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Entrepreneurs are motivated by money. In reality they create firms by accident, or because they want to prove themselves, or because they are bored, or have a passion - rather than because they want to get rich. Studies have shown that the short phrase that best sums up the drive of those who create new enterprises is 'I'll show them'. Money is a way of keeping score and providing capital for the next project - not the prime objective.
The idea is what matters. In fact, execution is everything. We all have brilliant concepts that never come to fruition because they are impract
Analog Devices Inc. says it reached a tentative settlement with the SEC last fall. It neither admitted nor denied that it had misdated options or had made grants just before releasing good news that would tend to push up the stock. The Norwood, Mass., computer-chip maker tentatively agreed to pay a $3 million civil penalty and re-price some options. CEO Jerald Fishman tentatively agreed to pay a $1 million penalty and disgorge some profits. Analog didn't make him available for comment. The company said it will not restate its financial records.
In some instances, backdating wouldn't be possible without inattentive directors, securities lawyers say. At one company the SEC is looking at, lawyers say, it appears that someone picked a favorable past date for an option grant and gave it to directors for retroactive approval, perhaps counting on them
On a summer day in 2002, shares of Affiliated Computer Services Inc. sank to their lowest level in a year. Oddly, that was good news for Chief Executive Jeffrey Rich.
His annual grant of stock options was dated that day, entitling him to buy stock at that price for years. Had they been dated a week later, when the stock was 27% higher, they'd have been far less rewarding. It was the same through much of Mr. Rich's tenure: In a striking pattern, all six of his stock-option grants from 1995 to 2002 were dated just before a rise in the stock price, often at the bottom of a steep drop.
Just lucky? A Wall Street Journal analysis suggests the odds of this happening by chance are extraordinarily remote -- around one in 300 billion. The odds of winning the multistate Powerball lottery with a $1 ticket are one in 146 mill
邹涛表示，自从4月份在网上发出“不买房行动”公开信、呼吁深圳市民在房价高企之际不要买房以来，他收到来自各地表示支持的反馈超过15万份。这位现年32岁的高尔夫设备经销商显然是激起了普通民众对财大气粗的地产开发商、以及在背后支持开发商的当地政府的强烈不满，在他们的助推下，房地产价格不断上涨，让很多居民只能望洋兴叹，而与此同时投机商持有的大量房产却处于空置状态。Hot on the heels of Chinese art comes another must-have investment: domestic mutual funds. The fledgling domestic fund management industry has raised $18bn so far this quarter. Harvest Fund Management opened nearly a million accounts for its newest fund in a single day last week. This is all good news for domestic-based fund managers who are on track to reach retail assets of $75bn by the year-end.
Shanghai's resurgent domestic-currency A-share market is the main catalyst. Having lagged behind its peers for much of the decade, it has risen 88 per cent this year. The ploy of issuing dividends, which eliminates or reduces the “cash drag” by redistributing domestic funds' typically high cash quotients, also goes down a treat.
The internationalisation of the industry since 2003 has helped to raise standards: of the 58 licensed fund managers, 24 are ventures with mi
Investors with exposure to China have had some eye-catching returns of late. Last year the MSCI China index showed profits of 60 per cent, and many fund managers are sure it will have another good year in 2007.
The country's volatility is well illustrated by the fortunes of the Industrial and Commercial Bank of China (ICBC). Just two years ago the bank was in financial trouble. When it floated in October 2006 analysts predicted it would raise around $12bn.
In fact the bank eventually raised $21.2bn in a dual initial public offering in Hong Kong and Shanghai, and then eclipsed Bank of America to become the world's second-largest bank after Citigroup.
Many Chinese stocks performed well after the millennium but fell between 2003 and 2005. Some managers argue that the success over the last year is partly catch-up. John Chatfeild-Roberts, director of Jupiter As
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