继续：
- 监管者，还是被监管者的利益诉求？
Congress’s unwillingness to give the SEC the resources it needed to do its job reflflected more than competing claims on the federal budget. From an ide�ological standpoint, many members of Congress opposed strict controls on business. One manifestation of this attitude was a 1995 proposal for a fifive� year freeze on the SEC’s budget, a cutback in the number of commissioners from fifive to three, and a requirement that the agency justify the cost of any regulatory change.
- 并购会计的诡计 —— 为了使得并购后利润最大化，进行的各种会计操作；虽然会计准则有变化，国家之间也有不同，但是管理层的动机都是相同的
- 反之，卖出股份（并购的反向操作），也可能只是为了利润（投资收益）
- 连宗教都看不过去了。。。
In 1992, the Roman Catholic Church offificially classifified fraudulent accounting as a sin. A catechism unveiled in that year listed cooking the books in a series of so-called new transgressions, that is, offenses not known in 1566, the time of the last previous overhaul of church teachings.
- 操纵盈余的五大迹象（相关性指标）：
1. Increasing days’ sales in receivables.
2. Deteriorating gross margins.
3. Decreasing rates of depreciation.
4. Decreasing asset quality (defifined as an increase in the ratio of noncurrent assets other than property, plant, and equipment to total assets).
5. Growing sales.
- 注意，是操纵盈余，现金流很难造假
- 所以，连con-call中的词汇都可以用来进行classification..... Detecting Deceptive Discussions in Conference Calls
- 关于脚注：
If you cannot understand the footnotes, it is because management does not want you to - a remark by master investor Warren Buffett
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