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Satyam Scandal

n 8 Pages discuss the Satyam Scandal, a fraud that is often called India’s Enron. This paper should:

Give an overview of the case in 2 pages

Explain when and how the fraud was exposed

The category of fraud committed

The stakeholders and how each group was harmed

What evidence sources were available for use at trail

What hidden assets were involved

Where did investigators and forensic accountants find the evidence

Sample Solution

ountry at a time is very strong” (Schmittmann, 2010). Clearly the currency volatility, and double digit devaluation of the pound would back this statement up. A decision to hedge will ultimately be based on the time horizon of investments held. Froot (1993), similarly looked at the need to hedge from a UK investors perspective in the US markets and argued that currency hedges are less useful at reducing real return variance at long horizons than they are at short horizons. Contrary to this is the work of Statman and Fisher (2003), who found that the mean returns and standard deviation of global portfolios with currency hedging were approximately equal to those with unhedged currencies. Given the assumed IM’s investment time horizon to be medium to long term and not day trading, past evidence suggests no clear advantage of hedging, but again this isn’t a normal market. Correlation & Diversification “The primary motive for international diversification has been to take advantage of the low correlation between stocks in different national markets” Goetzmann, Li and Rouwenhorst (2002). “It is critical to be clear as to exactly why the internationally diversified portfolio opportunity set is of lower expected risk than comparable domestic portfolios. The gains arise directly from the introduction of additional securities and/or portfolios which are of less than perfect correlation with the securities and portfolios within the domestic opportunity set” (IPTD, no date). It is important to understand a few decades ago it was stated that cross border correlation was low (Grubel, 1968), yet the speed of change in globalisation through information technology and a more connected world, has resulted in more positively correlated stockmarkets between the developed nations. “The level of correlation between the UK and US market is now so high tha
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