n = 9; df = 8
Source: Author’s own analyses using publicly available data
Note that all sources for such statements had to be omitted to ensure the company in question remains anonymous.
Even though Viceroy Research Group was the first to formally reveal the presence of irregularities in the dealings and financial statements of Company X, the report has been plagiarised from an unavailable report by Portsea Asset Management, a London-based hedge fund. Intellidex, a leading South African capital markets and financial services research house, revealed this in June 2018. In the interest of sound research practices, only sections from the Portsea Report, as disclosed with permission by Intellidex, will be used in this article. The Viceroy Report is only mentioned as being the vehicle that first made the irregularities formally known to the public.
In the interest of space, the tables containing the horizontal, vertical and ratio analyses are not reproduced in the text, but only discussed.
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