10 Nov Assessing Financial Decisions Jim Brock was an ac
Assessing Financial Decisions Jim Brock was an accountant with Hubbard Inc, a large corporation with stock that was publicly traded on the NYSE One of Jim’s duties was to manage the corporate reporting department, which was responsible for developing and issuing Hubbard’s annual report At the end of 2012, Hubbard closed its accounting records and initial calc indicated a very profitable year In fact, the net income exceeded the amount that have been projected during the year by the financial analysis who followed Hubbard’s stockJim was pleased with the companys financial performance In January 2013, he suggested that his father buy Hubbards stock because he was sure the stock price would increase when the company announced its 2012 results Jims father followed that advice and bought a block of stock at $25 per shareWas anyone harmed by Brock’s actions? Does it matter if Brock himself profited or if some other party purchased stock based on his knowledge? Do brokers and analysts receive information about the firm that is not available to the public? Doesn’t everyone engage in insider information? If Brock decides he did act unethically, what action should he take to correct the situation? What company policies or procedures could be adopted to ensure that similar situations do not arise in the future?
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