The introduction of fair value accounting for stock options has required private companies to apply stock option valuation methodologies that were designed to be applied to their public counterparts. The two recommended methodologies, the Black-Scholes formula and the Binomial Lattice model, require the valuator to provide an input for estimated volatility; for private companies that do not have a trading history there is limited guidance regarding the determination of volatility, which results in diverging and incorrect estimates. Based on a sample representing 178 companies who filed and completed an IPO in 2006, this study analyzed the accuracy of the recommended valuation methodologies when applied to closely held US corporations. The study outlines the importance of volatility to the value of the options and proceeds to document, by comparing the private (pre-IPO) and public (post-IPO) data, that in 51% of the cases the volatility was either over- or under-stated by more than 10%. In addition, the study shows a bias towards overstatement in the less than 10% variance group. The study further demonstrates that a marginal change in volatility has a significant impact on the company's total stock-based compensation expense and consequently misstates earnings.
In this novel, by October 1991 war in western Croatia between Croats and Serbs is daily and deadly. Navenka Berik, a wimpy 25-year-old Serb mother of two has had her Serb parents and her Croat husband make decisions for her. During the next few months: - Her father is taken and presumed killed, - Navenka is raped, - Her husband is arrested and probably is killed, - Her mother becomes crippled, - From the rape, another child is born, - Remaining family members are on the run as internally displaced persons in the dissolving Yugoslavia, - The hassled Navenka has to step up and lead. Unwelcome anywhere, the family languishes with temporary protection visas in Germany. In 1996, they are accepted as refugees in Australia. Peace, the English language and Australia’s very multicultural society bring many new problems. Navenka’s ongoing memories of her husband keep her wishing that he might be alive. Thoughts of moving back to Croatia or to Bosnia end when, briefly, Navenka attends the trial of those accused of murdering her father. There, poverty and the old ethnic prejudices live on. Back in Australia, her long “lost” husband finds her. However, after the initial joy wears off, the terms of his demand, at gunpoint, that his family go and live in Croatia with him are unacceptable. Navenka’s daughter Srebrenka, too young to be burdened by bad memories of Yugoslavia, cleverly resolves the impasse. People react differently to war. Some think. Some “just feel”.
Stop rubbing your eyes, fanboy, they don't deceive you! Everyone's favorite Merc with a Mouth stars in a third on-going series, hacking and wisecracking his way across the Marvel Universe. First up: when master assassin Arcade and Nightmare, Lord of the Dream Dimension, join forces to destroy Wade Wilson and THE INCREDIBLE HERCULES, they get more than they bargain for, taking on two of the MU's most irresponsible heroes! Drunken mayhem, bad jokes, and billions of dollars of property damage ensue!
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