1230245--2/28/2008--PIPER_JAFFRAY

related topics

{loss, insurance, financial}

{competitive, industry, competition}

{acquisition, growth, future}

{regulation, change, law}

{system, service, information}

{loan, real, estate}

{personnel, key, retain}

{condition, economic, financial}

{operation, international, foreign}

{stock, price, operating}

{interest, director, officer}

{provision, law, control}

{debt, indebtedness, cash}

{financial, litigation, operation}

Developments in specific sectors of the economy have in the past adversely affected, and may in the future adversely affect, our business and profitability. Our stock price may fluctuate as a result of several factors, including but not limited to changes in our revenues and operating results. The volume of anticipated investment banking transactions may differ from actual results. Financing and advisory services engagements are singular in nature and do not generally provide for subsequent engagements. Risk management processes may not fully mitigate exposure to the various risks that we face, including market risk, liquidity risk and credit risk. An inability to readily divest or transfer trading positions may result in financial losses to our business. Concentration of risk increases the potential for significant losses, and increases in capital commitments in our proprietary trading, investing and similar activities increase this risk. An inability to access capital readily or on terms favorable to us could impair our ability to fund operations and could jeopardize our financial condition. We may not be able to compete successfully with other companies in the financial services industry who are often larger and better capitalized than we are. Our ability to attract, develop and retain highly skilled and productive employees is critical to the success of our business. Our underwriting and market-making activities may place our capital at risk. Use of derivative instruments as part of our risk management techniques may not effectively hedge the risks associated with activities in certain of our businesses. We enter into off-balance sheet arrangements that may be required to be consolidated on our financial statements based on future events outside of our control, including changes in complex accounting standards. Our businesses, profitability and liquidity may be adversely affected by deterioration in the credit quality of third parties. The use of estimates and valuations involve significant estimation and judgment by management. The financial services industry and the markets in which operate are subject to systemic risk that could adversely affect our business and results. We have experienced significant pricing pressure in areas of our business, which may impair our revenues and profitability. We may make strategic acquisitions and minority investments, engage in joint ventures or divest or exit existing businesses, which could cause us to incur unforeseen expense and have disruptive effects on our business but may not yield the benefits we expect. Our technology systems, including outsourced systems, are critical components of our operations, and failure of those systems or other aspects of our operations infrastructure may disrupt our business, cause financial loss and constrain our growth. Our business is subject to extensive regulation that limits our business activities, and a significant regulatory action against our company may have a material adverse financial effect or cause significant reputational harm to our company. Our exposure to legal liability is significant, and could lead to substantial damages. Asset management revenue may vary based on investment performance and market and economic factors. The business operations that we conduct outside of the United States subject us to unique risks. We may suffer losses if our reputation is harmed. Regulatory capital requirements may limit our ability to expand or maintain present levels of our business or impair our ability to meet our financial obligations. Provisions in our certificate of incorporation and bylaws and of Delaware law may prevent or delay an acquisition of our company, which could decrease the market value of our common stock.

Full 10-K form ▸

1230245--2/28/2008--PIPER_JAFFRAY_COMPANIES