Dear Fumi,

Thank you for your fourth message sent on > Date: 05 Jun 98 11:56:36.

This is the second of two messages from me this week. Both messages are

my reply to your fourth message.

> Dear Dr. M. Susan Stiner,

>　

> Thank you for your last message and advice. I really appreciated it.

>　

> In the assignment, I couldn't find the keys to understand the difference

> between U. S. Securities and Exchange Commission and Japan's Securities and

> Exchange Commission. I went to the American Stock Exchange and Japan's Stock

> Exchange in the Internet, but I didn't know what to do.

I'm sorry this task was hard for you (and everybody else). I was

looking for comments along the lines of: the US SEC's goal is to provide

copious information for the individual investor as an aid in

decision-making. Japan's SEC is not as focused on providing information

for investors. The US has a higher proportion of individual investors,

for whom it is difficult to obtain information about the companies. The

SEC forces the revelation of that information so that it is available to

all.

There are other differences, of course. That is only one example.

> I chose the Sony Corporation for the financial statements. Its website

> consolidated results for the year, and says, " During the fiscal year ended

> March 31, 1998, Sony achieved record consolidated sales and operating revenue,

> operating income, income before income taxes, and net income for the second

> consecutive fiscal year. These strong results were achieved through sales

> growth over the prior year in the Electronics, Game, Music, Pictures, and

> Insurance business groups" in the Performance Highlights.

Thanks so much putting quote marks around the quotation and for

citing your source of the quote.

> I think Sony is one of the fastest growing companies here in Japan,

> and its strategy is unique and effective. I would like to know more about it.

Sony continues to do well, despite the absence of Morita as chairman.

Why do you think that is so?

In the US, sometimes companies do well when a strong chairman leaves his

position, and sometimes, not. In the US, often a strong chairman will

not groom anyone else to take his place. His absence leaves a hole that

is difficult to fill.

> In fact, I could find the financial information at McDonald's USA site,

> but couldn't see the financial statements at McDonald's of Japan site. Maybe,

> there are some ways to go into there.

There may not be. Try doing a search for another site with McDonald's

financials.

> I think the flow of accounting information over the Internet helps

> corporations and investors to decide in which corporation they should invest,

> and to assume which corporation has been doing better, and so on.

Exactly right!

> I also went to the Villanova University website, and saw the campus,

> Bartley Hall, St. Thomas of Villanova Church and so on. I loved the place, and

> I would like to go there someday.

I hope you can. You can stay with us!

> Happy weekend!

>　

>　

> Sincerely,

> Fumi

This year has given us much strange weather. Part of Pennsylvania near

here had a tornado. That is very rare here.

This website tells about tornadoes:

If you click on "Photo Gallery," you can see several pictures of

tornadoes. The photo gallery loads very slowly, however. It has very

many graphic images. The tornado pictured as the background of the main

page is scary enough for me!

This page shows how tornadoes start:

The intensity of a tornado is measured by a "Fujita scale." This page

tells about the Fujita scale. It should load relatively fast, because

it is mostly text. The Pennsylvania tornado was probably an F2.

Fumi, the midwest is the usual places for tornadoes. Kansas is one

midwest state that has a lot of tornadoes every summer. A famous movie

was made from a famous children's story about a Kansas girl and her dog,

Toto, who were caught in a tornado. Click here for a very interesting

site on "The Wizard of Oz:"

(Caution: this site is heavily graphic and takes a while to load.)

Sincerely,

--

Prof. M. Susan Stiner