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December 1, 2000
Christopher J. Carney, Jason A. Elder

A few years ago a well-known Professor of finance was walking across the cold, windy University of Chicago campus discussing the efficient market theory with one of his students. The professor was a staunch advocate of market efficiency, and was giving the young protégé some of his best evidence to support the theory. Suddenly, the pair stumbled upon a twenty-dollar bill, stuck fast to the frosty ground. As the student bent to pick it up, the professor stopped him and said “No, don’t pick it up, this has to be a mirage or hallucination of some kind, since we know that in an efficient market no one would leave a twenty dollar bill lying on the ground …”

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FAS 133 Opportunity Knocks One More Time

October 4, 2000
James V. Lorentsen, CPA, Douglas G. Wilding, CPA

In June of 1998, the Financial Accounting Standards Board issued Statement No. 133, (“FAS 133”) “Accounting for Derivative Instruments and Hedging Activities”.

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An Historical Fable

May 26, 2000
Rich Berg and Brad Bonga

In 1989, the owner of a small commercial real estate firm in Chicago was in the business of buying office buildings and hotels and financing them with a first mortgage, second mortgage and limited partnership equity. The owner controlled approximately 200 million dollars worth of real estate and his personal net worth from these properties was estimated to be in the 25-30 million dollar range..

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