Do Individual Day Traders Make Money? Evidence from Taiwan Brad M. Barber Graduate School of Management University of California‚ Davis Davis‚ CA 95616 (530) 752-0512 bmbarber@ucdavis.edu www.gsm.ucdavis.edu/~bmbarber Yi-Tsung Lee Department of Accounting National Chengchi University Taipei‚ Taiwan (886-2) 2939-3091 # 81027 actytl@nccu.edu.tw Yu-Jane Liu Department of Finance National Chengchi University Taipei‚ Taiwan (886-2) 2939-3091 # 81123 finyjl@nccu.edu.tw Terrance Odean*
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CASE: HR-28B DATE: 05/05/06 Trader Joe’s--2006 “This is like a designer Costco” -Trader Joe’s customer “We like to think of Trader Joe’s as an economic food democracy.” -VP Andrew Dumper “Many successful grocers are delighted to have sales per person hour at $50 to $60. Ours is $212 and increasing. -CEO Dan Bane By 2006‚ Trader Joe’s expansion into the East Coast market had been an unqualified success‚ with more that 60 stores in ten Eastern states and more than $1 billion in revenue
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| Trader Joe ’s is a privately owned grocery store that sells a variety of natural and healthy food and beverage options. Their headquarters is located in Monrovia‚ California and they have about 350 stores in roughly 25 states. It was started by Joe Coulombe as a Los Angeles convenience store chain in 1958‚ and then the company was bought in 1979 by German billionaires Karl and Theo Albrecht‚ who founded the ALDI food chain. Trader Joe’s competes within their niche market of organic and health
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Trader Joe’s is named after its founder‚ Joe Coulombe. The chain began in 1958 as a Greater Los Angeles area chain of "Pronto Market" convenience stores. The original Pronto Markets were similar to 7-Eleven stores‚ so similar Coulombe felt the competition with 7-Eleven would be ruinous.[6]He is said to have developed the idea of the Trader Joe South Seas motif while on vacation in the Caribbean.[7] He had noticed that Americans were traveling more and returning home with tastes for food and wine
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Rogue Trader Introduction: A rogue trader is a market professional who is basically involved in different unauthorized trading activities. Most people are highly familiar with the rogue trading activities‚ as there have been several instances of huge losses incurred under the rogue trading. Recently these rogue trading activities causing huge losses attracted the media and many films have been based on such rogue trading activities. The rogue trader movie has been highly famous as it portrayed
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In the four scandals of the ‘rogue traders’ and their respective banks‚ factors leading to the incidents are similar. In the Barings Bank and Nick Leeson scandal‚ we see a high management person who rose up to a position after building up on his reputation. Being transferred to the securities department after being promoted to general manager‚ the lack of experience trader along with a group of trading professionals were teamed to garner for smaller profits. Instead of fulfilling his role and work
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A Short Essay of Rogue Trader In the movie Rogue Trader‚ Nick Leeson‚ a trader on behalf of the Barings Bank of England‚ made a series of financial fraud to cover the loss he incurred in trading—up to £800 million—in the Singapore International Monetary Exchange which ultimately led to the fall of Barings Bank. This tragedy was a mixed result of the personal greed and the lack of control in Barings Bank’s system. Most of the COSO internal control frameworks were violated with the “Control Environment”
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Rogue Trader Name(s) ___________________________ Accounting information systems ____________________________ I understand that this exam is to be completed by myself or in a team of two and that any assistance received from other students or any unauthorized source is cheating and subject to the appropriate disciplinary action as deemed by the Office of the Dean of Albers School of Business and Economics. I (we) am aware of the exam policies / rules provided and agree to abide by
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Lam Tran BBUS 435 – Accounting Information System Rogue Trader COSO Control Violations Short Essay The movie‚ Rogue Trader‚ narrates the true story of a man named Nick Leeson. He brought the Barings Bank down‚ which was one of the most venerable financial institutions in England. Nick Leeson was played by the actor Ewan McGregor‚ who started working in Indonesia for Barings Bank. He then became a trader on the floor of Singapore International Monetary Exchange. Nick’s responsibility was to trade
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------------------------------------------------- Trader Joe’s I] About Trader Joe’s A] Trader Joe’s history Trader Joe’s is a chain of grocery stores first opened in 1967 in California‚ United States. Trader Joe’s was founded by a man named Joe Coulombe and has been owned since 1979 by the Albrecht family‚ a German family who also owns the ALDI discounts food stores. Trader Joe’s has currently 367 stores within the United States with locations in over 20 states. Trader Joe’s stores offer a wide‚ diverse
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