Putting the gloss on write-offs is where IR meets accounting
If a Martian or other extraterrestrial suddenly landed on Earth after studying the pre-1980 basics of the American capital markets, he/she/it would probably scratch its pyramid-shaped head, trying to figure out why a stock would rise immediately after a company suffers a shake-up and takes a huge write-off on its balance sheet. 'How odd,' it would say in Rille 42 dialect.
Behind the confusion is the fact that such write-offs occur when a company declares a loss on certain assets, reducing
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