Michigan Ross-2010
howtoreadabook怎样读书最有效
H OW TO R EAD A B OOKStrategies for Getting the Most out of Non-Fiction Reading© 2000, revised 2005Paul N. EdwardsSchool of InformationUniversity of MichiganAnn Arbor, MI 48109-1107*************/~pne/This article may be freely distributed for any non-commercial purpose provided the author and copyright information above remains attached. Commercial use of this material is expressly prohibited.Most recent version always available at /~pne/PDF/howtoread.pdf.No permission necessary to post links to this address at other websites.How can you learn the most from a book when you are reading for information, rather than for pleasure?It’s very satisfying to start at the beginning and read straight through to the end. Some books, such as novels, have to be read this way, since a basic principle of fiction is to hold the reader in suspense. Your whole purpose in reading fiction is to follow the writer’s lead, allowing him or her to spin a story bit by bit.But many of the books you’ll read during your undergraduate and graduate years, and possibly during the rest of your professional life, won’t be novels. Instead, they’ll be non-fiction: textbooks, manuals, histories, academic studies, and so on.The purpose of reading books like these is to gain information. Here, finding out what happens — as quickly and easily as possible — is your main goal. So unless you’re stuck in prison with nothing else to do, NEVER read a non-fiction book from beginning to end.Instead, when you’re reading for information, you should ALWAYS jump ahead, skip around, and use every available strategy to discover, then to understand, and finally to remember what the writer has to say. This is how you’ll get the most out of a book in the smallest amount of time.Using the methods described here, you should be able to read a 300-page book in six to eight hours. Of course, the more time you spend, the more you’ll learn and the better you’ll understand the book. But your time is limited.Here are some strategies to help you do this effectively. Most of these can be applied not only to books, but also to any other kind of non-fiction reading, from articles to websites.1) Read the whole bookIn reading to learn, your goal should always be to get all the way through the assignment. It’s much more important to have a general grasp of the arguments or hypotheses, evidence, andconclusions than to understand every detail. In fact, no matter how carefully you read, youwon’t remember most of the details anyway.What you can do is remember and record the main points. And if you remember those, you know enough to find the material again if you ever do need to recall the details.2) Decide how much time you will spendIf you know in advance that you have only six hours to read, it’ll be easier to pace yourself.Remember, you’re going to read the whole book (or the whole assignment).In fact, the more directly and realistically you confront your limits, the more effective you will be at practically everything. Setting time limits and keeping to them (while accomplishing your goals) is one of the most important life skills you can learn. So never start to read without planning when to stop.3) Have a purpose and a strategyBefore you begin, figure out why you are reading this particular book, and how you are going to read it. If you don’t have reasons and strategies of your own — not just those of your teacher — you won’t learn as much.As soon as you start to read, begin trying to find out four things:• Who is the author?• What are the book’s arguments?• What is the evidence that supports these?• What are the book’s conclusions?Once you’ve got a grip on these, start trying to determine:• What are the weaknesses of these arguments, evidence, and conclusions?• What do you think about the arguments, evidence, and conclusions?• How does (or how could) the author respond to these weaknesses, and to your own criticisms?Keep coming back to these questions as you read. By the time you finish, you should be able to answer them all.Three good ways to think about this are:a) Imagine that you’re going to review the book for a magazine.b) Imagine that you’re having a conversation, or a formal debate, with the author.c) Imagine an examination on the book. What would the questions be, and how wouldyou answer them?4) Read activelyDon’t wait for the author to hammer you over the head. Instead, from the very beginning, constantly generate hypotheses (“the main point of the book is that...”) and questions (“How does the author know that...?”) about the book.Making brief notes about these can help. As you read, try to confirm your hypotheses and answer your questions. Once you finish, review these.5) Read it three timesThis is the key technique. You’ll get the most out of the book if you read it three times — each time for a different purpose and at a different level of detail.a) Overview: discovery (one-tenth of total time)Here you read very quickly, following the principle (described below) of reading forhigh information content. Your goal is to discover the book: to get a quick-and-dirty, unsophisticated, general picture of the writer’s purpose, methods, andconclusions.Mark — without reading carefully — headings, passages, and phrases that seemimportant (you’ll read these more carefully on the second round.) Generatequestions to answer on your second reading: what does term or phrase X mean?Why doesn’t the author cover subject Y? Who is Z?b) Detail: understanding (six-tenths of total time)Within your time constraints, read the book a second time. This time, your goal isunderstanding: to get a careful, critical, thoughtful grasp of the key points, and toevaluate the author’s evidence for his/her points.Focus especially on the beginnings and ends of chapters and major sections. Payspecial attention to the passages you marked on the first round. Try to answer anyquestions you generated on the first round.c) Notes: recall and note-taking (three-tenths of total time)The purpose of your third and final reading is to commit to memory the mostimportant elements of the book. This time, make brief notes about the arguments,evidence, and conclusions. This is not at all the same thing as text markup. Includejust enough detail to let you remember the most important things. 3-5 pages ofnotes per 100 pages of text is a good goal to shoot for; more than that is often toomuch. Use a system that lets you easily find places in the book (e.g., start each notewith a page number.)Notebooks, typed pages, handwritten sheets tucked into the book can all work.However, notes will be useless unless you can easily find them again. A very goodsystem — the one I use — is to type notes directly into bilbiography entries usingsoftware such as Endnote, Refer, or Bookends (for the Mac). This way the notes andthe citation information always remain together; over time you accumulate a libraryof notes you can easily consult, even when away from your paper files.On time and timing. First, because human attention fades after about an hour, you’ll get more out of three one-hour readings than you could ever get out of one three-hour reading. But be careful: to get one full hour of effective reading, you need to set aside at least one hour and fifteen minutes, since distraction is inevitable at the beginning (settling in) and end (re-arousal for your next task) of any reading period.Second, make a realistic plan that includes how much time you will devote to each of the three stages. For a 250-page book, I usually spend 15-30 minutes on overview, 3-5 hours on detailed reading, and 1-1.5 hours taking notes, but these periods can be adjusted up or down depending on difficulty — and on how much time you have.6) Focus on the parts with the highest information content.Non-fiction books very often have an “hourglass” structure that is repeated at several levels of organization. More general (broader) information is presented at the beginnings and ends of: • the book or article as a whole (abstract, introduction, conclusion)• each chapter• each section within a chapter• each paragraphMore specific (narrow) information (supporting evidence, details, etc.) is presented in the middle:General ArrayGeneralThe “Hourglass” Information StructureTo make this structure work for you, focus on the following elements, in more or less the following order:• Cover• Table of contents• Index: scan this to see which are the most important terms• Bibliography: tells you about the book’s sources and intellectual context• Preface and/or Introduction and/or Abstract• Conclusion• Pictures, graphs, tables, figures: images contain more information than text• Section headings: help you understand the book’s structure• Special type or formatting: boldface, italics, numbered items, lists7) Use PTML (personal text markup language)Mark up your reading.Underlining and making notes in the margins is a very important part of active reading. Do this from the very beginning — even on your first, overview reading. When youcome back to the book later, your marks reduce the amount you have to look at and help you see what’s most significant.Don’t mark too much. This defeats the purpose of markup; when you consult your notes later, it will force you to re-read unimportant information. As a rule, you should average no morethan two or three short marks per page. Rather than underline whole sentences, underlinewords or short phrases that capture what you most need to remember. The whole point of this exercise is to distill, reduce, eliminate the unnecessary. Write words and phrases in the margins that tell you what paragraphs or sections are about. Use your own words.8) Page vs. screenPrinted material has far higher resolution (~600 dpi) than even the best computer screens (~72 dpi).For this reason you will read more accurately, and with less fatigue, if you stick with the paper version. Still, the advantages of portability and high-volume storage mean that we inevitably read much more screen-based material now.Using PTML on the screen: It is still quite difficult to mark up screen-based materials effectively; the extra steps involved are often distracting, as is the temptation to interruptreading to check email or web-surf. However, if you’re disciplined, the most recent versions of Adobe Acrobat, and a few shareware PDF handlers such as PDFpen, allow you to addcomments and highlighting to PDFs. If you don’t want to resort to printing everything, I suggest investing in the (expensive) Acrobat software.Note-taking on the screen: A major pitfall of screen-based reading is that because you can easily cut and paste the original text, you will be tempted to do this in lieu of making your own notes. Cut-and-paste can sometimes be helpful, especially for things you might want to quotelater. However, in general it defeats the two main purposes of note-taking: (a) learning andremembering (by rephrasing in your own terms), and (b) condensing into a very short form. The same is true of hyperlinks: though useful for keeping track of sources, linking to an item by itself will not help you remember or understand it, even though it may feel that way.9) Know the author(s) and their organizationsKnowing who wrote a book helps you judge its quality and understand its full significance.Authors are people. Like anyone else, their views are shaped by their educations, their jobs, their early lives, and the rest of their experiences. Also like anyone else, they have prejudices, blindspots, desperate moments, failings, and desires — as well as insights, brilliance, objectivity, andsuccesses. Notice all of it.Most authors belong to organizations: universities, corporations, governments, newspapers, magazines. These organizations each have cultures, hierarchies of power, and social norms.Organizations shape both how a work is written and the content of what it says. For example,university professors are expected to write books and/or journal articles in order to get tenure.These pieces of writing must meet certain standards of quality, defined chiefly by otherprofessors; for them, content usually matters more than good writing. Journalists, by contrast,are often driven by deadlines and the need to please large audiences. Because of this, theirstandards of quality are often directed more toward clear and engaging writing than towardunimpeachable content; their sources are usually oral rather than written.The more you know about the author and his/her organization, the better you will be able to evaluate what you read. Try to answer questions like these: What shaped the author’sintellectual perspective? What is his or her profession? Is the author an academic, a journalist, a professional (doctor, lawyer, industrial scientist, etc.)? Expertise? Other books and articles?Intellectual network(s)? Gender? Race? Class? Political affiliation? Why did the author decide to write this book? When? For what audience(s)? Who paid for the research work (privatefoundations, government grant agencies, industrial sponsors, etc.)? Who wrote “jacket blurbs” in support of the book?You can often (though not always) learn about much of this from the acknowledgments, the bibliography, and the author’s biographical statement.10) Know the intellectual contextKnowing the author and his/her organization also helps you understand the book’s intellectual context. This includes the academic discipline(s) from which it draws, schools of thought within that discipline, and others who agree with or oppose the author’s viewpoint.A book is almost always partly a response to other writers, so you’ll understand a book muchbetter if you can figure out what, and who, it is answering. Pay special attention to points where the author tells you directly that s/he is disagreeing with others: “Conventional wisdom holdsthat x, but I argue instead that y.” (Is x really conventional wisdom? Among what group ofpeople?) “Famous Jane Scholar says that x, but I believe that y.” (Who’s Famous Jane, and whydo other people believe her? How plausible are x and y? Is the author straining to findsomething original to say, or has s/he genuinely convinced you that Famous Jane is wrong?)Equally important are the people and writings the author cites in support of his/her arguments.11) Use your unconscious mindAn awful lot of thinking and mental processing goes on when you’re not aware of it. Just as with writing or any other creative thought process, full understanding of a book takes time todevelop.The mind, like the body, gets tired, especially when it’s doing just one thing for many hours. Your ability to comprehend and retain what you read drops off dramatically after an hour or so.Therefore, you should read a book in several short sessions of one to two hours apiece, rather than one long marathon.In between, your unconscious mind will process some of what you’ve read. When you come back for the next session, start by asking yourself what you remember from your previous reading,what you think of it so far, and what you still need to learn.12) Rehearse, and use multiple modesReading is exactly like martial arts, baseball, or cooking in the sense that learning and memory depend crucially on rehearsal. So — after you’ve read the book, rehearse what you’velearned. Quiz yourself on its contents. Argue with the author. Imagine how you would defendthe author’s position in your own writing.Reading, writing, speaking, listening, and visualizing all engage different parts of the brain. For this reason, the best forms of rehearsal use multiple modes of thinking and action. Don’t justcontemplate privately. Instead, talk about the book with others. Bring it up in classes. Writeabout it. Visualize anything that can be visualized about its contents. All of this helps fix yourmemory and integrate your new learning into the rest of your knowledge.Hang in there!When I give presentations on these ideas, students often tell me a few weeks later that they “tried ita few times and just couldn’t do it,” so they stopped. You will have to practice thesetechniques for a considerable length of time — at least a few months — before they come toseem natural, and they will never be easier than the comfortable, passive way we’ve all beenreading for many years.The rewards are great. Learning to read this way is a major key to a successful career as a student, scholar, or professional in almost any field.。
2010全球商学院排名
2010年全球商学院排名及各专业顶尖教授 2010年03月08日 11:47 新浪教育本文选自《教育改变人生》的博客，点击查看博客原文英国《金融时报》近期发布了《2010年全球商学院MBA排名》(Global MBA Rankings 2010)。
《金融时报》的全球MBA排名已经有很悠久的历史了，1999年《金融时报》首次推出MBA排名，目前已经成为全球MBA最权威的排名之一。
在今年的排名上有几点变化：1 伦敦商学院(London Business School)获得了梦寐以求的第一名的位置。
2009年，该校与宾夕法尼亚大学沃顿商学院(Wharton School of the University of Pennsylvania)并列第一。
根据英国《金融时报》2010年度的排名，伦敦商学院的师资研究位列世界第八，校友推荐排名第五。
后一项指标综合了来自2004、05和06级学员的数据，针对的是调查参与者会从中聘用MBA毕业生的院校。
伦敦商学院在国际流动性方面的排名也接近榜首，仅落后于瑞士洛桑国际管理发展学院(IMD)。
该指标不仅反映了学员构成的国际化，也反映了项目的国际视角。
一位校友解释说：“我相信，这是极少几所真正了解全球化世界内涵的商学院之一，也是世界上为数不多的几所能让学生在课堂上真正了解全球商业的商学院之一。
”2 美国商学院的统治地位在过去十年内有所下降。
过去12年，伦敦商学院在英国《金融时报》MBA排行榜上的位置逐渐上升：1999年首次推出时排名第八；2008年已位列第二。
这种变化表明了一个更广泛的趋势：美国商学院的统治地位在过去十年内下降了。
在1999年的排行榜上，与伦敦商学院同列25强的是20所美国院校和另外4所欧洲的商学院。
英国《金融时报》2001年推出了全球百强排行榜，美国学校又一次占据了统治地位，前25强中有21所学校来自美国。
自此以后，前25强中美国学校的数量就开始下降，2008年和今年均为11所。
NBA自由球员
1985-12-3 ######### 1984-9-24 ######### 1974-10-2 1987-3-18 1979-7-30 1988-8-11 1982-1-6 1985-1-14 1983-9-27 ######### 1985-1-25 1983-12-2 1984-5-31 ######### 1976-6-2 ######### 1986-1-2 ######### 1975-8-23 ######### 1978-5-2 1984-4-4 1983-1-25 ######### 1985-11-7 1983-2-19 1984-1-22 ######### 1978-2-14 1983-9-7 1975-7-26 1989-11-7 1978-6-27 1984-7-16 1988-4-24 1980-6-23 1978-2-2 ######### 1973-4-17 1978-12-2 1976-2-28 ######### 1975-7-14 1978-4-1 #########
学校 备注 Michigan State Portland State DePaul Texas A&M Memphis CBA 不详 SMU Michigan State Shaw Texas-San Antonio Kentucky Northeastern Temple St. Benedict's Prep（高中） CBA Illinois Central Florida Syracuse Arkansas 欧洲 Kentucky Tulsa Oklahoma State LSU 欧洲 Michigan Villanova Murray State CBA Gonzaga Augsburg Memphis 欧洲 Xavier WVU New Mexico DePaul CBA Oklahoma State Kansas State CBA Kansas Meridian (MS) Community College Florida St 俄罗斯 欧洲 Tennessee-Martin CBA Virginia Tech Michigan state 斯洛文尼亚 欧洲 Oklahoma Arizona State Ole Miss South Florida
科幻片介绍(英文版)
• Modern Era: In recent decks, science fiction films have continued to evolve and expand in scope, tapping more complex themes and ideas Films such as "Blade Runner" (1982), "The Matrix" (1999), and "Interstellar" (2014) have pushed the gene forward with their innovative visual effects and thought-provoking narratives
• "Frankenstein" (1931): Based on Mary Shelley's novel, this film by James Whale tells the story of a scientific who created a monster in his laboratory, only to have it turn on him and write havoc It explores themes of scientific responsibility and the nature of monostability
领导者的六种思维
SMR 专刊领导力“你为谁服务？”这是更能揭示领导风格的一个问题。
领导者对此问题的回答，比起他们的个性和情商，更能说明其领导风格与影响力。
如果他们深思熟虑之后对这个问题做出了明确的选择，那么工作就会更加聚焦，这有助于他们组建更优秀的团队，避免灾难性失误，并在组织内外产生持久的影响。
近年来，我们访谈了不同行业80多家组织的领导者。
（参见副栏“研究简介”）根据这些访谈内容，以及认知领导力和发展心理学领域的研究成果，我们总结出了六种不同的领导思维模式，它们分别是：反社会型、自我型、变色龙型、冲劲型、建构型与超越型。
每一种思维模式代表着关于领导力本质和目的，以及如何更好地发挥领导力的一套假设和信念。
莫德斯托 ● 梅地奎（Modesto A. Maidique ）内森●希勒（Nathan J. Hiller ）反社会型、自我型、变色龙型、冲劲型、建构型或超越型，你的思维模式是哪种？插图：123R F领导者的六种思维SMR专刊通过研究领导者、与他们相处共事，我们发现他们的思维模式通常并非只有一种，而是由几种模式组合而成。
到底有哪些思维模式，又以何种方式组合而成，这些都因人而异。
每种思维模式都会影响领导者的决策和行为方式，从而改变其组织的发展方向、工作重点和绩效。
（参见副栏“两位高管的思维模式剪影”）本文将对上述六种思维模式进行逐个分析，从而指导人们更好地了解并充分利用自己的思维模式组合。
反社会型：不服务于任何人如果一个人肆无忌惮，完全无视身边人，那么他的思维模式可以归入“反社会型”这一类，这种思维模式最有局限性，同时也最危险。
虽然我们没有在病理学的意义上使用这一术语，也无意以此对某人做出诊断，但我们观察到这种思维模式突出的领导者，其表现出来的一些特点，往往和“反社会”的人格障碍相关，比如缺乏同理心，旁人所经历的身心折磨，他们从不挂心。
但是通常这类领导者很有个人魅力，善于掌控他人，在组织制度架构之中也是游刃有余（至少可以成功于一时）。
密歇根大学ross商学院介绍
BBA | Academics
CHALLENGE YOUR MIND, CHALLENGE YOURSELF.
At Ross, you experience various business disciplines and find the connections among them. Our three-year MERGE program – Multidisciplinary Exploration and Rigorous Guided
“I knew since high school that I wanted to go to business school. To come to Michigan is the best decision I’ve ever made by far, knowing that I would have a great balance between having a good social life and having an amazing education. And that’s all been coming true as I spend my time here. While I was focusing on my business education, I got to dabble in other areas of interest. I took classes in linguistics and architecture, enjoying them both. And the people you meet here are the best people. I think the community here is just unparalleled.” - Maggie Chang
possibly in michigan
possibly in michiganPossibly in MichiganIntroduction:Possibly in Michigan is a surreal and captivating short film that explores themes of fear, power dynamics, and the resilience of women. Directed by Cecilia Condit, this 1983 film defies convention with its unique narrative style and haunting imagery. In this document, we will delve into the plot, symbolisms, and the impact of Possibly in Michigan.Plot:The film opens with two women, Sue and Lucy, as they go about their daily lives, seemingly oblivious to the lurking danger around them. However, an eerie and sinister presence soon begins to stalk them. As the film progresses, we witness the women’s fear and desperation as they try to escape the clutches of the mysterious figure.Symbolism:Possibly in Michigan is filled with symbols that add depth and complexity to the overall narrative. One of the most prominent symbols in the film is the presence of dolls. Dollstraditionally serve as a representation of innocence and childhood, yet in this film, they become instruments of terror. They symbolize the vulnerability of the women under attack and their struggle against societal expectations of femininity.Another impactful symbol is the carnivorous lover, a metaphor for toxic relationships and male dominance. The carnivorous lover, depicted as a masked killer, represents the ever-present threat that hovers over women's lives. The women's attempts to resist and fight back against this power dynamic emphasize their resilience and determination.Power dynamics:Possibly in Michigan exposes the power dynamics between women and the pervasive influence of patriarchal norms within society. The masked figure embodies the fear and vulnerability experienced by women while navigating the world. Condit's portrayal of the women as both the victims and survivors highlights their ability to rise above their circumstances and reclaim their agency.The film also sheds light on the concept of internalized misogyny. Both Sue and Lucy initially fall victim to their own insecurities and societal pressures, unwittingly contributing to their own victimization. This exploration of internalizedmisogyny prompts viewers to reflect on the internal struggles faced by women in a male-dominated society.Impact:Possibly in Michigan challenges traditional storytelling and defies viewer expectations, leading to a thought-provoking experience. Condit's use of unconventional camera angles, eerie sound design, and intense close-ups creates a surreal and unsettling atmosphere. This immersive approach draws the audience into the characters' emotions, making the film's themes of fear and resilience resonate deeply.Furthermore, the film's exploration of female empowerment and the destructive nature of societal expectations resonates strongly with contemporary audiences. Condit's commentary on the lasting impact of patriarchy and internalized misogyny is particularly relevant in today's world, where gender inequality remains a pressing issue.Conclusion:Possibly in Michigan stands as a groundbreaking short film that continues to captivate audiences with its haunting portrayal of fear, power dynamics, and the strength of women. Through its symbolism and unconventional narrative style, the film prompts viewers to reflect on the societalexpectations placed on women and the importance of reclaiming agency. Cecilia Condit's vision and storytelling prowess ensure that this film remains a powerful and significant piece of art.。
2018 年QS 商科硕士专业全球大学排名【完整版】
文章来源：《上海雷哥GMAT》根据《Open Doors2017》披露的2016‐2017学年在美留学的国际生的最新数据显示，中国学生选择商科的比例高达23.1%。
前不久，QS全球大学排名给出了2018年最新的商科硕士专业全球大学排名。
主要给出了管理学（Management）、金融学（Finance）、商业分析（BA）、MBA专业的全球大学排名。
值得一提的是，这也是QS大学排名首次就商科专业单独给出了院校排名。
下面就跟着上海雷哥GMAT一起来看看，2018年全球商科硕士专业院校榜单的具体排名情况吧。
一、出国留学商业分析专业（BA）商业分析专业（BA）是一个以商业知识为基础，数理编程为手段，从数据分析出发，以决策优化来创造价值的新兴专业。
随着大数据时代的到来，这个专业的重要性也越发明显。
学生的就业范围广，薪资也很可观。
商业分析BA专业也是近几年火速蹿红，堪称留学届的“网红”专业。
在该领域，美国大学依旧处于世界领先地位，多所学校进入前50，MIT Sloan夺得了BA 此次榜单的桂冠，德克萨斯大学麦库姆斯商学院位居第二，南加州大学马歇尔商学院位列前三。
值得一提的是，墨尔本大学杀入第五，成为澳洲唯一一所进入前50的大学。
而英国则有曼大和华威大学排进前十。
由排名可见，BA专业在世界领跑的大学主要还是分布于英美两国。
2018年QS商科硕士专业全球大学金融专业排名排名学校名称学校英文名称国家/地区1麻省理工学院（斯隆商学院）MIT(Sloan)美国2德克萨斯州大学奥斯汀分校（麦库姆斯商院）Texas(McCombs)美国3南加州大学（马歇尔商学院）USC(Marshall)美国4明尼苏达大学（卡尔森管理学院）Minnesota(Carlson)美国5墨尔本大学商学院Melbourne澳大利亚6曼彻斯特商学院Manchester(Alliance)英国7华威大学商学院Warwick英国8密歇根州立大学（艾利布罗德商学院）Michigan State(Eli Broad)美国9普渡大学（克兰纳特管理学院）Purdue(Krannert)美国10IE人文科学与技术学院IE School of Human Sciences&Technology西班牙11亚利桑那州立大学（凯里商学院）Arizona State(Carey)美国12伦斯勒理工学院（拉里商学院）Rensselaer PolytechnicInstitute(Lally)美国13南卫理公会大学（考克斯商学院）SMU(Cox)美国14圣母大学（门多萨商学院）Notre Dame(Mendoza)美国15乔治华盛顿大学George Washington美国16阿姆斯特丹大学Amsterdam荷兰17德克萨斯大学达拉斯分校管理学院UT Dallas(Naveen)美国18辛辛那提大学（林德纳商学院）Cincinnati(Lindner)美国19德雷克塞尔大学（雷柏商学院）Drexel(LeBow)美国20米兰理工大学管理学院Politecnico di Milano Schoolof Management意大利21华盛顿大学（奥林商学院）Washington(Olin)美国22康涅狄格大学商学院Connecticut(UCONN)美国23北卡罗莱纳州立大学North Carolina State美国24加州大学圣地亚哥分校（雷迪商学院）UC San Diego(Rady)美国25罗切斯特大学（西蒙商学院）Rochester(Simon)美国26美利坚大学（Kogod）American(Kogod)美国27雅典经济和商业大学Athens University ofEconomics and Business希腊28维克森林大学Wake Forest美国29斯特拉斯克莱德大学Strathclyde英国30伊利诺伊大学芝加哥分校（奥托商学院）UIC(Liautaud)美国31凯斯西储大学（维泽赫德管理学院）Case Western(Weatherhead)美国32兰卡斯特大学Lancaster英国33科学经济与管理学院IESEG School of Management法国34波尔图大学（经济与管理学院）University of Porto(School of Economics and Management)葡萄牙35俄罗斯高等经济学院Higher School of Economics俄国36佐治亚大学（罗宾逊商学院）Georgia State(Robinson)美国37福特汉姆大学（加贝利商学院）Fordham(Gabelli)美国38威廉玛丽学院（梅森商学院）William&Mary(Mason)美国39圣克拉拉大学（蕾迪商学院）Santa Clara(Leavey)美国40拉夫堡大学Loughborough英国二、出国留学金融排名金融专业的热度居久不下，并将持续在未来保持热门。
中英对照Strategic_Sales_Leadership
The larger the circle and word, the more significant was the influence in explaining why the sales leaders were better able to be more creative in solving problems or finding solutions.
Fresh air新鲜空气 Listening收听 Vacation假期 Blank pages空白页 Stress应力 Love爱 Introspection反省
Meditation Need to win 要取得胜利 沉思
Ego自我意识 Desire欲望 Honesty诚实 Money金残 Relaxation放松 Dreams梦想 Thought思想 Health健康
© Scott Adams, Inc./Dist. By UFS, Inc.
3
Top Factors for Boosting Sales Professionals’ Creativity 推动销售专员创造力的主要因素
Working alone独自工作
Dancing跳舞 Nerves胆识 Drugs药物 Acceptance接受 Awakening觉醒 Wealth财富 Boredom无聊 Sunshine阳光 Music音乐 Activity活动 Deadlines最后期限 Baths沐浴 Felling情感 Family家庭 Talking a walk散步
Sales Management 销售团队管理层
Sales Midmanagement 销售团队中级 管理层
Field Sales Management 区域性销售团队管理层
the new issues puzzle
The New Issues Puzzle:Testing the Investment-Based ExplanationEvgeny Lyandres ∗Jones Graduate School of ManagementRice UniversityLe Sun †William E.Simon Graduate School of Business AdministrationUniversity of Rochester and GSAMLu Zhang ‡Stephen M.Ross School of BusinessUniversity of Michigan and NBERNovember 2006§AbstractAn investment factor,long in low investment stocks and short in high investment stocks,helpsexplain the new issues puzzle.Adding this factor into standard factor regressions reduces sub-stantially the magnitude of the underperformance following equity and debt offerings and thecomposite issuance effect.The reason is that issuers invest more than nonissuers,and the low-minus-high investment factor earns a significant average return of 0.57%per month.Our evi-dence lends support to the real options theory,in which investment extinguishes risky expansionoptions,and the q -theory of investment,in which firms with low costs of capital invest more.i li1IntroductionEquity and debt issuers underperform matching nonissuers with similar characteristics during the three tofive post-issue years(e.g.,Ritter1991;Loughran and Ritter1995;and Spiess and Affleck-Graves1995,1999).We explore empirically the investment-based hypothesis of this underper-formance.The q-theory of investment and real options theory imply a negative relation between investment and expected returns.If the proceeds from equity and debt issues are used tofinance in-vestment,then issuers should invest more and earn lower average returns than matching nonissuers.Our centralfinding is that a new investment factor,long in low investment stocks and short in high investment stocks,explains a substantial part of the new issues puzzle.Specifically:•We construct the investment factor by buying stocks with the bottom30%investment-to-asset ratios and selling stocks with the top30%investment-to-asset ratios,while using a triple sort to control for size and book-to-market.From January1970to December2005,the investment factor earns an average return of0.57%per month(t-statistic=7.13).•Most importantly,adding the investment factor into standard factor regressions reduces the magnitude of the underperformance for new equity issues portfolios.The equally-weighted portfolio offirms that have conducted seasoned equity offerings(SEOs)in the prior36months earns an alpha of−0.41%per month(t-statistic=−2.43).Adding the investment factor makes the CAPM alpha insignificant and reduces its magnitude by82%to−0.07%per month.The equally-weighted portfolio offirms that have conducted initial public offerings(IPOs)in the prior36months earn an alpha of−0.71%per month(t-statistic=−2.60).Adding the investment factor makes the CAPM alpha insignificant and reduces its magnitude by59%to −0.29%.The results from the Fama-French(1993)model are quantitatively similar.•The investment factor also helps explain the underperformance following debt offerings.The equally-weighted portfolio offirms that have conducted convertible debt offerings in the prior 36months earn an alpha of−0.63%per month(t-statistic=−4.20).Adding the invest-ment factor makes reduces the CAPM alpha by46%in magnitude to−0.34%,albeit still significant(t-statistic=−2.04).The underperformance following straight debt offerings is largely insignificant in our sample.The only exception is the equally-weighted alpha from the Fama-French(1993)model,−0.26%per month(t-statistic=−2.35).Controlling for the investment factor makes the alpha weakly positive,0.029%per month(t-statistic=0.27).•The results from using buy-and-hold abnormal returns(BHARs)are largely consistent with factor regressions.The BHARs of the SEO portfolio from matching on size and book-to-market over thefirst two and three post-issue years are−21.9%and−34.6%,respectively.Matching further on investment-to-asset ratios reduces the BHARs to−16.1%and−25.2%, respectively,about26%drop in magnitude.The BHARs of the IPO portfolio from matching on size and book-to-market are significantly negative after about six post-issue months,and the BHARs of the convertible debt portfolio are significantly negative after about18post-issue months.Matching on investment-to-asset makes this underperformance largely insignificant.•The investment factor also explains part of Daniel and Titman’s(2006)finding.A zero-cost portfolio that buys stocks in the bottom30%and sells stocks in the top30%of their composite equity issuance measure earns an equally-weighted alpha of−0.56%per month (t-statistic=−4.38)from the CAPM.Adding the investment factor reduces the alpha to −0.40%(t-statistic=−3.18),a drop in magnitude of28%.The value-weighted alpha from the Fama-French(1993)model is−0.36%per month(t-statistic=−3.57),and it drops by 57%in magnitude to−0.16%(t-statistic=−1.49)when we include the investment factor.Our evidence lends support to the investment-based explanation of the new issues puzzle(e.g., Zhang2005;Carlson,Fisher,and Giammarino2006).In their real options model,Carlson et al. argue thatfirms have expansion options and assets in place prior to equity issuance.This compo-sition is levered and risky.If real investment isfinanced by equity,then risk and expected returns must decrease because investment extinguishes the risky expansion options.2Inspired by the negative relation between real investment and expected returnsfirst derived by Cochrane(1991),Zhang(2005)argues that investment is likely to be the main driving force of the new issues puzzle.Intuitively,real investment increases with the net present values(NPVs)of new projects(e.g.,Brealey,Myers,and Allen2006,chapter6).The NPVs of new projects are inversely related to their costs of capital or expected returns,controlling for their expected cashflows.If the costs of capital are high,then the NPVs are low,giving rise to low investment.If the costs of capital are low,then the NPVs are high,giving rise to high investment.The average costs of equity forfirms that take many new projects are reduced by the low costs of capital for the new projects.Further,firms’balance-sheet constraint implies that the sources of funds must equal the uses of funds.Therefore,firms raising capital are likely to invest more and earn lower expected returns,andfirms distributing capital are likely to invest less and earn higher expected returns.Consistent with this theoretical prediction,we document that issuers invest more than matching nonissuers.The investment-to-asset spread between issuers and nonissuers is the highest in the IPO sample,followed by the SEO and convertible debt sample,and is the lowest in the straight debt sample.The relative magnitudes of the investment-to-asset spreads are consistent with the relative magnitudes of the underperformance across the four samples.We alsofind that high composite issuancefirms invest more than low composite issuancefirms.Our paper brings the insights from the literature on investment-based asset pricing to the liter-ature on the new issues puzzle.Our use of investment-to-asset as a key matching characteristic is motivated by the partial equilibrium models of Cochrane(1991,1996)and Berk,Green,and Naik (1999).Our use of the investment factor as a common factor of stock returns is motivated by the general equilibrium models of Gala(2005)and P´a stor and Veronesi(2005a,b).Several papers document the negative relation between investment and average returns.Cochrane (1991)is among thefirst to show this relation in the time series.Titman,Wei,and Xie(2004) and Cooper,Gulen,and Schill(2006)find a similar relation in the cross section but interpret the evidence as investors underreacting to overinvestment.Xing(2005)shows that real investment3helps explain the value effect.Anderson and Garcia-Feij´o o(2006)find that investment growth classifiesfirms into size and book-to-market portfolios.Anderson and Garcia-Feij´o o also anticipate our analysis:“Many studies examine long-run returns tofirms subsequent to new security offerings and report negative abnormal returns.Benchmarking long-run returns to changes in investment spending that may coincide withfinancing events might attenuate abnormal returns(p.191).”Brav and Gompers(1997)and Brav,Geczy,and Gompers(2000)document that equity issuers are concentrated among small-growthfirms,and suggest that their underperformance reflects the Fama-French(1993)size and book-to-market factors.Our evidence supports this argument because both equity issuers and small-growthfirms invest more than other types offirms.We suggest that real investment is likely to be the common link and the more fundamental driving force of their underperformance.Eckbo,Masulis,and Norli(2000)show that a six-factor model can explain the new issues puzzle,but we show that controlling for the investment factor is often sufficient.The rest of the paper is organized as follows.Section2develops the testable hypothesis.Section 3describes our data.Section4reports our empirical results,and Section5concludes.2Hypothesis DevelopmentThe investment-based explanation of the new issues puzzle argues that the post-issue underperfor-mance arises from the negative relation between real investment and expected returns.First,the relation between real investment and expected returns is negative.Second,iffirms issue new equity and debt tofinance real investment,then issuers should earn lower expected returns than nonissuers.2.1Theoretical MotivationFigure1illustrates the negative relation between real investment and expected returns,a central prediction in recent theoretical literature on investment-based asset pricing.Cochrane(1991,1996) derives the negative investment-return relation from the q theory of investment.In his models,firms invest more when their marginal q—the net present value of future cashflows generated from4one additional unit of capital—is high.Controlling for expected cashflows,a high marginal q is associated with a low cost of capital.In the real options model of Berk,Green,and Naik(1999),firms invest more when they have access to many low risk projects.Investing in these projects lowersfirm level risk and expected returns.In Carlson,Fisher,and Giammarino(2004),expansion options are riskier than assets in place.Real investment transforms riskier expansion options into less risky assets in place,thereby reducing risk and expected returns.1Figure1:The Investment-Based Explanation of the New Issues PuzzleTExpected return1The basic mechanisms in the real options and the q-theory models are similar because the two approaches are equivalent(e.g.,Abel,Dixit,Eberly,and Pindyck1996).5Gala(2005)constructs a general equilibrium production economy with heterogeneousfirms.In his model,afirm’s ability to provide consumption insurance depends on its ability to mitigate ag-gregate business cycle shocks through capital investment.In bad times,low investment,valuefirms want to disinvest and sell offtheir capital stocks.But they are prevented from doing so because of binding irreversibility constraints.Thesefirms thus earn high expected returns because their returns covary more with economic downturns.In contrast,in the face of negative shocks,high investment, growthfirms can easily lower their positive investment without facing the irreversibility constraints. Thesefirms thus earn low expected returns as they provide consumption insurance to investors.P´a stor and Veronesi(2005a)develop a general equilibrium model of optimal timing of initial public offerings,in which IPO waves are partially caused by declines in expected market returns.In their model,entrepreneurs choose the optimal timing of taking their privatefirms public,and then immediately investing part of the equity proceeds.Entrepreneurs prefer to postpone their IPOs until favorable market conditions such as low expected market return and high expected aggregate profitability.As a result,real investment of IPOfirms can serve as a state variable:high investment suggests low expected market returns,high aggregate profitability,or both.P´a stor and Veronesi(2005b)develop a general equilibrium model in which returns offirms investing in new technologies can define new systematic factors.Their model has two sectors:the “new economy”and the“old economy.”The old economy implements existing technologies on a large scale and its output determines a representative agent’s terminal wealth.The new economy implements the new technology on a small scale that does not affect the terminal wealth.The agent optimally chooses to experiment with the new technology on a small scale to learn about its unobservable productivity.If the productivity turns out to be sufficiently high,the new technology is adopted on a large scale.The nature of the risk associated with new technologies changes over time.The risk is initially idiosyncratic because of the small scale of production.Once adopted on a large scale,the risk becomes systematic because the new economy now affects the terminal wealth.6Figure1also shows that issuers are located at the right end of the curve,where expected re-turns are low,and nonissuers are located at the left end of the curve,where expected returns are high.Intuitively,the balance-sheet constraint requires that the uses of funds must equal the sources of funds,implying that issuers are likely to invest more than nonissuers.Based on this insight, Zhang(2005)and Carlson,Fisher,and Giammarino(2006)argue that SEOfirms must earn lower expected returns than matching nonissuers.The same intuition also applies to the underperfor-mance following IPOs(e.g.,Ritter1991)and convertible and straight debt offerings(e.g.,Spiess and Affleck-Graves1999),as well as the composite issuance effect(e.g.,Daniel and Titman2006).The investment-based explanation of the new issues puzzle,and more generally,the negative investment-return relation are conditional on a given level of profitability.High investment can be caused not only by low costs of capital,but also by high expected cashflows(profitability). More profitablefirms earn higher average returns than less profitablefirms(e.g.,Piotroski2000; Fama and French2006).Our results show that the difference in investment between issuers and nonissuers,rather than the difference in profitability,drives the new issues puzzle.2.2Empirical DesignOur choice of empirical methods echoes the theme of the theoretical motivation by complementing the use of a zero-cost low-minus-high investment factor as a common factor of stock returns and the use of investment as a matching characteristic.Motivated by the partial equilibrium models(e.g.,Cochrane1991;Berk,Green,and Naik1999), we examine the performance of security issuers relative to matchingfirms with similar characteris-tics including prior investment-to-asset ratios.The theoretical prior is that matching on investment should reduce the magnitude of buy-and-hold abnormal returns documented in previous studies(in which investment is not one of the control characteristics).Motivated by the general equilibrium models(e.g.,Gala2005;P´a stor and Veronesi2005a,b),we augment standard factor regressions with the investment factor constructed by sortingfirms on their investment-to-asset ratios.The7theoretical prior is that doing so should reduce the magnitude of the post-issue underperformance.Following Fama and French(1993,1996),we interpret the investment factor as a common fac-tor.While Fama and French go further and interpret their similarly constructed SMB and HML factors as risk factors motivated from ICAPM or APT,we do not take a stance on the risk inter-pretation of our investment factor.Arguments supporting the risk interpretation are clear.None of the theoretical papers that we use to motivate the investment factor assumes any form of over-and under-reaction.And unlike size and book-to-market,investment-to-asset does not involve the market value of equity,and is less likely to be affected by mispricing,at least directly.However,general equilibrium models with behavioral biases(e.g.,Barberis,Huang,and Santos 2001)can also motivate the investment factor.2Moreover,investor sentiment can presumably affect investment policy through shareholder discount rates(e.g.,Polk and Sapienza2006).Perhaps more importantly,covariance-based and characteristic-based explanations of the average-return variations are not mutually exclusive,in contrast to the position taken by Daniel and Titman(1997) and Davis,Fama,and French(2000).Under certain conditions,there exists a one-to-one mapping between covariances and characteristics,implying that they can both serve as sufficient statistics for expected returns(e.g.,Zhang2005).Our goal is thus to search for a theoretically motivated and empirically parsimonious factor specification that can explain anomalies in asset pricing tests. 3DataWe examine four types of security offerings:IPOs,SEOs,convertible debt issues,and straight debt issues.All four samples are obtained from Thomson Financial’s SDC database.The samples of the IPOs,SEOs,and convertible debt offerings are from1970to2005.Due to data availability,the sample of the straight debt offerings is from1983to2005.We obtain monthly returns from the Center for Research in Security Prices(CRSP).The monthly returns of Fama and French’s(1993)three factors and the risk-free rate are from Kenneth French’s website.Accounting information is from the COMPUSTAT Annual Industrial Files.Our sample selection largely follows previous studies.3To be included in a sample,a security offering must be performed by a U.S.firm that has returns on CRSP at some point during the three post-issuance years.We exclude unit offerings and secondary offerings of SEOs,in which new shares are not issued.For SEOs,our results are also robust to the exclusion of mixed offerings.4We also exclude equity and debt offerings offirms that trade on exchanges other than NYSE,AMEX, and NASDAQ.Similar to Brav,Geczy,and Gompers(2000)and Eckbo,Masulis,and Norli(2000), but different from Loughran and Ritter(1995)and Spiess and Affleck-Graves(1995,1999),we include utilities in our sample.Following Loughran and Ritter,we define utilities asfirms with SIC codes ranging between4,910and4,949.Excluding utilities does not materially impact our results,likely because the fraction of utilities in each sample is small:6%for SEOs,0.4%for IPOs, 2%for convertible debt issues,and8%for straight debt issues.Further,manyfirms issue multiple tranches of debt on the same date.We deal with this issue by aggregating the amount issued on a given day but separating straight and convertible debt issues.Table1reports for each of the four samples the number of offerings for each year,the number of offerings by non-utilities,and the number of offerings with valid data on size,book-to-market,and investment-to-asset ratio.These characteristics are used to select matching nonissuers.Our samples include10,084SEOs,7,732IPOs,1,215convertible debt offerings,and2,969straight debt offerings. Because of the long sample period(22years for straight debt offerings and36years for all others), our samples are among the largest in the literature.For comparison,Eckbo,Masulis,and Norli’s (2000)sample includes4,766SEOs,Loughran and Ritter’s(1995)sample consists of3,702SEOs and 4,753IPOs,and Brav,Geczy,and Gompers’s(2000)sample includes4,526SEOs and4,622IPOs.Inaddition,Spiess and Affleck-Graves’s(1995)sample consists of1,247SEOs,and Spiess and Affleck-Graves’s(1999)samples contain1,557straight debt offerings and672convertible debt offerings.To study the frequency distribution of issuers across size and book-to-market quintiles,we as-sign issuers to quintiles using the breakpoints from Kenneth French’s website.Forfirms that have issued in the period from July of year t to June of year t+1,we determine the size and book-to-market quintiles at thefiscal yearend of calendar year t−1.If size or book-to-market is missing at that time(frequently in the IPO sample),we use thefirst available size and book-to-market if the available date is no later than12months after the offering(24months for IPOs).We measure the market value as the share price at the end of June times shares outstanding. Book equity is stockholder’s equity(item216)minus preferred stock plus balance sheet deferred taxes and investment tax credit(item35)if available,minus post-retirement benefit asset(item330) if available.If stockholder’s equity is missing,we use common equity(item60)plus preferred stock par value(item130).If these variables are missing,we use book assets(item6)less liabilities(item 181).Preferred stock is preferred stock liquidating value(item10),or preferred stock redemption value(item56),or preferred stock par value(item130)in that order of availability.To compute the book-to-market equity,we use December closing price times number of shares outstanding.Table2presents the frequency distribution of issuingfirms and the relative amount of capital raised in the offerings.From the left four panels,smallfirms are more likely than largefirms to issue equity and convertible debt,but are less likely to issue straight debt.Growthfirms are more likely than valuefirms to issue equity and convertible debt,and to a lesser extent,straight debt. From Panel A,small-growthfirms perform19%of SEOs,while big-valuefirms account for only 0.52%of SEOs.The spread in issuing frequency is even wider for IPOs:32%of IPOs are conducted by small-growthfirms,in contrast to only0.11%by big-valuefirms.The frequency distribution of the convertible debt offerings sample is similar to that of the SEO sample.12%of the convertible debt issues are performed by small-growthfirms,in contrast to only0.58%undertaken by big-value firms.Prior studies show that small-growthfirms have higher investment-to-asset ratios than other10firms(e.g.,Xing2005;Anderson and Garcia-Feijoo2006).Our evidence that small-growthfirms are also the most frequent equity and convertible debt issuers is therefore suggestive of the role of real investment in explaining the underperformance following the offerings.5The right four panels of Table2report the median new issue-to-asset ratios of issuers by size and book-to-market quintiles.We measure the new issue-to-asset ratio as the proceeds of a new issue from SDC divided by the book value of assets at thefiscal yearend preceding an SEO or convertible or straight debt offering.Because of data limitations,we use the book value of assets at thefiscal yearend of an IPO.The distribution of the median new issue-to-asset across size and book-to-market quintiles is similar to the frequency distribution reported in the left panels of the table.Not only small-growthfirms issue securities much more frequently than big-valuefirms,but they also issue much more as a percentage of their book assets.From Panel A,the median new seasoned equity-to-asset ratio of small-growthfirms is0.89.In contrast,the median ratio of big-valuefirms is only 0.01.Dispersions of similar magnitudes are also evident in the convertible and straight debt samples (Panels C and D).From Panel B,the IPO sample displays an even wider spread:the median new equity-to-asset ratio for small-growthfirms is1.75,much higher than that for big-valuefirms,0.05. 4Empirical ResultsWe study the role of investment in driving the new issues puzzle using factor regressions(Section 4.1)and buy-and-holding abnormal returns(Section4.2).Section4.3examines the investment and profitability behavior for issuers and matching nonissuers.Inspired by Daniel and Titman(2006), Section4.4studies the link between investment and the returns of composite issuance portfolios.4.1Factor RegressionsEvidence on the New Issues PuzzleWe measure the post-issue underperformance as Jensen’s alphas in factor regressions.Lyon,Barber and Tsai(1999)argue that factor regressions are one of the two methods that yield well-specifiedtest statistics.(The other approach is Buy-and-Hold Abnormal Returns,see Section4.2.) We use the CAPM and the Fama and French(1993)three-factor model.The dependent variables in the factor regressions are the new issues portfolio returns in excess of the one-month Treasury bill rate.The new issues portfolios,including the SEO,IPO,convertible debt,and straight debt portfolios,consist of allfirms that have issued seasoned equity,gone public,issued convertible debt, and issued straight debt in the past36months,respectively.6Loughran and Ritter(2000)argue that the power of the tests can be increased if we weight eachfirm equally,instead of weighting each period equally.Following Spiess and Affleck-Graves(1999),we thus estimate factor regressions using Weighted Least Squares(WLS),where the weight of each month corresponds to the number of eventfirms having non-missing returns during that month.7Table3reports strong evidence of underperformance following equity issuance(Panels A and B).From Panel A,the equally-weighted alpha from the CAPM regression of the SEO portfolio is −0.41%per month(t-statistic=−2.43),and that from the Fama-French(1993)model is−0.39% per month(t-statistic=−3.52).The value-weighted alphas are similar in magnitude.From Panel B,the post-issue underperformance of IPOs from the CAPM is larger in magnitude than that of SEOs.The equally-weighted and value-weighted CAPM alphas of the IPO portfolio are−0.71% and−0.82%per month with t-statistics−2.60and−3.03,respectively.The alphas of the IPO portfolios from the Fama-French model are close to those of the SEO portfolios.Table3also reports reliable evidence of post-issue underperformance of convertible debt issuers, but not of straight debt issuers(Panels C and D).Convertible debt issuers show comparable under-performance to equity issuers.The convertible debt portfolio earns equally-weighted alphas from the CAPM and the Fama-French(1993)model of−0.63%and−0.54%per month,respectively. Both have t-statistics above four.The value-weighted alphas are smaller in magnitude,−0.44% and−0.26%,but still significant(t-statistics−3.38and−2.00),respectively.In contrast,only the equally-weighted alpha from the Fama-French model,−0.26%,is significant for the straight debtportfolio(t-statistic=−2.35).All the other alphas are insignificantly different from zero.Our evidence that convertible debt issuers display higher post-issue underperformance than straight debt issuers is consistent with Spiess and Affleck-Graves(1999).The Investment FactorAs a direct test of the investment hypothesis,we augment traditional factor models with a common factor based on real investment.We construct the investment factor as the zero-cost portfolio from buying stocks with the lowest30%investment-to-asset ratios and selling stocks with the highest 30%investment-to-asset ratios,while controlling for size and book-to-market.We measure investment-to-asset as the annual change in gross property,plant,and equipment (COMPUSTAT annual item7)plus the annual change in inventories(item3)divided by the lagged book value of assets(item6).We use property,plant,and equipment to measure real investment in long-lived assets used in operations over many years such as buildings,machinery,furniture, computers,and other equipment.We use inventories to measure real investment in short-lived assets used in a normal operating cycle such as merchandise,raw materials,supplies,and work in process.We do a triple sort on size,book-to-market,and investment-to-asset`a la Fama and French (1993).We independently sort stocks in each June on size,book-to-market,and investment-to-asset into three groups,the top30%,the medium40%,and the bottom30%.By taking intersections of these nine portfolios,we classify stocks into27portfolios.The investment factor,denoted INV, is defined as the average return of the nine low investment-to-asset portfolios minus the average return of the nine high investment-to-asset portfolios.8In untabulated results,the investment factor earns an average return of0.57%per month (t-statistic=7.13)from January1970to December2005.This average return is economically meaningful.For comparison,the average market excess return over the same period is0.50%per month(t-statistic=2.28)and the average HML return is0.48%per month(t-statistic=3.24).。
为什么对老板说“不”很重要
Saying no to the boss: Why it's essential为什么对老板说“不”很重要We all know the feeling: the boss has given us an unpleasant task we may not even agree with but ultimately have to perform. Many times, these orders are essential to making a company run. But not always. And sometimes they seem plain wrong.我们都了解这样的感受：老板交给我们一项讨厌的任务，对此我们自己可能都不认可，但最终必须得做。
很多时候，这些命令是让公司运转下去的关键。
但并不总是如此。
有时候，（这些命令）可能完全是错的。
In those cases, companies ultimately benefit when a subordinate speaks up, according to James Detert, a management professor at Cornell's Johnson school. But right when their input is needed most, many employees lose their voice. "In the vast majority of cases where companies end up with whistleblowing-level disasters, almost always we can trace them back to an early conversation where somebody tried to communicate directly up the chain and couldn't or were so afraid to do so that they let it pile up, " he says.康奈尔大学（Cornell）约翰逊商学院（Johnson school）的管理学教授詹姆斯•迪特称，这时候，如果下属能直言不讳，公司最终能获益。
全球商学院排名出炉
全球商学院排名出炉1 伦敦商学院London Business School 英国-大伦敦1 宾夕法尼亚大学沃顿商学院University of Pennsylvania: Wharton 美国-宾夕法尼亚州3 哈佛商学院Harvard Business School 美国-马萨诸塞州4 欧洲工商管理学院INSEAD 法国4 斯坦福大学商学院Stanford University GSB 美国-加利福尼亚州6 香港科技大学商学院Hong Kong UST Business School 中国香港7 哥伦比亚大学商学院Columbia Business School 美国-纽约州8 西班牙企业学院IE Business School 西班牙9 麻省理工学院斯隆商学院Massachusetts Institute of Technology - MIT Sloan School of Management 美国-马萨诸塞州9 纳瓦拉大学IESE商学院IESE Business School - University of Navarra 西班牙-纳瓦拉自治区11 印度管理学院阿默达巴德分校Indian Institute of Management, Ahmedabad 印度12 芝加哥大学布斯商学院13 印度商学院Indian School of Business 印度14 瑞士国际管理发展学院IMD 瑞士15 纽约大学斯特恩商学院New York University: Stern 美国-纽约州15 耶鲁管理学院Yale School of Management 美国-康涅狄格州17 中欧国际工商学院Ceibs 中国18 达特茅斯学院塔克商学院Dartmouth College: Tuck 美国-新罕布什尔州18 巴黎高科HEC商学院HEC Paris 法国20 杜克大学福夸商学院Duke University: Fuqua 美国-北卡罗莱纳州21 Esade 商学院Esade Business School 西班牙21 西北大学凯洛格管理学院Northwestern University: Kellogg 美国-伊利诺斯州23 新加坡国立大学商学院National University of Singapore School of Business 新加坡-新加坡24 密歇根大学罗斯商学院25 加州大学伯克利分校哈斯商学院University of California at Berkeley: Haas 美国-加利福尼亚州26 剑桥大学商学院University of Cambridge: Judge 英国-剑桥郡27 牛津大学赛德商学院University of Oxford: Sa?d 英国-牛津郡28 SDA博科尼商学院SDA Bocconi 意大利-伦巴第大区29 曼彻斯特商学院Manchester Business School 英国-大曼彻斯特郡30 康奈尔大学约翰逊管理学院Cornell University: Johnson 美国-纽约州31 加州大学洛杉矶分校安德森商学院UCLA: Anderson 美国-加利福尼亚州32 伦敦城市大学卡斯商学院City University: Cass 英国33 南洋商学院Nanyang Business School 新加坡-新加坡34 克兰菲尔德商学院Cranfield School of Management 英国-牛津郡35 澳大利亚管理研究生院Australian School of Business: AGSM 澳大利亚36 伊拉斯谟大学鹿特丹管理学院Rotterdam School of Management, Erasmus University 荷兰-南荷兰省37 帝国理工学院商学院Imperial College Business School 英国-大伦敦38 艾默里大学戈伊苏埃塔商学院Emory University: Goizueta 美国-佐治亚州38 乔治敦大学麦可多纳商学院Georgetown University: McDonough 美国-华盛顿哥伦比亚特区40 马里兰大学史密斯商学院University of Maryland: Smith 美国-马里兰州41 兰卡斯特大学管理学院Lancaster University Management School 英国-兰开夏郡41 弗吉尼亚大学达顿工商管理研究生院University of Virginia: Darden 美国-弗吉尼亚州41 卡内基梅隆大学泰珀商学院Carnegie Mellon: Tepper 美国-宾夕法尼亚州44 赖斯大学杰西·琼斯企业管理研究生院Rice University: Jones 美国-德克萨斯州44 德州农工大学梅斯商学院Texas A & M University: Mays 美国-德克萨斯州46 多伦多大学罗特曼管理学院University of Toronto: Rotman 加拿大-安大略省46 西安大略大学毅伟商学院University of Western Ontario: Ivey 加拿大-安大略省46 伊利诺斯大学香槟分校(香槟)University of Illinois at Urbana-Champaign (Champaign) 美国-伊利诺斯州49 德克萨斯大学奥斯汀分校麦克布斯商学院University of Texas at Austin: McCombs 美国-德克萨斯州49 约克大学舒立克商学院York University: Schulich 加拿大-安大略省51 范德比尔特大学欧文管理学院Vanderbilt University - Owen Graduate School of Management 美国-田纳西州52 罗彻斯特大学西蒙商学研究生院University of Rochester: Simon 美国-纽约州53 墨尔本大学墨尔本商学院Melbourne Business School 澳大利亚-维多利亚州53 加州大学欧文分校商学院University of California at Irvine: Merage 美国-加利福尼亚州55 杜伦大学商学院Durham Business School 英国-达勒姆郡55 弗拉瑞克-鲁汶-根特管理学院比利时-法兰德斯-布拉班特省57 麦吉尔大学德桑特尔斯管理学院McGill University: Desautels 加拿大-魁北克省58 华威商学院Warwick Business School 英国-西密德兰郡59 宾夕法尼亚州立大学史密尔商学院Pennsylvania State University: Smeal 美国-宾夕法尼亚州60 开普敦大学商学研究生院University of Cape Town GSB 南非-西开普省61 霍特国际商学院(剑桥)Hult International Business School (Cambridge) 美国-马萨诸塞州62 北卡罗莱纳大学查佩尔山分校凯南-弗拉格勒商学院University of North Carolina at Chapel Hill - Kenan-Flagler Business School 美国-北卡罗莱纳州63 威斯康星商学院Wisconsin School of Business 美国-威斯康星州64 IPADE商学院Ipade 墨西哥64 南加州大学马歇尔商学院University of Southern California: Marshall 美国-加利福尼亚州64 爱荷华大学亨利·蒂皮管理学院University of Iowa: Tippie 美国-艾奥瓦州64 亚利桑那州立大学凯瑞商学院Arizona State University: Carey 美国-亚利桑那州68 SP Jain 管理中心SP Jain Center of Management 迪拜/新加坡68 波士顿大学管理学院Boston University School of Management 美国-马萨诸塞州68 雷鸟全球管理学院Thunderbird School of Global Management 美国68 伯明翰大学伯明翰商学院Birmingham Business School 英国-西密德兰郡72 俄亥俄州立大学菲舍尔商学院Ohio State University: Fisher 美国-俄亥俄州73 印第安纳大学凯利商学院Indiana University: Kelley 美国-印地安那州74 斯特拉斯克莱德大学商学院University of Strathclyde Business School 英国-格拉斯哥市74 普渡大学克兰纳特管理学院Purdue University: Krannert 美国-印地安那州74 波士顿卡罗尔管理学院Boston College: Carroll 美国-马萨诸塞州77 Incae商学院Incae Business School 哥斯达黎加78 维克森林大学巴布科克商学院Wake Forest University: Babcock 美国-北卡罗莱纳州78 都柏林大学迈克尔斯莫非特商学院University College Dublin: Smurfit 爱尔兰-都柏林市80 南卡罗莱纳大学摩尔商学院University of South Carolina: Moore 美国-南卡罗莱那州80 圣母大学门多萨商学院University of Notre Dame: Mendoza 美国-印地安那州80 英属哥伦比亚大学尚德商学院University of British Columbia: Sauder 加拿大-不列颠哥伦比亚省83 加州大学戴维斯分校管理学研究生院University of California: Davis 美国-加利福尼亚州84 西班牙EADA国际商学院EADA 西班牙84 巴布森学院奥林商学院Babson College: Olin 美国-马萨诸塞州86 威廉玛丽学院梅森商学院College of William and Mary: Mason 美国86 华盛顿大学福斯特商学院University of Washington Business School: Foster 美国-华盛顿州88 南卫理公会大学考克斯商学院SMU: Cox 美国-德克萨斯州88 爱丁堡大学商学院University of Edinburgh Business School 英国-爱丁堡市90 布莱德福德管理学院Bradford School of Management 英国-西约克郡91 杨百翰大学马里奥特学院Brigham Young University: Marriott 美国-犹他州92 佩珀代因大学商管学院Pepperdine University: Graziadio 美国-加利福尼亚州93 乔治亚大学特里商学院University of Georgia: Terry 美国-佐治亚州94 利兹大学商学院Leeds University Business School 英国-西约克郡94 佛罗里达大学霍顿商学院University of Florida: Hough 美国-佛罗里达州96 米兰理工大学管理学院Politecnico di Milano School of Management 意大利-伦巴第大区97 乔治亚理工学院(亚特兰大)Georgia Institute of Technology (Atlanta) 美国-佐治亚州98 IAE商学院IAE Business School 阿根廷99 韩国科学技术院商学院Kaist College of Business 韩国-大田广域市100 里昂经济管理学校法国-罗纳-阿尔卑斯大区。
全球汽车配件供应商排名
全球汽车配件供应商排名1、德尔福汽车系统（Delphi）德尔福汽车系统公司是世界上最多元化的汽车系统和零部件供应商。
其三大产品系列包括：动力和推进（德尔福能源及底盘系统，德尔福沙基诺转向系统）、安全、热工和电气结构（德尔福内饰系统，德尔福派克电气系统，德尔福哈里森热系统）、电子与移动通信（德尔福德科电子系统）。
这些产品几乎涵盖了现代汽车零部件工业的主要领域。
德尔福目前在41 个国家设了176 家全资制造厂、42 家合资厂、53 个客户服务中心和销售代表处，以及32 个技术中心，单是在中国就有11 家生产型企业。
1993 年，德尔福刚跨进中国市场时，中国市场只给它带来2000 万美元的销售额；2004 年度德尔福全球收入达287 亿美元，比2003 年增长2%。
2004 年度德尔福公司非通用业务收入达132 亿美元，比2003 年增长20%，占全年总收入的46%，创德尔福历史新高。
尤其是第四季度，非通用业务收入占到创记录的49% 1994 以后，德尔福在中国以年均24%的增长率快速前进；去年德尔福在中国合并报表收入超过6 亿美元，中国市场始终是德尔福非常重要的增长点。
进入2005 年以后，德尔福开始从金字塔尖下滑，厄运连连。
先是保持多年的“霸主”地位失守，年初罗伯特·博世工业集团公布的2004 年销售额显示，这家公司以329.3 亿美元的销售首次超过德尔福公司(287 亿美元)，成为世界汽车零部件制造商的新“霸主”。
2、罗伯特－博世公司(Bosch) 罗伯特博世有限公司是向各汽车制造厂家提供各类汽车零配件的全球领先汽配供应商之一。
博世汽配售后市场主要负责全球范围内用于汽车售后市场的博世品牌汽车零配件分销业务。
产品包括：发动机管理系统、安全系统、电气装置、燃油喷射技术及检测设备。
同时，它也向汽车业主提供快速、优质的售后服务。
德国罗伯特·博世公司提供全系列汽车维修检测设备，包括：智能电脑发动机综合分析仪、电脑解码器、尾气分析仪、制动试验台、四轮定位仪、电子与照明系统检测设备、安全性能检测线、柴油部件检测仪、底盘测功机及汽车维修信息资料库等，应用于不同的范围，完全满足当前维修行业的要求。
全球汽车零部件前20强企业
全球汽车零部件前20强企业1、德尔福汽车系统（Delphi）德尔福汽车系统公司是世界上最多元化的汽车系统和零部件供应商。
其三大产品系列包括：动力和推进（德尔福能源及底盘系统，德尔福沙基诺转向系统）、安全、热工和电气结构（德尔福内饰系统，德尔福派克电气系统，德尔福哈里森热系统）、电子与移动通信（德尔福德科电子系统）。
这些产品几乎涵盖了现代汽车零部件工业的主要领域。
德尔福目前在41个国家设了176家全资制造厂、42家合资厂、53个客户服务中心和销售代表处，以及32个技术中心，单是在中国就有11家生产型企业。
1993年，德尔福刚跨进中国市场时，中国市场只给它带来2000万美元的销售额；2004年度德尔福全球收入达287亿美元，比2003年增长2%。
2004年度德尔福公司非通用业务收入达132亿美元，比2003年增长20%，占全年总收入的46%，创德尔福历史新高。
尤其是第四季度，非通用业务收入占到创记录的49%1994以后，德尔福在中国以年均24%的增长率快速前进；去年德尔福在中国合并报表收入超过6亿美元，中国市场始终是德尔福非常重要的增长点。
进入2005年以后，德尔福开始从金字塔尖下滑，厄运连连。
先是保持多年的“霸主”地位失守，年初罗伯特·博世工业集团公布的2004年销售额显示，这家公司以329.3亿美元的销售首次超过德尔福公司(287亿美元)，成为世界汽车零部件制造商的新“霸主”。
2、罗伯特－博世公司(Bosch)罗伯特博世有限公司是向各汽车制造厂家提供各类汽车零配件的全球领先汽配供应商之一。
博世汽配售后市场主要负责全球范围内用于汽车售后市场的博世品牌汽车零配件分销业务。
产品包括：发动机管理系统、安全系统、电气装置、燃油喷射技术及检测设备。
同时，它也向汽车业主提供快速、优质的售后服务。
德国罗伯特·博世公司提供全系列汽车维修检测设备，包括：智能电脑发动机综合分析仪、电脑解码器、尾气分析仪、制动试验台、四轮定位仪、电子与照明系统检测设备、安全性能检测线、柴油部件检测仪、底盘测功机及汽车维修信息资料库等，应用于不同的范围，完全满足当前维修行业的要求。
【美国留学申请条件】美国商学院硕士申请GMAT成绩的要求
19 the University of North Carolina at Chapel Hill北卡罗来纳大学教堂山分校 (Kenan-Flagler) Kenan-Flagler商学院不设最低GMAT分数要求。参考信息: Accounting PHD被录取的申请人的GMAT成绩在90%到100%之间
25 University of Notre Dame圣母大学 (Mendoza) Mendoza商学院不设最低GMAT分数要求。参考信息: MBA项目学生平均GMAT成绩为687分 接受GRE
25 University of Wisconsin Madison威斯康星大学麦迪逊分校 商学院未给出最低GMAT分数要求。参考信息: PHD项目认为90%以上的GMAT成绩具有竞争力，MBA项目平均录取成绩为600分以上。 其MBA项目根据个人不同条件决定是否接受GRE成绩。想提供GRE成绩的申请人需要咨询 mba@
Master in Professional Accounting 认为600分以上才有竞争力 会计博士尽量用GMAT申请，
18 Carnegie Mellon University卡内基梅隆大学(Tepper) Tepper商学院不设最低GMAT分数要求。参考信息: 2012进入该院的学生GMAT平均分数为693分, 54%的学生的GMAT成绩在700以上，2%的学生的GMAT成绩在600分以下 接受GRE
30 University of Minnesota Twin Cities明尼苏达大学双城 (Carlson) Carlson管理学院不设最低GMAT分数要求。参考信息：Accounting PHD 2007到2012年录取学生的平均GMAT成绩为738分; PHD in Strategic Management and Organization2007到2012年录取学生的平均GMAT成绩为741分 接受GRE(申请全日制MBA项目，如果提供GRE成绩则不能申请奖学金)
SOX_CN[1]
![SOX_CN[1]](https://img.taocdn.com/s3/m/e96b94c29ec3d5bbfd0a7477.png)
最佳实践：SOX的首次合规
. 如何准备SOX的首次合规项目
演讲人：Jeffrey Lang，高级经理，
全球国际财务报告准则及证券发行服务部
反腐败调查（FCPA）和欺诈相关问题
. 法案规范的相关人员
. 禁止的行为
. 罚款和罚金
演讲人：彼得.拉斯姆森，法律博士，美国律师，
及美国上市方面具有相当丰富的经验。并于2005年9月
加入德勤上海。
利女士曾协助众多客户包括创生医疗、兖州煤矿股份
有限公司、绿城中国控股有限公司、常州天合光能有
限公司, 展讯通信有限公司等大型全国性及跨国性企业
提供香港及美国上市服务。利女士的经验丰富，涵盖
香港上市及美国上市。
彼得博士毕业于美国印第安纳州的绿堡迪堡大学
（DePauw University），持有伊利诺伊大学(University
of Illinois )的历史和法律的硕士和博士学位。
Jeffrey Lang
全球国际财务报告准则及证券发行服务部
高级经理
杰夫在美国和中国的德勤华永会计师事务所有限公司
. 最佳实践
演讲人：彼得.拉斯姆森，法律博士，美国律师，
威科集团法律和商业资深证券法律分析师
午餐时间
404内控合规：内部控制合规框架
. COSO和其他框架
. 控制环境
. 报告和鉴证
. 实质性漏洞
. 最佳实践
演讲人：彼得.拉斯姆森，法律博士，美国律师，
威科集团法律和商业资深证券法律分析师
. 编制财务报表所用到的美国会计准则规定
. IASB和FASB的新趋同战略
全球20大零部件供应商
1、德尔福汽车系统（Delphi）德尔福汽车系统公司是世界上最多元化的汽车系统和零部件供应商。
其三大产品系列包括：动力和推进（德尔福能源及底盘系统，德尔福沙基诺转向系统）、安全、热工和电气结构（德尔福内饰系统，德尔福派克电气系统，德尔福哈里森热系统）、电子与移动通信（德尔福德科电子系统）。
这些产品几乎涵盖了现代汽车零部件工业的主要领域。
德尔福目前在41个国家设了176家全资制造厂、42家合资厂、53个客户服务中心和销售代表处，以及32个技术中心，单是在中国就有11家生产型企业。
1993年，德尔福刚跨进中国市场时，中国市场只给它带来2000万美元的销售额；2004年度德尔福全球收入达287亿美元，比2003年增长2%。
2004年度德尔福公司非通用业务收入达132亿美元，比2003年增长20%，占全年总收入的46%，创德尔福历史新高。
尤其是第四季度，非通用业务收入占到创记录的49%1994以后，德尔福在中国以年均24%的增长率快速前进；去年德尔福在中国合并报表收入超过6亿美元，中国市场始终是德尔福非常重要的增长点。
进入2005年以后，德尔福开始从金字塔尖下滑，厄运连连。
先是保持多年的“霸主”地位失守，年初罗伯特·博世工业集团公布的2004年销售额显示，这家公司以329.3亿美元的销售首次超过德尔福公司(287亿美元)，成为世界汽车零部件制造商的新“霸主”。
2、罗伯特－博世公司(Bosch)罗伯特博世有限公司是向各汽车制造厂家提供各类汽车零配件的全球领先汽配供应商之一。
博世汽配售后市场主要负责全球范围内用于汽车售后市场的博世品牌汽车零配件分销业务。
产品包括：发动机管理系统、安全系统、电气装置、燃油喷射技术及检测设备。
同时，它也向汽车业主提供快速、优质的售后服务。
德国罗伯特·博世公司提供全系列汽车维修检测设备，包括：智能电脑发动机综合分析仪、电脑解码器、尾气分析仪、制动试验台、四轮定位仪、电子与照明系统检测设备、安全性能检测线、柴油部件检测仪、底盘测功机及汽车维修信息资料库等，应用于不同的范围，完全满足当前维修行业的要求。
腔静脉滤器应用中的几个问题沈阳医学院沈洲医院血管外科
共收治DVT病人
1035例
应用下腔静脉滤器192例（近端DVT） 18.5%
出现症状性PE 39例
3.8%
致死性PE
0例
症状性滤器移位、断裂、穿孔
0例
症状性下腔静脉完全阻塞23例
2.2%
DVT复发 56例
5.4%
完整版pt
19
创伤患者IVCF的使用
University of Florida—前瞻性比较性研究 108 例创伤患者使用 IVCF
完整版pt
39
一.滤器释放后未打开
如何处理? ➢如果没有移位的风险则无需取出。 ➢需要再植入第二个滤器，第二个滤器如可能应 放在第一个滤器之上。 ➢如果发生移位的风险，则需要取出（如有可能 可以经颈静脉用抓捕器取出，严重者需手术取 出）
完整版pt
40
一.滤器释放后未打开
➢可能放在腔静脉的侧支内（特别是经颈静脉放置时）
抗凝治疗并发症出现的风险高，如严重贫 血
慢性、复发性PE 髂股静脉血栓进行溶栓和取栓治疗 制动能力差，如有精神疾患
完整版pt
28
使用下腔静脉滤器预防性指征
– 烧伤 – 外伤 – 恶性肿瘤 – 髋关节骨折 – 臀部/膝部手术 – 减肥手术
完整版pt
29
使用下腔静脉滤器禁忌症
不能纠正的严重的凝血功能障碍； 菌血症或未治疗的感染患者； 儿童
–0 PE
216 例没有使用IVCF
–13 PE, 9 fatal
结论: 在高风险的创伤患者预防性放置腔静 脉滤器可显著降低PE发病率及死亡率
完整版pt
20
高危患者IVCF的使用
在欧洲多中心进行的临床试验
– 400例病例入组，随机进行滤器+抗凝或 单纯抗凝（200.vs.200）
unit-1Mapping-Creativity
Don Mroz – Boston,
Massachusetts
Aileen Huang-Saad – Ann Arbor,
Michigan
Henry C. Osti – Miami Beach,
Florida
5
Bob Quinn – Ann Arbor,
Michigan
Shawn Quinn – Ann
1
Jeff DeGraff
Katherine A. Lawrence
2
Katherine is an independent scholar, collaborating with individuals and groups as a researcher, writer, educator, and facilitator.
3
Jeff DeGraff is Clinical Professor of Management and Organizations at the Ross School of Business at the University of Michigan where he teaches MBA and Executive Education courses on managing creativity innovation and change; and oversees the development of new methodologies.
Arbor, Mቤተ መጻሕፍቲ ባይዱchigan
Anjan Thakor – St.
Louis, Missouri
Michael Thompson
– Provo, Utah
Michael Tschirhart – Ann Arbor,
三丰ABS数字显高度尺570系列小工具仪器及数据管理 型号：570-402, 570-404, 57
No. 570-402No. 570-404Measuring range 0~300 mmMeasuring range 0~600 mmNo. 570-413Measuring range 0-18" / 0~450 mmMain functions and featuresThe design of the case allows for easy installation of U-WAVE (optional), which enables wireless transmission of measurement data, promoting smarter use of data in manufacturing sites.Helps transform manufacturing sites into The handle for moving the slider enables smooth vertical movement. In addition, the highly rigid pillars and large clamp levers provide smooth and reliable workability.Supports smooth and reliable measurement operationsThe LCD is larger to improve the visibility of numbers and other displays. In addition, the number of operation switches have been reduced to a three-button system and have enlarged the DATA/HOLD button to make it easier to press, ensuring more reliable operability.The holder arm and clamp are optional .Supports high quality manufacturing through efficient measurementBy placing the body and Dial Test Indicator on a flat surface plate, even complex shapes can be measured accurately and easily. In addition, the smooth movement across the surface plate provides excellent workability.Special featuresActual sizeActual sizeThe LCD screen has been enlarged and the typeface changed to bold, enhancing visibility over previous models.* T he U-WAVE needs to be fixed in place using a double-sided fastener/tape.10 mm12 mmT he Absolute (ABS) origin setting function memorizes a surface plate, etc. as the absolute origin.T he INC (incremental) measurement function allows the setting of the origin at any position.T he DATA button activates data output when the data output option is connected.T he HOLD function retains displayed values when no output option is connected.Other functionsT he Measurement data output terminal can be used to build statistical process management systems and measurement systems.Ensures high visibility and improves work efficiency Supports smart data collection and managementSmooth operation and settingsThe 12 mm high character display—20% bigger than the previous model—makes it easier to read the measured values.The 3-button operation makes it consistent with other Mitutoyo devices. And when used together with U-WAVE, it makes data management operations easy.Large LCD (liquid crystal display)We have made it even easier to set up the "U-WAVE" wireless measurement data communication system, which makes measurement data entry easier and more reliable.The reviewed design makes installation faster and easier.Links with U-WAVE*Three-button operationNew modelPrevious model570-414Option LineupA ttached to both the workpiece *1 and height gage *2 when measuring heights using a height gagewith a scriber, the contact sensor is a convenient detector that lights up when the scriber touches the workpiece.*1 Conductive workpieces only. *2 Attach to a conductive part.M agnet is incorporated. U se with a granite surface plate (precision stone surface plate). (For details, refer to our website.) P ower supply: PR44 (air battery) × 2T he batteries for monitoring are not included with the product and must be purchased separately.A llows quick measurement of center-to-center distance between holes. M easurable hole diameters: 1 to 38 mm C ross-section of mounting bar: 9×9 mmNo. 900872No. 900581: With inch-type holding bar (0.25x0.5 in cross-section)No. 951144: With metric-type holding bar (9x9 mm cross-section )No. 902053 (metric)No. 900322 (inch)No. 953639 (inch)No. 953638 (metric)*For mounting test indicators, etc.*For mounting test indicators, etc.Optional accessoriesContact SensorA ttaches to a height gage for measuring groove and hole depth. Minimum measurable hole diameter: 5.5 mm M aximum distance from the bottom of the holding bar to the contact point: 80 mm (metric type), 2.95 in (inch type) D ial indicator contact points are usable. (For details, refer to our website.) H olding bar length: 100 mmNo. 900878: With inch-type holding bar (0.25x0.5 in cross-section)No. 900764: With metric-type holding bar (9x9 mm cross-section)Depth Gage AttachmentSwivel clamp(with dovetail groove)*Holding bar*Center ProbeWindows 2000 SP4, Windows XP SP2 or later, Windows Vista, Windows 7, Windows 8, Windows 8.1, Windows 10 Operating environmentUSB-ITPAK V2.1A USB dongle must be connected to the PC running the software.T T T Digimatic Gage/PC Data Input DeviceUSB Input ToolI nterface used to export calculation results to spreadsheet software on a computer via a USB cable. Calculation results (values) can be exported in one operation.USB Direct Input Tool No. 06AFM380F USB-ITN-FUSB Keyboard Signal Converter Type No. 264-016-10IT-016UOne Required 1m No. 9053382m No. 905409Note: O ne of the cables on the upper right (sold separately) isrequired to connect the testing machine to the IT-016U.Wireless Measurement Data Communication SystemU-WAVEU wireless communication.E U-WAVE-R No. 02AZD810DWith USB 2.0 cable (1 m)Sensor SystemsTest EquipmentDigital Scale and DRO SystemsSmall Tool Instruments and Data ManagementMitutoyo America Corporation One Number to Serve You Better 1-888-MITUTOYO (1-888-648-8869)M 3 Solution Centers:Aurora, Illinois (Headquarters)Boston, Massachusetts Charlotte, North Carolina Cincinnati, Ohio Detroit, Michigan Los Angeles, California Seattle, Washington Houston, Texas© 2022 M i t u t o y o A m e r i c a C o r p o r a t i o nFind additional product literature and our product catalogNote: All inform ation regarding our products, and in particular the illustrations, drawings, dim ensional and perform ance data contained in this printed matter as well as other technical data are to be regarded as approximate average values. We therefore reserve the right to make changes to the corresponding designs. The stated standards, similar technical regulations, descriptions and illustrations of the products were valid at the time of printing. In addition, the latest applicable version of our General Trading Conditions will apply. Only quotations submitted by ourselves may be regarded as definitive. Specifications are subject to change without notice.Mitutoyo products are subject to US Export Administration Regulations (EAR). Re-export or relocation of our products may require prior approval by an appropriate governing authority.Trademarks and RegistrationsDesignations used by companies to distinguish their products are often claimed as trademarks. In all instances where Mitutoyo Am erica Corporation is aware of a claim, the product nam es appear in initial capital or all capital letters. The appropriate companies should be contacted for more complete trademark and registration information.2.5M 0422 • Printed in USA • April 2022。
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2010 CasebookCONSULTING INTERVIEWPRACTICE CASES AND GUIDE CONSULTING CLUB-0-Pizzanomics(1 of 5)RCC OriginalAn aspiring chef just moved to NY, and is trying to decide if itmakes more sense to get in on the new fad of high end pizza places with imported cheese and wood burning ovens, or open a more traditional pizza place. Which type of pizza restaurant will be more profitable?•Startup costs are the same to buy ovens and other materials •Both types of restaurants need the same amount of space to operate•The traditional place uses locally sourced materials (cheese, sauce, etc) while the high end places imports mozzarella from Italy. The high end place also offers a different set of topping options.•Both markets are equally developed at this point•Don’t let the candidate start asking for numbers yet --info on cost and revenue in future slidesProblem statement narrative Guidance for interviewer andinformation provided upon request(1)-10-Pizzanomics(2 of 5)RCC OriginalQuestions for the candidate• A good candidate will create a structure trying to compare and contrast the revenue and cost structure of the two options.Before giving him the cost drivers, make him/her brainstorm on what the differences might mean. If they start focusing onnon-pizza items, tell them to ignore that for now.•Once they list out the cost drivers, give them the unit cost and number of units but not the totals (make them do the calculations) on the next page. Tell them the data is from two pizza places located close to the area where the chef wantsto open his restaurant.•Do the same for Profit numbers-11-Pizzanomics(3 of 5)RCC OriginalCost StructureHigh End Pizza Place Traditional Pizza PlaceUnit Price#Total Unit Price#Total Labor$5,50052$286,000Labor$3,50052$182,000Utilities$55012$6,600Utilities$80012$9,600Wood$40036$14,400Wood NA$0Rent$6,00012$72,000Rent$5,00012$60,000Pizza$472,000$288,000Pizza$323,000$69,000Toppings$100,0001$100,000Toppings$25,0001$25,000Misc$25,000Misc$30,000Total$792,000Total$375,600Labor -High end place needs more employees due to higher volume and more prep work ($5,500 per week, vs. $3,500 per week)Utilities –Traditional Pizza Place has higher utilities, because they use a gas oven vs. wood (priced per month)Wood -$400 per cord or wood, 3 cords needed per monthRent –per month basis, also included furnishings, which is why the high end place is more expensive.Pizza –is the materials cost per pizza –don’t give out the number of pizzas here, just the unit cost.Toppings –Volume drives price differential here tooMiscellaneous –traditional pizza place sells more non-pizza items (drinks, pasta, hamburgers, etc)-12-Pizzanomics(4 of 5)RCC OriginalRevenueHigh End Pizza Place Traditional Pizza PlaceUnit Price# sold Total Unit Price# sold Total Plain Pizza$1022,000$220,000Plain Pizza$1311,000$143,000Specialty$1250,000$600,000Specialty$17.5012,000$210,00072,000$820,00023,000$353,000 Additional (drinks,etc)$70,000Additional (drinks,etc)$90,000Total Revenue$890,000Total Revenue$443,000Total Cost$792,000Total Cost$375,600Profit$98,000$67,400The high end pizza place sells many more pizzas, especially specialty. Strong candidates will notice that the high end place doesn’t make any additional profit on specialty, since there is no extra margin put in, only enough to cover the cost of toppings.-13-Pizzanomics(5 of 5)RCC OriginalNext steps•If the candidate is able to figure out the profitability, ask them to think about how they could increase profitability for both options•High End•Charge more, especially for specialty pizza (keep in mind there may be capacity issues at some point, useyour discretion)•Enter delivery business (may damage brand)•Sell more additional items•Traditional Pizza Place•Decrease price on plain / specialty•Start marketing program / frequent user program•This is based off an article in NY Mag, comparing two pizza places, Motorino and Rocket Joe’s•/bk-menu.pdf•/restaurants/rocket-joes-east/menu•/restaurants/cheapeats/2009/57896/-14-Gas station (1 of 7)BCG, Round 2Your client is a gas company that operates in a town with a population of 1,000. There is only one other gas company in this town, and it is 1 mile away. The other nearest gas stations are outside town, and they are 20 miles away (see picture on next page).Recently, our client was approached by a supermarket with the idea of selling groceries in the gas station. Our client is a simple businessman and has hired us to evaluate this proposal. What should our client consider?1.What are the proposed groceries the gas station would nowsell? (turn question around and ask the candidate).Likely answers include cigarettes, milk, snack foods;probably not fresh produce or healthy foods.2.Currently, the gas station is barely scraping by. Profit isessentially 0.3.If asked anything about the other gas station, the answer is “wedon’t know, but assume they are identical”Candidate should recognize that each gas station serves500 people.Problem statement narrative Guidance for interviewer andinformation provided upon request(-15-Map of area (not to scale)Gas station (2 of 7)BCG, Round 2-16--17-What information would you want to consider whendeciding whether or not to sell groceries at this gas station? (You as interviewer are trying to get candidate to provide this framework)Additional questions for candidate•Revenue: Increased revenue from selling groceries in store; more people coming to buy gas from this station instead of station B.•Costs: Up front investment costs such as a freezer, shelves, etc.•Recurring costs such as labor will be minimal since same staff can handle gas and groceries.•Will there be any profit-sharing with the grocery store?•Competition: What is keeping the grocery store from going to gas station B as well?Solution guideFrameworkGas station (3 of 7)BCG, Round 2What kind of costs could there be?Additional questions for candidate•Investment in freezers, shelves, utilities.•No increase in labor expected.•Total increase in costs: one-time cost of $1.25MM.Solution guideCostsBCG, Round 2•Groceries:•What kind of people will shop for groceries here?•How much do they spend per year?•What else can be a source of revenue?•Candidate should recognize that more people will buy gas here now.•What is the total increase in sales?•The gas station owner is a simple man and wants to look at this like a perpetuity. What does this work out to?•(discount rate) r = 10%•(growth in cash flows) g = 0%Additional questions for candidate•People who shop here are probably not health conscious, since gas station groceries are not healthy. They are probably also in a rush, and will make small purchases (milk, cigarettes, jerky, etc.)•Out of 1000 people, assume 500 will buy groceries here at $200 per year per person •-> $100,000 per year•Increase in gas sales: very important distinction: people won’t buy more gas, but more people will buy gas here (stealing customers from station B)•We can steal 50% of station B’s customers (250 people), who purchase $100 in gas per year -> $25,000 per year•Total increase in sales per year: $125,000.•As a perpetuity: $1.25MM.Solution guideRevenue streamBCG, Round 2What would you advise the gas station owner to do?Additional questions for candidate•This is a prisoner’s dilemma.•If station A does it, it is value neutral, BUT, we can take $250,000 away from station B (good). But what is keeping station B from retaliating and doing the same thing? Remember, station A is barely scraping by. If station Bresponds, we could go out of business since revenue would no longer cover the one-time cost (bad). If station B does not respond, then we can steal all customers from station B and be profitable (good).•If A does not do it, station B might do it. Then station A would lose $250,000 and it could go out of business (bad).•No matter which scenarios the candidate chooses, push hard for the other option and play devil’s advocate.Solution guideCompetition and Should they do it?BCG, Round 2Recommendation Risks Next steps(based on what candidate decides)Do it, and try to push station B out of business.Don’t do it, and hope station B doesn’t do it either.(based on what candidate decides)Station B might respond and bring bothstations down.Or Station A might miss out on theopportunity and lose first moveradvantage.Try to form an exclusive contract with thegrocery store.BCG, Round 2Final RecommendationBCG, Round 1Our client, a major TV Network, wants to know how much to bid on the TV rights for the 2016 Olympic Games. Bid will need to be paid in 2010.The amount of programming is as follows:16 days totalOpening Ceremonies on a Friday: 8pm –11pm14 days of programming for 10 hours a day,9am –12 pm, 2pm –5pm, and 7pm -11 pm M-F11am –9pm on the WeekendsClosing Ceremony on the following Saturday from 8pm –11pm •This only includes the rights to U.S. programming, overseas programming is out of scope•Assume they will only show the Olympics on their one flagship channel•Olympic programming will replace regularly scheduled programming•Prime Time is considered anytime after 7pm on a weekday, and all day during the weekends.•Interviewee should point out that the network will earn ad revenue while the coverage is on, and hopefully will consider added viewership to the network as a whole due to Olympic coverage.•Interviewee should consider the costs to put on the event, and opportunity cost of ad revenue from other program.Problem statement narrative Guidance for interviewer and information provided upon request(1)Prime TimeNon Prime Time $400k / 30 seconds of ads10 min / hour RevenuesAmount of Ad time BCG, Round 1Breakdown of Ad Revenue during Olympics$200k / 30 seconds of ads10 min / hourBreakdown of CostsPrime Time$428 MM $1M / hourCost associated withcoverage*Opportunity Cost of ad revenue from otherprogramming* This includes all fixed and variables costs for travel, equipment, salaries, etc. Don’t let the candidate get caught up in these costs.Candidate should calculate the total revenue to be receivedin 2016..… and the total costsRevenuesPrime TimeNon Prime TimeProgramming hrs8660Minutes o f Ads860600Ad Revenue860*400K *2=$688M600*200K*2=$240MThe *2 is because youmake$400K per 30 secondsTotal Revenue=$928 MillionEvent Costs$428MOpportunity Cost$1 M perprogramminghour ($146M)BCG, Round 1Total Cost=$574 MillionTotal Profit in 2016=$928M -$574M= $354 Million•Profit of $354 Million (Plus any additional bump for future viewership or required profit margin candidate may include) will be received in 2016, but bid must be paid in 2010.•If asked, give them a Cost of Capital of 12%• A great candidate will recognize rule of 72, which states that you divide 72 by the interest rate to determine how long (in years) it will take an investment to double. 72 / 12 = 6, which is how long in the future we will receive our profits. Therefore, $354M in 2016 is worth $177M in 2010.Now, the candidate should think about Time Value of MoneyBCG, Round 1Answer Guidelines•The key takeaways from this case are to:•Recognize time value money•Understand and identify Opportunity Costs•Make judgment on unknown information (how much value having the Olympics will bring to otherprogramming on the network)•Great candidates will:•Understand there are 10 weekday days and 4 weekend days (plus the opening and closing) and not list out every day to calc hours for programming•Know and use the Rule of 72•Exact answers are irrelevant, though should be around $177 million, with well thought out adjustments to increase or decrease the number.Booz & Company, Round 1 (European Offices)You are working for the manager of Real Madrid. The manager of Manchester United is calling your client and offers to sell Wayne Rooney. How much would you advice Real Madrid to bid?What is Real Madrid/Manchester United?Real Madrid: A professional soccer team based in Madrid Manchester United: A professional soccer team based in LondonWho is Wayne Rooney?An English soccer player. Widely considered the best English player. He plays forward.In soccer, clubs generally pay a transfer fee to get players out of existing contracts. For prices for players of similar skill to Wayne Rooney, please refer to slide 3.Information on how to price Wayne Rooney: see slide 2to 5Problem statement narrative Guidance for interviewer and information provided upon request(1)Booz & Company, Round 1 (European Offices)Information on how to price Wayne RooneyCandidate should identify possible ways to price Wayne Rooney:Two of several options:•Benchmarking (see slide 3)•Value-based pricing (see slide 4)General Information (to be provided upon request):Real Madrid’s president is absurdly rich. If he is convinced that Wayne Rooney is worth it, he will be willing to pay any pri ce.Manchester United’s jersey sponsor is AIG. Rumors have it that they might be in need for cash. However they are not willing t o sell Wayne Rooney below fair value. Moreover candidate may assume several clubs to be interested in Wayne Rooney.Booz & Company, Round 1 (European Offices)Benchmarking Wayne Rooney (information to be provided upon request)Transfer fees for comparable players:Name Year New Team Old Team Transfer PriceKaka2009Real Madrid AC Milan65M EuroAndrej Schewtschenko2006Chelsea London AC Milan46M EuroRonaldo2002Real Madrid Inter Milan45M EuroAdditional information/considerations:•How is the market for soccer players and especially world class strikers currently doing?•Candidate may assume no significant changes from the transfer of strikers/offensive players listed above•Are there other options both for Real Madrid and Manchester United?•Candidate may assume that there are other forwards on the market while several clubs are interested in W. Rooney•National differences in markets for soccer players?•Candidate may assume homogenous market across Europe•Where players listed above fairly priced?•Candidate may assume that prices above represent fair market-value for these players•Where prices above paid for similar contract lengths?•Candidate may assume that all players signed a 5-year contract, which is also what we look at for Mr. Rooney. Moreover the candidate may assume that the existing contracts of the players were similar in length and pay.Booz & Company, Round 1 (European Offices)Valuing Wayne Rooney (Information to be provided upon request)Main Revenue Streams Expected impact of Wayne Rooney on profits in these areas (costs in these areas may be assumed tobe fixed –not depended on purchase of Wayne Rooney)Ticket Sales Assume that the stadium is sold out for every game already. Hence there is no impact from havingWayne Rooney on the team.Jersey Sales100 M Real Madrid fans worldwideAssume 3% of fans buy a Rooney jersey (and would not have bought a jersey from another player)Profit per jersey (for Real Madrid): 30 EuroTotal profit: 5M* 30 Euro = 90M EuroCandidate may assume that this is a one time effect only occurring in year 1 of Wayne Rooney’scontract.Bonuses for European Cup Performances Chances of winning the Champions League increase by 5% due to Wayne Rooney. Bonus for winning the Champions League: 40M EuroIncremental expected profit from Wayne Rooney: 2M Euro (5% of 40M)Bonuses for TV broadcasts Assume an additional 3M Euro per year in bonuses from TV since Real Madrid games would bebroadcasted more frequently.Booz & Company, Round 1 (European Offices)Valuing Wayne Rooney (continued)Incremental profits (from previous slide) year 1: 95M Euro; after year 1: 5M EuroIncremental profits for a 5-year contract, for the areas listed on previous slide: 100M EuroIncremental costs (Information to be provided upon request):•Salary for Wayne Rooney: 8M Euro per year•Assume all other costs to be fixedResulting profit (candidate may assume a discount rate of 0%):60M Euro (100M –(5 years * 8M/year))Risks: A good candidate will identify risks and discount the expected profit accordingly, e.g.:•Injuries•Worse than expected/past performance of Wayne Rooney (e.g. due to foreign, unfamiliar environment)•Local fans at Manchester might be more receptive to Rooney as an English Player than supporters of Real MadridRoland Berger, Round 1Your client produces strawberry jam for the US market. It experienced declining profits last year.Roland Berger has been hired to investigate what causes the decline in profitability and what to do about it. Industry:-Industry profitability has been stable. The client is the market leader and has the strongest brand. Competition is unchanged from previous years.Client’s profits:-Client has been profitable in 2008 and before. Only in 2009 has profitability been disappointing.Client’s product mix:-(See slide 2 and 3)Customers/Consumers:-Consumers are price sensitive, but brand loyal.Reasons for declining profitability:-(See slide 4)Problem statement narrative Guidance for interviewer and information provided upon request(1)Roland Berger, Round 1Roland Berger, Round 1Additional Information on Product Mix (to be provided upon request)•Before 2009 the client only produced standard-shaped jars (small, medium, large).•In 2009 the client introduced a belly-shaped jar.•The belly-shaped jar has the same size as the medium standard jar.•The belly-shaped jar sells at the same price than the medium-shaped jar.Roland Berger, Round 1What causes the decline in profitabilityCandidate should brain-storm reasons for the decline in profitability.For example, the candidate can run through the value chain of the jam manufacturer to figure out where the change in product mix effects the profitability negatively.Main areas to focus on (information to be provided upon request):Production:•When introducing the belly-shaped jar, the speed of the line filling the classes needed to be reduced. Otherwise classes broke when filling them with the jam•This lead to the necessity of overtime for line operatorsDistribution:•Belly-shaped jars take more room per jar on the trucks. Additionally, belly-shaped jars are more likely to break during shipping than medium-sized jars.Profitability:•Profit on the belly shaped and medium (standard) size jars is identical.Candidate should provide a recommendation how to improve the profitability considering the information gathered from the previous slidesWhat should the client do?Possible Recommendation Eliminate belly-shaped jar -Profitability of belly-shaped jar is lower than for standard jars-Consumers are brand loyal and will switch back to standard jars-Consumers are price sensitive, hence it will be difficult to increase prices for belly-shaped jarRisks: E.g. losing high ground/brand leadership; competitors introduce belly-shaped jars themselves Other Possibilities:-Adjust production and distribution to increase profitability of belly-shaped jars-Raise prices for belly-shaped jar (be aware of price-sensitivity of consumers)Solution guideRoland Berger, Round 1A.T. Kearney, Final RoundProblem statement narrative“This economy has destroyed our profits” John Burnett, the Chief Merchandize Office at Premium Home remarked to himself as he read the past year’s annual results that were just released from the finance department. The CEO and Board are looking to me for ideas, but how should I prioritize and think about various options at my disposal. Should I reduce prices to increase sales.? I can also switch from domestic to foreign suppliers for my products to reduce costs. What should I do?A.T. Kearney, Final Round•Premium Home is a retailer specializing in selling home furnishings and accessories.•Target audience medium to high-end of market (median customer household annual income of $130-$200k)•Company image stressed style, modernity, and luxury •800 stores across US Competitors•Department Stores (Macys)•Specialized Chains (Crate & Barrel, Williams & Sonoma)Two divisions•Home & Kitchen (dinnerware, kitchen supplies, bedding)•Furniture (couches, dining room chairs, bedroom sets, etc)In last year revenue down 50%•Customer unemployment up•Customer trade down to mass merchandisers (Wal-mart, Target)Guidance for interviewer andinformation provided upon requestPremium Homes uses two warehouses•One for Home & Kitchen and one for Furniture •Warehouse space rented, but uses internal labor•Product stored at warehouse until needed by stores.•Product shipped to stores through third-party logistics company •Premium Homes does NOT own fleetGuidance for interviewer andinformation provided upon requestA.T. Kearney, Final RoundInterviewee Questions:#1-Please calculate impact on gross profit if John were to decrease all prices 5% and assume a 30% increase in sales volume.#2-What are the potential cost savings of switching to foreign suppliers?#3-What are some of the short and long-term risks in implementing your recommendations?#4-Are there any assumptions Premium Home made that you would challenge or factors that merit further consideration?A.T. Kearney, Final RoundIn recent promotion for new line of celebrity branded cookware, we saw 5% decrease in price resulted in 30% increase in sales volume.Today Premium Homes buys all of the products sold in stores from domestic suppliers•Suppliers either produce products in the US or act as wholesaler/distributed for products produced abroad •Suppliers pay for delivery of product to Premium Home warehouse•Low order lead time (3-4 days on average)Purchase from foreign suppliers•Purchasing domestics eliminates logistical challenges of international suppliers•Tariffs, customs handling, etc•Cheaper product cost due to lower wage rates•Reduce middleman wholesaler•If compelling case, we think we could buy up to 50% of products from foreign suppliers•Longer lead times required (2-3 months)•Need to hold more safety stock inventoryQuestion #1 Additional BackgroundQuestion #2 Additional BackgroundA.T. Kearney, Final RoundTable 1: 2009 Revenue Statement (Ms USD)Home & Kitchen Furniture Total$$ 4,000$ 1,000Revenue (Ms $)3,000$ 2,950$$ 700Cost of Goods (includes warehouse, transportation, etc)2,250$ 1,050$ Gross Profit750$ 300$SG&A (fixed costs)1,480$ Net Profit(430) Total Units Sold (Ms)50151A.T. Kearney, Final RoundTable 2: Breakdown of Total Cost of Goods ($Ms)Home & Kitchen Furniture Total$ 2,675$$ 675Total Cost of the Product only2,000$$ 170$ 20Total Warehiouse Handling/Storage Costs150$$ 105$ 5Total Shipping/Handling from Warehouse to Stores100$$ 2,950 Total Product, Warehouse, Handing, & Shipping Costs2,250$ 700A.T. Kearney, Final Round Table 3: Current per Unit Data Home & Kitchen FurnitureTotal Units Sold 50 1Average Product Cost per Unit (Domestic Suppliers)40$ 675$ Warehouse, Handling, and Storage Costs 3$ 20$ Shipping and handling from Warehouse to Stores 2$ 5$A.T. Kearney, Final RoundTable 4: Data for Switching to Foreign Suppliers Home & Kitchen Furniture$ 495$ Average per Unit Cost of Product Only20$$ 50 International Shipping and Handling Cost; From Supplier to Preium Home Warehouse (per unit)5Tariff (% of Product Cost Only)10%26% Additional Ms of units needed in inventory due to increase in lead times 2.040.08A.T. Kearney, Final RoundTable 5: Data on Competitors ($Ms)Premium Homes Competitor A Competitor B Competitor C$ 3,000$ 5,000$$ 4,500Revenue4,000$ 2,000$$ 3,200$ 3,000COGS2,950$ 1,000$$ 1,800$ 1,500Gross Margin1,050$$ 930$ 1,400SG&A1,480$ 1,350$$ 70 Net Profit(430)$ 150$ 400# of Stores800700850500 # of Suppliers5,0003,0002,0002,500 Cost of Capital10%9%10%9%A.T. Kearney, Final RoundQuestion #1 SolutionBase Case Home & Kitchen Furniture Total$ 4,000$$ 1,000 Revenue (Ms $)3,000$$ 2,950 Cost of Goods (includes warehouse, transportation, etc)2,250$ 700$$ 300$ 1,050 Gross Profit750SG&A (fixed costs)1,480$$ Net Profit(430)Base Case Units Sold50.0 1.051.0$$ 1,000Base Case Price per Unit60$$ 9505% Price Reduction5730% Increase in Units65.0 1.366.3$COGs per Product45$ 7005% Price Reduction Home & Kitchen Furniture Total Revenue (Ms $)3,705$ 1,235$$ 4,940$$ 3,835 Cost of Goods (includes warehouse, transportation, etc)2,925$ 910$$ 325Gross Profit780$ 1,105 SG&A (fixed costs)1,480$Net Profit(375)$ Gross Profit Improvement55$A.T. Kearney, Final RoundQuestion #2 SolutionHome & Kitchen Furniture Total Base Case Units Sold50.0 1.051.0 Percent of Units Impacted50%50% Foreign Supplier CostsProduct20.0$$ 495.0$Shipping (to warehouse) 5.0$ 50.0$$ 128.7Tariff 2.0$$ 5.0 Shipping (Warehouse to Stores) 2.0Warehouse, Handling, and Storage Costs 2.0$$ 5.0$Total Variable Cost31.0$ 683.7 Original Variable Cost per Unit45.0$$ 700.0$Savings per Unit14.0$ 16.3$$ 358.2$ 8.1P&L Savings350.0Additional Inventory Units 2.040.08$$ 117.9$ 54.7Extra Inventory Cost63.2Inventory Carry Cost (10%)11.8$A.T. Kearney, Final Round•Price Cut•Brand image hurt•Can suppliers provide 30% more units•Can third-party logistics transport extra volume•Competitor response?•What if we raised prices?•Foreign Supplier•Brand image hurt•Inventory Stockouts•Can warehouse hold additional inventory•Case warehouse staff manage extra inventory•Do we have skillset to manage imports (tariffs,customers, etc)•Lead time volatility unknown•Can’t respond to changes in market as quickly •Price elasticity-That 5% price cut in Kitchen & Home and Furniture will have same impact as new line of celebrity cookware.•Are foreign products same quality as domestic suppliers?Question #3Question #4 Sample Solution ElementsBain, Round 1Your client is a US storage company that rents out storage space at its own facilities. It is considering entering into the commercial portable storage market where it would deliver the storage unit to you, allow you to rent it for as long as you need it, and then pick up the container when you are done with it. Your objective is to determine if the company should enter this market.•Storage containers are old freight shipping containers •Assume entry into 1 test market•Assume that this is a new offering so you would capture 100% of the market share•Who are the target customers for this kind of offering?•Make the candidate brainstorm target customers before giving them the following:•Commercial•Retail•Manufacturing•Office moves•Small businesses with Seasonal spikesProblem statement narrative Guidance for interviewer and information provided upon request(1)。