DOCSLIB.ORG

Buy, Lie, and Sell High : How Investors Lost out on Enron and The

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

FMMills.F 5/14/02 3:56 PM Page i About Jonathan Lebed—a teenager who made money day trading on the Internet but ran afoul of Federal regulations—Arthur Levitt, former Chairman of the Securities and Exchange Com- mission, is said to have commented, “Put it this way, he’d buy, lie, and sell high.”1 FMMills.F 5/14/02 3:56 PM Page ii FMMills.F 5/14/02 3:56 PM Page iii Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble FTPH_FM.fm Page i Wednesday, August 22, 2001 12:16 PM In an increasingly competitive world, it is quality of thinking that gives an edge—an idea that opens new doors, a technique that solves a problem, or an insight that simply helps make sense of it all. We work with leading authors in the various arenas of business and finance to bring cutting-edge thinking and best learning practice to a global market. It is our goal to create world-class print publications and electronic products that give readers knowledge and understanding which can then be applied, whether studying or at work. To find out more about our business products, you can visit us at www.ft-ph.com FMMills.F 5/14/02 3:56 PM Page v Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble D. Quinn Mills An Imprint of PEARSON EDUCATION Upper Saddle River, NJ • New York • London • San Francisco • Toronto Sydney • Tokyo • Singapore • Hong Kong • Cape Town Madrid • Paris • Milan • Munich • Amsterdam www.ft-ph.com FMMills.F 5/14/02 3:56 PM Page vi Library of Congress Cataloging-in-Publication Data A catalog record for this book can be obtained from the Library of Congress. Editorial/Production Supervision: Carol Wheelan Composition: Ronnie K. Bucci Cover design director: Jerry Votta Cover design: Talar Boorujy Art director: Gail Cocker-Bogusz Interior design: Meg VanArsdale Manufacturing buyer: Maura Zaldivar Executive editor: Jim Boyd Editorial assistant: Allyson Kloss Marketing manager: Bryan Gambrel ©2002 Pearson Education, Inc. Publishing as Financial Times Prentice Hall Upper Saddle River, New Jersey 07458 Financial Times Prentice Hall books are widely used by corporations and government agencies for training, marketing, and resale. For information regarding corporate and government bulk discounts please contact: Corporate and Government Sales (800) 382-3419 or [email protected] Company and product names mentioned herein are the trademarks or registered trade- marks of their respective owners. All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher. Printed in the United States of America 10987654321 ISBN: 0-13-009113-8 Pearson Education LTD. Pearson Education Australia PTY, Limited Pearson Education Singapore, Pte. Ltd. Pearson Education North Asia Ltd. Pearson Education Canada, Ltd. Pearson Educación de Mexico, S.A. de C.V. Pearson Education—Japan Pearson Education Malaysia, Pte. Ltd. FinancialTimes_series.fm Page 1 Tuesday, May 7, 2002 9:47 AM FINANCIAL TIMES PRENTICE HALL BOOKS For more information, please go to www.ft-ph.com Dr. Judith M. Bardwick Seeking the Calm in the Storm: Managing Chaos in Your Business Life Thomas L. Barton, William G. Shenkir, and Paul L. Walker Making Enterprise Risk Management Pay Off: How Leading Companies Implement Risk Management Michael Basch CustomerCulture: How FedEx and Other Great Companies Put the Customer First Every Day J. Stewart Black and Hal B. Gregersen Leading Strategic Change: Breaking Through the Brain Barrier Deirdre Breakenridge Cyberbranding: Brand Building in the Digital Economy William C. Byham, Audrey B. Smith, and Matthew J. Paese Grow Your Own Leaders: How to Identify, Develop, and Retain Leadership Talent Jonathan Cagan and Craig M. Vogel Creating Breakthrough Products: Innovation from Product Planning to Program Approval Subir Chowdhury The Talent Era: Achieving a High Return on Talent Sherry Cooper Ride the Wave: Taking Control in a Turbulent Financial Age James W. Cortada 21st Century Business: Managing and Working in the New Digital Economy James W. Cortada Making the Information Society: Experience, Consequences, and Possibilities Aswath Damodaran The Dark Side of Valuation: Valuing Old Tech, New Tech, and New Economy Companies Henry A. Davis and William W. Sihler Financial Turnarounds: Preserving Enterprise Value FinancialTimes_series.fm Page 2 Tuesday, May 7, 2002 9:47 AM Sarv Devaraj and Rajiv Kohli The IT Payoff: Measuring the Business Value of Information Technology Investments Nicholas D. Evans Business Agility: Strategies for Gaining Competitive Advantage through Mobile Business Solutions Kenneth R. Ferris and Barbara S. Pécherot Petitt Valuation: Avoiding the Winner’s Curse David Gladstone and Laura Gladstone Venture Capital Handbook: An Entrepreneur’s Guide to Raising Venture Capital, Revised and Updated David R. Henderson The Joy of Freedom: An Economist’s Odyssey Philip Jenks and Stephen Eckett, Editors The Global-Investor Book of Investing Rules: Invaluable Advice from 150 Master Investors Thomas Kern, Mary Cecelia Lacity, and Leslie P. Willcocks Netsourcing: Renting Business Applications and Services Over a Network Al Lieberman, with Patricia Esgate The Entertainment Marketing Revolution: Bringing the Moguls, the Media, and the Magic to the World Frederick C. Militello, Jr., and Michael D. Schwalberg Leverage Competencies: What Financial Executives Need to Lead D. Quinn Mills Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble Dale Neef E-procurement: From Strategy to Implementation John R. Nofsinger Investment Blunders (of the Rich and Famous)…And What You Can Learn From Them John R. Nofsinger Investment Madness: How Psychology Affects Your Investing… And What to Do About It FinancialTimes_series.fm Page 3 Tuesday, May 7, 2002 9:47 AM Tom Osenton Customer Share Marketing: How the World’s Great Marketers Unlock Profits from Customer Loyalty W. Alan Randolph and Barry Z. Posner Checkered Flag Projects: 10 Rules for Creating and Managing Projects that Win, Second Edition Stephen P. Robbins The Truth About Managing People…And Nothing but the Truth Fernando Robles, Françoise Simon, and Jerry Haar Winning Strategies for the New Latin Markets Jeff Saperstein and Daniel Rouach Creating Regional Wealth in the Innovation Economy: Models, Perspectives, and Best Practices Eric G. Stephan and Wayne R. Pace Powerful Leadership: How to Unleash the Potential in Others and Simplify Your Own Life Jonathan Wight Saving Adam Smith: A Tale of Wealth, Transformation, and Virtue Yoram J. Wind and Vijay Mahajan, with Robert Gunther Convergence Marketing: Strategies for Reaching the New Hybrid Consumer FMMills.F 5/14/02 3:56 PM Page x FMMills.F 5/14/02 3:56 PM Page xi To Betsy and Shirley FMMills.F 5/14/02 3:56 PM Page xii FMMills.F 5/14/02 3:56 PM Page xiii Contents Acknowledgments xix Part I The Bubble and Capital Markets 1 chapter 1 How to Use This Book 3 Why This Book Has Been Written 3 How This Book Was Written 4 An Unusual Feature of This Book: Contributions from Others 5 The Message of This Book: How to Avoid Another Bubble and How to Protect Yourself If It Occurs 5 Talking Points 5 chapter 2 Destroyed by the Bubble 7 The Capital Markets as an Engine of Progress 12 The Social and Economic Utility of Capital Markets 12 The Internet, Capital Markets, and Innovation 13 The Early-Stage Financing of the Internet 14 xiii FMMills.F 5/14/02 3:56 PM Page xiv xiv Contents The System Hits a Glitch 15 Talking Points 16 Part II How the Bubble Happened 17 chapter 3 Causing the Bubble 19 The Technology Bull Market 19 The Bubble 20 Why Did the Bubble Form? 22 Day Trading and the Source of the Bubble 23 Other Bubbles in History 24 The Software Cycle 25 The Transfer of Wealth 29 Talking Points 31 chapter 4Inflating the Bubble: The Financial Value Chain 33 The Financial Value Chain 33 Diagramming the Financial Value Chain 35 When Economic and Financial Value Diverge 38 Why the Huge Valuations for Internet Companies? 40 How the Financial Value Chain Should Have Worked 42 Defending Enormous Valuations 43 Talking Points 45 chapter 5 What it Meant to “Do the Right Thing” at Enron 47 Enron as an Internet Company 48 Inflating the Enron Bubble 49 Wall Street’s Involvement 49 The Key Role of the Accountants 50 Equity Analysts Promote the Company 51 Politicians Lend Their Aid 52 Evaporating Employee Pensions 53 Unethical, Unfair, but Illegal? 53 FMMills.F 5/14/02 3:56 PM Page xv Contents xv Enron’s Significance 54 Talking Points 54 Part III Inexperienced Leaders 57 chapter 6 Dumb Kids? 59 Blaming the Entrepreneur—He’s Dumb 59 Amazon.com’s Miracle 60 How Amazon Flouted the Rules 61 The Learning Failure 62 Talking Points 73 chapter 7 How Some VCs and Bankers Led Entrepreneurs in the Wrong Direction 75 Having to Go to the Venture Firms 75 Pressure to Spend 79 A Strategy’s Limitations 81 Like Sheep to the Slaughter 83 Get-It-Right Instead of Get-Big-Fast 83 Talking Points 90 Part IV How Venture Firms Changed Their Criteria 91 chapter 8 Building to Flip 93 Venture Capital 93 Rushing to an IPO 94 Exiting an Investment 95 How Their Own Rules Were Changed by the Venture Capital Firms 96 The Baby Goes Out with the Bathwater 97 Talking Points 105 chapter 9 Choosing the Wrong People 107 Whom to Back 107 Garden.com: A Mistake from the Get-go 108 FMMills.F 5/14/02 3:56 PM Page xvi xvi Contents Boo.com 111 Did the Venture Firms Make Money from the Bubble? 113 Talking Points 114 Part V Taking Start-ups to the Public 117 chapter 10 How Investment Banks Inflated
Recommended publications
  • Akamai Accelerated Network Program FAQ Akamai Accelerated Network Program Frequently Asked Questions

    Akamai Accelerated Network Program FAQ Akamai Accelerated Network Program Frequently Asked Questions

    Akamai Accelerated Network Program FAQ Akamai Accelerated Network Program Frequently Asked Questions Thank you for your interest in the Akamai Accelerated Network What security is there on your boxes? Program. To ensure that you have all your preliminary questions Akamai zealously guards the integrity of our servers. Of course, answered, please review this document. Your Akamai representative we cannot list the steps taken to secure the boxes, but we do have is also available to add more detail or answer additional over 6,000 servers installed in ISPs all over the world, and not one questions that may not be covered. It’s not too late to Accelerate has ever been remotely compromised. Standard security measures Your Network. are taken, such as disabling telnet access, using SSH, turning off daemons not used in production, etc. Server Installation Do you servers work behind a firewall? What do my engineers have to do during the installation? The servers are serving content just as the origin servers – Yahoo!, We ask our partners to simply install the hardware (rack mounted CNN, ESPN, Apple, etc. – would be. The origin servers are not computers and ethernet switches), connect them with the cables behind your firewall, and our servers work best if they are not provided, and finally to assign each computer an IP address and behind your firewall. default gateway. After installation what maintenance and support is Network required? Can we put servers from other content distributors in our The partner is not required to perform any regular maintenance network as well? on Akamai’s equipment.
  • Leaving Reality Behind Etoy Vs Etoys Com Other Battles to Control Cyberspace By: Adam Wishart Regula Bochsler ISBN: 0066210763 See Detail of This Book on Amazon.Com

    Leaving Reality Behind Etoy Vs Etoys Com Other Battles to Control Cyberspace By: Adam Wishart Regula Bochsler ISBN: 0066210763 See Detail of This Book on Amazon.Com

    Leaving Reality Behind etoy vs eToys com other battles to control cyberspace By: Adam Wishart Regula Bochsler ISBN: 0066210763 See detail of this book on Amazon.com Book served by AMAZON NOIR (www.amazon-noir.com) project by: PAOLO CIRIO paolocirio.net UBERMORGEN.COM ubermorgen.com ALESSANDRO LUDOVICO neural.it Page 1 discovering a new toy "The new artist protests, he no longer paints." -Dadaist artist Tristan Tzara, Zh, 1916 On the balmy evening of June 1, 1990, fleets of expensive cars pulled up outside the Zurich Opera House. Stepping out and passing through the pillared porticoes was a Who's Who of Swiss society-the head of state, national sports icons, former ministers and army generals-all of whom had come to celebrate the sixty-fifth birthday of Werner Spross, the owner of a huge horticultural business empire. As one of Zurich's wealthiest and best-connected men, it was perhaps fitting that 650 of his "close friends" had been invited to attend the event, a lavish banquet followed by a performance of Romeo and Juliet. Defiantly greeting the guests were 200 demonstrators standing in the square in front of the opera house. Mostly young, wearing scruffy clothes and sporting punky haircuts, they whistled and booed, angry that the opera house had been sold out, allowing itself for the first time to be taken over by a rich patron. They were also chanting slogans about the inequity of Swiss society and the wealth of Spross's guests. The glittering horde did its very best to ignore the disturbance. The protest had the added significance of being held on the tenth anniversary of the first spark of the city's most explosive youth revolt of recent years, The Movement.
  • Chicago Board Options Exchange Annual Report 2001

    Chicago Board Options Exchange Annual Report 2001

    01 Chicago Board Options Exchange Annual Report 2001 cv2 CBOE ‘01 01010101010101010 01010101010101010 01010101010101010 01010101010101010 01010101010101010 CBOE is the largest and 01010101010101010most successful options 01010101010101010marketplace in the world. 01010101010101010 01010101010101010 01010101010101010 01010101010101010 01010101010101010 01010101010101010ifc1 CBOE ‘01 ONE HAS OPPORTUNITIES The NUMBER ONE Options Exchange provides customers with a wide selection of products to achieve their unique investment goals. ONE HAS RESPONSIBILITIES The NUMBER ONE Options Exchange is responsible for representing the interests of its members and customers. Whether testifying before Congress, commenting on proposed legislation or working with the Securities and Exchange Commission on finalizing regulations, the CBOE weighs in on behalf of options users everywhere. As an advocate for informed investing, CBOE offers a wide array of educational vehicles, all targeted at educating investors about the use of options as an effective risk management tool. ONE HAS RESOURCES The NUMBER ONE Options Exchange offers a wide variety of resources beginning with a large community of traders who are the most experienced, highly-skilled, well-capitalized liquidity providers in the options arena. In addition, CBOE has a unique, sophisticated hybrid trading floor that facilitates efficient trading. 01 CBOE ‘01 2 CBOE ‘01 “ TO BE THE LEADING MARKETPLACE FOR FINANCIAL DERIVATIVE PRODUCTS, WITH FAIR AND EFFICIENT MARKETS CHARACTERIZED BY DEPTH, LIQUIDITY AND BEST EXECUTION OF PARTICIPANT ORDERS.” CBOE MISSION LETTER FROM THE OFFICE OF THE CHAIRMAN Unprecedented challenges and a need for strategic agility characterized a positive but demanding year in the overall options marketplace. The Chicago Board Options Exchange ® (CBOE®) enjoyed a record-breaking fiscal year, with a 2.2% growth in contracts traded when compared to Fiscal Year 2000, also a record-breaker.
  • Comércio Eletrônico

    Comércio Eletrônico

    Comércio Eletrônico Aula 1 - Overview of Electronic Commerce Learning Objectives 1. Define electronic commerce (EC) and describe its various categories. 2. Describe and discuss the content and framework of EC. 3. Describe the major types of EC transactions. 4. Describe the drivers of EC. 5. Discuss the benefits of EC to individuals, organizations, and society. 6. Discuss social computing. 7. Describe social commerce and social software. 8. Understand the elements of the digital world. 9. Describe some EC business models. 10. List and describe the major limitations of EC. Case: Starbucks Electronic Commerce (EC) EC refers to using the Internet and other networks (e.g., intranets) to purchase, sell, transport, or trade data, goods, or services. e-Business • Narrow definition of EC: buying and selling transactions between business partners. • e-Business refers to a broader definition of EC: – buying and selling of goods and services – Servicing customers – collaborating with business partners, – delivering e-learning, – conducting electronic transactions within organizations. – Among others e-Business Note: some view e-business only as comprising those activities that do not involve buying or selling over the Internet, i.e., a complement of the narrowly defined EC. Major EC Concepts: Non-EC vs. Pure EC vs. Partial EC • EC three major activities: – ordering and payments, – order fulfilment, and – delivery to customers. • pure EC: all activities are digital, • non-EC: none are digital, • otherwise, we have partial EC. Major EC Concepts: Pure
  • Legislators of Cyberspace: an Analysis of the Role Of

    Legislators of Cyberspace: an Analysis of the Role Of

    SHAPING CODE Jay P. Kesan* & Rajiv C. Shah** I. INTRODUCTION ............................................................................................................................ 4 II. THE CASE STUDIES: THE DEVELOPMENT OF CODE WITHIN INSTITUTIONS.............................. 13 A. World Wide Web......................................................................................................... 14 1. Libwww............................................................................................................ 14 2. NCSA Mosaic .................................................................................................. 16 B. Cookies ........................................................................................................................ 21 1. Netscape’s Cookies .......................................................................................... 21 2. The IETF’s Standard for Cookies .................................................................... 24 C. Platform for Internet Content Selection....................................................................... 28 D. Apache......................................................................................................................... 34 III. LEGISLATIVE BODIES: SOCIETAL INSTITUTIONS THAT DEVELOP CODE ................................. 37 A. Universities.................................................................................................................. 38 B. Firms...........................................................................................................................
  • Akamai 2019 State of the Internet / Security Phishing

    Akamai 2019 State of the Internet / Security Phishing

    Akamai Security Research: Cybercriminals Using Enterprise-Based Strategies For Phishing Kit Development And Deployment Oct 30, 2019 09:49 CET Akamai 2019 State of the Internet / Security Phishing Akamai Security Research: Cybercriminals Using Enterprise- Based Strategies For Phishing Kit Development And Deployment Malicious Actors Developing Custom Tools and Processes to Target and Leverage the World’s Largest Tech Brands and Victimize Their Users Cambridge, MA -- October 30, 2019 -- Akamai Technologies, Inc. (NASDAQ: AKAM) today published the Akamai 2019 State of the Internet / Security Phishing: Baiting the Hook report. The research findings indicate that cybercriminals are using enterprise-based development and deployment strategies, such as phishing as a service (PaaS), to leverage some of the world’s largest tech brands, with 42.63% of domains observed targeting Microsoft, PayPal, DHL, and Dropbox. The report details that phishing is no longer just an email-based threat, but has expanded to include social media and mobile devices, creating a wide- reaching problem that touches all industries. This evolving method continues to morph into different techniques, one of which being business email compromise (BEC) attacks. According to the FBI, BEC attacks resulted in worldwide losses of more than $12 billionbetween October 2013 and May 2018. “Phishing is a long-term problem that we expect will have adversaries continuously going after consumers and businesses alike until personalized awareness training programs and layered defense techniques are put in place,” said Martin McKeay, Editorial Director of the State of the Internet/Security report for Akamai. The report shows that cybercriminals are targeting top global brands and their users across various industries through highly-organized and sophisticated phishing kit operations.
  • Leading You to a Brighter Future

    Leading You to a Brighter Future

    ANNUAL REPORT 2001 西 日 本ANNUAL REPORT 旅 客 鉄 道 株 式 会 社 一 九 九 九2001 年 三 月 期 年 次 報 告 書 Leading you to a brighter future http://www.softbank.co.jp SOFTBANK 2001 1 C1 QX/Softbank (E) 後半 01.9.12 3:25 PM ページ 60 Directors and Corporate Auditors As of June 21, 2001 President & Chief Executive Officer MASAYOSHI SON Directors YOSHITAKA KITAO KEN MIYAUCHI KAZUHIKO KASAI MASAHIRO INOUE President & CEO, President & CEO, President & CEO, SOFTBANK FINANCE SOFTBANK EC HOLDINGS Yahoo Japan Corporation CORPORATION CORP. RONALD D. FISHER JUN MURAI, PH.D. TOSHIFUMI SUZUKI TADASHI YANAI MARK SCHWARTZ Vice Chairman, Professor, Faculty of President & CEO, President & CEO, Chairman, SOFTBANK Holdings Inc. Environmental Information, Ito-Yokado Co., Ltd., FAST RETAILING CO., LTD. Goldman Sachs (Asia) KEIO University and Chairman & CEO, Seven-Eleven Japan Co., Ltd. Corporate Auditors MITSUO YASUHARU SABURO HIDEKAZU SANO NAGASHIMA KOBAYASHI KUBOKAWA Full-time Corporate Auditor, Attorney Full-time Corporate Auditor, Certified Public Accountant, SOFTBANK CORP. HEIWA Corporation Certified Tax Accountant Note: Corporate auditors Yasuharu Nagashima, Saburo Kobayashi, and Hidekazu Kubokawa are outside corporate auditors appointed under Article 18, Section 1, of the Commercial Code of Japan. 60 60 QX/Softbank (E) 後半pdf修正 01.10.11 10:39 AM ページ 61 SOFTBANK Corporate Directory Domestic Overseas SOFTBANK CORP. SOFTBANK Broadmedia Corporation SOFTBANK Inc. http://www.softbank.co.jp/ http://www.broadmedia.co.jp/ http://www.softbank.com/ 24-1, Nihonbashi-Hakozakicho, Chuo-ku, 24-1, Nihonbashi-Hakozakicho, Chuo-ku, 1188 Centre Street, Tokyo 103-8501, Japan Tokyo 103-0015, Japan Newton Center, MA 02459, U.S.A.
  • Brief for Plaintiff-Appellant Akamai Technologies, Inc

    Brief for Plaintiff-Appellant Akamai Technologies, Inc

    I]1111IIIIIIIIIIIIIJllJIfllIIIJJIIIttIHJillIJllllIJlllIlJJJFIIflMMIIJillIlJJIIIJ USFC2009-1372-10 {466256B 1-3FB1-4D3A-A6D4-9850D2 B04CA5 } {117249}{54-110705:110649}{062011} APPELLANT'S BRIEF 2009-1372,-1380,-1416,-1417 IN THE UNITED STATES COURT OF APPEALS FOR THE FEDERAL CIRCUIT AKAMAI TECHNOLOGIES, INC., Plaintiff-Appellant, and THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY, Plaintiff-Appellant, V° LIMELIGHT NETWORKS, INC., Defendant-Cross Appellant. App_l's_from"_" __ the United States District Court for the District of Massachusetts in case nos. 06-CV-11109 and 06-CV-11585, Judge Rya W. Zobel. PRINCIPAL BRIEF FOR PLAINTIFF-APPELLANT AKAMAI TECHNOLOGIES, INC. ON REHEARING EN BANC Of Counsel: DONALD R. DUNNER KARA F. STOLL ROBERT S, FRANK, JR, FINNEGAN, HENDERSON, FARABOW, CHOATE, HALL&STEWARTLLP GARRETT & DUNNER, LLP Two lntem_ionalPlace 901 New York Avenue, NW Boston, MA02110 Washington, DC 20001-4413 (202) 408-4000 Attorney for Plaintiff-Appellant The Massachusetts Institute of Technology JENNIFER S. SWAN F1NNEGAN, HENDERSON, FARABOW, GARRETr & DUNNER, LLP 3300 Hillview Avenue Palo Alto, CA 94304-1203 (650) 849-6676 Attorneys for Plaintiff-Appellant June 20, 2011 Akamai Technologies, Inc. CERTIFICATE OF INTEREST Counsel for Akamai Technologies, Inc. certifies the following: 1. The full name of every party or amicus represented by Counsel is: Akamai Technologies, Inc. 2. The name of the real party in interest represented by me is: None ° All parent corporations and any publicly held companies that own 10 percent or more of the stock of the party represented by me are: None o The names of all law finns and the partners or associates that appeared for the party or amicus now represented by me in the trial court or agency or are expected to appear in this Court are: Donald R.
  • Research Articles in the American Economic Review, the RAND Journal Ofeconomics, The

    Research Articles in the American Economic Review, the RAND Journal Ofeconomics, The

    3 I. Introduction And Qualifications 1. My name is Nicholas S. Economides. I am a Professor ofEconomics at the Stern School ofBusiness ofNew York University, located at 44 West 4th Street New York, NY 10012. 2. I received a B.Sc. degree in Mathematical Economics (first class honors) from the London School ofEconomics in 1976, a Masters degree in Economics from the University of California at Berkeley in 1979 and a Ph.D. degree in Economics from Berkeley in 1981, specializing in Industrial Organization. 3. From 1981 to 1988, I was assistant and then associate professor ofeconomics at Columbia University. From 1988 to 1990, I was associate professor ofeconomics at Stanford University. I have taught at the Stern School ofBusiness since 1990. During the academic year 1996-1997, I was visiting professor at Stanford University. 4. I have published more than seventy research papers in the areas ofindustrial organization, microeconomics, network economics, antitrust, finance, and telecommunications policy, and I have given numerous seminar presentations at academic and government institutions and conferences. I have published academic research articles in the American Economic Review, the RAND Journal ofEconomics, the International Journal ofIndustrial Organization, the International Economic Review, the Journal ofEconomic Theory, and the Journal ofIndustrial Economics, among others. I am currently editor ofthe International Journal ofIndustrial Organization and ofNetnomics. I have served as advisor and consultant to major telecommunications companies, a number of 4 the Federal Reserve Banks, the Bank ofGreece, and major Financial Exchanges. I teach graduate (MBA and Ph.D.) courses in antitrust, industrial organization, microeconomics, and telecommunications. A copy ofmy curriculum vitae is attached as Attachment 1.
  • AKAMAI TECHNOLOGIES, INC. (Name of Registrant As Specified in Its Charter) Payment of Filing Fee (Check the Appropriate Box)

    AKAMAI TECHNOLOGIES, INC. (Name of Registrant As Specified in Its Charter) Payment of Filing Fee (Check the Appropriate Box)

    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material Pursuant to Section 240.14a-12 AKAMAI TECHNOLOGIES, INC. (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box): ☒ No fee required. ☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1 Title of each class of securities to which transaction applies: 2 Aggregate number of securities to which transaction applies: 3 Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4 Proposed maximum aggregate value of transaction: 5 Total fee paid: ☐ Fee paid previously with preliminary materials: ☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1 Amount previously paid: 2 Form, Schedule or Registration Statement No.: 3 Filing party: 4 Date Filed: Table of Contents Dear Fellow Stockholders: Since our founding in 1998, Akamai has developed unique technology and an unmatched global infrastructure—the Akamai Intelligent Platform.
  • Shuchita Times August 2019

    Shuchita Times August 2019

    ISSN : 0972-7124 August 2019 Volume 20 No. 8 ISSN : 0972-7124 August 2019 Volume 20 No. 8 Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. - Ronald Reagan Contents Page No. Dear Friends, Dot-Com Bubble (1997 - 2001) 3 Freedom doesn’t mean you decide the way you Commerce Quiz 5 want. Freedom means responsibility, and the Hasta La Vista Monsoon Flu 5 independence is maintained by responsible freedom. Personality of the Month-Mr. Pranav Yadav 13 Freedom is nothing but a chance to be better and The Mother & the Wolf 13 earn peace. You can't separate peace from freedom Our Booksellers 24 because no one can be at peace unless he has his Cynosure of the Month 26 freedom. Being free is not merely to cast off one’s own shackles, but to live in a way that respects and enriches the freedom of others as well. Executive Editor Prof. Arun Kumar Freedom is always precarious, but it is the safest Editor thing we have. Respect your people who work hard for Dr. Priyadarshani Singh your freedom and ensure your part in this elevation. Happy Independence Day! Dr. K. K. Patra Prof. B. M. Agrawal Prof. M. P. Gupta CA Shashwat Singhal Dr. Pavan Jaiswal, CWA Sri Gaurab Ghosh Dr. Arpita Ghosh CA Ganpat Kumar CA Amar Omar CA Dilip Badlani CS (Dr.) Himanshu Srivastava CA Mohit Bahal Graphics Sai Graphics Editorial Office 25/19, L.I.C.
  • NASD Notice to Members 99-46

    NASD Notice to Members 99-46

    Executive Summary $250, and two or more Market NASD Effective July 1, 1999, the maximum Ma k e r s . Small Order Execution SystemSM (S O E S SM ) order sizes for 336 Nasdaq In accordance with Rule 4710, Nas- Notice to National Market® (NNM) securities daq periodically reviews the maxi- will be revised in accordance with mum SOES order size applicable to National Association of Securities each NNM security to determine if Members Dealers, Inc. (NASD®) Rule 4710(g). the trading characteristics of the issue have changed so as to warrant For more information, please contact an adjustment. Such a review was 99-46 ® Na s d a q Market Operations at conducted using data as of March (203) 378-0284. 31, 1999, pursuant to the aforemen- Maximum SOES Order tioned standards. The maximum Sizes Set To Change SOES order-size changes called for Description by this review are being implemented July 1, 1999 Under Rule 4710, the maximum with three exceptions. SOES order size for an NNM security is 1,000, 500, or 200 shares, • First, issues were not permitted to depending on the trading characteris- move more than one size level. For Suggested Routing tics of the security. The Nasdaq example, if an issue was previously ® Senior Management Workstation II (NWII) indicates the categorized in the 1,000-share maximum SOES order size for each level, it would not be permitted to Ad v e r t i s i n g NNM security. The indicator “NM10,” move to the 200-share level, even if Continuing Education “NM5,” or “NM2” displayed in NWII the formula calculated that such a corresponds to a maximum SOES move was warranted.