The family makes these kinds of decisions, and the board is comfortable with this as a starting point.” Place his statement into the context of the general di ![]() > George Vera, CFO of the Packard Foundation, was quoted as saying: “This is a family foundation. > Was there an endowment effect at work at the Packard Foundation? > In its April 2003 report, the Morgan Stanley team computed EBITDA as “Adjusted Operating Income plus Depreciation Add back.” The adjustment in question is to “Reported Operating Income.” The report explained the adjustment as follows: “eBay includes unus > Does the chapter present any information that would lead you to conclude that managers at Sun Microsystems were averse to a sure loss? Discuss. Compare the situation at Sun with the situation at Merck in respect to their debt policies. ![]() In 1999, Sun paid $138.6 million in taxes. > During its most profitable years in the late 1990s, Sun did not carry any debt. > Discuss the comment Scott McNealy made in his interview about not having hired a chief operating officer. Do these statements suggest that Sun engaged in market timing during the technology bubble? > You can find Sun’s statement of cash flows on the book web site. > Did Merck’s managers exhibit confirmation bias in their assessment of Vioxx? Discuss this question. In June she qualified her prediction to say that although Vioxx sales would be closer to the lower end of th > At the beginning of 2001, Merck†™ s CFO Judy Lewent predicted that Vioxx sales for the year would be between $3 and $3.5 billion. Half the subjects in the study received Vioxx, and the other half received naproxen. Notably, Merck chose to include only subjects whose risk of experiencing a heart attack was low. > Merck’s VIGOR study used 8,000 subjects. ![]() The Wall Street Journal article pointed out that the November 2000 issue of The New England Journal of Medicin > On November 2, 2004, The Wall Street Journal published an article describing the manner in which Merck’s executives made decisions about Vioxx. The first position is that Merck should have warned patients about the enhanced risk of heart attack or stroke (after prolonged use of the drug) with prominent language on drug packaging and ads. Compare two positions about Merck’s handling of Vioxx.
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