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Who Are Insiders?
• An insider is a shareholder who owns more than 10 % of equity in a corporation
or
an officer (the top five highest paid officers)
or
a director of a particular corporation.
Key Securities and Exchange Commission (SEC) documents• Proxy Statement (DEF 14A)
– Contains material facts shareholders will vote on
• Form 3
– Initial report of holdings
• Form 4
– Insider filing reporting the buying and selling of stock
• Form 5
– Annual statement of beneficial ownership
• SEC website: http://www.sec.gov/
Stock Ownership• Beneficial Owner
– The individual who directly or indirectly has the power to sell the security.
• Directly Held Stock
–Sole voting and investment power over shares, including the power to gift the shares.
• Indirectly Held Stock
– Defined by shared voting and/or investment power. Shares owned by family members, foundations, trusts, and pension plans are examples of indirectly held shares claimed by individuals.
• Stock Options – The right to buy a certain number of shares of a given stock at a pre-determined price within a limited period of time.
Historical SEC Edgar Archives:• URL: http://www.sec.gov/cgi-bin/srch-edgar
Proxy Statement Stock Example• Stock ownership section in DEF14A, The St. Joe Company proxy statement, filed on April 12, 2005
Proxy Statement Compensation Example
• Compensation section in DEF14A, The St. Joe Company proxy statement, filed on April 12, 2005
Example of a Form 4 – • Statement of changes in beneficial ownership,
filed on behalf of Robert Bach on May 11, 2005 reporting Microsoft holdings
• URL: http://www.sec.gov/Archives/edgar/data/789019/000119309605000006/xslF345X02/edgar.xml
Yahoo! Finance• URL: http://finance.yahoo.com/
• Quick, easy place to find basic stock statistics
More Yahoo! Finance features• To look for an individual’s holdings scroll down and
under ownership select insider roster and then click on the individual.
Salary Calculators and SurveysGeneral Salary Calculators
• CBsalary.com - http://www.cbsalary.com
• Salary.com’s Salary Wizard – http://www.salary.com/personal/layoutscripts/psnl_default.asp
Physician Salary Surveys
• Physician Salary Survey – First Year Starting Salary National Average - http://www.physicianssearch.com/physician/salary1.html
• Physician Salary Survey – In Practice Three Plus Years – http://www.physicianssearch.com/physician/salary2.html
Attorneys – Associate Salaries
• FindLaw Career Center – Firm Salaries and Other Statistics Charts – http://www.infirmation.com/shared/insider/payscale.tcl
ResourcesSecurities & Exchange Commission (Homepage):
http://www.sec.gov/index.htm
Securities & Exchange Commission Historical EDGAR Archives: http://www.sec.gov/cgi-bin/srch-edgar
To learn more about the various SEC Forms: http://www.sec.gov/info/edgar/forms/edgform.pdf
Latest Filing Received and Processed at the SEC: http://www.sec.gov/cgi-bin/browse-edgar?action=getcurrent
Yahoo! Finance: http://finance.yahoo.com/?u
InvestorWords.com: http://www.investorwords.com/
Investopedia.com:FinancialDictionary: http://www.investopedia.com/dictionary/