Forecasting without Consequence-Evidence on the Properties of Retiring CEO

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英语同等学力人员申请硕士学位试卷及答案指导(2025年)

2025年同等学力人员申请硕士学位英语自测试卷及答案指导一、口语交际（共10分）第一题Conversation:A: Hi Jacob, how are you?B: Hi Anna, I’m doing pretty well, thanks. How about you?A: I’m doing great. I was just thinking about the upcoming group project. We need to split the work.B: Sure, no problem. What tasks do you think we should work on?A: Well, I was considering the research part since I have experience in that area.B: That sounds fair. I’ll take care of the writing part then. Let’s set up a meeting to discuss the specifics later.A: Definitely. I’ll send out the meeting invite next week.1、What is the purpose of their conversation?a)Planning a meetingb)Discussing the division of laborc)Complaining about the workloadd)Introducing new members to the teame)Sharing personal health updatesAnswer: b2、Whom is Anna talking to?a)Her family memberb)Her colleaguec)Her friendd)Her professore)Her clientAnswer: b3、What task is Anna considering for herself?a)Writingb)Presentingc)Researchd)Editinge)DesigningAnswer: c4、What task is Jacob taking care of?a)Researchb)Writingc)Presentationd)Editinge)DesigningAnswer: b5、What will Anna do after the conversation?a)Call Jacobb)Send out a meeting invitec)Finish the project aloned)Cancel the projecte)Ask for more tasksAnswer: b第二题A conversation between two friends, Alice and Bob, about their study plans and university life.Alice: Hi, Bob! It’s been a while since we last studied together. Are you still preparing for the postgraduate entrance exam?Bob: Hi, Alice! Yes, I am. I’m really excited to enter graduate school. How about you? Have you made any progress on your studies?Alice: Yes, I’ve been working hard. I’m particularly focused on preparing for the TOEFL exam as it’s a requirement for my pro gram. Last week, I attended a preparation class and I wanted to discuss it with you.Bob: That’s great! What do you think of the class?Alice: I found it quite helpful. The instructor explained the format and strategies for each section. We even had a little practice session at the end.Bob: Nice! I heard about the class. Do you think it covered everything important?Alice: Yeah, I think it did. They even provided some sample questions andanswered our doubts. I was able to improve my speaking skills, which is essential for my program.Bob: Speaking skills are indeed crucial. By the way, is there anything you want to improve the most?Alice: Definitely my writing. It’s really challenging for me. I struggle to organize my thoughts and write coherently. So, any tips you can give me would be appreciated.Bob: Sure, I can help with that. First, try to practice writing short essays on a regular basis. It’ll help you get used to the structure and vocabulary required for academic writing.1.What topic did Alice discuss with Bob about her study plan?A) The postgraduate entrance examB) The TOEFL examC) The preparation class for the postgraduate entrance examD) The challenges she faces in her writing2.How does Alice feel about the preparation class she attended?A) She thinks it’s a waste of time.B) She thinks it’s quite helpful.C) She thinks it’s not informative enough.D) She thinks it’s too difficult for her.3.What kind of assistance does Alice seek regarding her writing improvement?A) Reading tipsB) Speaking tipsC) Writing tipsD) Vocabulary tips4.What does Bob suggest Alice do to improve her writing?A) Practice reading a lotB) Practice writing short essays regularlyC) Focus solely on spoken EnglishD) Take a proofreading course5.What is one aspect of the TOEFL exam that Alice needs to improve on?A) Listening skillsB) Reading skillsC) Writing skillsD) All of the aboveAnswers:1.B2.B3.C4.B5.C二、词汇-选择填空（本大题有10小题，每小题1分，共10分）1、In today’s fast-paced world, staying healthy requires a__________balance of physical exercise, a nutritious diet, and mental well-being.A. perfectB. perfectibleC. perfectiveD. perfectible答案：A解析：选项A “perfect” 意为“完美的”，符合题意。

1-5单元课件中的阅读理解题及答案

Unit 1True or False1. The problem for advanced students is that the more they learn, the less they know. （F）Students may feel that the more they learn, the less they know, which according to the author, is not true. The problem for advanced students lies in the seemingly much slower progress they are making at this level.2. Beginners can make obvious progress because they are learning the basic structures and patterns of the language which they can put into practice more easily. （T）3. The teacher feels frustrated because he can do nothing when he sees his students struggling with the bewildering variety of idioms and phrases and more complex structures and patterns. （F）Because he finds his efforts appear to produce less obvious results.4. Students feel frustrated when they discover that the process of learning English does not appear to become simpler. （T）5. According to the text, some students give up learning English because they are disgusted at the teachers’frustration. （F）Because they are now confronted with a vast untouched area of English vocabulary and usage which falls outside the scope of basic textbooks and it is difficult for them to make and see any progress.6. The author thinks that a good command of the more complex language structures and patterns is indispensable for students to make themselves well understood in the communication. （F）According to the author, the more complex structures and patterns one encounters in a language are not as vital to making oneself understood and so have a less immediate field of application.7. At the advanced level, selecting what should be taught has become more challenging for teachers. （T）Questions and Answers1. Does the author think the suggestion practicable that students should spend a few years in an English-speaking country? Why or why not?No, he doesn’t, because few students can afford the time and money to do so.2. What does the author think of wide reading?He thinks it is helpful and that it is necessary to make some kind of selection.What is the author’s advice to teachers of English?Teachers should choose the right teaching material and use the right method so that students can become fluent both in speaking and in writing.Unit 2 noneUnit 3True or False1) All of us are fully aware of our self-image, i.e. a mental picture of ourselves. (F)2) You will act like the person of your self-image subconsciously. (T)3) It has been difficult for some people to change their way of life because their efforts at change are directed to their self-images. (F)4) In order to think positively about a particular situation, you have to hold a positive concept of self. (T)Unit 4Questions and Answers1.How would most parents in the past feel if their child had developed certainabilities or inclinations at an earlier age than usual?They would feel upset2. What do many parents believe now?They believe that to be exceptional at an early age will put a child in an advantageous position.3. What’s your opinion about the two assumptions: “early ripe, early rot”and“early ripe, early rich”? Do you agree?Open-ended.4. Have you found that many parents in China today also entertain the notion that wecan create exceptional children by early instruction? If you have, please come upwith your examples.Open-ended.Unit 5True or False1. Science started as soon as history began to be recorded. ( F )Science had its beginnings before recorded history.2. It is nature’s dependability that enables humans to control it. ( T )3. Supernatural forces prevented science from advancing. ( F )The powerful opposition to scientific methods and ideas made advance slow.4. Bruno supported Copernicus when Copernicus’s book was still banned by the Church. ( T )5. Geologists were condemned for centuries because they disapproved of the Genesis account of creation. ( F )They were condemned in the early 1800s, but safe later in the same century.6. Though evolution theories were taught in class, they met with violent condemnation. ( F )Theories of evolution were condemned and the teaching of them forbidden.Questions and Answers1. What methods are mentioned in scientific study in this part?Galileo’s cookbook method, trial and error, experimentation without guessing, accidental discovery, etc.2. Why is Aristotle’s idea that falling bodies fall at a speed proportional to theirweight false?According to Galileo’s law of falling bodies, bodies fall at the same speed and with the same acceleration regardless of their weight and size. This law was confirmed by an experiment conducted on the moon in 1971.3. What must scientists first overcome in order to see the truth?They must first of all overcome humanity’s weakness of self-deception.4. What makes the most widespread assumptions the least questioned?Because when people adopt the assumption, they tend to pay special attention to cases that support it, and distort, belittle or ignore cases that refute it.5. What is the difference between scientific and unscientific claims?Scientific claims are testable, whereas unscientific claims are not.。

供应链设计与管理(第三版)期末考试重点---供应链知识理念-英文版本

Chapter1.Iroduction to Supply Chain Management1.【supply chain】The system of suppliers，manufacturers, transportation，distributors，and vendorsthat exists to transform raw materials to final products and supply those products to customers。

2.【supply chain management】SCM is a business network covering from buying，making，moving,warehousing to selling。

3.【What makes supply chain management difficult?】①Supply chain strategies cannot be determined in isolation。

They are directly affected by another chainthat most organizations have, the development chain.②It is challenging to design and operate a supply chain so that total systemwide costs are minimized，and systemwide service levels are maintained。

③Uncertainty and risk are inherent in every supply chain。

4.【Strategies for SCM】①Global Optimization(全局优化）②Managing Uncertainty（管理不确定性）5.【Why is Global Optimization Hard？】①The supply chain is a complex network.②Different facilities in the supply chain frequently have different, conflicting objectives.③The supply chain is a dynamic system。

exam12s经典教材《金融时间序列分析》Ruey S. Tsay 英文第三版2012年试题及答案高清版

Booth School of Business,University of ChicagoBusiness41202,Spring Quarter2012,Mr.Ruey S.TsaySolutions to MidtermProblem A:(34pts)Answer brieﬂy the following questions.Each question has two points.1.Describe two improvements of the EGARCH model over the GARCHvolatility model.Answer:(1)allows for asymmetric response to past positive or negative returns,i.e.leverage eﬀect,(2)uses log volatility to relax parameter constraint.2.Describe two methods that can be used to infer the existence of ARCHeﬀects in a return series,i.e.,volatility is not constant over time.Answer:(1)The sample ACF(or PACF)of the squared residuals of the mean equation,(2)use the Ljung-Box statistics on the squared residuals.3.Consider the IGARCH(1,1)volatility model:a t=σt t withσ2t =α0+β1σ2t−1+(1−β1)a2t−1.Often one pre-ﬁxesα0=0.Why?Also,suppose thatα0=0and the1-step ahead volatility prediction at the forecast origin h is16.2%(annualized),i.e.,σh(1)=σh+1=16.2for the percentage log return.What is the10-step ahead volatility prediction?That is,what isσh(10)?Answer:(1)Fixingα0=0based on the prior knowledge that volatility is mean reverting.(2)σh(10)=16.2.4.(Questions4to8)Consider the daily log returns of Amazon stockfrom January3,2007to April27,2012.Some summary statistics of the returns are given in the attached R output.Is the expected(mean) return of the stock zero?Why?Answer:The data does not provide suﬃcient evidence to suggest that the mean return is not zero,because the95%conﬁdence interval con-tains zero.5.Let k be the excess kurtosis.Test H0:k=0versus H a:k=0.Writedown the test statistic and draw the conclusion.1Answer:t-ratio =9.875√24/1340=73.79,which is highly signiﬁcant com-pared with χ21distribution.6.Are there serial correlations in the log returns?Why?Answer:No,the Ljung-Box statistic Q (10)=10.69with p-value 0.38.7.Are there ARCH eﬀects in the log return series?Why?Answer:Yes,the Ljung-Box statist of squared residuals gives Q (10)=39.24with p-value less than 0.05.8.Based on the summary statistics provided,what is the 22-step ahead point forecast of the log return at the forecast origin April 27,2012?Why?Answer:The point forecast r T (22)=0because the mean is not signif-icantly diﬀerent from zero.[Give students 1point if they use sample mean.]9.Give two reasons that explain the existence of serial correlations in ob-served asset returns even if the true returns are not serially correlated.Answer:Any two of (1)bid-ask bounce,(2)nonsynchronous trading,(3)dynamic dependence of volaitlity via risk premuim.10.Give two reasons that may lead to using moving-average models inanalyzing asset returns.Answer:(1)Smoothing (or manipulation),(2)bid-ask bounce in high frequency returns.11.Describe two methods that can be used to compare diﬀerent modelsfor a given time series.Answer:(1)Information criteria such as AIC or BIC,(2)backtesting or out-of-sample forecasting.12.(Questions 12to 14)Let r t be the daily log returns of Stock A.Assume that r t =0.004+a t ,where a t =σt t with t being iid N(0,1)random variates and σ2t =0.017+0.15a 2t −1.What is the unconditionalvariance of a t ?Answer:Var(a t )=0.0171−0.15=0.02.13.Suppose that the log price at t =100is 3.912.Also,at the forecastorigin t =100,we have a 100=−0.03and σ100=pute the21-step ahead forecast of the log price (not log return)and its volatility for Stock A at the forecast origin t =100.Answer:r 100(1)=0.004so that p 100(1)=3.912+0.004=3.916.Thevolatility forecast is σ2100(1)= 0.017+0.15(−0.03)2=pute the 30-step ahead forecast of the log price and its volatilityof Stock A at the forecast origin t =100.Answer:p 100(30)=3.912+0.004×30=4.032and the voaltility is the unconditional stantard error √0.02=0.141.15.Asset volatility has many applications in ﬁnance.Describe two suchapplications.Answer:Any two of (1)pricing derivative,(2)risk management,(3)asset allocation.16.Suppose the log return r t of Stock A follows the model r t =a t ,a t =σt t ,and σ2t =α0+α1a 2t −1+β1σ2t −1,where t are iid N(0,1).Under whatcondition that the kurtosis of r t is 3?That is,state the condition under which the GARCH dynamics fail to generate any additional kurtosis over that of t .Answer:α1=0.17.What is the main consequence in using a linear regression analysis whenthe serial correlations of the residuals are overlooked?Answer:The t -ratios of coeﬃcient estimates are not reliable.Problem B .(30pts)Consider the daily log returns of Amazon stock from January 3,2007to April 27,2012.Several volatility models are ﬁtted to the data and the relevant R output is attached.Answer the following questions.1.(2points)A volatility model,called m1in R,is entertained.Write down the ﬁtted model,including the mean equation.Is the model adequate?Why?Answer:ARCH(1)model.r t =0.0018+a t ,a t =σt t with t being iidN(0,1)and σ2t =7.577×10−4+0.188a 2t −1.The model is inadequatebecause the normality assumption is clearly rejected.2.(3points)Another volatility model,called m2in R,is ﬁtted to the returns.Write down the model,including all estimated parameters.3Answer:ARCH(1)model.r t=4.907×10−4+a t,a t=σt t,where t∼t∗3.56with t∗vdenoting standardized Student-t distribution with v degreesof freedom.The volatility equation isσ2t =7.463×10−4+0.203a2t−1.3.(2points)Based on theﬁtted model m2,test H0:ν=5versus H a:ν=5,whereνdenotes the degrees of freedom of Student-t distribution.Perform the test and draw a conclusion.Answer:t-ratio=3.562−50.366=−3.93,which compared with1.96is highlysigniﬁcant.If you compute the p-value,it is8.53×10−5.Therefore, v=5is rejected.4.(3points)A third model,called m3in R,is also entertained.Writedown the model,including the distributional parameters.Is the model adequate?Why?Answer:Another ARCH(1)model.r t=0.0012+a t,a t=σt t,where t are iid and follow a skew standardized Student-t distribution with skew parameter1.065and degrees of freedom3.591.The volatility equationisσ2t =7.418×10−4+0.208a2t−1.Ecept for the insigicant mean value,theﬁtted ARCH(1)model appears to be adequate based on the model checking statistics shown.5.(2points)Letξbe the skew parameter in model m3.Does the estimateofξconﬁrm that the distribution of the log returns is skewed?Why?Perform the test to support your answer.Answer:The t-ratio is1.065−10.039=1.67,which is smaller than1.96.Thus,the null hypothesis of symmetric innovations cannot be rejected at the 5%level.6.(3points)A fourth model,called m4in R,is alsoﬁtted.Write downtheﬁtted model,including the distribution of the innovations.Answer:a GARCH(1,1)model.r t=0.0017+a t,a t=σt t,where t are iid and follow a skew standardized Student-t distribution with skew parameter1.101and degrees of freedom3.71.The volatility equationisσ2t =1.066×10−5+0.0414a2t−1+0.950σ2t−1.7.(2points)Based on model m4,is the distribution of the log returnsskewed?Why?Perform a test to support your answer.Answer:The t-ratio is1.101−10.043=2.349,which is greater than1.96.Thus,the distribution is skew at the5%level.48.(2points)Among models m1,m2,m3,m4,which model is preferred?State the criterion used in your choice.Answer:Model4is preferred as it has a smaller AIC value.9.(2points)Since the estimatesˆα1+ˆβ1is very close to1,we consideran IGARCH(1,1)model.Write down theﬁtted IGARCH(1,1)model, called m5.Answer:r t=a t,a t=σt t,whereσ2t =3.859×10−5+0.85σ2t−1+0.15a2t−1.10.(2points)Use the IGARCH(1,1)model and the information providedto obtain1-step and2-step ahead predictions for the volatility of the log returns at the forecast origin t=1340.Answer:From the outputσ21340(1)=σ21341=3.859×10−5+0.85×(0.02108)2+0.15(.146)2=0.00361.Therefore,σ21340(2)=3.859×10−5+σ2 1340(1)=0.00365.The volatility forecasts are then0.0601and0.0604,respectively.11.(2points)A GARCH-M model is entertained for the percentage logreturns,called m6in the R output.Based on theﬁtted model,is the risk premium statistical signiﬁcant?Why?Answer:The risk premium parameter is−0.112with t-ratio−0.560, which is less than1.96in modulus.Thus,the risk premium is not statistical signiﬁcant at the5%level.12.(3points)Finally,a GJR-type model is entertained,called m7.Writedown theﬁtted model,including all parameters.Answer:This is an APARCH model.The model is r t=0.0014+a t,a t=σt t,where t are iid and follow a skew standardized Student-tdistribution with skew parameter1.098and degrees of freedom3.846.The volatility equation isσ2 t =7.583×10−6+0.0362(|a t−1|−0.478a t−1)2+0.953σ2t−1.13.(2points)Based on theﬁtted GJR-type of model,is the leverage eﬀectsigniﬁcant?Why?Answer:Yes,the leverage parameterγ1is signﬁicantly diﬀerent from zero so that there is leverage eﬀect in the log returns.5Problem C.(14pts)Consider the quarterly earnings per share of Abbott Laboratories(ABT)stock from1984.III to2011.III for110observations.We analyzed the logarithms of the earnings.That is,x t=ln(y t),where y t is the quarterly earnings per share.Two models are entertained.1.(3points)Write down the model m1in R,including residual variance.Answer:Let r t be the log earnings per share.Theﬁtted model is=0.00161.(1−B)(1−B4)r t=(1−0.565B)(1−0.183B4)a t,σ2a2.(2points)Is the model adequate?Why?Answer:No,the Ljung-Box statistics of the residuals give Q(12)=25.76with p-value0.012.3.(3points)Write down theﬁtted model m2in R,including residualvariance.Answer:Theﬁtted model is=0.00144.(1−B)(1−B4)r t=(1−0.470B−0.312B3)a t,σ2a4.(2points)Model checking of theﬁtted model m2is given in Figure1.Is the model adequate?Why?Answer:Yes,the model checking statistics look reasonable.5.(2points)Compare the twoﬁtted model models.Which model ispreferred?Why?Answer:Model2is preferred.It passes model checking and has a smaller AIC value.6.(2points)Compute95%interval forecasts of1-step and2-step aheadlog-earnings at the forecast origin t=110.Answer:1-step ahead prediction:0.375±1.96×0.038,and2-step ahead prediction:0.0188±1.96×0.043.(Some students may use2-step ahead prediction due to the forecast origin confusion.)Problem D.(22pts)Consider the growth rate of the U.S.weekly regular gasoline price from January06,1997to September27,2010.Here growth rate is obtained by diﬀerencing the log gasoline price and denoted by gt in R output.The growth rate of weekly crude oil from January03,1997to September24,2010is also obtained and is denoted by pt in R output.Note that the crude oil price was known3days prior to the gasoline price.61.(2points)First,a pure time series model is entertained for the gasolineseries.An AR(5)model is selected.Why?Also,is the mean of the gtseries signiﬁcantly diﬀerent from zero?Why?Answer:An AR(5)is selected via the AIC criterion.The mean of g tis not signiﬁcantly diﬀerent from zero based on the one-sample t-test.The p-value is0.19.2.(2points)Write down theﬁtted AR(5)model,called m2,includingresidual variance.Answer:Theﬁtted model is=0.000326.(1−0.507B−0.079B2−0.136B3+0.036B4+0.086B5)g t=a t,σ2a3.(2points)Since not all estimates of model m2are statistically signiﬁ-cant,we reﬁne the model.Write down the reﬁned model,called m3.Answer:Theﬁtted model is=0.000327.(1−0.504B−0.074B2−0.122B3+0.101B5)g t=a t,σ2a4.(2points)Is the reﬁned AR(5)model adequate?Why?Answer:Yes,the Ljung-Box statistics of the residuals give Q(14)=10.27with p-value0.74,indicating that there are no serial correlationsin the residuals.5.(2points)Does the gasoline price show certain business-cycle behavior?Why?Answer:Yes,theﬁtted AR(5)polynomial contains compplex solutions.6.(3points)Next,consider using the information of crude oil price.Writedown the linear regression model,called m4,including R2and residualstandard error.Answer:Theﬁtted linear regression model isg t=0.287p t+ t,σ =0.0184,and the R2of the regression is33.66%.7.(2points)Is theﬁtted linear regression model adequate?Why?Answer:No,because the residuals t are serially correlated based onthe Ljung-Box test.78.(3points)A linear regression model with time series errors is enter-tained and insigniﬁcant parameters removed.Write down theﬁnalmodel,including allﬁtted parameters.Answer:The model is(1−0.404B−0.164B2−0.096B3+0.101B5)(g t−0.191p t)=a t,σ2=0.000253.a9.(2points)Model checking shows that theﬁttedﬁnal model has noresidual serial correlations.Based on the model,is crude oil pricehelpful in predicting the gasoline price?Why?Answer:Yes,because theﬁtted coeﬃcient of p t is signﬁcantly diﬀerentfrom zero.10.(2points)Compare the pure time series model and the regression modelwith time-series errors.Which model is preferred?Why?Answer:The regression model with time series error is preferred as ithas a smaller AIC criterion.8。

hkas07[1]现金流量表-香港会计准则

Statement of Cash FlowsCOPYRIGHT© Copyright 2011 Hong Kong Institute of Certified Public AccountantsThis Hong Kong Financial Reporting Standard contains IFRS Foundation copyright material. Reproduction within Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and inquiries concerning reproduction and rights for commercial purposes within Hong Kong should be addressed to the Director, Finance and Operation, Hong Kong Institute of Certified Public Accountants, 37/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong.All rights in this material outside of Hong Kong are reserved by IFRS Foundation. Reproduction of Hong Kong Financial Reporting Standards outside of Hong Kong in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Hong Kong should be addressed to the IFRS Foundation at .Further details of the copyright notice form IFRS Foundation is available at.hk/ebook/copyright-notice.pdf© Copyright 2CONTENTSparagraphs Hong Kong Accounting Standard 7Statement of Cash FlowsOBJECTIVESCOPE 1 – 3 BENEFITS OF CASH FLOW INFORMATION 4 – 5 DEFINITIONS 6 – 9 Cash and cash equivalents7 – 9 PRESENTATION OF A STATEMENT OF CASH FLOWS10 – 17 Operating activities13 – 15 Investing activities16 Financing activities17 REPORTING CASH FLOWS FROM OPERATING ACTIVITIES18 – 20 REPORTING CASH FLOWS FROM INVESTING AND FINANCING ACTIVITIES21 REPORTING CASH FLOWS ON A NET BASIS22 – 24 FOREIGN CURRENCY CASH FLOWS25 – 28 INTEREST AND DIVIDENDS31 – 34 TAXES ON INCOME35 – 36 INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES37 – 38 ACQUISITIONS AND DISPOSALS OF CHANGES IN OWNERSHIP INTERESTS39 – 42B IN SUBSIDIARIES AND OTHER BUSINESSES UNITSNON-CASH TRANSACTIONS43 – 44 COMPONENTS OF CASH AND CASH EQUIVALENTS45 – 47 OTHER DISCLOSURES48 – 52 EFFECTIVE DATE53 – 56 APPENDICESAPPENDIX: Comparison with International Accounting StandardsAPPENDIX A: Statement of cash flows for an entity other than a financial institutionAPPENDIX B: Statement of cash flows for a financial institutionBASIS FOR CONCLUSIONSHong Kong Accounting Standard 7 Statement of Cash Flows (HKAS 7) is set out in paragraphs 1-5356. All the paragraphs have equal authority. HKAS 7 should be read in the context of its objective, the Preface to Hong Kong Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements. HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.Hong Kong Accounting Standard 7Statement of Cash Flows*ObjectiveInformation about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability of the entity to generate cash and cash equivalents and the needs of the entity to utilise those cash flows. The economic decisions that are taken by users require an evaluation of the ability of an entity to generate cash and cash equivalents and the timing and certainty of their generation.The objective of this Standard is to require the provision of information about the historical changes in cash and cash equivalents of an entity by means of a statement of cash flows which classifies cash flows during the period from operating, investing and financing activities. Scope1 An entity shall prepare a statement of cash flows in accordance with the requirements ofthis Standard and shall present it as an integral part of its financial statements for each period for which financial statements are presented.2 This Standard supersedes SSAP 15 Cash Flow Statements revised in 2001.3 Users of an entity's financial statements are interested in how the entity generates and usescash and cash equivalents. This is the case regardless of the nature of the entity's activities and irrespective of whether cash can be viewed as the product of the entity, as may be the case witha financial institution. Entities need cash for essentially the same reasons however different theirprincipal revenue-producing activities might be. They need cash to conduct their operations, to pay their obligations, and to provide returns to their investors. Accordingly, this Standard requires all entities to present a statement of cash flows.Benefits of cash flow information4 A statement of cash flows, when used in conjunction with the rest of the financial statements,provides information that enables users to evaluate the changes in net assets of an entity, its financial structure (including its liquidity and solvency) and its ability to affect the amounts and timing of cash flows in order to adapt to changing circumstances and opportunities. Cash flow information is useful in assessing the ability of the entity to generate cash and cash equivalents and enables users to develop models to assess and compare the present value of the future cash flows of different entities. It also enhances the comparability of the reporting of operating performance by different entities because it eliminates the effects of using different accounting treatments for the same transactions and events.5 Historical cash flow information is often used as an indicator of the amount, timing and certaintyof future cash flows. It is also useful in checking the accuracy of past assessments of future cash flows and in examining the relationship between profitability and net cash flow and the impact of changing prices.Definitions6 The following terms are used in this Standard with the meanings specified:Cash comprises cash on hand and demand deposits.Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.* As a consequence of the revision of HKAS 1 Presentation of Financial Statements in December 2007, the title ofHKAS 7 (December 2004) Cash flows are inflows and outflows of cash and cash equivalents.Operating activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities.Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.Cash and cash equivalents7 Cash equivalents are held for the purpose of meeting short-term cash commitments rather thanfor investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash and be subject to an insignificant risk of changes in value. Therefore, an investment normally qualifies as a cash equivalent only when it has a short maturity of, say, three months or less from the date of acquisition. Equity investments are excluded from cash equivalents unless they are, in substance, cash equivalents, for example in the case of preferred shares acquired within a short period of their maturity and with a specified redemption date.8 Bank borrowings are generally considered to be financing activities. However, in some countries,bank overdrafts which are repayable on demand form an integral part of an entity's cash management. In these circumstances, bank overdrafts are included as a component of cash and cash equivalents. A characteristic of such banking arrangements is that the bank balance often fluctuates from being positive to overdrawn.9 Cash flows exclude movements between items that constitute cash or cash equivalentsbecause these components are part of the cash management of an entity rather than part of its operating, investing and financing activities. Cash management includes the investment of excess cash in cash equivalents.Presentation of a statement of cash flows10 The statement of cash flows shall report cash flows during the period classified byoperating, investing and financing activities.11 An entity presents its cash flows from operating, investing and financing activities in a mannerwhich is most appropriate to its business. Classification by activity provides information that allows users to assess the impact of those activities on the financial position of the entity and the amount of its cash and cash equivalents. This information may also be used to evaluate the relationships among those activities.12 A single transaction may include cash flows that are classified differently. For example, whenthe cash repayment of a loan includes both interest and capital, the interest element may be classified as an operating activity and the capital element is classified as a financing activity.Operating activities13 The amount of cash flows arising from operating activities is a key indicator of the extent towhich the operations of the entity have generated sufficient cash flows to repay loans, maintain the operating capability of the entity, pay dividends and make new investments without recourse to external sources of financing. Information about the specific components of historical operating cash flows is useful, in conjunction with other information, in forecasting future operating cash flows.14 Cash flows from operating activities are primarily derived from the principal revenue-producingactivities of the entity. Therefore, they generally result from the transactions and other events that enter into the determination of profit or loss. Examples of cash flows from operating activities are:(a) cash receipts from the sale of goods and the rendering of services;(b) cash receipts from royalties, fees, commissions and other revenue;(c) cash payments to suppliers for goods and services;(d) cash payments to and on behalf of employees;(e) cash receipts and cash payments of an insurance entity for premiums and claims,annuities and other policy benefits;(f) cash payments or refunds of income taxes unless they can be specifically identifiedwith financing and investing activities; and(g) cash receipts and payments from contracts held for dealing or trading purposes.Some transactions, such as the sale of an item of plant, may give rise to a gain or loss which that is included in the determination of recognised profit or loss. However, tThe cash flows relating to such transactions are cash flows from investing activities.However, cash payments to manufacture or acquire assets held for rental to others and subsequently held for sale as described in paragraph 68A of HKAS 16 Property, Plant and Equipment are cash flows from operating activities. The cash receipts from rents and subsequent sales of such assets are also cash flows from operating activities.15 An entity may hold securities and loans for dealing or trading purposes, in which case they aresimilar to inventory acquired specifically for resale. Therefore, cash flows arising from the purchase and sale of dealing or trading securities are classified as operating activities. Similarly, cash advances and loans made by financial institutions are usually classified as operating activities since they relate to the main revenue-producing activity of that entity.Investing activities16* The separate disclosure of cash flows arising from investing activities is important because the cash flows represent the extent to which expenditures have been made for resources intended to generate future income and cash flows. Only expenditures that result in a recognised asset in the statement of financial position are eligible for classification as investing activities. Examples of cash flows arising from investing activities are:(a) cash payments to acquire property, plant and equipment, intangibles and otherlong-term assets. These payments include those relating to capitalised developmentcosts and self-constructed property, plant and equipment;(b) cash receipts from sales of property, plant and equipment, intangibles and otherlong-term assets;(c) cash payments to acquire equity or debt instruments of other entities and interests injoint ventures (other than payments for those instruments considered to be cashequivalents or those held for dealing or trading purposes);(d) cash receipts from sales of equity or debt instruments of other entities and interests injoint ventures (other than receipts for those instruments considered to be cashequivalents and those held for dealing or trading purposes);(e) cash advances and loans made to other parties (other than advances and loans madeby a financial institution);(f) cash receipts from the repayment of advances and loans made to other parties (otherthan advances and loans of a financial institution);(g) cash payments for futures contracts, forward contracts, option contracts and swapcontracts except when the contracts are held for dealing or trading purposes, or thepayments are classified as financing activities; and(h) cash receipts from futures contracts, forward contracts, option contracts and swapcontracts except when the contracts are held for dealing or trading purposes, or thereceipts are classified as financing activities.When a contract is accounted for as a hedge of an identifiable position, the cash flows of the contract are classified in the same manner as the cash flows of the position being hedged.Financing activities17 The separate disclosure of cash flows arising from financing activities is important because it isuseful in predicting claims on future cash flows by providers of capital to the entity. Examples of cash flows arising from financing activities are:(a) cash proceeds from issuing shares or other equity instruments;(b) cash payments to owners to acquire or redeem the entity's shares;(c) cash proceeds from issuing debentures, loans, notes, bonds, mortgages and othershort or long-term borrowings;(d) cash repayments of amounts borrowed; and(e) cash payments by a lessee for the reduction of the outstanding liability relating to afinance lease.Reporting cash flows from operating activities18 An entity shall report cash flows from operating activities using either:(a) the direct method, whereby major classes of gross cash receipts and gross cashpayments are disclosed; or(b) the indirect method, whereby profit or loss is adjusted for the effects oftransactions of a non-cash nature, any deferrals or accruals of past or futureoperating cash receipts or payments, and items of income or expenseassociated with investing or financing cash flows.19 Entities are encouraged to report cash flows from operating activities using the direct method.The direct method provides information which may be useful in estimating future cash flows and which is not available under the indirect method. Under the direct method, information about major classes of gross cash receipts and gross cash payments may be obtained either:(a) from the accounting records of the entity; or(b) by adjusting sales, cost of sales (interest and similar income and interest expense andsimilar charges for a financial institution) and other items in the income statementstatement of comprehensive income for:(i) changes during the period in inventories and operating receivables andpayables;(ii) other non-cash items; and(iii) other items for which the cash effects are investing or financing cash flows.20 Under the indirect method, the net cash flow from operating activities is determined by adjustingprofit or loss for the effects of:(a) changes during the period in inventories and operating receivables and payables;(b)>non-cash items such as depreciation, provisions, deferred taxes, unrealised foreigncurrency gains and losses, and undistributed profits of associates, and minorityinterests; and(c) all other items for which the cash effects are investing or financing cash flows.Alternatively, the net cash flow from operating activities may be presented under the indirect method by showing the revenues and expenses disclosed in the income statement statement of comprehensive income and the changes during the period in inventories and operating receivables and payables.Reporting cash flows from investing and financing activities21 An entity shall report separately major classes of gross cash receipts and gross cashpayments arising from investing and financing activities, except to the extent that cash flows described in paragraphs 22 and 24 are reported on a net basis.Reporting cash flows on a net basis22 Cash flows arising from the following operating, investing or financing activities may bereported on a net basis:(a) cash receipts and payments on behalf of customers when the cash flows reflectthe activities of the customer rather than those of the entity; and(b) cash receipts and payments for items in which the turnover is quick, theamounts are large, and the maturities are short.23 Examples of cash receipts and payments referred to in paragraph 22(a) are:(a) the acceptance and repayment of demand deposits of a bank;(b) funds held for customers by an investment entity; and(c) rents collected on behalf of, and paid over to, the owners of properties.Examples of cash receipts and payments referred to in paragraph 22(b) are advances made for, and the repayment of:(a) principal amounts relating to credit card customers;(b) the purchase and sale of investments; and(c) other short-term borrowings, for example, those which have a maturity period of threemonths or less.24 Cash flows arising from each of the following activities of a financial institution may bereported on a net basis:(a) cash receipts and payments for the acceptance and repayment of deposits with afixed maturity date;(b) the placement of deposits with and withdrawal of deposits from other financialinstitutions; and(c) cash advances and loans made to customers and the repayment of thoseadvances and loans.Foreign currency cash flows25 Cash flows arising from transactions in a foreign currency shall be recorded in anentity’s functional currency by applying to the foreign currency amount the exchange rate between the functional currency and the foreign currency at the date of the cash flow.26 The cash flows of a foreign subsidiary shall be translated at the exchange rates betweenthe functional currency and the foreign currency at the dates of the cash flows.27 Cash flows denominated in a foreign currency are reported in a manner consistent withHKAS 21 The Effects of Changes in Foreign Exchange Rates. This permits the use of an exchange rate that approximates the actual rate. For example, a weighted average exchange rate for a period may be used for recording foreign currency transactions or the translation of the cash flows of a foreign subsidiary. However, HKAS 21 does not permit use of the exchange rate at the end of the reporting period when translating the cash flows of a foreign subsidiary.28 Unrealised gains and losses arising from changes in foreign currency exchange rates are notcash flows. However, the effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency is reported in the statement of cash flows in order to reconcile cash and cash equivalents at the beginning and the end of the period. This amount is presented separately from cash flows from operating, investing and financing activities and includes the differences, if any, had those cash flows been reported at end of period exchange rates.29 [Notused]used]30 [NotInterest and dividends31 Cash flows from interest and dividends received and paid shall each be disclosedseparately. Each shall be classified in a consistent manner from period to period as either operating, investing or financing activities.32 The total amount of interest paid during a period is disclosed in the statement of cash flowswhether it has been recognised as an expense in the income statement profit or loss or capitalised in accordance with the allowed alternative treatment in HKAS 23 Borrowing Costs.33 Interest paid and interest and dividends received are usually classified as operating cash flowsfor a financial institution. However, there is no consensus on the classification of these cash flows for other entities. Interest paid and interest and dividends received may be classified as operating cash flows because they enter into the determination of profit or loss. Alternatively, interest paid and interest and dividends received may be classified as financing cash flows and investing cash flows respectively, because they are costs of obtaining financial resources or returns on investments.34 Dividends paid may be classified as a financing cash flow because they are a cost of obtainingfinancial resources. Alternatively, dividends paid may be classified as a component of cash flows from operating activities in order to assist users to determine the ability of an entity to pay dividends out of operating cash flows.Taxes on income35 Cash flows arising from taxes on income shall be separately disclosed and shall beclassified as cash flows from operating activities unless they can be specifically identified with financing and investing activities.36 Taxes on income arise on transactions that give rise to cash flows that are classified asoperating, investing or financing activities in a statement of cash flows. While tax expense may be readily identifiable with investing or financing activities, the related tax cash flows are often impracticable to identify and may arise in a different period from the cash flows of the underlying transaction. Therefore, taxes paid are usually classified as cash flows from operating activities.However, when it is practicable to identify the tax cash flow with an individual transaction that gives rise to cash flows that are classified as investing or financing activities the tax cash flow is classified as an investing or financing activity as appropriate. When tax cash flows are allocated over more than one class of activity, the total amount of taxes paid is disclosed.Investments in subsidiaries, associates and joint ventures37 When accounting for an investment in an associate or a subsidiary accounted for by use of theequity or cost method, an investor restricts its reporting in the statement of cash flows to the cash flows between itself and the investee, for example, to dividends and advances.38 An entity which reports its interest in a jointly controlled entity (see HKAS 31 Interests in JointVentures) using proportionate consolidation, includes in its consolidated statement of cash flows its proportionate share of the jointly controlled entity's cash flows. An entity which reports such an interest using the equity method includes in its statement of cash flows the cash flows in respect of its investments in the jointly controlled entity, and distributions and other payments or receipts between it and the jointly controlled entity.HKAS 7 (December 2004January 2010) Changes in ownership interests in acquisitions and disposals of subsidiaries and other businesses units>39>The aggregate cash flows arising from obtaining or losing control acquisitions and fromdisposals of subsidiaries or other businesses units shall be presented separately and classified as investing activities.40>An entity shall disclose, in aggregate, in respect of both obtaining and losing controlacquisitions and disposals of subsidiaries or other businesses units during the period each of the following:(a) the total purchase or disposal consideration paid or received;(b) the portion of the purchase or disposal consideration discharged by meansconsisting of cash and cash equivalents;(c) the amount of cash and cash equivalents in the subsidiaryies or otherbusinesses unit acquired or disposed of over which control is obtained or lost;and(d) the amount of the assets and liabilities other than cash or cash equivalents inthe subsidiaryies or other businesses unit acquired or disposed of over whichcontrol is obtained or lost, summarised by each major category.41>The separate presentation of the cash flow effects of acquisitions and disposals obtaining orlosing control of subsidiaries and or other businesses units as single line items, together with the separate disclosure of the amounts of assets and liabilities acquired or disposed of, helps to distinguish those cash flows from the cash flows arising from the other operating, investing and financing activities. The cash flow effects of disposals losing control are not deducted from those of acquisitions obtaining control.42>The aggregate amount of the cash paid or received as purchase or sale consideration forobtaining or losing control of subsidiaries or other businesses is reported in the statement of cash flows net of cash and cash equivalents acquired or disposed of as part of such transactions, events or changes in circumstances.42A>Cash flows arising from changes in ownership interests in a subsidiary that do not result in a loss of control shall be classified as cash flows from financing activities.42B>Changes in ownership interests in a subsidiary that do not result in a loss of control, such as the subsequent purchase or sale by a parent of a subsidiary’s equity instruments, are accounted for as equity transactions (see HKAS 27 Consolidated and Separate Financial Statements (as amended in 2008)). Accordingly, the resulting cash flows are classified in the same way as other transactions with owners described in paragraph 17.Non-cash transactions43 Investing and financing transactions that do not require the use of cash or cashequivalents shall be excluded from a statement of cash flows. Such transactions shall be disclosed elsewhere in the financial statements in a way that provides all the relevant information about these investing and financing activities.44 Many investing and financing activities do not have a direct impact on current cash flowsalthough they do affect the capital and asset structure of an entity. The exclusion of non-cash transactions from the statement of cash flows is consistent with the objective of a statement of cash flows as these items do not involve cash flows in the current period. Examples of non-cash transactions are:(a) the acquisition of assets either by assuming directly related liabilities or by means of afinance lease;(b) the acquisition of an entity by means of an equity issue; and(c) the conversion of debt to equity.Components of cash and cash equivalents45 An entity shall disclose the components of cash and cash equivalents and shall presenta reconciliation of the amounts in its statement of cash flows with the equivalent itemsreported in the balance sheet statement of financial position.46 In view of the variety of cash management practices and banking arrangements around theworld and in order to comply with HKAS 1 Presentation of Financial Statements, an entity discloses the policy which it adopts in determining the composition of cash and cash equivalents.47 The effect of any change in the policy for determining components of cash and cash equivalents,for example, a change in the classification of financial instruments previously considered to be part of an entity's investment portfolio, is reported in accordance with HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.Other disclosures48 An entity shall disclose, together with a commentary by management, the amount ofsignificant cash and cash equivalent balances held by the entity that are not available for use by the group.49 There are various circumstances in which cash and cash equivalent balances held by an entityare not available for use by the group. Examples include cash and cash equivalent balances held by a subsidiary that operates in a country where exchange controls or other legal restrictions apply when the balances are not available for general use by the parent or other subsidiaries.50 Additional information may be relevant to users in understanding the financial position andliquidity of an entity. Disclosure of this information, together with a commentary by management, is encouraged and may include:(a) the amount of undrawn borrowing facilities that may be available for future operatingactivities and to settle capital commitments, indicating any restrictions on the use ofthese facilities;(b) the aggregate amounts of the cash flows from each of operating, investing andfinancing activities related to interests in joint ventures reported using proportionateconsolidation;(c) the aggregate amount of cash flows that represent increases in operating capacityseparately from those cash flows that are required to maintain operating capacity; and(d) the amount of the cash flows arising from the operating, investing and financingactivities of each reported industry and geographical reportable segment (see HKAS14 Segment Reporting HKFRS 8 Operating Segments).51 The separate disclosure of cash flows that represent increases in operating capacity and cashflows that are required to maintain operating capacity is useful in enabling the user to determine whether the entity is investing adequately in the maintenance of its operating capacity. An entity that does not invest adequately in the maintenance of its operating capacity may be prejudicing future profitability for the sake of current liquidity and distributions to owners.。

全球地平线美国空军战略发展计划

Laws Help Forecast Future
Transistor Count
Date
Moore’s Law
?
Metcalf’s Law
Overtrust f(threat, vulnerability, resilience, consequence)
.1
Adoption Acceleration

Recommendations
Mission-focused S&T roles (lead, follow, watch) in near-, mid-, far-term Air: Efficient engines and structures, distributed virtual training, flight formation Space: Efficient photovoltaics, efficient ground stations, fractionated constellations Cyber: Efficient cloud and HPC Infrastructure: Secure microgrids, Expeditionary energy, small modular nuclear reactors, solar to petrol Enabling: nanomaterials, biomimicry, autonomy

Highly-adaptive autonomous systems (and trust in autonomy) Human-machine interfaces and human performance augmentation Increased cyber resilience PNT in GPS-denied environments Electromagnetic spectrum warfare Processing-enabled intelligent sensors Directed energy for tactical strike/defense Next-generation high-efficiency gas turbine engines Persistent space situational awareness Rapidly composable small satellites

洪水英语作文续写

IntroductionFloods, the devastating manifestation of nature's unbridled power, have repeatedly left indelible marks on human societies across the globe. Their unyielding fury not only engulfs landscapes and infrastructure but also disrupts lives, claiming both lives and livelihoods in their wake. This essay aims to provide a comprehensive analysis of floods, delving into their causes, impacts, and mitigation strategies, while emphasizing the importance of a multi-faceted and proactive approach towards managing this recurrent natural disaster.I. Understanding the Genesis of FloodsA. Climatic FactorsFloods often arise as a direct consequence of excessive precipitation, a phenomenon influenced by global climate patterns such as El Niño-Southern Oscillation (ENSO), monsoons, and the North Atlantic Oscillation. These large-scale weather systems can trigger prolonged or intense rainfall, leading to rapid accumulation of water that overwhelms river channels and drainage systems. Moreover, climate change exacerbates the situation, causing increased frequency and intensity of extreme weather events, including heavy rainfalls and storm surges, which heighten flood risks.B. Geographical and Topographical FactorsTerrain characteristics play a pivotal role in determining a region's susceptibility to flooding. Low-lying areas, coastal regions, and river valleys are particularly vulnerable due to their inherent inability to efficiently disperse excess water. Additionally, urbanization often alters natural drainage patterns, with impervious surfaces like concrete and asphalt reducing infiltration rates and increasing surface runoff, thereby amplifying flood hazards in densely populated areas.II. The Multifaceted Impacts of FloodsA. Human Losses and DisplacementFloods claim thousands of lives annually, primarily through drowning, structural collapses, and electrocution. They also force mass evacuations andlong-term displacement, disrupting families, and communities, and imposing psychological trauma. Furthermore, the destruction of homes, infrastructure, and public utilities exacerbates the humanitarian crisis, compromising access to basic necessities such as food, clean water, and healthcare.B. Economic ConsequencesFloods inflict significant economic damage through the loss of crops, livestock, and fisheries, impacting food security and rural economies. Infrastructure damage, including roads, bridges, and communication networks, disrupts trade and commerce, while industrial facilities may suffer production losses and supply chain disruptions. The subsequent repair and reconstruction efforts strain public finances and divert resources from other developmental priorities.C. Environmental ImpactsFloodwaters can cause severe environmental degradation, eroding fertile soils, and triggering landslides. They also contaminate water sources with pollutants, posing health risks to humans and wildlife. Furthermore, floods can lead to the spread of waterborne diseases and the proliferation of disease vectors. Ecologically sensitive areas, such as wetlands and forests, may experience irreversible damage, compromising biodiversity and ecosystem services.III. Mitigation Strategies: A Holistic ApproachA. Improved Weather Forecasting and Early Warning SystemsAdvancements in meteorological technology have enabled more accurate and timely prediction of flood events. Strengthening these systems, along with effective dissemination of warnings to vulnerable populations, can significantly reduce casualties and enable preemptive evacuation measures.B. Integrated Water Resource ManagementImplementing integrated water resource management strategies, such as sustainable land use planning, reforestation, and restoration of wetlands, can enhance natural water retention capacity and reduce flood peaks. In urbansettings, green infrastructure solutions like permeable pavements, rain gardens, and green roofs can mitigate surface runoff and alleviate flood pressures.C. Structural MeasuresConstruction of flood control structures like levees, dams, and reservoirs can help regulate river flows and store excess water during peak rainfall periods. Coastal defenses like seawalls, breakwaters, and beach nourishment projects protect against storm surges and erosion. However, these measures must be planned and executed judiciously, considering their potential ecological impacts and long-term maintenance requirements.D. Non-Structural Measures and Community-Based ApproachesPromoting flood-resilient building designs, elevating homes in flood-prone areas, and implementing zoning regulations to restrict development in high-risk zones can minimize property damage and human casualties. Community-based flood risk management, involving local stakeholders in decision-making processes and capacity-building initiatives, fosters preparedness, enhances response capabilities, and facilitates post-disaster recovery.E. Insurance and Financial InstrumentsIncorporating flood insurance schemes and catastrophe bonds into disaster risk financing strategies can provide financial protection for individuals and governments against the economic shocks of floods. These instruments can incentivize risk reduction measures and facilitate rapid post-disaster recovery without overburdening public finances.IV. ConclusionFloods, a recurrent and formidable challenge, necessitate a holistic and proactive approach to mitigation. By understanding their complex causality, appreciating the far-reaching impacts, and embracing a multi-dimensional strategy that encompasses improved forecasting, integrated water management, structural and non-structural measures, community engagement, and innovative financial instruments, we can significantly reduce the toll of floods on human lives, economies, and ecosystems. As climate change amplifies flood risks, theurgency for concerted global action to address this peril becomes ever more pressing. It is through sustained commitment, international cooperation, and continuous innovation that we can effectively confront the unrelenting fury of floods and foster resilient societies capable of withstanding the tests of nature's tempestuous whims.。

雅思阅读难点200句长难句

雅思阅读难点200句长难句雅思200句长难句1.Wearing a seat belt saves lives; it reduces your chance of death or serious injury by more than half.2. But it will be the driver’s responsibility to make sure that children under 14 do not ride in the front unless they are wearing a seat belt of some kind.3. However, you do not have to wear a seat belt if you are reversing your vehicle; or you are making a localdelivery or collection using a special vehicle; or if you have a valid medical certificate which excuses you from wearing it.4. Remember you may be taken to court for not doing so, and you may be fined if you cannot prove to the court that you have been excused from wearing it.5. Professor Taiju Matsuzawa wanted to find out why otherwise healthy farmers in northern Japan appeared to be losing their ability to think and reason at a relatively early age, and how the process of ageing could he slowed down.6. With a team of colleagues at Tokyo National University, he set about measuring brain volumes of a thousand people of different ages and varying occupations.7. Computer technology enabled the researchers to obtain precise measurements of the volume of the front and side sections of the brain, which relate to intellect （智能）and emotion, and determine the human character.8. Contraction of front and side parts as cells die off was observed in some subjects in their thirties, but it was still not evident in some sixty and seventy-year-olds.9. The findings show in general terms that contraction of the brain begins sooner in people in the country than in the towns.10. White collar workers doing routine work in government offices are, however, as likely to have shrinking brains as the farm worker, bus driver and shop assistant.11. We know that you have a high opinion of the kind of learning taught in your colleges, and that the costs of living of our young men, while with you, would be very expensive to you.12. But you must know that different nations have different ways of looking at things, and you will therefore not be offended if our ideas of this kind of education happen not to be the same as yours.13. We are, however, not the less obliged by your kind offer, though we refuse to accept it; and, to show our grateful sense of it, if the gentlemen of Virginia will send us a dozen of their sons, we will take care of their education, teach them in all we know , and make men of them.14. In what now seems like the prehistoric times of computer history,the earth’s postwar era, there was quite a wide-spread concern that computers would take over the world from man one day.15. Already today, less than forty years later, as computers are relieving us of more and more of the routine tasks in business and in our personal lives. We are faced with a less dramatic but also less foreseen problem.16. Obviously, there would be no point in investing in a computer if you had to check all its answers, but people should also rely on their own internal computers and check the machine when they have the feeling that something has gone wrong.17. Certainly Newton considered some theoretical aspects of it in his writings, but he was reluctant to go to sea to further his work.18. For most people the sea was remote, and with the exception of early intercontinental travellers or others who earned a living from the sea, there was little reason to ask many questions about it , let alone to ask what lay beneath the surface.19. The first time that the question “ What is at the bottom of the oceans?” had to be answered with any commerc ial consequence was when the laying of a telegraph cable from Europe to America was proposed.20. At the early attempts, the cable failed and when it was taken out for repairs it was found to be covered in living growths, a fact which defied contemporary scientific opinion that there was no life in the deeper parts of the sea.21. For every course that he follows a student is given a grade, which is recorded, and the record is available for the student to show to prospective employers.22. All this imposes a constant pressure and strain of work, but in spite of this some students still find time for great activity in student affairs.23. The effective work of maintaining discipline is usually performed by students who advise the academic authorities.24. Much family quarrelling ends when husbands and wives realize what these energy cycles mean, and which cycle each member of the family has.25. Whenever possible, do routine work in the afternoon and save tasks requiring more energy or concentration for your sharper hours.26. We also value personal qualities and social skills, and we find that mixed-ability teaching contributes to all these aspects of learning. 27. They also learn how to cope with personal problems as well as learning how to think, to make decisions, to analyse and evaluate, and to communicate effectively.28. The problem is, how to encourage a child to express himself freely and confidently in writing without holding him back with thecomplexities of spelling?29. It may have been a shar p criticism of the pupil’s technical abilities in writing, but it was also a sad reflection on the teacher who had omitted to read the essay, which contained some beautiful expressions of the child’s deep feelings.30. The teacher was not wrong to draw attention to the errors, but if his priorities had centred on the child’s ideas, an expression of his disappointment with the presentation would have given the pupil more motivation to seek improvement.31. Given the nature of government and private employers, it seems most likely that discrimination by private employers would be greater.32. The release of the carbon in these compounds for recycling depends almost entirely on the action of both aerobic and anaerobic bacteria and certain types of fungi.33. A spirited discussion springs up between a young girl who says that women have out grown thejumping-on-a-chair-at-the-sight-of-a mouse era and a major who says that they haven’t.34. They are trying to find out whether there is something about the way we teach language to children which in fact prevents children from learning sooner.35. Mathematicians who have tried to use the computers to copy the way the brain works have found that even using the latest electronic equipment they would have to build a computer which weighed over 10,000 kilos.36. Since different people like to do so many different things in their spare time, we could make a long list of hobbies, taking in everything from collecting matchboxes and raising rare fish, to learning about the stars and making model ships.37. They know that a seal swimming under the ice will keep a breathing hole open by its warm breath, so they will wait beside the hole and kill it.38. We may be able to decide whether someone is white only by seeing if they have none of the features that would mark them clearly as a member of another race.39. Although signs of dishonesty in school , business and government seem much more numerous in years than in the past, could it be that we are getting better at revealing such dishonesty?40. It is not quite a matter of disagreeing with the theory of independence, but of rejecting its implications: that the romances may be taken in any or no particular order, that they have no cumulative effect, and that they are as separate as the works of a modern novelist.41. His thesis works relatively well when applied to discrimination against Blacks in the United States, but his definition of racial prejudice as “ racially-based negative prejudgments against a group generally accepted as a race in any given region of ethnic competition,” can be interpreted as also including hostility toward such ethnic groups as the Chinese in California and the Jews in medieval Europe.42. Gutman argues convincingly that the stability of the Black family encouraged the transmission of and so was crucial in sustaining —the Black heritage of folklore, music, and religious expression from one generation to another, a heritage that slaves were continually fashioning out of their African and American experiences.43. Even the folk knowledge in social systems on which ordinary life is based in earning, spending, organizing, marrying, taking part in political activities, fighting and so on , is not very dissimilar from the more sophisticated images of the social system derived from the social sciences, even though it is built upon the very imperfect samples of personal experience.44. There are several steps that can be taken, of which the chief one is to demand of all the organizations that exist with the declared objectives of safeguarding the interests of animals that they should declare clearly where they stand on violence towards people.45. It was possible to demonstrate by other methods refined structural differences among neuron types, however, proof was lacking that the quality of the impulse or its conduction was influenced by these differences, which seemed instead to influence the developmental patterning of the neural circuits.46. According to this theory, it is not the quality of the sensory nerve impulses that determines the diverse conscious sensations they produce, but rather the different areas of the brain into which they discharge , and there is some evidence for this view.47. The result of attrition is that, where the areas of the whole leaves follow a normal distribution, a bimodal distribution is produced, one peak composed mainly of fragmented pieces, the other of the larger remains.48. The Bible does not tell us how the Roman census takers made out, and as regards our more immediate concern, the reliability of present day economic forecasting, there are considerable difference of opinion.49. A survey conducted in Britain confirmed that an abnormally high percentage of patients suffering from arthritis of the spine who had been treated with X rays contracted cancer.50. Yet across the gulf of space, minds that are to our minds as ours are to those of the beasts that perish, intellects vast and cool andunsympathetic, regarded this earth with envious eyes, and slowly and surely drew their plans against us.51. Even the doctoral degree, long recognized as a required “ union card” in the academic world, has come under severe criticism as the pursuit of learning for its own sake and the accumulation of knowledge without immediate application to a professor’s classroom duties.52. While a selection of necessary details is involved in both, the officer must remain neutral and clearly try to present a picture of the facts, while the artist usually begins with a preconceived message or attitude which is then transmitted through the use of carefully selected details of action described in words intended to provoke associations and emotional reactions in the reader.53. Articles in the popular press even criticize the Gross National Production (GNP) because it is not such a complete index of welfare, ignoring, on the one hand, that it was never intended to be, and suggesting, on the other, that with appropriate changes it could be converted into one.54. Other experiments revealed slight variations in the size, number, arrangement, and interconnection of the nerve cells, but as far as psychoneuaral correlations were concerned, the obvious similarities of these sensory fields to each other seemed much more remarkable than any of the minute differences.55. The Chinese have distributed publications to farmers and other rural residents instructing them in what to watch for their animals so that every household can join in helping to predict earthquakes. 56. Supporters of the Star Wars defense system hope that this would not only protect a nation against an actual nuclear attack, but would be enough of a threat to keep a nuclear war from ever happening. 57. Neither would it prevent cruise missiles or bombers, whose flights are within the Earth’s atmosphere, from hitting their targets.58. Civil rights activists have long argued that one of the principal reasons why Blacks, Hispanics, and other minority groups have difficulty establishing themselves in business is that they lack access to the sizable orders and subcontracts that are generated by large companies.59. During the nineteenth century, she argues, the concept of the “useful” child who contributed to the family economy gave way gradually to the present day notion of the “useless” child who, though producing no income for, and indeed extremely costly to its parents, is yet considered emotionally “ priceless”.60. Well established among segments of the middle and upper classes by the mid-1800’s, this new view of childhood spread throughout society in the late nineteenth and early twentiethcenturies as reformers introduced child labor regulations and compulsory education laws predicted in part on the assumption thata child’s emotional value made child labor taboo.61. Of course, it would be as dangerous to overreact to history by concluding that the majority must now be wrong about expansion as it would be to re-enact the response that greeted the suggestion that the continents had drifted.62. While the fact of this consumer revolution is hardly in doubt, three key questions remain: who were the consumers? What were their motives? And what were the effect of the new demand for luxuries?63. Although it has been possible to infer from the goods and services actually produced what manufacturers and servicing trades thought their customers wanted, only a study of relevant personal documents written by actual consumers will provide a precise picture of who wanted what.64. With respect to their reasons for immigrating, Grassy does not deny their frequently noted fact that some of the immigrants of the 1630’s, most notably the organizers and clergy, advanced religious explanations for departure, but he finds that such explanations usually assumed primacy only in retrospect.65. If we take the age-and sex-specific unemployment rates that existed in 1956 (when the overall unemployment rate was 4.1 percent) and weight them by the age- and sex-specific shares of the labor force that prevail currently, the overall unemployment rate becomes 5 percent.66. He was puzzled that I did not want what was obviously a “ step up” toward what all Americans are taught to want when they grow up: money and power.67. Unless productivity growth is unexpectedly large, however, the expansion of real output must eventually begin to slow down to the economy’s larger run growth potential if generalized demand pressures on prices are to be avoided.68. However, when investment flows primarily in one direction, as it generally does from industrial to developing countries, the seemingly reciprocal source-based restrictions produce revenue sacrifices primarily by the state receiving most of the foreign investment and producing most of the income—namely ,the developing country partner.69. The pursuit of private interests with as little interference as possible from government was seen as the road to human happiness and progress rather than the public obligation and involvement in the collective community that emphasized by the Greeks.70. The defense lawyer relied on long-standing principles governingthe conduct of prosecuting attorneys: as quasi-judicial officers of the court they are under a duty not to prejudice a party’s case through overzealous prosecution or to detract from the impartiality of courtroom atmosphere.71. No prudent person dared to act on the assumption that, when the continent was settled, one government could include the whole; and when the vast expense broke up, as seemed inevitable, into a collection of separate nations, only discord, antagonism, and wars could be expected.72. If they were right in thinking that the next necessity in human progress was to lift the average person upon an intellectual and social level with the most favored, they stood at least three generations nearer than Europe to that goal.73. Somehow he knows that if our huckstering civilization did not at every moment violate the eternal fitness of things, the poet’s song would have been given to the world, and the poet would have been cared for by the whole human brotherhood, as any man should be who does the duty that every man owes it.74. The instinctive sense of the dishonor which money-purchase does to art is so strong that sometimes a man of letters who can pay his way otherwise refuses pay for his work, as Lord Byron did, for a while, from a noble pride, and as Count Tolstoy has tried to do, from a noble conscience.75. Perhaps he believed that he could not criticize American foreign policy without endangering the support for civil rights that he had won from the federal government.76. Abraham Lincoln, who presided in his stone temple on August 28, 1963 above the children of the slaves he emancipated (解放), may have used just the right words to sum up the general reaction to the Negroes’ massive march on Washington.77. In the Warren Court era, voters asked the Court to pass on issues concerning the size and shape of electoral districts, partly out of desperation because no other branch of government offered relief, and partly out of hope that the Court would reexamine old decisions in this area as it had in others, looking at basic constitutional principles in the light of modern living conditions.78. Some even argue plausibly that this weakness may be irremediable : in any society that, like a capitalist society, seeks to become ever wealthier in material terms disproportionate rewards are bound to flow to the people who are instrumental in producing the increase in its wealth.79. This doctrine has broadened the application of the Fourteenth Amendment to other, nonracial forms of discrimination, for while some justices have refused to find any legislative classification otherthan race to be constitutionally disfavored, most have been receptive to arguments that at least some nonracial discriminations, sexual discrimination in particular, are “suspect” and deserve this heightened scrutiny by the courts.80. But as cameras become more sophisticated, more automated, some photographers are tempted to disarm themselves or to suggest that they are not really armed, preferring to submit themselves to the limits imposed by premodern camera technology because a cruder, less high-powered machine is thought to give more interesting or emotive results, to have more room for creative accident.81. Both novelists use a storytelling method that emphasizes ironic disjunctions between different perspectives on the same events as well as ironic tensions that inhere in the relationship between surface drama and concealed authorical intention, a method I call an evidentiary narrative technique.82. When black poets are discussed separately as a group, for instance, the extent to which their work reflects the development of poetry in general should not be forgotten, or a distortion of literacy history may result.83. These differences include the bolder and more forthright speech of the later generation and its technical inventiveness.84. But black poets were not battling over old or new rather, one accomplished Black poet was ready to welcome another, whatever his or her style, for what mattered was racial pride.85. Tolstoy reversed all preconceptions and in every reversal he overthrew the “ system”, the “ machine”, the externally ordained belief, the conventional behaviour in favor of unsystematic, impulsive life, of inward motivation and the solutions of independent thought.86. It was better covered by television and press than any event here since President Kennedy’s inauguration (就职) , and , since indifferent is almost as great a problem to the Negro as hostility, this was a plus.87. But do not the challenge and the excitement of the critical problem as such lie in that ambivalence of attitude which allows us to recognize the intelligence and even the splendor of Meredith’s work, while, at the same time, we experience a lack of sympathy, a failure of any enthusiasm of response?88. In this respect she resembled one of her favourite contemporaries, Mary Brunton, who would rather have “ glided through the world unknown” than been suspected of literary airs—to be shunned, as literary women are, by the more pretending of their own sex, and abhorred, as literary women are, by the more pretending of the other!89. From those sounds which we hear on small or on coarse occasions, we do not easily receive strong impressions, or delightful images; and words to which we are nearly strangers, whenever they occur, draw that attention on themselves which they should transmit to things.90. To proceed thus is to set up a fivefold hypothesis that enables you to gather from the innumerable items cast up by the sea of experience upon the shores of your observation only the limited number of relevant data—relevant, that is, to one or more of the five factors of your hypothesis.91. As an author, I am naturally concerned that a surprisingly large percentage of the population of the United States is functionally illiterate; if they can’t read or cannot understand what they read, they won’t buy books, or this magazine.92. They do not know those parts of the doctrine which explain and justify the remainder ; the considerations which show that a fact which seemingly conflicts with another is reconcilable with it, or that, of two apparently strong reasons, one and not the other ought to be preferred.93. Quite apart from the logistic problems, there existed a well-established tradition in Britain which refused to repatriate against their will people who found themselves in British hands and the nature of whose reception by their own government was, to say the least, dubious.94. An obsession with the exact privileges of a colonial legislature and the precise extent of Britain’s imperial power, the specifics of a state constitution and the absolute necessity of a federal one, all expressed this urge for a careful articulation as proof that the right relationship with external powers did indeed prevail.95. One encyclopaedia tells us that intelligence is related to the ability to learn, to the speed with which things are learned, to how well and how long ideas are remembered, to the ability to understand those ideas and use them in problem-solving, and to creativity.96. The event marked the end of an extended effort by William Barton Rogers, M.I.T. ‘s founder and first president, to create a new kind of educational institution relevant to the times and to the contrary’s need, where young men and women would be educated in the application as well as the acquisition of knowledge.97. Each departmental program consists, in part, of a grouping of subjects in the department’s areas of professional interest and, in part, of additional opportunities for students of their choice.98. Alternatively, a student may use elective time to prepare for advanced study in some professional field, such as medicine or law,for graduate study in some area in which M. I. T. gives no undergraduate degree, such as meteorology or psychology, or for advanced study in an interdisciplinary field, such as astrophysics, communication science, or energy.99. While the undergraduate curriculum for an open Bachelor of Science degree, as listed by a department, may have its own unique features, each program must be laid out in consultation with a departmental representative to assure that it is meaningful in structure and challenging in content.100. Where previously it had concentrated on the big infrastructure projects such as dams, roads and bridges, it began to switch to projects which directly improved the basic services of a country. 101. Thus in addition to the chances of going away from the right path outlined above, the scientific investigator shares with the ordinary citizen the possibilities of falling into errors of reasoning in the ways we have just indicated, and many others as well.102. He made a hole and peering through, could see jewellery, and other objects stacked in piles in the shadows that extended beyond the beam of light penetrating the interior.103. Neither Ayat nor the Rassoul brothers noticed, however, that most of the pieces they were selling were of a type not previously seen in the marketplace—pieces whose existence had been suspected but which had not yet been discovered by archaeologists. 104. “The biggest construction project of this century”, explained French President Francois Mitterand in January, 1986 as he and then British prime minister Margaret Thatcher jointly announced that the two countries would finally overcome ancient quarrels and prejudices and forge a link across the narrow Channel separating them.105. Perhaps the fact that many of these first studies considered only algae(水藻) of a size that could be collected in a net(net phytoplankton), a practice that overlooked the smaller phytoplankton(浮游植物群落) that we now know grazers are most likely to feed on, led to a de-emphasis of the role of grazers in subsequent research.106. The converse observation, of the absence of grazers (食草动物)in areas of high phytoPlankton(浮游植物群落)concentration, led Hardy to propose his principle of animal exclusion , which hypothesized that phytoplankton produced a repellent(驱虫剂) that excluded grazers from regions of high phytoplankton concentration.107. Although these molecules allow radiation at visible at wave lengths, where most of the energy of sunlight is concentrated, to pass through, they absorb some of the longer-wavelength, infrared emission(红外辐射) radiated from the Earth,s surface, radiation thatwould otherwise be transmitted back into space.108. In addition, the style of some Black novels, like Jean Toomer’s Cane, verges on expressionism or surrealism(超现实主义), does this technique provide a counter point to the prevalent theme that portrays the fate against which Black heroes are pitted, a theme usually conveyed by more naturalistic modes of expression?109. Roseenblatt’s thematic analysis permits considerable objectivity; he even explicitly states that it is not his intention to judge the merit of the various works—yet his reluctance seems misplaced, especially since an attempt to appraise might have led to interesting results. 110. Thus, for instance, it may come as a shock to mathematicians to learn that the Schrodinger equation (薛定谔的方程式)forthe hydrogen atom is not a literally correct description of this atom, but only an approximation to a somewhat more correct equation taking account of spin, magnetic dipole (磁性偶极子), and relatiristic effects, and that this corrected equation is itself only an imperfect approximation to an infinite set of quantum field theoretical equations( 量子场论方程式).111. Great comic artists assume that truth may bear all lights, and thus they seek to accentuate( 强调) contradictions in social action, not gloss over or transcend them by appeals to extrasocial symbols of divine ends, cosmic purpose, or laws of nature.112. The hydrologic(水文地质的) cycle, a major topic in this science, is the complete cycle of phenomena through which water passes, beginning as atmospheric water vapor, passing into liquid and solid form as precipitation (降水(量)), thence along and into the ground surface, and finally again returning to the form of atmospheric water vapor by means of evaporation and transpiration(散发).113. My point is that its central consciousness—its profound understanding of class and gender as shaping influences on people’s lives—owes much to that earlier literary heritage, a heritage that, in general, has not been sufficiently valued by most contemporary literary critics.114. In the early 1950’s historians who studies preindustrial Europe (which we may define here as Europe in the period from roughly 1300 to 1800) began, for the first time in large numbers, to investigate more of the preindustrial European population than the 2 or 3 percent who comprised the political and social elite (精华) : the kings, generals, judges, nobles, bishops, and local magnates (要人) who had hitherto (迄今) usually filled history books.115. The historian Frederick J. Tuner wrote in the 1890’s that the agrarian(农民) discontent (不满) that had been developing steadily in the United States since about 1870 had been precipitated (加速) by the closing of the internal frontier—that is , the depletion (枯竭) of。

成人学位英语本科试题及答案

成人学位英语本科试题及答案一、阅读理解（共20分，每题4分）阅读下列短文，然后回答问题。

AThe importance of a good night's sleep cannot be overstated. Sleep is essential for maintaining physical health and mental well-being. During sleep, the body repairs tissues, builds bone and muscle, and strengthens the immune system. Moreover, sleep is crucial for brain function, including the consolidation of memory and learning. Lack of sleep can lead to mood swings, decreased alertness, and impaired cognitive abilities.1. What is the primary purpose of the text?A. To emphasize the importance of sleep.B. To discuss the physical benefits of sleep.C. To explore the effects of sleep on memory.D. To compare sleep patterns among different age groups.2. According to the text, which of the following is a benefit of sleep?A. Increased bone density.B. Heightened stress levels.C. Reduced immune response.D. Impaired cognitive function.3. What can be inferred about the consequences of sleep deprivation?A. It can cause emotional instability.B. It can improve concentration.C. It can lead to a stronger immune system.D. It can enhance physical endurance.BIn recent years, there has been a significant increase in the number of people who are self-employed. This trend is attributed to several factors, including the rise of the digital economy, which allows for more flexible work arrangements. Many individuals are now starting their own businesses, often from home, and are enjoying the freedom and autonomy that comes with being their own boss. However, self-employment also comes with its challenges, such as financial instability and the lack of a safety net that traditional employment provides.4. What is the main reason for the rise in self-employment?A. The desire for financial stability.B. The growth of the digital economy.C. The lack of available jobs.D. The appeal of working from home.5. What is one advantage of being self-employed mentioned in the text?A. A regular salary.B. The freedom to set one's own schedule.C. The provision of health insurance.D. The support of a safety net.6. What challenge does the text suggest self-employed individuals may face?A. Limited growth opportunities.B. Financial instability.C. Difficulty in finding clients.D. Lack of professional development.二、词汇与语法（共30分，每题3分）7. The company's profits have ________ by 20% compared tolast year.A. increasedB. decreasedC. remainedD. fluctuated8. Despite the heavy rain, the construction work was continued without any ________.A. interruptionB. accelerationC. decelerationD. termination9. The scientist was awarded the Nobel Prize for his ________ contributions to the field of physics.A. significantB. insignificantC. trivialD. nominal10. She had to ________ her speech to fit the time limit of the conference.A. abbreviateB. elaborateC. postponeD. cancel11. The government is considering ________ new laws to protect the environment.A. enactingB. abolishingC. ignoringD. revising12. It is essential that the medicine be taken ________ the doctor's instructions.A. in line withB. in contrast toC. in place ofD. in excess of三、完形填空（共20分，每题2分）One day, a poor farmer found an old lamp in the market. When he cleaned it, a genie appeared and offered to grant him one wish. The farmer, being a practical man, wished for a magic cow that could 13. ________ all day long.13. A. sleepB. grazeC. produce milkD. singThe cow was granted, and it 14. the farmer's life significantly. His family was well-fed, and he was able to sell the excess milk in the market, which 15. him a good income.14. A. changedB. complicatedC. remainedD. destroyed15. A. providedB. demandedC. costD. deniedThe farmer's wealth attracted the attention of a greedy neighbor, who 16. to steal the cow but was caught in the act.16. A. attemptedB. refusedC. succeededD. failedThe farmer decided to 17. the secret of the cow to the neighbor, so he would not try to steal it again.17. A. hideB. revealC. guardD. destroy四、翻译（共20分，汉译英10分，英译汉10分）18. 汉译英：随着科技的发展，远程工作已经成为可能，并且越来越受到年轻专业人士的欢迎。

麦肯锡运营绩效英文版

No systematic tracking of top customers and their satisfaction
Too much inventory (140 days vs. 35 for best-practice*)
* Automotive industry analysis
Flexible job design
Pay for performance/skill
Alcoa Business System
* Alcoa’s quarterly net income adjusted for special items Source: Platt’s Metal Week; Wall Street Journal; McKinsey Metals Practice
P/E 20+ points higher than other major players
Make-to-order supply chain Inventory level 60% lower Receivables turns 45% higher
Revenue growth 40% faster and ROIC 1.5 times industry average
Performance-based measurement system
Facilities modernization
Renegotiated labor contracts
Variable pensation salary and hourly
Quality assurance, SPC
Reduced set-up times
Alcoa adjusted net income

tpo40三篇托福阅读TOEFL原文译文题目答案译文背景知识

tpo40三篇托福阅读TOEFL原文译文题目答案译文背景知识阅读-1 (2)原文 (2)译文 (5)题目 (8)答案 (17)背景知识 (17)阅读-2 (20)原文 (20)译文 (23)题目 (25)答案 (35)背景知识 (35)阅读-3 (38)原文 (38)译文 (41)题目 (44)答案 (53)背景知识 (54)阅读-1原文Ancient Athens①One of the most important changes in Greece during the period from 800 B.C. to 500 B.C. was the rise of the polis, or city-state, and each polis developed a system of government that was appropriate to its circumstances. The problems that were faced and solved in Athens were the sharing of political power between the established aristocracy and the emerging other classes, and the adjustment of aristocratic ways of life to the ways of life of the new polis. It was the harmonious blending of all of these elements that was to produce the classical culture of Athens.②Entering the polis age, Athens had the traditional institutions of other Greek protodemocratic states: an assembly of adult males, an aristocratic council, and annually elected officials. Within this traditional framework the Athenians, between 600 B.C. and 450 B.C., evolved what Greeks regarded as a fully fledged democratic constitution, though the right to vote was given to fewer groups of people than is seen in modern times.③The first steps toward change were taken by Solon in 594 B.C., when he broke the aristocracy's stranglehold on elected offices by establishing wealth rather than birth as the basis of office holding, abolishing the economic obligations of ordinary Athenians to the aristocracy, and allowing the assembly (of which all citizens were equal members) to overrule the decisions of local courts in certain cases. The strength of the Athenian aristocracy was further weakened during the rest of the century by the rise of a type of government known as a tyranny, which is a form of interim rule by a popular strongman (not rule by a ruthless dictator as the modern use of the term suggests to us). The Peisistratids, as the succession of tyrants were called (after the founder of the dynasty, Peisistratos), strengthened Athenian central administration at the expense of the aristocracy by appointing judges throughout the region, producing Athens’ first national coinage, and adding and embellishing festivals that tended to focus attention on Athens rather than on local villages of the surrounding region. By the end of the century, the time was ripe for more change: the tyrants were driven out, and in 508 B.C. a new reformer, Cleisthenes, gave final form to the developments reducing aristocratic control already under way.④Cleisthenes' principal contribution to the creation of democracy at Athens was to complete the long process of weakening family and clanstructures, especially among the aristocrats, and to set in their place locality-based corporations called demes, which became the point of entry for all civic and most religious life in Athens. Out of the demes were created 10 artificial tribes of roughly equal population. From the demes, by either election or selection, came 500 members of a new council, 6,000 jurors for the courts, 10 generals, and hundreds of commissioners. The assembly was sovereign in all matters but in practice delegated its power to subordinate bodies such as the council, which prepared the agenda for the meetings of the assembly, and courts, which took care of most judicial matters. Various committees acted as an executive branch, implementing policies of the assembly and supervising, for instance, the food and water supplies and public buildings. This wide-scale participation by the citizenry in the government distinguished the democratic form of the Athenian polis from other less liberal forms.⑤The effect of Cleisthenes’ reforms was to establish the superiority of the Athenian community as a whole over local institutions without destroying them. National politics rather than local or deme politics became the focal point. At the same time, entry into national politics began at the deme level and gave local loyalty a new focus: Athens itself. Over the next two centuries the implications of Cleisthenes’ reforms were fully exploited.⑥During the fifth century B.C. the council of 500 was extremely influential in shaping policy. In the next century, however, it was the mature assembly that took on decision-making responsibility. By any measure other than that of the aristocrats, who had been upstaged by the supposedly inferior "people", the Athenian democracy was a stunning success. Never before, or since, have so many people been involved in the serious business of self-governance. It was precisely this opportunity to participate in public life that provided a stimulus for the brilliant unfolding of classical Greek culture.译文古雅典①在公元前800年到公元前500年期间，希腊最重要的变化之一是城邦的崛起，并且每个城邦都发展了适合其情况的政府体系。

商务英语词汇大全[1]cmt

Pandemic words-----------------------------herd immunityherd 群体，V成群聚集immunity [ɪ'mjuːnətɪ] n. 免疫, 免除, 免疫Under quarantine 隔离中guardian ['gɑrdɪən] n. 监护人, 保护人quarantine 'kwɔ- /'kwɒ-] n. 隔离; 隔离区; 检疫; 检疫所v. 使隔离; 使孤立; 使受检疫; 与...断绝关系social exclusion 社会隔离exclusion [ex'cluːʒən]n. 排除, 逐出, 除外exclusive ɪk'skluːsɪv] adj. 独占的, 排外的, 唯一的full-blown pandemic 全面大流行full blown n完全成熟的; 具有一切特征的; 充分发展的blown1[bləʊn] adj.喘气的; 被苍蝇弄赃的; 精疲力竭的; 有蝇卵附着的; 吹制的blown (blow)2[bləʊn] v.吹, 刮; 随风飘动; 吹动; 吹响, 鸣响; 吹; 吹掉; 吹动; 刮走; 使开花; 开blow[bləʊ]n.吹动, 吹气; 吹牛, 自夸; 强风, 暴风#一击, 殴打; 不幸; 打击; 精神上的打击#开花v.吹, 刮; 随风飘动; 吹动; 吹响, 鸣响; 吹; 吹掉; 吹动; 刮走; 使开花; 开infect [in·fect || ɪn'fekt]v. 传染; 感染infection [in'fec·tion || ɪn'fekʃn]n. 传染, 传染病, 影响injectionepidemic [epɪ'demɪk] n. 传染病, 流行病adj. 流行的, 传染性的pandemic 全国流行的 [pan·dem·ic || pæn'demɪk] adj. 全国流行的传染病 n. pestilence, infectious diseasenovel pathogen 新型病原体pharmaceutical fɑrmə'suːtɪkl adj. 制药学的phamacia 药房药店human to human transmission [ trænz'mɪʃn ,-s-] n. 传输, 变速器, 传送transmit [trans·mit || trænz'mɪt ,-s-] v. 传输, 传达, 转送; 发射信号, 发报transit [trans·it || 'trænsɪt ,-z-] n. 运输, 运送; 过境; 通过, 经过; 中转transfer 转让,转帐,过户chunk [tʃʌnk] n. 大块; 矮胖的人或物vibrant 'vaɪbrənt] adj. 振动的, 响亮的, 战栗的vet [vet] n. 兽医#老兵v. 诊断, 检审; 当兽医vetting 诊断contain [kən'teɪn]v. 包含; 容忍; 容纳remarkable rɪ'mɑrkəbl /-'mɑː-] adj. 不平常的, 显著的, 值得注意的prominent [ 'prɒm-]adj. 卓越的, 突出的, 显著的Comprehensive kɑmprɪ'hensɪv adj. 全面的; 广泛的能充分理解的;comprehensive investigation 全面调查comprehensive insurance 综合保险authority [ɔː'θɒrətɪ] n. 专家, 权威, 威信collaboration kə‚læbə'reɪʃn] n. 合作; 勾结; 共同研究Physical practiceworkforce疫苗 n. vaccine 'væksɪːn失业率unemployment rateLay off 解雇; 休息; 停止工作essential [es·sen·tial || ɪ'senʃl] adj. 必要的, 本质的, 重要的surpass [/sə'pɑːs] v. 超越, 胜过unsurpassed超越 v. (Trad=超越, Pinyin=chao1 yue4) surpass, exceed, surmount, overstep, transcend transcend [træn'send] v. 超越, 胜过; 超越; 优于task force 特遣部队预测 n/v. (Trad=預測, Pinyin=yu4 ce4) forecast, forecasting, predictionprejudge prɪː'dʒʌdʒ] v. 对...预先判断; 对...作仓促决定prejudgment ['prɪː'dʒʌdʒmənt] n. 在审判前判决; 预断forecast fɔːkɑːst]n预想,预报,预测v.预想; 预报;预测; 作预测进行预报prediction prɪ'dɪkʃn] n. 预言, 预报predict prɪ'dɪkt] v. 预言; 预报; 预料; 作预言; 作预报; 作预料national scandal 'skændl] n. 丑闻, 丑事; 流言蜚语, 诽谤; 耻辱, 丢脸; 公愤, 反感tragedy 'trædʒɪdɪ] n. 悲剧, 悲惨, 惨案comedy 'kɒmɪdɪ] n. 喜剧; 喜剧性事件; 喜剧性, 喜剧成分LPG 液化石油气(Liquefied Petroleum Gas,简称LPG)，LPG的主要组分是丙烷和丁烷，有少量的烯烃。

高考英语太空范文通用13篇

高考英语太空范文通用13篇（经典版）编制人：__________________审核人：__________________审批人：__________________编制单位：__________________编制时间：____年____月____日序言下载提示：该文档是本店铺精心编制而成的，希望大家下载后，能够帮助大家解决实际问题。

文档下载后可定制修改，请根据实际需要进行调整和使用，谢谢!并且，本店铺为大家提供各种类型的经典范文，如工作总结、工作计划、合同协议、条据文书、策划方案、句子大全、作文大全、诗词歌赋、教案资料、其他范文等等，想了解不同范文格式和写法，敬请关注!Download tips: This document is carefully compiled by this editor. I hope that after you download it, it can help you solve practical problems. The document can be customized and modified after downloading, please adjust and use it according to actual needs, thank you!Moreover, our store provides various types of classic sample essays for everyone, such as work summaries, work plans, contract agreements, doctrinal documents, planning plans, complete sentences, complete compositions, poems, songs, teaching materials, and other sample essays. If you want to learn about different sample formats and writing methods, please stay tuned!高考英语太空范文通用13篇高考英语太空范文第一篇A succession of beautiful scenery makes one feel delighted.A long stay in the same surroundings to make everything the same.Routine work often makes one feel bored But if you take a trip or a long journey on your holidays to some scenic spots or historic sites， that will make great difference.Travel can widen one s knowledge.The farther you go， the more you will learn about different politics， economics，customs as well as geography.If you travel the whole world some day， you will fully understand the globe on which we live.However， too much travel causes tiredness.You get on a bus or a taXi， you travel on the train or in a plane， being patient with the hours needed on your mute from one place to another， that will make you eXhausted after a while.高考英语太空范文第二篇The reusability of this neXt wave of spacecraft will help develop commercial markets， which is believed to be space tourism.下一波宇宙飞船的可重用性将用于商业市场，也就是太空旅行。

选别人当音乐课代表的英语作文

选别人当音乐课代表的英语作文全文共3篇示例，供读者参考篇1Picking the Class Music Representative: An Insider's PerspectiveAs students, we all dread those moments when the teacher asks for a volunteer for some task or position. Suddenly, every set of eyes drops to the floor as we pray that fate doesn't call our name. This past week was no exception when Mrs. Robertson asked who wanted to be the music class representative this year.A deafening silence filled the room as the realisation set in that one of us would be saddled with that responsibility.Now don't get me wrong, being the music rep isn't exactly digging ditches, but it's also not a coveted role. Sure, you get a little recognition and can put it on your university applications. But the actual duties? Not quite as glamorous as they might seem at first glance.You're basically the go-between for the teacher and the rest of the class. So if Mrs. Robertson needs someone to pass out lyric sheets or reserve practice rooms, guess who gets tapped? You'realso expected to help organize things like fundraising events and rehearsals for our dreadedannual Winter Concert. Seriously, who actually enjoys planning things like bake sales?As the awkward pauses kept stretching out, I could feel Mrs. Robertson's eyes scanning the room, hoping someone would finally bite the bullet for her. That's when my gaze landed squarely on Jacob Mills.If there was ever a kid born for a role like the music rep, it's Jacob. This guy positively lives and breathes music. You've seen those pens that play mini-tunes when you click them? Well, Jacob is like a human version of that, but covering top 40 hits from the last 3 decades instead of nursery rhymes.I still remember the day in 4th grade when he walked into class absently whistling an entire Beethoven symphony, completely oblivious to the confused looks from everyone else. He's been in every musical, chorus, and band offering our school has featured since then. I'm pretty sure his parents had to soundproof his bedroom just to get some quiet at night.What makes Jacob so perfectly suited for music rep goes beyond just his unbridled passion for the subject though. This guy has the internal forecasting calendar of a rave promoter, able to rattle off every major music event, award show, andrelease date like it's encoded into his DNA. I've seen his awell-worn copy of the Rolling Stone Album Guide that he constantly has his nose buried in.Then there's the fact that he legit gets excited at the very mention of things the rest of us dread, like organizing fundraisers and rehearsals. While we steel ourselves for selling wrapping paper or chocolates door-to-door, Jacob starts doing little air guitar solos at his desk, already planning the set lists and marketing slogans. Last year's charity music festival to benefit the winter formal? That was pretty much spearheaded entirely by Jacob after he got elected as rep.He also has enviable networking abilities, whether it's connecting with local bands and venues or calling in every favor from family friends and distant relatives. If we need a space to rehearse or funds for new equipment, Jacob always seems to manifest them like magic. His ability to rally people through his overwhelming musical enthusiasm is something to behold.So when Mrs. Robertson finally called on me to nominate someone after what felt like an eternity of silence, I blurted out Jacob's name without hesitation. A few mumbles of approval and heaved signs of relief rippled through the class. Even Mrs.Robertson seemed to relax at having been spared the drama of assigning the role to someone.Of course, the second I said it, I caught Jacob's wide-eyed look of panic. For as perfectly suited as he is for this, you'd think I just nominated him for student council president with how vigorously he began shaking his head. But c'mon, as if anyone else was truly up for the job?After a few feeble protests of "Oh man, I don't know you guys..." and looks of feigned reluctance, Jacob resigned himself to the inevitable. The class erupted into halfhearted cheers and claps, with everyone just relieved to have that taken care of. As for me, I flashed Jacob an apologetic shrug, which he returned with a weary smile and an accepting nod of the head. We both knew he was destined for this, whether he initially embraced it or not.So if the rest of us have to endure listening to impromptu rehearsals of Jacob's latest musical obsession between classes, or watch him stride down the halls tapping out paradiddles on his legs, it's a small price to pay. Jacob is tailor made for the role of our fearless class music representative, now and until one of us finally graduates. The rest of us can just kick back, relax, andleave it to the master to make this year's music events and obligations actually run smoothly for once.篇2Choosing the Right Music Class RepresentativeWhen our music teacher, Mr. Roberts, announced that we needed to elect a class representative, I knew right away that this was a decision that couldn't be taken lightly. The role of class rep is a big responsibility and could really impact how our music lessons go for the whole year. After some serious thought, I realized that while I love music, I'm just not the right person for such an important job. Instead, I decided to throw my support behind Jessica Williams to be our rep.Now I know what you might be thinking - Jessica? Really? The quiet girl who sits in the back row and never raises her hand? Yes, that's the one. Let me explain why I think Jess is actually the perfect choice.To start with, being the class representative requires exceptional organizational skills and attention to detail. Can you imagine if an irresponsible slacker got the role? Our folders would never get passed out on time, the chairs would be set up haphazardly, and we'd constantly be waiting around because theaudio equipment wasn't prepped properly. That's just not going to happen with Jessica in charge.I've witnessed firsthand how meticulously Jess organizes her own materials for music class. Her binders are impeccable, with easily accessible dividers and page protectors keeping everything tidy. Her pencils are always sharpened, her music stand is wiped down, and she's never forgotten a handout or left anything behind. If she puts that same level of conscientiousness into being the class rep, we'll be in excellent hands.Beyond just being hyper-organized, Jessica is also incredibly focused and diligent. She soaks up new concepts like a sponge and works tirelessly until she has perfected every nuance of a new technique or skill. I've seen her stay back after class just to get some extra practice in or ask Mr. Roberts follow-up questions. With her commitment to excellence, you can be sure Jessica will go above and beyond in any rep duties, whether it's communicating lesson plans, managing rosters and attendance, or handling administrative tasks.What truly separates Jessica from the other candidates, however, is her passion for music. I've been in band and choir with her since we were kids, and her love for it is unmistakable. At every concert or performance, her face is absolutely glowingwith pure joy. She throws herself completely into the experience of creating beautiful music. That's the sort of enthusiasm and appreciation for the art that you want to see in a class representative.Of course, another crucial aspect of the role is acting as a liaison between the students and Mr. Roberts. Jessica's respectful demeanor and strong listening skills make her perfect for such diplomatic responsibilities. She may be shy, but she's also incredibly caring and concerned about the needs of her peers. I'm confident she would take all of our feedback seriously and be an effective voice for our collective interests with the teacher.Meanwhile, her calm, patient personality means she could remain a neutral arbiter if any conflicts or disagreements broke out amongst classmates. Jessica's easygoing nature allows her to go with the flow and not get ruffled by drama. I have no doubt she could handle high-pressure situations with poise.Now, is she outgoing or vocal? Not at all. But those traits aren't necessarily required for a class rep. In fact, Jessica's quiet presence could be an asset in certain situations, like keeping disruptions to a minimum during delicate lessons or subduing the noise level if things get too rowdy. Plus, her gentledisposition and timid ways mean she's extremely approachable. Students who might feel nervous about speaking up to a more boisterous rep would find it easy to relay their thoughts and concerns to the kind, unassuming Jessica.To be honest, a tiny part of me did briefly wonder if I should nominate myself for class representative. After all, I've been playing guitar and singing for years, and I really do love music with my whole heart. My binder isn't quite as organized as Jessica's, but it's not too messy either. And while I can be a bit of a gigantic ham sometimes, doesn't a rep need to have at least a little outgoing personality to rally the troops?Ultimately though, I realized that there's more to being an amazing rep than just talent and loving what you do. It requires a particular type of person with a specific set of qualities that Jessica has in spades: diligence, organization, passion, respect, diplomacy, and approachability. She's simply a better fit for the job than I could ever hope to be.So in the end, my vote for our music class representative goes to Jessica Williams, no question about it. She might not be the loudest voice in the room, but she's definitely the right choice to be the voice for our class. Jessica's incredible dedication, unparalleled care for the subject matter, andadmirable personal strengths make her head and shoulders above any other candidate. We'd be lucky to have such a stellar representative advocating for us this year.篇3Choosing the Music Class Representative: A Pivotal DecisionAs students, we face many decisions throughout our academic journey, but few hold as much weight and consequence as selecting the right individual to represent our class. In the realm of music, where the harmonies of melodies and the cadence of rhythms intertwine, the chosen representative plays a crucial role in shaping our collective experience. It is a responsibility that demands not only a passion for the art but also a deep understanding of the intricacies that define the musical realm.In my opinion, the ideal candidate for this esteemed position should embody a multitude of qualities that transcend mere technical proficiency. First and foremost, they must possess an unwavering love for music – a love that resonates through every note they play and every measure they interpret. This passion should be palpable, infectious, and capable of igniting a similar fire within the hearts of their peers.Moreover, the representative must be a skilled communicator, adept at articulating the concerns, suggestions, and aspirations of the class. They must possess the ability to bridge the gap between our collective desires and the instructors' expectations, fostering an environment of mutual understanding and collaboration. Effective communication is the cornerstone upon which a harmonious learning experience is built.Equally crucial is the ability to lead with empathy and inclusivity. Music, in its purest form, is a universal language that transcends boundaries and unites diverse cultures. The representative should embrace this notion, fostering an atmosphere where every voice is heard, every talent is nurtured, and every individual feels valued and respected. Only then can we truly unlock the transformative power of music.In addition to these essential qualities, the chosen representative should possess a keen eye for detail and organization. Coordinating rehearsals, managing schedules, and ensuring the smooth execution of performances are no small feats. It requires meticulous planning, unwavering dedication, and the ability to navigate the complexities of logistical challenges with grace and efficiency.Furthermore, the representative should be a beacon of inspiration, igniting within us a relentless pursuit of excellence. They should challenge us to push beyond our perceived limitations, to explore uncharted territories of musical expression, and to embrace the transformative power of creativity. Only through such unwavering dedication can we truly elevate our craft and leave an indelible mark on the tapestry of musical legacy.As I ponder the potential candidates, one name stands out among the rest: Sarah Johnson. Sarah embodies the very essence of what it means to be a true ambassador of music. Her passion for the art is evident in every note she plays, every score she interprets, and every performance she graces with her presence.Sarah's ability to communicate is unparalleled, her words flowing with the same melodic cadence as the compositions she cherishes. She has a remarkable talent for articulating complex musical concepts in a manner that resonates with all, bridging the gap between the novice and the seasoned virtuoso. Her empathy and inclusivity know no bounds, as she embraces every individual's unique journey with music, fostering an environment where diversity is celebrated and talent is nurtured.Organizational prowess is another of Sarah's defining traits. Her meticulous planning and attention to detail have ensured the seamless execution of countless concerts and recitals, leaving not a single note out of place. Her dedication to perfection is matched only by her unwavering commitment to the growth and development of her peers.But perhaps Sarah's most profound quality lies in her ability to inspire. Her presence alone ignites a fire within us, compelling us to reach for new heights and push the boundaries of what we thought possible. Her unwavering belief in our potential is a constant source of motivation, propelling us forward on a journey of self-discovery and artistic expression.In Sarah, I see not merely a class representative but a true ambassador of music – a beacon that will guide us through the intricate tapestry of harmonies, melodies, and rhythms. Her leadership will undoubtedly elevate our collective experience, fostering an environment where our passion for music can flourish and our talents can reach their fullest potential.As we embark on this new chapter of our musical journey, I implore you, my fellow classmates, to cast your vote in favor of Sarah Johnson. Together, under her guidance, we can compose asymphony that will resonate through the halls of our institution and leave an indelible mark on the annals of musical legacy.In the end, the decision we make today will echo far beyond the confines of our classroom. It will shape the very fabric of our musical experience, determining whether we merely play notes or transcend into the realm of true artistic expression. Let us choose wisely, for in doing so, we open the door to a world of boundless possibilities, where the harmonies of our souls intertwine with the melodies of our instruments, creating a masterpiece that will resonate through the ages.。

英语自考二-课后习题答案

英语二课本练习题答案(第二部分课本练习题答案) 第一单元Text AExercises for the TextI. 1.d 2.c 3.c 4.a 5.dII. 1.alternative 2.fundamental 3.accompany 4.implemen t 5.preccedent 6.attain 7.objectives 8.vary 9. multiple 10.isolateIII. 1.c 2.d 3.i 4.j 5.g 6.e 7.h 8.1 9.f 10.b IV. our ; helped ; form ; front; to; passed; it; same;V. 1.Decision makers should be able to make the best guess at the guture.2.Some people think that everything managers do involves decision making.(or Some people think that everything managers do has something to do with decision making.)3.If there are no correct alternatives,there are no correct decisions to be made.4.Since different people have different ideas about the same problem,so the approaches to it vary from person to person.5.Decision makers usually hold the key to the business development of the company.V ocabulary ExercisesI . 1.a.be organized anizatinal anization2.a.simple b.simplified c.simply d.simplification3.a.profit b.profitable c.profitability4.a.intention b.intended c.unintendedII. 1.preccdent 2.skilled 3.achievement 4.implement 5. optimal 6.goal 7.accomplish 8.accompanies 9.tendenc y 10.ongoingIII. 1.His friend accompanied him to a concert.2.He has argued her out of her decision.3.he owed his success in part to luck.4.According to his suggestion,the formalities have been much simplified.5.The broadcasting station predicts that it will turn cold tomorrow.6.Motion is defined as a change in position or place.Text B Exercises for the TextI. 1.T 2.T 3.F 4.F 5.F 6.F 7.F 8.F 9.F 10.T II. 1.preparation; confidence 2.idea 3.unattractive indifference 4.hardworking; personality;interest 5.speechless 6.holidays; pay 7.clean; neat; conservative 8.the floor beside your chair 9.politely; naturally 10."I beg your pardon?" or "Could you please repeat it?" etc.V ocabulary ExercisesI. 1.at adisadvantage 2.conservative 3.indifference 4.makesure 5.vague 6.clutched 7.turned down 8.to your advantage 9.neat 10.prospects 11.take the tuoubleto 12.placeGrammar ExercisesI. 1.连词；让步状语从句。

Chapter 2 Forecasting

Chapter 2 ForecastingP2-1 The Time Horizon in ForecastingDiscuss the role of forecasting for the following types of forecasts: Marketing Accounting Finance. Production.P2-2 Characteristics of ForecastsWhat does the term biased mean in reference to a particular forecasting technique?P2-3 Subjective Foresting MethodsObserved weekly sales of ball peen hammers at the town hardware store over an eight-week period have been 14,9,30,22,34,12,19,23. suppose that three-week moving averages are used to forecast sales. Determine the one-step-ahead forecasts for weeks 4 through 8. Suppose that exponential smoothing is used with a smoothing constant of a=.15. Find the exponential smoothing forecasts for weeks 4 through8.( To get the method started, use the same forecast for week 4 as you used in part(a).) Based o the MAD, which method did better? What is the exponential smoothing forecast made at the end of week 6 for the sales in week 12?P2-4 Objective Forecasting MethodsJohn Kittle, an independent insurance agent, uses a five-year moving average to forecast the number of claims made in a single year for one of the large insurance companies he sells for. He has just discovered that a clerk in his employ incorrectly entered the number of claims made four years ago as 1,400 when it should have been 1.200. what adjustment should Mr. Kittle make in next year's forecast to take into account the corrected valued of the number of claims four years ago? Suppose that Mr. Kittle used simple exponential smoothing with a=0.2 instead of moving averages to determine his forecast. What adjustment is now required in next year's forecast?( Note that you do need to know the value of the forecast for next year in order to solve this problem.)P 2-5 Notation ConventionsQuarterly data for the failures of certain aircraft engines at a local military base during the last two yrs are 200, 250, 175, 186, 225, 285, 305, 190. Determine the one-step-ahead forecasts for period 4 through 8 using three-period moving averages, and one-step-ahead forecasts for periods 7 and 8 using six-periodmoving averages MA(3)4=(1/3)(175+250+200)=208 MA(3)5=(1/3)(186+175+250)=204MA(6)7=(1/6)(285+225+186+175+250+200)=220 The final results are as shown in the table on Page 67 Question: How to obtain multiple-step-ahead forecast? For example, using MA(3) in period 3 for period 6, MA(3)6, 3 period ahead.P2-6 Evaluating ForecastOver a two-year period, the Topper Company sold the following numbers of lawn mowers:1.In column A input the numbers 1 to 24 representing the months and in column B the observedmonthly sales. Compute the three-month moving- average forecast and place this in the thirdcolumn. Be sure to align your forecast with the period for which you are forecasting ( the average of sales for months 1,2 and 3 should be placed in row 4: the average of sales for months 2,3 and4 in row 5; and so on) In the fourth column, compute the forecast error for each month in whichyou have obtained a forecast.2.In columns 5,6 and 7 compute the absolute error, the squared error, and the ablolute percentageerror. Using these results, find the MAD, MSE, and Mape for the MA(3) forecasts for months 4through 24.3.Repeat parts(a) and (b) for six-month moving averages.( These calculations should appear incolumns 7 through 11.) Which method, MA(3) orMA(6), was more accurate for these data?P2-7 Methods for Forecasting Stationary SeriesRepeat the calculations in Problem 42 using simple exponential smoothing, and allow the smoothing constant a to be a variable. That is, the smoothing constant should be a cell location. By experimenting with different values of a , determine the value that appears to minimize the1.MAD2.MSE3.MAPEAssume that the forecast for month 1 is 225.。

物流专业英语词汇

Key Terms :
• • • • • • •
letter of credit 信用证 irrevocable L/C 不可撤销信用证 revocable L/C 可撤销信用证 confirmed L/C 保兑信用证 transferable L/C 可转让信用证 back-to-back L/C 背对背信用证 standby letter of credit 备用信用证
物流物流的定义物品的流动和存储计划，实行和控制客户需求
Activities in the logistical System
Key Terms: • demand forecasting • transportation • warehousing • inventory management • material handling • packaging • information processing • procurement • production planning • customer service 需求预测运输仓储库存管理物料搬运包装信息处理采购生产计划客户服务
Logistics : what it is
• • • • • • Key terms Logistics definition of logistics flow and storage of goods plan, implement and control customer requirements
Third-party Logistics
Key Terms
• third-party logistics (3PL) 第三方物流 • outsourcing 外包 • globalization 全球化 • supply chains 供应链 • customs duties 关税 • logistics operations 物流业务 • value-added service 增值服务 • customs clearance 结关

掌握四级高频词汇consequence

掌握四级高频词汇consequenceConsequence, a commonly used word in the English language, carries significant weight in both everyday conversations and academic writings. As a fourth-level English learner, it is of utmost importance to acquaint oneself with high-frequency words like "consequence" in order to enhance language proficiency and comprehension. In this article, we will delve into the definition, usage, and examples of this important term, ultimately providing readers with a comprehensive understanding of its various applications.Defining ConsequenceConsequence, as a noun, refers to the outcome or result of a particular action, event, or situation. It represents the effect or aftermath that follows a cause. Understanding the concept of consequence helps us grasp the cause-and-effect relationships in our lives and analyze the impact of our decisions.Usage of ConsequenceThe word "consequence" can be used in a variety of contexts, ranging from personal experiences to broader societal issues. Below are a few examples that shed light on its versatile usage:1. Personal Consequences:- Making poor financial decisions can have dire consequences, such as accumulating debt or bankruptcy.- Skipping exercise regularly may result in adverse health consequences, including weight gain or a decline in physical fitness.2. Environmental Consequences:- Overfishing has led to severe consequences for marine ecosystems, with collapsing fish populations and imbalanced food chains.- The consequences of deforestation can be witnessed through soil erosion, loss of biodiversity, and climate change.3. Societal Consequences:- Discrimination based on ethnicity can have far-reaching consequences, such as social unrest and the erosion of unity within a country.- Ignoring the consequences of climate change will have long-term impacts on the planet, affecting future generations.Examples of ConsequenceTo further illustrate the usage of "consequence" in different situations, let us explore a few hypothetical scenarios:1. The consequence of a missed deadline:John, a university student, failed to submit his assignment on time. As a consequence, he received a lower grade than expected, negatively impacting his overall academic performance.2. The consequence of dishonesty:Sarah, a worker in a reputable company, was caught lying about her qualifications during a promotion interview. As a consequence, she was terminated from her position, tarnishing her professional reputation.3. The consequence of reckless driving:Mark, a young and inexperienced driver, chose to speed through a red light. Unfortunately, this resulted in a severe car accident, causing injuries to himself and other innocent pedestrians. As a consequence, he faced legal charges and a lengthy rehabilitation process.ConclusionUnderstanding and utilizing high-frequency words like "consequence" is essential for language learners to effectively convey their thoughts and ideas. By comprehending the concept of cause-and-effect relationships, one can make informed decisions and analyze the potential outcomes of their actions. Through the mastery of this word and its applications, individuals can enhance their language proficiency and express themselves more eloquently in both written and verbal communication.。

风的变化英语作文

风的变化英语作文The phenomenon of wind and its variability has always been a significant topic for environmental studies, geography, and even in the broader scope of understanding our planet’s climate system. Wind is not just a daily encounter but a dynamic force that shapes weather patterns, influences ecosystems, and even affects human activities in numerous ways.Wind originates due to the uneven heating of theEarth's surface by the sun. As the sun warms the Earth, different surfaces – such as water, sand, soil, and vegetation – absorb and release heat at different rates. This creates areas of varying atmospheric pressures. Windis the movement of air from high-pressure areas to low-pressure areas, and this flow undergoes modifications due to the Earth's rotation and geographical obstacles.One of the most fascinating aspects of wind is its ability to change. These changes can be observed on variousscales, from gentle breezes that barely rustle the leaves to fierce hurricanes that can uproot trees and devastate cities.On a daily basis, local winds can vary dramatically. For instance, sea breezes occur when land heats up faster than the sea during the day, causing air over the land to rise and cooler air from over the sea to rush in to replace it. At night, the reverse happens as the land cools more quickly than the sea. Such phenomena are not only interesting meteorologically but also critically important for coastal communities in terms of weather forecasting and planning.Seasonally, wind patterns can also shift significantly. In areas affected by monsoons, the winds reverse entirely, bringing dry weather in one part of the year and heavy rains in another. These seasonal winds are crucial for agriculture in many parts of the world, such as in South Asia, where the summer monsoon season supports the cultivation of a variety of crops including rice, a staple food for millions of people.Furthermore, global wind patterns play a critical role in Earth’s climate system. The trade winds, westerlies, and polar easterlies are large-scale winds driven by both the rotation of the Earth and the distribution of solar radiation across the planet. These winds facilitate the transfer of heat from the equator towards the poles, thereby regulating temperature and playing a key role in weather systems across the globe.Climate change is having a noticeable impact on wind patterns. As global temperatures rise, the patterns and strength of winds may change, altering weather systems, influencing ocean currents, and affecting ecological zones. For instance, stronger and more frequent hurricanes have been linked to warmer sea surface temperatures, a direct consequence of global warming.On a more local scale, urbanization also impacts wind patterns. Buildings, roads, and other infrastructures can alter wind flow, creating what is known as urban microclimates. This can lead to challenges such asincreased pollution in cities due to weaker winds unable to disperse pollutants effectively.The variability of wind has numerous implications for human activities as well. Wind energy, for example, relies on precise and predictable wind patterns to be efficient. The design of wind farms depends heavily on historical wind data to maximize energy production and efficiency. Additionally, aviation, sailing, and even some sports events depend critically on accurate weather forecasts that include wind conditions.In conclusion, understanding the variability of wind is not merely an academic interest but a practical necessity. It affects everything from weather prediction, agriculture, and energy management to the planning and design of cities. As we continue to witness changes in our environment, the study of wind patterns becomes increasingly important in our efforts to adapt to and mitigate the impacts of these changes. The dynamic nature of wind, with all its force and subtlety, truly makes it one of the most intriguing and essential aspects of our planet’s atmospheric phenomena.。

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THE ACCOUNTING REVIEW American Accounting Association Vol.88,No.6DOI:10.2308/accr-50526 2013pp.1909–1937Forecasting without Consequence?Evidence on the Properties of Retiring CEOs’Forecastsof Future EarningsCory A.CassellUniversity of ArkansasShawn X.HuangArizona State UniversityJuan Manuel SanchezTexas Tech UniversityABSTRACT:We investigate whether retiring CEOs engage in opportunistic terminal-year forecasting behavior and the circumstances in which such behavior is likely to bemore or less ing a within-CEO empirical design,we find that retiringCEOs are more likely to issue forecasts of future earnings,and that they issue suchforecasts more frequently in their terminal year relative to other years during their tenurewith the firm.Further,retiring CEOs’terminal-year forecasts of future earnings are morelikely to convey good news and are more optimistically biased relative to pre-terminalyears.Opportunistic terminal-year forecasting behavior is:(1)more pronounced in thepresence of higher CEO equity incentives and when discretionary expenditures are cut inthe terminal year,and(2)less pronounced in the presence of stronger monitoringmechanisms,such as higher institutional ownership.Collectively,our results provideevidence on a potential implication of the CEO horizon problem that has not beeninvestigated previously.Keywords:forecast bias;horizon problem;management earnings forecasts;manage-rial myopia;CEO retirement.We thank John Harry Evans III(senior editor),Beverly R.Walther(editor),two anonymous referees,Richard Cazier, Mike Drake,Steve Kachelmeier,Edward Li,James Myers,Linda Myers,Ray Pfeiffer,and Stephanie Rasmussen for comments that have helped us improve the quality of the paper.We also thank workshop participants at Texas Christian University and the University of Arkansas,and participants at the2011American Accounting Association Annual Meeting and the2013FARS Midyear Meeting for insightful comments.We thank Benjamin Anderson,Cari Burke,Ben Coulter,Lauren Dreher,Taylor Joo,Stacey Kaden,Roy Schmardebeck,Timothy Seidel,and Michael Stuart for excellent research assistance.We gratefully acknowledge theﬁnancial assistance of the Sam M.Walton College of Business at the University of Arkansas.Editor’s note:Accepted by Beverly R.Walther.Submitted:April2011Accepted:June2013Published Online:June20131909Data Availability :All data used in the study are publicly available from the sources citedin the text.I.INTRODUCTIONT heory suggests that Chief Executive Ofﬁcers (CEOs)with short horizons with their ﬁrmhave weaker incentives to act in the best interest of shareholders (Smith and Watts 1982).To date,research examining the ‘‘horizon problem ’’focuses on whether CEOs adopt myopic investment and accounting policies in their ﬁnal years in ofﬁce (e.g.,Dechow and Sloan 1991;Davidson et al.2007;Kalyta 2009;Antia et al.2010).We extend this line of research by investigating whether retiring CEOs are more likely to engage in opportunistic forecasting behavior in their terminal year relative to other years during their tenure with the ﬁrm.Speciﬁcally,we contrast the properties (issuance,frequency,news,and bias)of earnings forecasts issued by retiring CEOs during pre-terminal years,when the CEO will be in ofﬁce when the associated earnings are realized,with forecasts issued by retiring CEOs during their terminal year,when the CEO will no longer be in ofﬁce when the associated earnings are realized.We also examine circumstances in which opportunistic terminal-year forecasting behavior is likely to be more or less pronounced.Our predictions are based on several incentives that arise or increase during retiring CEOs’terminal year with their ﬁrms.Speciﬁcally,relative to CEOs who will continue with their ﬁrms,retiring CEOs face strong incentives to engage in opportunistic terminal-year forecasting behavior in an attempt to inﬂate stock prices during the period leading up to their retirement.Although it is only necessary for our hypotheses that managers believe such opportunistic behavior will inﬂuence stock prices,prior work shows that managers’opportunistic voluntary disclosures inﬂuence stock prices (Noe 1999;Aboody and Kasznik 2000;Cheng and Lo 2006;Hamm et al.2012).Moreover,this work suggests that managers use opportunistic earnings forecasts to manipulate analysts’(Cotter et al.2006)and investors’(Cheng and Lo 2006;Hamm et al.2012)perceptions in an effort to maximize the value of their stock-based compensation (Aboody and Kasznik 2000).Because SEC trading rules related to CEOs’post-retirement security transactions are less stringent than those in effect during their tenure with the ﬁrm,post-retirement transactions can be made before the earnings associated with the opportunistic forecast are realized and with reduced regulatory scrutiny.1To test our predictions,we identify all CEO turnover events in ExecuComp from 1997through 2009and perform detailed searches of SEC ﬁlings,executive biographies,press releases,and related disclosures to determine whether the CEO turnover was due to retirement.2We require that each of these retiring CEOs have at least two years of data prior to their terminal year so that we can compare within-CEO forecasting patterns.These procedures yield a sample of 862CEO retirements for the forecast issuance/frequency tests and 272CEO retirements for the forecast bias tests.Our results indicate that retiring CEOs are more likely to issue forecasts of future earnings and that they issue such forecasts more frequently in their terminal year relative to other years during their tenure with the ﬁrm.Moreover,we ﬁnd that retiring CEOs’terminal-year forecasts of future earnings are more likely to convey good news and are more optimistically biased relative to 1Anecdotal evidence suggests that a number of retiring CEOs sell a signiﬁcant proportion of their holdings soon after the retirement date.For example,Nicholas Taubman,former CEO and chairman of Advance Auto Parts,sold about 17percent of his holdings for a total of approximately $19million soon after retiring from Advance Auto Parts in early 2003(Kincaid 2003).Similarly,Michael Ahearn,former CEO and chairman of First Solar,sold approximately $160million in First Solar shares shortly after his retirement as CEO (Ahanotu 2010).2We classify CEO retirements as turnover events where the CEO does not secure a position with another public company in the years subsequent to his/her departure.For all turnover events,our search for subsequent employment extends to the end of our data collection in late 2011.1910Cassell,Huang,andSanchezThe Accounting ReviewNovember 2013pre-terminal years.Ourﬁndings that retiring CEOs engage in opportunistic terminal-year forecasting behavior represent a previously undocumented implication of the CEO‘‘horizon problem.’’Next,we examine circumstances in which the terminal-year forecasting behavior we document for the average retiring CEO is likely to be more or less pronounced.Speciﬁcally,we investigate the effects of eight factors we hypothesize should inﬂuence the extent of terminal-year opportunistic forecasting behavior.Weﬁnd that opportunistic terminal-year forecasting behavior is more pronounced in the presence of higher CEO equity incentives and discretionary expenditure cuts in the terminal year,and less pronounced in the presence of stronger monitoring mechanisms,such as greater institutional ownership.Other factors have a signiﬁcant effect on some,but not all,of the forecast characteristics in the predicted direction.Although we attribute our results to changes in retiring CEOs’incentives during their terminal year with theﬁrm,our results could potentially be confounded by over-time trends in management forecasts(e.g.,the effects of CEO tenure,secular trends,or regulatory changes)or by a preference for conservative accounting by the incoming CEO.Based on the results from a battery of sensitivity analyses,we conclude that our inferences are most likely not an artifact of longer CEO tenure, over-time trends in management forecasts,or incoming CEOs making more conservative reporting choices.Our results should be of interest to market participants,such as investors and analysts,who use information from management earnings forecasts.However,market participants’ability to use our evidence is contingent on their knowledge of,or ability to anticipate,a given CEO’s impending retirement.Our study should also be of interest to stakeholders,such as boards of directors and regulators,who seek to implement incentive mechanisms that mitigate agency conﬂicts. Interestingly,our results suggest that equity incentives,a tool commonly used to align incentives and minimize agency costs,can have the unintended consequence of creating or exacerbating opportunistic forecasting in a CEO’s terminal year.3Thus,CEO andﬁrm characteristics,such as equity incentives,may have competing effects on various horizon-problem-induced behaviors.Our study contributes to two broad research streams in the academic accounting andﬁnance literatures.First,our study contributes to an emerging line of research that investigates how individual managers or their particular characteristics inﬂuence corporate policy decisions(Bertrand and Schoar2003;Dyreng et al.2010;Ge et al.2011),including voluntary disclosure choices (Bamber et al.2010;Brochet et al.2011).Our results that CEOs’forecasting behavior becomes more opportunistic when their horizon becomes very short are consistent with practitioners’survey responses indicating that management philosophy is an important determinant of forecasting policies(National Investor Relations Institute[NIRI]2007).Second,we extend the stream of research that investigates the effects of the CEO horizon problem by identifying a new implication of the CEO horizon problem,opportunistic terminal-year forecasting behavior.Section II next describes prior literature and develops our hypotheses.In Section III,we discuss the data and the empirical model.Section IV presents the empirical results and Section V concludes the paper.II.HYPOTHESIS DEVELOPMENTTerminal-Year Forecasting Behavior for Retiring CEOsOur primary argument,that retiring CEOs face incentives to issue deliberately misleading forecasts in an attempt to inﬂuence stock prices during their terminal year,requires that CEOs 3For example,Cheng(2004)provides evidence thatﬁrms use option compensation to mitigate horizon-problem-induced reductions in R&D spending.Evidence on the Properties of Retiring CEOs’Forecasts of Future Earnings1911The Accounting Review November2013believe that opportunistic forecasting yields at least temporary market mispricing whereby stock prices are inﬂuenced by biased forecasts.Considerable empirical evidence indicates that managers employ misleading accounting and disclosure policy choices,suggesting that these activities yield nontrivial beneﬁts (Erickson and Wang 1999;Noe 1999;Aboody and Kasznik 2000;Lang and Lundholm 2000;Louis 2004;Cheng and Lo 2006;Brockman et al.2008;Daniel et al.2008;Gong et al.2008).4We expect that retiring CEOs will be more likely to succumb to such pressures during the terminal year because the regulations surrounding their stock transactions are less stringent during the post-retirement period.Speciﬁcally,SEC insider trading rules generally do not require retired CEOs to disclose their trades after retirement.5As a result,post-retirement trades can be made before the associated earnings are realized and with reduced regulatory and market scrutiny.Thus,relative to CEOs who will continue with their ﬁrm,retiring CEOs face stronger incentives to inﬂate stock prices during the period leading up to their retirement.The preceding discussion forms the basis for our primary hypotheses,that retiring CEOs will be more likely to engage in opportunistic forecasting behavior during their terminal year with the ﬁrm than in previous years.Speciﬁcally,we posit that,relative to pre-terminal years,retiring CEOs will be more likely to issue forecasts of future earnings,and to issue them more frequently,during their terminal year and that such forecasts will be more likely to convey news that is viewed positively by market participants (e.g.,investors and analysts)and more optimistically biased.We examine forecast issuance because a manager cannot issue good news or biased forecasts unless a forecast is issued.Thus,retiring CEOs who have not previously issued forecasts,but would like to issue good news or biased forecasts in their terminal year,must change their behavior.6The preceding argument also supports our interest in terminal-year forecasting frequency because forecast frequency is inﬂuenced by forecast issuance.Our primary hypotheses,stated in the alternative form,are as follows:H1:Retiring CEOs are more likely to issue forecasts of future earnings,and to issue suchforecasts more frequently,in their terminal year relative to other years during their tenure with the ﬁrm.H2:Retiring CEOs’terminal-year forecasts of future earnings are more likely to convey goodnews relative to prevailing expectations than are forecasts issued in other years during their tenure with the ﬁrm.H3:Retiring CEOs’terminal-year forecasts of future earnings are more optimistically biasedrelative to forecasts issued in other years during their tenure with the ﬁrm.Factors that Affect Terminal-Year Forecasting BehaviorWe also investigate a number of factors that we expect to inﬂuence the extent of terminal-year opportunistic forecasting behavior.Speciﬁcally,we examine the effect of CEO incentives to engage 4Theoretical work by Bloomﬁeld (2002),termed The Incomplete Revelation Hypothesis,predicts a negative association between the cost of information extraction and the extent to which market prices reﬂect the information.Moreover,Hirshleifer and Teoh (2003)argue that investors’limited attention contributes to incomplete market responses to public information,including information conveyed by deliberately misleading disclosures.5Transactions executed after an ofﬁcer or director relinquishes his/her insider status are subject to Rule 16and the related SEC ﬁling requirements only for trades that are executed within a period of less than six months of an opposite transaction,i.e.,an acquisition following a disposition,or vice versa ,where the opposite transaction was made when the ofﬁcer or director held insider status.See SEC Rule 16a-2(b)for more details.6Consistent with these arguments,we ﬁnd that approximately 18percent of sample CEOs (152out of 862)issue at least one forecast in their terminal year but do not issue any forecasts during pre-terminal years.1912Cassell,Huang,andSanchez The Accounting ReviewNovember 2013in such behavior in terms of the magnitude of CEO equity incentives,the incidence of cuts in discretionary expenditures,and whether the CEO retains a position in theﬁrm after retirement.7We also analyze the effect of the strength of internal monitoring in the form of whether theﬁrm hires the incoming CEO internally,whether theﬁrm announces the CEO’s upcoming retirement in advance,the proportion of outside directors on the board,and whether the CEO also chairs the board,as well as external monitoring in terms of the percentage of shares held by institutional investors on such behavior.Below,we develop hypotheses for each of these factors under two broad categories,CEO Incentives and Internal and External Monitors.CEO IncentivesBecause the beneﬁts to the CEO of inﬂuencing stock prices through opportunistic forecasting behavior are increasing in the extent of CEO equity-based incentives resulting from option and share holdings,we posit that such behavior will be more pronounced among CEOs with large equity-based incentives.Equity incentives can also encourage CEOs to manipulate earnings(Cheng and Warﬁeld2005;Bergstresser and Philippon2006;Efendi et al.2007).Thus, retiring CEOs with large equity holdings face stronger incentives to issue forecasts of future earnings and this behavior could beneﬁt the retiring CEO in part because SEC trading rules related to CEOs’post-retirement security transactions are less stringent than those in effect during their tenure with theﬁrm.Similar arguments apply to retiring CEOs who engage in real earnings management during their terminal year.Extant research suggests that CEOs adopt myopic investment and accounting policy choices in the years leading up to their retirement.Consistent with theoretical expectations (Smith and Watts1982),several empirical studiesﬁnd that CEOs with short horizons reduce both R&D spending(Dechow and Sloan1991;Barker and Mueller2002;Naveen2006)and capital expenditures(Capex)(Xu2010).8Because these policy choices artiﬁcially boost current period income,we expect retiring CEOs to issue forecasts of future earnings that imply that the current period results represent performance that will continue into the future.Thus,we expect that opportunistic terminal-year forecasting behavior will be greater among CEOs who cut R&D and Capex.Finally,we expect that opportunistic terminal-year forecasting behavior will be less pronounced among CEOs who retain a position on theﬁrm’s board of directors after retirement. These CEOs are more likely to be concerned about the labor market costs associated with opportunistic forecasting,such as reputation loss and/or the loss of their board position(Fama1980; Gibbons and Murphy1992).In addition,ﬁrms for which former CEOs remain on the board have better accounting performance and higher turnover-performance sensitivity of the successor CEO (Fahlenbrach et al.2011),suggesting that CEOs who remain as board members continue to have an interest in theﬁrm.The preceding arguments suggest that CEOs who retain a position within the ﬁrm will be less likely to engage in opportunistic forecasting behavior in their terminal year.Our next set of hypotheses,stated in the alternative form,reﬂect the inﬂuence of CEO incentives on terminal-year opportunistic forecasting:7We acknowledge that cuts in discretionary expenditures are not CEO incentives per se;rather they are ex post observed actions from which we are inferring CEO incentives.8Evidence on the association between the horizon problem and myopic investment and accounting policy choices is mixed.A number of studies have either:(1)failed toﬁnd an association between the horizon problem and myopic behavior,or(2)documented an association between the horizon problem and myopic behavior only in speciﬁc circumstances(Butler and Newman1989;Gibbons and Murphy1992;Murphy and Zimmerman1993;Pourciau1993;Wells2002;Cheng2004;Cazier2011).Evidence on the Properties of Retiring CEOs’Forecasts of Future Earnings1913The Accounting Review November2013H4:Terminal-year opportunistic forecasting behavior will be more pronounced among CEOswith large equity incentives.H5:Terminal-year opportunistic forecasting behavior will be more pronounced among CEOswho cut R&D and Capex.H6:Terminal-year opportunistic forecasting behavior will be less pronounced among CEOswho retain a position on the ﬁrm’s board of directors after retirement.Internal and External MonitoringWe also posit that retiring CEOs will be less likely to engage in terminal-year opportunistic forecasting behavior in the presence of strong monitoring mechanisms.First,we expect that such behavior will be less likely among CEOs of ﬁrms that hire the successor CEO internally.An internal hire is more likely to be aware of the retiring CEO’s impending departure,which should allow the incoming CEO to make efforts to prevent the retiring CEO from engaging in opportunistic forecasting behavior.9Opportunistic terminal-year forecasting may also be less likely when the ﬁrm announces the CEO’s retirement in advance because internal and external monitors in the form of investors and other stakeholders are likely better able to detect and prevent such behavior.On the other hand,however,early retirement announcements also help distinguish retiring CEOs who know that they are about to leave the ﬁrm from those whose retirements are unplanned.In this case,early announcements would be associated with more opportunistic terminal-year forecasting behavior because CEOs whose retirements are unplanned have little opportunity to engage in opportunistic terminal-year forecasting behavior.Thus,we cannot predict the direction in which early retirement announcements affect opportunistic forecasting.Finally,we expect stronger monitoring from the board of directors and external monitors to attenuate opportunistic terminal-year forecasting behavior.Our prediction is based on prior work suggesting that ﬁnancial reporting quality is higher in the presence of stronger monitoring mechanisms (Beasley 1996;Dechow et al.1996;Klein 2002;Imhoff 2003;Farber 2005;Dechow et al.2010).Moreover,prior work ﬁnds a positive association between management forecast quality and the strength of internal and external monitoring.Speciﬁcally,CEOs of ﬁrms with higher institutional ownership and more independent board members are more likely to issue management earnings forecasts and their forecasts are more precise (Ajinkya et al.2005;Karamanou and Vafeas 2005).We consider two measures of the quality of internal monitoring,the proportion of outside directors and the presence of CEO/Chairman of the Board duality,and one measure of the quality of external monitoring,the percentage of shares held by institutional investors.Our ﬁnal set of hypotheses,stated in the alternative form,is as follows:H7:Terminal-year opportunistic forecasting behavior will be less pronounced when the ﬁrmhires the successor CEO internally.H8:Terminal-year opportunistic forecasting behavior differs based on whether the ﬁrmannounces the CEO’s retirement in advance.H9:Terminal-year opportunistic forecasting behavior will be less pronounced when the boardof directors includes a higher percentage of outside directors.9This argument assumes that,relative to an external successor,an internal successor will:(1)have better knowledge about the departure date of the retiring CEO,(2)be more involved in decision making during the retiring CEO’s terminal year,and (3)have sufﬁcient power or inﬂuence to mitigate opportunistic behavior.1914Cassell,Huang,andSanchezThe Accounting ReviewNovember 2013H10:Terminal-year opportunistic forecasting behavior will be more pronounced when the retiring CEO also chairs the board of directors.H11:Terminal-year opportunistic forecasting behavior will be less pronounced when institutional investors hold a greater percentage of theﬁrm’s shares.III.DATA AND EMPIRICAL DESIGNSample SelectionWe identify all3,548CEO turnover events in the ExecuComp database during the period 1997–2009.10For each CEO turnover event identiﬁed,we perform detailed searches of SECﬁlings (e.g.,10-K,DEF14A),executive biographies appearing on various social media outlets such as LinkedIn and Forbes People Finder,press releases,and related disclosures to determine whether the CEO turnover was due to retirement.We classify CEO retirements as turnover events where the CEO does not secure a position with another public company in the years subsequent to their departure.11Because we are interested in contrasting retiring CEOs’terminal-year forecasts of future earnings with those in other years during their tenure with theﬁrm,the sample only includes observations for retiring CEOs.Further,we exclude observations for retiring CEOs whose tenure with theﬁrm is shorter than three years.These procedures yield a sample of1,175CEO retirements. Subsequent data restrictions involving coverage in the First Call database,complete data for the control variables and moderating variables,and the exclusion ofﬁrms from regulated industries limit the sample to862CEO retirements for the forecast issuance/frequency tests.12For the forecast bias tests,we exclude590observations where theﬁrm did not issue a quantitative forecast in either pre-terminal or terminal years,leading to aﬁnal sample of272CEO retirements.13Because theﬁrst measure of forecast news,based on the difference between management forecasts and analyst expectations,requires quantitative forecasts,the sample for tests using this measure is comprised of 272CEO retirements.The sample for tests using the second measure of forecast news,based on the market return to the management forecast,is comprised of862CEO retirements because this measure does not require quantitative forecasts.Table1outlines the sample selection.To mitigate the effects of outliers on our inferences,we winsorize all continuous variables with values above the 99th percentile or below the1st percentile.In general,the sampleﬁrms are from a broad spectrum of industries.We compared the distribution of sample observations by industry to the industry distribution of the Compustat population over the sample period after excluding observations in regulated industries(two-digit SIC codes60through69).The sample industry distribution is comparable to the Compustat 10We start the sample in1997because First Call did not have comprehensive coverage of management earnings forecasts until1995and we require that retiring CEOs have at least two years of data prior to their terminal year. 11We extend our search for subsequent employment to late2011.For sample CEOs,the average(median)age and tenure at retirement are61(61)and10.4(8)years,respectively.Approximately65(76)percent of sample CEOs retired when they were at least60(58)years old.12To ensure proper identiﬁcation ofﬁrms that do not provide forecasts of future earnings,we require that each sampleﬁrm be covered by the First Call database.Aﬁrm is covered by First Call if it is included in the First Call Company Issued Guidance,Summary,Detailed Analysts’Forecasts,or Actual Earningsﬁles.13Management forecasts could involve quantitative information,qualitative information,or both.Quantitative forecasts include discrete(point)forecasts,range forecasts,or open-ended forecasts.We cannot construct measures of forecast bias based on qualitative forecasts.To contrast forecast bias of retiring CEOs’terminal-year forecasts with that of forecasts made by the same CEO in other years during his/her tenure with theﬁrm,we require the retiring CEO to provide at least one point,range,or open-ended forecast during both his/her terminal year and pre-terminal years.We exclude384observations where no forecasts were provided or where actual earnings are missing from the First Call database.In addition,we exclude206observations where point/range/ open-ended forecasts are provided during the terminal year but not during pre-terminal years(or vice versa). Evidence on the Properties of Retiring CEOs’Forecasts of Future Earnings1915The Accounting Review November2013population with the following exceptions:our sample includes fewer observations in two-digit SIC code 48(Communications)than would be expected based on the Compustat population (0.8percent versus 4.7percent),our sample includes fewer observations in two-digit SIC code 73(Business Services)than would be expected based on the Compustat population (7.1percent versus 15.2percent),and our sample includes more observations in two-digit SIC code 49(Electric,Gas,and Sanitary Services)than would be expected based on the Compustat population (8.9percent versus 5.0percent).For all other two-digit SIC codes,the difference between the percentage of observations in the sample and the percentage of observations in the Compustat population is less than 2percent.Measurement of Management Earnings ForecastsWe extract management earnings forecasts data from the First Call Company Issued Guidance ﬁle.Because we are interested in contrasting the properties of forecasts of future earnings made by retiring CEOs during their terminal and pre-terminal years,we begin by partitioning the forecast data into the retiring CEO’s terminal year and pre-terminal years.Our hand-collection efforts enable us to identify a speciﬁc retirement date,so we classify forecasts as terminal-year forecasts if:(1)the forecast is issued during the CEO’s last year in ofﬁce,and (2)the forecast relates to earnings that will not be realized until after the CEO leaves ofﬁce.Pre-terminal-year forecasts are forecasts that are issued by the retiring CEO where:(1)the forecast is issued during the period before the CEO’s terminal year,and (2)the forecast relates to earnings that will be realized before the CEO leaves ofﬁce.We limit the pre-terminal year period to four years to ensure the benchmark against which we compare terminal-year forecasting behavior is relevant.14TABLE 1Sample Selection and Distribution#of CEO turnover events from ExecuComp during the period 1997–20093,548Less:non-retirement CEO turnover(2,373)Less:retirements with missing data(185)Less:retirements occurred in ﬁnancial and utility ﬁrms (SIC codes 4900–4999and 6000–6999)(128)Final #of CEO retirements used in tests of Chg_FFE_Occurrence ,Chg_FFE_Frequency ,and Chg_FFE_News2862a Less:retirements without quantitative forecasts of future earnings in both pre-terminal and terminal years and retirements with missing actual EPS in First Call(590)Final #of CEO retirements used in tests of Chg_FFE_News1and Chg_FFE_Bias 272ba For tests of Chg_FFE_Occurrence ,Chg_FFE_Frequency ,and Chg_FFE_News2,there are 3,015ﬁrm-year observations in the pre-terminal period and 862ﬁrm-year observations in the terminal period.With respect to the number of forecasts,there are 912forecasts in the pre-terminal period and 702forecasts in the terminal period.b For tests of Chg_FFE_News1and Chg_FFE_Bias ,there are 393ﬁrm-year observations in the pre-terminal period and 272ﬁrm-year observations in the terminal period.With respect to the number of forecasts,there are 416forecasts in the pre-terminal period and 279forecasts in the terminal period.See text for variable deﬁnitions.14Inferences are unchanged if we include all available pre-terminal year observations.1916Cassell,Huang,andSanchezThe Accounting ReviewNovember 2013。