The battle of Cowpens was a crucial turning point in the Revolutionary War in the South and stands as perhaps the finest American tactical demonstration of the entire war. On January 17, 1781, Daniel Morgan's force of Continental troops and militia routed British regulars and Loyalists under the command of Banastre Tarleton. The victory at Cowpens helped put the British army on the road to the Yorktown surrender and, ultimately, cleared the way for American independence. Here, Lawrence Babits provides a brand-new interpretation of this pivotal South Carolina battle. Whereas previous accounts relied on often inaccurate histories and a small sampling of participant narratives, Babits uses veterans' sworn pension statements, long-forgotten published accounts, and a thorough knowledge of weaponry, tactics, and the art of moving men across the landscape. He identifies where individuals were on the battlefield, when they were there, and what they saw--creating an absorbing common soldier's version of the conflict. His minute-by-minute account of the fighting explains what happened and why and, in the process, refutes much of the mythology that has clouded our picture of the battle. Babits put the events at Cowpens into a sequence that makes sense given the landscape, the drill manual, the time frame, and participants' accounts. He presents an accurate accounting of the numbers involved and the battle's length. Using veterans' statements and an analysis of wounds, he shows how actions by North Carolina militia and American cavalry affected the battle at critical times. And, by fitting together clues from a number of incomplete and disparate narratives, he answers questions the participants themselves could not, such as why South Carolina militiamen ran toward dragoons they feared and what caused the "mistaken order" on the Continental right flank. 1. Language: English. Narrator: Knighton Bliss. Audio sample: http://samples.audible.de/bk/adbl/001739/bk_adbl_001739_sample.mp3. Digital audiobook in aax.
This work investigates M&A transactions among Brazilian firms from 2002 to 2006. 101 announcements have been sampled totalizing R$ 223,7 billion. Two techniques were used: the event studies on returns before and after M&A announcements and the event studies on accounting based measures. The empiric evidence and the statistic tests led to the conclusion that the announcement of M&A transactions raised expectations of value maximization to the shareholders of the firms combined. Nonetheless, for the target firm shareholders, in the occurrence of a tender offer, with institutional investors such as pension funds taking part in the minority group, the announcement of M&A transactions was priced differently between common and preferential stocks, causing a reaction alike to the myopia hypothesis in the market, a particular phenomenon in Brazil. It must be pointed out that Accounting numbers did not corroborate with the average expectations of the market related to synergies associated with the combination of firms sampled. The econometric results suggest the need of adopting impairment tests to check the economic substance of goodwill.
In the last few decades, the governance role of institutional investors in firms in which they hold large stakes has become a contentious topic. In the UK, given the importance afforded to the board of directors and the attention bestowed on institutional investors in the regulatory environment, it is important to understand the relationship between institutional investors and board structure. Specifically, are institutional shareholding and pension fund ownership positively related to a board composition that provides better monitoring of the management? Pension Fund Ownership and the Board of Directors provides important empirical evidence and discussion on this topical subject. Researchers, lecturers and accounting and finance students will find the book useful.
This book presents the US pension system and its development which is described by an overview of accounting standards and regulation boards and by comparing those to the International Financial Reporting Standard. The ideas of future pension plans and payments are underlined by an analysis of the demographic development in the US. Major pension plans are presented and information on: how participation is made, what kinds of benefits arise and who is eligible for those, is given. In addition, some other plans are shortly mentioned. Also, the protection of defined benefit plans is described. A focus on the practical part of the book is presented by calculation examples on the above mentioned topics. It also includes a case study about United Airlines and their defined benefit pension plans. A microeconomic point of view is introduced: the Principal-Agent-Theory in combination with pension plans. The influence of different pension plans on a company s financial statement is illustrated and regulations on how the different pension payments and liabilities have to be listed in the statements are defined and which additional information has to be provided for any interested party.
Pension management is an important issue for many companies in Germany, especially since the majority of corporate pension schemes were underfunded. Specifically, the study looks at the impact on financial KPIs and different accounting standards. In other countries like the United States of America or the United Kingdom corporate pension schemes in the form of external funding as well as developed and partly regulated, in Germany the Master-KAG or Contractual Trust Agreement is still in development phase. This master thesis (MBA) reviews the state of master funds and contractual trust agreements within one anonymous case study, provides recommendations and advice to the management. It will provide concepts, KPIs and financial metrics as well as presents a survey of DAX companies in regard to pension's management in Germany.
In the wake of the worst financial crisis since the Great Depression, lawmakers and regulators around the world have changed the playbook for how banks and other financial institutions must manage their risks and report their activities. The US Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the European System of Financial Supervision (ESFS) is also crafting a framework to supervise regulated financial sector institutions includingbanks, insurers, pension funds, and asset managers. The implosion of the financial sector has also prompted calls for accounting changes from those seeking to better understand how assets and liabilities are reported.Initially banks were seen by many as the most important focus for regulatory reform, but other institutions are now attracting policymaker attention. There is logic to this in terms of managing systemic risk and ensuring a level playing field that avoids arbitrage between institutional structures. Yet the nature of pension and insurer liabilities is so different from that of bank liabilities that careful attention is needed in drafting appropriate rules. The new rules are having both direct andspill-over effects on retirement systems around the world.The first half of this volume undertakes an assessment of how global responses to the financial crisis are potentially altering how insurers, pension plan sponsors, and policymakers will manage risk in the decades to come. The second half evaluates developments in retirement saving and retirement products, to determine which and how these might help meet shortfalls in retirement provision.
This book is very practical in its international usefulness (because current risk practice and understanding is not equal across international boundaries). For example, an accountant in Belgium would want to know what the governance regulations are in that country and what the risk issues are that he/she needs to be aware of.This book covers the international aspect of risk management systems, risk and governance, and risk and accounting. In doing so the book covers topics such as: internal control and corporate governance, risk management systems, integrating risk into performance management systems, risk and audit, governance structures, risk management of pensions, pension scheme risks e.g. hedging derivatives, longevity bonds etc, risk reporting, and the role of the accountant in risk management.There are the case studies through out the book which illustrate by way of concrete practical examples the major themes contained in the book. The book includes highly topical areas such as the Sarbanes Oxley Act and pension risk management.provides a cross European perspective (because current practice and understanding is not equal across international boundaries) on the key issues of risk management, internal control and governancecovers the implications of Sarbanes Oxley Act for European companies and the associated risksexplains what the current risk reporting practices are and what the analysts are really looking forlooks at the key issues you need to address in order to manage your company's pension risk