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Flashcard 1425679191308

Tags
#cfa-level #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
Question
Goods markets are markets for the [...]
Answer
output of production.

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Goods markets are markets for the output of production.

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2. TYPES OF MARKETS
ets. Factor markets are markets for the purchase and sale of factors of production. In capitalist private enterprise economies, households own the factors of production (the land, labor, physical capital, and materials used in production). <span>Goods markets are markets for the output of production. From an economics perspective, firms, which ultimately are owned by individuals either singly or in some corporate form, are organizations that buy the services of those factors. Firms then transform those services into intermediate or final goods and services. ( Intermediate goods and services are those purchased for use as inputs to produce other goods and services, whereas final goods and services are in the final form purchased by househ







Flashcard 1432479468812

Tags
#nature-of-language #sister-miriam-joseph #trivium
Question
Matter and form are [...] concepts necessary to the philosophical understanding of any material whole, for together they constitute every such whole.
Answer
metaphysical

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Matter and form are metaphysical concepts necessary to the philosophical understanding of any material whole, for together they constitute every such whole.

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Flashcard 1439279746316

Tags
#eximbank #fees #octopus #usa
Question
Guarantee commitment: [...] percent per year on the undisbursed balance of the loan.
Answer
0.125

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Guarantee commitment: 0.125 percent per year on the undisbursed balance of the loan.

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Government-Assisted Foreign Buyer Financing (Eximbank USA)
disbursement of a loan to the foreign buyers. Generally, goods shipped by sea must be carried exclusively on U.S. vessels. Direct loans are best used when the buyer insists on a fixed rate. <span>Fees and Ex-Im Bank Contact Information Letter of interest: $50 for online application; $100 for paper application via mail and fax. Preliminary commitment: 0.1 of 1 percent of the financed amount up to $25,000. Guarantee commitment: 0.125 percent per year on the undisbursed balance of the loan. Direct loan commitment: 0.5 percent per year on the undisbursed balance of the loan. Exposure fee: varies, depending upon tenor, country risk, and buyer credit risk. For more information about loans from Ex-Im Bank, visit its Web site at www.exim.gov or call 1-800-565-EXIM (3946). <span><body><html>







Flashcard 1479058263308

Tags
#daniel-goleman #emotional-brain #emotional-iq #what-are-emotions-for #when-passions-overwhelm-reasons
Question
While our emotions have helped evolutionary, new realities have arisen so fast in civilization that [...]
Answer
evolution cannot keep up.

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While our emotions have helped evolutionary, new realities have arisen so fast in civilization that evolution cannot keep up.

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Flashcard 1481601584396

Tags
#cfa-level-1 #expense-recognition #reading-25-understanding-income-statement
Question
Under the [...] , the newest goods purchased (or manufactured) are assumed to be sold first and the oldest goods purchased (or manufactured) are assumed to remain in inventory.
Answer

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4.1. General Principles
In general, a company recognizes expenses in the period that it consumes (i.e., uses up) the economic benefits associated with the expenditure, or loses some previously recognized economic benefit.28 A general principle of expen







Probability theory has come to play a central role in recent discussions about belief, once thought to be too nuanced to ever admit quantitative analysis. The lottery paradox poses a major hurdle to this approach, demonstrating how, together with some highly plausible assumptions, any probabilistic threshold for belief less than one is bound to lead to incon- sistent beliefs. We aim to defend a probabilistic theory of belief by taking up an idea of Leitgeb (2017). Our approach focuses on the role of context in the formation of beliefs; and in particular, on the alternative beliefs considered by an agent. To do so, we appeal to inquisitive semantics as a background framework. Inquisitive semantics seeks to formalise the role of questions in discourse, thereby furnishing a new perspective of the meaning of a sentence in terms of the questions it answers. We give an account for several aspects of questions in a framework based on Leitgeb’s theory, such as the difficulty of questions.
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In this paper, we provide such an addition by reconstructing stability theory in terms of plausibility models. It will turn out that stability theory can be fully described by what we call stability models. Stability models are plausibility models where the plausibility relation is defined with respect to a probabilistic degree-of-belief function in a suitable way.
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t belief dependent on
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These problems arise from the Lockean thesis
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We define truth in a model recursively in the usual way.
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w |= ¬φ iff w |=φ
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We define belief as truth in all worlds that an agent considers most plausible
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Seriality (consistency): For every w there is some v such that wRv; equiv- alently, ¬B(∅).
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Transitivity (positive introspection): Bφ → B(Bφ) • Euclideanness (negative introspection): ¬Bφ → B(¬Bφ)
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R is then straightforwardly defined by Definition 3.4 (Accessibility). wRw 0 iff w 0 ∈ Max ≤ W for all w ∈ W .
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Then it is clear that belief adheres to the following properties: • B(φ) iff Max ≤ W ⊆ JφK. • the agent’s belief B(φ) is true iff w ∗ ∈ JφK. • the agent holds only true beliefs iff w ∗ ∈ Max ≤ W .
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It can be shown that R, thus defined, meets the conditions of seriality, tran- sitivity and Euclideaness.
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Flashcard 1602135657740

Question
Watergate reporters Bob [...] and Carl [...] will address the dinner and present journalism awards.
Answer
Bob Woodward and Carl Bernstein

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Watergate reporters Bob Woodward and Carl Bernstein will address the dinner and present journalism awards.

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Access Denied
ident of the WHCA, told the Hollywood Reporter that his group has "decided to focus the dinner even more so than in previous years on our core mission: the importance of the First Amendment and good journalism." To this end, he said <span>Watergate reporters Bob Woodward and Carl Bernstein will address the dinner and present journalism awards. [RELATED: Trump's Staff Skipping Correspondents' Dinner]







It is then straightforward
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(φ P −stable )
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It is easy to see that for any discrete, finite model there will be only finitely many thresholds τ .
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where φ τ iff
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It can then be shown that ≤ τ is a connected preorder.
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≤ τ = {(w, w 0 ) : ∀τ∀A τ ⊆ W (w 0 ∈ A τ → w ∈ A τ )}
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The task of the next section is to reconstruct Leit- geb’s stability theory in terms of these stability models. In this way, we may appreciate the precise formal machinery involved in Leitgeb’s account
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(P1) KD as the minimal logic of belief; equivalently, there is a consistent J ⊆ W such that for all (admissible) φ ⊆ W , B(φ) iff J ⊆ φ (P2) A degree of belief measure P that satisfies the Kolmogorov axioms of probability (P3) The contextualized Lockean Thesis: J is P -stable and if P (J) = 1 then J is the least such proposition.(Leitgeb, 2017, 127)
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with index
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one probability operator per Lockean threshold τ i .
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∀A τ i
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Grzegorz Lisowski, Dean McHugh, Max Rapp w 1 w 2 w 3 w 4 w 5 w 6 w 7 w 8 {w 1 , . . . , w 7 } {w 1 , . . . , w 6 } {w 1 , . . . , w 5 } {w 1 , . . . , w 4 } {w 1 , w 2 } {w 1 } P = 1 P = .99994 P = .99794 P = .97994 P = .882 P = .54 Figure 1: Plausibility ordering
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Flashcard 1602172882188

Question
[...] is futile because it puts a person on the defensive and usually makes them strive to justify themselves.
Answer
Criticism

It is dangerous, because it wounds pride and arouses resentment

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Criticism is futile because it puts a person on the defensive and usually makes them strive to justify themselves. Criticism is dangerous, because it wounds a person’s precious pride, hurts the

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Flashcard 1602175241484

Question
[...] can include everything from repairing a roof to building, to purchasing a piece of equipment, or building a brand new factory.
Answer
Capex

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Capex can include everything from repairing a roof to building, to purchasing a piece of equipment, or building a brand new factory.

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Capital Expenditure (CAPEX) Definition | Investopedia
<span>What is 'Capital Expenditure (CAPEX)' Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm. This type of outlay is also made by companies to maintain or increase the scope of their operations. These expenditures can include everything from repairing a roof to building, to purchasing a piece of equipment, or building a brand new factory. BREAKING DOWN 'Capital Expenditure (CAPEX)' In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly







Flashcard 1602177076492

Tags
#conversation-tactics
Question
The more [...] you are, the easier it is to carry on a conversation.
Answer
observant

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The more observant you are, the easier it is to carry on a conversation.

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Flashcard 1602181008652

Tags
#cfa-level-1 #fra-introduction #income-statement
Question
Among non-operating items on the income statement, non-financial service companies also disclose the [...]
Answer
interest expense on their debt securities.

including amortisation of any discount or premium.

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Article 1602182843660

Earnings Per Share
#cfa-level-1 #financial-reporting-and-analysis #understanding-income-statement

One metric of particular importance to an equity investor is earnings per share (EPS). EPS is an input into ratios such as the price/earnings ratio. Additionally, each shareholder in a company owns a different number of shares. IFRS require the presentation of EPS on the face of the income statement for net profit or loss (net income) and profit or loss (income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basicall



Simple versus Complex Capital Structure
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement

A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion.

When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure.

The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding.

Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS.

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Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>




Flashcard 1602192805132

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question
[...] are those equity shares that are subordinate to all other types of equity.

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al is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. <span>Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does wel

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







Flashcard 1602195164428

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question
Under US GAAP, this ordinary equity is referred to as [...]

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res that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. <span>Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has is

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Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







Flashcard 1602197523724

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question
When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a [...]
Answer
complex capital structure.

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US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. <span>When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.
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k,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. <span>Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction betwe

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>




Flashcard 1602201980172

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question

If a company’s capital structure does not include [...] it is said to have a simple capital structure.

Answer
convertible bonds, convertible preferred stock, employee stock options

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common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 <span>If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into co

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







Basic EPS
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement

6.2. Basic EPS

Basic EPS is the amount of income available to common shareholders divided by the weighted average number of common shares outstanding over a period. The amount of income available to common shareholders is the amount of net income remaining after preferred dividends (if any) have been paid. Thus, the formula to calculate basic EPS is:

Equation (1) 

Basic EPS =

Net income − Preferred dividends
_________________________________________
Weighted average number of shares outstanding

The weighted average number of shares outstanding is a time weighting of common shares outstanding. For example, assume a company began the year with 2,000,000 common shares outstanding and repurchased 100,000 common shares on 1 July. The weighted average number of common shares outstanding would be the sum of 2,000,000 shares × 1/2 year + 1,900,000 shares × 1/2 year, or 1,950,000 shares. So the company would use 1,950,000 shares as the weighted average number of shares in calculating its basic EPS.

If the number of shares of common stock increases as a result of a stock dividend or a stock split, the EPS calculation reflects the change retroactively to the beginning of the period.

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Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>




Flashcard 1602207485196

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question

Basic EPS =

Net income − [...]
_________________________________________

[...]

Answer
Preferred dividends

Weighted average number of shares outstanding

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g over a period. The amount of income available to common shareholders is the amount of net income remaining after preferred dividends (if any) have been paid. Thus, the formula to calculate basic EPS is: Equation (1)  <span>Basic EPS = Net income − Preferred dividends _________________________________________ Weighted average number of shares outstanding The weighted average number of shares outstanding is a time weighting of common shares outstanding. For example, assume a company began the year with 2,000,000

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







Flashcard 1602209844492

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question
The weighted average number of shares outstanding is a [...] of common shares outstanding.
Answer
time weighting

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PS is: Equation (1)  Basic EPS = Net income − Preferred dividends _________________________________________ Weighted average number of shares outstanding <span>The weighted average number of shares outstanding is a time weighting of common shares outstanding. For example, assume a company began the year with 2,000,000 common shares outstanding and repurchased 100,000 common shares on 1 July. The weighted average number of common shares outst

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







6.3. Diluted EPS
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement

If a company has a simple capital structure (in other words, one that includes no potentially dilutive financial instruments), then its basic EPS is equal to its diluted EPS. However, if a company has potentially dilutive financial instruments, its diluted EPS may differ from its basic EPS. Diluted EPS, by definition, is always equal to or less than basic EPS. The sections below describe the effects of three types of potentially dilutive financial instruments on diluted EPS: convertible preferred, convertible debt, and employee stock options. The final section explains why not all potentially dilutive financial instruments actually result in a difference between basic and diluted EPS.

6.3.1. Diluted EPS When a Company Has Convertible Preferred Stock Outstanding

When a company has convertible preferred stock outstanding, diluted EPS is calculated using the if-converted method. The if-converted method is based on what EPS would have been if the convertible preferred securities had been converted at the beginning of the period. In other words, the method calculates what the effect would have been if the convertible preferred shares converted at the beginning of the period. If the convertible shares had been converted, there would be two effects. First, the convertible preferred securities would no longer be outstanding; instead, additional common stock would be outstanding. Thus, under the if-converted method, the weighted average number of shares outstanding would be higher than in the basic EPS calculation. Second, if such a conversion had taken place, the company would not have paid preferred dividends. Thus, under the if-converted method, the net income available to common shareholders would be higher than in the basic EPS calculation.

Diluted EPS using the if-converted method for convertible preferred stock is equal to net income divided by the weighted average number of shares outstanding from the basic EPS calculation plus the additional shares of common stock that would be issued upon conversion of the preferred. Thus, the formula to calculate diluted EPS using the if-converted method for preferred stock is:

Equation (2) 

Diluted EPS

Net income
___________________________________
(Weighted average number of shares outstanding + New common shares that would have been issued at conversion)

A diluted EPS calculation using the if-converted method for preferred stock is provided in Example 15.

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Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>




In Abbası times, al-Mirbad also became a place for studying and teaching Arabic, especially grammar and vocabulary. Scholars used to meet with Bedouins and write down what they needed to know about Arabic. Poets used to visit al-Mirbad not only to recite their poetry but also to improve their poetic skills by learning from the Bedouins about Arabic poetics and gaining knowledge of their vocabulary.
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Afterwards, Jar¯ır composed some verses and added them to his naq¯ıd . a [NJF 33:58–65].
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This relaxation is inspired by viewing collective decision making as a multicriteria optimization problem, where the aim is to select a set of candidates that is as small as possible and dominates all other candidates as strongly as possible.
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Flashcard 1602259651852

Tags
#condorcet-winning-set #consensus-recommendation #multiwinner-election
Question
In the context of multiwinner elections, what is disjunctive domination wrt a property \(\pi\)?
Answer
A set of alternatives Y is deemed to satisfy π if, in the profile obtained by
(a) replacing the top alternative from Y in each vote by a new alternative [Y ],and
(b) r emoving all other elements of Y from each vote,

the property π is satisfied by the new alternative [Y].

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Flashcard 1602262797580

Tags
#choice #condorcet-winning-set #consensus-recommendation #multiwinner-election #social
Question
What is a Condorcet winning set?
Answer
A set of alternatives Y is condorcet winning if for every candidate z in X\Y, a majority of voters prefer some candidate in Y to z

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Flashcard 1602265156876

Tags
#choice #condorcet-winning-set #consensus-recommendation #multiwinner-election #social
Question
Given θ ∈[ 0 , 1 ), a θ - winning set is a set of alternatives...
Answer
s.t. for every alternative x not in Y, more than θn voters prefer some alternative in Y to x

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Flashcard 1602268040460

Tags
#cfa-level-1 #eps #financial-reporting-and-analysis #understanding-income-statement
Question
When a company has convertible preferred stock outstanding, diluted EPS is calculated using the [...]

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tion explains why not all potentially dilutive financial instruments actually result in a difference between basic and diluted EPS. 6.3.1. Diluted EPS When a Company Has Convertible Preferred Stock Outstanding <span>When a company has convertible preferred stock outstanding, diluted EPS is calculated using the if-converted method . The if-converted method is based on what EPS would have been if the convertible preferred securities had been converted at the beginning of the period. In other words, the method calcul

Original toplevel document

Earnings Per Share
income) from continuing operations.46 Similar presentation is required under US GAAP.47 This section outlines the calculations for EPS and explains how the calculation differs for a simple versus complex capital structure. <span>Simple versus Complex Capital Structure A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares , reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion. When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.48 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure. The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS . In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding. Companies are required to report both basic and diluted EPS. For example, Danone reported basic EPS (“before dilution”) and diluted EPS (“after dilution”) of €2.57 for 2009, somewhat lower than 2008. Kraft reported basic EPS of $2.04 and diluted EPS of $2.03 for 2009, much higher than basic and diluted EPS (from continuing operations) of $1.22 and $1.21 for 2008. (The EPS information appears at the bottom of Danone’s and Kraft’s income statements.) An analyst would try to determine the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS. <span><body><html>







#choice #condorcet-winning-set #consensus-recommendation #multiwinner-election #social
The notion of a θ -winning set provides a natural way to define two families of more decisive voting correspondences using the same approach: First, we can pick a θ ∈ (0, 1] and output all candidates that belong to some minimal (or minimum-size) θ-winning set. Alternatively, we can fix the desired size of the winning set (say, k), find the largest value of θ such that there exists a θ-winning set of size k, and output all candidates that belong to some such set. A variant of the latter approach is to pick one θ -winning set of size k according to some tie-breaking rule, thus obtaining a committee selection r ule (see Sect. 7)
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#choice #condorcet-winning-set #consensus-recommendation #multiwinner-election #social
nterestingly, the voting correspondence D 1 (P) is well-known in the social choice literature under a different name: namely, it is simply the Maximin correspondence. We recall that under Maximin, a candidate’s score is the number of votes she gets in her worst pairwise election, i.e., x’s score equals min y∈X\{x} # {i | x i y};the Maximin winners are the candidates with the maximum score
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