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    Certification workshop – company research Certification workshop – company research Presentation Transcript

    • Certification Workshop – Company Research Mark Popielarski – Spring 2013
    • Introduction◦Explain importance of conducting company research◦Introduce three major types of company research ◦ Publicly-traded companies ◦ Privately-held companies ◦ Nonprofits◦Resources and strategies used for researching different company types
    • Why Research Companies?◦Due Diligence – ensuring clients make informed decisions ◦ Clients are informed about industry, market forces, and competitors before launching or investing in business enterprise ◦ Knowledge of other company when entering business arrangement ◦ Financial solvency, ability to perform, track-record, lawsuits, and other relevant issues ◦ Making prudent charitable contributions
    • Company types◦ Publicly-Traded ◦ Listed on an exchange ◦ Mandatory disclosure requirements ◦ Easiest to research◦ Privately-Held ◦ Closely-held company—less information available ◦ Requires greater research ◦ Information may be difficult to locate◦ Nonprofits ◦ Similar to privately-held in terms of disclosure requirements ◦ However, nonprofits tend to voluntarily disclose more information
    • Publicly-Traded Companies◦ Publicly-traded companies, those who sell stock on the open markets, are required to register and to make regular, mandatory disclosures to regulators and their investors◦ Relatively easy to research public-traded companies◦ Information Sources ◦ SEC filings—EDGAR ◦ 10-K Annual Filing ◦ 10-Q Quarterly Filing ◦ 8-K Material Event – filed whenever something important occurs ◦ Company websites ◦ Investor Relations Filings and News ◦ Mainstream, Business, and Industry News Sources ◦ Other Public Records and Regulatory Disclosures ◦ Commercial Vendors
    • Privately-Held Companies◦ Locating information on privately-held companies most challenging—requires most research ◦ General Rule: Privately-held companies not publicly traded so not subject to SEC disclosure requirements ◦ Caveat: Just because companies not required to disclose information to SEC, does not mean no information available◦ Sources of Information ◦ Business Entity Filings ◦ Corporations, LLCs, LPs ◦ Company performs business in regulated industry ◦ Banking ◦ Insurance ◦ Energy ◦ Exotic variants ◦ Privately-held, but share may be purchased by employees ◦ Publix Supermarkets ◦ Customer-owned ◦ State Farm
    • Nonprofits◦ A variety of Nonprofits tend to make voluntary disclosures which are available on their websites ◦ Susan G. Komen ◦ National Multiple Sclerosis Society ◦ Archdiocese of Boston◦ Qualified, tax-exempt 501(c) charities required to file Form 990 with IRS◦ Nonprofit Research Websites ◦ Guidestar ◦ Most content free with registration ◦ Some content pay ◦ Foundation Directory ◦ Subscription website available to law students in Anderson Academic Commons (DU’s new main library)
    • Subscription Resources◦ Many subscription services provide company research information, here are a few examples that DU law students can access◦ Bloomberg Law ◦ Company information, key people, financials, lawsuits, and other pertinent material ◦ SEC Filings (EDGAR) ◦ Court Dockets ◦ Court filings can help identify related companies, key personnel (if not publicly-traded), and other useful information◦ Dun & Bradstreet – Hoover’s Online ◦ D&B major resource for researching companies ◦ Hoover’s Online provides information on Publicly-Traded and Privately-Held companies (with limitations) ◦ Identify business competitors ◦ Research industry dynamics◦ Thomson One ◦ Company & Industry research ◦ Identify business entity relations
    • Trade and Professional Associations◦ Chances are, whatever business you encounter, there’s a professional or trade association for it◦ Research and Industry-oriented publications ◦ Some free, some subscription access◦ Locating Associations ◦ Encyclopedia of Associations – Book ◦ National Trade and Professional Associations of the United States – Book ◦ American Society of Association Executives ◦ Internet Public Library (ipl2) – Associations on the New ◦ Hoover’s Online ◦ Browse Membership Organizations ◦ Business & Professional Associations
    • Chambers of Commerce and Unions◦ Chambers of Commerce ◦ U.S. Chamber of Commerce◦ Unions ◦ Department of Labor – Employment Security Agency ◦ Union information, financial filings, reports ◦ Hoover’s Online ◦ Browse Membership Organizations ◦ Labor Unions
    • Research Centers◦ Nonprofit organization such as ―think tanks‖ and university research centers◦ Brookings Institution ◦ Competition, globalization, productivity, regulation, mergers, retirement, and others◦ American Enterprise Institute for Public Policy Research (AEI) ◦ Economics, trade, taxation and fiscal policy, regulation, and spending issues◦ National Bureau of Economic Research (NBER) ◦ Subscription through Penrose◦ National Academies Press ◦ Manufacturing, international labor standards, measuring research and development expenditures in the US, measuring international trade on the US highways
    • Government Agencies◦ In addition to SEC filings, companies may be required to submit a variety of information to the Federal and State governments◦ Some information is available online while print copies might need to be retrieved in other circumstances◦ If company operates in a heavily regulated industry, public or private, the company will be required to make certain disclosures◦ Examples: ◦ Banks – FDIC ◦ Banks – St. Louis Federal Reserve CASSIDI ◦ Credit Unions – NCUA ◦ Not all credit unions are listed under the name by which they do business, best to Google the institution’s Charter Number ◦ Government Contracts Disclosures ◦ Insurance (States)
    • Conclusion◦ Numerous free and pay resources exist for conducting company research ◦ Public companies easiest to research ◦ Nonprofits may voluntarily disclose information ◦ Privately-held companies require greatest effort ◦ Regulatory filings ◦ News stories ◦ Associations ◦ For-pay research reports