All GLG News Analyses Filed Under: Corporate Treasury & Finance

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Finance Manager - What Happens When the Going Gets Tough - Changing and Emerging Role

September 18, 2008

Analysis of:New AIG Chief Liddy has Finance in His Blood | www.cfo.com

The present banking crisis is once again bringing out the importance which prudent financial management plays in wealth creation and maintenance. Till  now it was profits, sales targets and gross billing which  was important. The growth and continuing existence of the organization was taken as given. This was both at the macro and micro level. A finance manager who urged caution or an auditor who had reservations on a financial statement was considered to be a unnecessary stumbling block. Now that honored names on the corporate scoreboard are collapsing the existence of  organizations is becoming more important. Concepts like internal controls, proper valuation of assets/liabilities and returns on investment are more important. In this analysis I take a look at this new emerging trend where finance is gaining importance in a tough environment.

ESOARS – A New (Controversial) Way to Value Stock Options

October 26, 2007

Analysis by: GLG Expert Contributor

Analysis of:Zions Bancorporation Announces Notification From SEC Regarding Market-Based Employee Stock Option Valuation Method | www.snl.com

The SEC recently gave final clearance to a company approving the use of ESOARS instruments as a valuation method for stock options under SFAS 123R.  The "Analysis" section below gives an overview of ESOARS and discusses certain criticisms of this new controversial way to value stock options.  Investors need to be aware of the ESOARS valuation method and its potential to artificially reduce stock option expense relative to other more traditional methods.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Indian Economic Environment - Developments in Indian Capital Markets

October 8, 2007

Analysis of:Surge in India's Markets Creates Some Overnight Global Giants | www.nytimes.com

The  US  subprime  crisis  has  created  opportunities  and  problems. The  Indian economic  figures  having  been  giving  strong signals leading the markets  in  India    to  be  on  a  continuous  upward  roller  coaster. In this  analysis  I  look  at  the  pitfalls  facing  the  Indian  markets  and  the  reasons  why  caution  should  be  exercised  while  evaluating  companies  operating in the Indian economic environment.

Not entirely clear what the evidence suggests regarding insiders' Rule 10b5-1 use

October 2, 2007

Analysis by: GLG Expert Contributor

Analysis of:Next SEC target: Exec stock sales | www.financialweek.com

Article suggests that SEC is looking into insiders' trade activity within Rule 10b5-1.  Article hints that this could be the next "option backdating" type scandal. It is not clear to what degree evidence is indicative of illegal trade within the Rule.

Singapore did it again

August 1, 2007

Analysis by: GLG Expert Contributor

Analysis of:Singapore attractive for property investment | www.ft.com

competitive of Singapore in financial market is undeniable Singapore has the advantage of extra resources to develop competitiveness as the country already fully developed Singapore has the multi culture and multi lingua advantage over other country.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Corporate Performance, Guidance, Stock Values and the Numbers Game

June 18, 2007

Analysis of:Call for end to Quarterly Guidance | www.ft.com

The  ASPEN  Institute  is  in  the  forefront  of  a  movement  alongwith  AFL-CIO  and  over  a  100  other  companies  to   stop  providing  earnings  guidance. The  argument  is  that  quarterly  earnings  guidance  helps  only  hedge  funds  and  arbitragers  while  harming  the  long  term  performance  goals   of  the  company. This  analysis  takes  a  look   at  this  new  movement  which  has  been  gaining  ground  for  sometime  now  and  is  presently  in  the  midst  of   a  heated  debate  which  is  sure  to  involve  the  SEC  and  other  regulatory  authorities  within  the  coming  12  months.

Paul MillerProfessorREGENTS OF THE UNIVERSITY OF COLORADO

“The Sting” was fictional but backdating isn’t

June 13, 2007

Analysis of:Judge cites "The Sting" in backdating ruling | www.cfo.com

When all the dust settles, there will be no doubt that backdating was wrong, even if it wasn’t illegal.  Furthermore, it will be shown that there were two reasons for its existence:  poor ethical reasoning and bad accounting standards.  The judge has seen through the smoke and mirrors and rightly characterized backdating to be like betting on a horse race that’s already been run; the only difference is that “The Sting” was a fictional story and backdating is as real as can be.  Alas, GAAP created another fiction that should never have been published instead of the authentic truth that options are liabilities.

Linking Options to Share Price

June 12, 2007

Analysis by: GLG Expert Contributor

Analysis of:Judge cites "The Sting" in backdating ruling | www.cfo.com

Did backdating options have an effect on the share price? Can a plaintiff link the motive for back dating options to inflating the share price at the time of the action? Is the judge's sting analogy valid?

George PughPresidentGeorge Pugh & Co

The Real Cure for SARBOX or the Iatrogenic Illness

May 31, 2007

Analysis of:Growing the 'Private' Club' | online.wsj.com

Ms. Orit Gadiesh, Chairman, and Mr. MacArthur, Director of The Global Private Equity Practice at Bain & Company, believe that private equity is becoming a benchmark of performance for CEOs and boards of directors. The authors offer the following reasons for the popularity of private equity funds: -Funds focus on a reasonable time frame, three to five years typically, rather than on quarterly performance, the common timeframe for public companies. -Funds have detailed plans and time tables, enforcing discipline for clearly understood goals. -Funds quickly dispose of poorly performing assets, unlike some traditional managements. -Funds have a record of success, and exceptional earnings. Though not the only model, private equity funds provide an example of clear planning and solid execution with high returns from 1969-2006.

CEO, SALARY=PERFORMANCE?

May 31, 2007

Analysis by: GLG Expert Contributor

Analysis of:CEO pay not always a function of performance | www.businessstandard.com

CEO pay based what industries your are in and who your are connected to. Traditional business give more reasonable salary hike and pay. CEO salary in India not determined by market force yet.

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