made it into the 21st century. Here are the main three name decisions for young men and young ladies (Social Security measurements) for every decade since 1930: 1930 Young men: Robert, James, John Young ladies: Mary, Betty, Barbara 1940 Young men: James, Robert, John Young ladies: Mary, Barbara, Patricia 1950 Young men: James, Robert, John Young ladies: Linda, Mary, Patricia 1960 Young men: David, Michael, James Young ladies: Mary, Susan, Linda 1970 Young men: Michael, James, David Young ladies: Jennifer, Lisa, Kimberly 1980 Young men: Michael, Christopher, Jason Young ladies: Jennifer, Amanda, Jessica 1990 Young men: Michael, Christopher, Matthew Young ladies: Jessica, Ashley, Brittany 2000 Young men: Jacob, Michael, Matthew Young ladies: Emily, Hannah, Madison The tide is by all accounts turning. Based on 2013 figures, the young men are en route to fascinating names, while the young ladies are gone to progressively customary decisions: 2013 Young men: Jackson, Aiden, Liam Young ladies: Sophia, Emma, Olivia 1880s Young men: John, William, James Young ladies: Mary, Anna, Emma Related post: Names ‘Epicene’ and Otherwise Need to improve your English in a short time a day? Get a membership and begin accepting our composing tips and activities day by day! Continue learning! Peruse the Fiction Writing classification, check our well known posts, or pick a related post below:20 Great Similes from Literature to Inspire You50 Synonyms for AssistantAdvance versus Progressed

Campaign Measurables Coursework Example | Topics and Well Written Essays - 500 words

Battle Measurables - Coursework Example The measure for the benefit is through an expanded Return on Investment (ROI) and in promoting terms-Return on Marketing Investment (ROMI). There are a few contrasts among GRPs and IMPs. In the first place, GRPs is the recurrence or the occasions a promoting effort arrives at its intended interest group. It quantifies the effect of the promoting effort on its crowd. The genuine proportion of the effect is through the deals that a specific promoting effort can make according to a given item. GRP is a rate that outcomes from the duplication of the arrived at target crowd and the presentation recurrence. Then again, (IMPs) speak to the presentation of a specific notice or business to people inside the intended interest group (Tellis, 21). It is estimated as far as cost caused to contact a thousand people; Cost per Thousand (CPM) or the expense acquired to arrive at a specific level of the crowd; Cost per Point (CPP). The measure picked by publicists when pitching to customers is huge for the achievement of a battle. It should be steady with the yearly objectives of a crusade. This empowers earlier planning comparable to the expenses and the quantity of leads required for a battle. Sponsors consider the capacity of an offered measure to hit the particular objectives set (Tellis, 45). For example, in the high benefit objectives, the favored measure needs to convey an exceptional yield on Investment with regards to the general spending plan. The picked measure needs to concentrate on a few possibilities that guarantee the accomplishment of ideal outcomes. For example, is ought to guarantee a practical program through the conduction of a money saving advantage examination. The advantages brought about when pitching to customers, needs to exceed the expenses acquired. Securing rate is a proportion of the expansion or development in deals from guaranteed

Winterizing Your Home How To Prep for Winter on the Cheap

Winterizing Your Home How To Prep for Winter on the Cheap How to Prep Your Home for Winter on the Cheap How to Prep Your Home for Winter on the CheapDon’t let the winter frosts crack a hole in your budget.The summer weather may be lasting longer this year, but the cold shall come again. And when it does, you want to be ready for it. If you have a family, you don’t want them to be freezing through the season, and even if you live on your own, you still shouldn’t want to freeze. It’s very bad for your health.Of course, you can always run up huge heating bills and take out a high-interest loan to pay for damage from winter storms. Thats one way to get through  to springâ€"although your savings might not make it. Being broke isn’t as bad as freezing to death, the former can certainly lead to the latter, so it’s really better avoided.That’s why the time to start winterizing your home right now.  The sooner you get prepped, the better chance youll have to avoid serious bills and the predatory bad credit loans and no credit check loans that follow in their wake. That’s why we spoke to the experts to find out how you can get your home ready for winter for less. Read on to learn how to prepare your home for winter weather and save cash!Get an audit (the good kind)The first step in spending less on heating your home is figuring out how much you’re actually spending on heating your home and energy in your home in general. And the best way to do that is with an audit.“I just bought a home that is quite old, and Im worried about the energy costs I will accrue,” financial expert Maggie Germano (@MaggieGermano) told us, sharing her personal experience with preparing her home for winter. “This is especially true in the master bedroom, which was built into what used to be the attic. There are clearly some insulation issues, and I dont want to go broke paying my utilities. One solution Ive found is to get a home energy audit. There is a local company that teams up with my states environment department in order to cut energy use and spending. They assess you r home and recommend any changes or updates you should incorporate.To make it better, they tell you about any tax benefits you can get from the state by implementing these changes. So not only will you save money on energy costs, but youll also likely get a tax break for doing so. Im really looking forward to my energy audit, and cant wait to make my home as sustainable as possible.”Award-winning author Shel Horowitz (@shelhorowitz) advised how not to spend too much on your audit: “Get an energy audit from your local electric company. Power companies are under instructions to encourage conservation, so they typically do energy audits for free or for a $10 or $20 fee.”Of course, if you want to be sure you’re getting your energy audit for free, you can always perform your own version. “One way to prepare your home for winter is to review your electricity bills and address how much you’re actually paying for electricity,” suggested Kelly Bedrich, co-founder of  Electricit yPlans.com  (@shopelectricity). “If your home uses an electric heating system, electric hot water heater, or if you pull a Clark Griswold and like to go crazy with the holiday lights, you may benefit from shopping for a lower electricity rate.”Bedrich even offered some specific ways you can lower your rate in a previous article about keeping your house cool for less during the summer.But, of course, there are changes in behavior and home you can make to really rack up the savings while staying warm.Insulate, insulate, insulateA properly insulated house can be as warm as a little furry fox wrapped in a blanket licking hot cocoa from a small dog bowl by a roaring fire surrounded by a family telling it how much they love it.To that end, Ali Wenzke (@AliWenzke)  of  The Art of Happy Moving told us two essential insulation goals. The first targets one of the more obvious ways that the cold air cold air can leak into your house: the windows.“For under $10, you can make a huge impact on cutting down your winter heating bills by using a window insulation kit. If done properly, you wont even notice the plastic wrap on your windows. If youre not crazy about the look, then compromise and only insulate windows that you see less often or that are usually covered by window treatments.”The other location is a little bit spookier: “Even if theres a layer of insulation in your unconditioned attic floor, the problem is that the heat will rise to fill the cold area created by any leaks or holes. Namely, the heat youre trying to conserve in your home will sneak its way up through the attic door. To save yourself some money in the long term, invest in an attic insulation tent or a box that fits over the opening of your pull-down stairs.”John Bodrozic, co-founder of Homezada (@HomeZada) gave us even more advice for keeping the heat from leaking out of the attic:“Check the attic for spots or areas where the insulation is a bit thin. This could be over an access door, o r in areas around pipes, and equipment that go through the attic floor and into the house. Adding a few layers of insulation there really helps warm air from escaping the house.“Check your ductwork in the attic. Most ductwork in the attic is hung, and therefore develops a sag over time. This sagging can create a situation where a smaller piece of the ductwork has disconnected from a bigger part. This creates a lot of waste as hot conditioner air is blowing into the attic and not into the house/room where the disconnected duct is.“In addition, you should consider insulating the ductwork and making sure as much of each duct is wrapped in insulation. This is another area where heat escapes and thus the house not being as warm as it should.”But that’s not all!Finding an outletIt turns out there might be heat leaking out of your house in nearly every room. Here’s what Horowitz told us to look out for:“Put your hand over an electrical outlet on an outside wall on a cold night and you’ll feel the rush of frigid air! Insulate your electrical outlets, switches, and phone jacks on outside walls.If your energy auditor didn’t give them to you, most hardware stores sell inexpensive foam outlet and phone jack insulation pads; just unscrew the faceplate, slip the foam pad on, and put the faceplate back.”Now let’s climb up onto the roof!The roof, the roof, the roof being on fire isn’t an advisable way to keep your house warmLet’s head all the way to the roof of the house now, or as nobody calls it, the hat of your home.“Your roof is integral, keeping your house warm, dry, insulated and protected from the outdoors,” Sage Singleton, home maintenance expert at Safewise (@SafeWise), advised. “Just like a car needs a regular oil change, your roof needs a regular inspection to make sure it is in good condition. Dont wait for the harsh winter months to see if the roof is leaking or has ice backup. Ice backup forms in winter and is caused by poor ventila tion or inadequate insulation in the attic.”And Singleton also had some advice for the roof’s sideburns, the gutters: “Gutters control water flow, away from your roof, walls, and foundation. When they get clogged with leaves and debris throughout the year, they no longer function properly. If your gutters are clogged, they can cause water to overflow and flood your basement. Clean out your rain gutters, ideally each spring and fall. Cleaning your gutters in the autumn ensures they are clear of debris and will function properly in the cold, wet months to come.”And what are gutters, really, butThe time is pipepipes that have been cut in half. And when it comes to getting your house ready for winter, it’s important to get the pipes ready.“During winter, outside water can freeze and burst exterior pipes,” warned Singleton. “Rather than letting this happen, take precautions to prevent frozen pipes by disconnecting all garden hoses and draining any water left in outdoor sp igots. If you have an automatic sprinkler system, drain it as well.If the temperature will drop below freezing overnight, leave exterior faucets trickling to avoid the pressure buildup that causes burst pipes. You can also avoid frozen and burst pipes inside your house by insulating your home and pipes. Use foam, heating cables, or pipe sleeves, and seal any cracks in your home’s exterior.”When you winterize around the house, you winterize AROUND the houseAnd now, before we go, we’ve got some more general tips you can use to keep your house warm on the cheap.Carson Yarbrough, personal finance and savings specialist for credit cards at Offers.com (@Offers), gave us three different winter prep tips.The first was about your water heater: “Get free savings with this simple trick. Hot water heaters are typically set at around 140 degrees. Lower the temperature on yours to 120 for savings on thermal energy costs. You’ll also lessen the chance of accidental burns, and the water w ill still be hot enough for showers, laundry and doing the dishes!”Next she offered us a way to insulate one of the few places in the house we hadn’t told you to insulate yet: “You can install a door sweep to stop chilly winds from entering your home under an outside door. A door sweep is a flexible piece of rubber or plastic that’s held to the door’s lower edge by a strip of aluminum. You can find cheap door sweeps at home improvement stores anywhere from $6-$40.”And your furnace filters? Yeah, Yarbrough told us you’re going to want to replace those: “Dirty furnace filters reduce furnace efficiency and raise heating utility bills. They also shorten the life of a furnace! Check and replace the furnace filter monthly in winter to see savings on your monthly bill. If youre unable to see through the filter, its time to replace it. You can find a 4 pack at Walmart for just $15 $3.75 a filter well worth it for those added winter savings!”Jeffrey Weldler, Marketing Dir ector and Interior Decorating Expert at Vänt Wall Panels (@VantPanels), gave us a couple tips of things to keep an eye on around the house: “Keep closet doors closed and close off rooms you don’t use. Close vents in unused rooms so you don’t pay to heat space you’re not using. Look for cracks in your exterior or foundation. You can seal them with caulking to keep the draft out. Also check the roof for missing shingles or tiles to make sure moisture doesn’t get in your attic and cause mold.”Finally, Kelly McClenahan, decluttering expert for Price Self Storage (@PriceStorage), told us a way to winterize your home while making it even homier: “This time of transition is a good time to spruce up your home and organize your things for the coming cold seasons. Arrange blankets on couches, chairs, and beds throughout the house so they will be within reach when the chill starts creeping in.Make your bedroom ready for the cold by switching out your light summery bed linens for cozier fabrics and richer colors. Flannel sheets are great for cold nights. Layer blankets or even a faux fur throw to add richness and warmth. Slippers are the best way to keep your feet warm in the winter. A basket of slippers by your front door for visitors to don after taking off their muddy or snowy boots would be a nice touch.”Take all of this advice, and your home will be as warm as our appreciation for you! And without breaking the bank!How do you prepare your home for winter? Let us know! You can email us or you can find us on  Facebook and  Twitter.  ContributorsKelly Bedrich  is Co-Founder and President of  ElectricityPlans.com, an innovative electricity shopping experience focused on quality electricity providers, straightforward plans, and data-driven tools to help customers find their perfect electricity plan.   He is also President of  Cypress Capital Ventures LLC, a website portfolio company focused on addressing consumer needs in renewable energy. He is an IT ent repreneur, energy conservation advocate, and loves to help others reduce their energy usage through awareness and education.John Bodrozic  is a co-founder of  HomeZada, an online and mobile home management solution. HomeZada strives to educate and provide resources for homeowners in all areas of home management, including home inventory, home maintenance, home finances and home improvement projects.Maggie Germano,  is a Certified Financial Education Instructor and financial coach for women. Her mission is to give women the support and tools that they need to take control of their money, break the taboo of discussing debt and income, and achieve their goals and dreams. She does this through one-on-one  financial coaching, monthly  Money Circle  gatherings, her weekly  Money Monday  newsletter, and speaking engagements. To learn more, or to schedule a free discovery call, visit  maggiegermano.com.Kelly McClenahan is a storage industry professional, marketing manager for Price Self Sto rage (@PriceStorage) and editor for the Live Uncluttered Blog. She enjoys finding and sharing creative solutions to home decluttering and organization challenges.Jeffrey Weldler  is the Marketing Director and Home Design Expert at Vänt Wall Panels. Vänt Wall Panels are the most innovative and user-friendly wall décor system ever created. Vänt is inspiring living at its finest. They’re perfect for every room in the house,  from the kitchen and bedroom to the living room and office. Learn more about Vänt by visiting  Vänt Wall Panels.Ali Wenzke, Moving Expert, moved 10 times in 11 years. Now she’s helping the millions of people who move each year by providing practical tips on how to make moving a happy experience at  The Art of Happy Moving. After calling seven U.S. states home, Ali is now happily settled in the Chicago suburbs with her husband and three children. She doesn’t plan on moving anytime soon.Carson Yarbrough is a Consumer Insights Specialist for Offers.com (@ Offers), and loves finding a good deal. She covers all things shopping, spending, and deal-hunting. Carson is passionate about discovering the best finds and sharing insights with consumers. In her free time, she loves finding free shows, music festivals and spending time around the beautiful city of Austin.

Hurricane Katrin The Second Largest Hurricane - 862 Words

Hurricane Katrina known as the fifth largest hurricane ever to hit the United States formed on August 23, 2005 and dissipated August 31, 2005. Katrina was classified as a category five hurricane with wind speeds up to 175 mph. Katrina made headlines because of its destruction region which was Louisiana. Many families especially African-Americans were considered to be vulnerable and left to die from the disaster. In the following I will address whether Katrina was a natural disaster ready to happen or if it could have been prevented by an elaborate plan to evacuate the effected regions. African-American neighborhoods were devastated by Hurricane Katrina because they lived in low line areas, whereas Whites lived in higher grounds less likely to get hit by the storms. Low income communities were hit more because of urban areas. These areas included levees that didn’t protect homes from the storms. What is astonishing is that the government was fully aware that New Orleans levees were failing and wouldn’t hold a category five Hurricane. Yet they did nothing to protect the humans. Federal and local government hindered and prevented the evacuation of African-Americans from their neighborhoods. Failures included not having an evacuation plan for New Orleans. IEM which stands for Innovative Emergency Management is compromised by the government to form an evacuation plan for a natural disaster. In reality there was no plan that IEM had for Hurricane Katrina. Here we can clearly noteShow MoreRelatedRastafarian79520 Words   |  319 Pagesinspiration: Dulcie Roach from Hopewell Primary School, St. Elizabeth, Jamaica; Elaine Bortner and Philip Hirai from Jamaica Wesleyan Bible College, Savanna-la-mar, Jamaica; and Roger Ringerberg, Jamaica Theological Seminary, Kingston, Jamaica. Second, thanks to my professors and advisors at Drew University, Karen Brown, Jonathan Reader, and Roger Shinn, whose advice and insights have helped to shape the focus and hone the arguments of this book. Third, the research for this book was facilitated

Analysis of companies financial information quality - Free Essay Example

Sample details Pages: 19 Words: 5762 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Purpose This paper aims to analyze financial information quality through financial and economic ratios, detecting whether they are affected by financial reporting standards; as well as, determining a group of factors that allow proving the capacity of ratios to measure accounting information quality, and thus, facilitate the analysis process to the groups of users. Design / methodology / approach For a sample of 111 companies from Madrid Stock Exchange and 32 from Eurostoxx50, descriptive analysis and non-parametric variance analysis were carried out during the period 2005-2007. At the same time, reduction data techniques were performed to detect the underlying main factors, specifically the principal component analysis (PCA) for the year 2007. Don’t waste time! Our writers will create an original "Analysis of companies financial information quality" essay for you Create order Findings It has been confirmed that financial information quality is affected by financial reporting standards; additionally, a group of factors in which financial and economic ratios group has been found. Practical implications This study provides evidences to measure financial information quality and the results can be useful to accounting users, as well as, contributing to literature related to this topic. Originality and value This study empirically shows, from the analyzed companies, that accounting information is affected by financial reporting standards. Additionally, some factors that group ratios are provided. Keywords Financial information quality, Ratios, Financial reporting standards, Accounting users, Kruskal-wallis Test, Principal component analysis. Type of document Research paper Introduction Financial information quality has been empirically approached since late 60s. The studies were focused on contrasting whether data provided by companies w ere really useful to accounting users. At first, some studies were concerned with investigating the information content (Ball and Brown, 1968).Then, at late 80s, a new orientation arose focusing on studying the relevance of information, using wider regression models to determine the relationship between financial information and market profitability (Ou and Penman, 1989a). It has also been observed that recent studies have focused on contrasting financial information quality in time. The models to show companies financial information have gone through important changes, specially, with the implementation of International Financial Reporting Standards (IFRS) to elaborate consolidated financial statements of companies listing in the stock exchange (Kenny and Larson, 2009). Among the harmonization changes in accounting, the measures taken on the transparency of information disclosure, a decisive factor, for the generation of quality accounting documents (Epstein, 2009) are distingui shed. Therefore, financial information quality plays a fundamental role to know the company ´s economic reality. Furthermore, the used financial reporting standards can have an effect on the quality of disclosed data; and, therefore, on the formulation of appropriate Financial analysis of financial statements, in which there can be decisive factors in the evolution and tendency of some indicators (Choi et al., 1983). It is important to notice, that ratios can be a reflection of financial information quality, from the financial reporting standards point of view, used to help understanding financial and economic events that affect companies. Within this context, the purpose of this empiric study is to analyze financial information quality through financial and economic ratios, specifically focusing on detecting whether ratios are affected by the financial reporting standards applied by companies. At the same time, this study aims to determine a group of factors that allow demonstrating the capacity of ratios to measure accounting information quality, as well as, facilitating the financial information analysis process to the groups of users. Therefore, the study included the analysis of financial information from a sample of companies belonging to Madrid Stock Exchange and Eurostoxx50 during the period 2005-2007. This has lead to consider the financial reports presented with the Local Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), as well as, individual and consolidated financial statements. The results obtained in this study reveal that some ratios show population averages differences, indicating that financial information quality is affected by the applied financial reporting standards. Additionally, a group of factors in which ratios group have been found, and they are, a way to measure the quality of companies financial and economic results by accounting users groups. Background and empiric predictions Financial information quality Financial information quality has been discussed in several studies, pointing out different aspects that lead to create new research lines. At late 60s, the accounting research took a new path, thanks to the utilitarian paradigm, leading to adopt a research methodology with a positivist approach that considers accounting as an information system. Consequently, the capital markets research line arose, this line researches accounting information performance for investors. The studies carried out by Ball and Brown (1968) and Beaver (1968) were pioneers. As a matter of fact, considering this research line, two work fields can be distinguished, on one hand, the research conducted to study information (information content and relevance), and on the other hand, the research that studies measuring. Regarding the studies on information, it can be mentioned that one of the examined aspects is related to the study of information content. That is to say, the market reaction is investigated in relation to the publication of earnings announcements. Some studies have indicated that market prices have a positive reaction in relation to earnings announcements (Weston, 1971). Therefore, Bae et al. (2008) working with a sample of Korean companies, found that the increments (decreases) of earnings announcements have a positive (negative) effect on the value of shares prices in the market. Meanwhile, other studies have pointed out the opposite (Su, 2003). It should be mentioned that some studies have considered the relationship between the negotiation volume and earnings announcements. Therefore, Choi and Choe (1998) stated that the volume of operations reacts when three-month earnings announcements are made. In this sense, some factors that will affect the negotiation volume, such as investors agreement degree (Garfinkel and Sokobin, 2006) or information asymmetry (Mahipala et al, 2009) can be distinguished. Some researchers have conside red the effects of earnings announcements in both, prices and volume of operations. Cheung and Sami (2000) analyzing a sample of companies from Hong Kong Stock exchange, and, the earnings announcements corresponding to the period 1992-1995, showed a significant reaction of prices and volume of operations when announcements were made. On the other hand, Ahmed et al. (2003) analyzing the negotiations during the period 1992-1995 (without on-line trade) and the negotiations during the period 1996-1999 (with on-line trade), demonstrated that three-month earnings announcements produce changes in shares prices and volume of operations when the negotiations are on-line. Other research papers have studied the delayed reactions in the market when the announcements (post-earnings announcement drift. PEAD) are made, due to problems related to earnings predictions. According to Bernard and Thomas (1989) PEAD incorrect measures can be grouped in false risk measures and other incorrect measures . In this sense, Zhang (2008) points out that the analysts prediction sensibility is associated with the costs and benefits of predictions. It is necessary to mention the considerations made in some studies about the reactions that accounting changes produce in the market, and, therefore, end up affecting prices. It should be estimated that the results of some studies have indicated that accounting changes do not have any effect on the market (Vigeland, 1981). Meanwhile, other studies have evidenced, for example, that the adoption of International Financial Reporting Standards generates changes in the market (Floros, 2007). The results of some studies have emphasized the relationship between the investors performance and changes in market prices. Caspar (2003) analyzing investors performance when presenting information, carried out by Danish companies, showed the presence of significantly abnormal results few days after the presentation. On the other hand, Chewning et al. (200 4) evidenced that sophisticated and not sophisticated investors have improved their abilities in the use of information. Therefore, the subsequent effects of their performances have been evident on market prices. Regarding studies of relevance, research papers on the anticipation of prices have been found, emphasizing time extension for profitability calculation. In this sense, Kothari and Sloan (1992) determined the expectations of future earnings, using price and earnings regression, corresponding to the multi-year prior period. On the other hand, Schleicher et al. (2007) worked with a two-year period in their regression model to estimate earnings. In relation to the studies of relevance and variables of results, some research papers have emphasized the relationship of profitability in view of changes and different levels of results. In this sense, Shroff (2002) shows the relationship of profitability with the levels of results. Meanwhile, other studies have determined the r elationship in both, changes and levels of results (Dumontier and Labelle, 1998). Regarding prediction studies, Ou and Penman (1989b) evidenced that the model based on accounting information was useful to predict earnings. Other researchers have also been concerned with this aspect (Skogsvik, 2008). It can be observed that profits predictions have an explanatory power for future earnings (Wu and Wang, 2000); so the accounting structure becomes a decisive factor for the carried out estimates (Fairfield et al., 1996). The ratios, factor analysis and principal component analysis The use of data multivariate analysis has allowed explaining accounting phenomena through the treatment of groups of variables. The availability of companies great quantity of data, due to financial and economic ratios disclosure has facilitated the use of this statistical tool. Some studies, using multivariate techniques have tried to determine a group of factors that synthesize economic and financial indicators, in conglomerate groups that facilitate, among other aspects, the measuring of companies information quality. Consequently, the most used multivariate techniques are the factor analysis (FA) and principal component analysis (PCA). Therefore, different studies have chosen to apply the factor analysis technique. Pinches et al. (1973) working with a sample of 180 industrial companies whose data were obtained from Compustat database, and using the varimax rotation, determined 7 factors (return on investment, capital intensiveness, inventory intensiveness, financial leverage, receivables intensiveness, short-term liquidity and cash position). In another study, Pinches et al. (1975) using the same sample of companies and ratios from the previous study, and applying the oblique rotation method, found the same factors. Short (1980) carried out a study selecting 259 industrial and commercial companies, considering data adjusted to inflation rate. Therefore, using varimax ro tation, 7 factors of historical ratios were found (return, capital intensiveness, asset turnover, financing policy, inventory turnover, working capital and current position), and, the same number of factors of price-level ratios (return, capital intensiveness, asset turnover, financing policy, inventory turnover, working capital and cash position). The previous ideas are consistent with those stated by Yli-olli and Virtanen (1989) and Liao (2008). Other studies have preferred to apply the principal component analysis. Stevens (1973), selecting a sample of 80 industrial companies, reduced 20 ratios to 6 factors (leverage, profitability, liquidity, activity, dividend policy and price and earnings). Pinches and Mingo (1973) examining 180 industrial companies with the varimax rotation method, determined 7 factors in which the indicators (size, financial leverage, long-term capital intensiveness, return on investment, short-term capital intensiveness, earnings stability and debt cover age stability) are grouped. Laurent (1979) selected a sample of 63 companies that were analyzed with the varimax rotation method, 10 components (return on investment, leverage, working capital, fixed assets, long-term solvency, liquidity, cash position, stability of debts coverage, self-financing policies and credit policies) were proposed. These ideas are consistent with Chen and Shimerda (1981), Sorensen (2000) studies. Hypothesis formulation The measuring of ratios began to be developed in the United States to carry out financial analysis, acquiring relevance in the financial sector, specifically in the analysis of credit risk and management. In the course of time, studies on ratios-type use and ratios groups modeling arose. Therefore, considering the idea that a ratio is meaningless by itself, and, so that its interpretation is valid, it is compared with an internal standard (based on true data conveniently settled), or with an external standard (corresponding to other organizations in a similar situation). From the 20s on, ratios are used in inter-companies comparative studies, to overcome the difficulties of carrying out comparisons in the technical-industrial field. As a consequence, some patterns arose allowing characterizing the differences in corporations organizational structure. Therefore, the ratio-type employment has made possible the analysis of groups of companies in similar situations with certain characteristics (Mulla, 2003). FitzPatrick (1932) carried out one of the first studies that lead to develop the descriptive stage of financial analysis through ratios. The study consisted on three documents, in which the use of ratios to determine companies bankruptcy was proposed. Then, the predictive stage was started, focusing on the analysis of ratios prediction capacity. Beaver (1968) was one of the pioneers. He emphasized the analysis of ratios through statistical advanced methods to prove their predictive capacity. He also point ed out that ratios are accounting data that can be evaluated due to their usefulness that is defined in terms of their predictive capacity. Additionally, it is necessary to mention that the evolution of the international harmonization accounting process has been estimated during some time. This has been highly related to economic and institutional events that affect financial information (Kenny and Larson, 2009). In this sense, reforms in the juridical international regulations due to the adoption of IFRS has supposed, on one hand, benefits for companies (Epstein, 2009); and on the other hand, changes in the presentation of information. However, the existence of one accounting system has brought some problems related to accounting, juridical and economic aspects (Slot and Gerrits, 2009); and for that reason, in some cases, it has implied IFRS adaptations to each country ´s social reality to prepare and communicate financial information (Tsakumis et al., 2009). Consid ering the previous ideas, some studies have discussed the implicit changes in the formulation of financial statements with IFRS application and their implications in the quality of accounting information. Therefore, Choi et al. (1983) developed one of the first studies approaching this topic, comparing financial reports elaborated with the American GAAP and the reports elaborated with the Japanese and Korean GAAP. The results prove that ratios show significant differences, due to different factors related to regulatory aspects in each country. Jun and Wang (2001) showed some significant discrepancies in the disclosed data and in the main financial ratios examining the financial information of three Chinese companies, elaborated with China GAAP, Hong Kong GAAP or using IFRS, during the period 1995-1998. Meanwhile, Duangploy and Gray (2005) when comparing Japanese and American companies financial reports showed that the financial reporting standards, applied in each country, affect ratios. Agca and Aktas (2007), when comparing the obtained ratios with financial reports elaborated with IFRS and Turkish GAAP, found significant differences. Considering ratios empiric antecedents and studies that support information quality, considered from the financial reporting standards application changes, the hypotheses are formulated as follows: Hypothesis 1 (H1): the values of profits ratios and financial information quality are affected by the financial reporting standards used by companies. Hypothesis 2 (H2): the values of operational ratios and financial information quality are affected by the financial reporting standards used by companies. Hypothesis 3 (H3): the values of structure ratios and financial information quality are affected by the financial reporting standards used by companies. Hypothesis 4 (H4): the values of per employee ratios and financial information quality are affected by the financial reporting standards used by companies. Research design and Sample selection Study design The financial information of the selected companies from Madrid Stock Exchange and Eurostoxx50 was examined at an initial stage. Data were obtained from Amadeus Database. At first, the companies financial statements from the period (2005-2007) were reviewed; and, considering the characteristics of the obtained data, the financial information was classified into four groups: a) individual financial statements elaborated with the local Generally Accepted Accounting Principles (IFS-GAAP), b) consolidated financial statements elaborated with the local Generally Accepted Accounting Principles (CFS-GAAP), c) individual financial statements elaborated with International Financial Reporting Standards (IFS-IFRS) and d) consolidated financial statements elaborated with International Financial Reporting Standards (CFS-IFRS). Furthermore, data were grouped according to the economic sector of the companies activity area, aspect that will be useful when making statistical cont rasts. In the case of Madrid Stock Exchange companies, the separation issued on January, 1, 2005 for all companies admitted to list in the Spanish Stock Exchange was selected. In the case of Eurostoxx50, the companies were treated as an additional sector to have a general idea of their performance. It is necessary to point out that there were companies belonging to both Markets (Repsol YPF, Endesa, Iberdrola, Arcelor, Bayer and Telefà ³nica) when the study was carried out. At a second stage, ratios that will help to examine financial information quality were selected. It is evident that the indicators obtained from accounting data are numerous. That is why, it is necessary that the selection must be as relevant as possible. Therefore, a revision and a comparison with ratios selected in other studies (Stevens, 1973 and Pinche and Mingo, 1973) have been made. It was chosen to use the ratios presented in Amadeus database, considering that most of them are similar with those used in other mentioned studies; additionally, due to their revealed data reliability and consistency, avoiding them to be significantly different from one period to another. In table 1, the relationship of the 26 selected ratios and the calculation form are shown. Table 1. Ratios used in the analysis of financial information quality Variable Ratios Calculation form Profitability ratios X1 Return on shareholders funds (%) (Profit (loss) before taxation/shareholders funds)*100 X2 Return on capital employed (%) ((Profit (loss) before taxation + interest paid)/(shareholders funds + noncurrent liabilities)) * 100 X3 Return on total assets (%) (Profit (loss) before taxation/total assets)* 100 X4 Cash flow by sales volume (%) (Cash flow/turnover)* 100 X5 Profit margin (%) (Profit (loss) before taxation/operating revenue (turnover) * 100 X6 Gross margin (%) (Gross profit/operating revenue)* 100 X7 EBIT margin (%) (Earnings before interest and taxes/operating revenue)* 100 X8 EBITDA margin (%) ((Earnings before interest, taxes, depreciation and amortization)/operating revenue) * 100 Operational ratios X9 Net assets turnover Operating revenue (turnover)/(shareholders funds + noncurrent liabilities) X10 Interest cover Operating profit (Loss)/interest paid X11 Stock turnover Operating revenue (turnover)/stocks X12 Collection period (days) (Debtors/operating revenue (turnover)) * 360 X13 Credit period (days) (Creditors/operating revenue (turnover) * 360 X14 Exportation sales volume by sales volume Exportation sales volume/total sales volume Structure ratios X15 Current ratio Current assets/current liabilities X16 Liquidity ratio (Current assets stocks)/current liabilities X17 Shareholders liquidity ratio (%) Shareholders funds/noncurrent liabilities X18 Solvency ratio (%) (Shareholders funds/total assets) * 100 X19 Gearing (%) ((Noncurrent liabilities + loans)/Shareholders funds) * 100 Per employee ratios X20 Profit per employee (monetary value) Profit (loss) before taxation/number of employees X21 Operating revenue per employee (monetary value) Operating revenue/number of employees X22 Employees costs per operating revenue (turnover) (%) (Cost of employees/operating revenue (turnover) * 100 X23 Average cost per employee (monetary value) Cost of employees/number of employees X24 Shareholders funds per employee (monetary value) Shareholders funds/number of employees X25 Working capital per employee (monetary value) Working capital/number of employees X26 Total assets per employee (monetary value) Total assets/number of employees Methods In relation to the kruskal-wallis test, it can be noticed that it is a non-parametric test equivalent to ANOVA, used to compare population medians in case data are not normally distributed. The hypotheses are defined by: H0: The k medians of variables are all the same. H1: At least one median from one of the variables is different. Therefore, the observations of k random samples are placed in growing order of magnitude, assigning ranks to each one of the variables to determine the ranks for each sample. Regarding the statistic to test, this follows a distribution with k-1 free grades. In relation to the principal component analysis (PCA), it is a multivariate statistical technique to reduce the number of variables to a smaller number, losing as less information as possible (Foguet, 1989). At the same time, it is able to identify a group of fictitious variables formed from the co mbination of those previously observed. Therefore, it is possible to synthesize data and to relate them without making any previous hypothesis about the meaning of each initial factor. The new principal components will form a linear combination of origin variables and each one of them is independent. It should be added that the kruskal-wallis test and the principal component analysis were run using the statistical program SPSS (Statistical Package for Social Sciences), version 15.0. Sample The population subject of study is formed by companies listing in Madrid Stock Exchange and Eurostoxx50. The sample submitted to observations is constituted by all productive sectors, excluding the financial and real estate sector, because it is regulated by specific standards. Therefore, companies in the sample have increased to 111 belonging to Madrid Stock Exchange and 32 to Eurostoxx50. In table 2, it is proved that most companies presented consolidated financial statements with th e International Financial Reporting Standards (CFS-IFRS), specifically 75,52%, while 9,79%, (CFS-GAAP), 6,29%(IFS-GAAP) and 8,39% (IFS-IFRS). It is also important to mention that in the market group structure, it is observed that 73,4% belong to Madrid Stock Exchange and 22,4% to Eurostoxx50. Table 2. Listing market and financial statements from the period 2005-2007 Market group Financial statements from the period 2005-2007 IFS-GAAP CFS-GAAP IFS-IFRS CFS-IFRS Total f % f % f % f % f % Madrid Stock Exchange 8 88,9% 2 14,3% 12 100,0% 83 76,9% 105 73,4% Eurostoxx50 0 ,0% 11 78,6% 0 ,0% 21 19,4% 32 22,4% Both markets 1 11,1% 1 7,1% 0 ,0% 4 3,7% 6 4,2% Total 9 100,0% 14 100,0% 12 100,0% 108 100,0% 143 100,0% In table 3, it can be observed that (CFS-IFRS) have been applied in most companies, approximately 65%, grouped in the sectors of basic materials, industry and construction, consumption goods and consumption services. At the same time, a significant participation of Eurostoxx50 group can be observed. Table 3. Productive sectors and financial statements during the period 2005-2007 Productive sectors Financial statements from the period 2005-2007 IFS-GAAP CFS-GAAP IFS-IFRS CFS-IFRS Total f % f % f % f % f % Oil and energy 1 11,1% 0 ,0% 0 ,0% 12 11,1% 13 9,1% Basic materials, industry and construction 4 44,4% 1 7,1% 3 25,0% 28 25,9% 36 25,2% Comsumption goods 3 33,3% 1 7,1% 7 58,3% 24 22,2% 35 24,5% Consumption services 1 11,1% 0 ,0% 2 16,7% 18 16,7% 21 14,7% Technology and telecommunications 0 ,0% 1 7,1% 0 ,0% 5 4,6% 6 4,2% Eurostoxx50 0 ,0% 11 78,6% 0 ,0% 21 19,4% 32 22,4% Total 9 100,0% 14 100,0% 12 100,0% 108 100,0% 143 100,0% Descriptive analysis and hypothesis verification Group 1. Profitability Ratios When examining the results, it is observed that mean values of variables are heterogeneous, even, negative values are shown for the IFS-GAAP subgroup, similarly occurred to the variables: return on shareholders funds (X1/2005: -2,492 and X1/2007: -26,082), return on capital employed (X2/2005: -69,791 and X2/2007: -11,267) and return on total assets (X3/2005: -13,015 and X3/2007: -3,883). Additionally, it is necessary to mention that the variable gross margin (X6) from this subgroup does not have available data in any of the analyzed years. In relation to the results of the descriptive statistics, it is proved that there are distributions far from normality, with high values of asymmetry and kurtosis, as it is the case of the CFS-GAAP group from the variables: return on shareholders funds (X1/2006: -3,092 and 10,812), profit margin (X5/2006: -3,197 and 11,456) and EBIT margin (X7/2006: -2,864 and 9,150). The kruskal-wallis population equality t est has been considered to contrast the hypotheses related to the relationship of each one of the defined ratios and the group type to show financial information. The hypothesis to be proved is that the mean values of the considered ratios do not show differences, according to the financial reporting standards applied to present financial statements. Regarding H1 contrast results of mean ranks for this period, it is deduced that there are differences in population averages (p 0,05) in the financial presentation for the variables: Return on shareholders funds (X1/2007: 0,021), Return on capital employed (X2/2005: 0,007), and Return on total assets (X3/2005: 0,012). While in the other analyzed ratios, there are not significant differences. Therefore, the differences found in some ratios population averages prove that financial information quality can be affected by the used financial reporting standards. Group 2. Operational Ratios In relation to the descriptive statistics o f operational ratios during the period 2005-2007, it was observed that dispersion is really high. This proves that mean values vary in the studied variables. There are also distributions far from normality, with high values of asymmetry and kurtosis, as in the group (CFS-IFRS) with the variables: stock turnover (X11/2005: 4,631 and 26,072; X11/2006: 5,568 and 37,406 and X11/2007: 4,890 and 28,913), net assets turnover (X9/2005: 4,444 and 30,605), interest cover (X10/2005: 5,249 and 35,238) and collection period (X12/2006: 2,868 and 15,622). The H2 contrast proves that there are significant differences in population averages (p 0,05) in the financial information presentation for the variables: collection period (X12/2005: 0,029) and credit period (X13/2005: 0,001 and X13/2006: 0,002 and X13/2007:0); while the rest of variables do not show significant differences. Therefore, from the obtained results, it can be deduced that financial reporting standards can influence financial inf ormation quality. Group 3. Structure Ratios The exam of the descriptive analysis results, first of all, indicates that mean values vary in the studied variables. Distributions far from normality are also proved, such as in the (CFS-IFRS) group, the asymmetry of the variable current ratio (X15) in the years 2005 (2,163) and 2007 (6,831). Similarly occurred to the kurtosis of the same variable X15 in the years 2005 (8,768) and 2007 (54,570). The H3 contrast results allowed to determine that there are differences in population averages (p 0,05) in the financial information presentation of current ratio (X15/2005: 0,001, X15/2006: 0 and X15/2007: 0,003), liquidity ratio (X16/2005: 0, X16/2006: 0 and X16/2007: 0,001), shareholders liquidity ratio (X17/2005: 0,004) and gearing (X19/2005: 0,001); meanwhile, there are not significant differences in other years. Therefore, this result allows verifying that financial information quality is affected by the existence of differences in population averages in some of the analyzed variables. Group 4. Per employee ratios The descriptive statistics for this group of ratios reveals that mean values vary in the studied variables, and, distributions far from normality are observed. Additionally, high values of asymmetry and kurtosis are detected in some variables. This can be observed, for example, in the asymmetries of (CFS-IFRS) group from the profit per employee (X20/2005: 3,256, X20/2006: 2,788 and X20/2007: 7,972), operating revenue per employee (X21/2005: 2,865, X21/2006: 2,517 and X21/2007: 7,460), and, shareholders funds per employee (X24/2005: 2,306, X24/2006: 2,092 and X24/2007: 5,035). H4 is confirmed and it is evident that there are differences in population averages (p 0,05) in the presentation of financial information, specifically for the variables: average cost per employee (X23/2005: 0,018 and X23/2006: 0,026) and total assets per employee (X26/2005: 0,026). Furthermore, it is proved that the other variables do not show significant differences. Therefore, the results allow concluding that financial information quality is affected by the applied financial reporting standard, due to the differences in population averages in one of the variables. The carried out descriptive analysis has made possible evaluating the wide variability of ratios analyzed in different periods. This has proved that dispersion ranks vary according to the variables of the study. The results with IFRS application showed significant differences in population averages (p 0,05) in some variables, such as Return on shareholders funds (X1), Return on capital employed (X2) and Return on total assets (X3). As a result, the financial information quality has been affected. In relation to the hypotheses contrast, it has been possible to prove that information quality is affected by the financial reporting standards used in the four empiric contrasts (H1, H2, H3 and H4). This results are similar to other s tudies (Henry et al., 2009 and Lantto and Sahlstrà ¶m, 2009). Principal component analysis (PCA) for ratios for the year 2007 In this section, the principal component analysis technique is used to make tests to reduce variables (ratios), and, to determine independent ratios categories, for avoiding multicollinearity in the results of the analysis. The group of ratios, analyzed with the application of the multivariate technique for the year 2007, is explained in the methods section. Therefore, the main purpose of the analysis is to obtain a data matrix from mxn, m rows (companies) by n columns (ratios). Once all variables were introduced, it was proved that the obtained data offered a non-positively defined matrix, this prevents from applying PCA. Therefore, those with lost or disproportionate values in relation to the others were excluded. As a result, using the matrix of reproduced and residual correlations, and making an individual analysis for each variable, it was detected that the variables: X6, X14 (due to lost or not available values), X10, X11 and X22, in some cases, have high correlation value s or extremely low ones. At the same time, they show high residual differences. Indeed, these variables affected the results of the analysis, and, therefore, this can cause the matrix to be indefinite, suggesting its progressive elimination. Consequently, when variables are eliminated, it is observed that the obtained new matrix is positively defined and the analysis is carried out. In relation to the results of the previous tests, excellent data suitability is found, making PCA possible. Specifically, with a high Kaiser-Meyer-Olkin sampling suitability average of (0,63), and a Bartlett sphericity test with a significant high value of (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚ ¡2 = 3492,06 and p = 0,000), it can be proved from the analysis that the significance is perfect. Regarding the communalities obtained for each variable, once the extraction was carried out, it can be proved that all the variables show communalities higher than zero, with high values that approximately vary from 0,62 to 0,95, so the variance proportion is explained by the factors generated in the analysis. Regarding, the extraction method shown in table 4, it can be said that the factor solution that adjusts the best to the observed correlations converges on six factors. Therefore, with an accumulated explained variance of 87%, and considering that the first two factors explain around 44% of the total variance, these values are high enough to determine that six is a number of appropriate factors to explain the group of variables. Table 4. Explained total variance (PCA-2007) Component Initial Autovalues Saturation addings at square extraction Saturation addings at square rotation Total % Variance % acumulated Total % Variance % acumulated Total % Variance % acumulated 1 6,130 29,192 29,192 6,130 29,192 29,192 4,684 22,304 22,304 2 3,821 18,194 47,386 3,821 18,194 47,386 4,562 21,725 44,029 3 3,441 16,385 63,771 3,441 16,385 63,771 3,003 14,302 58,331 4 2,318 11,036 74,807 2,318 11,036 74,807 2,557 12,178 70,508 5 1,653 7,873 82,680 1,653 7,873 82,680 1,827 8,698 79,207 6 1,045 4,975 87,655 1,045 4,975 87,655 1,774 8,448 87,655 7 ,673 3,204 90,859 8 ,577 2,746 93,605 9 ,357 1,700 95,305 10 ,217 1,032 96,337 11 ,186 ,886 97,223 12 ,157 ,749 97,972 13 ,128 ,611 98,584 14 ,077 ,366 98,950 15 ,070 ,333 99,283 16 ,042 ,199 99,482 17 ,030 ,141 99,623 18 ,026 ,123 99,746 19 ,025 ,119 99,865 20 ,017 ,081 99,946 21 ,011 ,054 100,000 Extraction method: Principal Component Analysis. The following step was to obtain a simpler interpretation of factors using the promax rotation method. Therefore, it can be observed that the solution converged on 6 iterations. The first factor that explains 29,19% of the variance, shows strong weighing in the variables related to the following ratios: X20 (profit per employee, 0,932), X21 (operating revenue per employee, 0,945), X23 (average cost per employee, 0,877), X24 (shareholders funds per employee, 0,933), X25 (working capital per employee, 0,702) and X26 (total assets per employees, 0,885). Consequently, it is reasonable to define this component as a dimension of employees potential. It is also important to mention that the factor loadings of variables are shown with clear and high saturations in this factor. The second factor that explains 18, 19% of the total variance, shows its most significant positive loading factors in variables X1 (return on shareholders funds, 0,937), X2 (return on capital employed, 0,912) and X3 (return on total assets, 0,929); while the lowest loadings are observed in variables X4 (cash flow by sales volume 0,667) and X5 (profit margin, 0,864). Therefore, this factor gives an idea of the profitability, so it is convenient to label it as profitability potential. When contrasting these results with Pinches et al. (1973) results, it can be noticed that variables X1 and X3 grouped in the factor Return on investment, and variable X4, in the factor labeled capital intensiveness. Meanwhile, according to Stevens (1973) variables X3 and X5 are in agreement with the factor profitability. The third factor is integrated by variables X15 (current ratio, 0,965), X16 (liquidity ratio, 0,959) and X17 (shareholders liquidity ratio, 0,933). Additionally, it saturates with high and positive factor loadings, higher than 0,75, explaining 16,38% total variability of ratios. This component is labeled operability potential. It should be mentioned that in Pinches et al. (1973), variables X15 and X16 are correlated in the factor short-term liquidity. The fourth factor, with an explained variance percentage of 11,03%, would be associated to variables X7 (EBIT margin, 0,866), X8 (EBITDA margin, 0,788) and X9 (net assets turnover, -0,664). As a result, considering the variables characteristics, this component has been labeled investment potential. Besides, assuming a linear combination of these variables, it can be observed that variable X9 shows a weighing of 0,664 in opposite direction to the rest of variables from this factor. On the other hand, in relation to variable X7, Pinches et al. (1973) group it in the factor Capital Intensiveness, Stevens (1973) in the factor profitability. The fifth factor that explains 7,87% of the variance, would be associated to variables X12 (collection period, 0,910) and X13 (credit period, 0,780). This factor is labeled credit potential. Finally, the sixth factor with an explained variance percentage of approximately 4,97%, woul d be associated to variables X18 (solvency ratio, 0,873) and X19 (gearing, -0,894), and it is labeled potentiality of high operability. It can also be noticed that the variable gearing, with a factor loading of 0,894, goes in an opposite direction in relation to the other identified variable in the component. It should be emphasized that variable X19 groups in the factor leverage according to Stevens (1973). The principal component analysis, carried out from the ratios corresponding to the year 2007, has allowed knowing the main relationships among variables, generating groups from the correlations between them. It is necessary to state that high factor loadings were observed in the performance of the components employees potential and profits potential. Regarding the other factors, with lower values in the factor loadings; they do not contradict the found solution. However, it affirmatively indicates the polarization among the factors with higher or smaller explanatory capacity of data variance. Conclusions The carried out analyses made possible achieving the objectives of this study, which are related to the analysis of financial information quality, evaluating whether financial and economic ratios are affected by changes in financial standards applied by companies (Local GAAP or IFRS). At the same time, it was possible to determine a group of factors that allow proving the capacity of ratios to measure the quality of accounting information, as well as, facilitating the information analysis process to different groups of users. Additionally, the sample of selected companies belongs to Madrid Stock Exchange and Eurostoxx50. Financial statements from the period 2005-2007 were used. At the same time, a group of indicators (ratios) were considered to carry out the respective statistical measurements. The results obtained from the empiric contrast, once the medians were compared between the applied financial reporting standards for the financial statements presentation and the ratio s from the period (2005-2007), show that in all the hypotheses (H1, H2, H3 and H4) there are differences in population averages in the financial presentation. Therefore, it is proved that financial information quality is affected by financial reporting standards. These results lead to think that one of the reasons for this performance is possibly attributed to the idea that one financial reporting standard is better than the other. It could also be considered the interpretations that are made out of regulations, so that they do not affect the quality of disclosed data. This could justify the obtained results. The results of the principal component analysis (PCA) for the year 2007, allowed to group variables in six factors related with employees potential, operability potential, investment potential, credit potential and high operability potential. Therefore, the applied multivariate technique (PCA) has enabled to empirically check the capacity of ratios to measure financial infor mation quality. Additionally, the found factors are only an alternative to group variables to make sense out of the interpretation of ratios from a theoretical point of view. Consequently, the results could be an alternative way for accounting users to analyze accounting information. Finally, the findings suggest continuous improvements in financial reporting standards applied to financial statements; so that, companies operations disclosed data fulfill some quality requirements, on behalf of accounting users. At the same time, it should be allowed that report analyses through accounting ratios, must be provided with interpretations as true as possible of the entity ´s financial and economic reality.

The Hunters Phantom Chapter 19 Free Essays

â€Å"Honestly, Elena,† Aunt Judith said, shaking her head as she adjusted the car’s rearview mirror. â€Å"I don’t know why these kinds of things always seem to happen to you, but you find yourself in the strangest situations.† â€Å"Tel me about it,† Elena said, slumping down in the passenger seat of her aunt’s car and resting her head in her hands. We will write a custom essay sample on The Hunters: Phantom Chapter 19 or any similar topic only for you Order Now â€Å"Thank you for picking me up, Aunt Judith. I just felt too shaky to drive after being at the hospital with Caleb and everything.† She swal owed. â€Å"I’m sorry I missed Margaret’s dance recital after al .† Aunt Judith patted Elena’s knee with one cool hand without taking her eyes off the road. â€Å"I told Margaret that Caleb got hurt and you had to take care of him. She understood. Right now I’m worried about you. It must have been a shock to find him like that, especial y when you realized it was someone you knew. What exactly happened?† Elena shrugged and repeated the lie she’d told the police. â€Å"I just found him lying there when I went to visit Mom and Dad.† Elena cleared her throat before continuing. â€Å"The hospital’s keeping him for a couple of days. They think he’s got a bad concussion and they want to watch and make sure his brain doesn’t swel . He woke up a little bit in the ambulance but was real y groggy and didn’t remember what had happened.† Which was lucky, Elena thought. What if he’d said he was attacked by Elena Gilbert’s boyfriend, who had something weird going on with his teeth? What if he’d said her boyfriend was a monster? It would be last fal al over again. Aunt Judith frowned sympathetical y and shook her head. â€Å"Wel , Caleb’s lucky you came along. He could have been lying there for days before anyone went looking for him.† â€Å"Yeah, lucky,† said Elena hol owly. She rol ed the bottom of her T-shirt between her fingers and was startled to realize she stil had her bathing suit on under her clothes. The picnic that afternoon seemed like it had taken place a mil ion years ago. Then something Aunt Judith said struck her. â€Å"What do you mean, he could have been lying there for days before anyone looked for him? What about his aunt and uncle?† â€Å"I tried cal ing them after you cal ed me, but it seems that Caleb’s been fending for himself for quite a while. When I reached them, they were out of town on vacation, and frankly they didn’t seem like they were too concerned about their nephew, even when I told them what had happened.† She sighed heavily. â€Å"I’l go visit him tomorrow and bring him some of the flowers from our garden he’s been working so hard on. He’l like that.† â€Å"Huh,† said Elena slowly. â€Å"I thought he told me he came here to stay with his aunt and uncle because they were so upset about Tyler being missing.† â€Å"Maybe so,† Aunt Judith said dryly, â€Å"but the Smal woods seem to be doing pretty wel now. They said that in their opinion, Tyler wil come home when he’s good and ready. That boy was always a little out of control. It sounds like Caleb is more worried about Tyler than they are.† She pul ed into the driveway of their house, and Elena fol owed her inside to where Robert was reading his newspaper at the kitchen table. â€Å"Elena, you look exhausted,† he said, folding the paper and looking up at her in concern. â€Å"Are you al right?† â€Å"I’m okay,† she said numbly. â€Å"It’s just been a long day.† She thought she had never made more of an understatement in her life. â€Å"Wel , Margaret’s gone to bed, but we saved you some dinner,† Aunt Judith said, making a move toward the refrigerator. â€Å"It’s a chicken casserole, and there’s some salad. You must be starving.† But suddenly Elena felt sick. She’d been suppressing al her feelings about Stefan and his attack on Caleb, keeping the images tamped down so she could get on with the business of dealing with the police and the staff at the hospital and her own family. But she was tired and her hands were shaking. She knew that she couldn’t keep everything under control for much longer. â€Å"I don’t want anything,† she said, backing away. â€Å"I can’t†¦ I’m not hungry, Aunt Judith. Thank you, though. I just want to take a bath and go to bed.† She turned and hurried out of the kitchen. â€Å"Elena! You have to eat something,† she heard Aunt Judith cry exasperatedly behind her as she hurried up the stairs. The solid-sounding murmur of Robert’s voice broke in: â€Å"Judith, let her go.† Elena ducked into the bathroom and closed the door behind her. She and Margaret shared the hal bathroom, and she busied herself with emptying Margaret’s bath toys from the tub, keeping her mind careful y blank: a pink rubber ducky, a pirate ship, a stack of gaily colored plastic cups. A goofily smiling purple seahorse looked up at her with painted blue eyes. Once the tub was empty, Elena ran the water as hot as she could stand and poured in a generous dol op of apricot-scented bubble bath from a bottle that promised to soothe her spirit while rejuvenating her skin. Soothing and rejuvenating sounded good, although Elena had her doubts about how much she could reasonably expect from a bottle of bubble bath. When the tub was ful and frothy with a thick layer of bubbles, Elena quickly undressed and stepped into the steaming water. It stung at first, but she eased herself in bit by bit, gradual y getting accustomed to the temperature. Once she was comfortable, she lay back in the water, her hair floating out like a mermaid’s, the sounds of the house muffled by the water over her ears, and let the thoughts she’d been avoiding come at last. Tears overflowed her eyes and trickled down her cheeks to join the bathwater. She had believed that everything was going to be normal now that they were back home, that things were going to be good again. When she and her friends had gotten the Guardians to send them back and to change things, to reverse the deaths, to fix the broken, to make everything the way it would have been if nothing dangerous had touched the little town of Fel ‘s Church, she had thought that it would make her life simple and easy. She would have her family, her friends, her Stefan. But it wasn’t going to work, was it? It wasn’t ever going to be that way, not for Elena. As soon as she’d come back to town, the very first day she’d stepped outside into the sunshine of a Fel ‘s Church summer, something dark and evil and supernatural had started stalking her and her friends. And as for Stefan†¦ God†¦ Stefan. What was happening to him? When she closed her eyes, she saw Caleb flying through the air and heard that horrible, final-sounding crack that Caleb’s head had made as it connected with the marble of the mausoleum. What if Caleb never ful y recovered? What if this cute, innocent guy, this guy whose parents had died and left him like hers had died and left her, was broken forever because of Stefan? Stefan. How had he become the kind of person who could do something like that? Stefan, who felt guilty about the animals he took blood from, the doves and rabbits and deer of the forest. The Stefan who she knew at the deepest level of her soul, who she thought kept nothing from her – that Stefan would never have harmed a human being like that. Elena lay in the bathtub until the water got cold and her tears had stopped. Then she got out, drained the tub, dried her hair, brushed her teeth, put on a nightgown, cal ed good night to Aunt Judith and Robert, and climbed into bed. She did not want to write in her diary. Not tonight. She switched off the light and lay flat on her back, staring into the darkness – the same blackness, she thought, as Damon’s eyes. Damon had been a monster, she knew – he had kil ed, although not as blithely as he pretended; he had manipulated people and enjoyed it; he had haunted and hated Stefan for hundreds of years – but she had also seen the lost little boy he kept locked inside him. He had loved her, she had loved him, and he had died. And she loved Stefan. Desperately, devotedly, undeniably. She loved the sincerity in his eyes, his pride, his courtly manners, his honor, and his intel igence. She loved that he had rejected the monster that lurked inside him, the one that had driven so many vampires to terrible acts. She loved the sorrow he held – for his past, for his hatred and jealousy of Damon, for the terrible things he had seen. And she loved the hope that always sprang up in him, the strength of wil Stefan possessed that al owed him to keep fighting back the darkness. Beyond al that, she loved Stefan. But she was afraid. She had thought she knew him inside and out, that she could see clear through to the innermost reaches of his soul. That wasn’t true, not anymore. Not since the Guardians had stripped her powers, severing their psychic connection and reverting her back to a normal, human girl. Elena rol ed over and buried her face in the pil ow. She knew the truth now. No matter what the Guardians had done for her, she would never be a normal girl. Her life would never be simple. Tragedy and horror would fol ow her forever. In the end, there was nothing Elena could do to change her destiny. How to cite The Hunters: Phantom Chapter 19, Essay examples

Csr Assignment - Starbucks free essay sample

The management of Starbucks has managed to improve their managerial process through location of their business, higher quality and better prices of their products. Although it is an expensive coffee store, the price of their product is based on the quality they supply. However, Starbucks is fully engaged in providing everything in an ethical manner. In this article, Howard (2011) explains that the most important thing to Starbucks is â€Å"the key to that culture is the belief that people are more important than profits† (Howard, 2011). This paper will discuss the procedures put in place to ensure ethical behavior, their ethic of business and their corporate social responsibility and will focus on assessing the company’s contribution to the community. Ethical issues As stated in Alec, Gonca amp; Efe’s (2011) journal, â€Å"the evolution of Corporate Social Responsibility (CSR) and the concept of Corporate Sustainability (CS) have converged resulting in a similar objective of achieving the balance between economic prosperity, social integrity and environmental responsibility† (Alec,et al. , 2011). CSR is the concept coined to describe how organizations now consider the welfare of the people by being responsible for the impact of their activities on all groups of people involved and affected by their business, (ie. their employees, customers, stakeholders). Many businesses have taken CSR very seriously that they have gone beyond â€Å"following laws†, and do more than being â€Å"responsible†. Starbucks is one of those corporations that fully engages in providing its stakeholders, its employees, the community more than necessary, and go beyond its responsibilities. One issue that Starbucks addressed and which stakeholders were being targeted was for the latter to have access and know how the company’s commitment and passion to improve the world and the ways which are demonstrating it. For example, Starbucks is committed to the environment, whether it’s regarding recycling, reducing water usage, thinking green or lowering its energy consumption (Starbucks, 2012). However, one of the main topics of Starbucks’s corporate ethics revolves around the climate change. Addressing climate change is a priority for Starbucks† (Starbucks, 2012). Since most of Starbucks coffee crops are outside of North America, mostly in the Third-world countries, Starbucks has implemented a climate change since 2004, which focuses on renewable energy, energy conservation, advocacy (Starbucks, 2012). One biggest step taken by Starbucks is reducing its gas emission. They conducted an inventory of their greenhouse gas (GHG) emission in 2011, using t he World Resources Institute/WBCSD Greenhouse Gas Protocol to find out where their energy is mostly consumed. More than 80 percent of their GHG emissions are attributable to energy used in stores, office, and roasting plants, they are now focused on energy conservation and purchase of renewable energy (Starbucks, 2012). Reducing emissions of tons of carbon dioxide makes a huge impact on the climate. By reusing energy in their coffee-roasting plants, or offices, Starbucks was able to reduce its GHG emissions by 2. 7% compared to their 2012 GHG emissions (Starbucks, 2012). Moreover, another issue that is important for stakeholders is to have access to all the reports, codes, ethics, social responsibilities actions endeavored by the corporation. Starbucks has also addressed that issue, and rather than attempt to address every issue in their annual report, they simply just conducted a materiality assessment to determine what topics are of most significance to their stakeholders and to Starbucks itself and publish everything online. In a letter addressed to the stakeholders, Howard Schultz (2011) explains the reasons of creating a report with the summary of all the positive aspects to the company, as well as how the company is doing with regards to their CSR. This focus on materiality helps not only the stakeholders, but also the hareholders with regards to how effectively the company is doing. And for example, letting stakeholders have access to the their progress regarding their environmental by publishing their Global Responsibilities Goal amp; Progress report online, Starbucks is showing how effectively its doing. Codes of conduct Starbucks codes â€Å"Business Ethics and Compliance† and CSR are stated on their webs ite, and is available to the public. They have also made the â€Å"Standards of Business Conduc†t book available, which facilitates legal compliance and ethical issues such as potential conflicts of interest (Starbucks, 2012). The main idea is that every person in the employ of Starbucks is to act ethically and report any unethical or questionable behavior by any person under the employ of Starbucks. Because everyone is equal at Starbucks, any unethical actions should be reported. They have provided the partners with communication channels, which allow them to report all type of issues or concerns (Starbucks, 2012). The communication channel is basically a webline with contact information of the Business Ethics and Compliance department (Starbucks, 2012. Starbucks Chairman, President and Chief Executive Officer Howard Schultz stated (2012) â€Å"Each of us is personally responsible for supporting our core values, which require compliance with the law as well as ethical conduct. We have issued the Standards of Business Conduct to restate our long standing commitment to uphold that responsibility and to provide guidance to our partners. † (2012). Starbucks mission statement and guiding principles are also stated on their website. Starbucks mission is â€Å"to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time†. What this means is that Starbucks is dedicated in delivering each person a unique experience with their coffee purchase. It’s a one-on-one experience that should not only make the customers day but also the barista’s day. Being a barista or a partner at Starbucks not only means making beverages and giving them to the customers, but it also means going beyond being a simple coffee maker and providing customers with more than what they expect. For example, during my time at Starbucks, I remember that each and every customers that came left with a smile, because all of us were trained to always put the customer on a pedestal and make them happy. If one customer comes back unsatisfied with the drink, without any questions asked, we take the drink back and remake a new one with no charge. I also remember one day, during my shift, an elderly lady came to buy a coffee and a mix of granola and yogurt. She stayed at the location to drink her coffee, then to finish her yogurt. Few minutes later, she came back to us and complained about how the granola tasted different and she wasn’t satisfied/happy with it. Even though she had half of it finished, we gave her another one, free of cost and let her go with a smile on her face. As the mission states, it is about one person, one cup at a time. This also describes Starbucks principles related to customers. â€Å"When we are fully engaged, we connect with, laugh with, and uplift the lives of our customers – even if just for a few moments. Sure, it starts with the promise of a perfectly made beverage, but our work goes far beyond that. It’s really about human connection†. (2012) Starbucks also have other principles, either about their products, their shareholders, or their partners. Either way, they are dedicated in being an ethical corporation. As mentioned earlier, they have a report stating all their corporate social responsibilities and how they are doing. Here is a table of what Starbucks Mission Statement and Guiding principles are: STARBUCKS MISSION STATEMENT AND| GUIDING PRINCIPLES| To establish Starbucks as the premier purveyor of the finest| coffee in the world while maintaining our uncompromising| principles as we grow. | The following six Guiding Principles will help us measure the| appropriateness of our decisions:| †¢ Provide a great work environment and treat each| other with respect and dignity. | †¢ Embrace diversity as an essential component in the| way we do business. | †¢ Apply the highest standards of excellence to the| purchasing, roasting and fresh delivery of our coffee. †¢ Develop enthusiastically satisfied customers all of| the time. | †¢ Contribute positively to our communities and our| environment. | †¢ Recognize that profitability is essential to our| future success. | | Starbucks, by generally being omnipresent in the communities (whether doing communities work, making changes to how the business and centers operate†¦), aims to follow its principles, and encourage its partners and customers to do the same. Ethics in practice The corporation accounts for its ethical and social responsibilities, by either being involved in communities through different ways, or helping the society in general. As stated on their website, they make a difference in the society, in the environment, at the workplace, in the products†¦ â€Å"A good example of a corporate culture which focuses on quality and ethics is Starbucks. Starbucks has won a number of ethics awards and has been recognized as a role model of social responsibility. †(Academic journal 2010). This sentence summarizes what stakeholders and public think about Starbucks. Indeed, the corporation has made huge differences in the community by doing small gestures, but gestures that matter. As stated in their website, they â€Å"support farmers and their communities†. For example, they have established Farmer Support Centers in Costa Rica and Rwanda to provide local farmers with the resources and expertise that help lower the cost of production, reduce fungus infections, improve coffee quality and increase the yield of premium coffees (Starbucks, 2012). They have also set up something called the Starbucks Farmer Loan program. It aims to provide financial resources to cooperatives to fulfill their cash flow needs during harvest time, and to make infrastructure investments that result in better competitiveness (Starbucks, 2012). Their goal is to dispurse U. S $20 million to this program by 2015. Another example in respective to their ethical practice is regarding their kids cups. They recalled over 250,000 childrens plastic cups in the U. S. and Canada. â€Å"According to the report, once the cup is dropped, the colorful face on the cup can break off and leave small parts or sharp edges that can pose a choking or laceration hazard to young children† (2008). Also, by coming to the new communities, such as in the U,S where its experiencing a job crisis, Starbucks provides employment, as the only thing you need is a smile and willingness to provide excellent customer experience. The company first priority is taking care of the employees in its retail stores who communicate with and serve customers. Starbucks executives believe that by taking care of these employees, the company can provide long-term value to shareholders (Schultz amp; Yang 1997). Trust is vital to all organizations and it expected that ethical leaders demonstrate be havioral consistency between words and actions; treat all employees fairly without violating human rights. † (2011). Starbucks has teamed up with the Opportunity Finance Network (OPN) to create new jobs for Americans. Transparency At Starbucks, transparency is important thus they have published their CSR report as part of their broader communications efforts to provide transparency on their activities and performance. This initiative not only makes their stakeholders happy but also provides everyone else, either its customers or employees, with what Starbucks is doing to be a socially and environmentally responsible company. This transparency should be the priority in all successful organizations has us customers need to know what is the company, that is technically part of our daily routine, doing for us. A clear apercu of their goals, mission statement and principles is necessary, because communities need to support only corporations that care and value ethics and social responsibility. But as mentioned, Starbucks is in all ways clear about their ethics, and as nothing is a mystery, they have published everything online. Overall assessment Starbucks is focused on being a fully ethical and a very philanthropic corporation. All their ethics, values, match Carrol’s definition of a Corporate Social Responsible corporation. As per Carrol, the social responsibility of business encompasses the economic, legal, ethical and discretionary expectations that a society has of organizations at a given point in time (Michael Hopkins, p. 2. 2011). Although, like all other corporations, making profit is the most important, Starbucks doesn’t forget that it started as a small business that eventually and slowly expanded. Starbucks participates in many environmental and social programs around the world. The corporation is focused in providing communities with all types of benefits, such as jobs, good quality of coffee, good working conditions, improving its energy consumption. In general, the company is progressing towards better system and practices. For example, according to the published metrics on the environmental responsibility, the company has been able to reduce its energy consumption by 7. 5% in 2008-2011, purchased the equivalent of more than 50% of electricity used in their global company-owned stores worldwide in 2011, and decreased its water consumption by more than 17% since 2008. Starbucks’ goal by 2015 is to decrease water consumption by 25%, purchase renewable energy equivalent to 100% of the electricity used in their company-owned stores and reduce energy consumption by 25%. Conclusion We have studied about corporate responsibility, companies’ omnipresence in communities, in society and in our day-to-day routine. We have also studied how a company’s values and ethical decisions can make a significant difference in the way we perceive it. Applying what we learnt from class, Starbucks is implicitly ethical and follows all the norms and values of a social ethical company. Thought, a company is made of employees, it is very important to provide those employees with the company’s core values and explain them what it really means to work at that company. In Starbucks’s case, partners are all participating in making the company an ethical and socially responsible corporation. References Katrinli, A. , Gunay, G. , Mehmet E. (2011). The Convergence of Corporate Social Responsibility and Corporate Sustainability: Starbucks Corporations Practices. Cambridge: The Business Review. Moronke, S. (2012). Impact of Ethical Leadership on Employee Job Performance. Journal of Business and Social Science. Schultz, H. (2010). Its Not About the Coffee: Leadership Principles From a Life at Starbucks. Journal for Quality amp; Participation;Vol. 33 Issue 1, p20, 1/3p. Academic journal. Starbucks. Retrieved from http://assets. starbucks. com/assets/4dd6216d0fd0400f8689eceba0497e04. pdf http://www. starbucks. com/about-us Starbucks Recall Mugs. Injury Prevention; Feb2008, Vol. 14 Issue 1, p70-70, 1/9p. article Ethics and Compliance Webline. Retrieved from https://businessconduct. eawebline. com/ Hopkins, M. (2011). Definition of Corporate Social Responsibility. MHC International. P. 2. article. Retrieved from http://mhcinternational. com/articles/definition-of-csr