Mr. A is planning to sell his company via a proposed tender at a very high price. He informs his sister who works at the company. His sister informs her husband and her husband informs Mr. S, who is a broker who trades on this information. Who has violated Standard II(A) - Material non-public information?

Which of the following is/are source(s) of economic inefficiency that arise under monopoly?
I). Since legally protected monopolists can often earn economic profit, government protection of monopoly producers will encourage rent-seeking activities.
II). A monopolist will fail to expand output to the level where the consumer's valuation of the marginal unit equals the producer's cost of producing the unit.
III). Monopoly reduces the ability of consumers to discipline the seller of a product.

How much will a trader make through covered interest arbitrage under the following exchange and interest rate conditions (assume the investment horizon is 1 year). Borrow $100 at an interest rate of 4%.
Convert the dollars to CNY at the spot rate of $0.1920. Invest the CNY in China at 8% interest. Sell the
CNY at the forward rate of 0.1879. What is the profit on the transaction?

On December 31, 2003, Acadia Corp. leased machinery with a fair value of $420,000 from Clive
Leasing. The agreement is a six-year noncancelable lease requiring annual payments of $80,000 beginning December 31, 2003. The lease is appropriately accounted for by Acadia as a capital lease.
Acadia's incremental borrowing rate is 11%. Acadia knows the interest rate implicit in the lease payments is 10%.
The present value of an annuity due of 1 for 6 years at 10% is 4.7908. The present value of an annuity due of 1 for 6 years at 11% is 4.6959.
In its December 31, 2003 balance sheet, Acadia should report a lease liability of:

Which of the following is not an example of an affirmative (positive) covenant?