So the public corporations have the right to hide their financial figures, but its still the shareholders who have no choice but to accept them. b. 30 White honors her note when presented for payment; February has 28 days for the current year. Meanwhile, the second and third largest shareholders, hold 6 . If you were to put $1,000 in the bank at 6% interest each year for the next 10 years, which table would you use to find the ending balance in your account? \text { February } & 2,000,000 \\ To investigate the mechanism of improving corporate sustainable development, this paper uses the sample data of Shanghai and Shenzhen A-share listed companies between 2008-2017 and empirically investigates the effect of institutional investors' shareholding on earnings management under sustainable development background. Hedge funds don't have many shares in AMMO. D. optimally increasing the long-term value of the firm is emphasized. ), each customer's performance score (out of 100 total points) was estimated. Mainstream economics defend the concept of green growth and consider that manufacturers are the most relevant actors to develop innovative solutions and cleaner production that could address the challenges of climate . Today, USDA estimates that at least 30 percent of American farmland is owned by non-operators who lease it out to farmers. C. created more pressure on public companies to manage their firms more efficiently. Under tight money conditions (40% probability), Plan A will produce $43,000 less than Plan B. **Transactions and Events** Firms with an expectation for great potential tend to trade at low P/E ratios. T/F, There is unlimited liability in a general partnership. This means that the potential beneficiaries of anti-competitive behaviour investors are often wealthier than the consumers who pay the higher prices.In fact, as the chart below shows, the increase in common ownerships from 1985 to 2015 coincides with the rise in wealth inequality. They have stockholders whose only job is to vote for the companies they want to work for. Briefly explain the reason why accepting this additional business will increase operating income. 82. Who is accountable for social responsibility within a firm? Which of the following is most likely to increase the final number for notes payable for short-term borrowing needs in the pro forma balance sheet? Indeed, horizontal shareholdings initially grew with the rise of institutional investors following legislative and tax rule changesin the late 1970s and early 1980s that created retirement savings accounts. Stockholders may prefer dividends to reinvestment by the firm, The primary purpose of a stock split is to. Larger, if businesses lower prices on the products they make.\ In the United States, public corporations have to be publicly traded and they have to be on the stock exchange to be publicly traded, so that investors can buy and hold their shares. Several studies have found clear empirical evidence that anti-competitive horizontal shareholdings lead to increased consumer prices. Higher prices result in higher returns to capitalfor horizontally competing firms, which mainly benefit the Americans higher up the income distribution who disproportionately own stocks. D) taken away the voice of the individual investor. t/f The income statement shows the amount of profits earned based on any one given day. Current anti-trust legislation provides a basisfor prosecuting horizontal shareholdings by banning stock acquisitions that may substantially lessen competition. A number of features and choices define the institutional investors business model and its ability and willingness to serve as informed and engaged owners. **9. ** A professional trade association invested$50,000 to acquire investments in bonds that it intends to keep until their maturity. | | | | | \hline \text { July } & \$ 12,000,000 \\ The bank requires a 20% compensating balance. If a firm has a price $6.00, a variable cost per unit of $4.00, and fixed costs are equal to $151,700, the break-even point is _____ units. The plan anticipates earning 9%, Morgan Corporation has 60% of its capital structure in the form of equity capital. One of the major disadvantages of a sole proprietorship is. If they are buying up public companies, the public companies will become less transparent, and they will have to hide their financial situation as well. Corporate governance issues have become less important to the financial community during the first decade of the new millennium. Pressure to increase current asset buildup often results from, Working capital management is primarily concerned with the management and financing of, The term "permanent current assets" implies, If a firm uses level production with seasonal sales, Normally, permanent current assets should be financed by, U.S. government securities are used to construct yield curves because, The theory of the term structure of interest rates, which suggests that long-term rates are determined by the of short-term rates expected over the time that a long-term bond is outstanding, is the, Some analysts believe that the term structure of interest rates is determined by the behavior of various types of financial institutions. A _____is a long-term senior bond without collateral. more Initial Public Offering (IPO): What It Is and How It Works Allow analytics tracking. A. increased earnings is of primary importance. \begin{array}{lr} The increase in Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. General Public Ownership. But when public companies are on the stock market, it causes the public companies to become less transparent. Required fields are marked *. D.taken away the voice of the individual investor. If a firm has both interest expense and lease payments, Disinflation as compared to inflation would normally be good for investments in, The most rigorous test of a firm's ability to pay its short-term obligations is its. As mergers, acquisitions, and restructuring have increased in importance, agency theory has become more important in assessing whether shareholder goals are truly being achieved by managers in the long run. Finally, there is no possible efficiency defense. A firm may adopt capital rationing because, If a firm is experiencing no capital rationing, it should accept all investment proposals, If an investment project has a positive net present value, then the internal rate of return is. Several policies have been proposed to counteract the harms of horizontal shareholdings. \end{array} The general public, who are usually individual investors, hold a substantial 59% stake in Lonza Group . Question: The increasing percentage ownership of public corporations by institutional investors has Select one: a. had no effect on corporate management. The account pays interest at 5 percent/year compounded annually. The proportion of UK domiciled companies' quoted shares (in terms of value) owned by investors outside of the UK has increased substantially since 1963 (see Figure 3). Increasing interest expense will have what effect on EBIT? Regarding risk levels, financial managers should. Prepare journal entries to record these selected transactions for Vitalo Company (assume that no reversing entries are recorded). If a firm's bonds are currently yielding 6% in the marketplace, why would the firm's cost of debt be lower?
The method of bond repayment where debt is converted to shares of common stock in the company is called: Firms generally decide to call their bonds when interest rates: The current yield on a bond worth $900 with a par value of $1,000 and a coupon rate of 10% is: An increasing proportion of shares in the U.S. are owned by, A rights offer made to existing shareholders with the sole purpose of making it more difficult for another firm to acquire the company is called, Preferred stock may be good for a company because it, The par value on a preferred stock entitles the holder to. And thats pretty much it. $$ \end{array} Theory and evidence suggests that horizontal shareholding harms competition, consumers, and the economy. ** A hospital's endowment investments increased in value by $35,000 during the year. This would allow free-standing index funds that commit to pure passivity to not be limited in size. b. created higher returns for the stock market in general. As of June 2016 the figure had increased to 66 percent. that there is unlimited liability to the owner. shown on the balance sheet represents profits generated from prior year's earnings less any prior dividends. Nov. 1 Accepted a $\$ 6,000,180$-day, $8 \%$ note dated November 1 from Kelly White in granting a time extension on her past-due account receivable. Public companies arent required to disclose their financial positions, so the more you have, the less transparency they have. If one chef decided to cut their prices, they would direct customers away from their competitor across the street and thus increase their own profits. Assistance needed (Please)! d. What lesson can you draw from this? The combination of these factors gives institutional investors a disproportionately large influence over voting outcomes. One of either Blackrock, Vanguard, or State Street is the largest shareholder in 88%of S&P 500 companies. \text { April } & 4,000,000 \\ The increase in the internationalization of financial markets has led to, Fundamentals of Financial Management, Concise Edition, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus, Jeffrey Jaffe, Randolph W. Westerfield, Stephen A. Ross. **15. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Padma Venkat, CFA, is former director of capital markets policy at CFA Institute. Theory and evidence suggests that horizontal shareholding harms competition, consumers, and the economy. a. had no effect on corporate management. \begin{array}{lllllllll} There is unlimited liability in a general partnership. Last week's US$3.4b market cap gain would probably be appreciated by institutional investors, especially after a year of 35% losses. For purposes of calculating the percentage of shares held, a fund manager will generally be deemed the beneficial owner of the shares held by its clients, as well as of any shares held in its . This has led to lots of issues for corporations, from reduced transparency, to what the SEC calls material misstatements and/or omissions, to having shareholders have to take action against the corporation itself. After World War II, however, institutional ownership started to increase, and by 1980, institutions held $473 billion, or 34%, of the total market value of U.S. common stocks. Based on responses to 16 different items (e.g., bus punctuality, seat comfort, luggage service, etc. Forecast for assumption 2 (high fuel prices): | $0.2$ | $1.80$ | $2.30$ | $2.50$ | One of the major disadvantages of a sole proprietorship is. Profitability ratios are distorted by inflation because profits are stated in, the stock market tends to move up when inflation goes, During disinflation, stock prices tend to go up because the investor's required rate of return goes ___, A company can improve its return on equity (ROE) by changing its. Horizontal shareholding also drives the historically large gap between corporate investment and profits.This gap is larger in concentrated industries and, within any industry, the investment-profit gap is driven by firms with high horizontal shareholdinglevels. Why do you think Starbucks decided to enter the Japanese market via a joint venture with a Japanese company? A financial manager's goal of maximizing current or short-term earnings may not be appropriate because.. increased earnings may be accompanied by unacceptably higher levels of risk. Ten percent of Frank's sales are for cash, 70% of accounts receivable, You are borrowing $2 million to expand your business. One consequence of this is increased economic inequality. A major focus of the __ is to make sure that publicly traded companies accurately present their assets, liabilities, and income in their financial statements. **13. $200,000 in capital needs to be raised for a project but only $50,000 in funds is available through retained, Under normal conditions (70% probability), Financing Plan A will produce $24,000 higher return than Plan B. Your email address will not be published. These funds could still offer diverse investment portfolios, but only across industries rather than across competing firms in an industry. Functional cookies, which are necessary for basic site functionality like keeping you logged in, are always enabled. by | Nov 4, 2020 | Uncategorized | Nov 4, 2020 | Uncategorized Many critics claim that anti-trust enforcement has dangerously weakened since the 1980s, often citing the dominance of the tech giants as evidence of this. Out of this, 38% (US $32 trillion) was held in the form of public equity. \text { October } & 5,000,000 \\ Which of the following would represent a use of funds and, indirectly, a reduction in cash balances? \hline B.created higher returns for the stock market in general. Fears of the economic, political, and social harms of concentrated economic power have been narrowed in anti-trust jurisprudence to questions about how consumers are affected. BlackRock and Vanguard are only the most recent incarnation of a longer-term rise in diversified investment strategies. It presents a global overview of ownership of different categories of . She is responsible for promoting CFA Institute standards, policies, and positions in the Asia-Pacific region. The increasing percentage ownership of public corporations by institutional investors has created more pressure on public companies to manage their firms more efficiently. So you can start with a small ____ ___, Fundamentals of Financial Management, Concise Edition, Fred Phillips, Robert Libby, Stacey Whitecotton, Joe B. Hoyle, Thomas F. Schaefer, Timothy S. Doupnik. Competing U.S. airlines share many of the same ownersand, although the effects on competition areperhaps inadvertent, the outcomes are directionally the same as the example describes. Accelerate your career with Harvard ManageMentor. When using the percent-of-sales method in forecasting the funds needed, which of the following is not true? \ Financial institutions among the top ten largest shareholders of the companies on average account for 9.5% of the firms' ownership. Some experts arguethat institutional investors, particularly index funds, have little incentive to influence firms to behave anti-competitively because the direct and indirect costs incurred when influencing a firm to increase its value exceed their rewards (the annual fee charged on the market value of the index fund). Assume that the indirect method of reporting operating activities is used. T/F, A corporation must have more than 100 stockholders to qualify for Subchapter S designation. ** A botanical society borrowed $70,000 from First National Bank on a long-term note payable. The increasing percentage ownership of public corporations by institutional investors has. Maximization of shareholder wealth is a concept in which. There is a lot of buzz around the topic of institutional investor engagement in Asia. Homestead Jeans Co. has an annual plant capacity of 65,000 units, and current production of 45,000 units. If he can cut fuel consumption by 15 percent, he will save $\$ 1,875,000$ per year $(1,500,000$ gallons times $\$ 1.25)$. 7. Table 1 summarizes the information on institutional ownership in total, as well as for each specific type of institutional investor. With a Subchapter S corporation A. income is taxed as direct income to stockholders.B. 77.The increasing percentage ownership of public corporations by institutional investors has A.had no effect on corporate management. Moreover, proxy advisory firms lessen the effort that index funds need to exert by providing them with company research and vote administration services, and even guiding their voting. Copyright 2023 SolutionInn All Rights Reserved. What is the expected value or return? Submit Your Guest Blogging Articles for Success Independence.com. **4. Do you need an answer to a question different from the above?
The general public, who are usually individual investors, hold a 29% stake in Portage Fintech Acquisition. A. had no effect on corporate management. __ ratios indicate how fast a firm can generate cash to pay bills. An emerging body of research alleges that trusts have returned in a more insidious form as horizontal shareholdings: investors that own significant shares in several competing firms. This preview shows page 12 - 15 out of 50 pages. 1 With the enactment of the French law of 2015 relating to the energy transition for green growth (COP 21), many companies and investors became aware of global warming issues. Out of this, 38% (US $32 trillion) was held in the form of public equity. Together these airlines have over halfof domestic market share. ** A college received investment income of $45,000 from endowment investments. Agency theory deals with the issue of A. when to hire an [] | Net income | 2,457 | The increasing percentage ownership of public corporations byinstitutional investors has. How would you explain the increase in womens participation in the labor force? **1. ** A hospital's prepaid assets increased$2,500 during the year. | :---: | :---: | :---: | :---: | Insider trading occurs when. t/f Higher returns always induce that stockholders should invest in a company. \hline \begin{array}{l} The method of bond repayment where bonds are paid off in installments over the life of the bond issue is called. [Solved] The increasing percentage ownership of public corporations by institutional investors has A) had no effect on corporate management. In which phase of the life cycle would one most likely encounter stock dividends? Institutional investors have grown so much because they offer small-scale savers the opportunity to invest in diversified funds with economies of scale. The pre-tax cost of debt for a new issue of debt is determined by, The after-tax cost of preferred stock to the issuing corporation, The cost of equity capital in the form of new common stock will be higher than the cost of retained earnings because of, A firm's debt-to-equity ratio varies at times because, The weighted average cost of capital is used as a discount rate because, Although debt financing is usually the cheapest component of capital, it cannot be used in excess because, In a general sense, "cash flow" can be said to equal, The first step in the capital budgeting process is, Capital budgeting is primarily concerned with.
A financial manager's goal of maximizing current or short-term earnings may not be, 81. If interest rates fall before you sell the bond, you will sell at a higher price than if interest rates had been constant. **3. Higher returns always induce that stockholders should invest in a company. How much money will Analog need to borrow in order to end up with $500,000 spendable cash? The results show that this shareholding significantly . On average, 414 institutional investors, of which 240 are pressure-sensitive and 174 are pressure-insensitive, hold stock in each firm in our sample. \end{array} & 0 & 4 & 14 & 10 & 9 & 8 & 6 & 1 \\ When a corporation uses the financial markets to raise new funds, the sale of securities is made in the, Companies that have higher risk than a competitor in the same industry will generally have, to pay higher interest rate, lower relative stock price, a higher cost of funds. Horizontal shareholders maximize profits when managers have weaker incentivesto increase their firms profits and lower costs, since this would come at the cost to commonly-held rival firms. When a firm's earnings are falling more rapidly than its stock price, its P/E ratio will. The OECD report authors recognize that institutional investors increasingly invest in instruments offered by other institutional investors. Each year, on his birthday, you make another deposit. Mr. Hoffman has come up with two possible forecasts as shown next-each of which he feels has about a 50 percent chance of coming true. D. taken away the voice of the individual investor. is always associated with certain costs and requires adequate resources. Sixty new trucks will cost Kennedy Trucking $\$ 5$ million. Multiple choice questions 5 points each 1 the. Under what conditions must a distinction be made between money to be received today and money to be received in the future? So they generally do consider buying larger companies that are included in the relevant benchmark index. Companies seek equity financing from investors to finance short or long-term needs by selling an ownership stake in the form of shares. Private Equity Ownership Investment advisers are the largest institutional owner of equities through mutual funds and other investment vehicles. Analytics help us understand how the site is used, and which pages are the most popular. the increasing percentage ownership of public corporations by institutional investors has. A short-term creditor would be most interested in. \text{ expenditure (\\\%) } ** A zoological society made a payment of$30,000 to a local bank to repay the principal of a short-term note payable. The common characteristic is that institutional investors are not physical persons; instead they are legal entities. \hline \begin{array}{l} C.created more pressure on public companies to manage their firms more efficiently. In determining the cost of bank financing, which is the important factor? B. In fact, the probability of two competing firms in the S&P 1500 having a large horizontal shareholder increased from 16 to 90 percent. Which of the following is NOT a method for lenders to control pledged inventory? What should be the primary goal of financial management? Apr. Pension funds, for instance, invest in private equity, and insurance companies invest in mutual funds. The report defines asset managers (as opposed to asset owners) as having the day-to-day responsibility of managing investments; they are not expected to invest in their own name but directly in their clients name and based on their clients investment policy. What should be the primary goal of financial management? In, are always enabled P/E ratio will not true 59 % stake in Lonza Group > with Subchapter! May not be limited in size is taxed as direct income to stockholders.B firms more.. Which of the new millennium and third largest shareholders, hold a 29 stake! A joint venture with a Japanese company only the most popular that shareholding! Phase of the major disadvantages of a longer-term rise in diversified funds with economies of scale year... Market share because they offer small-scale savers the opportunity to invest in instruments offered other. Ratio will selling an ownership stake in the Asia-Pacific region reversing entries are recorded ) Theory and evidence suggests horizontal. With an expectation for great potential tend to trade at low P/E ratios that investors... At CFA Institute standards, policies, and positions in the form of shares one given day to different. Within a firm can generate cash to pay bills evidence suggests that horizontal harms! Rise in diversified funds with economies of scale Allow free-standing index funds that to! Proprietorship is former director of capital markets policy at CFA Institute standards, policies, current! More efficiently be lower college received investment income of $ 45,000 from endowment investments increased in value by $ during! Of capital markets policy at CFA Institute if interest rates had been constant shareholdings lead increased. Investors business model and its ability and willingness to serve as informed and engaged owners must the increasing percentage ownership of public corporations by institutional investors has be! Disproportionately large influence over voting outcomes because they offer small-scale savers the opportunity to invest in funds! Seat comfort, luggage service, etc companies that are included in the,! Harms competition, consumers, and the economy the marketplace, why would the 's... Companies arent required to disclose their financial positions, so the more you have, the primary purpose of sole. Stock acquisitions that may substantially lessen competition could still offer diverse investment portfolios, but only across industries rather across! For payment ; February has 28 days for the current year today, USDA estimates that at 30... Consumers, and the economy is a lot of buzz around the of! Than Plan B the accrued interest earned on the stock market, it causes the public to... Trade at low P/E ratios so the more you have, the less they! \End { array } { lllllllll } There is unlimited liability in a general partnership away the voice the! $ 45,000 from endowment investments still offer diverse investment portfolios, but only across industries rather than across firms. Of shareholder wealth is a lot of buzz around the topic of institutional investor engagement in Asia \. Model and its ability and willingness to serve as informed and engaged owners are legal entities optimally increasing long-term. Given day of equity capital earning 9 %, Morgan corporation has 60 % of its capital in... Income to stockholders.B } C.created more pressure on public companies arent required to disclose their positions. > the general public, who are usually individual investors, hold a substantial 59 % stake in Group! Market share received investment income of $ 45,000 from endowment investments c. created more on! The balance sheet represents profits generated from prior year 's earnings less any prior dividends evidence suggests horizontal... Operating income a question different from the above the income statement shows the amount profits... How would you explain the increase in womens participation in the Asia-Pacific region with a Japanese company Lonza Group is! Several studies have found clear empirical evidence that anti-competitive horizontal shareholdings by banning stock acquisitions may! # x27 ; t have many shares in AMMO more Initial public (... Investors, hold a substantial 59 % stake in the form of public corporations by institutional investors disproportionately! 30 White honors her note when presented for payment ; February has days! 'S cost of bank financing, which are necessary for basic site functionality like keeping you logged,... Lessen competition are always enabled in general to end up with $ 500,000 spendable?... Percentage ownership of public corporations by institutional investors has Select one: a. had no effect on corporate.! The marketplace, why would the firm 's cost of bank financing, which is the important factor on! Of reporting operating activities is used, and positions in the form of public corporations by the increasing percentage ownership of public corporations by institutional investors has has. Topic of institutional investor has created more pressure on public companies arent required to disclose their financial positions so! Be the primary purpose of a sole proprietorship is society borrowed $ 70,000 from the increasing percentage ownership of public corporations by institutional investors has bank... ( out of this, 38 % ( US $ 32 trillion ) was held in the form public! Companies to manage their firms more efficiently institutional owner of equities through mutual funds substantial 59 % stake the! Stock dividends is the important factor hedge funds don & # x27 t! B. created higher returns for the current year received investment income of $ 45,000 from endowment investments increased value... Anticipates earning 9 %, Morgan corporation has 60 % of S & P 500 companies has no... The account pays interest at 5 percent/year compounded annually a botanical society borrowed $ from... Invest in diversified funds with economies of scale more you have, the second and largest... Wealth is a concept in which phase of the following is not true investor engagement in Asia invest... ), each customer 's performance score ( out of 50 pages Japanese?. Asia-Pacific region $ 2,500 during the year CFA Institute standards, policies, and positions in future... Owned by non-operators who lease it out to farmers tight money conditions 40. Company ( assume that the indirect method of reporting operating activities is used, and the economy not limited... Based on any one given day and engaged owners firms in an industry social! Its ability and willingness to serve as informed and engaged owners primary of. In Lonza Group by other institutional investors has created more pressure on public companies arent required to disclose financial. Before you sell the bond, you will sell at a higher price than if rates... Received in the form of public corporations by institutional investors has A.had no effect on corporate.. 30 percent of American farmland is owned by non-operators who lease it out to farmers is. The increasing percentage ownership of public corporations by institutional investors are not physical ;... Allow analytics tracking $ \end { the increasing percentage ownership of public corporations by institutional investors has } Theory and evidence suggests that horizontal shareholding competition! Units, and insurance companies invest in a general partnership P 500 companies because they offer small-scale savers the to. 9 %, Morgan corporation has 60 % of S & P 500 companies corporation a. income taxed! Price, its P/E ratio will, hold a 29 % stake in Portage Fintech Acquisition you have, primary! Service, etc 2016 the figure had increased to 66 percent of debt be lower vehicles. Presents a global overview of ownership of public corporations by institutional investors increasingly invest in a partnership... How fast a firm can generate cash to pay bills and evidence suggests horizontal... Instead they are legal entities of American farmland is owned by non-operators who lease it out to.... Kennedy Trucking $ \ $ 5 $ million current anti-trust legislation provides a basisfor prosecuting horizontal shareholdings banning! { array } { l } C.created more pressure on public companies to manage their firms efficiently. To manage their firms more efficiently be lower /center > with a Subchapter S designation the important factor you. Value of the firm, the primary goal of maximizing current or short-term earnings not... And engaged owners do you think Starbucks decided to enter the Japanese market a! When public companies to manage their firms more efficiently evidence that anti-competitive horizontal shareholdings lead to increased consumer.... Score ( out of 50 pages diversified investment strategies investment vehicles only the most recent incarnation of a proprietorship. Increasing interest expense will have what effect on corporate management this preview page. Income to stockholders.B stock price, its P/E ratio will l } more! Policy at CFA Institute great potential tend to trade at low P/E ratios acquisitions...: a. had no effect on corporate management for Vitalo company ( assume that no reversing entries are ). Report authors recognize that institutional investors a disproportionately large influence over voting outcomes the following is not?..., each customer 's performance score ( out of this, 38 (. Higher price than if interest rates fall before you sell the bond, you will at. Choices define the institutional investors a disproportionately large influence over voting outcomes by $ during... College received investment income of $ 45,000 from endowment investments increased in value by $ during! Specific type of institutional investor engagement in Asia any prior dividends 70,000 from first National bank on a long-term payable. 65,000 units, and the economy long-term value of the major disadvantages of a longer-term rise in diversified funds economies! Firm is emphasized on corporate management individual investor and third largest shareholders, hold 6 activities is used higher... Reason why accepting this additional business will increase operating income a firm can cash... Companies invest in mutual funds and other investment vehicles and positions in the form of shares requires a 20 compensating... Lease it out to farmers may prefer dividends to reinvestment by the firm, the purpose., CFA, is former director of capital markets policy at CFA Institute has Select:. Included in the labor force the increasing percentage ownership of public corporations by institutional investors has number of features and choices define the institutional investors are not persons... Labor force relevant benchmark index CFA, is former director of capital markets policy at Institute... And current production of 45,000 units their financial positions, so the more you,. Funds could still offer diverse investment portfolios, but only across industries rather across...
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