chapter 5 the procedure of an american president is elected
中华人民共和国民事诉讼法 英文版
CIVIL PROCEDURE LAW OF THE PEOPLE'S REPUBLIC OF CHINA(Adopted at the Fourth Session of the Seventh National People's Congress on April 9. 1991. promulgated by Order No. 44 of the President of the People's Republic of China on April 9. 1991. and effective as of the date of promulgation)CONTENTSPart One General ProvisionsCHAPTER I The Aim. Scope of Application and Basic PrinciplesCHAPTER II JurisdictionSection 1 Jurisdiction by Forum LevelSection 2 Territorial JurisdictionSection 3 Transfer and Designation of JurisdictionCHAPTER III Trial OrganizationCHAPTER IV WithdrawalCHAPTER V Participants in ProceedingsSection 1 PartiesSection 2 Agents ad LitemCHAPTER VI EvidenceCHAPTER VII Time Periods and ServiceSection 1 Time PeriodsSection 2 ServiceCHAPTER VIII ConciliationCHAPTER IX Property Preservation and Advance ExecutionCHAPTER X Compulsory Measures Against Obstruction of Civil Proceedings CHAPTER XI Litigation CostsPart Two Trial ProcedureCHAPTER XII Ordinary Procedure of First InstanceSection 1 Bringing a Lawsuit and Entertaining a CaseSection 2 Preparations for TrialSection 3 Trial in CourtSection 4 Suspension and Termination of LitigationSection 5 Judgment and OrderCHAPTER XIII Summary ProcedureCHAPTER XIV Procedure of Second InstanceCHAPTER XV Special ProcedureSection 1 General ProvisionsSection 2 Cases Concerning the Qualification of VotersSection 3 Cases Concerning the Declaration of a Person as Missing or Dead Section 4 Cases Concerning the Adjudgment of Legal Incapacity or Restricted Legal Capacity of CitizensSection 5 Cases Concerning the Determination of a Property as Ownerless CHAPTER XVI Procedure for Trial SupervisionCHAPTER XVII Procedure for Hastening Debt RecoveryCHAPTER XVIII Procedure for Publicizing Public Notice for Assertion of ClaimsCHAPTER XIX Procedure for Bankruptcy and Debt Repayment of Legal Person EnterprisesPart Three Procedure of ExecutionCHAPTER XX General ProvisionsCHAPTER XXI Application for Execution and ReferralCHAPTER XXII Execution MeasuresCHAPTER XXIII Suspension and Termination of ExecutionPart Four Special Provisions for Civil Procedure of Cases Involving Foreign ElementCHAPTER XXIV General PrinciplesCHAPTER XXV JurisdictionCHAPTER XXVI Service and Time PeriodsCHAPTER XXVII Property PreservationCHAPTER XXVIII ArbitrationCHAPTER XXIX Judicial AssistancePART ONE GENERAL PROVISIONSChapter I The Aim. Scope of Application and Basic PrinciplesArticle 1 The Civil Procedure Law of the People's Republic of China is formulated on the basis of the Constitution and in the light of the experience and actual conditions of our country in the trial of civil cases.Article 2 The Civil Procedure Law of the People's Republic of China aims to protect the exercise of the litigation rights of the parties and ensure theascertaining of facts by the people's courts. distinguish right from wrong. apply the law correctly. try civil cases promptly. affirm civil rights and obligations. impose sanctions for civil wrongs. protect the lawful rights and interests of the parties. educate citizens to voluntarily abide by the law. maintain the social and economic order. and guarantee the smooth progress of the socialist construction.Article 3 In dealing with civil litigation arising from disputes on property and personal relations between citizens. legal persons or other organizations and between the three of them. the people's courts shall apply the provisions of this Law.Article 4 Whoever engages in civil litigation within the territory of the People's Republic of China must abide by this Law.Article 5 Aliens. stateless persons. foreign enterprises and organizations that bring suits or enter appearance in the people's courts shall have the same litigation rights and obligations as citizens. legal persons and other organizations of the People's Republic of China.If the courts of a foreign country impose restrictions on the civil litigation rights of the citizens. legal persons and other organizations of the People's Republic of China. the people's courts of the People's Republic of China shall follow the principle of reciprocity regarding the civil litigation rights of the citizens. enterprises and organizations of that foreign country.Article 6 The people's courts shall exercise judicial powers with respect to civil cases. The people's courts shall try civil cases independently in accordance with the law. and shall be subject to no interference by any administrative organ. public organization or individual.Article 7 In trying civil cases. the people's courts must base themselves on facts and take the law as the criterion.Article 8 The parties in civil litigation shall have equal litigation rights. The people's courts shall. in conducting the trials. safeguard their rights. facilitate their exercising the rights. and apply the law equally to them.Article 9 In trying civil cases. the people's courts shall conduct conciliation for the parties on a voluntary and lawful basis; if conciliation fails. judgments shall be rendered without delay.Article 10 In trying civil cases. the people's courts shall. according to the provisions of the law. follow the systems of panel hearing. withdrawal. public trial and the court of second instance being that of last instance.Article 11 Citizens of all nationalities shall have the right to use their native spoken and written languages in civil proceedings.Where minority nationalities live in aggregation in a community or where several nationalities live together in one area. the people's courts shall conduct hearings and issue legal documents in the spoken and written languages commonly used by the local nationalities.The people's courts shall provide translations for any participant in the proceedings who is not familiar with the spoken or written languages commonly used by the local nationalities.Article 12 Parties to civil actions are entitled in the trials by the people's courts to argue for themselves.Article 13 The parties are free to deal with their own civil rights and litigation rights the way they prefer within the scope provided by the law.Article 14 The people's procuratorates shall have the right to exercise legal supervision over civil proceedings.Article 15 Where an act has infringed upon the civil rights and interests of the State. a collective organization or an individual. any State organ. public organization. enterprise or institution may support the injured unit or individual to bring an action in a people's court.Article 16 The people's conciliation committees shall be mass organizations to conduct conciliation of civil disputes under the guidance of the grass- roots level people's governments and the basic level people's courts.The people's conciliation committee shall conduct conciliation for the partiesaccording to the Law and on a voluntary basis. The parties concerned shall carry out the settlement agreement reached through conciliation; those who decline conciliation or those for whom conciliation has failed or those who have backed out of the settlement agreement may institute legal proceedings in a people's court.If a people's conciliation committee. in conducting conciliation of civil disputes. acts contrary to the law. rectification shall be made by the people's court.Article 17 The people's congresses of the national autonomous regions may formulate. in accordance with the Constitution and the principles of this Law. and in conjunction with the specific circumstances of the local nationalities. adaptive and supplementary provisions. Such provisions made by an autonomous region shall be submitted to the Standing Committee of the National People's Congress for approval; those made by an autonomous prefecture or autonomous county shall be submitted to the standing committee of the people's congress of the relevant province or autonomous region for approval and to the Standing Committee of the National People's Congress for the record.Chapter II JurisdictionSection 1 Jurisdiction by Forum LevelArticle 18 The basic people's courts shall have jurisdiction as courts of first instance over civil cases. unless otherwise provided in this Law.Article 19 The intermediate people's courts shall have jurisdiction as courts of first instance over the following civil cases：(1) major cases involving foreign element;(2) cases that have major impact on the area under their jurisdiction; and(3) cases as determined by the Supreme People's Court to be under the jurisdiction of the intermediate people's courts.Article 20 The high people's courts shall have jurisdiction as courts of first instance over civil cases that have major impact on the areas under their jurisdiction.Article 21 The Supreme People's Court shall have jurisdiction as the court of first instance over the following civil cases：(1) cases that have major impact on the whole country; and(2) cases that the Supreme People's Court deems it should try.Section 2 Territorial JurisdictionArticle 22 A civil lawsuit brought against a citizen shall be under the jurisdiction of the people's court of the place where the defendant has his domicile; if the place of the defendant's domicile is different from that of his habitual residence. the lawsuit shall be under the jurisdiction of the people's court of the place of his habitual residence.A civil lawsuit brought against a legal person or any other organization shall be under the jurisdiction of the people's court of the place where the defendant has his domicile.Where the domiciles or habitual residences of several defendants in the same lawsuit are in the areas under the jurisdiction of two or more people's courts. all of those people's courts shall have jurisdiction over the lawsuit.Article 23 The civil lawsuits described below shall be under the jurisdiction of the people's court of the place where the plaintiff has his domicile; if the place of the plaintiff's domicile is different from that of his habitual residence. the lawsuit shall be under the jurisdiction of the people's court of the place of the plaintiff's habitual residence：(1) those concerning personal status brought against persons not residing within the territory of the People's Republic of China;(2) those concerning the personal status of persons whose whereabouts are unknown or who have been declared as missing;(3) those brought against persons who are undergoing rehabilitation through labour; and(4) those brought against persons who are in imprisonment.Article 24 A lawsuit brought on a contract dispute shall be under the jurisdiction of the people's court of the place where the defendant has his domicile or where the contract is performed.Article 25 The parties to a contract may agree to choose in their written contract the people's court of the place where the defendant has his domicile. where the contract is performed. where the contract is signed. where the plaintiff has his domicile or where the object of the action is located to exercise jurisdiction over the case. provided that the provisions of this Law regarding jurisdiction by forum level and exclusive jurisdiction are not violated.Article 26 A lawsuit brought on an insurance contract dispute shall be under the jurisdiction of the people's court of the place where the defendant has his domicile or where the insured object is located.Article 27 A lawsuit brought on a bill dispute shall be under the jurisdiction of the people's court of the place where the bill is to be paid or where the defendant has his domicile.Article 28 A lawsuit arising from a dispute over a railway. road. water. or air transport contract or over a combined transport contract shall be under the jurisdiction of the people's court of the place of dispatch or the place of destination or where the defendant has his domicile.Article 29 A lawsuit brought on a tortious act shall be under the jurisdiction of the people's court of the place where the tort is committed or where the defendant has his domicile.Article 30 A lawsuit brought on claims for damages caused by a railway. road. water transport or air accident shall be under the jurisdiction of the people's court of the place where the accident occurred or where the vehicle or ship first arrived after the accident or where the aircraft first landed after the accident. or where the defendant has his domicile.Article 31 A lawsuit brought on claims for damages caused by a collision at sea or by any other maritime accident shall be under the jurisdiction of the people's court of the place where the collision occurred or where the ship in collision first docked after the accident or where the ship at fault was detained. or where the defendant has his domicile.Article 32 A lawsuit instituted for expenses of maritime salvage shall be under the jurisdiction of the people's court of the place where the salvage took place or where the salvaged ship first docked after the disaster.Article 33 A lawsuit brought for general average shall be under the jurisdiction of the people's court of the place where the ship first docked or where the adjustment of general average was conducted or where the voyage ended.Article 34 The following cases shall be under the exclusive jurisdiction of the people's courts herein specified：(1) a lawsuit brought on a dispute over real estate shall be under the jurisdiction of the people's court of the place where the estate is located;(2) a lawsuit brought on a dispute over harbour operations shall be under the jurisdiction of the people's court of the place where the harbour is located; and (3) a lawsuit brought on a dispute over succession shall be under the jurisdiction of the people's court of the place where the decedent had his domicile upon his death. or where the principal part of his estate is located.Article 35 When two or more people's courts have jurisdiction over a lawsuit. the plaintiff may bring his lawsuit in one of these people's courts; if the plaintiff brings the lawsuit in two or more people's courts that have jurisdiction over the lawsuit. the people's court in which the case was first entertained shall have jurisdiction.Section 3 Transfer and Designation of JurisdictionArticle 36 If a people's court finds that a case it has entertained is not under its jurisdiction. it shall refer the case to the people's court that has jurisdiction over the case. The people's court to which a case has been referred shall entertain the case. and if it considers that. according to the relevant regulations. the case referred to it is not under its jurisdiction. it shall report to a superior people's court for the designation of jurisdiction and shall not independently refer the case again to another people's court.Article 37 If a people's court which has jurisdiction over a case is unable to exercise the jurisdiction for special reasons. a superior people's court shalldesignate another court to exercise jurisdiction.In the event of a jurisdictional dispute between two or more people's courts. it shall be resolved by the disputing parties through consultation; if the dispute cannot be so resolved. it shall be reported to their common superior people's court for the designation of jurisdiction.Article 38 If a party to an action objects to the jurisdiction of a people's court after the court has entertained the case. the party must raise the objection within the period prescribed for the submission of defence. The people's court shall examine the objection. If the objection is established. the people's court shall order the case to be transferred to the people's court that has jurisdiction over it; if not. the people's court shall reject it.Article 39 The people's courts at higher levels shall have the power to try civil cases over which the people's courts at lower levels have jurisdiction as courts of first instance; they may also transfer civil cases over which they themselves have jurisdiction as courts of first instance to people's courts at lower levels for trial. If a people's court at a lower level that has jurisdiction over a civil case as court of first instance deems it necessary to have the case to be tried by a people's court at a higher level. it may submit it to and request the people's court at a higher level to try the case.Chapter III Trial OrganizationArticle 40 The people's court of first instance shall try civil cases by a collegial panel composed of both judges and judicial assessors or of judges alone.The collegial panel must have an odd number of members.Civil cases in which summary procedure is followed shall be tried by a single judge alone.When performing their duties. the judicial assessors shall have equal rights and obligations as the judges.Article 41 The people's court of second instance shall try civil cases by a collegial panel of judges. The collegial panel must have an odd number of members.For the retrial of a remanded case. the people's court of first instance shall form a new collegial panel in accordance with the procedure of first instance. If a casefor retrial was originally tried at first instance. a new collegial panel shall be formed according to the procedure of first instance; if the case was originally tried at second instance or was brought by a people's court at a higher level to it for trial. a new collegial panel shall be formed according to the procedure of second instance.Article 42 The president of the court or the chief judge of a division of the court shall designate a judge to serve as the presiding judge of the collegial panel; if the president or the chief judge participates in the trial. he himself shall serve as the presiding judge.Article 43 When deliberating a case. a collegial panel shall observe the rule of majority. The deliberations shall be recorded in writing. and the transcript shall be signed by the members of the collegial panel.Dissenting opinions in the deliberations must be truthfully entered in the transcript.Article 44 The judicial officers shall deal with all cases impartially and in accordance with the law.The judicial officers shall not accept any treat or gift from the parties or their agents adlitem.Any judicial officer who commits embezzlement. accepts bribes. engages in malpractice for personal benefits or who perverts the law in passing judgment shall be investigated for legal responsibility; if the act constitutes a crime. the offender shall be investigated for criminal responsibility according to the law.Chapter IV WithdrawalArticle 45 A judicial officer shall of himself withdraw from the case. and the parties thereto shall be entitled to apply orally or in writing for his withdrawal in any of the following circumstances：(1) he being a party to the case or a near relative of a party or an agent ad litem in the case;(2) he being an interested party in the case; or(3) he having some other kind of relationship with a party to the case. which might affect the impartiality of the trial.The above provisions shall also apply to clerks. interpreters. expert witnesses and inspection personnel.Article 46 In applying for the withdrawal. the party shall state the reason and submit the application at the beginning of the proceedings; the application may also be submitted before the closing of arguments in court if the reason for the withdrawal is known to him only after the proceedings begin.Pending a decision by the people's court regarding the withdrawal applied for. the judicial officer concerned shall temporarily suspend his participation in the proceedings. with the exception. however. of cases that require the taking of emergency measures.Article 47 The withdrawal of the presiding judge who is president of the court shall be decided by the judicial committee; the withdrawal of judicial officers shall be decided by the court president; and the withdrawal of other personnel by the presiding judge.Article 48 The decision of a people's court on an application made by any party for withdrawal shall be made orally or in writing within three days after the application was made. If the applicant is not satisfied with the decision. he may apply for reconsideration which could be granted only once. During the period of reconsideration. the person whose withdrawal has been applied for shall not suspend his participation in the proceedings. The decision of a people's court on the reconsideration shall be made within three days after receiving the application and the applicant shall be notified of it accordingly.Chapter V Participants in ProceedingsSection 1 PartiesArticle 49 Any citizen. legal person and any other organization may become a party to a civil action.Legal persons shall be represented by their legal representatives in the litigation. Other organizations shall be represented by their principal heads in the proceedings.Article 50 Parties to an action shall have the right to appoint agents. apply for withdrawals. collect and provide evidence. proffer arguments. request conciliation. file an appeal and apply for execution.Parties to an action may have access to materials pertaining to the case and make copies thereof and other legal documents pertaining to the case.The scope of and rules for consulting and making copies of them shall be specified by the Supreme People's Court.Parties to an action must exercise their litigation rights in accordance with the law. observe the procedures and carry out legally effective written judgments or orders and conciliation statements.Article 51 The two parties may reach a compromise of their own accord.Article 52 The plaintiff may relinquish or modify his claims. The defendant may admit or rebut the claims and shall have the right to file counterclaims.Article 53 When one party or both parties consist of two or more than two persons. their object of action being the same or of the same category and the people's court considers that. with the consent of the parties. the action can be tried combined. it is a joint action.If a party of two or more persons to a joint action have common rights and obligations with respect to the object of action and the act of any one of them is recognized by the others of the party. such an act shall be valid for all the rest of the party; if a party of two or more persons have no common rights and obligations with respect to the object of action. the act of any one of them shall not be valid for the rest.Article 54 If the persons comprising a party to a joint action is large in number. the party may elect representatives from among themselves to act for them in the litigation. The acts of such representatives in the litigation shall be valid for the party they represent. However. modification or waiver of claims or admission of the claims of the other party or pursuing a compromise with the other party by the representatives shall be subject to the consent of the party they represent.Article 55 Where the object of action is of the same category and the persons comprising one of the parties is large but uncertain in number at thecommencement of the action. the people's court may issue a public notice. stating the particulars and claims of the case and informing those entitled to participate in the action to register their rights with the people's court within a fixed period of time.Those who have registered their rights with the people's court may elect representatives from among themselves to proceed with the litigation; if the election fails its purpose. such representatives may be determined by the people's court through consultation with those who have registered their rights with the court.The acts of such representative in the litigation shall be valid for the party they represent; however. modification or waiver of claims or admission of the claims of the other party or pursuing a compromise with the other party by the representatives shall be subject to the consent of the party they represent.The judgments or written orders rendered by the people's court shall be valid for all those who have registered their rights with the court. Such judgments or written orders shall apply to those who have not registered their rights but have instituted legal proceedings during period of limitation of the action.Article 56 If a third party considers that he has an independent claim to the object of action of both parties. he shall have the right to bring an action. Where the outcome of the case will affect a third party's legal interest. such party. though having no independent claim to the object of action of both parties. may file a request to participate in the proceedings or the people's court shall notify the third party to participate. A third party that is to bear civil liability in accordance with the judgment of the people's court shall be entitled to the rights and obligations of a party in litigation.Section 2 Agents ad LitemArticle 57 Any person with no legal capacity to engage in litigation shall have his guardian or guardians as statutory agents to act for him in a lawsuit. If the statutory agents try to shift responsibility as agents ad litem upon one another. the people's court shall appoint one of them to represent the person in litigation.Article 58 A party to an action. or statutory agent may appoint one or two persons to act as his agents ad litem.A lawyer. a near relative of the party. a person recommended by a relevant social organization or a unit to which the party belongs or any other citizen approved by the people's court may be appointed as the party's agent ad litem.Article 59 When a person appoints another to act on his behalf in litigation. he must submit to the people's court a power of attorney bearing his signature or seal.The power of attorney must specify the matters entrusted and the powers conferred. An agent ad litem must obtain special powers from his principal to admit. waive or modify claims. or to compromise or to file a counterclaim or an appeal.A power of attorney mailed or delivered through others by a citizen of the People's Republic of China residing abroad must be certified by the Chinese embassy or consulate accredited to that country. If there is no Chinese embassy or consulate in that country. the power of attorney must be certified by an embassy or a consulate of a third country accredited to that country that has diplomatic relations with the People's Republic of China. and then transmitted for authentication to the embassy or consulate of the People's Republic of China accredited to that third country. or it must be certified by a local patriotic overseas Chinese organization.Article 60 A party to an action shall inform the people's court in writing if he changes or revokes the powers of an agent ad litem. and the court shall notify the other party of the change or revocation.Article 61 A lawyer who serves as an agent ad litem and other agents ad litem shall have the right to investigate and collect evidence. and may have access to materials pertaining to the case. The scope of and rules for consulting materials pertaining to the case shall be specified by the Supreme People's Court.Article 62 In a divorce case in which the parties to the action have been represented by their agents ad litem. the parties themselves shall still appear in court in person. unless they are incapable of expressing their own will. A party who is truly unable to appear in court due to a special reason shall submit his views in writing to the people's court.。
THE MAKING OF A NATION 05
THE MAKING OF A NATION #5 - American Indians（美洲印第安人）By Paul ThompsonVOICE ONE:Scientists believe that the native peoples of America came here thousands of years ago during the last Ice Age. These people settled the land from the cold northern areas to the extreme end of South America. As the groups of people settled different parts of the land, they developed their own languages, their own cultures and their own religions. Each group's story is important in the history of the Americas. However, it is perhaps the tribes of the central part of the United States that are most recognized.科学家们相信，美洲的土著大约在几千年前的上一个冰河时期来到这里。
美洲土著们的足迹从北到南遍布北美洲和南美洲。
由于他们生活在不同的地域，他们拥有不同的语言、文化和宗教信仰。
每一个部落的历史都是美国历史的一部分。
然而，只有生活在美国中部的部落的历史是非常清晰的。
VOICE TWO:In Eighteen-Oh-Four, Merriwether Lewis and William Clark led a group of explorers to the Pacific Ocean. They were the first educated Americans to see some of the native tribes of the Great Plains. And they were the first white people these Native American people had ever seen.When the group of explorers neared the eastern side of the great Rocky Mountains, they met with a tribe of Indians called the Shoshoni. Merriwether Lewis was the first to see them. Let us imagine we are with Merriwether Lewis near the Rocky Mountains almost two-hundred years ago. Across a small hill, a group of sixty Shoshoni men are riding toward us.1804年，一群探险者首次穿越北美大陆来到了太平洋沿岸。
英美报刊文章阅读精选本第五版课文翻译
Lesson4 Is an Ivy League Diploma Worth It？花钱读常春藤名校值不值？1.如果愿意的话，施瓦茨（Daniel Schwartz）本来是可以去一所常春藤联盟（Ivy League）院校读书的。
他只是认为不值。
2.18 岁的施瓦茨被康奈尔大学（Cornell University）录取了，但他最终却去了纽约市立大学麦考利荣誉学院（City University of New York’s Macaulay Honors College），后者是免费的。
3.施瓦茨说，加上奖学金和贷款的支持，家里原本是可以付得起康奈尔的学费的。
但他想当医生，他觉得医学院是更有价值的一项投资。
私立学校医学院一年的花费动辄就要4 万5 美元。
他说，不值得为了一个本科文凭一年花5 万多美元。
4.助学贷款违约率日益攀升，大量的大学毕业生找不到工作，因此越来越多的学生认定，从一所学费不太贵的学校拿到的学位和从一所精英学校拿到的文凭没什么区别，并且不必背负贷款负担。
5.Robert Pizzo 越来越多的学生选择收费较低的公立大学，或选择住在家里走读以节省住房开支。
美国学生贷款行销协会（Sallie Mae）的一份报告显示，2010 年至2011 学年，家庭年收入10 万美元以上的学生中有近25%选择就读两年制的公立学校，高于上一学年12%的比例。
6.这份报告称，这样的选择意味着，在2010 至2011 学年，各个收入阶层的家庭在大学教育上的花费比上一年少9%，平均支出为21,889 美元，包括现金、贷款、奖学金等。
高收入家庭的大学教育支出降低了18%，平均为25,760 美元。
这份一年一度的报告是在对约1,600 名学生和家长进行问卷调查后完成的。
7.这种做法是有风险的。
顶级大学往往能吸引到那些已经不再去其他学校招聘的公司前来招聘。
在许多招聘者以及研究生院看来，精英学校的文凭还是更有吸引力的。
博弈论Chapter 05
6
Continued
This game is readily illustrated in a diagram.
7
Continued
Thus the set of all actions available to the player who moves
after h is
For example, for the game in last slide, the histories are∅, In,
Out, (In, Acquiesce), and (In, Fight). The set of actions available to the player who moves at the start of the game, namely the challenger, is A(∅) = {In, Out}, and the set of actions available to the player who moves after the history In, namely the incumbent, is A(In) = {Acquiesce, Fight}.
5
Example
EXAMPLE 153.2 (Entry game) suppose that the best outcome for
the challenger is that it enters and the incumbent acquiesces, and the worst outcome is that it enters and the incumbent fights, whereas the best outcome for the incumbent is that the challenger stays out, and the worst outcome is that it enters and there is a fight. Then the situation may be modeled as the following extensive game with perfect information.
USP药典的验证中英文对照
VALIDATION OF COMPENDIAL PROCEDURES 药典方法的验证Test procedures for assessment of the quality levels of pharmaceutical articles are subject to various requirements. According to Section 501 of the Federal Food, Drug, and Cosmetic Act, assays and specifications in monographs of the United States Pharmacopeia and the National Formulary constitute legal standards. The Current Good Manufacturing Practice regulations [21 CFR 211.194(a)] require that test methods, which are used for assessing compliance of pharmaceutical articles with established specifications, must meet proper standards of accuracy and reliability. Also, according to these regulations [21 CFR 211.194(a)(2)], users of analytical methods describedin USP–NF are not required to validate the accuracy and reliability of these methods, but merely verify their suitability under actual conditions of use. Recognizing the legal status of USP and NF standards, it is essential, therefore, that proposals for adoption of new or revised compendial analytical procedures be supported by sufficient laboratory data to document their validity.用于评估药品质量的检验方法需要满足不同的要求。
Text of Chapter 5
Chapter 5 Opening of International Business Negotiation5.1 Creating a Right Negotiation AtmosphereThe international business negotiation atmosphere refers to the atmosphere and the surroundings that one or both parties create before the negotiation gets a start, which can reflect the frankness, national characteristics, cultural attributes, style choice and psychological implications of one party or both parties.5.1.1 The function of negotiation atmosphereDifferent negotiation atmospheres have different impacts on the negotiations.(1) High-spirit atmosphereRefers to the situation in which the negotiation is animated as both parties are positive and enthusiastic, and are optimistic about the prospect of the negotiation, and generate pleasant elements as the leading factors.Usually when our party gets the upper hand and hopes to reach the agreement with the other party, high-spirit climate ought to be created.(2) Low-spirit atmosphereIt is the one that is serious, depressing and downcast, and it is the situation where the negotiators are in low spirit, having an indifferent attitude with unpleasant factors in a leading role.Usually when we still have the bargaining ability and counters but can not secure an absolute advantageous position and we have to exert some pressure on the other party, we can attempt to create a low-spirit atmosphere.(3) Natural atmosphereIn a natural atmosphere, negotiation is neither animated nor oppressive. Both parties are in a natural and steady mood and have peach of mind when they take party in the negotiation. Many negotiations are begun in a natural atmosphere, and you do not need to work on it purposefullyThis kind of atmosphere will be of great help to convey accurate and trustworthy information. When we know little about our negotiation partners, natural atmosphere is suitable for both parties to start the conversationIn most cases, we should create an advantageous atmosphere before or in the opening of the negotiation so as to direct the negotiation and manipulate the other negotiation rivals. If a harmonious atmosphere is set up in the very opening of the negotiation, both parties will have easygoing communication and discussion; if in thevery beginning, one or both parties let off steam and blame each other, it will cast a shadow on the negotiation.However, under the counterpart’s manifestation of friendly, courteous or cold manners in the initial meeting, we ought to be keen to catch some delicate change in behaviors as well, for it can possibly imply a sudden change in the situation.5.1.2 Various factors that influence the opening of the negotiationThe factors that influence the opening of the negotiation can be analyzed from the point of negotiators, negotiation surroundings and opening remarks.(1) The behavior of the negotiatorsA. Facial expressionsB. TemperamentC. GraceGrace refers to the external display of one’s quality, knowledge and cultivation. Grace can be reflected from the following aspects:a. Appearance and manners.b. Speech and deportment.c. State of mind.d. Personal hygiene.(2) Negotiation environmentsNegotiation environments can be divided into sites and seats.A. Choice of the sites.B. Arrangement of the seatsC. Media and public opinions(3) Prologue or opening remarksBefore we enter into the formal negotiations, some neutral topics can be chosen as opening remarks such as the local weather, travel hearsay, films and theater performance, personal hobbies, jokes as well as the previous co-operations. These topics, on the other hand, they are not related to business, and thus helpful to build a harmonious and friendly atmosphere.5.2 Opening StepsThe opening of international business negotiations often has to undergo the following three steps:(1) offering the meeting agenda to every representative(2) exchanging ideas on the agenda and related questions(3) the chief representative from each party making statements respectively5.2.1 Administer the meeting agendaIn order to improve the efficiency and to demonstrate respect and equa lity, the host party often provides a negotiation agenda to every representative printed in the language that both parties understand. The main contents of the agenda are the schedules of the meetings, the subjects of the meetings and the profiles of the representatives. This can assure the appropriate progress of the negotiation, save some recording time and make the representatives more concentrate on listening to the statements of the other party and have a clear picture of the details and key points of the negotiation.5.2.2 Exchange the ideasBefore the formal, essential negotiation, the representatives from both parties may as well exchange ideas on the agenda proposed by one party and reach agreement on the goal, main subject and the timetable for the negotiation.Indeed, some small-scale negotiations can omit the procedure of idea exchange and enter the statement period at once with the prerequisite that both parties are quite familiar with or have no disagreement about the contents of the negotiation.5.2.3 Opening statementsBefore the substantive negotiation, both parties always have to make a formal opening statement to clarify the basic principle regarding the discuss issues at stake with an emphasis on the self-interests (gains and losses) of both parties from the negotiation. The function of opening statements is to clarify the viewpoints, create advantageous atmosphere for the party and explore the reaction of the other party.Three points ought to be paid attention to in the opening statements:(1) Contents of opening statementsWhen you make an opening statement on behalf of your side, the contents of your statement usually include the following aspects:A. your party’s understanding of the problems that have been discussed in the opening phase;B. the interests and assurance that your own party hopes to obtain in the negotiation (including the problem of principles that your party will not compromise, concede or yield);C. the parts that your party is willing to discuss with the other party ( releasingsignals for the potential concession);D. the benefits your party have brought to the other party in the previous cooperation (implying that the other party ought to have the gratitude and make compromises and concession);E. the possible opportunities and obstacle that will arise in the future negotiation and cooperation.(2) Methods for delivering opening statementsA varied choice of statement methods can create a varied atmosphere for the negotiation.(3) Proper reactions when one party listens to the statements of the other partyWhen the other party makes statements, our party should do the following things:A. Form a clear picture of the rival’s opinion and ask them questions to clarify every point that we are not clear;B. Try to take notes while listening to them, and write down their arguments but do not argue, attack or question them immediately;C. We should be good at summarizing the points of the other party and make the key points of the negotiation stand out;D. Don’t ask any aggressive questions when they are making the statements;E. Give a summing-up speech at the end to review and show your concern for the interests of all the relevant parties; propose a highly feasible and thorough solution to make the negotiation prospect expectant.5.3 Opening StrategiesOpening strategies are the measures that negotiators take to gain an upper hand in the opening phase so as to in turn secure their control over the negotiation elements.(1)Resonant openingResonant opening is also known as one-paragraph opening strategy. At the beginning of a negotiation, this tactic allows negotiators to use an “assertive”tone to build up a kind of “resonance”so that under this friendly and harmonious environment both parties can work together to push the negotiation forward.The commonly-used ways of resonant opening are conferring approach, inquiring approach and complementing approach.We’d better use resonance opening in natural atmosphere or high-spirit atmosphere. Good use of resonance opening can turn the natural atmosphere to high-spirit atmosphere. But the use of resonance opening under low-spirit atmosphere tends to make ourselves embarrassed and passive.(2)Frank openingFrank opening refers to the way in which we convey our opinions to the other party frankly so as to make a breakthrough in the negotiation.This kind of strategy is usually used between regular clients because it can save lots of courtesies and time, and we can put forward our opinions and requirements directly, which may also make our partners trust us more.As a matter of fact, frank opening can be used in various negotiation environments. It tends to turn low-spirit and atmosphere to the high-spirit one.(3)Evasive openingEvasive opening strategy, also referred to as reserved opening strategy, means that at the beginning of the negotiation, we do not answer some key questions raised by the other party definitely, directly or explicitly, but try to avoid or reserve the information too much and too soon, so that the other party will generate a feeling of mystery, then they are wondering what we intend to do, they will follow our plan, driving the negotiation advance to the direction we desire and target.Evasive opening is usually used in the negotiations which begin with a natural and low-spirit atmosphere rather than high-spirit atmosphere. But it can turn the atmosphere of other negotiations to low-spirit ones.(4)Nitpicking opening“Nitpicking” opening refers to the way in which at the very early beginning of the negotiation, we blame the other party for their bad manners, diplomatic and cultural mistakes severely so as to bring a sense of guilt to them and to create tension, to confuse them, to suppress their requests and to force the other party to make compromises and concessions.However, nitpicking opening should not be used too casually, and it should be used according to the real situation.(5)Offensive openingQuite different from the tactics that we use to attack our counterpart when we chance upon their faults or weaknesses occasionally, offensive opening refers to the way in which we express our firm attitude through well prepared speech or behavior so as to gain the awe from the rival and force them to start the negotiation in accordance with our intention.One thing that needs to be pointed out is that business negotiations of different types, with different rivals, and in different countries or areas use different opening strategies.5.4 Situational Dialogues5.4.1 Prologue 开场白A: I would like to present our comments in the following order. First all of, I will outline the characteristics of our product. Next, I plan to show you how successful it is in Japan. Then, I will touch on its general price level and competitive products, which I am sure you are interested in. I intend to close with our observations of the potential market in your country. Now, if it is all right with you, let me start with my explanation of the product.B: Thank you. That sounds like a very thorough presentation. If I may add one more request, could you briefly describe the patent situation in this country?A: I would be delighted to do so. When I present my views on the competitive products, I will refer to the patent situation. Are there any other questions or requests?B: No, thank you. Please proceed with your presentation.Notes:1.用”First of all”----“Next”----“Then”的顺序，给人条理非常清晰的印象。
职场英语Chapter 5 a
responsibility
[ris͵pɔnsə'biliti] n. 责任(感) 职责; 任务; 负担
moment
['məumənt] n. 瞬间, 片刻, 时刻
so many 那么多的 And so many books on sale! 有这么多书出售！ So many toy on sale here. 这里卖的玩具很多。
content 词性及解释
[ˈk ɒntɛnt] n. 内容, 满足, 意义, 要旨
[kənˈt nt] a. 满足的, 满意的 ɛ
agenda
[ə'dӡendə] n. 议事日程, 待办事项(表) 记事册[本] 【神】实际所为(以别于信仰事项) place [put] sth. on the agenda 把某事提到日程上来
preparation
[͵prepə'rei∫ən] n. 准备, 预备
Scene 2
move on to
转换(话题)
opinion
[ə'pinjən] n. 意见, 看法, 主张 What's your opinion of Mr Li? 你对李先生的看法如何?
conduct ['kɔndʌkt,-dəkt] 词性及解释
concrete ['kɔnkri:t] adj. 实际的， 具体的 特定的 固结成的； 混凝土制的， 水泥的 a concrete noun 具体名词 concrete facts 具体事实 make a concrete analysis of concrete problems 对具体问题作具体分析
外研社2024_通用学术英语综合教程_读写__电子课件Chapter_5大学英语IV_5-2-Jin
Menu
Passive voice
Controlling perspectiveWho is the sentence about?Topic (beginning: old information) + stress (ending: new information)No top-heavy passive sentenceDo not write sentences with very long subjects + a short passive verbe.g., The studies showing that laptop use can negatively affect performance on educational assessment when the computer is used for its intended function of easier note taking were reported in this article.
Menu
Describing a process
Before You Read
While You Read
After You Read
Language Focus
Academic Literacy Skills
Reading 2
Before You Read
While You Read
After You Read
Language Focus
Academic Literacy Skills
were excluded
were disconnected
were preset
were projected
8a chapter 5
While……
To show the examples and learn the idle expressions
To help Ss master the article better and
learn the useful expressions
III.
Post-task
Text
Play the recording and ask students check the answers on P62
e.g.
1)You can find Dinosaurs in zoo (F )
2) Dinosaurs are all dead ( T ).
3) Ancient men ate dinosaurs ( F )
Procedure
Content
Method
I. Pre-task
preparation
1.an encyclo-
paedia?
2. look up
1.to introduce different kinds of encyclopaedias.
2.Ask Ss how to find information about “dianosaurs”
IV.
Assignment
1.makes sentences with the phrases Ss learn passage about dinosaurs
Chapter 5 Look it Up
2nd Period
Teaching aims
Language
4. Syllables in a word
Ability
requirements:
英美概况USA-5
Fragmentation of Power
14/21
federalism: A system of the government in which sovereignty is constitutionally divided between a central governing authority and constituent political units. (Central & local governments: first division of power) separation of powers: The second division of power was within the national government – the legislative (two houses), executive, and judicial. checks and balances: Each branch was given some authority over the others. If one branch abused its power, the others could use their checks to thwart it.
我们美利坚合众国的人民，为了组织一个更完善的联邦， 树立正义，保障国内的安宁，建立共同的国防，增进全 民福利和确保我们自己及我们后代能安享自由带来的幸 福，乃为美利坚合众国制订和确立这一部宪法。
Features of the Constitution
10/21
A written Constitution
Checks and Balances: History
6/21
三权分立是一个政治学说，其主张政府的行政、立法与司法职 权范围要分明，以免滥用权力。三权分立原则的起源可追溯至亚里 士多德时代。 17世纪，英国著名思想家洛克《政府论》的发表，表明现代意 义上的分权理论初步形成。洛克在《政府论》中，对权力分立理论 有详尽的描述。他把国家权力分为立法权、行政权、和对外权，这 三种权力应该分别有不同的国家机关行使。立法权属于议会，行政 权属于国王，对外权涉及到和平与战争、外交与结盟，也为国王行 使。 法国启蒙思想家孟德斯鸠更进一步发展了分权理论，提出著名 的“三权分立”理论。他在《论法的精神》中，将国家权力分为三 种：立法权、行政权和司法权。孟德斯鸠这一思想对美国的宪法制 定者影响很大，美国宪法规定，国会可以弹劾总统,但是美国建国 200多年来只有几个总统遭受弹劾提案，1868年,美国参议院仅以 一票之差否决了对安德鲁〃约翰逊总统弹劾案,1974年,尼克松总统 就因水门事件而主动宣布辞职，没有受到弹劾，1999年美国参议院 否决了对克林顿总统弹劾案。
Unit 5 American Economy
The population density figure
American Agriculture
The crops are mainly corn, soybeans, cotton, wheat, etc
American agriculture pattern
The development of American agriculture
The Units States has rich mineral resources
American population
• American have more than 310 millions people , this can meet the demand of labor and promoting the economic growth • Population movement to promote economic • Americans think their innovation economic development
Development phase five
• The construction of railroads beginning in the 1830s , marked the start of new era for the United States. Railway can transport all kinds of goods , the promotion of industrial development. • Modern agricultural development due to the use of the machine.
Development phase three
unit 5 American economy
Free Enterprise
Free enterprise = Capitalism The story of American economic growth is a story of people inventing new devices and processes, starting new businesses and launching new ventures. Stock exchange is for the business of buying and selling shares in enterprises. Discrimination in hiring.
Economic Report of the President
Those financial shocks combined with other factors--record high commodity prices earlier in the year, natural disasters, and continued weakness in the housing market--to cause the economy to contract modestly in the third quarter and what appears to be a sharp decline in the fourth Quarter.
Questions for Revision
பைடு நூலகம்
What are the four patterns of colonies in the United States? What officially proclaimed the birth of a new American nation? What are the three branches of the government in the USA? What are the two major parties? Which one is more liberal and which one is more conservative?
英美概况Unit 5
•
(5) monopoly of production and
prices and eliminating competition
• The best-known stock exchange is the NewYork Stock Exchange(纽约证券交 易所), located in the Wall Street area of New York City, the nation’s largest city and a major business center.
• The birth of the United States and the publication of Adam Smith’s book came at a time when yet another kind of revolution was taking place,the Industrial Revolution.
• A third development was the application of new technologies to industrial tasks.
• A fourth development was the emergency of new forms of business organization, notably the bank and the corporation, which facilitated the growth of industry.
• Reasons for Industrial Revolution
• Some early decisions by American social and political leaders planted the seeds of industrial growth.
The-American-Legal-System(chapter-5)(共126张)
第14页，共126页。
Arbitration Procedure
Procedure in arbitration is less formalized（正式 的） (zhèngshì) than civil procedure in court litigation
The arbitration agreement will usually name the procedure for selecting the arbitrator
（强制实行(shíxíng)） a verdict like an arbitrator Mediation often results in greater positive feelings towards the other party（彼，或对 方 ） and the process because there is no winner or loser
第2页，共126页。
PART 1 : Alternative Dispute Resolution
第3页，共126页。
Market Alternatives to Litigation
From a business perspective, court litigation is too risky and uncertain
期权期货与其他衍生产品第九版课后习题与答案Chapter (15)
CHAPTER 15The Black-Scholes-Merton ModelPractice QuestionsProblem 15.1.What does the Black –Scholes –Merton stock option pricing model assume about the probability distribution of the stock price in one year? What does it assume about theprobability distribution of the continuously compounded rate of return on the stock during the year?The Black –Scholes –Merton option pricing model assumes that the probability distribution of the stock price in 1 year (or at any other future time) is lognormal. It assumes that thecontinuously compounded rate of return on the stock during the year is normally distributed.Problem 15.2.The volatility of a stock price is 30% per annum. What is the standard deviation of the percentage price change in one trading day?The standard deviation of the percentage price change in time t ∆is where σ is the volatility. In this problem 03=.and, assuming 252 trading days in one year, 12520004t ∆=/=. so that 00019=.=. or 1.9%.Problem 15.3.Explain the principle of risk-neutral valuation.The price of an option or other derivative when expressed in terms of the price of theunderlying stock is independent of risk preferences. Options therefore have the same value in a risk-neutral world as they do in the real world. We may therefore assume that the world is risk neutral for the purposes of valuing options. This simplifies the analysis. In a risk-neutral world all securities have an expected return equal to risk-free interest rate. Also, in arisk-neutral world, the appropriate discount rate to use for expected future cash flows is the risk-free interest rate.Problem 15.4.Calculate the price of a three-month European put option on a non-dividend-paying stock with a strike price of $50 when the current stock price is $50, the risk-free interest rate is 10% per annum, and the volatility is 30% per annum.In this case 050S =, 50K =, 01r=., 03σ=., 025T =., and12102417000917d d d ==.=-.=.The European put price is 0102550(00917)50(02417)N e N -.⨯.-.--.0102550046345004045237e -.⨯.=⨯.-⨯.=.or $2.37.Problem 15.5.What difference does it make to your calculations in Problem 15.4 if a dividend of $1.50 is expected in two months?In this case we must subtract the present value of the dividend from the stock price before using Black –Scholes-Merton. Hence the appropriate value of 0S is01667010501504852S e -.⨯.=-.=.As before 50K =, 01r =., 03σ=., and 025T =.. In this case12100414001086d d d ==.=-.=-.The European put price is 0102550(01086)4852(00414)N e N -.⨯..-.-. 010255005432485204835303e -.⨯.=⨯.-.⨯.=. or $3.03.Problem 15.6.What is implied volatility? How can it be calculated?The implied volatility is the volatility that makes the Black –Scholes-Merton price of an option equal to its market price. The implied volatility is calculated using an iterativeprocedure. A simple approach is the following. Suppose we have two volatilities one too high (i.e., giving an option price greater than the market price) and the other too low (i.e., giving an option price lower than the market price). By testing the volatility that is half way between the two, we get a new too-high volatility or a new too-low volatility. If we search initially for two volatilities, one too high and the other too low we can use this procedure repeatedly to bisect the range and converge on the correct implied volatility. Other more sophisticated approaches (e.g., involving the Newton-Raphson procedure) are used in practice.Problem 15.7.A stock price is currently $40. Assume that the expected return from the stock is 15% and its volatility is 25%. What is the probability distribution for the rate of return (with continuous compounding) earned over a two-year period?In this case 015=.μ and 025=.σ. From equation (15.7) the probability distribution for the rate of return over a two-year period with continuous compounding is:⎪⎪⎭⎫⎝⎛-ϕ225.0,225.015.022i.e.,)03125.0,11875.0(ϕThe expected value of the return is 11.875% per annum and the standard deviation is 17.7%per annum.Problem 15.8.A stock price follows geometric Brownian motion with an expected return of 16% and a volatility of 35%. The current price is $38.a) What is the probability that a European call option on the stock with an exercise price of $40 and a maturity date in six months will be exercised?b) What is the probability that a European put option on the stock with the same exercise price and maturity will be exercised?a) The required probability is the probability of the stock price being above $40 in six months time. Suppose that the stock price in six months is T S⎥⎦⎤⎢⎣⎡⨯⎪⎪⎭⎫ ⎝⎛-+5.035.0,5.0235.016.038ln ~ln 22ϕT Si.e.,()2247.0,687.3~ln ϕT SSince ln 403689=., we require the probability of ln(S T )>3.689. This is3689368711(0008)0247N N .-.⎛⎫-=-. ⎪.⎝⎭Since N(0.008) = 0.5032, the required probability is 0.4968.b) In this case the required probability is the probability of the stock price being less than $40 in six months time. It is10496805032-.=.Problem 15.9.Using the notation in the chapter, prove that a 95% confidence interval for T S is between22(2)196(2)19600andT T S e S e -/-.-/+.μσμσFrom equation (15.3):⎥⎦⎤⎢⎣⎡⎪⎪⎭⎫ ⎝⎛-+T T S S T 220,2ln ~ln σσμϕ95% confidence intervals for ln T S are therefore20ln ()1962S T +--.σμand20ln ()1962S T +-+.σμσ95% confidence intervals for T S are therefore2200ln (2)196ln (2)196and S T S T e e +-/-.+-/+.μσμσi.e.22(2)196(2)19600andT T S e S e -/-.-/+.μσμσProblem 15.10.A portfolio manager announces that the average of the returns realized in each of the last 10 years is 20% per annum. In what respect is this statement misleading?This problem relates to the material in Section 15.3. The statement is misleading in that a certain sum of money, say $1000, when invested for 10 years in the fund would have realized a return (with annual compounding) of less than 20% per annum.The average of the returns realized in each year is always greater than the return per annum (with annual compounding) realized over 10 years. The first is an arithmetic average of the returns in each year; the second is a geometric average of these returns.Problem 15.11.Assume that a non-dividend-paying stock has an expected return of μ and a volatility of σ. An innovative financial institution has just announced that it will trade a derivative that pays off a dollar amount equal to ln S T at time T where T S denotes the values of the stock price at time T .a) Use risk-neutral valuation to calculate the price of the derivative at time t in term of the stock price, S, at time tb) Confirm that your price satisfies the differential equation (15.16)a) At time t , the expected value of ln S T is from equation (15.3) 2ln (/2)()S T t μσ+--In a risk-neutral world the expected value of ln S T is therefore2ln (/2)()S r T t σ+--Using risk-neutral valuation the value of the derivative at time t is()2[ln (/2)()]r T t e S r T t σ--+--b) If()2[ln (/2)()]r T t f e S r T t σ--=+--then()()2()2()2()22[ln (/2)()]/2r T t r T t r T t r T t fre S r T t e r tf e S S f e S S σσ--------∂=+----∂∂=∂∂=-∂The left-hand side of the Black-Scholes-Merton differential equation is()222()2ln (/2)()(/2)/2ln (/2)()r T t r T t e r S r r T t r r e r S r r T t rfσσσσ----⎡⎤+----+-⎣⎦⎡⎤=+--⎣⎦=Hence the differential equation is satisfied.Problem 15.12.Consider a derivative that pays off n T S at time T where T S is the stock price at that time. When the stock pays no dividends and its price follows geometric Brownian motion, it can be shown that its price at time t ()t T ≤ has the form()n h t T S ,where S is the stock price at time t and h is a function only of t and T .(a) By substituting into the Black –Scholes –Merton partial differential equation derive an ordinary differential equation satisfied by ()h t T ,.(b) What is the boundary condition for the differential equation for ()h t T ,? (c) Show that2[05(1)(1)]()()n n r n T t h t T eσ.-+--,= where r is the risk-free interest rate and σ is the stock price volatility.If ()()n G S t h t T S ,=, then n t G t h S ∂/∂=, 1n G S hnS -∂/∂=, and 222(1)n G S hn n S -∂/∂=- where t h h t =∂/∂. Substituting into the Black –Scholes –Merton differential equation we obtain21(1)2t h rhn hn n rh σ++-=The derivative is worth n S when t T =. The boundary condition for this differential equation is therefore ()1h T T ,= The equation2[05(1)(1)]()()n n r n T t h t T e σ.-+--,=satisfies the boundary condition since it collapses to 1h = when t T =. It can also be shown that it satisfies the differential equation in (a). Alternatively we can solve the differential equation in (a) directly. The differential equation can be written21(1)(1)2t h r n n n h σ=----The solution to this is21ln [(1)(1)]()2h r n n n T t σ=-+--or2[05(1)(1)]()()n n r n T t h t T e σ.-+--,=Problem 15.13.What is the price of a European call option on a non-dividend-paying stock when the stock price is $52, the strike price is $50, the risk-free interest rate is 12% per annum, the volatility is 30% per annum, and the time to maturity is three months?In this case 052S =, 50K =, 012r =., 030=.σ and 025T =..212105365003865d d d ==.=-.=. The price of the European call is 01202552(05365)50(03865)N e N -.⨯..-. 00352070425006504e -.=⨯.-⨯. 506=. or $5.06.Problem 15.14.What is the price of a European put option on a non-dividend-paying stock when the stock price is $69, the strike price is $70, the risk-free interest rate is 5% per annum, the volatility is 35% per annum, and the time to maturity is six months?In this case 069S =, 70K =, 005r =., 035=.σ and 05T =..212101666000809d d d ==.=-.=-. The price of the European put is 0050570(00809)69(01666)e N N -.⨯..--. 002570053236904338e -.=⨯.-⨯.640=. or $6.40.Problem 15.15.Consider an American call option on a stock. The stock price is $70, the time to maturity is eight months, the risk-free rate of interest is 10% per annum, the exercise price is $65, and the volatility is 32%. A dividend of $1 is expected after three months and again after sixmonths. Show that it can never be optimal to exercise the option on either of the two dividend dates. Use DerivaGem to calculate the price of the option.Using the notation of Section 15.12, 121D D ==, 2()0101667(1)65(1)107r T t K e e ---.⨯.-=-=., and 21()01025(1)65(1)160r t t K e e ---.⨯.-=-=.. Since 2()1(1)r T t D K e --<- and 21()2(1)r t t D K e --<-It is never optimal to exercise the call option early. DerivaGem shows that the value of the option is 1094..Problem 15.16.A call option on a non-dividend-paying stock has a market price of $2.50. The stock price is $15, the exercise price is $13, the time to maturity is three months, and the risk-free interest rate is 5% per annum. What is the implied volatility?In the case 25c =., 015S =, 13K =, 025T =., 005r =.. The implied volatility must becalculated using an iterative procedure.A volatility of 0.2 (or 20% per annum) gives 220c =.. A volatility of 0.3 gives 232c =.. A volatility of 0.4 gives 2507c =.. A volatility of 0.39 gives 2487c =.. By interpolation the implied volatility is about 0.396 or 39.6% per annum.The implied volatility can also be calculated using DerivaGem. Select equity as theUnderlying Type in the first worksheet. Select Black-Scholes European as the Option Type. Input stock price as 15, the risk-free rate as 5%, time to exercise as 0.25, and exercise price as 13. Leave the dividend table blank because we are assuming no dividends. Select the button corresponding to call. Select the implied volatility button. Input the Price as 2.5 in the second half of the option data table. Hit the Enter key and click on calculate. DerivaGem will show the volatility of the option as 39.64%.Problem 15.17.With the notation used in this chapter (a) What is ()N x '?(b) Show that ()12()()r T t SN d Ke N d --''=, where S is the stock price at time t21d =22d =(c) Calculate 1d S ∂/∂ and 2d S ∂/∂. (d) Show that when()12()()r T t c SN d Ke N d --=-()21()(r T t c rKe N d SN d t --∂'=--∂ where c is the price of a call option on a non-dividend-paying stock. (e) Show that 1()c S N d ∂/∂=.(f) Show that the c satisfies the Black –Scholes –Merton differential equation.(g) Show that c satisfies the boundary condition for a European call option, i.e., thatmax(0)c S K =-, as t tends to T.(a) Since ()N x is the cumulative probability that a variable with a standardized normal distribution will be less than x , ()N x ' is the probability density function for a standardized normal distribution, that is,22()x N x -'=(b)12()(N d N d ''=+2221()22d d T t σσ⎡⎤=---⎢⎥⎣⎦221()exp ()2N d d T t σσ⎡⎤'=--⎢⎥⎣⎦Because22d =it follows that()21exp ()2r T t Ked T t S σσ--⎡⎤--=⎢⎥⎣⎦As a result()12()()r T t SN d Ke N d --''=which is the required result.(c)22212S K d σσ==Hence1d S ∂=∂ Similarly222d σ=and2d S ∂=∂ Therefore:12d d S S∂∂=∂∂(d)()12()()12122()()()()()r T t r T t r T t c SN d Ke N d d d c SN d rKe N d Ke N d t t t------=-∂∂∂''=--∂∂∂ From (b):()12()()r T t SN d Ke N d --''=Hence()1221()()r T t d d c rKe N d SN d t tt --∂∂∂⎛⎫'=-+- ⎪∂∂∂⎝⎭ Since12d d -=12(d d t t t∂∂∂-=∂∂∂=Hence()21()(r T t c rKe N d SN d t --∂'=--∂(e) From differentiating the Black –Scholes –Merton formula for a call price weobtain()12112()()()r T t d d cN d SN d Ke N d S S dS--∂∂∂''=+-∂∂ From the results in (b) and (c) it follows that1()cN d S ∂=∂(f) Differentiating the result in (e) and using the result in (c), we obtain21121()(d cN d S SN d ∂∂'=∂∂'= From the results in d) and e)222()2122211()121()(21()(2[()()]r T t r T t c c c rS S rKe N d SN d t S S rSN d S N d r SN d Ke N d rcσσ----∂∂∂'++=--∂∂∂'++=-=This shows that the Black –Scholes –Merton formula for a call option does indeed satisfy the Black –Scholes –Merton differential equation(g) Consider what happens in the formula for c in part (d) as t approaches T . IfS K >, 1d and 2d tend to infinity and 1()N d and 2()N d tend to 1. If S K <, 1d and 2d tend to zero. It follows that the formula for c tends to max(0)S K -,.Problem 15.18.Show that the Black –Scholes –Merton formulas for call and put options satisfy put –call parity.The Black –Scholes –Merton formula for a European call option is 012()()rT c S N d Ke N d -=- so that 012()()rT rT rT c Ke S N d Ke N d Ke ---+=-+ or 012()[1()]rT rT c Ke S N d Ke N d --+=+- or 012()()rT rT c Ke S N d Ke N d --+=+-The Black –Scholes –Merton formula for a European put option is 201()()rT p Ke N d S N d -=--- so that 02010()()rT p S Ke N d S N d S -+=---+ or 0201()[1()]rT p S Ke N d S N d -+=-+-- or 0201()()rT p S Ke N d S N d -+=-+ This shows that the put –call parity result 0rT c Ke p S -+=+ holds.Problem 15.19.A stock price is currently $50 and the risk-free interest rate is 5%. Use the DerivaGemsoftware to translate the following table of European call options on the stock into a table of implied volatilities, assuming no dividends. Are the option prices consistent with the assumptions underlying Black –Scholes –Merton?Using DerivaGem we obtain the following table of implied volatilitiesBlack-Scholes European as the Option Type. Input stock price as 50, the risk-free rate as 5%, time to exercise as 0.25, and exercise price as 45. Leave the dividend table blank because we are assuming no dividends. Select the button corresponding to call. Select the implied volatility button. Input the Price as 7.0 in the second half of the option data table. Hit theEnter key and click on calculate. DerivaGem will show the volatility of the option as 37.78%. Change the strike price and time to exercise and recompute to calculate the rest of the numbers in the table.The option prices are not exactly consistent with Black –Scholes –Merton. If they were, the implied volatilities would be all the same. We usually find in practice that low strike price options on a stock have significantly higher implied volatilities than high strike price options on the same stock. This phenomenon is discussed in Chapter 20.Problem 15.20.Explain carefully why Black’s approach to evaluating an American call option on a dividend-paying stock may give an approximate answer even when only one dividend is anticipated. Does the answer given by Black’s approach understate or overstate the true option value? Explain your answer.Black’s approach in effect assumes that the holder of option must decide at time zero whether it is a European option maturing at time n t (the final ex-dividend date) or a European optionmaturing at time T . In fact the holder of the option has more flexibility than this. The holder can choose to exercise at time n t if the stock price at that time is above some level but nototherwise. Furthermore, if the option is not exercised at time n t , it can still be exercised attime T .It appears that Black ’s approach should understate the true option value. This is because the holder of the option has more alternative strategies for deciding when to exercise the option than the two strategies implicitly assumed by the approach. These alternative strategies add value to the option.However, this is not the whole story! The standard approach to valuing either an American or a European option on a stock paying a single dividend applies the volatility to the stock price less the present value of the dividend. (The procedure for valuing an American option is explained in Chapter 21.) Black’s approach when considering exercise just prior to the dividend date applies the volatility to the stock price itself. Black’s approach thereforeassumes more stock price variability than the standard approach in some of its calculations. In some circumstances it can give a higher price than the standard approach.Problem 15.21.Consider an American call option on a stock. The stock price is $50, the time to maturity is 15 months, the risk-free rate of interest is 8% per annum, the exercise price is $55, and the volatility is 25%. Dividends of $1.50 are expected in 4 months and 10 months. Show that it can never be optimal to exercise the option on either of the two dividend dates. Calculate the price of the option.With the notation in the text12121500333308333125008and 55D D t t T r K ==.,=.,=.,=.,=.=2()00804167155(1)180r T t K e e ---.⨯.⎡⎤⎢⎥⎣⎦-=-=. Hence2()21r T t D K e --⎡⎤⎢⎥⎣⎦<- Also:21()00805155(1)216r t t K e e ---.⨯.⎡⎤⎢⎥⎣⎦-=-=. Hence:21()11r t t D K e --⎡⎤⎢⎥⎣⎦<- It follows from the conditions established in Section 15.12 that the option should never be exercised early.The present value of the dividends is033330080833300815152864e e -.⨯.-.⨯..+.=.The option can be valued using the European pricing formula with:05028644713655025008125S K r T σ=-.=.,=,=.,=.,=.212100545003340d d d ==-.=-.=-.12()04783()03692N d N d =.,=.and the call price is00812547136047835503692417e -.⨯..⨯.-⨯.=. or $4.17.Problem 15.22.Show that the probability that a European call option will be exercised in a risk-neutral world is, with the notation introduced in this chapter, 2()N d . What is an expression for the value of a derivative that pays off $100 if the price of a stock at time T is greater than K ?The probability that the call option will be exercised is the probability that T S K > where T S is the stock price at time T . In a risk neutral world[]T T r S S T 220,)2/(ln ~ln σσϕ-+The probability that T S K > is the same as the probability that ln ln T S K >. This is21N ⎡⎤-2N =2()N d =The expected value at time T in a risk neutral world of a derivative security which pays off $100 when T S K > is therefore2100()N dFrom risk neutral valuation the value of the security at time zero is2100()rT e N d -Problem 15.23.Use the result in equation (15.17) to determine the value of a perpetual American put option on a non-dividend-paying stock with strike price K if it is exercised when the stock price equals H where H<K. Assume that the current stock price S is greater than H. What is the value of H that maximizes the option value? Deduce the value of a perpetual American put option with strike price K.If the perpetual American put is exercised when S=H , it provides a payoff of (K −H ). We obtain its value, by setting Q=K−H in equation (15.17), as 22/2/2)()(σσ-⎪⎭⎫ ⎝⎛-=⎪⎭⎫ ⎝⎛-=r r S H H K H S H K VNow1/222/222222/21/22/2222222)(212)(212-σσσ-σσ⎪⎭⎫ ⎝⎛σ⎪⎭⎫ ⎝⎛σ-+-+⎪⎭⎫ ⎝⎛σ-=⎪⎭⎫ ⎝⎛σ-+-⎪⎭⎫ ⎝⎛=⎪⎭⎫ ⎝⎛⎪⎭⎫ ⎝⎛σ-+⎪⎭⎫ ⎝⎛-=r r r r r S H S r H H K r S H H rK dH V d H H K r S H S H r S H K S H dH dVdV/dH is zero when222σ+=r rK H and, for this value of H , d 2V /dH 2 is negative indicating that it gives the maximum value of V .The value of the perpetual American put is maximized if it is exercised when S equals this value of H . Hence the value of the perpetual American put is 2/2)(σ-⎪⎭⎫ ⎝⎛-r H S H Kwhen H =2rK /(2r +σ2). The value is 2/22222)2(2σ-⎪⎪⎭⎫ ⎝⎛σ+σ+σr rK r S r K This is consistent with the more general result produced in Chapter 26 for the case where the stock provides a dividend yield.Problem 15.24.A company has an issue of executive stock options outstanding. Should dilution be taken into account when the options are valued? Explain you answer.The answer is no. If markets are efficient they have already taken potential dilution intoaccount in determining the stock price. This argument is explained in Business Snapshot 15.3.Problem 15.25.A company’s stock price is $50 and 10 million shares are outstanding. The company is considering giving its employees three million at-the-money five-year call options. Option exercises will be handled by issuing more shares. The stock price volatility is 25%, the five-year risk-free rate is 5% and the company does not pay dividends. Estimate the cost to the company of the employee stock option issue.The Black-Scholes-Merton price of the option is given by setting 050S =, 50K =, 005r =., 025σ=., and 5T =. It is 16.252. From an analysis similar to that in Section 15.10 the cost to the company of the options is 1016252125103⨯.=.+ or about $12.5 per option. The total cost is therefore 3 million times this or $37.5 million. Ifthe market perceives no benefits from the options the stock price will fall by $3.75.Further QuestionsProblem 15.26.If the volatility of a stock is 18% per annum, estimate the standard deviation of the percentage price change in (a) one day, (b) one week, and (c) one month.(a) %13.125218=(b) %50.25218=(c) %20.51218=Problem 15.27.A stock price is currently $50. Assume that the expected return from the stock is 18% per annum and its volatility is 30% per annum. What is the probability distribution for the stock price in two years? Calculate the mean and standard deviation of the distribution. Determine the 95% confidence interval.In this case 050S =, 018=.μ and 030=.σ. The probability distribution of the stock price in two years, T S , is lognormal and is, from equation (15.3), given by:⎥⎦⎤⎢⎣⎡⨯⎪⎭⎫ ⎝⎛-+23.0,2209.018.050ln ~ln 2ϕT Si.e.,)42.0,18.4(~ln 2ϕT SThe mean stock price is from equation (15.4)018203650507167e e .⨯.==.and the standard deviation is from equation (15.5)018503183e .⨯=.95% confidence intervals for ln T S are418196042and 418196042.-.⨯..+.⨯.i.e.,335and 501..These correspond to 95% confidence limits for T S of 335501and e e ..i.e.,2852and 15044..Problem 15.28. (Excel file)Suppose that observations on a stock price (in dollars) at the end of each of 15 consecutive weeks are as follows:30.2, 32.0, 31.1, 30.1, 30.2, 30.3, 30.6, 33.0,32.9, 33.0, 33.5, 33.5, 33.7, 33.5, 33.2Estimate the stock price volatility. What is the standard error of your estimate?The calculations are shown in the table below2009471001145i i uu =.=.∑∑and an estimate of standard deviation of weekly returns is:002884=.The volatility per annum is therefore 002079.=. or 20.79%. The standard error of this estimate is 00393=. or 3.9% per annum.Problem 15.29.A financial institution plans to offer a security that pays off a dollar amount equal to 2T S at time T .(a) Use risk-neutral valuation to calculate the price of the security at time t in terms of the stock price, S , at time t . (Hint: The expected value of 2T S can be calculatedfrom the mean and variance of T S given in section 15.1.)(b) Confirm that your price satisfies the differential equation (15.16).(a) The expected value of the security is 2[()]T E S From equations (15.4) and (15.5), at time t :2()2()()2()var()[1]T t T T t T t T E S Se S S e e μμσ---==-Since 22var()[()][()]T T T S E S E S =-, it follows that 22[()]var()[()]T T T E S S E S =+ so that 22222()()22()(2)()2[()][1]T t T t T t T T t E S S e e S e S e μσμμσ---+-=-+=In a risk-neutral world r μ= so that222(2)()ˆ[()]r T t T E S S e σ+-= Using risk-neutral valuation, the value of the derivative security at time t is()2ˆ[()]r T t Te E S --22(2)()()r T t r T t S e e σ+---=22()()r T t S e σ+-=(b) If: 22222()()()()22()()2()()2()22r T t r T t r T t r T t f S e f S r e tf Se Sf e S σσσσσ+-+-+-+-=∂=-+∂∂=∂∂=∂ The left-hand side of the Black-Scholes –Merton differential equation is:222222()()2()()22()()()()2()2r T t r T t r T t r T t S r e rS e S e rS e rfσσσσσσ+-+-+-+--+++==Hence the Black-Scholes equation is satisfied.Problem 15.30.Consider an option on a non-dividend-paying stock when the stock price is $30, the exercise price is $29, the risk-free interest rate is 5% per annum, the volatility is 25% per annum, and the time to maturity is four months.a. What is the price of the option if it is a European call?b. What is the price of the option if it is an American call?c. What is the price of the option if it is a European put?d. Verify that put –call parity holds.In this case 030S =, 29K =, 005r =., 025=.σ and 412T =/2104225d ==.2202782d ==.(04225)06637(02782)06096N N .=.,.=.(04225)03363(02782)03904N N -.=.,-.=.a. The European call price is00541230066372906096252e -.⨯/⨯.-⨯.=.or $2.52.b. The American call price is the same as the European call price. It is $2.52.c. The European put price is00541229039043003363105e -.⨯/⨯.-⨯.=.or $1.05.d. Put-call parity states that:rT p S c Ke -+=+In this case 252c =., 030S =, 29K =, 105p =. and 09835rT e -=. and it is easy to verify that the relationship is satisfied,Problem 15.31.Assume that the stock in Problem 15.30 is due to go ex-dividend in 1.5 months. The expected dividend is 50 cents.a. What is the price of the option if it is a European call?b. What is the price of the option if it is a European put?c. If the option is an American call, are there any circumstances when it will beexercised early?a. The present value of the dividend must be subtracted from the stock price. This givesa new stock price of:01250053005295031e -.⨯.-.=.and 2103068d ==. 2201625d ==.12()06205()05645N d N d =.;=. The price of the option is therefore005412295031062052905645221e -.⨯/.⨯.-⨯.=.or $2.21.b. Because12()03795()04355N d N d -=.,-=. the value of the option when it is a European put is005412290435529503103795122e -.⨯/⨯.-.⨯.=.。
瑞典公司法译文
瑞典公司法(SFS2005:551)CHAPTER 1. INTRODUCTORYPROVISIONS, 1Contents of the Act, 1Private and public companies, 1The shareholders' liability for thecompany's obligations, 1Share capital, 1Prohibition on sale of shares, etc. inprivate companies, 1Guide to definitions and explanations,2 The concept of CSD company, 2The concepts of parent company,subsidiary and group, 2Electronic signatures, 3Special provisions regarding public companies, 3 CHAPTER 2. FORMATIONOF A COMPANY, 3Founders, 3Measures to be taken upon the formation ofa company, 3The time at which the company is deemed formed, 3 The memorandum of association, 3Share subscription, 4Payment for shares, 4Registration of the company, 5Special provisions regarding public companies, 6 CHAPTER 3. ARTICLESOF ASSOCIATION, 6Content of the articles of association, 6 Alterations of the articles of association, 7 Specific provisions regarding public companies, 7 CHAPTER 4. THE SHARES, 7Classes of shares, 7Transferability of shares, 8Consent clause, 8Right of first refusal clause, 9Post-sale purchase right clause, 10Exercise of rights connected to the shares, 11 Shares held by the company itself, 12CHAPTER 5. SHARE REGISTER, 12Common provisions, 12A company which is not a CSD company,13 CSD companies, 14CHAPTER 6. SHARE CERTIFICATES, 15Companies which are not CSD companies,15 CSD companies, 16CHAPTER 7. GENERAL MEETINGS, 16Exercise of shareholders' right of decision-making in the company, 16The right to participate as a shareholder atgeneral meetings, 16Proxies at general meetings, 17Collection of proxy forms at thecompany's expense, 17Advisors at general meetings, 17Presence of third parties at general meetings, 17The status of treasury shares at general meetings, 17 Shareholders' voting rights, 17Ordinary general meetings, 17Extraordinary general meetings, 17Continued general meeting, 18Location of general meetings, 18The shareholders' right to propose business at the general meeting, 18Convening general meetings, 18Time for convening general meetings, 18Mode of convening general meetings, 19Content of notices to attend, 19Provision of documents prior to the annualgeneral meeting, 19Errors in notices to attend, etc., 19Opening of the general meeting, 19Availability of share register, 19Voting register, 20Procedure for the election of the chairman of the general meeting, 20Agenda, 20The board of directors and managing director's duty to provide information, 20Shareholders' right to information in companies with not more than ten shareholders, 20Voting, 20Majority requirement in conjunction with decisions other than elections, 21Majority requirement in elections, 21Majority requirement for resolutions to alter the articles of association, 21Conflicts of interest, 21General restrictions on the right of decision-making of the general meeting, 22Minutes of general meetings, 22Proceedings against resolutions adopted atgeneral meetings, 22Proceedings by the board of directors againstthe company, 22Arbitration proceedings, 22Special provisions regarding public companies, 22 CHAPTER 8. MANAGEMENT OF THE COMPANY, 23The board of directors, 23Alternate members of the board of directors,23 Duties of the board of directors, 23Manner of appointment of the board of directors,23 Residency requirement, 24Impediments to serving as a board member, 24Term of office of members of the board of directors, 24 Early resignation of a member of the board ofdirectors, 24Court decisions regarding a replacement for a member of the board of directors, 24The chairman of the board of directors, 24版权: Norstedts Juridik AB，瑞典。
高三英语Module 5 The First Americans (II) 外研社知识精讲
高三英语Module 5 The First Americans (II) 外研社[本讲教育信息]一. 教学内容：Module 5 The First Americans (II)二. 教学目标：本模块介绍“美洲土著人〞，引入了与此相关的词汇和短语。
要求学生了解上述内容并掌握相关词汇，培养相关语言技能。
三. 重点句型归纳：1. The peaceful Navajos made a treaty with the US government，but yet again，the government insisted on moving them from their land.爱好和平的纳瓦祖人与美国政府签订了条约，但政府还是坚持让他们从自己的土地上迁走。
insist on doing坚持干……The boy insisted on going to the cinema with his mother.小男孩坚持要跟他妈妈去看电影。
2. Eventually，the Apaches and the Pueblos made peace with each other，but the arrival of the Spanish changed everything.阿帕切人和普韦布洛人终于和解了，但西班牙人的到来改变了一切。
3. The Apaches，in turn，raided Spanish settlements and stole cattle，horses and weapons.反过来，阿帕切人袭击西班牙人的驻地，盗走他们的牲口，马匹和武器。
4. In the 19th century，the governments’ preferred solution to the Indian“problem〞was to force tribes to inhabit specificareas of land called reservations.19世纪，美国政府对解决印第安人问题喜欢采取的方法是强迫土著美洲人〔部落〕居住到他们指定的被称作“保当地〞的特别地区里。
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Chapter 5: essay writing
The procedure of an American president is elected
The election of the President and Vice President of the United States is an indirect vote in which citizens cast ballots for a slate of members of the U.S. Electoral College; these electors in turn directly elect the President and Vice President. Presidential elections occur quadrennially on Election Day, the Tuesday between November 2 and 8, coinciding with the general elections of various other federal, states and local races.
The process is regulated by a combination of both federal and state laws. Each state is allocated a number of Electoral College electors equal to the number of its Senators and Representatives in the U.S. Congress. Additionally, Washington, D.C. is given a number of electors equal to the number held by the smallest state. U.S. territories are not represented in the Electoral College.
Under the U.S. Constitution, each state legislature is allowed to designate a way of choosing electors. Thus, the popular vote on Election Day is conducted by the various states and not directly by the federal government. Once chosen, the electors can vote for anyone, but –with rare exceptions like an unpledged elector or faithless elector – they vote for their designated candidates and their votes are certified by Congress in early January. The Congress is the final judge of the electors; the last serious dispute was in the 2000 election.
The nomination process, including the primary elections and the nominating conventions, were never specified in the Constitution, and were instead developed by the states and the political parties. This is also an indirect election process, where voters cast ballots for a slate of delegates to a political party's nominating convention, who then in turn elect their party's presidential nominee.。