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  "docSlug": "0900eea60013",
  "documentTitle": "New Oriental Education & Technology Group (EDU)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-07-18 00:00:00",
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  "nDataPoints": 1,
  "notes": "The slide contrasts a formal process flow with informal, potentially contradictory statements from an employee.",
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      "text": "An EDU employee made the below statements during a call this year with a potential franchisee.",
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      "kind": "diagram",
      "text": "Franchisee onboarding flowchart",
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      "text": "An EDU employee made the below statements during a call this year with a potential franchisee. We have posted a subtitled recording of the conversation at http://www.muddywatersresearch.com/watch-the-video-edu. The entire transcript (in English) is in the Appendix.",
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      "text": "The below is a translation of the flowchart:",
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      "kind": "quote",
      "text": "\"...in our franchise area, you are solely responsible for your own profits and losses. We won't get overly involved in the daily operations and personnel management...\"",
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      },
      "kind": "quote",
      "text": "\"No matter how many branches you open, it's charged as one school... New Oriental always charges fees based on the size of the first school.\"",
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      "kind": "quote",
      "text": "\"...The franchise fee is like this, the franchise fee is different depending on various regions... There is also an overall evaluation of the city...\"",
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      "text": "\"...in our franchise area, you are solely responsible for your own profits and losses. We won't get overly involved in the daily operations and personnel management. If you want, we can give you some advises on staff selections. But we will not hire people for you...\" — EDU Employee",
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