-
Restive Nation - Act III
Own our debut album (feat. Act III) on vinyl and digital here:
https://restivenation.bandcamp.com/album/restive-nation
Our self-titled debut album (feat. Act III) is available to stream on all major platforms now.
https://linktr.ee/restivenation
Restive Nation are a progressive electro-rock group from Ireland.
ACT III Is the 2nd single from our forthcoming debut album
Recorded, mixed & mastered by Michael Richards, Trackmix Recording Studio, Dublin, Ireland
Video by Andy Pilkington at Very Metal Art
https://www.verymetal.co.uk/
https://www.facebook.com/verymetalart/
Listen to Restive Nation:
Spotify: https://tinyurl.com/y2nje9pc
Tidal: https://tinyurl.com/yxfdtfck
Apple Music/iTunes: https://tinyurl.com/y5yezdlw
Soundcloud: https://tinyurl.com/yyg6jxq4
Amazon: https://tinyurl.com/y4...
published: 17 Sep 2021
-
Why Every Map of China is Just Slightly Wrong
Start building your website today for free at http://wix.com/go/HAI
Get a Half as Interesting t-shirt: https://standard.tv/collections/half-as-interesting
Suggest a video and get a free t-shirt if we use it: http://halfasinteresting.com/suggest
Follow Sam from Half as Interesting on Instagram: http://Instagram.com/Sam.From.Wendover
Follow Half as Interesting on Twitter: http://twitter.com/halfinteresting
Discuss this video on Reddit: http://www.Reddit.com/r/halfasinteresting
Check out my other channel: http://youtube.com/wendoverproductions
Episode written by Adam Chase
Music by Epidemic Sound
published: 28 Mar 2019
-
USA: BAIL REFUSED IN TRADE OF CHINESE PRISONERS ORGANS CASE
(26 Feb 1998) English/Nat
A New York judge on Wednesday refused to grant bail to a man accused of conspiring to trade in the vital organs of executed Chinese prisoners for transplant operations in the U-S.
Cheng Yong Wang and another man were arrested last week after a Chinese dissident alerted the F-B-I to their alleged activities.
Wang's lawyer claimed his client had been set up by the dissident, Harry Wu, and said Wu was working to his own hidden agenda.
The case has stirred considerable controversy, and the U-S State Department has asked Beijing to investigate.
The latest development in this macabre case came on Monday when the accused, Cheng Yong Wang, appeared in court in New York on Wednesday to ask for bail.
Wang was taken into custody last Friday on charges of ...
published: 21 Jul 2015
-
Session 3: The Objective in Corporate Finance - Reality
Looks at the real world issues with maximizing stock prices.
published: 22 Aug 2014
-
Session 4 (MBA): Closing the books on the objective function
In this session, we looked at alternatives to stock price maximization as an objective and noted that the alternatives all come with their own trade offs. In particular, top-down based management systems tend to have trouble with systematic problems (across many firms) and picking an intermediate objective (like increasing market share) can lead you to lose focus. I concluded with a pitch for market-based systems, because they come with built-in correction mechanisms.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session4.pdf
Add on Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session4addon.pdf
Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovh...
published: 10 Feb 2016
-
Session 4: Closing the books on the objective function & Opening the one on Risk
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact that you still don't quite buy into the "maximize value" objective. That is fine and I would like you to keep thinking about a better alternative with three caveats. First, you cannot cop out and give me multiple objectives - I too would like to maximize stockholder wealth, maximize customer satisfaction, maximize social welfare and employee benefits at the same time but it is just not doable. Second, your objective function has to be measurable. In other words, if you define your objective as maximizing the social good, how would you measure social good? Third, take your objective (and the measurement device you hav...
published: 08 Feb 2017
-
Session 5: End Game Conclusion and First Steps on Risk
We started this class by wrapping up the question of at the end game in business, and why I (and you don’t have have to) still trust markets, over managers and expert panels. Markets have no ego, and if allowed to play out, will devise corrections to almost every over reach in business, whether it be managers taking advantage of shareholders, borrowers ripping off lenders, companies lying to markets or creating large social costs. My view is that companies should run to maximize value, but that will involve accepts self-constraints on behavior, and even if the market does not recognize it right away, but that managers need to consider the messages in stock prices. We then moved on to risk and some of you may be regretting the shift from the soft stuff , but trust me that it is still fun.. ...
published: 13 Feb 2023
-
Session 4: Closure on the Objective Function
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact that you still don't quite buy into the "maximize value" objective. That is fine and I would like you to keep thinking about a better alternative with three caveats. First, you cannot cop out and give me multiple objectives - I too would like to maximize stockholder wealth, maximize customer satisfaction, maximize social welfare and employee benefits at the same time but it is just not doable. Second, your objective function has to be measurable. In other words, if you define your objective as maximizing the social good, how would you measure social good? Third, take your objective (and the measurement device you hav...
published: 13 Feb 2019
-
Testing of Hypothesis for Two Samples Means and Variances Using R (in English)
Testing of Hypothesis for Two Samples Means and Variances Using R
published: 03 May 2020
-
Lecturing C6 PAD120
140520 PAD120
published: 14 May 2020
4:52
Restive Nation - Act III
Own our debut album (feat. Act III) on vinyl and digital here:
https://restivenation.bandcamp.com/album/restive-nation
Our self-titled debut album (feat. Act I...
Own our debut album (feat. Act III) on vinyl and digital here:
https://restivenation.bandcamp.com/album/restive-nation
Our self-titled debut album (feat. Act III) is available to stream on all major platforms now.
https://linktr.ee/restivenation
Restive Nation are a progressive electro-rock group from Ireland.
ACT III Is the 2nd single from our forthcoming debut album
Recorded, mixed & mastered by Michael Richards, Trackmix Recording Studio, Dublin, Ireland
Video by Andy Pilkington at Very Metal Art
https://www.verymetal.co.uk/
https://www.facebook.com/verymetalart/
Listen to Restive Nation:
Spotify: https://tinyurl.com/y2nje9pc
Tidal: https://tinyurl.com/yxfdtfck
Apple Music/iTunes: https://tinyurl.com/y5yezdlw
Soundcloud: https://tinyurl.com/yyg6jxq4
Amazon: https://tinyurl.com/y4skuyg5
Bandcamp: https://tinyurl.com/y37jv8zz
Merch Available: https://restivenation.bandcamp.com/merch
Connect with Restive Nation:
Facebook: https://facebook.com/restivenation
Twitter: https://twitter.com/RestiveNation
Instagram: https://www.instagram.com/restivenation
Booking:
[email protected]
Restive Nation are:
Chris Cahill
Ciarán Timmy Lynch
Cion O'Callaghan
Tony Carberry
Pawney
John Atmahead
https://wn.com/Restive_Nation_Act_Iii
Own our debut album (feat. Act III) on vinyl and digital here:
https://restivenation.bandcamp.com/album/restive-nation
Our self-titled debut album (feat. Act III) is available to stream on all major platforms now.
https://linktr.ee/restivenation
Restive Nation are a progressive electro-rock group from Ireland.
ACT III Is the 2nd single from our forthcoming debut album
Recorded, mixed & mastered by Michael Richards, Trackmix Recording Studio, Dublin, Ireland
Video by Andy Pilkington at Very Metal Art
https://www.verymetal.co.uk/
https://www.facebook.com/verymetalart/
Listen to Restive Nation:
Spotify: https://tinyurl.com/y2nje9pc
Tidal: https://tinyurl.com/yxfdtfck
Apple Music/iTunes: https://tinyurl.com/y5yezdlw
Soundcloud: https://tinyurl.com/yyg6jxq4
Amazon: https://tinyurl.com/y4skuyg5
Bandcamp: https://tinyurl.com/y37jv8zz
Merch Available: https://restivenation.bandcamp.com/merch
Connect with Restive Nation:
Facebook: https://facebook.com/restivenation
Twitter: https://twitter.com/RestiveNation
Instagram: https://www.instagram.com/restivenation
Booking:
[email protected]
Restive Nation are:
Chris Cahill
Ciarán Timmy Lynch
Cion O'Callaghan
Tony Carberry
Pawney
John Atmahead
- published: 17 Sep 2021
- views: 2386
5:42
Why Every Map of China is Just Slightly Wrong
Start building your website today for free at http://wix.com/go/HAI
Get a Half as Interesting t-shirt: https://standard.tv/collections/half-as-interesting
Sug...
Start building your website today for free at http://wix.com/go/HAI
Get a Half as Interesting t-shirt: https://standard.tv/collections/half-as-interesting
Suggest a video and get a free t-shirt if we use it: http://halfasinteresting.com/suggest
Follow Sam from Half as Interesting on Instagram: http://Instagram.com/Sam.From.Wendover
Follow Half as Interesting on Twitter: http://twitter.com/halfinteresting
Discuss this video on Reddit: http://www.Reddit.com/r/halfasinteresting
Check out my other channel: http://youtube.com/wendoverproductions
Episode written by Adam Chase
Music by Epidemic Sound
https://wn.com/Why_Every_Map_Of_China_Is_Just_Slightly_Wrong
Start building your website today for free at http://wix.com/go/HAI
Get a Half as Interesting t-shirt: https://standard.tv/collections/half-as-interesting
Suggest a video and get a free t-shirt if we use it: http://halfasinteresting.com/suggest
Follow Sam from Half as Interesting on Instagram: http://Instagram.com/Sam.From.Wendover
Follow Half as Interesting on Twitter: http://twitter.com/halfinteresting
Discuss this video on Reddit: http://www.Reddit.com/r/halfasinteresting
Check out my other channel: http://youtube.com/wendoverproductions
Episode written by Adam Chase
Music by Epidemic Sound
- published: 28 Mar 2019
- views: 3800808
1:50
USA: BAIL REFUSED IN TRADE OF CHINESE PRISONERS ORGANS CASE
(26 Feb 1998) English/Nat
A New York judge on Wednesday refused to grant bail to a man accused of conspiring to trade in the vital organs of executed Chinese...
(26 Feb 1998) English/Nat
A New York judge on Wednesday refused to grant bail to a man accused of conspiring to trade in the vital organs of executed Chinese prisoners for transplant operations in the U-S.
Cheng Yong Wang and another man were arrested last week after a Chinese dissident alerted the F-B-I to their alleged activities.
Wang's lawyer claimed his client had been set up by the dissident, Harry Wu, and said Wu was working to his own hidden agenda.
The case has stirred considerable controversy, and the U-S State Department has asked Beijing to investigate.
The latest development in this macabre case came on Monday when the accused, Cheng Yong Wang, appeared in court in New York on Wednesday to ask for bail.
Wang was taken into custody last Friday on charges of conspiracy after the F-B-I began investigating claims that he and another man were offering to sell organs such as kidneys, skin and livers, taken from executed Chinese prisoners.
Wang allegedly claimed he could get access to the organs because he said he was a Chinese prosecutor involved in carrying out the executions.
The magistrate hearing the case, Judge Ronald L. Ellis, refused the request for bail on the grounds that he felt 41-year-old Wang had insufficient ties to the United States, with no job or family in the country, and might try to flee.
His alleged accomplice, Xingqi Fu, had been freed on bail of one-hundred thousand U-S dollars on Monday.
The F-B-I began investigating after they were alerted by the Chinese dissident and human rights activist Harry Wu.
According to the prosecution, Wu, who has for several years been trying to publicise the practice in China of using prisoners' organs for transplant operations, posed as a doctor working at a dialysis centre.
He then secretly videotaped a meeting with Wang earlier this month, where Wang offered to have organs illegally imported to the U-S.
He is said to have boasted that he could get hold of organs from 50 executed prisoners a year.
Wang's lawyer, Oliver Smith, said his client had been set up by Wu, who he accused of having his own agenda.
But he did not criticise the judge's decision on Wednesday.
SOUNDBITE: (English)
"I am not pleased with it, but it is not anything that I would question. I think the judge's reasoning was sound. There is not anything I think can be challenged. I have indicated to my client that the fact that he does not have a strong community tie to the United States may pose a problem for bail. Of course, I was able to suggest some alternatives, and he decided not to follow my alternatives, but I cannot fault or question his decision."
SUPER CAPTION: Oliver Smith, Defence Attorney for Cheng Yong Wang
The conspiracy charge against Wang and Fu carries a maximum penalty of five years imprisonment.
The case has stirred considerable controversy, and the U-S Defence Department on Wednesday said it had asked Beijing about the allegations that it allows prisoners' organs to be sold.
At a regular briefing by the Chinese Foreign Ministry on Thursday, a spokesman said strict punishment would be administered should such a case be uncovered.
SOUNDBITE: (Mandarin)
"Chinese law clearly provides that the sale of human organs is a criminal act which violates the law. China strictly prohibits the commercial trade of human organs, let alone the illegal actions in this matter. If such a case is uncovered, there will be strict
punishment."
SUPER CAPTION: Zhu Bangzao, Chinese Foreign Ministry spokesman
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Twitter: https://twitter.com/AP_Archive
Facebook: https://www.facebook.com/APArchives
Instagram: https://www.instagram.com/APNews/
You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/49ddc21b2b0cab1071efa18b42cc80a9
https://wn.com/USA_Bail_Refused_In_Trade_Of_Chinese_Prisoners_Organs_Case
(26 Feb 1998) English/Nat
A New York judge on Wednesday refused to grant bail to a man accused of conspiring to trade in the vital organs of executed Chinese prisoners for transplant operations in the U-S.
Cheng Yong Wang and another man were arrested last week after a Chinese dissident alerted the F-B-I to their alleged activities.
Wang's lawyer claimed his client had been set up by the dissident, Harry Wu, and said Wu was working to his own hidden agenda.
The case has stirred considerable controversy, and the U-S State Department has asked Beijing to investigate.
The latest development in this macabre case came on Monday when the accused, Cheng Yong Wang, appeared in court in New York on Wednesday to ask for bail.
Wang was taken into custody last Friday on charges of conspiracy after the F-B-I began investigating claims that he and another man were offering to sell organs such as kidneys, skin and livers, taken from executed Chinese prisoners.
Wang allegedly claimed he could get access to the organs because he said he was a Chinese prosecutor involved in carrying out the executions.
The magistrate hearing the case, Judge Ronald L. Ellis, refused the request for bail on the grounds that he felt 41-year-old Wang had insufficient ties to the United States, with no job or family in the country, and might try to flee.
His alleged accomplice, Xingqi Fu, had been freed on bail of one-hundred thousand U-S dollars on Monday.
The F-B-I began investigating after they were alerted by the Chinese dissident and human rights activist Harry Wu.
According to the prosecution, Wu, who has for several years been trying to publicise the practice in China of using prisoners' organs for transplant operations, posed as a doctor working at a dialysis centre.
He then secretly videotaped a meeting with Wang earlier this month, where Wang offered to have organs illegally imported to the U-S.
He is said to have boasted that he could get hold of organs from 50 executed prisoners a year.
Wang's lawyer, Oliver Smith, said his client had been set up by Wu, who he accused of having his own agenda.
But he did not criticise the judge's decision on Wednesday.
SOUNDBITE: (English)
"I am not pleased with it, but it is not anything that I would question. I think the judge's reasoning was sound. There is not anything I think can be challenged. I have indicated to my client that the fact that he does not have a strong community tie to the United States may pose a problem for bail. Of course, I was able to suggest some alternatives, and he decided not to follow my alternatives, but I cannot fault or question his decision."
SUPER CAPTION: Oliver Smith, Defence Attorney for Cheng Yong Wang
The conspiracy charge against Wang and Fu carries a maximum penalty of five years imprisonment.
The case has stirred considerable controversy, and the U-S Defence Department on Wednesday said it had asked Beijing about the allegations that it allows prisoners' organs to be sold.
At a regular briefing by the Chinese Foreign Ministry on Thursday, a spokesman said strict punishment would be administered should such a case be uncovered.
SOUNDBITE: (Mandarin)
"Chinese law clearly provides that the sale of human organs is a criminal act which violates the law. China strictly prohibits the commercial trade of human organs, let alone the illegal actions in this matter. If such a case is uncovered, there will be strict
punishment."
SUPER CAPTION: Zhu Bangzao, Chinese Foreign Ministry spokesman
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Twitter: https://twitter.com/AP_Archive
Facebook: https://www.facebook.com/APArchives
Instagram: https://www.instagram.com/APNews/
You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/49ddc21b2b0cab1071efa18b42cc80a9
- published: 21 Jul 2015
- views: 62
1:27:06
Session 4 (MBA): Closing the books on the objective function
In this session, we looked at alternatives to stock price maximization as an objective and noted that the alternatives all come with their own trade offs. In pa...
In this session, we looked at alternatives to stock price maximization as an objective and noted that the alternatives all come with their own trade offs. In particular, top-down based management systems tend to have trouble with systematic problems (across many firms) and picking an intermediate objective (like increasing market share) can lead you to lose focus. I concluded with a pitch for market-based systems, because they come with built-in correction mechanisms.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session4.pdf
Add on Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session4addon.pdf
Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4soln.pdf
https://wn.com/Session_4_(Mba)_Closing_The_Books_On_The_Objective_Function
In this session, we looked at alternatives to stock price maximization as an objective and noted that the alternatives all come with their own trade offs. In particular, top-down based management systems tend to have trouble with systematic problems (across many firms) and picking an intermediate objective (like increasing market share) can lead you to lose focus. I concluded with a pitch for market-based systems, because they come with built-in correction mechanisms.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session4.pdf
Add on Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr16/Session4addon.pdf
Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4soln.pdf
- published: 10 Feb 2016
- views: 6357
1:27:05
Session 4: Closing the books on the objective function & Opening the one on Risk
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to a...
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact that you still don't quite buy into the "maximize value" objective. That is fine and I would like you to keep thinking about a better alternative with three caveats. First, you cannot cop out and give me multiple objectives - I too would like to maximize stockholder wealth, maximize customer satisfaction, maximize social welfare and employee benefits at the same time but it is just not doable. Second, your objective function has to be measurable. In other words, if you define your objective as maximizing the social good, how would you measure social good? Third, take your objective (and the measurement device you have developed) and ask yourself a cynical question: How might managers game this system for maximum benefit, while hurting you as an owner? In the long term, you may almost guarantee that this will happen. In the last part of the class, I defined risk and started on what goes into a good risk and return model.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr17/session4.pdf
Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4soln.pdf
https://wn.com/Session_4_Closing_The_Books_On_The_Objective_Function_Opening_The_One_On_Risk
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact that you still don't quite buy into the "maximize value" objective. That is fine and I would like you to keep thinking about a better alternative with three caveats. First, you cannot cop out and give me multiple objectives - I too would like to maximize stockholder wealth, maximize customer satisfaction, maximize social welfare and employee benefits at the same time but it is just not doable. Second, your objective function has to be measurable. In other words, if you define your objective as maximizing the social good, how would you measure social good? Third, take your objective (and the measurement device you have developed) and ask yourself a cynical question: How might managers game this system for maximum benefit, while hurting you as an owner? In the long term, you may almost guarantee that this will happen. In the last part of the class, I defined risk and started on what goes into a good risk and return model.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr17/session4.pdf
Post class test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post class test solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4soln.pdf
- published: 08 Feb 2017
- views: 13078
1:27:41
Session 5: End Game Conclusion and First Steps on Risk
We started this class by wrapping up the question of at the end game in business, and why I (and you don’t have have to) still trust markets, over managers and ...
We started this class by wrapping up the question of at the end game in business, and why I (and you don’t have have to) still trust markets, over managers and expert panels. Markets have no ego, and if allowed to play out, will devise corrections to almost every over reach in business, whether it be managers taking advantage of shareholders, borrowers ripping off lenders, companies lying to markets or creating large social costs. My view is that companies should run to maximize value, but that will involve accepts self-constraints on behavior, and even if the market does not recognize it right away, but that managers need to consider the messages in stock prices. We then moved on to risk and some of you may be regretting the shift from the soft stuff , but trust me that it is still fun.. If it is not, keep telling yourself that it will become fun. Anyway, here are a few thoughts about today's class.
The Essence of Risk: There has been risk in investments as long as there have been investments. If you have the time, pick up a copy of Against the Gods by Peter Bernstein, John Wiley and Sons. It is a great book and an easy read. If you want more, you should also pick up a copy of Capital Ideas by Peter as well... That traces out the development of the CAPM....
More on Models: If you want to read more about the CAPM, you can begin with chapter 3 in the book. It provides an extended discussion of what we talked about in class today....
Diversifiable versus non-diversifiable risk: The best way to understand diversifiable and non-diversifiable risk is to take your company and consider all of the risks that it is exposed to and then categorize these risks into whether they are likely to affect just your company, your company and a few competitors, the entire sector or the overall market.
Slides: https://pages.stern.nyu.edu/~adamodar/podcasts/cfspr23/session4slides.pdf
Post class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session5atest.pdf
Post class test solution: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session5asoln.pdf
https://wn.com/Session_5_End_Game_Conclusion_And_First_Steps_On_Risk
We started this class by wrapping up the question of at the end game in business, and why I (and you don’t have have to) still trust markets, over managers and expert panels. Markets have no ego, and if allowed to play out, will devise corrections to almost every over reach in business, whether it be managers taking advantage of shareholders, borrowers ripping off lenders, companies lying to markets or creating large social costs. My view is that companies should run to maximize value, but that will involve accepts self-constraints on behavior, and even if the market does not recognize it right away, but that managers need to consider the messages in stock prices. We then moved on to risk and some of you may be regretting the shift from the soft stuff , but trust me that it is still fun.. If it is not, keep telling yourself that it will become fun. Anyway, here are a few thoughts about today's class.
The Essence of Risk: There has been risk in investments as long as there have been investments. If you have the time, pick up a copy of Against the Gods by Peter Bernstein, John Wiley and Sons. It is a great book and an easy read. If you want more, you should also pick up a copy of Capital Ideas by Peter as well... That traces out the development of the CAPM....
More on Models: If you want to read more about the CAPM, you can begin with chapter 3 in the book. It provides an extended discussion of what we talked about in class today....
Diversifiable versus non-diversifiable risk: The best way to understand diversifiable and non-diversifiable risk is to take your company and consider all of the risks that it is exposed to and then categorize these risks into whether they are likely to affect just your company, your company and a few competitors, the entire sector or the overall market.
Slides: https://pages.stern.nyu.edu/~adamodar/podcasts/cfspr23/session4slides.pdf
Post class test: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session5atest.pdf
Post class test solution: https://pages.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session5asoln.pdf
- published: 13 Feb 2023
- views: 12199
1:25:05
Session 4: Closure on the Objective Function
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to a...
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact that you still don't quite buy into the "maximize value" objective. That is fine and I would like you to keep thinking about a better alternative with three caveats. First, you cannot cop out and give me multiple objectives - I too would like to maximize stockholder wealth, maximize customer satisfaction, maximize social welfare and employee benefits at the same time but it is just not doable. Second, your objective function has to be measurable. In other words, if you define your objective as maximizing the social good, how would you measure social good? Third, take your objective (and the measurement device you have developed) and ask yourself a cynical question: How might managers game this system for maximum benefit, while hurting you as an owner? In the long term, you may almost guarantee that this will happen.
Building on the theme of social good and stockholder wealth a little more, there are a number of fascinating moral and ethical issues that arise when you are the manager in a publicly traded firm. Is your first duty to society (to which we all belong) or to the stockholders (who are your ultimate employers)? If you have to pick between the two and you choose the former, do you have an obligation to be honest and let the latter know? What if you believed that the market was overvaluing your stock? Should you sit back and let it happen, since it is good for your stockholders, or should you try to talk the stock price down? On the question of socially responsibility, there are groups out there that rank companies based upon social responsibility. I have listed a few below, but they are a few of many:
JUST Capital: https://justcapital.com/rankings/
Calvert Social Index: http://www.calvert.com/perspective/social-impact
Domini: http://www.kld.com/indexes/ds400index/index.htm
Dow Jones Sustainability Index: http://www.sustainability-indices.com
And this is just the tip of the iceberg. Environmental organizations, labor unions and other groups all have their own corporate rankings. In other words, whatever your key social issue is, there is a way to stay true (as a consumer and investor). Notice how the rankings vary even across them.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr19/session4slides.pdf
Post Class Test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post Class Test Solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4soln.pdf
https://wn.com/Session_4_Closure_On_The_Objective_Function
The objective function matters, and there are no perfect objectives. That is the message of the last two classes. Once you have absorbed that, I am willing to accept the fact that you still don't quite buy into the "maximize value" objective. That is fine and I would like you to keep thinking about a better alternative with three caveats. First, you cannot cop out and give me multiple objectives - I too would like to maximize stockholder wealth, maximize customer satisfaction, maximize social welfare and employee benefits at the same time but it is just not doable. Second, your objective function has to be measurable. In other words, if you define your objective as maximizing the social good, how would you measure social good? Third, take your objective (and the measurement device you have developed) and ask yourself a cynical question: How might managers game this system for maximum benefit, while hurting you as an owner? In the long term, you may almost guarantee that this will happen.
Building on the theme of social good and stockholder wealth a little more, there are a number of fascinating moral and ethical issues that arise when you are the manager in a publicly traded firm. Is your first duty to society (to which we all belong) or to the stockholders (who are your ultimate employers)? If you have to pick between the two and you choose the former, do you have an obligation to be honest and let the latter know? What if you believed that the market was overvaluing your stock? Should you sit back and let it happen, since it is good for your stockholders, or should you try to talk the stock price down? On the question of socially responsibility, there are groups out there that rank companies based upon social responsibility. I have listed a few below, but they are a few of many:
JUST Capital: https://justcapital.com/rankings/
Calvert Social Index: http://www.calvert.com/perspective/social-impact
Domini: http://www.kld.com/indexes/ds400index/index.htm
Dow Jones Sustainability Index: http://www.sustainability-indices.com
And this is just the tip of the iceberg. Environmental organizations, labor unions and other groups all have their own corporate rankings. In other words, whatever your key social issue is, there is a way to stay true (as a consumer and investor). Notice how the rankings vary even across them.
Slides: http://www.stern.nyu.edu/~adamodar/podcasts/cfspr19/session4slides.pdf
Post Class Test: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4test.pdf
Post Class Test Solution: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/postclass/session4soln.pdf
- published: 13 Feb 2019
- views: 8468