2008 A Wrapper and Broker Model for Collaboration between

合集下载

年轻人具有创新和竞争的英语作文

年轻人具有创新和竞争的英语作文The Spirit of Innovation and Competition in Young PeopleHello everyone! Today, I want to talk about something exciting and important – the spirit of innovation and competition in young people. As young students, we have so much potential to be innovative and competitive!First of all, let's talk about innovation. Innovation means coming up with new and creative ideas. It's like using your imagination to think of something no one has ever thought of before. As young people, we are full of fresh ideas and unique perspectives. When we let our imaginations run wild, we can come up with incredible inventions and solutions to problems.Think about all the amazing inventions that were created by young people. Do you know that the famous scientist Albert Einstein developed his theory of relativity when he was just a young adult? And what about the young entrepreneurs who started companies like Facebook and Microsoft? They had innovative ideas and the courage to turn them into reality.But innovation is not just about big inventions or starting companies. It can be as simple as finding a new way to solve amath problem or coming up with a creative story. When we think outside the box and try new things, we are being innovative.Now, let's talk about competition. Competition means striving to be the best and pushing ourselves to do better. In school, we often have competitions, like spelling bees or sports events. These competitions help us develop important skills such as teamwork, perseverance, and problem-solving.Competition is not about winning all the time. It's about setting goals for ourselves and working hard to achieve them. When we compete, we learn to handle both success and failure. We learn that it's okay to make mistakes as long as we keep trying and improving.Competition also motivates us to become better versions of ourselves. When we see our friends doing well, we feel inspired to work harder and reach new heights. It's like a friendly race where everyone encourages each other to do their best.Innovation and competition go hand in hand. When we are innovative, we come up with new ideas that can give us an edge in competitions. And when we compete, we are motivated to be more innovative and find better ways to succeed.As young people, we should embrace the spirit of innovation and competition. We should never be afraid to think differently or take risks. Our ideas and talents can make a difference in the world, no matter how big or small.So, my fellow young students, let's dream big, let's be innovative, and let's embrace healthy competition. Together, we can create a future full of possibilities and achievements!Remember, the sky's the limit when it comes to innovation and competition. Let's soar high and make our mark on the world!Thank you for listening!。

BrokerDealer.docx

BrokerDealerSUBSCRIPTION AGREEMENT, dated as of _________,_________,_________(M,D,Y) ("Agreement"), among the Trustees of the AAA, a private educational charitable trust organized under the laws of the State of _________ ("AAA"), BBB Corporation, a _________(STATE) corporation ("CCC's Parent") and CCC, Inc., a corporation organized under the laws of _________ and an indirect whollyowned subsidiary of AAA ("CCC"), on the one hand, and DDD, L.P., a limited partnership organized under the laws of the State of _________ (the "Partnership"), on the other hand.The parties agree as follows:1. Definitions.Capitalized terms used in this Agreement which are defined in the CCC Partnership Provisions referred to in Section 2 below have the respective meanings set forth in such CCC Partnership Provisions.For purposes of this Agreement, "subsidiary" includes any partnership the controlling general partner of which is the Partnership or any subsidiary thereof or the general partners of the Partnership (including a subsidiary by virtue of this definition).2. Subscription and Sale.Subject to the satisfaction (or waiver) of the conditions set forth in Sections 4 and 5 below, AAA, CCC's Parent, CCC and the Partnership agree as follows: on the Closing Date (as defined in Section 3(a) below), CCC shall purchase from the Partnership for a purchase price (the "Purchase Price") of _________ Dollars (U.S. $,_________) a Part J limited partnership interest in the Partnership with Part J Actual Capital equal to $,_________, such limited partnership interest (the "Partnership Interest") to have the terms and conditions set forth in Article VI to the Memorandum of Agreement referred to in Section 3(b) below (such terms and conditions being referred to herein as the "CCC Partnership Provisions"), and the Partnership shall sell the Partnership Interest to CCC. The Partnership Interest is subject to adjustment following the Closing Date as set forth in the AAA Partnership Provisions.3. Closing and Closing Date.(a) The consummation of the purchase and sale of the Partnership Interest shall be effective as of the date hereof (the "Closing"). The date for execution and delivery of the agreements or other instruments referred to in this Section 3 (unless previously executed and delivered) and for delivery of the Purchase Price(the "Closing Date") will occur on _________,_________,_________(M,D,Y) or on such other date thereafter as may be contemplated by Section 11 hereof as the Partnership shall elect upon not less than two business days' prior notice, given orally or in writing, to AAA (unless AAA consents, orally or in writing, to waiver of or shorter notice).(b) CCC shall, on or prior to the Closing Date, execute and deliver a Memorandum of Agreement of the Partnership, including Article VI, amended and restated as of _________,_________,_________(M,D,Y), as further amended as of _________,_________,_________(M,D,Y), _________,_________,_________(M,D,Y) and _________,_________,_________(M,D,Y) and effective as of the Closing (the "Memorandum of Agreement").(c) On the Closing Date, CCC shall deliver the Purchase Price in immediately available funds to the Partnership by wire transfer to an account in New York city designated by the Partnership.(d) On the Closing Date, each of AAA and CCC's Parent shall execute and deliver to the Partnership the irrevocable proxy provided for in Section 10(c) hereof. On the Closing Date, CCC shall execute and deliver to the Partnership its irrevocable proxy/powerofattorney and proxy provided for in Sections 9(c) and 10(c) hereof, respectively.(e) On the Closing Date, the Partnership and CCC shall execute and deliver the Registration Rights Agreement appearing as Annex 5 hereto (the"Registration Rights Agreement").4. Conditions to CCC's Obligations.CCC's obligation to purchase the Partnership Interest is subject to, in its discretion, the satisfaction in all material respects of the condition that the Partnership shall have performed on or prior to the Closing Date all its obligations hereunder to be performed on or prior to the Closing Date, and the satisfaction in all material respects as of the Closing Date of the following additional conditions:(i) any inaccuracy as of the Closing Date in the Partnership's representations and warranties set forth in Sections 6(d) and 6(e) hereof would not have or result in a material adverse impact on the business or financial condition of AAA and its subsidiaries taken as a whole and would not adversely affect the Partnership Interest;(ii) since the date of this Agreement to and including the Closing Date, theconsummation of such transactions shall not have become prohibited under the laws of the United States to which AAA or its subsidiaries are subject; and(iii) Sullivan & Cromwell, counsel to the Partnership, shall have delivered their written opinion, dated the Closing Date, to AAA, CCC's Parent and CCC to the effect set forth in Annex 1 hereto.5. Conditions to the Partnership's Obligation.The Partnership's obligation to sell the Partnership Interest is subject to, in the Partnership's discretion, the satisfaction in all material respects as of the Closing Date of the following conditions:(i) any inaccuracy as of the Closing Date in the representations and warranties set forth in Sections 7(a) and 7(b) hereof would not have or result in the imposition of limitations or restrictions on the business or operations of the Partnership or its subsidiaries which are unacceptable to the Partnership and would not adversely affect the Partnership Interest (from the Partnership's viewpoint);(ii) since the date of this Agreement to and including the Closing Date, the consummation of such transactions shall not have become prohibited under the laws of the United States to which the Partnership is subject; and(iii) _________, Esq., counsel to AAA, CCC's Parent and CCC, shall have delivered his written opinion, dated the Closing Date, to the Partnership to the effect of Annex 2 hereto.6. Representations, Warranties and Agreements of the Partnership.The Partnership represents, warrants and agrees as of the date hereof that:(a) Good Standing. The Partnership is a partnership formed and validly existing under the Revised Uniform Limited Partnership Act of the State of _________ and has all requisite power and authority under such law to own its property and to carry on its business as now being conducted. EEE Co. is a partnership formed and validly existing under the Partnership Law of the State of _________ and has all requisite power and authority under such law to own its property and to carry on its business as now being conducted.(b) Qualification. With such exceptions as do not in the aggregate materially adversely affect their respective businesses, the Partnership and EEE Co. have all permits, licenses and approvals necessary to carry on their respective businesses as presently conducted as required by law or the rules of the Securitiesand Exchange Commission, the National Association of Securities Dealers, Inc. and each other association, corporation or governmental agency having appropriate authority.(c) Stock Exchange Membership, etc. EEE Co. is a member organization in good standing of the New York Stock Exchange, Inc. and the National Association of Securities Dealers, Inc.(d) Regulatory Approvals. No filings, notifications, consents, approvals, authorizations or orders are required to be made with or secured from governmental or regulatory or judicial authorities by the Partnership (or any subsidiary thereof) in order to consummate the transactions contemplated by Section 2 hereof.(e) Power and Authority. The Partnership has full power and authority to enter into this Agreement and the Registration Rights Agreement, to sell the Partnership Interest and to perform the other obligations provided for herein and in the Registration Rights Agreement, all of which have been duly authorized by all proper and necessary action.(f) Binding Agreements. This Agreement constitutes, and when executed and delivered in accordance herewith the Registration Rights Agreement will constitute, a valid and binding agreement of the Partnership. When executed and delivered by CCC, the Memorandum of Agreement will constitute a valid and binding agreement of the other partners continuing as partners of the Partnership as of the Closing.(g) Litigation. As of the date of this Agreement, there are no proceedings or investigations pending or, so far as the Partnership knows, threatened before any court, arbitrator or governmental or administrative authority, instrumentality or agency which, in any one case or in the aggregate, could reasonably be expected to have a material adverse effect on the business, operations, properties, assets, or condition, financial or otherwise, of the Partnership and its subsidiaries, taken as a whole, or which could affect the execution, delivery and performance of this Agreement, the Registration Rights Agreement or the Memorandum of Agreement.(h) Legality. As of the date of this Agreement, the consummation of the purchase and sale of the Partnership Interest are not prohibited under the laws of the United States to which the Partnership or its subsidiaries are subject.(i) No Conflicts. There is no order or judgment and no provision of any mortgage, indenture, contract or agreement binding on the Partnership or affecting its property which would conflict with or prevent the execution, delivery or performance of this Agreement, the Registration Rights Agreement or the Memorandum of Agreement (including Article VI thereof), and no consents or waivers of partiesto any such mortgage, indenture, contract or agreement (including the Memorandum of Agreement) are required for the Partnership's execution, delivery or performance of this Agreement, the Registration Rights Agreement or the Memorandum of Agreement (including Article VI thereof), other than those which have been obtained.(j) Financial Statements. The Partnership has furnished to AAA and CCC consolidated statements of financial condition of the Partnership as of _________,_________,_________(M,D,Y) and as of the end of each of the two preceding fiscal years, and consolidated statements of income and changes in partnership capital for the three fiscal years then ended, certified by Coopers & Lybrand, together with a consolidated statement of income for the fiscal quarter ended _________,_________,_________(M,D,Y). All such financial statements are complete and correct, have been prepared in accordance with generally accepted accounting principles applied on a consistent basis, except as may be specified therein, and present fairly the consolidated financial condition of the Partnership as of the respective dates specified therein, and the consolidated results of the operations of the Partnership for the periods specified therein. As of the date hereof, there has been no material adverse change since _________,_________,_________(M,D,Y) involving the business, prospects or financial condition of the Partnership.(k) Profit Plans. For the purposes of Section 12(B) of the Goldman Sachs Profit Participation Plans and Similar Plans, no general partner of the Partnership constitutes a "Protected Partner" of the Partnership.(l) GGG. All material terms of GGG's investment in the Partnership and EEE Co. are as set forth in (i) the Memorandum of Agreement (as amended through the date hereof), (ii) the Amended and Restated Memorandum of Agreement of EEE Co., (iii) the Amended and Restated Subscription Agreement, dated as of _________,_________,_________(M,D,Y), among FFF, GGG, EEE Co. and the Partnership, and (iv) the Letter Agreement, dated as of _________,_________,_________(M,D,Y), between GGG and the Partnership.7. Representations, Warranties and Agreements of AAA, CCC's Parent and CCC.AAA, CCC's Parent and CCC each represents, warrants and agrees as of the date hereof that:(a) Regulatory Approvals. There are no filings, notifications, consents, approvals, authorizations or orders which AAA, CCC's Parent or CCC (or any of their respective subsidiaries) is required to make with or secure from governmental, regulatory or judicial authorities in order to consummate the transactions contemplated by Section 2 hereof.(b) Power and Authority. Each of AAA, CCC's Parent and CCC has full power and authority to enter into this Agreement; CCC has full power and authority to purchase the Partnership Interest, to enter into the Registration Rights Agreement and to grant the irrevocable proxy/powerofattorney and proxy referred to in Sections 9(c) and 10(c) hereof, respectively; AAA and CCC's Parent each have full power and authority to grant the irrevocable proxy referred to in Section 10(c) hereof; and each of AAA, CCC's Parent and CCC has full power and authority to perform the obligations provided for herein and, in the case of CCC, in the Registration Rights Agreement, all of which have been duly authorized by all proper and necessary corporate or other action.(c) Binding Agreements. This Agreement constitutes a valid and binding agreement of AAA, CCC's Parent and CCC. Each proxy and proxy/powerofattorney delivered pursuant to this Agreement, whether by AAA, CCC's Parent or CCC, shall be valid and binding, shall be irrevocable and shall not be terminable by operation of law, dissolution or bankruptcy of AAA, CCC's Parent or CCC or for any other reason (provided, however, that upon a transfer permitted by this Agreement by AAA, CCC's Parent or CCC of shares or other securities that are the subject of such proxy or proxy/powerofattorney to a third party, such proxy or proxy/powerofattorney shall terminate with respect to the shares or securities that are so transferred). Each such irrevocable proxy and proxy/powerofattorney shall be enforceable according to its terms. When executed and delivered by CCC, the Memorandum of Agreement and the Registration Rights Agreement will each constitute a valid and binding agreement of CCC.(d) Litigation. As of the date of this Agreement, there are no proceedings or investigations pending or, so far as each of AAA, CCC's Parent and CCC knows, threatened before any court, arbitrator or governmental or administrative authority, instrumentality or agency which could affect the execution, delivery and performance of this Agreement, the Registration Rights Agreement or the proxy/power of attorney and proxy referred to in Sections 9(c) and 10(c) hereof by AAA, CCC's Parent or CCC, as applicable.(e) Legality. As of the date of this Agreement, the consummation of the purchase and sale of the Partnership Interest, and the granting of the proxy/power of attorney and proxy referred to in Section 9(c) and 10(c) hereof, are not prohibited under the laws of the United States to which AAA, CCC's Parent or CCC or their subsidiaries are subject.(f) No Conflicts. There is no order or judgment, no provision of the certificate of incorporation of CCC or CCC's Parent or the constituent documents of AAA and no provision of any mortgage, indenture, contract or agreement binding on AAA, CCC's Parent or CCC or affecting their property which would conflict with orprevent the execution, delivery or performance of this Agreement or the Registration Rights Agreement, or the granting of the proxy/power of attorney and proxy referred to in Sections 9(c) and 10(c) hereof, and no consents or waivers of parties to any such mortgage, indenture, contract or agreement are required for AAA'S, CCC's Parent's or CCC's execution, delivery or performance of this Agreement or the Registration Rights Agreement, or the granting of the proxy/power of attorney and proxy referred to in Sections 9(c) and 10(c) hereof.(g) 1940 Act. CCC is not, and will not as a result of the consummation of the transactions contemplated hereby and by the CCC Partnership Provisions become, an "investment company" as such term is defined in the Investment Company Act of 1940, as amended, and each of AAA, CCC's Parent and CCC covenant and agree to operate the business of CCC or any successor or assignee of CCC permitted by Section 15 hereof and Section 12 of the CCC Partnership Provisions so as not to cause CCC or any such entity, as applicable, to become an "investment company" at any time during the term hereof.8. Certain Agreements.(a) The Tax Matters Partner referred to in paragraph 11(g) of Article I of the Memorandum of Agreement shall periodically notify and consult with CCC during any administrative or judicial proceeding with respect to the determination of the taxable income of the Partnership. Notwithstanding the foregoing, the Tax Matters Partner shall have complete control of such administrative or judicial proceeding and, to the extent permitted by the Internal Revenue Code and other applicable laws, CCC agrees to file all tax returns consistently with the Partnership and to waive its rights to participate in any administrative or judicial proceeding with respect to the determination of the Partnership's taxable income.(b) Upon request of CCC, the Partnership shall consider taking actions to reduce CCC's tax liabilities; provided, however, the Partnership need not consider actions which would in the Partnership's sole judgment in any way adversely affect the Partnership, any general partner or any other limited partner.(c) Upon CCC's request, the Partnership shall provide CCC with (i) schedules showing the determination of the capital accounts of CCC's Partnership Interest and its Actual and Imputed Share (and the Partnership shall make appropriate persons available to provide CCC an explanation of, and to discuss with CCC the contents of, such schedules), (ii) annual audited consolidated financial statements of EEE Co., and (iii) interim quarterly consolidated statements of income of the Partnership, as available.(d) The Partnership agrees that, in the event AAA, CCC's Parent or CCC incurs any expenses or liabilities as a result of the operation of Section 9 of eitherArticle III or Article V or the last paragraph of paragraph 6 of Article I of the Memorandum of Agreement (other than liabilities expressly assumed by AAA, CCC's Parent or CCC pursuant to such provisions), the Partnership will indemnify and hold harmless AAA, CCC's Parent and CCC, as the case may be, against all such expenses (including reasonable fees and disbursements of counsel).(e) Notwithstanding any provision of the Memorandum of Agreement, (i) none of AAA, CCC's Parent or CCC shall, as a result of the entering into this Agreement, the CCC Partnership Provisions or the Registration Rights Agreement, or the consummation of the transactions contemplated hereby or thereby, be prevented from competing, directly or indirectly, with the Partnership, or any Firm or any Successor Partnership or Successor Business, (ii) AAA, CCC's Parent and CCC each hereby authorize the Management Committee of the Partnership to implement any Plan adopted and approved in accordance with paragraph 15 of Article I of the Memorandum of Agreement, and each irrevocably waives for itself and its successors and assigns any right to contest the terms of any Plan adopted in accordance with said paragraph 15, whether on grounds of unequal or disparate treatment, inconsistency or conflict with the terms and provisions of the Memorandum of Agreement, unfairness or any other reason, provided, in each case, that such Plan is not inconsistent with Section 5 or 6(c), as the case may be, of the CCC Partnership Provisions, and (iii) CCC shall be entitled to give notices under the Memorandum of Agreement in the manner provided in this Agreement in respect of notices required under the Memorandum of Agreement to be given to the Partnership.9. Absence of Control or Controlling Influence; Absence of Restrictions; Proxy/PowerofAttorney.(a) Notwithstanding any provisions of this Agreement, the Memorandum of Agreement, any other agreements contemplated hereby or otherwise, AAA, CCC's Parent and CCC each agree that it does not have, and that it will not exercise or attempt to exercise and will prevent any successor thereof or any direct or indirect subsidiary thereof from exercising or attempting to exercise, by any action or omission to act, by virtue of any provision of this Agreement, the Memorandum of Agreement, any other agreements contemplated hereby, any requirement of law or otherwise, any control or controlling influence over the management, policies or affairs of the Partnership, the Company, any successor or successors to the Partnership or the Company (other than a successor pursuant to Section 6(c) of the CCC Partnership Provisions) or any direct or indirect subsidiary of the Partnership, the Company or any such successor (each such entity being referred to in this Section 9 as a "Goldman Entity"). The foregoing agreement shall extend, without limitation, to: (i) the management of any Goldman Entity; (ii) the business affairs of any Goldman Entity; (iii) the financial, accounting or tax affairs of any Goldman Entity; (iv) any matters relating to partnership interests in or securities of a Goldman Entity, including, without limitation, the admission,withdrawal or retirement of general or limited partners or the election or retirement of managing directors or the issuance, payment, redemption or repurchase of debt or equity securities; (v) partner, managing director and employee affairs, including, without limitation, the hiring and termination of employees, partner, managing director and employee compensation, partner, managing director and employee benefit arrangements and partner, managing director and employee retirement arrangements; and (vi) acquisitions by a Goldman Entity of all or part of any other entity, dispositions by a Goldman Entity of all or any part of a Goldman Entity, combination by a Goldman Entity with any other entity, incorporation of all or any part of a Goldman Entity, or liquidation of all or any part of the business of a Goldman Entity, it being understood that the foregoing shall not constitute a waiver by AAA, CCC's Parent or CCC of any terms or provisions of this Agreement or of the CCC Partnership Provisions or the Incidental Partnership Provisions, and that, in any event, CCC shall be treated equally in relation to the general partners and GGG according to CCC's Actual Share.(b) Notwithstanding any provisions of this Agreement, the Memorandum of Agreement, any other agreements contemplated hereby or otherwise, each of AAA, CCC's Parent and CCC agrees that there are not, and that it will not impose or attempt to impose and will prevent any successor thereof or any direct or indirect subsidiary thereof from imposing or attempting to impose, by any action or omission to act, by virtue of any provision of this Agreement, the Memorandum of Agreement, any other agreements contemplated hereby, or any requirement of law or otherwise, any restrictions on matters relating to the capital of any Goldman Entity. The foregoing agreement shall extend, without limitation, to: (i) capital levels of, or increases to or withdrawals from capital of, any Goldman Entity; (ii) the interest (or other return) paid on the capital of limited partners (other than CCC) or, subject to the Partnership's agreement pursuant to Section 6(a) of the CCC Partnership Provisions, of general partners of any Goldman Entity; or (iii) the issuance or retirement of (w) general partnership interests or limited partnership interests (other than CCC's limited partnership interest) of any Goldman Entity, or the capital stock held by managing directors or others of any Goldman Entity, (x) debt securities of any Goldman Entity, whether senior or subordinated, short or longterm, secured or unsecured, other than debt securities held by AAA, CCC's Parent or CCC, (y) equity securities of any Goldman Entity or (z) options or warrants to acquire any securities of any Goldman Entity, it being understood that the foregoing shall not constitute a waiver by AAA, CCC's Parent or CCC of any terms or provisions of this Agreement or of the CCC Partnership Provisions or the Incidental Partnership Provisions, and that, in any event, CCC shall be treated equally in relation to the general partners and GGG according to CCC's Actual Share.(c) On the Closing Date, CCC shall deliver to the Partnership its irrevocableproxy/powerofattorney in the form set forth in Annex 3 hereto. CCC agrees, to the extent (if any) that such irrevocable proxy/powerofattorney is not enforceable under law, to provide its consent to any of the matters set forth therein and/or to execute any of the amendments, documents or other instruments referred to therein promptly following written demand by the Partnership.10. Agreements in the Event of Incorporation of the Partnership.(a) Investment Representations; NonTransferability. CCC represents that its acquisition hereby or from time to time hereafter of any Securities (as defined below) of the Company or any other Goldman Entity pursuant to this Agreement or the Memorandum of Agreement is or shall be for investment purposes. Except as provided in Section 10(b) below or as contemplated by Section 15(d) below or Section 5(f) of Article VI of the Memorandum of Agreement, each of CCC, CCC's Parent and AAA agrees that it shall not sell, transfer, exchange, make any assignment of (including an assignment for the benefit of CCC's, CCC's Parent's or AAA'S creditors or a transfer to a trustee) or receive for the benefit of CCC's, CCC's Parent's or AAA's creditors, give away, pledge, hypothecate or otherwise dispose of any Securities hereby or from time to time hereafter acquired by it, nor shall CCC, CCC's Parent or AAA enter into any agreement as a result of which any person or entity will or could obtain any interest in such Securities. For purposes of this Agreement, "Securities" shall refer to (i) any common stock issuable to CCC in exchange for its Part J Actual Capital (including any common stock which may be issued in exchange therefor pursuant to Annex 7 hereof, "Common Stock"), and any preferred stock issuable to CCC in exchange for its Part K Interest, in each case as contemplated by the CCC Partnership Provisions, and any subscription rights for such common stock or preferred stock granted hereto or thereto, (ii) any other securities issuable to CCC pursuant to Section 5 of the CCC Partnership Provisions and (iii) any other securities of the Company or any other Goldman Entity issuable to CCC pursuant to this Agreement or the CCC Partnership Provisions. Any Securities issued shall be issued in registered form and, other than any Common Stock when disposed of to the public, shall bear a legend in substantially the following form or such other form as AAA and the Partnership (or the Company) may agree:"THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE NOT TRANSFERABLEAND ARE SUBJECT TO THE PROVISIONS OF A SUBSCRIPTION AGREEMENT, DATEDAS OF _________,_________,_________(M,D,Y), AMONG CCC, INC.,BBB CORPORATION, THETRUSTEES OF AAA AND DDD, L.P. NO HOLDER OF THIS CERTIFICATE OTHERTHAN KNIGHT SHALL BEENTITLED TO ANY RIGHTSHEREUNDER AND, IF HELD BYANY SUCH HOLDER,THIS CERTIFICATE AND THESECURITIES EVIDENCED HEREBYSHALL BE VOIDAND BE DEEMED CANCELLED. THESE SECURITIES HAVE NOT BEEN REGISTEREDUNDER THE UNITED STATESSECURITIES ACT OF 1933 OR THESECURITIESLAWS OF ANY OTHER JURISDICTION."(b) Disposition of Securities.(i) CCC shall have the rights set forth in this Section 10(b) to dispose from time to time of the Common Stock issuable to it pursuant to the CCC Partnership Provisions and Annex 7 hereto.(ii) Except as otherwise provided in (iv) below or in Section 2(c) of the Registration Rights Agreement, CCC may dispose of Common Stock only after the date when the Company shall have become a public company by the initial registration by the Company of its common stock under the Securities Act of 1933 (the "1933 Act"). Any such disposition may be made only (x) by means of a widelydispersed underwritten public offering in conformity with regulatory requirements and guidelines applicable to AAA, CCC's Parent and CCC and (y) pursuant to the exercise of CCC's demand right or piggyback rights as set forth in the Registration Rights Agreement attached as Annex 5 hereto (which sets forth procedures for public offerings whether or not registered under the 1933 Act). The successor to the brokerdealer business of the Partnership (hereinafter referred to as the "Company BrokerDealer") shall be the bookrunning managing underwriter of the underwriting syndicate.(iii) In connection with any disposition of securities of the Company by the Company, CCC, the Company's managing directors or otherwise, CCC agrees that it shall be subject to the same customary limitations on sales following consummation of such disposition as managing directors of the Company agree to with the underwriters of such securities and that it will execute and deliver any agreement to such effect required by such underwriters.(iv) In addition to the demand right and piggyback rights granted pursuant to Section 10(b) (ii) hereof and the Registration Rights Agreement, CCC shall be entitled, from and after the fifth anniversary of the initial public offering by the Company of its common stock, to sell its Common Stock in the manner and amounts permitted by Rule 144(e) under the 1933 Act, or any similar successor provision, provided, that in the case of any such sale the Company shall have received an opinion of counsel to CCC acceptable to it that such sale may be made without registration under the 1933 Act.。

2008 Forecasting default with the Merton distance to default model

Forecasting Default with the Merton Distance to Default ModelSreedhar T.BharathRoss School of Business,University of MichiganTyler ShumwayRoss School of Business,University of MichiganWe examine the accuracy and contribution of the Merton distance to default(DD)model,which is based on Merton’s(1974)bond pricing model.We compare the model to a“na¨ıve”alternative,which uses the functional form suggested by the Merton model but does notsolve the model for an implied probability of default.Weﬁnd that the na¨ıve predictor per-forms slightly better in hazard models and in out-of-sample forecasts than both the MertonDD model and a reduced-form model that uses the same inputs.Several other forecastingvariables are also important predictors,andﬁtted values from an expanded hazard modeloutperform Merton DD default probabilities out of sample.Implied default probabilitiesfrom credit default swaps and corporate bond yield spreads are only weakly correlated withMerton DD probabilities after adjusting for agency ratings and bond characteristics.Weconclude that while the Merton DD model does not produce a sufﬁcient statistic for the prob-ability of default,its functional form is useful for forecasting defaults.(JEL G12,G13,G33)1.IntroductionDue to the advent of innovative corporate debt products and credit derivatives, academics and practitioners have recently shown renewed interest in models that forecast corporate defaults.One innovative forecasting model,which has been widely applied in both academic research1and practice,is a particular application of Merton(1974)that was developed by the proprietors of the KMV corporation.2We refer to this model as the Merton distance to default model, Previously circulated with the title“Forecasting Default with the KMV-Merton Model.”This research was sup-ported by the NTT fellowship of the Mitsui Life Center at the Ross School of Business,University of Michigan.We thank seminar participants at Michigan,Boston College,Indian School of Business,Moody’s2006Credit Risk Conference,and Stanford.We also thank Bill Beaver,Jeff Bohn,Darrell Dufﬁe,Eric Falkenstein,Wayne Ferson,Ravi Jagannathan,Kyle Lundstedt,Ken Singleton,and Jorge Sobehart for their comments.All errors are ours.Address correspondence to either Sreedhar T.Bharath and Tyler Shumway,Ross School of Busi-ness,University of Michigan,701Tappan Street,E7606,Ann Arbor,MI48109;telephone:(734)763-0485;e-mail:sbharath@ or Tyler Shumway,Ross School of Business,University of Michigan,Michi-gan Business School,701Tappan Street,Ann Arbor,MI48109-1234;telephone:(734)763-4129;e-mail: shumway@.1The model is discussed in Dufﬁe and Singleton(2003)and Saunders and Allen(2002).It is applied by Vassalou and Xing(2004);Dufﬁe,Saita,and Wang(2007);and Campbell,Hilscher,and Szilagyi(2007),among others. 2We do not intend to imply that we are using exactly the same algorithm that Moody’s KMV(which acquired KMV in2002)uses to calculate distance to default.Differences between our method and that of Moody’s KMV are discussed in Section2.2and in Table2.C The Author2008.Published by Oxford University Press on behalf of The Society for Financial Studies.Allrights reserved.For Permissions,please e-mail:journals.permissions@.doi:10.1093/rfs/hhn044Advance Access publication May19,2008The Review of Financial Studies/v21n32008or the Merton DD model.This paper assesses the accuracy and the contribution of the Merton DD model.The Merton DD model applies the framework of Merton(1974),in which the equity of theﬁrm is a call option on the underlying value of theﬁrm with a strike price equal to the face value of theﬁrm’s debt.The model recognizes that neither the underlying value of theﬁrm nor its volatility is directly observable. Under the model’s assumptions both can be inferred from the value of equity, the volatility of equity,and several other observable variables by using an iterative procedure to solve a system of nonlinear equations.After inferring these values,the model speciﬁes that the probability of default is the normal cumulative density function of a z-score depending on theﬁrm’s underlying value,theﬁrm’s volatility,and the face value of theﬁrm’s debt.The Merton DD model is a clever application of classicﬁnance theory,but how well it performs in forecasting depends on how realistic its assumptions are.The model is a somewhat stylized structural model that requires a number of assumptions.Among other things,the model assumes that the underlying value of eachﬁrm follows geometric Brownian motion and that eachﬁrm has issued just one zero-coupon bond.If the model’s strong assumptions are violated,it should be possible to construct a reduced-form model with more accuracy.We examine three hypotheses in this paper.First,we ask whether the prob-ability of default given by the Merton DD model is a sufﬁcient statistic for forecasting bankruptcy.If the Merton model is literally true,it should be im-possible to improve on the model’s implied probability for forecasting.If it is possible to construct a reduced-form model with better predictive properties, we can conclude that the probability implied by the Merton DD model(πMerton) is not a sufﬁcient statistic for forecasting default.The second hypothesis we test is that the z-score functional form used by the Merton DD model is an important construct for predicting default.We hypothesize that the probability calculated with the z-score functional form cannot be completely replaced in a forecasting model by a linear combination of simple variables,including the variables used to calculate the probability.In other words,we test whether a sufﬁcient statistic for default probability can be calculated without considering the Merton DD model’s functional form.Our third hypothesis is that the solution of the Merton model is important for forecasting default.As discussed above,the Merton DD probability is calculated by solving the classic Merton model for the total value of theﬁrm and theﬁrm’s volatility(given the value and volatility of theﬁrm’s equity) and substituting these values into the z-score functional form.By testing this hypothesis,we ask whether the forecasting ability of the Merton DD model is sensitive to the manner in which totalﬁrm value andﬁrm volatility are calculated.Again,we effectively test whether a sufﬁcient statistic for default probability can be constructed without considering the Merton DD algorithm for calculating these values.1340Forecasting Default with the Merton Distance to Default ModelWe test these three hypotheses inﬁve ways.First,we incorporateπMertoninto a hazard model that forecasts defaults from1980through2003.With thehazard model,we compareπMerton to a na¨ıve alternative(πna¨ıve)which is muchsimpler to calculate,but mimics the functional form ofπMerton.This helps usto separate the relative importance of the functional form from the solutionprocedure.We also compare it to several other default forecasting variables.Second,we compare the short-term,out-of-sample forecasting ability ofπMertonto that ofπna¨ıve.Third,we examine the forecasting ability of several alternativepredictors,each of which calculates Merton DD model probabilities in a slightlydifferent way.Fourth,we examine the ability of the Merton DD model to explainthe probability of default implied by credit default swaps;andﬁfth,we regresscorporate bond yield spreads onπMerton,πna¨ıve and other variables.Assessing the Merton DD model’s value is important for two reasons.Perhapsthe most salient reason is that many researchers and practitioners are applyingthe model and yet we do not know very much about its statistical properties.For example,Vassalou and Xing(2004)useπMerton to examine whether defaultrisk is priced in equity returns.As a second example,the Basel Committeeon Banking Supervision(1999)considers exploiting the Merton DD model(and its commercial implementations)a viable practice currently employedby numerous banks.To have conﬁdence in both the risk management of thebanking sector and the accuracy of academic research,the power of the MertonDD model must be examined.A second reason to assess the Merton DD model is to test the classic Merton(1974)model in a new way.If the classic Merton model is literally true,πMerton should be the best default predictor available.The classic Merton model has been rejected previously for failing toﬁt observed bond yield spreads.3Comparing the model to reduced-form alternatives gives us a fresh perspectiveabout how realistic the model’s assumptions are.Over the past several years,a number of researchers have examined thecontribution of the Merton DD model.Theﬁrst authors to examine the modelcarefully were practitioners employed by either KMV or Moody’s.Some pa-pers,including Stein(2000);Sobehart and Stein(2000);Sobehart and Keenan(1999,2002a,2002b);and Falkenstein and Boral(2001),argue that MertonDD models can easily be improved upon.Other papers,including Kealhoferand Kurbat(2001),argue that the Merton DD-like model originally developedby the KMV corporation captures all of the information in traditional agencyratings and well-known accounting variables.An academic literature has alsorecently developed that critically assesses the model.Both Hillegeist et al.(2004)and Du and Suo(2004)examine the model’s predictive power in waysthat are similar to some of our analyses.Dufﬁe,Saita,and Wang(2007)showthat Merton DD probabilities have signiﬁcant predictive power in a model ofdefault probabilties over time,which can generate a term structure of default 3See Jones et al.(1984).1341The Review of Financial Studies/v21n32008probabilities.Campbell,Hilscher,and Szilagyi(2007)estimate hazard modelsthat incorporate bothπMerton and other variables for bankruptcy,ﬁnding that πMerton seems to have relatively little forecasting power after conditioning on other variables.While ourﬁndings are consistent with theﬁndings of all ofthese papers,we analyze the performance ofπMerton in several novel ways.In particular,we introduce and assess our na¨ıve predictor and we examinethe ability ofπMerton to explain credit default swap premiums and bond yieldspreads.Weﬁnd that it is fairly easy to reject hypothesis one,thatπMerton is nota sufﬁcient statistic for default probability.It is possible to improve upon πMerton by conditioning on other default prediction variables.However,weﬁnd some support for hypothesis two.Weﬁnd that using the z-score functional form implied by the Merton model inπna¨ıve improves our forecasting ability.In hazard models that include bothπna¨ıve and the variables that are used toconstructπna¨ıve,the naive probability remains statistically signiﬁcant.Moreimpressive,the out-of-sample forecasting performance ofπna¨ıve by itself isslightly better than that of a reduced-form hazard model that incorporatesthe variables used to calculateπna¨ıve.Finally,weﬁnd some evidence againsthypothesis three.The contribution ofπMerton to a well-speciﬁed reduced-formmodel that includesπna¨ıve,or the variables used to constructπna¨ıve,is fairly low.We conclude that whileπMerton has some predictive power for default,most ofthe marginal beneﬁt ofπMerton comes from its functional form rather than fromthe solution of the Merton model.The paper proceeds as follows.The next section details the Merton DDmodel,our na¨ıve alternative default probability,and the hazard models that weuse to build reduced-form models.Section2also lists several ways in which ourMerton DD model differs from the model that Moody’s KMV actually sells.Section3discusses the data that we use for our tests and Section4outlines ourresults.We conclude in Section5.2.Default Forecasting ModelsAs discussed above,we examine our hypotheses by examining the statistical andeconomic signiﬁcance of the Merton DD model default probabilities(πMerton)and a simple,na¨ıve alternative(πna¨ıve).Before examining the empirical valueof these variables,we need to describe them carefully.2.1The Merton DD modelThe Merton DD model produces a probability of default for eachﬁrm in thesample at any given point in time.To calculate the probability,the modelsubtracts the face value of theﬁrm’s debt from an estimate of the market valueof theﬁrm and then divides this difference by an estimate of the volatility oftheﬁrm(scaled to reﬂect the horizon of the forecast).The resulting z-score,which is sometimes referred to as the distance to default,is then substituted 1342Forecasting Default with the Merton Distance to Default Modelinto a cumulative density function to calculate the probability that the value of theﬁrm will be less than the face value of debt at the forecasting horizon. The market value of theﬁrm is simply the sum of the market values of the ﬁrm’s debt and the value of its equity.If both these quantities were readily observable,calculating default probabilities would be simple.While equity values are readily available,reliable data on the market value ofﬁrm debt is generally unavailable.The Merton DD model estimates the market value of debt by applying the classic Merton(1974)bond pricing model.The Merton model makes two particularly important assumptions.Theﬁrst is that the total value of aﬁrm follows geometric Brownian motion,dV=µV dt+σV V dW,(1) where V is the total value of theﬁrm,µis the expected continuously com-pounded return on V,σV is the volatility ofﬁrm value and dW is a standard Wiener process.The second critical assumption of the Merton model is that theﬁrm has issued just one discount bond maturing in T periods.Under these assumptions,the equity of theﬁrm is a call option on the underlying value of theﬁrm with a strike price equal to the face value of theﬁrm’s debt and a time-to-maturity of T.Moreover,the value of equity as a function of the total value of theﬁrm can be described by the Black-Scholes-Merton Formula.By put-call parity,the value of theﬁrm’s debt is equal to the value of a risk-free discount bond minus the value of a put option written on theﬁrm,again with a strike price equal to the face value of debt and a time-to-maturity of T. Symbolically,the Merton model stipulates that the equity value of aﬁrm satisﬁesE=V N(d1)−e−r T F N(d2),(2) where E is the market value of theﬁrm’s equity,F is the face value of the ﬁrm’s debt,r is the instantaneous risk-free rate,N(·)is the cumulative standard normal distribution function,d1is given byd1=ln(V/F)+r+0.5σ2VTσV√T,(3)and d2is just d1−σV √T.The Merton DD model makes use of two important equations.Theﬁrst is the Black-Scholes-Merton Equation(2),expressing the value of aﬁrm’s equity as a function of the value of theﬁrm.The second relates the volatility of theﬁrm’s value to the volatility of its equity.Under Merton’s assumptions the value of equity is a function of the value of theﬁrm and time,so it follows directly from1343The Review of Financial Studies/v21n32008 Ito’s lemma thatσE=VE∂E∂VσV.(4)In the Black-Scholes-Merton model,it can be shown that∂E∂V =N(d1),so thatunder the Merton model’s assumptions,the volatilities of theﬁrm and its equity are related byσE=VEN(d1)σV,(5)where d1is deﬁned in Equation(3).The Merton DD model basically uses these two nonlinear equations,(2) and(5),to translate the value and volatility of aﬁrm’s equity into an implied probability of default.In most applications,the Black-Scholes-Merton model describes the unobserved value of an option as a function of four variables that are easily observed(strike price,time-to-maturity,underlying asset price,and the risk-free rate)and one variable that can be estimated(volatility).4In the Merton DD model,however,the value of the option is observed as the total value of theﬁrm’s equity,while the value of the underlying asset(the total value of theﬁrm)is not directly observable.Thus,while V must be inferred,E is easy to observe in the marketplace by multiplying theﬁrm’s shares outstanding by its current stock price.Similarly,in the Merton DD model,the volatility of equity,σE,can be estimated but the volatility of the underlyingﬁrm,σV,must be inferred.Theﬁrst step in implementing the Merton DD model is to estimateσE from either historical stock returns data or from option-implied volatility data.The second step is to choose a forecasting horizon and a measure of the face value of theﬁrm’s debt.For example,it is common to use historical returns data to estimateσE,assume a forecasting horizon of1year(T=1),and take the book value of theﬁrm’s total liabilities to be the face value of theﬁrm’s debt. The third step is to collect values of the risk-free rate and the market equity of theﬁrm.After performing these three steps,we have values for each of the variables in Equations(2)and(5)except for V andσV,the total value of the ﬁrm and the volatility ofﬁrm value,respectively.The fourth,and perhaps most signiﬁcant,step in implementing the model is to solve Equation(2)numerically for values of V andσV.Once this numerical solution is obtained,the distance to default can be calculated asDD=ln(V/F)+µ−0.5σ2VTσV√T,(6)4Of course,it is common to infer an implied volatility from an observed option price. 1344Forecasting Default with the Merton Distance to Default Modelwhereµis an estimate of the expected annual return of theﬁrm’s assets.The corresponding implied probability of default,sometimes called the expected default frequency(or EDF),isπMerton=N−ln(V/F)+µ−0.5σ2VTσV√T=N(−DD).(7)If the assumptions of the Merton model really hold,the Merton DD modelshould give very accurate default forecasts.In fact,if the Merton model holdscompletely,the implied probability of default deﬁned above,πMerton,should bea sufﬁcient statistic for default forecasts.Testing this hypothesis is one of thecentral tasks of this paper.Simultaneously solving Equations(2)and(5)is reasonably straightforward.However,Crosbie and Bohn(2003)explain that“In practice the market leveragemoves around far too much for[Equation(5)]to provide reasonable results.”To resolve this problem,we follow Crosbie and Bohn(2003)and Vassalouand Xing(2004)by implementing a complicated iterative procedure.First,wepropose an initial value ofσV=σE[E/(E+F)]and we use this value ofσV and Equation(2)to infer the market value of eachﬁrm’s assets every day forthe previous year.We then calculate the implied log return on assets each dayand use that returns series to generate new estimates ofσV andµ.We iterate on σV in this manner until it converges(so the absolute difference in adjacentσV s is less than10−3).Unless speciﬁed otherwise,in the rest of the paper values of πMerton are calculated by following this iterative procedure and calculating the corresponding implied default probability using Equation(7).The Merton DD model is a rather unusual forecasting model.Most forecast-ing models constructed by econometricians involve posing a model and thenestimating the model with method of moments or maximum-likelihood tech-niques.The Merton DD model actually involves very little estimation.Instead,itreplaces estimation with something more like calibration–solving for impliedparameter values.Since the Merton DD model is not a typical econometricmodel,it is not clear how the model can be extended to consider additionaldefault predictors or how its parameters might be estimated with alternativetechniques.It is also unclear how standard errors for forecasts can be calculatedfor the Merton DD model.While we propose a few simple alternative ways tocalculate Merton DD probabilities below,applying more standard econometricmethods to the model seems like a promising topic for future research.Before describing alternative models,it is useful to interpret the Merton DDmodel a little.The most critical inputs to the model are clearly the market valueof equity,the face value of debt,and the volatility of equity.As the market valueof equity declines,the probability of default increases.This is both a strengthand weakness of the model.For the model to work well,both the Merton modelassumptions must be met and markets must be efﬁcient and well informed.1345The Review of Financial Studies/v21n32008Moody’s KMV markets a model that is similar to our Merton DD model in a number of ways.In its promotional material,Moody’s KMV points to the case of Enron as an example of how their method is superior to that of traditional ratings agencies.When it became clear that Enron had serious accounting problems,Enron’s stock price began to fall and its distance to default immediately decreased.The ratings agencies took several days to downgrade Enron’s debt.Clearly,using equity values to infer default probabilities allows the Merton DD model to reﬂect information faster than traditional agency ratings.However,before Enron’s accounting problems were well known,when Enron’s stock price was arguably unsustainably high,the expected default frequency(calculated by both Moody’s and Merton’s methods)for Enron was actually signiﬁcantly lower than the default probability assigned to Enron by standard ratings.If markets are not perfectly efﬁcient,then conditioning on information not captured byπMerton probably makes sense.2.2Our method versus Moody’s KMVWe should point out that there are a number of things which differentiate the Merton DD model,which we test from that actually employed by Moody’s KMV.One important difference is that we use Merton’s(1974)model while Moody’s KMV uses a proprietary model that they call the KV model.Ap-parently the KV model is a generalization of the Merton model that allows for various classes and maturities of debt.Another difference is that we use the cumulative normal distribution to convert distances to default into default probabilities.Moody’s KMV uses its large historical database to estimate the empirical distribution of changes in distances to default and it calculates de-fault probabilities based on that distribution.The distribution of distances to default is an important input to default probabilities,but it is not required for rankingﬁrms by their relative probability.Therefore,several of our results will emphasize the model’s ability to rankﬁrms by default risk rather than its abil-ity to calculate accurate probabilities.5Finally,Moody’s KMV may also make proprietary adjustments to the accounting information that they use to calculate the face value of debt.We cannot perfectly replicate the methods of Moody’s KMV because several of the modeling choices made by Moody’s KMV are proprietary information.While our method does not match that of Moody’s KMV exactly,it is the same method employed by Vassalou and Xing(2004);Dufﬁe,Saita,and Wang (2007);Campbell,Hilscher,and Szilagyi(2007),and other researchers.Our results can be considered relevant for a“feasible”Moody’s KMV-like model, which can be estimated and implemented by academic researchers.In order to compare our method with that of Moody’s KMV,in Section4we compare our estimates with the estimates produced by Moody’s KMV for a sample of large ﬁrms in the US.5If the model ranksﬁrms accurately then using historical data to map relative rankings into accurate probabilities is a straightforward task.1346Forecasting Default with the Merton Distance to Default Model2.3A na¨ıve alternativeTo test whetherπMerton adds value to reduced-form models,we construct a simple alternative“probability”that does not require solving Equations(2) and(5)by implementing the iterative procedure described above.We construct our na¨ıve predictor with two objectives.First,we want our na¨ıve predictor to have a reasonable chance of performing as well as the Merton DD predictor, so we want it to capture the same information the Merton DD predictor uses. We also want our na¨ıve probability to approximate the functional form of the Merton DD probability.Second,we want our na¨ıve probability to be simple, so we avoid solving any equations or estimating any difﬁcult quantities in its construction.We wrote down the form for our na¨ıve probability after studying the Merton DD model for a little while.None of the numerical choices below is the result of any type of estimation or optimization.To begin constructing our na¨ıve probability,we approximate the market value of eachﬁrm’s debt with the face value of its debt,na¨ıve D=F,(8)Sinceﬁrms that are close to default have very risky debt,and the risk of their debt is correlated with their equity risk,we approximate the volatility of each ﬁrm’s debt asna¨ıveσD=0.05+0.25∗σE.(9) We include theﬁve percentage points in this term to represent term structure volatility,and we include the25%times equity volatility to allow for volatility associated with default risk.This gives us an approximation to the total volatility of theﬁrm ofna¨ıveσV=EE+na¨ıve DσE+na¨ıve DE+na¨ıve Dna¨ıveσD=EE+F σE+FE+F(0.05+0.25∗σE).(10)Next,we set the expected return on theﬁrm’s assets equal to theﬁrm’s stock return over the previous year,na¨ıveµ=r it−1.(11) This allows us to capture some of the same information that is captured by the Merton DD iterative procedure described above.The iterative procedure is able to condition on an entire year of equity return data.By allowing our na¨ıve estimate ofµto depend on past returns,we incorporate the same information. The na¨ıve distance to default is thenna¨ıve DD=ln[(E+F)/F]+r it−1−0.5na¨ıveσ2VTna¨ıveσV√.(12)1347The Review of Financial Studies/v21n32008This na¨ıve alternative model is easy to compute;however,it retains the structure of the Merton DD distance to default and expected default frequency.It also captures approximately the same quantity of information as the Merton DD probability.Thus,examining the forecasting ability of this quantity helps us separate the value of solving the Merton model from the value of the functional form ofπMerton.We deﬁne our na¨ıve probability estimate asπna¨ıve=N(−na¨ıve DD).(13) It is fairly easy to criticize our na¨ıve probability.Our choices for modeling ﬁrm volatility are not particularly well motivated and our decision to use past returns forµis arbitrary at best.However,to quibble with our na¨ıve probability is to miss the point of our exercise.We have constructed a predictor that is extremely easy to calculate,and it may have signiﬁcant predictive power.If the predictive power of our na¨ıve probability is comparable to that ofπMerton,then presumably a more carefully constructed probability that captures the same information should have superior power.2.4Alternative predictorsOne purpose of our paper is to examine the relative importance of several of the components of the Merton DD paring the predictive perfor-mance of our na¨ıve probability to that ofπMerton is one way to accomplish this. Another way we accomplish this purpose is by examining the predictive per-formance of several alternative predictors,or predictors that calculate Merton DD probabilities in alternative,somewhat simpler ways.One predictor,πµ=rMerton ,is calculated in exactly the same manner asπMerton,except that the expected return on assets used forπMerton is replaced by the risk-free rate,r.Considering this predictor helps us gauge the importance of estimating the expected return on assets for the distance to default.A secondalternative predictor,πsimulMerton ,is calculated by simultaneously solving Equations(2)and(5).This predictor avoids the iterative procedure in the text,estimating equity volatility with1year of historical returns data and using r as the expectedreturn on assets.The third alternative predictor,πimpσMerton ,uses the option-impliedvolatility ofﬁrm equity(impliedσE)to simultaneously solve Equations(2) and(5).2.5Hazard modelsIn order to assess the Merton DD model’s accuracy,we need a method to com-pareπMerton to alternative predictor variables.We employ a Cox proportional hazard model to test our three hypotheses.Hazard models have recently been applied by a number of authors and probably represent the state of the art in default forecasting with reduced-form models.6Proportional hazard models 6Shumway(2001)and Chava and Jarrow(2004)argue that hazard models are superior to other types of models.1348。

美国公司法证券法历年经典论文列表

美国是世界上公司法、证券法研究最为发达的国家之一，在美国法学期刊（Law Review & Journals）上每年发表400多篇以公司法和证券法为主题的论文。

自1994年开始，美国的公司法学者每年会投票从中遴选出10篇左右重要的论文，重印于Corporate Practice Commentator，至2008年，已经评选了15年，计177篇论文入选。

以下是每年入选的论文列表：2008年（以第一作者姓名音序为序）：1.Anabtawi, Iman and Lynn Stout. Fiduciary duties for activist shareholders. 60 Stan. L. Rev. 1255-1308 (2008).2.Brummer, Chris. Corporate law preemption in an age of global capital markets. 81 S. Cal. L. Rev. 1067-1114 (2008).3.Choi, Stephen and Marcel Kahan. The market penalty for mutual fund scandals. 87 B.U. L. Rev. 1021-1057 (2007).4.Choi, Stephen J. and Jill E. Fisch. On beyond CalPERS: Survey evidence on the developing role of public pension funds in corporate governance. 61 V and. L. Rev. 315-354 (2008).5.Cox, James D., Randall S. Thoma s and Lynn Bai. There are plaintiffs and…there are plaintiffs: An empirical analysis of securities class action settlements. 61 V and. L. Rev. 355-386 (2008).6.Henderson, M. Todd. Paying CEOs in bankruptcy: Executive compensation when agency costs are low. 101 Nw. U. L. Rev. 1543-1618 (2007).7.Hu, Henry T.C. and Bernard Black. Equity and debt decoupling and empty voting II: Importance and extensions. 156 U. Pa. L. Rev. 625-739 (2008).8.Kahan, Marcel and Edward Rock. The hanging chads of corporate voting. 96 Geo. L.J. 1227-1281 (2008).9.Strine, Leo E., Jr. Toward common sense and common ground? Reflections on the shared interests of managers and labor in a more rational system of corporate governance. 33 J. Corp. L. 1-20 (2007).10.Subramanian, Guhan. Go-shops vs. no-shops in private equity deals: Evidence and implications.63 Bus. Law. 729-760 (2008).2007年：1.Baker, Tom and Sean J. Griffith. The Missing Monitor in Corporate Governance: The Directors’ & Officers’ Liability Insurer. 95 Geo. L.J. 1795-1842 (2007).2.Bebchuk, Lucian A. The Myth of the Shareholder Franchise. 93 V a. L. Rev. 675-732 (2007).3.Choi, Stephen J. and Robert B. Thompson. Securities Litigation and Its Lawyers: Changes During the First Decade After the PSLRA. 106 Colum. L. Rev. 1489-1533 (2006).4.Coffee, John C., Jr. Reforming the Securities Class Action: An Essay on Deterrence and Its Implementation. 106 Colum. L. Rev. 1534-1586 (2006).5.Cox, James D. and Randall S. Thomas. Does the Plaintiff Matter? An Empirical Analysis of Lead Plaintiffs in Securities Class Actions. 106 Colum. L. Rev. 1587-1640 (2006).6.Eisenberg, Theodore and Geoffrey Miller. Ex Ante Choice of Law and Forum: An Empirical Analysis of Corporate Merger Agreements. 59 V and. L. Rev. 1975-2013 (2006).7.Gordon, Jeffrey N. The Rise of Independent Directors in the United States, 1950-2005: Of Shareholder V alue and Stock Market Prices. 59 Stan. L. Rev. 1465-1568 (2007).8.Kahan, Marcel and Edward B. Rock. Hedge Funds in Corporate Governance and Corporate Control. 155 U. Pa. L. Rev. 1021-1093 (2007).ngevoort, Donald C. The Social Construction of Sarbanes-Oxley. 105 Mich. L. Rev. 1817-1855 (2007).10.Roe, Mark J. Legal Origins, Politics, and Modern Stock Markets. 120 Harv. L. Rev. 460-527 (2006).11.Subramanian, Guhan. Post-Siliconix Freeze-outs: Theory and Evidence. 36 J. Legal Stud. 1-26 (2007). (NOTE: This is an earlier working draft. The published article is not freely available, and at SLW we generally respect the intellectual property rights of others.)2006年：1.Bainbridge, Stephen M. Director Primacy and Shareholder Disempowerment. 119 Harv. L. Rev. 1735-1758 (2006).2.Bebchuk, Lucian A. Letting Shareholders Set the Rules. 119 Harv. L. Rev. 1784-1813 (2006).3.Black, Bernard, Brian Cheffins and Michael Klausner. Outside Director Liability. 58 Stan. L. Rev. 1055-1159 (2006).4.Choi, Stephen J., Jill E. Fisch and A.C. Pritchard. Do Institutions Matter? The Impact of the Lead Plaintiff Provision of the Private Securities Litigation Reform Act. 835.Cox, James D. and Randall S. Thomas. Letting Billions Slip Through Y our Fingers: Empirical Evidence and Legal Implications of the Failure of Financial Institutions to Participate in Securities Class Action Settlements. 58 Stan. L. Rev. 411-454 (2005).6.Gilson, Ronald J. Controlling Shareholders and Corporate Governance: Complicating the Comparative Taxonomy. 119 Harv. L. Rev. 1641-1679 (2006).7.Goshen , Zohar and Gideon Parchomovsky. The Essential Role of Securities Regulation. 55 Duke L.J. 711-782 (2006).8.Hansmann, Henry, Reinier Kraakman and Richard Squire. Law and the Rise of the Firm. 119 Harv. L. Rev. 1333-1403 (2006).9.Hu, Henry T. C. and Bernard Black. Empty V oting and Hidden (Morphable) Ownership: Taxonomy, Implications, and Reforms. 61 Bus. Law. 1011-1070 (2006).10.Kahan, Marcel. The Demand for Corporate Law: Statutory Flexibility, Judicial Quality, or Takeover Protection? 22 J. L. Econ. & Org. 340-365 (2006).11.Kahan, Marcel and Edward Rock. Symbiotic Federalism and the Structure of Corporate Law.58 V and. L. Rev. 1573-1622 (2005).12.Smith, D. Gordon. The Exit Structure of V enture Capital. 53 UCLA L. Rev. 315-356 (2005).2005年：1.Bebchuk, Lucian Arye. The case for increasing shareholder power. 118 Harv. L. Rev. 833-914 (2005).2.Bratton, William W. The new dividend puzzle. 93 Geo. L.J. 845-895 (2005).3.Elhauge, Einer. Sacrificing corporate profits in the public interest. 80 N.Y.U. L. Rev. 733-869 (2005).4.Johnson, . Corporate officers and the business judgment rule. 60 Bus. Law. 439-469 (2005).haupt, Curtis J. In the shadow of Delaware? The rise of hostile takeovers in Japan. 105 Colum. L. Rev. 2171-2216 (2005).6.Ribstein, Larry E. Are partners fiduciaries? 2005 U. Ill. L. Rev. 209-251.7.Roe, Mark J. Delaware?s politics. 118 Harv. L. Rev. 2491-2543 (2005).8.Romano, Roberta. The Sarbanes-Oxley Act and the making of quack corporate governance. 114 Y ale L.J. 1521-1611 (2005).9.Subramanian, Guhan. Fixing freezeouts. 115 Y ale L.J. 2-70 (2005).10.Thompson, Robert B. and Randall S. Thomas. The public and private faces of derivative lawsuits. 57 V and. L. Rev. 1747-1793 (2004).11.Weiss, Elliott J. and J. White. File early, then free ride: How Delaware law (mis)shapes shareholder class actions. 57 V and. L. Rev. 1797-1881 (2004).2004年：1Arlen, Jennifer and Eric Talley. Unregulable defenses and the perils of shareholder choice. 152 U. Pa. L. Rev. 577-666 (2003).2.Bainbridge, Stephen M. The business judgment rule as abstention doctrine. 57 V and. L. Rev. 83-130 (2004).3.Bebchuk, Lucian Arye and Alma Cohen. Firms' decisions where to incorporate. 46 J.L. & Econ. 383-425 (2003).4.Blair, Margaret M. Locking in capital: what corporate law achieved for business organizers in the nineteenth century. 51 UCLA L. Rev. 387-455 (2003).5.Gilson, Ronald J. and Jeffrey N. Gordon. Controlling shareholders. 152 U. Pa. L. Rev. 785-843 (2003).6.Roe, Mark J. Delaware 's competition. 117 Harv. L. Rev. 588-646 (2003).7.Sale, Hillary A. Delaware 's good faith. 89 Cornell L. Rev. 456-495 (2004).8.Stout, Lynn A. The mechanisms of market inefficiency: an introduction to the new finance. 28 J. Corp. L. 635-669 (2003).9.Subramanian, Guhan. Bargaining in the shadow of takeover defenses. 113 Y ale L.J. 621-686 (2003).10.Subramanian, Guhan. The disappearing Delaware effect. 20 J.L. Econ. & Org. 32-59 (2004)11.Thompson, Robert B. and Randall S. Thomas. The new look of shareholder litigation: acquisition-oriented class actions. 57 V and. L. Rev. 133-209 (2004).2003年：1.A yres, Ian and Stephen Choi. Internalizing outsider trading. 101 Mich. L. Rev. 313-408 (2002).2.Bainbridge, Stephen M. Director primacy: The means and ends of corporate governance. 97 Nw. U. L. Rev. 547-606 (2003).3.Bebchuk, Lucian, Alma Cohen and Allen Ferrell. Does the evidence favor state competition in corporate law? 90 Cal. L. Rev. 1775-1821 (2002).4.Bebchuk, Lucian Arye, John C. Coates IV and Guhan Subramanian. The Powerful Antitakeover Force of Staggered Boards: Further findings and a reply to symposium participants. 55 Stan. L. Rev. 885-917 (2002).5.Choi, Stephen J. and Jill E. Fisch. How to fix Wall Street: A voucher financing proposal for securities intermediaries. 113 Y ale L.J. 269-346 (2003).6.Daines, Robert. The incorporation choices of IPO firms. 77 N.Y.U. L. Rev.1559-1611 (2002).7.Gilson, Ronald J. and David M. Schizer. Understanding venture capital structure: A taxexplanation for convertible preferred stock. 116 Harv. L. Rev. 874-916 (2003).8.Kahan, Marcel and Ehud Kamar. The myth of state competition in corporate law. 55 Stan. L. Rev. 679-749 (2002).ngevoort, Donald C. Taming the animal spirits of the stock markets: A behavioral approach to securities regulation. 97 Nw. U. L. Rev. 135-188 (2002).10.Pritchard, A.C. Justice Lewis F. Powell, Jr., and the counterrevolution in the federal securities laws. 52 Duke L.J. 841-949 (2003).11.Thompson, Robert B. and Hillary A. Sale. Securities fraud as corporate governance: Reflections upon federalism. 56 V and. L. Rev. 859-910 (2003).2002年：1.Allen, William T., Jack B. Jacobs and Leo E. Strine, Jr. Function over Form: A Reassessment of Standards of Review in Delaware Corporation Law. 26 Del. J. Corp. L. 859-895 (2001) and 56 Bus. Law. 1287 (2001).2.A yres, Ian and Joe Bankman. Substitutes for Insider Trading. 54 Stan. L. Rev. 235-254 (2001).3.Bebchuk, Lucian Arye, Jesse M. Fried and David I. Walker. Managerial Power and Rent Extraction in the Design of Executive Compensation. 69 U. Chi. L. Rev. 751-846 (2002).4.Bebchuk, Lucian Arye, John C. Coates IV and Guhan Subramanian. The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence, and Policy. 54 Stan. L. Rev. 887-951 (2002).5.Black, Bernard and Reinier Kraakman. Delaware’s Takeover Law: The Uncertain Search for Hidden V alue. 96 Nw. U. L. Rev. 521-566 (2002).6.Bratton, William M. Enron and the Dark Side of Shareholder V alue. 76 Tul. L. Rev. 1275-1361 (2002).7.Coates, John C. IV. Explaining V ariation in Takeover Defenses: Blame the Lawyers. 89 Cal. L. Rev. 1301-1421 (2001).8.Kahan, Marcel and Edward B. Rock. How I Learned to Stop Worrying and Love the Pill: Adaptive Responses to Takeover Law. 69 U. Chi. L. Rev. 871-915 (2002).9.Kahan, Marcel. Rethinking Corporate Bonds: The Trade-off Between Individual and Collective Rights. 77 N.Y.U. L. Rev. 1040-1089 (2002).10.Roe, Mark J. Corporate Law’s Limits. 31 J. Legal Stud. 233-271 (2002).11.Thompson, Robert B. and D. Gordon Smith. Toward a New Theory of the Shareholder Role: "Sacred Space" in Corporate Takeovers. 80 Tex. L. Rev. 261-326 (2001).2001年：1.Black, Bernard S. The legal and institutional preconditions for strong securities markets. 48 UCLA L. Rev. 781-855 (2001).2.Coates, John C. IV. Takeover defenses in the shadow of the pill: a critique of the scientific evidence. 79 Tex. L. Rev. 271-382 (2000).3.Coates, John C. IV and Guhan Subramanian. A buy-side model of M&A lockups: theory and evidence. 53 Stan. L. Rev. 307-396 (2000).4.Coffee, John C., Jr. The rise of dispersed ownership: the roles of law and the state in the separation of ownership and control. 111 Y ale L.J. 1-82 (2001).5.Choi, Stephen J. The unfounded fear of Regulation S: empirical evidence on offshore securities offerings. 50 Duke L.J. 663-751 (2000).6.Daines, Robert and Michael Klausner. Do IPO charters maximize firm value? Antitakeover protection in IPOs. 17 J.L. Econ. & Org. 83-120 (2001).7.Hansmann, Henry and Reinier Kraakman. The essential role of organizational law. 110 Y ale L.J. 387-440 (2000).ngevoort, Donald C. The human nature of corporate boards: law, norms, and the unintended consequences of independence and accountability. 89 Geo. L.J. 797-832 (2001).9.Mahoney, Paul G. The political economy of the Securities Act of 1933. 30 J. Legal Stud. 1-31 (2001).10.Roe, Mark J. Political preconditions to separating ownership from corporate control. 53 Stan. L. Rev. 539-606 (2000).11.Romano, Roberta. Less is more: making institutional investor activism a valuable mechanism of corporate governance. 18 Y ale J. on Reg. 174-251 (2001).2000年：1.Bratton, William W. and Joseph A. McCahery. Comparative Corporate Governance and the Theory of the Firm: The Case Against Global Cross Reference. 38 Colum. J. Transnat’l L. 213-297 (1999).2.Coates, John C. IV. Empirical Evidence on Structural Takeover Defenses: Where Do We Stand?54 U. Miami L. Rev. 783-797 (2000).3.Coffee, John C., Jr. Privatization and Corporate Governance: The Lessons from Securities Market Failure. 25 J. Corp. L. 1-39 (1999).4.Fisch, Jill E. The Peculiar Role of the Delaware Courts in the Competition for Corporate Charters. 68 U. Cin. L. Rev. 1061-1100 (2000).5.Fox, Merritt B. Retained Mandatory Securities Disclosure: Why Issuer Choice Is Not Investor Empowerment. 85 V a. L. Rev. 1335-1419 (1999).6.Fried, Jesse M. Insider Signaling and Insider Trading with Repurchase Tender Offers. 67 U. Chi. L. Rev. 421-477 (2000).7.Gulati, G. Mitu, William A. Klein and Eric M. Zolt. Connected Contracts. 47 UCLA L. Rev. 887-948 (2000).8.Hu, Henry T.C. Faith and Magic: Investor Beliefs and Government Neutrality. 78 Tex. L. Rev. 777-884 (2000).9.Moll, Douglas K. Shareholder Oppression in Close Corporations: The Unanswered Question of Perspective. 53 V and. L. Rev. 749-827 (2000).10.Schizer, David M. Executives and Hedging: The Fragile Legal Foundation of Incentive Compatibility. 100 Colum. L. Rev. 440-504 (2000).11.Smith, Thomas A. The Efficient Norm for Corporate Law: A Neotraditional Interpretation of Fiduciary Duty. 98 Mich. L. Rev. 214-268 (1999).12.Thomas, Randall S. and Kenneth J. Martin. The Determinants of Shareholder V oting on Stock Option Plans. 35 Wake Forest L. Rev. 31-81 (2000).13.Thompson, Robert B. Preemption and Federalism in Corporate Governance: Protecting Shareholder Rights to V ote, Sell, and Sue. 62 Law & Contemp. Probs. 215-242 (1999).1999年（以第一作者姓名音序为序）：1.Bankman, Joseph and Ronald J. Gilson. Why Start-ups? 51 Stan. L. Rev. 289-308 (1999).2.Bhagat, Sanjai and Bernard Black. The Uncertain Relationship Between Board Composition and Firm Performance. 54 Bus. Law. 921-963 (1999).3.Blair, Margaret M. and Lynn A. Stout. A Team Production Theory of Corporate Law. 85 V a. L. Rev. 247-328 (1999).4.Coates, John C., IV. “Fair V alue” As an A voidable Rule of Corporate Law: Minority Discounts in Conflict Transactions. 147 U. Pa. L. Rev. 1251-1359 (1999).5.Coffee, John C., Jr. The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications. 93 Nw. U. L. Rev. 641-707 (1999).6.Eisenberg, Melvin A. Corporate Law and Social Norms. 99 Colum. L. Rev. 1253-1292 (1999).7.Hamermesh, Lawrence A. Corporate Democracy and Stockholder-Adopted By-laws: Taking Back the Street? 73 Tul. L. Rev. 409-495 (1998).8.Krawiec, Kimberly D. Derivatives, Corporate Hedging, and Shareholder Wealth: Modigliani-Miller Forty Y ears Later. 1998 U. Ill. L. Rev. 1039-1104.ngevoort, Donald C. Rereading Cady, Roberts: The Ideology and Practice of Insider Trading Regulation. 99 Colum. L. Rev. 1319-1343 (1999).ngevoort, Donald C. Half-Truths: Protecting Mistaken Inferences By Investors and Others.52 Stan. L. Rev. 87-125 (1999).11.Talley, Eric. Turning Servile Opportunities to Gold: A Strategic Analysis of the Corporate Opportunities Doctrine. 108 Y ale L.J. 277-375 (1998).12.Williams, Cynthia A. The Securities and Exchange Commission and Corporate Social Transparency. 112 Harv. L. Rev. 1197-1311 (1999).1998年：1.Carney, William J., The Production of Corporate Law, 71 S. Cal. L. Rev. 715-780 (1998).2.Choi, Stephen, Market Lessons for Gatekeepers, 92 Nw. U. L. Rev. 916-966 (1998).3.Coffee, John C., Jr., Brave New World?: The Impact(s) of the Internet on Modern Securities Regulation. 52 Bus. Law. 1195-1233 (1997).ngevoort, Donald C., Organized Illusions: A Behavioral Theory of Why Corporations Mislead Stock Market Investors (and Cause Other Social Harms). 146 U. Pa. L. Rev. 101-172 (1997).ngevoort, Donald C., The Epistemology of Corporate-Securities Lawyering: Beliefs, Biases and Organizational Behavior. 63 Brook. L. Rev. 629-676 (1997).6.Mann, Ronald J. The Role of Secured Credit in Small-Business Lending. 86 Geo. L.J. 1-44 (1997).haupt, Curtis J., Property Rights in Firms. 84 V a. L. Rev. 1145-1194 (1998).8.Rock, Edward B., Saints and Sinners: How Does Delaware Corporate Law Work? 44 UCLA L. Rev. 1009-1107 (1997).9.Romano, Roberta, Empowering Investors: A Market Approach to Securities Regulation. 107 Y ale L.J. 2359-2430 (1998).10.Schwab, Stewart J. and Randall S. Thomas, Realigning Corporate Governance: Shareholder Activism by Labor Unions. 96 Mich. L. Rev. 1018-1094 (1998).11.Skeel, David A., Jr., An Evolutionary Theory of Corporate Law and Corporate Bankruptcy. 51 V and. L. Rev. 1325-1398 (1998).12.Thomas, Randall S. and Martin, Kenneth J., Should Labor Be Allowed to Make Shareholder Proposals? 73 Wash. L. Rev. 41-80 (1998).1997年：1.Alexander, Janet Cooper, Rethinking Damages in Securities Class Actions, 48 Stan. L. Rev. 1487-1537 (1996).2.Arlen, Jennifer and Kraakman, Reinier, Controlling Corporate Misconduct: An Analysis of Corporate Liability Regimes, 72 N.Y.U. L. Rev. 687-779 (1997).3.Brudney, Victor, Contract and Fiduciary Duty in Corporate Law, 38 B.C. L. Rev. 595-665 (1997).4.Carney, William J., The Political Economy of Competition for Corporate Charters, 26 J. Legal Stud. 303-329 (1997).5.Choi, Stephen J., Company Registration: Toward a Status-Based Antifraud Regime, 64 U. Chi. L. Rev. 567-651 (1997).6.Fox, Merritt B., Securities Disclosure in a Globalizing Market: Who Should Regulate Whom. 95 Mich. L. Rev. 2498-2632 (1997).7.Kahan, Marcel and Klausner, Michael, Lockups and the Market for Corporate Control, 48 Stan. L. Rev. 1539-1571 (1996).8.Mahoney, Paul G., The Exchange as Regulator, 83 V a. L. Rev. 1453-1500 (1997).haupt, Curtis J., The Market for Innovation in the United States and Japan: V enture Capital and the Comparative Corporate Governance Debate, 91 Nw. U.L. Rev. 865-898 (1997).10.Skeel, David A., Jr., The Unanimity Norm in Delaware Corporate Law, 83 V a. L. Rev. 127-175 (1997).1996年：1.Black, Bernard and Reinier Kraakman A Self-Enforcing Model of Corporate Law, 109 Harv. L. Rev. 1911 (1996)2.Gilson, Ronald J. Corporate Governance and Economic Efficiency: When Do Institutions Matter?, 74 Wash. U. L.Q. 327 (1996)3. Hu, Henry T.C. Hedging Expectations: "Derivative Reality" and the Law and Finance of the Corporate Objective, 21 J. Corp. L. 3 (1995)4.Kahan, Marcel & Michael Klausner Path Dependence in Corporate Contracting: Increasing Returns, Herd Behavior and Cognitive Biases, 74 Wash. U. L.Q. 347 (1996)5.Kitch, Edmund W. The Theory and Practice of Securities Disclosure, 61 Brooklyn L. Rev. 763 (1995)ngevoort, Donald C. Selling Hope, Selling Risk: Some Lessons for Law From Behavioral Economics About Stockbrokers and Sophisticated Customers, 84 Cal. L. Rev. 627 (1996)7.Lin, Laura The Effectiveness of Outside Directors as a Corporate Governance Mechanism: Theories and Evidence, 90 Nw. U.L. Rev. 898 (1996)lstein, Ira M. The Professional Board, 50 Bus. Law 1427 (1995)9.Thompson, Robert B. Exit, Liquidity, and Majority Rule: Appraisal's Role in Corporate Law, 84 Geo. L.J. 1 (1995)10.Triantis, George G. and Daniels, Ronald J. The Role of Debt in Interactive Corporate Governance. 83 Cal. L. Rev. 1073 (1995)1995年：公司法：1.Arlen, Jennifer and Deborah M. Weiss A Political Theory of Corporate Taxation,. 105 Y ale L.J. 325-391 (1995).2.Elson, Charles M. The Duty of Care, Compensation, and Stock Ownership, 63 U. Cin. L. Rev. 649 (1995).3.Hu, Henry T.C. Heeding Expectations: "Derivative Reality" and the Law and Finance of the Corporate Objective, 73 Tex. L. Rev. 985-1040 (1995).4.Kahan, Marcel The Qualified Case Against Mandatory Terms in Bonds, 89 Nw. U.L. Rev. 565-622 (1995).5.Klausner, Michael Corporations, Corporate Law, and Networks of Contracts, 81 V a. L. Rev. 757-852 (1995).6.Mitchell, Lawrence E. Cooperation and Constraint in the Modern Corporation: An Inquiry Into the Causes of Corporate Immorality, 73 Tex. L. Rev. 477-537 (1995).7.Siegel, Mary Back to the Future: Appraisal Rights in the Twenty-First Century, 32 Harv. J. on Legis. 79-143 (1995).证券法：1.Grundfest, Joseph A. Why Disimply? 108 Harv. L. Rev. 727-747 (1995).2.Lev, Baruch and Meiring de V illiers Stock Price Crashes and 10b-5 Damages: A Legal Economic, and Policy Analysis, 47 Stan. L. Rev. 7-37 (1994).3.Mahoney, Paul G. Mandatory Disclosure as a Solution to Agency Problems, 62 U. Chi. L. Rev. 1047-1112 (1995).4.Seligman, Joel The Merits Do Matter, 108 Harv. L. Rev. 438 (1994).5.Seligman, Joel The Obsolescence of Wall Street: A Contextual Approach to the Evolving Structure of Federal Securities Regulation, 93 Mich. L. Rev. 649-702 (1995).6.Stout, Lynn A. Are Stock Markets Costly Casinos? Disagreement, Mark Failure, and Securities Regulation, 81 V a. L. Rev. 611 (1995).7.Weiss, Elliott J. and John S. Beckerman Let the Money Do the Monitoring: How Institutional Investors Can Reduce Agency Costs in Securities Class Actions, 104 Y ale L.J. 2053-2127 (1995).1994年：公司法：1.Fraidin, Stephen and Hanson, Jon D. Toward Unlocking Lockups, 103 Y ale L.J. 1739-1834 (1994)2.Gordon, Jeffrey N. Institutions as Relational Investors: A New Look at Cumulative V oting, 94 Colum. L. Rev. 124-192 (1994)3.Karpoff, Jonathan M., and Lott, John R., Jr. The Reputational Penalty Firms Bear From Committing Criminal Fraud, 36 J.L. & Econ. 757-802 (1993)4.Kraakman, Reiner, Park, Hyun, and Shavell, Steven When Are Shareholder Suits in Shareholder Interests?, 82 Geo. L.J. 1733-1775 (1994)5.Mitchell, Lawrence E. Fairness and Trust in Corporate Law, 43 Duke L.J. 425- 491 (1993)6.Oesterle, Dale A. and Palmiter, Alan R. Judicial Schizophrenia in Shareholder V oting Cases, 79 Iowa L. Rev. 485-583 (1994)7. Pound, John The Rise of the Political Model of Corporate Governance and Corporate Control, 68 N.Y.U. L. Rev. 1003-1071 (1993)8.Skeel, David A., Jr. Rethinking the Line Between Corporate Law and Corporate Bankruptcy, 72 Tex. L. Rev. 471-557 (1994)9.Thompson, Robert B. Unpacking Limited Liability: Direct and V icarious Liability of Corporate Participants for Torts of the Enterprise, 47 V and. L. Rev. 1-41 (1994)证券法：1.Alexander, Janet Cooper The V alue of Bad News in Securities Class Actions, 41 UCLA L.Rev. 1421-1469 (1994)2.Bainbridge, Stephen M. Insider Trading Under the Restatement of the Law Governing Lawyers, 19 J. Corp. L. 1-40 (1993)3.Black, Bernard S. and Coffee, John C. Jr. Hail Britannia?: Institutional Investor Behavior Under Limited Regulation, 92 Mich. L. Rev. 1997-2087 (1994)4.Booth, Richard A. The Efficient Market, portfolio Theory, and the Downward Sloping Demand Hypothesis, 68 N.Y.U. L. Rev. 1187-1212 (1993)5.Coffee, John C., Jr. The SEC and the Institutional Investor: A Half-Time Report, 15 Cardozo L. Rev 837-907 (1994)6.Fox, Merritt B. Insider Trading Deterrence V ersus Managerial Incentives: A Unified Theory of Section 16(b), 92 Mich. L. Rev. 2088-2203 (1994)7.Grundfest, Joseph A. Disimplying Private Rights of Action Under the Federal Securities Laws: The Commission's Authority, 107 Harv. L. Rev. 961-1024 (1994)8.Macey, Jonathan R. Administrative Agency Obsolescence and Interest Group Formation: A Case Study of the SEC at Sixty, 15 Cardozo L. Rev. 909-949 (1994)9.Rock, Edward B. Controlling the Dark Side of Relational Investing, 15 Cardozo L. Rev. 987-1031 (1994)。

IDC - China IT Services 20082012 Forecast and Analysis

Filing Information: July 2008, IDC #CN221105Q, Volume: 1, Tab: MarketsM A R K E T A N A L Y S I S C h i n a I T S e r v i c e s 2008–2012 F o r e c a s t a n d A n a l y s i s Grace Han Ting Yang Vivian Yu Gloria Li I D C O P I N I O N China's IT services market is facing both domestic demand and offshore opportunity. With global sourcing becoming a strategic decision of companies to lower costs and enhance core competencies, the country boundary among services is blurring. To better capture this global sourcing opportunity, IDC strongly suggests leveraging China's comparative advantages and using the economies of scope by developing both domestic and offshore IT services industries collaboratively. ! 2007 was still a bull year for IT services players in China, especially the leading services providers. With the market gradually consolidating, the top 10 services providers' gained share from 17.0% in 2006 to 19.7% in 2007. ! The market size also grew very fast, from US$6239.8 million in 2006 to US$7699.1 million in 2007, with a 23.4% year-on-year growth. This is 1.1% higher than IDC's previous forecast. Looking forward, China's IT services market will still be in the double-digit growth stage for the next five years, with a 2007–2012 compound annual growth rate (CAGR) of 16.2%, although the growth rate will be slightly lower than that in the past two years. ! For IT services, as observed, a large amount of competition comes from the clients' internal IT departments. Because of this, it is very important to understand users' adoption rates of third-party services providers, reasons for insourcing, and vendor evaluation criteria. ! For outsourcing services, the dilemma in China is that labor costs are low, so the cost effectiveness of outsourcing, especially by global vendors, is not apparent. Clients' IT environments are currently very complicated and non-transparent; it is hard to realize vendors' technical and management expertise in such situation. Consulting services should be provided to help improve the IT operation level first, and then try selective outsourcing to build up trust before continuing to outsource more. Managed services are also a very smart way to solve the control preference of clients in China. ! In the long run, utility services will be well received by users due to their significant cost effectiveness and high expertise, which is difficult to maintain in an internal IT department.R o o m 611,Bei j i n g T ime sSqu a re88 W e stC h a n g 'a n A ven u e B ei j i n g 100031 P eo p l e 'sR e p u b l i co f C h i n a P .86.10.8391.3610T A B L E O F C O N T E N T SPIn This Stud y 1 Methodology (1)Situat ion Overview 1Global Sourcing Impact (1)User Demand and Buying Behavior (2)IT Services Overview (6)IT Services by Submarket (8)IT Services by Industry (14)IT Services by Region (15)Competitive Landscape (16)Future Ou tlook17Forecast and Assumptions (17)Future Trends (26)China IT Services Road Map (26)Market Context (29)Essential Gu idance30Advice to Technical Product Services Providers (30)Advice to Consulting Firms and Systems Integrators (31)Advice to Outsourcing Players (32)Learn Mo re32Related Research (32)Definitions (32)IT Services Foundation Market Definitions (32)Regional Markets (35)IDC #CN221105Q ©2008L I S T O F T A B L E SP1 Top 10 China IT Services Providers, 2007 (17)2 China IT Services Spending by Foundation Market, 2007–2012 (US$M) (18)3 Key Forecast Assumptions for the China IT Service Market, 2008–2012 (19)4 China IT Services Spending, 2005–2012: Comparison of July 2008 and September 2007Forecasts (US$M) (29)5 China Regional Market Definitions, 2007 (35)©2008 IDC #CN221105QL I S T O F F I G U R E SP1 Economic Analysis of Global Sourcing (2)2 Competition Models of Products and Services (3)3 Use of a Third Party or an Outside Vendor for Managed Services (4)4 Reasons for Maintaining In-House IT Services Management (5)5 Selection Criteria for IT Services Providers (6)6 China IT Services Life Cycle (7)7 China and United States Different Outsourcing Stages (8)8 China IT Services Spending and Year-on-Year Growth Rate by Foundation Market,2007–2012 (9)9 China Consulting and Systems Integration Growth Rate and Share, 2007 (10)10 China Outsourcing Growth Rate and Share, 2007 (12)11 China Technology Product Services Growth Rate and Share, 2007 (13)12 China IT Services Market Spending by Industry, 2007 (15)13 China IT Services Market Spending by Geography, 2007 (16)14 China IT Services Road Map (27)15 China IT Services Spending, 2005–2012: Comparison of July 2008 and September 2007Forecasts (30)IDC #CN221105Q ©2008I N T H I S S T U D YThis IDC study provides an overview of the status of the China IT services marketand a forecast for the next five years. The study also includes a demand-sideanalysis, a competitive landscape with top vendors' rankings, as well as a segmentanalysis. IDC also provides recommendations for services providers in each ITservices segment.M e t h o d o l o g yThis study is part of the continuous effort by IDC to research the China IT servicesmarket. IDC China services analysts get secondary information from, but are notlimited to, the following: the Internet, trade publications, previous IDC research, andIDC's proprietary database. Both primary and secondary research approaches areused in conjunction with each other to validate and cross-check information, asfollows:! Interviews with IT services providers. IDC China Services analysts interview all significant participants in the IT services market to determine the marketrevenue and other relevant information. Most interviews were conducted inperson, although other data-collection methods, such as telephone or faxinterviews, were applied when needed.! Provider briefings, press releases, and other publicly available information.IDC services analysts meet with a large number of service providers (SPs)semiannually. These briefings provide an opportunity to review current and futureservice offering strategies, revenue, customer bases, target markets, and otherkey market information.Ultimately, the data presented herein represents IDC's best estimates based on theabove data sources, reported and observed activity by providers, and furthermodeling of data that we believe to be true to fill in any information gaps.Note: All numbers in this study may not be exact due to rounding.S I T U A T I O N O V E R V I E WG l o b a l S o u r c i n g I m p a c tChina's IT services market is facing both domestic demand and offshore opportunity.With global sourcing becoming a strategic decision of companies to lower costsand enhance core competencies, the country boundary among services is blurring.Figure 1 illustrates the economic analysis and the impacts of global sourcing.For sourcing countries (e.g. the United States), clients there can enjoy lower pricesdue to the increase of supply from offshore vendors. The equilibrium point will movefrom point E to point E', where clients will have a greater surplus, while U.S. domesticvendors' surplus in the sourcing country will decrease. Thus, United States–basedglobal vendors like IBM and HP keep on building global delivery centers to solve thechallenge.©2008 IDC #CN221105Q 1O u t sou r cin g M a rke tAs many organizations are completing the first round of IT infrastructure implementation, they are shifting their focus on how to improve business efficiency and realize reliable business continuity (BC). After years of market cultivation and informing clients about the benefits of IT outsourcing services, organizations are more welcoming of professional services from outsourcing vendors and of buying into a model of business value improvement rather than just pure cost reduction through outsourcing.The China outsourcing market reached US$1,098.2 million in 2007, with a year-on-year growth of 36.2%. As for the current outsourcing market, we forecast it will evolve both in service expansion and project complexity. Organizations that have adopted outsourcing models are usually taking leading positions among the competition and are pioneering technology innovation. They are ready to entrust more projects with professional service vendors if they truly benefit from this model. The incremental market for outsourcing services will continue to boom on the similar track of the current existing market, and will generate more business from the China SME market. Requirements for outsourcing in the SME market will take more time to improve to maturity, but the huge customer base provides large business potential for this market. Local channels that have a wide social network and deep understanding of local potential customers will stand more chances to gain business from the local SME market. These traits are considered an important alliance necessary to leading IT outsourcing service vendors wanting deep market penetration.Big organizations that have a clear outsourcing strategy and streamlined business processes are capable of purchasing IS outsourcing (ISO) services to realize economies of scale and to transfer more management responsibility to vendors. Most organizations in the SME market are inclined to start outsourcing business from noncore or low-level transactional projects with vendors that match them in size and price. In the outsourcing market, we have observed that both global and local IT outsourcing vendors are struggling to find the right place that suits their scale and capability. Leading vendors target organizations demanding strategic and highly integrated services, while other small vendors improve themselves by collaborating with local small businesses. Interestingly, in taking advantage of China's rapid economic growth, many small businesses in China are experiencing their own dramatic growth and are willing to extend cooperation to existing vendors rather than launch new vendor selection campaigns, given the vendors fulfill their business requirement. This customer preference helps local outsourcing vendors expand their service coverage, deepen their industry knowledge, and therefore improve their competitive edge in the outsourcing field.Many services providers have launched series of services, such as IBM, Bluex, and Lenovo-Sunny services. These service offerings make it easier for customers to choose what they should buy when they encounter problems.With an increased reliance on software and hardware for mission-critical operational environments, enterprises prefer to contact support providers whenever a problem occurs — regardless of when or where it happens. Therefore, many support providers continue to launch advanced support services to better fulfill their customers' requirements.Increasingly, enterprises are looking for a single point of contact for their enterprise software and hardware support services. To meet the customers' needs, more and more SPs are carrying on multivendor support services to enrich their multibrand maintenance technical ability.To ensure peak performance and reliability of the entire IT system, an enterprise must implement a comprehensive strategy to support its IT environment. The product manufacturers are continuing innovation on the form of support services. Along with the fierce market competition, they have gradually been breaking away from being a single product support provider, and are tending to change into professional and personal value-added service (VAS) providers.In addition, product manufacturers try to penetrate tier 4 or 5 cities and expand their footprints. They are scrambling for service channels and entrusting them with more product-related services to penetrate local industry-centric markets and fulfill customers' needs.Beyond traditional customer training, vendors are making more efforts in channel education as channels gain value and become more important to vendors.IT Services by IndustryThe industry segmentation of the 2007 China IT services market was similar to that in 2006; the top 4 industries contributed 80% to the total market revenue. The top 4 industries include finance, communications and media, manufacturing, and government.In most of the industries, the growth engine came from the SME sector. The SME segment is unique because of its approach to purchasing IT solutions, particularly in terms of the emphasis on price. As such, vendors need to increase the number of channel partners and provide solutions/services to help drive growth in this market. There are strong growth opportunities in the SME market, including smaller cities. However, the uniqueness of the SME market coming from price sensitivity, limited IT demand, and flexible IT requirements still poses challenges for IT services providers.Figure 12 shows various industry shares in overall IT services spending in 2007.Accenture maintained its high and healthy growth in 2007. Continuing the strategy ofproviding business consulting services for resources, power, and telecom industriessharpened its business focus and made its market position clear. Accenture alsoprovides IT outsourcing services after implementing SI services for industry clients.AsiaInfo is a newcomer to the top 10 list. AsiaInfo mainly provides CRM, networkmanagement solutions, CAD, consulting, and SI services to the telecom industry.It enjoyed growth of 27.6% in 2007 over 2006. China's telecom industry marketis inclined to change from being demand driven to being layout driven; thisreorganization and realignment of the telecom industry along with the emergence of3G will bring more opportunities.Table 1 shows the revenue and market share of the top 10 IT SPs in China in 2007.T A B L E1T o p10C h i n a I T S e r v i c e s P r o v i d e r s,2007Ranking Vendor Revenue (US$M) Market Share (%)Services 533.1 6.1 Global1 IBM2 HP 314.9 3.6China 221.9 2.63 Digital4 Huawei 179.0 2.15 Accenture 105.0 1.2Technology 82.9 1.0 Dongli6 CE7 Neusoft 78.2 0.98 Dell 67.9 0.89 CS&S 66.3 0.810 AsiaInfo 60.9 0.7 Others 6,970.9 80.3 Total 8,681.0 100.0Note: The total market size in this table includes both primary and secondary markets. Therefore, the total market size islarger than the 2007 services market size. The primary market represents the IT services spending from the client and thesecondary market represents the IT services revenue from the vendor's subcontracting.Source: IDC, 2008F U T U R E O U T L O O KF o r e c a s t a n d A s s u m p t i o n sTable 2 shows the expected expenditures in the various foundations within the overallIT services market in China from 2007 to 2012.T A B L E 2C h i n a I T S e r v i c e s S p e n d i n g b y F o u n d a t i o n M a r k e t , 2007–2012 (U S $M )2007 2008 2009 2010 2011 2012 2007–2012CAGR (%)C&SICAD 1,110.3 1,307.4 1,491.8 1,690.6 1,913.4 2,178.1 14.4 IT consulting 311.7 373.6 440.3 535.5 650.9 795.8 20.6 SI 1,814.9 2,146.6 2,498.4 2,948.9 3,457.0 4,054.6 17.4 C&SI total 3,236.9 3,827.6 4,430.5 5,174.9 6,021.3 7,028.5 16.8 C&SI growth 25.9% 18.2% 15.8% 16.8% 16.4% 16.7% Outsourcing Application management 140.0 193.3 262.1 346.0 431.9 541.8 31.1 Desktop management 285.6 371.4 482.0 612.0 762.3 940.4 26.9 Hosted application management 100.1 128.9 157.1 199.0 249.4 307.1 25.1 Hosted infrastructure services 119.0 150.7 185.4 220.7 262.7 309.9 21.1 IS outsourcing 214.0 261.7 319.3 385.5 454.0 522.4 19.5 Network management 239.5 319.6 412.1 525.4 666.4 806.6 27.5 Outsourcing total1,098.2 1,425.7 1,818.0 2,288.6 2,826.6 3,428.2 25.6 Outsourcing growth (%) 36.2 29.8 27.5 25.9 23.5 21.3 TPSHardware deployment & support 1,390.0 1,556.5 1,713.8 1,900.7 2,123.7 2,350.9 11.1IT education & training 481.8 529.6 587.0 652.0 723.0 788.8 10.4 NCIS 842.9 930.2 1,007.5 1,084.8 1,192.0 1,298.3 9.0 Software deployment & support 649.4 784.6 922.9 1,071.4 1,240.6 1,443.417.3TPS total 3,364.0 3,800.8 4,231.2 4,708.8 5,279.3 5,881.3 11.8 TPS growth (%) 17.5 13.0 11.3 11.3 12.1 11.4 Grand total 7,699.1 9,054.1 10,479.812,172.414,127.216,338.016.2Grand total growth rate (%)23.417.615.716.216.115.6Note: See table 3 for key forecast assumptions.Source: IDC, 2008Table 3 is a look at the key assumptions for the China IT services market.K e y F o r e c a s t A s s u m p t i o n s f o r t h e C h i n a I T S e r v i c e M a r k e t,2008–2012Market Force IDC Assumption Impact Accelerator/Inhibitor/NeutralCertainty ofAssumptionMacroeconomicsGross domestic product (GDP) growth China maintained high GDPgrowth of 11.4% in 2007. Thisgrowth is expected to slowdown slightly in 2008,decreasing to 9.6%. Althoughgrowth in 2008 was adjustedto lower than the previousestimates due to theslowdown in the globaleconomy, it will be backed bystrong domestic demand.Domestic consumption willremain firm, with acceleratinggovernment spending anddemand in rural areas playingsignificant roles.Moderate. IDC assumes thatmore effective measures takenby the government will helpreduce the risk of economicoverheating and thus have nomajor impact on most ITmarkets. A strong and healthyeconomy will translate intoincreased overall IT spendingaccompanied by improvedbusiness sentiments andconfidence as well asexpanded domestic market.↔###$$U.S. recession The global economic outlookis increasingly grim as effectsof the housing meltdowncontinue to spread and creditconditions remain difficult.Contrary to previous IDC'sassumptions that the UnitedStates might be able to pullitself back from falling into arecession, the possibility of arecession is increasinglypossible. As the U.S.economy continues tocontract, it is likely that it willslide into a mild recession,and will stagnate throughmuch in 2009. Low. While some export-intensive countries mayexperience a squeeze, there isenough domestic demandacross most countries in theregion to sustain IDC's ongoingIT spending forecasts. Anynegative effects from the UnitedStates might even be a goodthing in helping to ease somepotentially overheatingcountries in the region.↓###$$Interest rates Up until December 25, 2007,China's central bank hadincreased the deposit rate by5.5% after 10 adjustmentsand increased the interest rateby 1.62%, intervening sixtimes in total. Thesemeasures were taken to keepconsumer prices from risingtoo fast and to turn around thesituation of negative interestrates. In 2008, the interestrate will keep rising under thepressure of inflation. Moderate. The continualincreasing interest rates willmake bank loans moreexpensive and thus makecompanies cautious inexpanding IT investments.↓##$$$K e y F o r e c a s t A s s u m p t i o n s f o r t h e C h i n a I T S e r v i c e M a r k e t,2008–2012Market Force IDC Assumption Impact Accelerator/Inhibitor/NeutralCertainty ofAssumptionInflation The pork crisis largely droveup China's consumer priceindex (CPI) in 2007 and wasconsidered a signal of generalinflation. The CPI recorded itshighest levels in 11 years,reaching 6.9%, bringing theaverage annual CPI to 4.8%.The China government hasmade the task of avoidingoverall inflation a high priorityin 2008. Low. Expectations of highinflation are becoming moreentrenched among the public,and demand-driven inflationarypressures will remain relativelystrong in 2008. Nonetheless,the average inflation isexpected to fall slightly after thewidely celebrated Lunar NewYear, as demand for porkeases. Inflation will not impactIT spending patterns to a largeextent.↓###$$China's yuan revaluation Revaluations of the yuan mayoccur again in the future,although they would mostlikely occur very gradually, ifat all.Low. Even if anotherrevaluation occurs, there will beno major disruptions to theeconomy as a result (both forChina itself as well as othercountries in the region thattrade heavily with China).↓###$$Urbanization The government has devoteditself to facilitatingurbanization in the next fiveyears. Three initiatives includeincreasing the urbanproportion in the totalpopulation, increasing thenumber of cities, and reducingthe gap between urban andrural areas by improving theeconomy, culture, and livingenvironment in thecountryside. High. The standard of living inthe countryside will beimproved, and the consumptionof and investment in IT willincrease, especially in SouthChina and East China. Closingthe gap between the urban andrural areas together will alsohelp reinforce social stability.↑####$Foreign direct investment (FDI) The increasing FDI in China isstrongly fueling economicgrowth. This trend is expectedto continue for the next 2–3years.High. Increasing FDI isbolstering stable andsustainable infrastructureinvestments as well as rapidgrowth in spending in the ITservice market. Joint venturesand foreign-owned enterprises(FOEs) are more inclined toadopt IT services comparedwith state-owned enterprises(SOEs) and privately ownedenterprises (POEs).↑###$$K e y F o r e c a s t A s s u m p t i o n s f o r t h e C h i n a I T S e r v i c e M a r k e t,2008–2012Market Force IDC Assumption Impact Accelerator/Inhibitor/NeutralCertainty ofAssumptionMarket ecosystemMinistry of Information Industry (MII) 11th Five-Year Plan The MII has set its 2006–2010five year IT plan. The strategyof "information technologygives an impetus toindustrialization andindustrialization promotesinformation technology " putsthe IT industry as a toppriority, and technology will beencouraged to be used widelyin all economic and socialfields to promote economicstructure adjustment andindustrial development.Low. This plan has littlesurprises but imposes anoptimistic atmosphere for the ITservices market.↑####$IT for SMEs The SME segment is uniquebecause of its approach topurchasing IT solutions,particularly in terms of theemphasis on price. As such,vendors need to increase thenumber of channel partnersand provide solutions/servicesto help drive growth in thissegment. Moderate. There are stronggrowth opportunities in theSME market, including smallcities. However, the uniquenessof the SME market in pricesensitivity, limited IT demand,and flexible IT requirements stillpose challenges for IT serviceproviders.↑####$2008 Summer Olympics The 2008 Summer Olympicswill be held in China in August2008. This will not only serveas a healthy economicstimulus but will also requireservice providers to preparefor hosting and relevant SIprojects.Moderate. The games will fuelservice industries such astourism, hotel and restaurant,B2C, and online trading.As such, service enterpriseswill invest more in ecommerceor SaaS to enable moreefficient and effective accessfor consumers.↑###$$Technology/Service developmentsGlobal sourcing Both domestic and pure-playoffshore providers areincreasing their globalsourcing sophistication inChina, allowing forhigher-quality levels at lowerblended rates. Additionally,these benefits andexperiences are being passedonto local services markets asthey increase. Moderate. The maturation ofoffshore offerings will increasethe overall market opportunityby allowing existing customersto expand the scope of theircontracts and by allowing newcustomers to utilize servicesthat were previously tooexpensive; the price pressureswill negate much (but not all) ofthat effect on the overallservices markets.↔###$$K e y F o r e c a s t A s s u m p t i o n s f o r t h e C h i n a I T S e r v i c e M a r k e t,2008–2012Market Force IDC Assumption Impact Accelerator/Inhibitor/NeutralCertainty ofAssumptionNevertheless, the net impact of increased market opportunity will somewhat outweigh decreased prices.On-demand/Utility computing Technologies such asvirtualization and gridcomputing will enable thedelivery of real "pay by thedrink" computing by bothtraditional outsourcers andnew entrants. Thisdevelopment will begin toaffect the traditionaloutsourcing market as well asother infrastructure-intensiveservices markets.Moderate. The impact will below for the near term (twoyears) as adoption takes hold.These technologies will affectprofitability as opposed torevenue in the near term.Competition and lower costswill stimulate demand andaccelerate migration frominternal to external spending.This service model will bepopular among SMEs since ithelps them realizeinformatization with limited ITbudgets.↑###$$Industry restructuring One of current revolutionaryfocus areas for organizationsis optimizing industry structure— weakening high resource-costing, labor-intensive, andlow added-value industrieswhile encouraging efficient,high-tech, and highadded-value industries.Moderate. The transformationfrom external to internaleconomic growth will giveconfidence to high-techindustries, led by theinformation industry, to reachstrategic heights as the driverof structural change andgrowth.↑###$$Security and BC services Security is in demand bysectors such as ebusiness,government, and legal inChina. Both local andmultinational vendors are thusaddressing security and BC.Moderate. This shouldstimulate both hardware andtotal solution demand.Purchases of consulting andimplementation andoutsourcing with high security,BC, and disaster recovery (DR)will increase, including interestfrom the egovernment, army,and police sectors.↑###$$K e y F o r e c a s t A s s u m p t i o n s f o r t h e C h i n a I T S e r v i c e M a r k e t,2008–2012Market Force IDC Assumption Impact Accelerator/Inhibitor/NeutralCertainty ofAssumptionDynamic IT IDC has identified the nextstyle of computing — dynamicIT for dynamic enterprises —as one that dramaticallyincreases the effectiveness ofIT. Dynamic IT will supportboth business strategy and IToperational efficiency through12 key technologies. Withindynamic IT are a number ofimportant subtrends —virtualization in thedatacenter, data federation,and composite and rule-basedapplication. Transition todynamic IT will be slow andlabored but will proceednonetheless. High. Dynamic IT, by addingcoherence to the enterpriseusage of IT, will spur the ITservices market. However,confusing choices forenterprises and funding hurdlesfor a new infrastructure willbalance this impetus to marketgrowth. ↑###$$Software The software market will keepdouble-digit growth in the nextfive years, and many hotsolutions like SOA and ITservice management (ITSM)will increase the convergencebetween software andservices. Moderate. Software-relatedservices, such as softwaredeployment and support,software implementation, andconsulting services, willincrease.↑###$$SOA To implement services-oriented, architecture-typeprojects and increasebusiness agility, clients need afair amount of consulting andimplementation services tobuild an architecture based onits business process and tointegrate it with legacysystems. High. SOA movement will driveservices market growth rapidly.↑###$$Market environment The increased adoption of thehosting application model andthe number of enterprisedatacenters, as well as thecontinual drop in internetcosts, are providing a positiveenvironment for outsourcingservice providers to developtheir business. High. A favorable marketenvironment will accelerategrowth in IT services market.↑####$。

FINRA Form BD Classic CRD说明书

About Form BDThe Form BD is the Uniform Application for Broker-Dealer registration with the SEC, SROs and jurisdictions. It provides background information on the applicant and the nature of its business. It includes lists of the executive officers and general partners of the company. It also contains information on any securities violations.Contents:• Logging in Through FINRA Gateway (pg.2)• Creating a Form BD Filing (pg. 3)• Form BD Filing Types (pg. 3)• Schedule A - Direct Owners/Executive Officers (pg. 4)• Schedule B - Indirect Owners (pg. 5)• Completing a Form BD Disclosure Reporting Page (DRP) (pg. 6)• Printing Form BD (pg. 9)• Submitting Form BD (pg. 10)• Retrieving a Pending Form BD (pg. 12)• Viewing Historical Form BD Filings (pg. 14)• Tips for Submitting Form BD (pg. 15)Questions on Web CRD? Call the FINRA Gateway Call Center at 301-869-66998 A.M. - 8 P.M., ET, Monday through Friday.Logging in Through FINRA GatewayAs of August 21, 2021, the previously used Firm Gateway homepage has been retired and us-ers should access all registration applications via the new FINRA Gateway. To access FINRA Gateway:1.Go to https://, and2.Enter your existing CRD user ID and password.Once you have successfully logged into FINRA Gateway, you can navigate to classic CRD us-ing the Quick Links widget on the dashboard. Select Classic CRD from the list of links and then follow along with the rest of this guide.Creating a Form BD FilingThere are two ways to access a Form BD filing:1. From the CRD Site Map, click the Initial or Amendment hyperlinkOR2. Click the Forms Tab from the Tool Bar, choose BD Form from the Sub-menu and then select the filing type on the next screen.Form BD Filing TypesThere are two (2) Form BD filing types:1.Initial –This form is used by new broker-dealer firms to apply with the SEC, SROs and jurisdictions.The form can now be submitted electronically through CRD. See the Register a New Firm page for more information on FINRA membership.2.Amendments–Amendments are used to add or change information on an existing Form BD. Theapplicant must update the Form BD information by submitting amendments whenever the information on file becomes inaccurate or incomplete for any reason.Once the appropriate filing type is created, additional form instructions will display.Schedule A - Direct Owners/Executive OfficersTo access Schedule A during a Form BD filing, click Direct Owners/Executive Officers from the Navi-gation Bar.To create a new Direct Owner/Executive Officer, click the Create New Direct Owner/Executive Officer button and complete the required fields.Tip: When adding an individual that is not registered with the firm, firms must first submit the Page 2 Initial U4 to associate the person with the firm. After the Page 2 is submitted, the firm can then add the person to Schedule A.ORTo update an existing Direct Owner/Executive Officer, click the Name hyperlink and type new infor-mation in the appropriate fields.ORTo terminate a Direct Owner/Executive Officer, click the Name hyperlink and click the Check here to terminate this Owner box.To delete a Direct Owner/Executive Officer from a current filing that has not yet been submitted, click the Name hyperlink, click the Delete button and choose OK.Click the Save button.Schedule B - Indirect OwnersTo access Schedule B during a Form BD filing, click Indirect Owners from the Navigation Bar.To create a new Indirect Owner, click the Create New Indirect Owner button and complete the required fields.Tip: When adding an individual that is not registered with the firm, firms must first submit the Page 2 Initial U4 to associate the person with the firm. After the Page 2 is submitted, the firm can then add the person to Schedule B.ORTo update an existing Indirect Owner, click the Name hyperlink and type new information in the appro-priate fields.ORTo terminate an Indirect Owner, click the Name hyperlink and click the Check here to terminate this Owner box.ORTo delete an Indirect Owner from a current filing that has not yet been submitted, click the Name hyper-link, click the Delete button and choose OK.Click the Save button.Completing a Form BD Disclosure Reporting Page (DRP)Access a DRP during a Form BD filing,NOTE: Disclosure Reporting Pages must be completed to provide information on a Yes answer to a Dis-closure Question.Click DRPs from the main Navigation Bar.NOTE: The new Navigation Bar provides access to the various types of DRPs.Click the applicable DRP type from the Navigation Bar.NOTE: The DRP questions vary based on the corresponding disclosure section (i.e. Bankruptcy/SIPC, Bond, Civil Judicial, Criminal, Judgment/Lien or Regulatory Action); this page serves to assist you in determining which DRP you should complete. The following is an example of a Regulatory Action DRP:To revise or update an existing DRP, click the Edit hyperlink.Filing TipTo delete a new DRP that was created on a filing that has not yet been submitted, click the Edit hyperlink, and then click the Delete button at the bottom of the DRP.To report a new DRP, click the Create New button, located at the bottom of the screen.Click the box next to the Disclosure Question that received a Yes response.The Click here to view question text hyperlink displays the question.NOTE: The Initial or Amended radio buttons are automatically pre-populated by the form and cannot be edited.PART I:Click The Applicant, Applicant and One or more control affiliates or One or more control affiliates radio button. If The Applicant radio button is selected, go to Part II to continue with the DRP.If Applicant and One or more control affiliates or One or more control affiliates radio button is se-lected: click the Create New Control Affiliate button and add the affiliate. If the affiliate has already re-ported the event on their own filing, Part II is not required.PART II:Only complete this section if the event applies to only The Applicant, or if it applies to an affiliate that is not registered in CRD/IARD and has not already reported the event on their own filings.Removing an existing DRP:If the DRP should be removed from the BD record because the control affiliate(s) are no longer associated with the BD, click the box and continue as needed.Printing a Form BD FilingCreate a new filing or access a Pending Form BD filing,Select Print Preview from the Submissions Menu.For best results, click the Printer Friendly icon in the top right of the screen.(Note: The exact format of the printout will depend largely on your browser’s print settings.)NOTE: A paper copy of the form, with original manual signatures, is required to be retained by the filing firm and made available for inspection upon regulatory request. Please review the General Instructions for specific retention requirements.Submitting a Form BD FilingClick the Completeness Check hyperlink from the Submissions Menu.NOTE: You can perform a Completeness Check at any time during the Form Filing process by selecting Completeness Check. In addition, attempting to submit the form filing with incomplete fields will open the Completeness Check error screen. If the filing passes a Completeness you can submit the filing.Click the Error Location hyperlink(s) and complete the necessary fields until all errors have been corrected.Submitting a Form BD Filing (continued)Click Submit Filing from the Submissions Menu when ready to submit the filing to CRD.NOTE: When Submit Filing is selected prior to running a Completeness Check, CRD will automatically run a Completeness Check to verify that all required information has been provided. If information has not been completed in the required fields, the Completeness Check will display the error screen with links to the required fields to be completed.Click the Submit Filing button.Click the OK button.Retrieving a Pending Form BDCRD automatically deletes pending filings after 180 days if the filing is not submitted. There are two ways to access pending filings:From the Site Map, click the Pending BD Filings or Pending BDW Filings hyperlink.ORClick the Forms Tab from the Tool Bar, choose Form BD or Form BDW from the Sub-menu and click Pending Filings from the Navigation Bar.Select the Ascending or Descending radio button and click the Search button.To continue with a Pending filing, click the Filing ID hyperlink.ORTo delete a Pending filing, click the Delete hyperlink.Click each section of the Pending filing from the Navigation Bar, type the appropriate information and click the Save button.NOTE: To view sections changed from the previous filing while the filing is in Pending, Click Print Preview on the Navigation Panel and select View Only Sections Changed. If a section was not changed "No Information Filed" message will display.Retrieving a Pending Form BD (continued)Viewing Historical Form BD FilingsThere are two ways to access historical filings:From the Site Map, click the Historical BD Filings or Historical BDW Filings hyperlink.ORClick the Forms Tab from the Tool Bar, choose BD Form,BDW Form or BR Form from the Sub-menu and click Historical Filings from the Navigation Bar.Click the Filing Date hyperlink to display the filing.NOTE: The type of Historical Filing will be displayed under the Historical Filing Search Results Header (e.g., BD or BDW)Click View Changes on Filing to see the modifications made on that filing in red.ORClick View Only Sections Changed to see just the sections changed on that amendment.ORClick each page from the Navigation Bar to view the filing by page.ORClick All Pages to view the filing in its entirety.Tips for Submitting Form BD• Pending BD filings can remain pending for up to 180 days, and Pending BDW filings can remain pending for up to 60 days. Pending filings that are not submitted prior to the cutoff will be deleted from the system and cannot be recovered.• If any part of the firm’s CRD record is updated while a filing is pending, the pending filing will be set to read-only and will have to be restarted.• Defined terms are italicized throughout the Form BD. When the cursor is positioned over any part of an italicized word or phrase, the definition of that word or phrase appears in a small pop-up box. If the definition is too large to display in the pop-up, click the More hyperlink to open a second browser with the complete definition from the Explanation of Terms.• For the Applicant Information Section of BD Amendment filing, the “Business” telephone number entered in item 1G is released through FINRA’s BrokerCheck program.• When changing a firm’s name, be sure to reserve the name by written request to FINRA’s Registra-tion and Disclosure Department using the Firm Name Reservation Request Form.• If deleting existing listings on Schedule D of the Form BD (Items 7, 8A-C, 9A-B, and/or 10A-B), you must enter a Termination Date. The Delete button only deletes information that has not yet been submitted on a filing.• Be sure that you click the Edit hyperlink when updating a DRP (do not create a new DRP, as this will create duplicate occurrences).• When filing a DRP involving a Control Affiliate, the name of that Control Affiliate must be listed in Part IA of the DRP.• If an individual acts in several capacities with the firm, do not list the individual multiple times on Schedule A or Schedule B. List the individual once on the appropriate schedule(s) and indicate all statuses held by that individual (e.g., FINOP/President/COO). In the Date Status Acquired field, en-ter the most recent effective date, i.e., the date the individual acquired his newest status.• A paper copy of the form, with original manual signatures, is required to be retained by the filing firm and made available for inspection upon regulatory request. Please review the General Instructions for specific record retention requirements.。

活跃交易者专业版平台用户指南说明书

Active Trader Pro ®is a platform that has been shaped by input from traders like you-offering advanced trading and portfolio monitoring capabilities.Other sources for help: • Live webinars — s ign up on /Learning-Center • Video demonstrations on /Learning-Center • Our experienced Fidelity Representatives at 800.544.6666Click the tabs to go directly to the section you’re interested in.Active Trader Pro ®User GuideThe sooner you start using Active Trader Pro®the sooner you can benefit from all the advances we’ve built into it.Fidelity Active Trader Pro Platforms SM is available to customers trading 36 times or more in a rolling 12-month period.*Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Prior to trading options, please read /about/publications/character-risks.jsp, and call 800-343-3548 to be approved for options trading. Supporting documentation for any claims, if applicable, will be furnished upon request.†RANGE OF TRADING CAPABILITIES• Single trade ticket for stocks, options, ETFs and mutual funds • Multi-trade ticket to store and stage up to 50 orders • Directed trading for equities and options• Trade Armor ™, a new and innovative visual approach to equity trading and risk management• P lace conditional trades directly in Active Trader Pro, including One-Triggers-a-One-Cancels-the-Other order ADVANCED OPTION TRADING TOOLS*• Profit and loss and probability calculators • Streaming option chain • Option statistics • Option technical filtersINTERACTIVE TABBED CHARTING• A dvanced technical analysis, including support and resistance, stops, classic patterns, events, anticipated events, and Elliott Wave analysis †• More than 60 indicators and advanced studies TOOLS TO KEEP YOU ON TOP OF THE MARKET • Price alerts• Streaming news with prebuilt searches for your positions, open orders, and more • Prebuilt market and technical filtersAnd when you’re on the go, take advantage of the seamless cross-platform experience by using our Web-based ®.WORKSPACELINKYou can link tools to allow data in one tool to automatically update the other. Click the chain link icon to the left of the stock symbol entry box. The link icon will appear solid when the tool is linked. To unlink the tool, click the chain link again. TOOLS IN USEQuickly see a list of all open tools, or restore a tool that you have minimized. To close a tool, click the Close (X) icon to the right of the tool name. LOGOUTClick the Close (X) icon at the top right-hand corner of the screen to end your session and close the application.Here are some basics to help you become familiar with Active Trader Pro.SIDEBARSSidebars let you quickly organize and access a group of tools. Sidebars snap onto the right and left sides of your workspace, expanding or collapsing with a click. This is an easy way to keep functionality at your fingertips — w ithout your screen getting too crowded. Go to Help/Settings/General to enable sidebars.ALERTSThe flag will turn blue when a new trade, price, or education alert comes in, or red if you have a system alert message.LINK TOOLSCREATE A NEW LAYOUTSelect Layouts/New Layout from the main navigation menu. Enter the name for your custom layout, select the desired tools and placement, then save your E A PREDEFINED LAYOUTSelect Layouts and click on one of the predefinedlayouts that matches your trading style. (Market Monitor is the default layout.) To customize a predefined layout, add or remove tools as needed, move tools to the desired location, select the layout you are working on, and click Save As or Rename from the flyout menu.FOR PREDEFINED OR CUSTOM LAYOUTSRoll over the layout you have selected to Save, Save As, Rename, Delete, or Make Default. Click Restore Last Saved to return to the last layout version you saved.CREATING LAYOUTSMANUAL SAVESelect Layouts from the navigation bar. Click the layout with a check mark to the left. Click Save . AUTO SAVEGo to Settings/General/Auto Save Layout. Click Apply to have changes saved automatically during your session.PROMPT TO SAVEGo to Settings/General/Prompt to Save. Click Apply to be prompted to save changes before switching layouts or logging out.NEW LAYOUTSETTINGSSAVEPersonalize your trading experience by customizing the location and appearance of tools on your screen.Screenshot is for illustrative purposes only.PREFERENCES AND SETTINGSSELECT FONT SIZESelect the desired font size by dragging the slider located under Settings/General/Zoom. SET BACKGROUND COLORChoose a white, black, or blue background color under Settings/General/Theme Color.SET MARKET DATA UPDATE FREQUENCYSet the market data update frequency under Settings/ General/Market Date Update Frequency (default isStreaming Market Data). NOTE: If your system doesn’t meet the recommended system requirements, you may want to use a one- or two-second frequency, or limit the number of data-intensive tools like Option Chain , Chart , or Directed Trade that you have open at one time. SELECT DEFAULT ACCOUNTSelect the account that you would like to use as a default for account-based tools such as Trade tickets , Balances , and Positions . You can also choose to sort account lists alphanumerically by Account Name (nickname orr egistration) or by Account Number.SELECT DEFAULT TRADE TICKETSelect the default trade ticket under Settings/Trade.Choose the Standard (current default), Multi-Trade, or Directed Trade ticket. SELECT TRADE SETTINGSStreamline your trading by using shortcuts under Trade Settings.SELECT COLUMN DISPLAYSelect the columns you would like to display in positions and watch lists, from Settings/Positions/Watch List/ Available Columns. You can do the same for History, Orders, Options Summary, and Option Chain Settings.SELECT OPTION CHAIN DEFAULTSSet the strategy, number of strikes, or expiration you’d like to see under Settings/Option Chain.Customize your trading experienceMARKET DATA UPDATE FREQUENCYACCOUNT MENU DISPLAYDEFAULT ACCOUNTFONT SIZEBACKGROUND COLORSAVE LAYOUTScreenshot is for illustrative purposes only.NAVIGATIONFLOAT WINDOWRight-click on the tool and select Float Window. Or, from the main navigation, hold the Control key and click to launch the tool in the floated state. To move the tool back into the Workspace, right-click on the tool and select Dock Window.ACTION MENUThe action menu is located next to the Symbol field and allows quick access to a variety of tasks and shortcuts associated with a given security.RIGHT CLICKRight-clicking on a data point, column header, or tool will also provide you quick access to tools, shortcuts, and actions relevant to where you clicked, such as Add/remove data fields on Quote, Add/remove columns from a grid, Show/hide information for Orders, Export data, Float the window , and direct access to Help for that tool.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.SHORTCUTSUse shortcuts located to the left of the main navigation toolbar to quickly launch your default Trade ticket, Orders, or the Quote tool.LOGINUse your username and password to log on.LOGOUTTo log out, click the Close (X) icon at the top right-hand corner of the screen. That will end your session and close the application.TO UPDATE SYMBOLS IN LINKED TOOLS Double-click on a row in a grid tool.NAVIGATIONTO PRINTTo print positions, watch lists, and orders, right-click then select Print.To print order confirmations, right-click when on the single-trade ticket or directed trade ticket order confirmationscreen. To print order confirmations from other trade tickets, select the Print Screen key on your keyboard. Open a pro-gram like Microsoft word, select ctrl + v to copy that screen-shot into the program.To print from other tools, first export the data to Microsoft Excel or a .csv file and then print from that program.TO MULTISELECT ROWSUse ctrl + click to select multiple individual rows, or shift + click to select a group of rows, on any tool with information in a grid (Multi-trade Ticket, Orders, Positions, Filters, Find Positions in All Accounts, etc.).The rows you’ve selected will highlight and you can thenright-click to take the desired action.Screenshot is for illustrative purposes only.TRADINGSINGLE TRADE TICKETUse the single trade ticket to trade stocks, options, ETFs, and mutual funds. The ticket is dynamic and displays all relevant fields based on the security and order type chosen, allowing for quick order entry.MULTI-TRADE TICKETThe multi-trade ticket lets you stage and save up to 50 orders and place them individually or simultaneously. The tool can be used to trade stocks, options, and ETFs. Orders entered can be accessed from any computer using Active Trader Pro or . Select the shift + click or ctrl + click keys to highlight orders on the ticket; then select the Preview Orders button to queue multiple orders trades at once. You can also right-click to preview, delete, or duplicate multiple orders.DIRECTED TRADE TICKETThe Directed Trade ticket combines a single trade ticket, depth of book quote display, and time and sales data, providing better insight into the current market for a security and more in-depth information as to where orders are accumulating across the various exchanges and electronic communication networks (ECNs). Use Directed Trading to send your orders to a variety of destinations, or to use advanced algorithms.Screenshot is for illustrative purposes only.TRADINGTRADE ARMOR TMTrade Armor offers an innovative visual approach to trading and risk management with key information needed to make informed trading decisions, including position level unrealized and year-to-date realized gain/loss information, charts with support and resistance levels, quotes and the latest news headlines.With Trade Armor you can quickly and easily create trades, while your estimated gain or loss is dynamically updated based on the order price you select. Replacing an order is as simple as dragging the open order price indicator to your new desired price. You can place a variety of orders, such as lim-its, stops, stop limits, trailing stops, and brackets. If you use alerts, creating and managing is also as easy as dragging and dropping the alert to a price point on the chart.Screenshot is for illustrative purposes only.TRADINGCONDITIONAL TRADESUse the conditional trade ticket to set order triggers for stocks and options based on the price movement of stocks, indices, or options contracts. Conditional trades are now integrated in Active TraderPro. Choose from Contingent, One Cancels the Other (OCO), One Triggers the Other (OTO) and One Triggers an OCO (OTOCO)Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.TRADINGMULTI-LEG OPTION TICKETThe Multi-Leg Option Trade ticket is an advanced trading tool that allows you to place two ormore option orders for simultaneous execution on a net basis. The tool includes predefined strategy tickets to help quickly populate multi-leg option orders, as well as integrated streaming quotes and at-expiration profit, loss, and breakeven information.ORDERSUse the Orders tool to view order information for your accounts or, if possible, cancel or replace an existing order. To view details for executed trades, click the arrow to the left of the symbol. To create a duplicate order or hide a verified canceled order, use the right-click menu. To view orders on one line versus two, set the columns, display order, color code order types, or apply display filters, go to Order Settings.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.TRADINGSTREAMLINED INTERACTIONSClick on the Bid or Ask price anywhere within the platform to automatically fill in a trade ticket.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.CHARTSUse Charts to see the price and volume of a selected security over a specified period of time, ranging from one day to 30 years.TAB CHARTSUse the tabs along the top of the chart to create up to five different views within a single chart window for a symbol. • To rename a tab, double-click the tab name and enter a new name.• To insert a new tab, click the + symbol to the right of the last tab.• To delete a tab, select the tab you want to delete and click the X icon.•To reorder the tabs, drag and drop to the desired order. ZOOMTo zoom in on a particular time range, click the Zoom In icon. Place your cursor at the start of the time range, then click and drag your cursor to the end of the range.TAB CHARTSZOOMScreenshot is for illustrative purposes only.CHARTSCHART SETTINGSSelect Settings from the Chart main navigation to change chart type (candlestick, line, etc.). Decide what you want to show or hide on the chart (e.g., add volume distribution, show extended hours, etc.). Adjust the grid lines and watermark opacity, choose a linear or logarithmic price scale for your Y axis, and adjust the price movement colors.DRAWING TOOLSSelect the Draw menu to add notes or draw trend, support, or resistance lines, Fibonacci retracements, regression channels, and more. Hover over the icon to see the tool name.To edit or remove a drawing tool or note, place your mouse over the object and click when highlighted. Edit the tool and click Apply Changes , or click Remove to delete. Use the Zoom tool to make textnotes easier to access and edit.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.CHARTSSELECTING INDICATORSThere are three ways to select an indicator: Type to search— e nter the first letters or abbreviation of the indicator you’re looking for in the Type to search box. Recently used— c lick on the menu and select the indicator you want. Carousel— s croll through your choices and click the indicator you want.To modify or delete an indicator from a chart, click the Indicator box and select Modify or Delete.TYPE TO SEARCHINDICATORSRECENTLY USED CAROUSEL Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.CHARTSTECHNICAL ANALYSISThe Technical Analysis tab uses Recognia® Chart Recognition to display both historical and currently forming technical events. Select Patterns and Events and choose patterns/events to display based on the results in the Technical Analysis pane.Screenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.CHARTSSAVING CHARTSClick Save/Save Current View . Name the chart and select whether you want settings, indicators, andevents saved with the template. You can also make the chart your default from this view. Currently, you cannot copy the settings from one chart tab to another.HISTORICAL TRADESUse the historical time slider to drill down to a particular time frame on your chart. Select the up arrow to open the time slider. You can also use the calendar to type in a specific time frame. To view trades, select Events/Tax Lots . A diamond will appear in white for every lot position that is opened at the appropriate date and price. When a position is closed for a gain, a similar diamond will appear, but will be colored green. When a positionis closed for a loss, the diamond will again appear, but will be colored red.EXPAND/COLLAPSE HISTORICAL TIME SLIDERScreenshot is for illustrative purposes only.Screenshot is for illustrative purposes only.HISTORYACCOUNT HISTORYActive Trader Pro gives you access to nearly five years of account history. You also can access up to 10 years of historical position information through Closed Positions.TRADE HISTORYSelect Account/Closed Positions from the main navigation toolbar to search up to 10 years of trade history.Screenshot is for illustrative purposes only.MARKET DATAMARKET DEPTHUse the Directed Trading tool to view market depth and streaming intraday time and sales information, located at Trades & Orders/Directed Trade & Extended Hours.For the Depth of Book view, we are now using NASDAQ TotalView and the NYSE ArcaBook. Together, they provide an even greater view of market depth than the NASDAQ Level 2 product by displaying additional order book liquidity versus just the best bid and ask for various market centers. TIME AND SALESView real-time intraday and up to 30 days of historical time and sales information under the Quotes and Watch List/ Time & Sales menu.STREAMING TIMEAND SALESMARKET DEPTHScreenshot is for illustrative purposes only.OPTION CHAINUse the Quotes & Watch List/Option Chain/Expiration bar along the top of the chain to show or hide various expirations. You can also expand and collapse expirations by clicking the arrow to the left of the Expiration header in the grid.STRATEGY, STRIKE, VOLUME, AND OPEN INTEREST FILTERSSHOW/HIDE HISTOGRAMS AND ADJUSTED OPTIONSSHOW/HIDE EXPIRATIONS SHOW/HIDE WEEKLY OPTIONSCLICK BID/ASK TO QUICKLY POPULATE TRADE SHOW/HIDE MONTHSMARKET DATAIf you have questions, a Fidelity Representative can help. Call 800.544.6666.Screenshot is for illustrative purposes only.。

HBC-Apple2008

9-708-480R E V:S E P T E M B E R8,2008D A V I D B.Y O F F I EM I C H A E L S L I N DApple Inc., 2008In January 2007, three decades after its incorporation, Apple Computer shed the second word in its name and became Apple Inc.1With that move, the company signaled a fundamental shift away from its historic status as a vendor of the Macintosh personal computer (PC) line. Mac sales remained vital to Apple’s future, but they now accounted for less than half of its total revenue. A year and a half later, in June 2008, the company posted results that ratified the success of its leap beyond the PC business: In its third quarter, Apple earned a net profit of $1.07 billion on $7.46 billion in revenue, for a 38% increase on year-ago quarterly sales. Annual results were also impressive. Sales in the 2007 fiscal year topped $24 billion, up 24% from the previous year. (See Exhibit 1a—Apple Inc.: Selected Financial Information, plus Exhibit 1b and Exhibit 1c.) Investors, meanwhile, sent Apple’s stock to new heights: Despite a sharp drop in early 2008, its share price had risen more than 15-fold since 2003 and now hovered near its all-time high. (See Exhibit 2—Apple Inc.: Daily Closing Share Price.) Non-PC product lines drove much of Apple’s financial performance. The company’s iPod line of portable music players, together with its iTunes Store, had upended the music business. With the iPhone, a multifunction handheld device released in June 2007, Apple aimed to do the same for the mobile phone market. The launch of the iPhone 3G, in July 2008, involved major changes to the offering—a revamped pricing model, a new retail channel advanced, and a platform for third-party applications, along with 3G network service—that promised to make it still more competitive.“Apple Inc.” was thriving to a degree that was seemingly far beyond the capacity of “Apple Computer.” Yet critical aspects of the company’s strategic profile had changed rather little. Although Mac sales had surged in recent years, for example, Apple’s share of the worldwide PC market consistently failed to rise above a 3% ceiling. (See Exhibit 3—Apple Inc.: Worldwide PC Share.) CEO Steve Jobs, therefore, faced a new variation on an old question: Was Apple’s recent success just another temporary “up” in its up-and-down history, or had he finally established a sustainable strategy for the company?Apple’s HistorySteve Jobs and Steve Wozniak, a pair of 20-something college dropouts, founded Apple Computer on April Fool’s Day, 1976.2 Working out of the Jobs family’s garage in Los Altos, California, they built a computer circuit board that they named the Apple I. Within several months, they had made 200 ________________________________________________________________________________________________________________ Professor David B. Yoffie and Research Associate Michael Slind prepared this case. This case was developed from published sources. This case derives from earlier cases, including “Apple Computer 2002,” HBS No. 702-469, by Professor David B. Yoffie and Research Associate Yusi Wang, and “Apple Computer, 2006,” HBS No. 706-496, by Professor David B. Yoffie. HBS cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management.Copyright © 2008 President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685, write Harvard Business School Publishing, Boston, MA 02163, or go to . No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School.708-480 Apple Inc., 2008 sales and taken on a new partner—A.C. “Mike” Markkula, Jr., a freshly minted millionaire who had retired from Intel at the age of 33. Markkula, who was instrumental in attracting venture capital, was the experienced businessman on the team; Wozniak was the technical genius; and Jobs was the visionary who sought “to change the world through technology.”Jobs made it Apple’s mission to bring an easy-to-use computer to market. In April 1978, the company launched the Apple II, a relatively simple machine that people could use straight out of the box. The Apple II sparked a computing revolution that drove the PC industry to $1 billion in annual sales in less than three years.3 Apple quickly became the industry leader, selling more than 100,000 Apple IIs by the end of 1980. In December 1980, Apple launched a successful IPO.Apple’s competitive position changed fundamentally in 1981, when IBM entered the PC market. The IBM PC, which used Microsoft’s DOS operating system (OS) and a microprocessor (also called a CPU) from Intel, seemed bland and gray alongside the graphics- and sound-enhanced Apple II. But the IBM PC was a relatively “open” system that other producers could clone. By contrast, Apple relied on proprietary designs that only Apple could produce. As IBM-compatibles proliferated, Apple’s revenue continued to grow, but its market share dropped sharply, falling to 6.2% in 1982.4 In 1984, Apple introduced the Macintosh, marking a breakthrough in ease of use, industrial design, and technical elegance. Yet the Mac’s slow processor speed and a lack of compatible software limited its sales. Between 1983 and 1984, Apple’s net income fell 17%, leaving the company in crisis. In April 1985, Apple’s board removed Jobs from an operational role. Several months later, Jobs left Apple to found a new company named NeXT. Those moves left John Sculley, the CEO whom Apple had recruited from Pepsi-Cola in 1983, alone at the helm. Sculley had led Pepsi’s successful charge against Coca-Cola. Now he hoped to help Apple compete against dominant players in its industry. The Sculley Years, 1985–1993Sculley sought to make Apple a leader in desktop publishing as well as education. He also moved aggressively to bring Apple into the corporate world. Apple’s combination of superior software, such as Aldus (later Adobe) PageMaker, and peripherals, such as laser printers, gave the Macintosh unmatched capabilities in desktop publishing. Sales exploded, turning Apple into a global brand. By 1990, Apple’s worldwide market share stabilized at about 8%. In the education market, which contributed roughly half of Apple’s U.S. sales, the company held a share of more than 50%. Apple had $1 billion in cash and was the most profitable PC company in the world.Apple controlled the only significant alternative, both in hardware and in software, to the then-prevailing IBM-compatible standard. The company practiced horizontal and vertical integration to a greater extent than any other PC company, with the exception of IBM. Apple typically designed its products from scratch, using unique chips, disk drives, and monitors, as well as unusual shapes for its computers’ chassis. The company also developed its own proprietary OS, which it bundled with the Mac; its own application software; and many peripherals, including printers.Analysts generally considered Apple’s products to be more versatile than comparable IBM-compatible machines. IBM-compatibles narrowed the gap in ease of use in 1990, when Microsoft released Windows 3.0. But in many core software technologies, such as multimedia, Apple retained a big lead. In addition, since Apple controlled all aspects of its computer, it could offer customers a complete desktop solution, including hardware, software, and peripherals that allowed customers to “plug and play.” By contrast, users often struggled to add hardware or software to IBM-compatible PCs. As a result, one analyst noted, “The majority of IBM and compatible users ‘put up’ with their machines, but Apple’s customers ‘love’ their Macs.”52Apple Inc., 2008 708-480 This love affair with the Mac allowed Apple to sell its products at a premium price. Top-of-the-line Macs went for as much as $10,000, and gross profit hovered around an enviable 50%. However, senior executives at Apple realized that trouble was brewing. As IBM-compatible prices dropped, Macs appeared overpriced by comparison. As Sculley explained, “We were increasingly viewed as the ‘BMW’ of the computer industry. Our portfolio of Macintoshes were almost exclusively high-end, premium-priced computers. . . . Without lower prices, we would be stuck selling to our installed base.” Moreover, Apple’s cost structure was high: Apple devoted 9% of sales to research and development (R&D), compared with 5% at Compaq, and only 1% at many other IBM-clone manufacturers. These concerns led Dan Eilers, then vice president of strategic planning at Apple, to conclude: “The company was on a glide path to history.”6Sculley was a marketer by training. Nonetheless, in March 1990, he took on the post of chief technology officer (CTO). As CEO and CTO, Sculley strove to move Apple into the mainstream by offering “products and prices designed to regain market share.”7 That meant becoming a low-cost producer of computers with mass-market appeal. He also sought to maintain Apple’s technological lead by bringing out “hit products” every 6 to 12 months. In October 1990, Apple shipped the Mac Classic, a $999 computer that was designed to compete head-to-head with low-priced IBM clones. One year later, the company launched the PowerBook laptop to rave reviews. And in 1993, Apple introduced the Newton, a high-profile “personal digital assistant” (PDA). Despite Sculley’s high hopes for the Newton, it ultimately failed.In 1991, meanwhile, Sculley made a bold move to forge an alliance with Apple’s foremost rival, IBM. Apple and IBM formed a joint venture, named Taligent, with the goal of creating a revolutionary new OS. At the time, it cost around $500 million to develop a next-generation OS; subsequent marginal costs were close to zero. The two companies also formed a joint venture, named Kaleida, to create multimedia applications. Apple committed to switching from the Motorola microprocessor line to IBM’s new PowerPC chip, while IBM agreed to license its technology to Motorola in order to guarantee Apple a second source. Sculley believed that the PowerPC could help Apple to leapfrog the Intel-based platform. Meanwhile, Apple undertook another cooperative project, this one involving Novell and Intel. Codenamed Star Trek, it was a highly secretive effort to rework the Mac OS to run on Intel chips. A working prototype was ready in November 1992.Under Sculley, Apple worked to drive down costs—by shifting much of its manufacturing to subcontractors, for example. But these efforts were not enough to sustain Apple’s profitability. Its gross margin dropped to 34%—14 points below the company’s 10-year average. In June 1993, the Apple board “promoted” Sculley to chairman and appointed Michael Spindler, the company president, as the new CEO. Five months later, Sculley left Apple for good.The Spindler and Amelio Years, 1993–1997As head of Apple, Spindler tried to reinvigorate its core markets: education (K-12) and desktop publishing, in which the company held 60% and 80% shares, respectively.8 Meanwhile, Spindler killed the plan to put the Mac OS on Intel chips and announced instead that Apple would license a handful of companies to make Mac clones. Those companies would pay roughly $50 per copy for a Mac OS license. International growth became a key objective for Apple during the Spindler years. (In 1992, 45% of its sales came from outside the United States.) Spindler also moved to slash costs, cutting 16% of Apple’s workforce and reducing R&D spending. Yet despite Spindler’s efforts, Apple lost momentum: A 1995 Computerworld survey of 140 corporate buyers found that none of the Windows users would consider buying a Mac, while more than half the Apple users expected to buy an Intel-based PC.9 (See Exhibit 4—Shipments and Installed Base of PC Microprocessors.) Like Sculley, moreover, Spindler had hoped that a revolutionary new OS would turn the company around, but3708-480 Apple Inc., 2008 prospects for a breakthrough faded. At the end of 1995, Apple and IBM parted ways on Taligent and Kaleida. After spending more than $500 million, neither side wanted to switch to a new technology.10 Then, in its first fiscal quarter of 1996, Apple reported a $69 million loss and announced further layoffs.11 Two weeks later, Gilbert Amelio, an Apple director, replaced Spindler as CEO.Amelio sought to push Apple into high-margin segments such as servers, Internet access devices, and PDAs. Soon after he arrived, he proclaimed that Apple would return to its premium-price differentiation strategy. In addition, while Amelio saw the pressing need for a new OS, he canceled development of the much-delayed next-generation Mac OS. In December 1996, Amelio announced that Apple would acquire NeXT Software and develop a new OS based on work done by NeXT. He also announced that the founder of NeXT, Steve Jobs, would return to Apple as a part-time adviser. Meanwhile, Amelio led the company through three reorganizations and several deep payroll cuts.12 Despite these austerity moves, Apple lost $1.6 billion on his watch, and its worldwide market share dropped from 6% to 3%.13 The Apple board forced Amelio out, and in September 1997 Steve Jobs became the company’s interim CEO.Steve Jobs and the Apple TurnaroundSteve Jobs moved quickly to shake things up. In August 1997, he announced that Microsoft had agreed to invest $150 million in Apple and had also reaffirmed its commitment to develop core products, such as Microsoft Office, for the Mac through August 2002. Jobs also brought the Macintosh licensing program to an abrupt end. Since the announcement of the first licensing agreement, clones had reached 20% of Macintosh unit sales, while the value of the Mac market had fallen 11%.14 Convinced that clones were cannibalizing Apple’s sales, Jobs refused to license the latest Mac OS. In addition, Jobs consolidated Apple’s product range, reducing the number of its lines from 15 to 3.Jobs’s first real coup was the launch of the iMac, in August 1998. The iMac lacked a floppy-disk drive but incorporated a low-end CPU, a CD-ROM drive, and a modem, all housed in a distinctive translucent case that came in multiple colors. It also supported “plug-and-play” peripherals, such as printers, that were designed for Windows-based machines. (Previous Macs had required peripherals that were built for the Apple platform.) Roughly three years after its launch, the iMac had sold about 6 million units, compared with sales of 300 million PCs during the same time frame.Under Jobs, Apple continued its restructuring efforts. It outsourced the manufacturing of Mac products to Taiwanese contract assemblers and revamped its distribution system, eliminating relationships with thousands of smaller outlets and expanding its presence in national chains. In November 1997, Apple launched a website to sell its products directly to consumers for the first time. Internally, Jobs worked to streamline operations and to reinvigorate innovation. Under his watch, Apple pared down its inventory significantly and increased its spending on R&D. (See Exhibit 5—PC Manufacturers: Key Operating Measures.)Another priority for Jobs was to reenergize Apple’s image. The company began promoting itself as a hip alternative to other computer brands. For Jobs, Apple was not just a technology company; it was a cultural force. Not coincidentally, perhaps, Jobs retained his position as CEO of Pixar, an animation studio that he had cofounded in 1986. In collaboration with Disney, Pixar produced such major films as Toy Story and Monsters, Inc.15 (In 2006, Disney bought Pixar. Jobs, who had become Disney’s largest shareholder, assumed a seat on the Disney board.16)4Apple Inc., 2008 708-480The Macintosh Business in the 21st CenturyIn 2008, the sale of Macintosh computers remained a pivotal business for Apple, notwithstanding the company’s name change. “We think PCs are more important than they were five years ago,” Jobs said in 2007.17 That year, Mac sales accounted for 43% of Apple’s total revenue.18Apple put a high premium on creating machines that offered a cutting-edge, tightly integrated user experience. Apple charged premium prices as well. Its top-of-the-line model, the Mac Pro, cost $2,799. While it had a sleek metal case and featured high-end graphics capability, it did not come with a monitor. For $599 to $1,799, users could buy an Apple Cinema Display to accompany the Mac Pro. At the low end of its product line, Apple offered the Mac mini; ranging in price from $599 to $799, the mini required users to purchase a keyboard, a mouse, and a monitor separately. Notebook models accounted for the lion’s share of Mac sales. They included the MacBook ($1,099 to $1,499), the MacBook Pro ($1,999 to $2,799), and ultra-thin MacBook Air ($1,799 to $2,598).19In marketing its Mac products, Apple highlighted features that differentiated them from other PCs while also emphasizing their interoperability with other machines. Attractive Apple design factors (“Design that turns heads”), ease of use (“It just works”), security (“114,000 Viruses? Not on a Mac”), and high-quality bundled software (“Awesome out of the box”) were among the qualities that distinguished the Macintosh line. At the same time, Apple trumpeted the Mac as an “Everything-ready” device that worked well with other devices.20 Over time, the Mac had become a less closed system, incorporating standard interfaces such as the USB port. Owners of a Mac mini could use a non-Mac keyboard, for example, and users of a non-Mac PC could attach it to an Apple display.21 Technology and InnovationUnder Jobs, the seeds of earlier efforts to engineer Macintosh products for the Intel platform at last came to fruition. In June 2005, Apple announced that it would abandon its longstanding use of PowerPC chips in favor of Intel microprocessors.22 Apple began shipping two products built with Intel Core Duo chips in January 2006, and the entire Macintosh line ran on Intel chips by early 2007.23 Driving the leap to Intel was Jobs’s frustration with the PowerPC chip line. The makers of that line, IBM and Freescale Semiconductor (a spin-off from Motorola), had failed to match Intel’s performance, especially in low-power applications. High energy use drained batteries, created excess heat, and blocked advances in laptop performance. The latter point was crucial. Portable machines made up an increasingly large share of Apple’s PC revenue—61% in 2007, up from 45% just two years earlier.24 Intel’s dual-core technology, which in effect allowed two chips to occupy one piece of silicon, enabled Apple to build laptops that were both faster and less power-hungry.25 With “Intel inside,” the Mac also became a machine that could easily run Windows and other third-party operating systems: By loading a software package such as VMware Fusion or Parallels Desktop, Macintosh users could operate both Windows- and Mac-based applications.26 That capability offset a longstanding disadvantage to choosing a Mac—the relative lack of Macintosh software.On the operating system front, Apple introduced a fully overhauled OS in 2001. Called Mac OS X and based on UNIX, the new operating system offered a more stable environment than previous Mac platforms.27 Apple issued upgrades of OS X every 12 to 18 months, with the aim of generating not only extra revenue, but also new interest in the Mac and greater loyalty among existing Mac users. In October 2007, it launched its sixth major OS X release, called Leopard. Just two months later, Jobs called Leopard the “most successful” OS X release ever: With sales totaling 4 million copies, it had already reached 20% of the Macintosh installed base.285708-480 Apple Inc., 20086 Proprietary, Apple-developed applications made up a growing segment of the company’s effortsto support the Macintosh line. Instead of relying on independent software vendors (ISVs), Apple built programs such as those in the iLife suite (iPhoto, iTunes, iWeb) on its own. In 1998, when Adobe Systems rejected Jobs’s request to create a video-editing program for the Mac, Apple launched an internal project to create Final Cut Pro.29Such moves required Apple to assume significant development costs.30 Meanwhile, the company continued to depend on the cooperation of key ISVs—especially Microsoft. In 2003, after Apple developed the Web browser Safari, Microsoft announced that it would no longer develop Internet Explorer for the Mac. Apple did receive assurances in 2005 that Microsoft would develop its Office suite for Macintosh for at least another five years.31 Full interoperability with Office products was critical to Apple’s market viability. Microsoft benefited from this arrangement as well. By one estimate, it raised up to $1 billion by selling Office to Mac users. (In January 2008, Microsoft released Office:Mac 2008.) All the same, Jobs hedged his bets by developing iWork productivity applications, including Pages, Keynote, and Numbers.32 Distribution and SalesApple opened its first retail store in McLean, Virginia, in May 2001.33 As of June 2008, it operated 215 stores, and its retail division accounted for 19% of total revenues. Although most of the stores were in the United States, the chain also included outlets in Australia, Canada, China, Italy, Japan, and the United Kingdom.34 Observers viewed Apple’s retail strategy as a huge success: One analyst said that the company had become “the Nordstrom of technology.”35 By mid-2008, its stores had logged more than 350 million visits; during a single quarter in 2007, they drew 31 million visitors.36 The Apple retail experience gave many of those visitors their first exposure to the Macintosh product line, and the company estimated that “new to Mac” consumers bought half of the 1.4 million Macs sold in Apple stores during the 2007 fiscal year.37 (Apple boosted its presence in other retail venues as well. In late 2006, for example, it entered a partnership with Best Buy, and by the end of 2007 customers could shop for Mac products in 270 Best Buy outlets.38) A key factor in bringing people into the stores, most analysts believed, was the popularity of the iPod. More generally, observers speculated that an iPod “halo effect” had benefited Apple’s Mac business.39Macintosh sales were indeed robust. In the fiscal year 2007, Mac revenues came to $10.3 billion, for a year-over-year increase of 40%. Unit sales exceeded 7 million, up from 5.3 million in the previous year.40 (See Exhibit 6—Apple Inc.: Unit Sales by Product Category.) Mac sales thus grew three times as fast as the overall PC market, which increased by about 14% in 2007.41 By mid-2008, Apple had become the third-largest PC maker within the U.S. market, with a market share of 8.5%.42 Yet Apple’s share of the worldwide PC market had edged up only slightly in recent years; it remained in the 2% to 3% range, where it had languished for nearly a decade.43The Evolving Personal Computer IndustryFrom its earliest days in the mid-1970s, the industry had experienced explosive growth. Although Apple pioneered the first usable “personal” computing devices, IBM was the company that brought PCs into the mainstream. IBM’s brand name and product quality helped it to capture the lion’s share of the market in the early 1980s, when its customers included almost 70% of the Fortune 1000. IBM’s dominance of the PC industry started to erode in the late 1980s, as buyers increasingly viewed PCs as commodities. IBM tried to boost its margins by building a more proprietary PC, but instead it lost more than half of its market share. By the early 1990s, “Wintel” (the Windows OS combined with an Intel processor) had replaced “IBM-compatible” as the industry standard. Throughout the 1990s, thousands of manufacturers—ranging from Compaq and Dell to no-name clone makers—built PCs around building blocks from Microsoft and Intel.Apple Inc., 2008 708-480 In 2008, by one estimate, the number of PCs in use around the world would top 1 billion.44 In 2007, worldwide PC shipments totaled 269 million units.45 The U.S. market and the Asia/Pacific market (which excluded Japan) each accounted for about 26% of total shipments, Latin America for 9%, and Japan 5%. The largest regional market, EMEA (Europe, Middle East, and Africa), absorbed 34% of worldwide PC shipments.46 Annual PC unit growth had averaged roughly 15% from the mid-1980s through 2000. After leveling off sharply early in the following decade, growth resumed at a 10% to 15% rate annual over the next several years. A rising share of that growth occurred in Asia and in other emerging markets. In the United States, where an estimated 60% of households already owned a PC, the PC market grew by only about 3% per year.47Revenue growth, meanwhile, did not keep pace with volume growth—largely because of strong downward pricing pressure. By one estimate, the average selling price (ASP) for a PC declined from $1,699 in 1999 to $1,034 in 2005, or by a compound annual rate of 8% per year.48 During that period, prices for key components (CPUs, memory, and hard disk drives) dropped even faster, by an average annual rate of 30%.49 PC pricing then leveled off somewhat, partly because consumer demand shifted toward powerful machines that could run media and gaming applications, and partly because demand shifted from desktop units to more-expensive notebook models. In 2007, the ASP for notebook PCs was about $1,000, while the desktop ASP ran at roughly $700.50 For PC vendors, the upshot of these pricing trends was persistently low profitability: The average profit margin on a PC in 2007 was less than 5%.51PC ManufacturingThe PC was a relatively simple device. Using a screwdriver, a person with relatively little technological sophistication could assemble a PC from four widely available types of components: a microprocessor (the brains of the PC), a motherboard (the main circuit board), memory storage, and peripherals (the monitor, keyboard, mouse, and so on). Most manufacturers also bundled their PCs with an operating system. While the first PC was a desktop machine, by 2008 there was a wide range of forms, including laptops, notebooks, sub-notebooks, workstations (more powerful desktops), and servers (computers that acted as the backbone for PC networks).In 2008, using off-the-shelf components, it cost roughly $400 to produce a mass-market desktop computer that would retail for $500. The largest cost element was the microprocessor, which ranged in price from $50 to more than $500 for the latest CPU. The other main components of a basic machine—motherboard, hard drive, memory, chassis, power, and packaging—together cost between $120 and $250. A keyboard, mouse, modem, CD-ROM and floppy drives, and speakers totaled $50 to $140; a basic monitor cost about $75; and Windows Vista and labor added about $70 and $30, respectively, to the final cost. A PC maker could push its retail price down to $300 by using a less powerful CPU, cutting back on hard drive capacity and memory, and offering lower-quality peripherals. Alternatively, by tailoring a machine for computer gaming enthusiasts, a manufacturer could build a PC whose sale price topped $3,000.52As components became increasingly standardized, PC makers cut spending on research and development. In the early 1980s, the leading PC companies spent an average of 5% of sales on R&D. By the early 2000s, Dell Computer—then the industry leader—devoted less than 1% of its revenue to that purpose. Rather than invest heavily in R&D, companies such as Dell looked to innovations in manufacturing, distribution, and marketing to give them a competitive edge. Many firms, for example, turned to contract manufacturers to produce both components and entire PCs. At first, these contractors focused on handling simple manufacturing tasks at flexible, high-volume plants in low-cost locations. Over time, they moved into more complex areas, such as design and testing.7。

赛门铁克SSR桌面系统备份还原

XX企业公司桌面系统备份与还原解决方案赛门铁克软件（北京）有限公司目录第1章前言 (1)第2章端到端集中备份 (2)2.1企业IT运维系统会碰到的问题 (2)2.2业务系统面临的挑战 (4)2.2.1系统恢复的复杂性 (4)2.2.2恢复系统的时间 (5)2.2.3维护硬件的复制 (5)2.2.4对远程地点的IT支持 (6)2.2.5传统桌面系统备份方式的不足 (6)2.2.6使用操作系统和数据库自带的备份工具进行备份 (6)2.3企业桌面平台数据备份系统应达到的要求 (7)2.3.1端到端覆盖能力 (7)2.3.2备份构架的兼容性和可靠性 (7)2.3.3灵活和易于使用 (8)2.3.4先进性 (9)第3章XX企业公司数据备份需求分析 (10)3.1XX企业公司数据的存储和还原系统现状 (10)3.1.1企业业务现状 (10)3.1.2XX企业公司存储和还原系统现状 (10)3.2原有数据的存储、还原系统存在的不足 (10)Symantec System Recovery 快速可靠的恢复技术 (11)3.3系统拓扑结构图 (11)3.4Symantec System Recovery 概述 (11)3.5技术特点 (12)3.5.1灵活的存储方式 (13)3.5.2不间断工作 (13)3.5.3一步恢复 (14)3.5.4事件驱动型的备份 (14)3.5.5中央管理告警事件和报告处理 (14)3.6Restore Anyware 选择：与硬件无关的恢复 (15)3.6.1快速、可预见的恢复 (16)3.6.2轻松的批量恢复 (17)3.6.3物理系统和虚拟系统之间的对话(P2V & V2P) (17)3.6.4恢复点的病毒保护 (18)3.7LightsOut Restore 选择：最经济的远程恢复 (18)3.7.1远程恢复 (18)3.7.2pcAnywhere远程控制被恢复系统 (19)3.7.3不需光盘即刻执行本地恢复 (19)3.7.4自定义驱动程序库 (20)3.7.5磁盘—磁盘—磁带的管理 (20)3.8其他技术亮点: (21)3.8.1网络带宽调节 (21)3.8.2对恢复Windows域控制器的增强支持 (21)3.8.3SNMP Traps的创建 (21)3.8.4单个文件/文件夹的恢复 (22)3.8.5映象文件挂载 (22)3.8.6镜像文件的命名 (22)3.8.7带有专业服务的PXE启动恢复磁盘 (22)3.8.8增强的系统图标功能 (23)3.8.9无人值守的远程恢复 (23)第4章系统软硬件要求 (24)4.1可用产品 (24)4.2推荐软件许可清单 (24)4.3系统软件要求 (24)4.4系统硬件要求 (25)第5章赛门铁克售后服务体系 (27)5.1标准服务 (27)5.2技术支持 (28)5.3应急响应 (30)第6章赛门铁克公司介绍 (31)第1章前言随着XX企业公司信息化的不断深入，XX企业公司的业务对计算机数据的依赖性也不断上升，能否保证数据的安全就变得越来越重要。

NPort管理套件-Windows 7和Windows Server 2008 R2或更高版本发行说

NPort Administration Suite for Windows 7 and Windows Server2008 R2, or later Release NotesSupported Operating SystemsNotesChangesApplicable ProductsBugs Fixed• Supports SHA-256 encoding on Ethernet to secure sensitive data.• Manually adding an Nport on the "Monitor" and "Port Monitor" pages, or using the "Load Configured COM Port" page may cause NPort Administration Suite to show incorrect status for the NPort device.EnhancementsWindows 10, Windows 7, Windows 8, Windows 8.1, Windows Server 2008 R2, Windows Server 2012,Windows Server 2012 R2, Windows Server 2016, Windows Server 2019NPort IA5000/IA5000A Series, NPort 5000AI-M12 Series, NPort 5100/5100A/P5150A/5200/5200A/5400/5600/5600-DT/5600-DTL Series• Remote log function.• Write community for the SNMP service.• Auto lockout (after 5 minutes) function.New FeaturesN/AN/ASupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Fixed driver signature failure on Windows 7.• For IP Serial library, unable to reopen a Grouped-COM port.• Fixed BSOD when a Grouped-COM port is opened.• Encrypted configuration file can't be imported via web console.EnhancementsWindows 10, Windows 7, Windows 8, Windows 8.1, Windows Server 2008 R2, Windows Server 2012,Windows Server 2012 R2, Windows Server 2016, Windows Server 2019NPort 5100 Series, NPort 5200 Series, NPort 5100A Series, NPort 5200A Series, NPort 5400 Series,NPort 5600 Series, NPort 5600-8-DT Series, NPort 5600-8-DTL Series, NPort IA5000 Series, NPort P5150A• Supports Windows Server 2019.• Supports Moxa Security Guideline.New Features• Separate driver versions are now used to support different Windows versions; driver v2.0 supports Windows 95/98/ME/NT/XP/Visa and Windows Server 2003/2008, driver v3.0 supports Windows 7/8/8.1/10 and Windows Server 2008 R2/2012/2012 R2/2016/2019.N/ASupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/AN/AEnhancementsWindows 10, Windows 2000, Windows 7, Windows 8, Windows 8.1, Windows 95, Windows 98,Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2,Windows Server 2012, Windows Server 2012 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports encrypted configuration.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Device search failure when the host has more than 16 IP addresses.• NPort Administration Suite could not be run on Windows 2000.EnhancementsWindows 10, Windows 2000, Windows 7, Windows 8, Windows 8.1, Windows 95, Windows 98,Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2,Windows Server 2012, Windows Server 2012 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports Windows 10.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Updated IPSerial.dll to fix thread handle always existing.• Utility could not monitor devices with "auto save device" setting when restarting the utility.• Utility could not monitor devices with "manual" setting before executing search function.• Ports mapped by the NPort Administration Suite v1.18 or earlier would disappear when using a version of Administration Suite later than v1.18.• Searching by 802.11 WLAN would fail on Windows 7 or later.• The timeout of IPSerial nsio_checkalive function would not work on Windows 7 Ultimate.• Popup error message "The network component is not ready" when searching for an NPort on Windows 8.• Ports could not be sorted by COM number order when clicking the COM number field in the monitor page.• The ports mapped by NPort Administration Suite v1.19 or earlier could not be opened by using a version of Administration Suite later than v1.19.17.EnhancementsWindows 2000, Windows 7, Windows 8, Windows 8.1, Windows 95, Windows 98, Windows ME,Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Server 2012, Windows Server 2012 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • IPSerial.dll upgraded to version 1.7.3.• IPSerial added example code for VB2010.• Updated NPort.dll to support NPort P5150A.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/AN/AEnhancementsWindows 2000, Windows 7, Windows 8, Windows 95, Windows 98, Windows ME, Windows NT,Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Server 2012,Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports Windows 8 and Windows Server 2012.• Supports "Always Accept Open Request" for Windows 2000 and newer.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Driver caused a BSOD when opening and closing repeatedly in Windows 2008 R2.• Driver caused a BSOD when applications open grouped COM ports which contain one or more disabled ports.• In the COM Grouping function, sometimes HyperTerminal may not read the received data immediately.EnhancementsWindows 2000, Windows 7, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports NPort 5150AI-M12, 5250AI-M12, 5450AI-M12.• Supports LLDP configuration.• Supports Windows publish.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Application will not work properly when logging as a standard user in Windows Vista/7environments. This version will prompt the user change to an account with administrative rights.• Windows 2008 64-bit driver would cause a BSOD when accessing an invalid memory path.• Modified the Georgetown time zone to GMT-04:00, Caracas to GMT-04:30, and Sofia to GMT +02:00.• The "nsio_RTS" function was not able to control RTS signals.EnhancementsWindows 2000, Windows 7, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports NPort P5150A.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• System BSOD when setting and enabling COM grouping functions in Windows 2008 R2.EnhancementsWindows 2000, Windows 7, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports NPort 5600-8-DTL Series.• Supports NPort A Series products in NPort.dll library.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Reduced handle counts when application called nsio_init() from IPSerial library.• When closing COM port and applying change to other COM numbers simultaneously, the NPort administrator utility will cause a hang up.• If the nsio_close() function is called several times and then the nsio_open() function is called, it will fail and return an undefined error code.EnhancementsWindows 2000, Windows 7, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Server 2008 R2, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports Multi-connection by IPSerial library.• Supports Windows 7.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Shortened opening time for COM Grouping.• Shortened setting time for COM Grouping.• Write operation would stop transmitting.• Monitor and port monitor would stop after removing target.EnhancementsWindows 2000, Windows 7, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003, Windows Server 2008, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports COM Grouping function for Windows NT.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• Set IP filter netmask error on Windows x64 platforms.EnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows Server 2008, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports NPort 5110A, 5130A, 5150A, IA5450A, IA5450AI, IA5150A, IA5150AI, IA5250A, IA5250AI,5210A, 5230A, 5250A.• Supports COM Grouping function (does not support Windows 95/98/ME/NT).New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• "Import COM Mapping" function would throw an "invalid pointer opertion" message.• Monitor function would cause a memory leak.• Adjusted the IRP completion order for multi-processor environments.• Fixed the buffer protection mechanism for issues while inserting special characters in the serial RX buffer.EnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows Server 2008, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports NPort IA-5250I.New FeaturesN/A• This version also applies to models NPort IA-5250ISupported Operating SystemsNotesChangesApplicable ProductsBugs Fixed• Upgraded package: IPSerial Library.• Application crash problem with IP serial library when binding more than 8 IPs(alias) for PC.• Loading driver failed in Windows Vista x64.EnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows Server 2008, Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series N/ANew FeaturesN/AN/ASupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• SERIAL_PURGE_TXABORT did not reset the WriteCharsQueued counter.• SIO outqueue count was inaccurate under classic mode.• The port number was incorrect in the "UDP Mode Settings: Destination" list.• Startup of Monitor and Port Monitor may fail.• Removal of Monitor and Port Monitor may fail.• The search function would have issues on a Windows 2003 host with dual LAN cards.• Adding COM port would fail if "SERIALCOMM" registry key was absent.• Invalid argument for time encode.• Access violation problem in "IP Address Report List".• Search function supports 16 IP addresses for local host.• "Alive" status in Monitor and Port Monitor may be incorrect.EnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series N/ANew FeaturesN/AN/ASupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/AN/AEnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows Vista, Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports Windows Vista.• Supports 5610-8-DT, 5610-8-DT-J, 5650-8-DT, 5650-8-DT-J and 5650I-8-DT.New FeaturesN/AN/ASupported Operating SystemsNotesChangesApplicable ProductsBugs Fixed• Improved IoctlGetCommstatus() to report live out queue count.• Improved utility user interface.• Improved COM setting functions. If the selected ports are in use, no change can be made to them.These settings include: COM number, Tx mode, FIFO, and Fast Flush.• Improved COM setting functions. If the users do not have administrative privileges, they cannot add or delete COM ports. However, they can still view the COM settings and open the COM ports.• Improved utility user interface.• Modem dial out caused system halt on multi-processor platforms.• Driver read operations caused double completion (BSOD) on multi-processor platforms.• GetCommStatus caused a BSOD on multi-processor platforms.• ioctl of setting Xon/Xoff character failed.• Fixed bugs detected by Static Driver Verifier, which include a double completion problem and completion of IRP without releasing the cancel spinlock.• FastFlush setting error when COM port number exceeds 127.• COM Mapping problem when a disabled port is opened.EnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Added "Network Timeout" function for COM settings.• Added auto message log function.New FeaturesN/AN/ASupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/A• IOCTL_SERIAL_IMMEDIATE_CHAR bug causing a BSOD.• IOCTL_SERIAL_XOFF_COUNTER bug causing system halt.• Accessible IPs export and import configurations did not match.• IOCTL_SERIAL_IMMEDIATE_CHAR bug causing a BSOD.• IPSerial nsio_write and mutli-port connection problems.• Administrator could not remove serial port settings when uninstalling the NPort Administration Suite.• COM Mapping could not import files exported by Administrator v1.2.• Disconnecting an NPort will crash the application while calling nsio_close.EnhancementsWindows 2000, Windows 95, Windows 98, Windows ME, Windows NT, Windows Server 2003,Windows XPIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports PPP Mode and Real COM Mode (RFC2217) operating mode for NPort 56xx.• Supports 64-bit Windows.• Moved nprcmisic.dll to nport.dll to cover all NPort models.• Supports NPort 5130, 5150, 5650, 5650-S-SC, 5650-M-SC.• Supports SERIAL_LSRMST_ESCAPE and SERIAL_LSRMST_MST event types of IOCTL_SERIAL_LSRMST_INSERT requests. SERIAL_LSRMST_LSR_NODATA and SERIAL_LSRMST_LSR_DATA event types are not supported due to driver limitations.New FeaturesN/AN/ASupported Operating SystemsNotesChangesApplicable ProductsBugs Fixed• Improved Windows 2000/XP/2003 driver "Fast Flush" performance.• Improved disconnection process to prevent application blocking.• Improved NT/2000/XP/2003 driver Ioctl performance (parity, baud, modem...).• High CPU loading with Hyper Threading systems.• COM Mapping rescan prevents some models from being able to be configured.• Port Monitor: When NPort is reconnecting, Administrator increases CPU load to 100%.• Event log lost problem.• IOCTL_SERIAL_SET_WAIT_MASK (npser+114c) BSOD RQL_NOT_LESS_OR_EQUAL problem.• (npser+5c13) BSOD KERNEL_MODE_EXCEPTION_NOT_HANDLED problem.• Verifier testing problem.• Classic mode oqueue length was not correct.• Tx does not stop on network disconnection.• Write blocked after reconnecting.EnhancementsN/AIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • Supports new functions of firmware 2.0.• Added new NPort IA model.• Added Web console toolbar.• Supports IOCTL_SERIAL_XOFF_COUNTER command (Windows 2000/XP/2003), which is used by some 16-bit programs.New Features• Registered COM number usage (Windows 2000/XP/2003). This will avoid other COM device from using the same COM number occupied by this driver.N/ASupported Operating SystemsNotesChangesApplicable ProductsBugs FixedN/AN/AEnhancementsN/AIndustrial Device Servers, NPort 5100 Series, NPort 5100A Series, NPort 5200 Series, NPort 5200A Series, NPort 5400 Series, NPort 5600 Series, NPort 5600-DT Series, NPort 5600-DTL Series • First release.New FeaturesN/AN/A。

Prince2测试试题

1. Which is one of the six aspects of project performance that needs to be managed? a. Accuracy b. Reliability c. Scope d. Ease of use 2. What theme ensures the project is desirable, viable and achievable? a. Organization b. Progress c. Business Case d. Risk 3. What process is triggered by the project manager’s request to initiate a project? a. Starting up a Project b. Initiating a Project c. Directing a Project d. Managing a Stage Boundary 4. The purpose of what theme is to establish mechanisms to monitor and compare actual achievements against those planned? a. Business Case b. Change c. Progress d. Quality 5. Which is an objective of the Closing a Project process? a. Check that all the project’s products have been accepted by the users b. Prepare for the final stage of the project c. Capture the customer’s quality expectations d. Ensure that all benefits have been achieved 6. Identify the missing words in the following sentence. A purpose of the Managing a Stage Boundary process is to provide the Project Board with sufficient information so that it can approve the {?} for the next stage. a. Work Packages b. Exception Report c. Stage Plan d. Project Brief 7. What theme provides information on what is required, how it will be achieved and by whom? a. Organization b. Plans c. Business Case d. Quality 8. Which is recommended as a possible risk response type for an opportunity? a. Reduce b. Transfer c. Reject d. Fallback

初三英语作文介绍一位名人的成功故事

初三英语作文介绍一位名人的成功故事全文共5篇示例，供读者参考篇1My Biggest Hero: Bill GatesHi everyone! Today I want to tell you about my biggest hero, Bill Gates. He is super rich and super smart and he started the biggest computer company in the whole world! I think his story is really cool and inspiring.Bill Gates was born in 1955 in Seattle. His mom and dad were both very successful. His dad was a lawyer and his mom served on lots of important boards and committees. From a young age, Bill was really good at math and science. He loved solving tough problems!When Bill was 13 years old, something amazing happened that changed his life forever. A amazing company called Computer Center Corporation opened a computer terminal right at Bill's school! This was before personal computers even existed. Bill was totally fascinated by this crazy new technology. He spent allllll his free time learning everything he could about coding and programming.Bill was such a computer nerd that he even started getting in trouble at school for hacking into the school's computer system to get unlimited computer time! His future business partner Paul Allen also went to that school, and they became best buds bonding over their love of computers and coding.After finishing high school, Bill went to Harvard University. But he only stayed for two years, because in 1975 he dropped out to start his own little computer software company with Paul Allen. Can you believe that? Dropping out of an amazing university like Harvard just to start a tiny business? But Bill had a huge dream.The company Bill and Paul started was called Microsoft. At first, Microsoft just made programming languages and software for the very first personal computers that were just starting to be sold. But Bill Gates had a vision that personal computers would soon become a thing in every home and office! He wanted Microsoft to make the operating system and all the most important software that all those future computers would run on.In 1980, Bill Gates made a hugely important deal with a company called IBM that made Microsoft take off like a rocket ship. IBM basically let Microsoft make the operating system for all of IBM's personal computers. This operating system wascalled MS-DOS and it soon became the most popular operating system in the whole world as IBM's computers became super popular too.After MS-DOS was a big hit, Microsoft came out with an even better operating system called Windows in 1985. Windows had cool graphics and let you have multiple programs open at once on your screen. It quickly became a massive success and made Microsoft the biggest and most powerful software company on the planet!With Microsoft being so enormously successful, Bill Gates became a multibillionaire by the time he was just 31 years old. He was the youngest self-made billionaire ever at that time! He kept making Microsoft more and more dominant with programs like Microsoft Office with Word, Excel, PowerPoint and more. Basically every computer everywhere ran on Microsoft's software.Even though Bill Gates was richer than almost anyone on Earth, he didn't stop working hard to make Microsoft better and better. He spent countless hours in the office leading his team of thousands of employees. Bill was a total perfectionist and wanted Microsoft's products to be absolutely the best.When Bill Gates turned 43 in 2008, he stepped down from the day-to-day operations at Microsoft to spend more time on his philanthropy work with the Bill & Melinda Gates Foundation that he started with his wife Melinda. The foundation is all about helping poor people across the world get access to opportunities, education, healthcare, and more. So far, Bill and Melinda have given away over 50 billion to charitable causes!Even though Bill Gates isn't actively running Microsoft anymore, he is still one of the most admired figures in the business world. He worked extremely hard, was insanely smart, and most of all had a crazy big dream that he never stopped chasing. That's why he was able to take a tiny little startup and turn it into one of the biggest, most powerful companies ever.Bill Gates showed that with hard work, passion, intelligence, and perseverance, you can overcome any obstacles and achieve your wildest visions. To me, that makes Bill Gates not just an incredible businessman, but a true inspiration for kids like me. Who knows, maybe one day I'll be the next Bill Gates and start my own world-changing tech company! For now, I'm just trying my best to learn as much as I can about computers and coding, just like Bill did when he was young. With heroes like Bill Gates to look up to, anything is possible!篇2The Super Cool Story of Steve JobsHi everyone! Today I'm going to tell you all about Steve Jobs. He was an amazing guy who started a company called Apple. Apple makes really neat computers, phones, and other amazing tech gadgets that I'm sure you all use and love!Steve was born in 1955 in California. Even as a little kid, he was really curious and loved to take things apart to see how they worked. That's why he grew up to be such a genius inventor and designer.In the 1970s, Steve went to college for a little while but then dropped out. A lot of people told him he was making a big mistake, but Steve didn't care. He was determined to follow his own path.Steve had this crazy idea to build a super simple, cheap computer that anyone could use at home. No one thought it would work, but Steve didn't give up. He worked super duper hard with his friend Steve Wozniak to build the first Apple computer. They made just a few at first and sold them out of Steve's garage!Well, that little garage project turned into one of the biggest tech companies ever! Apple went on to make tons of amazing products that people went bananas over - the iMac, iPod, iPhone, iPad and more. All of Steve's creations were so beautiful, simple and user-friendly. That's why he became known as a true visionary.Being a creative genius wasn't easy though. A lot of people doubted Steve and told him his ideas would never work. They made fun of him for being a college dropout. But Steve never let the haters get him down. He always stayed positive and believed in himself no matter what.Even when bad things happened, Steve never quit. In 1985, Steve actually got fired from Apple, the company he started! Instead of being sad though, Steve started a new computer company called NeXT. It didn't do that well, but Steve kept on trying his best.Finally in 1997, Apple realized they had made a terrible mistake by firing Steve. They begged him to come back and be in charge again. Steve said yes, and soon Apple was making awesome products people loved again, like the iMac and all the i-things.Steve's big dream was to make really high quality tech that looked super cool and was easy for anyone to use. A lot of people think he totally achieved that dream with products like the iPhone, iPad and MacBooks. With Steve in charge again, Apple grew into one of the most valuable companies ever!Sadly, Steve got very sick in his later years and passed away in 2011 at the age of 56. But he left behind an incredible legacy of game-changing inventions and designs. Steve showed the whole world that if you work super hard, believe in yourself, and never give up on your vision - you can accomplish anything!I hope Steve's amazing success story inspires you guys to dream big, work hard, and never let anyone discourage you from pursuing your passions. If a poor kid who dropped out of college could build one of the biggest tech empires ever, just imagine what you can all achieve! Stay hungry, stay humble, think different - and you'll go far, just like super Steve!篇3My Favorite Super Cool Person: Marie CurieHi everyone! Today I want to tell you about someone who is totally awesome - Marie Curie! She was a famous scientist whodid really important work. Get ready to have your mind blown by how cool she was!Marie was born in 1867 in Warsaw, which is now the capital of Poland. Her full nam e was Maria Salomea Skłodowska, but I'll just call her Marie because that's easier. Her family didn't have much money, but they really valued education. Even though schools in Poland didn't allow girls to get as much learning as boys back then, Marie's parents still made sure she and her sisters studied hard at home.Marie was such a brainiac! She was obsessed with science and math from a very young age. When she was just 10 years old, she performed her first little chemistry experiment all by herself. Cool, right? As a teenager, she had to take secret underground classes that were illegal because the Russian empire didn't want Polish people getting educated. But Marie didn't care - she was determined to learn as much as she could no matter what!In 1891, when Marie was 24 years old, she went to France to attend university. This was a huge deal because back then, not many women went to college, especially in science. But Marie was like, "Whatever, I'm going for it!" She studied so hard at the University of Paris and got super good grades. In 1895 she married another scientist named Pierre Curie. Not only were theypartners in marriage, but they became scientific partners too, working together on experiments.Here's where things get really cool. You know what radioactivity is, right? It's when certain elements and minerals release energy and particles. Well, Marie and Pierre Curie made some amazing discoveries about radioactivity that changed science forever! They realized that the glow from uranium wasn't caused by regular phosphorescence, but by something totally new - radioactivity from the uranium atoms themselves breaking apart.The Curies were obsessed with investigating radioactivity further. They went through tons of nasty pitchblende, which is a gross uranium rock, trying to isolate the radioactive elements inside it. After years of hard work in their lab, in 1898 they discovered two new chemical elements - radium and polonium! This was an epic breakthrough. No one had ever discovered a new element in a lab before. The Curies had to smash tons and tons of pitchblende to find just a tiny bit of radium, but they did it through sheer determination.Thanks to the Curies' work, we gained a deeper understanding of radiation and atomic structure. We learned that atoms aren't just motionless lumps, but have all this activitygoing on inside them constantly. Crazy, right? It totally changed how we understand matter at the smallest level.Unfortunately, this amazing discovery came at a huge personal cost for Marie. In 1906, her husband Pierre was killed in a tragic road accident. This was devastating for Marie, but she didn't give up on her science work. In fact, she worked even harder and became the first woman to teach at the University of Paris.In 1911, Marie's immense contributions to physics were recognized with a Nobel Prize - and get this, she was the first woman in history to win a Nobel! She received the award "in recognition of her services to the advancement of chemistry by the discovery of the elements radium and polonium." Years later in 1935, she was awarded a second Nobel Prize for her pioneering work in radioactivity, but tragically she passed away from health issues likely caused by her radiation exposure before she could receive it.It's impossible to overstate how important and influential Marie Curie's discoveries were. Her work literally kicked off the atomic age and led to our modern model of the atom's structure. It paved the way for tons of applications of radioactivity in fields like medicine for treating cancer. And perhaps most importantly,Marie shattered barriers and paved the way for women to make advances in the sciences.Even though Marie had to face so many obstacles as a woman in science, she never gave up or let anyone stop her. She was brilliant, dedicated, and tough as nails. To me, Marie Curie is the definition of a real-life superhero using her amazing intellect and determination to change the world. What an inspiring badass! I hope that one day I can be as hard working, unstoppable, and down for science as Marie Curie was. Everyone should know her awesome story!篇4My Favorite Famous Person: J.K. RowlingDo you like Harry Potter? I LOVE Harry Potter! The books about the boy wizard who goes to Hogwarts School of Witchcraft and Wizardry are my total favorites. I've read all the Harry Potter books like a million times. I even tried to use a stick as a pretend wand and say some made-up spell words, but no magic happened. Bummer!The person who wrote the amazing Harry Potter books is named J.K. Rowling. She is a writer from England and she is socool and inspiring. I really look up to her because of her incredible imagination and her amazing success story.J.K. Rowling had a very difficult life before she became a famous bestselling author. When she was a little kid, her family didn't have much money. Her parents got divorced when she was young, which must have been really hard. As a teenager, she had to deal with her mom getting very sick.After she grew up and went to university, she had an even tougher time. She moved to Portugal to teach English, but her marriage failed. She was a single mom with almost no money, living off welfare benefits. That means the government had to help pay for her rent and food. It was an incredibly difficult situation.But J.K. Rowling never gave up on her dream of becoming a writer. She started writing the first Harry Potter book in cafes whenever she could, bringing her baby daughter along. She wrote and rewrote the book over and over until she felt it was perfect.It took her a very long time to finally get the first Harry Potter book published. So many publishers rejected her book at first! They didn't think it would be popular enough. But J.K.Rowling never stopped believing in her story about the young wizard.Finally, a publisher decided to take a chance on Harry Potter and the Sorcerer's Stone in 1997. And boy, are they glad they did! The Harry Potter series turned into a massive, world-wide phenomenon. Kids and adults of all ages fell in love with the magical books.All seven of the Harry Potter novels ended up becoming gigantic bestsellers. They sold over 500 million copies around the world! The books were turned into eight blockbuster movies too, which made billions of dollars. J.K. Rowling went from being poverty-stricken to becoming a multi-millionaire.Her story shows that you should never give up on your dreams, no matter how impossible they might seem. J.K. Rowling worked extremely hard and overcame so many obstacles and setbacks in her life. It just goes to show that with talent, determination, and an unwavering belief in yourself, you can achieve anything you set your mind to.I really admire how J.K. Rowling used her difficult life experiences as inspiration to create the heartwarming stories about Harry Potter. After her own struggles with poverty, loss of family, and trying to raise a child as a single parent, she was ableto imagine the trials and tribulations that Harry faced with such authenticity.Her books taught important lessons about love, friendship, bravery, and the magic that lies within all of us. They encouraged kids like me to read for fun and awakened our imaginations. J.K. Rowling's novels allowed us to get lost in a whole other whimsical, wondrous world of wizards and witches.In the end, that's why I so admire J.K. Rowling as a famous person. She never stopped pursuing her passion for writing and storytelling, despite all the roadblocks and hardships she faced. Her determination, perseverance, and unwavering self-belief allowed her to achieve unimaginable levels of success and acclaim.Thanks to her brilliance and grit, J.K. Rowling took an ordinary world and added her own extraordinary magic to it through the Harry Potter series. Her books sparked an unparalleled sense of joy, imagination, and inspiration for millions upon millions of readers like myself across the globe. For that, J.K. Rowling will forever remain my favorite famous person and role model!篇5My Hero: J.K. Rowling's Amazing Life StoryHi everyone! Today I want to tell you all about my biggest hero, J.K. Rowling. She's the super cool author who wrote the Harry Potter books! I think her life story is the most inspirational ever.J.K. Rowling was born in England in 1965. Her full name is Joanne Rowling, but she used the initials J.K. because her publishers were worried that boys wouldn't want to read books written by a woman back then. How silly is that?When she was little, Joanne loved to read and make up fantasy stories. Even as a kid she was a gifted writer. But her family didn't have a lot of money, and her teenage years were pretty rough. Her mom got really sick, and she struggled with poverty.After finishing school, Joanne had some ups and downs trying to become a writer. She worked as a secretary and taught English in Portugal for a while. In 1990, while riding on a train, she came up with the idea for a book about a young wizard named Harry Potter. Genius!For several years, Joanne outlined the epic Harry Potter series while raising her baby daughter Jessica as a single mom.Money was super tight, and she was living on welfare benefits at one point. But she never gave up on her dream.Finally in 1997, her first book "Harry Potter and the Sorcerer's Stone" was published. It became an instant mega hit! Readers of all ages fell in love with the magical world she created at Hogwarts School of Witchcraft and Wizardry.Over the next ten years, J.K. Rowling wrote and published six more books about Harry and his brave adventures battling the evil Lord Voldemort. The books smashed all records, selling over 500 million copies worldwide in 80 languages! They were turned into eight blockbuster movies too.From being broke and on welfare, J.K. Rowling is now one of the richest and most famous writers ever. She's worth over a billion dollars! But she hasn't let her mind-blowing success go to her head.J.K. Rowling is humble and extremely generous. She has donated millions to charity, fighting poverty and helping kids get an education. She's an inspiring role model for dreamers everywhere.Her Harry Potter books taught us that love, friendship and courage can overcome anything. They inspired an entiregeneration to get passionate about reading. J.K. Rowling showed that magical things can happen when you combine imagination, determination and hard work.I love how she never gave up on her ambitions, no matter how tough things got. From a talented kid growing up poor, to a struggling single mom, to one of the most iconic writers of all time, her journey fills me with hope and excitement.While money is great, J.K. Rowling's most prized achievement is the positive impact she's had on millions of kids' lives through literature. She made reading fun and creative again! Thanks to her captivating wizarding world, so many of us became avid bookworms at a young age.Smart, kind and wildly imaginative, J.K. Rowling used her wits and grit to weave an unforgettable magical spell with words. Her rebellious spirit and perseverance in the face of adversity taught us to hold on to our dreams, no matter what.The Boy Who Lived will live on forever, but J.K. Rowling's status as a real-life hero and role model for breaking barriers is truly immortal. From the bottom of my heart, I thank her for the priceless gifts of Harry Potter and proving that anything is possible if you believe. She's simply the best, brilliant, brightest witch of her age!。

consumer group is rebalancing

Consumer Group is RebalancingConsumer group rebalancing is a crucial aspect of distributed systems, particularly in the realm of message queuing and event streaming. Inthis article, we will explore what consumer group rebalancing entails, why it is necessary, and how it works.Introduction to Consumer GroupsBefore diving into consumer group rebalancing, let’s first understand what consumer groups are. In message queuing systems like Apache Kafka or RabbitMQ, a consumer group is a logical grouping of consumers that work together to consume messages from one or more topics. Each consumer within a group is responsible for processing a subset of the messages.The primary advantage of using consumer groups is achieving scalability and fault tolerance. By distributing the workload across multiple consumers in a group, we can process messages in parallel and handle failures gracefully. However, maintaining the balance between consumers within a group becomes critical for efficient and reliable message processing.The Need for RebalancingIn dynamic systems where new consumers can join or leave at any time, maintaining an even distribution of workload becomes challenging. Thisis where consumer group rebalancing comes into play. Rebalancing ensures that the load is evenly distributed across all active consumers within a group when changes occur in the group’s membership or topic partitions.There are several scenarios that trigger rebalancing:1. New Consumer JoinsWhen a new consumer joins an existing consumer group, it needs to be assigned a fair share of partitions from the available topics. Without rebalancing, all existing consumers would continue consuming messages while the new consumer remains idle.2. Consumer Leaves or FailsIf a consumer leaves or fails within a group, its assigned partitions need to be redistributed among the remaining active consumers. Thisensures that no partitions are left unprocessed due to the absence of any particular consumer.3. Change in Topic PartitionsIf there are changes in the number of partitions for a particular topic, rebalancing is required to redistribute the workload among the active consumers. This ensures that all partitions are distributed evenly, regardless of the changes in partition count.How Rebalancing WorksConsumer group rebalancing involves a coordinated effort between the consumers and the broker(s) managing the topics. Let’s understand the high-level steps involved in rebalancing:1.Detecting Changes: Consumers periodically communicate with thebroker to check for any changes in group membership or topicpartitions. This can be done through heartbeat messages ormetadata requests.2.Triggering Rebalance: When a change is detected, one of theconsumers acts as a group coordinator and triggers the rebalanceprocess. The coordinator notifies all other consumers about theimpending rebalance.3.Revoking Partitions: Before redistributing partitions, eachconsumer voluntarily revokes its currently assigned partitions.This ensures a clean slate before reassignment.4.Calculating Assignment: The coordinator calculates an optimalassignment plan based on various factors like consumer capacity,partition distribution, and any configured constraints (ifapplicable).5.Assigning Partitions: Once the assignment plan is ready, thecoordinator assigns partitions to each consumer based on theircapabilities and fairness criteria. The goal is to distributeworkload as evenly as possible.6.Propagating Assignments: The coordinator communicates eachconsumer’s newly assigned partitions so that they can startconsuming messages from those partitions.7.Resuming Consumption: Finally, consumers begin consuming messagesfrom their newly assigned partitions, ensuring that load balancing is achieved across all active consumers within the group.It’s worth noting that different m essage queuing systems may implement slight variations in this process, but the core principles remain consistent across most distributed systems.Considerations and ChallengesConsumer group rebalancing introduces some considerations and challenges that need to be addressed:1. Performance ImpactRebalancing can impact the overall performance of the consumer group during the transition phase. It may lead to temporary disruptions in message processing as consumers pause and resume consumption. Careful planning and monitoring are essential to minimize any negative impact on system performance.2. Consumer LagDuring rebalancing, some consumers may be assigned additional partitions, leading to an uneven distribution of workload. This can result in temporary consumer lag until the workload stabilizes. Proper monitoring and load testing can help identify and address such issues.3. Coordinator FailuresIn systems where a single consumer acts as the coordinator, its failure can disrupt the rebalancing process. To mitigate this risk, some systems employ a distributed coordination mechanism where multiple consumers collectively manage the rebalance operation.4. Handling Large Topic PartitionsIf a topic has an excessive number of partitions, it can complicate the rebalancing process due to increased coordination overhead and slower assignment calculations. It’s important to strike a balance between scalability and practicality when deciding on the number of partitionsfor a topic.ConclusionConsumer group rebalancing is an integral part of distributed systems that utilize consumer groups for message processing. It ensures that workload is evenly distributed across all active consumers within a group, enabling scalability and fault tolerance.By understanding why rebalancing is necessary and how it works, we can design robust systems that efficiently handle changes in group membership or topic partitions. Considerations such as performance impact, consumer lag, coordinator failures, and large topic partitions should be carefully addressed to ensure smooth operation of consumer groups.Remember, maintaining balance is key in achieving efficient message processing in distributed systems!。

PSDP_GM2008_panels-v2[2]

2008PES General MeetingJuly20-24,2008Power System Dynamic Performance Committee 2008PES General MeetingDAVID WRENCE CONVENTION CENTERANDWESTIN CONVENTION CENTER HOTELPITTSBURGH,PENNSYLVANIA,USAMicrogrids Panel SessionChairs:N.HatziargyriouNational Technical UniversityAthens,Greecenh@power.ece.ntua.grChris MarnayBerkeley LabBERKELEY CA94720-8136,USAC Marnay@Deregulation of the electric utility industry,environmental concerns,volatility of energy costs,and technological development of distributed resources(DR),have to-gether resulted in the emergence of the microgrid concept.Operational strategies, reliability,safety,control,protection,and the choice of DR units in a microgrid have ramiﬁcations for the operation of the host utility grid.The objective of this panel is to address some of these issues and highlight ongoing technical,economic,ﬁeld test results,and the international R&D activities in theﬁeld of microgrids. Presentations and Panelists:1.Extended CERTS Microgrid08GM0969sseter,University of Wisconsin-Madison2.Economic Evaluation of Microgrids08GM1116H.Asano,Univ.of Tokyo and CRIEPI,S.Bando,Univ.of Tokyo3.Microgrid Standards and Technologies08GM1271B.Kroposki,Th.Basso,and R.DeBlasio,NREL4.Virtual Synchronous Generators08GM1408J.Driesen,KULeuven,K.Visscher,ECN5.Planned Islanding on Rural Feeders-Utility Perspective08GM1373F.Katiraei,NRCan,C.Abbey,NRCan,S.Tang,BC Hydro,M.Gauthier,Hydro Qu´e becRestoration Dynamics Panel SessionChair:N.MartinsCEPEL,Brazilnelson@cepel.brNote:This panel presentation was held as part of a combo session with the Power System Stability Controls Subcommittee meeting.Recognizing that power system blackouts are likely to occur,it is prudent to considerthe necessary measures that reduce their extent,intensity and duration.The chal-lenge is to coordinate the control and protective mechanisms with the operation ofthe generating plants and the electrical system.In this panel six restoration dynamic phenomena are presented and the required research and development identiﬁed.The panel and the Restoration Dynamic Task Force provide an opportunity for discussing vital power system restoration issues from the perspective of power system dynamicsand control and the necessary synergy between operations and dynamics experts.1.Power System Restoration Dynamics Issues(08GM0974)Mike Adibi,IRD Corp.,Nelson Martins,CEPEL2.Review of PJM Restoration Practices and NERC Restoration Standards(08GM1266)R.J.Kafka,Pepco Holdings,Inc.3.Restoration plan The Hydro-Qu´e bec experience(08GM1049)Fran¸c ois L´e vesque,Si Truc Phan,Anyk Dumas,and Martin Boisvert,Hydro-Qubec Transnergie4.Black Start Studies for System Restoration(08GM1064)J.W.Feltes and Carlos Grande-Moran,Siemens Power Technologies5.Voltage Stability Control For Long Lines Black Start-Up(08GM1273)S.Corsi,CESI,and M.Pozzi,CESI6.Redispatch to Reduce Rotor Shaft Impacts upon Transmission Loop Closure(08GM1331,TPWRS-00409-2005.R4)Nelson Martins,CEPEL,Edimar de Oliveira, Weberson Moreira,J Pereira,and Rafael Fontoura Federal University of Juizde Fora UFJF,International Experiences Synchronized Phasor Measurements: Speciﬁcations,Deployment,and Applications Panel Session Sponsored by:Power System Dynamic Measurement Working Group(PMWG)Chairs:Joe ChowRensselaer Polytechnic Institutechowj@Richard SchulzConsultantr.p.schulz@A panel on phasor measurements was held in the Montreal General Meeting in2006, followed by a similar panel in Atlanta for PSCE.Both panels focused mainly on phasor measurement activities and applications in North America(US and Canada). This panel session covers the phasor measurement activities and applications outside of North America.The aim is allow PES conference attendees to be kept informed of the latest activities in this fast moving technology development and application area. Presentations and Panelists:1.Islanding Protection System Based on Synchronized Phasor Measurements andits Operational Experiences(08GM1133)Teruo Ohno,Tokyo Electric Power Company(TEPCO),Tokyo,Japan,Tadaaki Yasuda,TEPCO,Japan,Osamu Takahashi,TEPCO,Japan,Masanobu Kam-inaga,TEPCO,Japan,Shinichi Imai,TEPCO,Japan2.Some Viewpoints and Experiences on Wide Area Measurement Systems andWide Area Control Systems(08GM0570)Yushang Xue,Chinese Academy of Engineering,Nanjing,China3.Monitoring Amplitude,Frequency and Damping of Power System Oscillationsby PMU Measurements(08GM1198)Kjetil Uhlen,Sintef Energy Research,Norway,Leif Warland,Sintef,Nor-way,Jan Ove Gjerde,Statnett,Norway,Oyvind Breidablik,Statnett,Norway, Maarit Uusitalo,Fingrid Oyj,Finland,Albert Leirbukt,ABB,Norway,Petr Korba,ABB,Switzerland,4.Experiences and Future Plans in Monitoring the Inter-areas Power OscillationDamping(08GM0944)Jukka Turunen,Helsinki University of Technology,Finland,Mats Larsson, ABB,Switzerland,Petr Korba,ABB,Switzerland,Jussi Jyrinsalo,Fingrid Oyj,Finland,Liisa Haarla,Helsinki University of Technology,Finland,5.Phasor Measurement Units for System Diagnosis and Load Identiﬁcation inAustralia(08GM0727)Gerard Ledwich,Queensland University of Technology,Brisbane,Australia, Don Geddey,Transgrid,Australia,Peter OShea,Queensland University of Technology,Brisbane,Australia,6.SIMEFAS:A Phasor Measurement System for the Security and Integrity ofMexicos Electric Power System(08GM0311)Enrique Martinez Martinez,CFE,Mexico7.Performance Evaluation of Phasor Measurements(08GM1516)Zhenyu Huang,PNNL,USA,Jerry Stenbakken,NIST,USA,Ken Martin,BPA, USA,Bogdan Kasztenny,GE,USA,Sakis Meliopoulos,Georgia Tech,USA, Vahid Madani,PG&E,USA,Damir Novosel,Quanta Technology,USA,Wind Generator Modeling and Controls Panel Session Sponsored by:Dynamic Performance of Wind Power Generation Working Group Chair:Abraham EllisPublic Service Company of New Mexico(PNM)Abraham.Ellis@This session will address topics related to simulation of wind power plants steady-state and dynamic performance.Panelists will discuss doubly-fed asynchronous generators performance and controls,as well as the development and validation of positive-sequence dynamic models.Guidelines for representation of wind power plants in large-scale powerﬂow simulations will be presented.The session will also cover topics of current interest in the area of frequency regulation and reactive power capability.Including:Doubly fed induction generators(Description of performance and controls,Positive-sequence dynamic model modeling,Model validation and pa-rameter identiﬁcation),Frequency regulation by wind power plants,Steady-state representation of wind power plants and Wind power plant reactive power needs and requirements.Presentations and Panelists:1.Modeling of Wind Turbines based on Doubly-Fed Induction Generators forPower System Stability Studies(08GM0605)Istvan Erlich,University of Duisburg-Essen,Germany,Jorg Kretschmann,SEG GmbH&Co.KG,Kempen,Germany,Stephan Mueller-Engelhardt,EG GmbH &Co.KG,Kempen,Germany,Friedrich Koch,REpower Systems AG,Ger-many,Jens Fortmann,REpower Systems AG,Germany,2.Modelling of Doubly-fed Induction Generator for Power System Stability Study(08GM0510)Francoise Mei,Imperial College,London,UK,Bikash C.Pal,Imperial College, London,UK3.Estimating Wind Turbine Parameters and Quantifying Their Eﬀects on Dy-namic Behavior(08GM1487)Johathan Rose,ERCOT,Austin,TX,USA,Ian A.Hiskens,Unversity of Wis-consin,Madison,WI,USA4.Reactive Power Planning for Wind Power Plant Interconnections(08GM0693)Michael Behnke,BEW Engineering,San Ramon,CA,USA,Abraham Ellis, Public Service Comnany of New Mexico,Albuquerque,NM USA5.Wind Power Plant Representation in Large-Scale Power Flow Simulations inWECC(08GM1452)Abraham Ellis,Public Service Comnany of New Mexico,Albuquerque,NM, USA,Eduard Muljadi,National Renewable Energy Laboratory,Golden,CO, USA6.Frequency Regulation with Wind Power Plants(08GM1489)Badrul H.Chowdhury,Missouri University of Science&Technology,Rolla, MO,USA,Hong T.Ma,Missouri University of Science&Technology,Rolla, MO,USATechniques for On Line Voltage Stability Assessment and MonitoringChair:V.AjjarapuIowa State UniversityAmes,Iowa,50011vajjarap@Voltage instability is known to be a potential source of world wide power system blackouts.Considerable amount of work has been done in this area.Various tech-niques were developed for the assessment and mitigation of voltage instability.How-ever there is still a need for techniques for on line prediction of voltage instability. Recent advances in computational facilities,networking infrastructure,Phasor mea-surements have created new opportunities for on line voltage stability monitoring. This panel presents various papers that deal with techniques which are suitable for on line voltage stability assessment,monitoring and control.Presentations and Panelists:1.Detecting with PMUs the onset of voltage instability caused by a large distur-bance(08GM0664)Mevludin Glavic and Thierry Van Cutsem,University of Liege,Belgium2.Phasor Measurement Application for Power System Voltage Stability Monitor-ing(08GM0295)Le Fu,Bikash C.Pal and Brian J.Cory,Imperial College,London3.Problems and Solutions for Local Identiﬁcation of Voltage Instability and Emer-gency Control(08GM0964)Costas D.Vournas and Nikos G.Sakellaridis;NTUA,Greece4.Investigation of Various Generator Reactive Power Reserve(GRPR)Deﬁni-tions for Online Voltage Stability/Security Assessment(08GM0544)Bruno Leonardi and Venkataramana Ajjarapu,Iowa State University5.Identiﬁcation of Voltage Control Areas and Reactive Power Reserve;an Ad-vancement in On-Line Voltage Security Assessment(08GM0713)K.Morison,X.Wang,A.Moshref,Power Tech Labs and A.Edris,EPRI6.Coordinated Capacitor Bank Switching Using SVC Controls(08GM1033)Sujit Mandal and Venkat S.Kolluri,Entergy ServicesRecent Developments in Load Modeling Panel Session Chair:Baj AgrawalArizona Public Service Co.Phoenix,AZbagrawal@The focus of this panel is on load modeling approaches that are based on mea-surements and validation or component based approaches that utilizeﬁeld and/or laboratory tests to investigate load behavior and thus developing the appropriate models for system planning studies.There is a particular emphasis on single phase residential air-conditioner induction motor modeling.Presentations and Panelists:1.Development of Load Models for Fault Induced Delayed Voltage Recovery Dy-namic Studies(08GM0548)Lee Y.Taylor,Robert A.Jones,S.Mark Halpin2.Results of Residential Air Conditioner Testing in WECC(08GM1047)A.M.Gaikwad,Richard Bravo,D.Kosterev,S.Yang,A.Maitra,P.Pourbeik,B.Agrawal,R.Yinger,D.Brooks3.A Hybrid Model for Representing Air Conditioner Compressor Motor Behaviorin Power System Studies(08GM0696)P.Pourbeik,B.Agrawal4.Load Modeling in Power System Studies WECC Progress Update(08GM1056)Dmitry Kosterev,Anatoliy Meklin,John Undrill,Bernard Lesieutre,William Price,David Chassin,Richard Bravo,Steve Yang5.Load Model Parameter Derivation Using an Automated Algorithm and Mea-sured Data(08GM0704)A Mitra,A.Gaikwad,P.Pourbeik,D.Brooks6.Phasor Modeling Approach for Single Phase A/C Motors(08GM1053)Bernard Lesieutre,Dmitry Kosterev,John Undrill:。

the consumer group has ben created befor

the consumer group has ben createdbeforThe Consumer Group: Its Importance and ImpactThe creation of the consumer group is a momentous occasion that holds significant importance for both consumers and businesses alike. This group, often referred to as a consumer association or consumer coalition, is formed to represent the interests and voices of consumers, ensuring that their rights are protected and their needs are met.In today's fast-paced and ever-evolving marketplace, consumers are constantly bombarded with new products, services, and offers. While this diversity and choice are beneficial, it can also lead to confusion and uncertainty. This is where the consumer group steps in. They act as a guiding light, providing consumers with the necessary information, tools, and resources to make informed decisions about their purchases.One of the primary functions of the consumer group is to monitor and evaluate products and services. They conduct research, analyze market trends, and provide unbiased reviews and ratings to help consumers make informed choices. This not only ensures that consumers get the best value for their money but also encourages businesses to improve their products and services to meet consumer expectations.Moreover, the consumer group serves as a watchdog for consumer rights. They monitor and investigate complaints and grievances from consumers, taking action against businesses that violate consumer laws or engage in unfair practices. This ensures that consumers are treated fairly and with respect, and their rights are not compromised.The creation of the consumer group also has a positive impact on businesses. By providing feedback and suggestions from consumers, businesses can understand their needs and preferences better, allowing them to improve their products andservices accordingly. This not only leads to increased customer satisfaction but also helps businesses gain a competitive edge in the market.In conclusion, the creation of the consumer group is a step towards ensuring a fair, transparent, and consumer-friendly marketplace. It provides consumers with the necessary tools and resources to make informed decisions, while also protecting their rights and interests. At the same time, it encourages businesses to improve their products and services, leading to better customer satisfaction and overall market growth.。

ARIBA Supplier Onboarding Program Supplier User Gu

••Ariba: Supplier Onboarding Program1.Help-Page 32.Suppliers registering on the Ariba Network for the first time -Page 43.Suppliers who already have an Ariba Network account -Page 134.DUNS location Number-Page 165.Thomson Reuters Help Desk Numbers-Page 17IMPORTANT NOTES FOR SUPPLIERS•Thomson Reuters are unable to review and process your company as a supplier until the registration and subsequent questionnaire are completed.•Any sales invoices received will not be processed until the Supplier Onboarding registration process has been finalised.•Ariba times out after 30 minutes of inactivity.•Supported BrowsersMicrosoft Edge 32-bit Chrome 54+ 64-bit Microsoft Internet Explorer 11 32-bit Safari 9+ 64-bit Mozilla Firefox 49+ 64-bit•You should be aware that Ariba offers two versions; the Light Account and the Full Enabled Account. The Light Account will not incur any fees for you, as supplier, but the Full Account will. When registering with Ariba, you create an agreement directly with Ariba, to which Thomson Reuters is not a party.Please ensure that the appropriate Ariba Account type is selected , as if you select the Full Account, you will receive an invoice directly from Ariba. Thomson Reuters cannot accept accountability should the incorrect level be selected, nor can it accept liability for any fees incurred. Thomson Reuters can however assist you to switch back from the Full Enabled Account to the Light Account, if you notify Thomson Reuters accordingly.Ariba: HelpCOMPLETION OF THE SUPPLIER PROFILE QUESTIONNAIREBy phone:Thomson Reuters Helpdesk Numbers –See page 17By Email•************************(Latin America only)•AP*******************(Rest of World)* * * * *TECHNICAL ASSISTANCE WITH THE ARIBA TOOL/help/ariba-answers/contact-us/ariba-customer-support-phone-numbers Tip: Check you are using an Ariba supported browser –see page 2* * * * *ACCOUNTS PAYABLE SPECIFIC INVOICES RELATED QUERIES -EMAIL•*********************(Latin America only)•AP***************(Rest of World)Ariba: Invitation from Ariba to Supplier1) The email from Ariba will appear like this in your emailinbox.If you haven’t received the email, please check yourspam/junk folders.2) In the body of the email there is alink that you are required to click on toregister your company on the AribaNetwork or to access your existingAriba Network account if you alreadyhave one.Ariba: Invitation to Supplier4) Click “Sign up” if you are new to Ariba and wish to register for an Ariba Network account.3) Click the “Log in” link if you already have an Ariba Network account to log-in (see page 13)Ariba: Supplier Registration –Company details5) Please check and complete yourcompany details. Mandatory fieldsare marked with an asterix.6) Please complete the user account information. You can use your email for you username or create your own.Read and confirm your agreement to the Ariba Terms of Use and Privacy Statement and click “Submit”7) This page automatically displaysfollowing company registration.Click here to complete the SupplierProfile Questionnaire. This includesa series of questions about yourcompany including contact details,banking and tax details (if required)and a risk survey (if required).8) If this screen is displayed, you should click on the “Customer Requested” tab to display and complete the Thomson Reuters Supplier Profile Questionnaire.Ariba: Supplier Registration –Supplier Profile QuestionnaireIn all cases there are 2section will be displayed. Mandatory fields are marked with an asterisk.10) Once the questionnaire has been completed, please “Submit”9) In all cases there are 2 sections to complete. If there is a requirement to complete a risk survey, a further section will be displayed.Ariba: Supplier Registration –Supplier Profile Questionnaire Completion11) Confirmation can be seen once you have“Submitted” your response and can nowclose the pop-up window by clicking the “X”in the top right hand corner of the pop-upwindow.12) After the pop-up window has closed,click “save” at the top of the screen.13) USASuppliers based in United States of America are requiredto complete the certifications section of your AribaCompany Profile.14) Once all these stepsare completed, ThomsonReuters VendorMaintenance departmentwill review thequestionnaire for approval.Ariba: Thomson Reuters requires more information15) The Supplier ProfileQuestionnaire may be returnedto you if there is a requirementto obtain more information fromthe supplier or if clarification isneeded regarding any answersyou have provided.16) Following log-on to your Ariba Network Account, select “View customer requestedfields” on top left hand side of screen. Select “Customer Requested”.17) Click on the “Thomson Reuters” linkwhich will populate the Supplier ProfileQuestionnaire. Make the amendmentsrequired and click “submit”.Ariba: Approval or Rejection18) Approval: Your companyhas now been approved fortrading with ThomsonReuters and you will benotified by email.19) Rejection: You will benotified by email if yourorganisation has beenrejected for trading withThomson Reuters, pleasecontact your ThomsonReuters business sponsor.Ariba: The Supplier already has an Ariba Network Account20) If the supplier alreadyhas an Ariba NetworkAccount, select theappropriate link followingreceipt of the emailinvitation. Do not logdirectly into your accountwithout using the URL fromthe email otherwise the 2companies will not beassociated.21) Enter your existingUsername and Passwordand click “continue”.22) Once Username andPassword details have beenentered, the supplier shouldcontinue from page 7 forinstructions23) When you have logged into your Ariba Network account, you should click on the “Customer Requested” tab to display and complete the Thomson Reuters Supplier Profile Questionnaire.24) If you have not done so already, you will be asked to complete this section in the “Basic” information tab before you can save and close your company profile.Ariba: DUNs Location NumberYou may be required to provide your DUNs Number. If you do not know your DUNs number or not sure if you have one, you can check by searching your company in the UPIC website otherwise you may insert 999999999 in the required fieldhttps://www.upik.de/en/If you wish to apply for DUNs Location Number please apply to Dun and Bradstreet or their local agenthttps:///product/companyupdate/companyupdateLogin?execution=e1s1Ariba: Thomson Reuters Help Desk NumbersAMERICASUnited States of America +1 877 518 2761Canada +1 877 835 7103LatAm+ (506) 2277-9684EMEAAfrica(All African Nations) +357 22 469661Austria +43 15 311 2400Belgium +32 2 287 6747Central and Eastern Europe* +357 22 469661Denmark +45 33 969691EMNA ** +357 22 469661Finland +358 9 680 503 35France +1 5334 0148 or +1 5334 0178 Germany +49 69 7565 1414Greece +357 22 469661Gulf *** +357 22 469661Israel +357 22 469661Italy +39 02 66129558 Luxembourg +352 475151 823 Netherlands +31 20 799 8233Norway +47 22 93 69 03Portugal +35 12 13509231 Spain +34 91 5851013Switzerland +058 306 2400Sweden +46 8 700 1215Turkey +357 22 469661UK & Ireland +44 207 542 7777*Poland, Hungary, Slovakia, Czech Republic, Moldova, Bosnia, Albania,Romania, Croatia and Belgium.**Lebanon, Egypt, Jordan, Morocco, Tunisia, Malta, Cyprus, Algeria, Iraq, Libyaand Sudan***UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Yemen, Iran and QatarASIA PACIFICAustralia 1800 094 877China +00 800 1318 4700, + 86 411 8366 6574Hong Kong +001 800 1318 4700India +1866 841 1766Indonesia +001 803 441 462Japan +00 800 1318 4700, + 81 3 6441 1422, +86 4118366 6573Malaysia +00 800 1318 4700New Zealand +00 800 1318 4700Philippines +00 800 1318 4700Singapore +00 1800 318 4700South Korea +001 800 1318 4700 +86 411 8366 6578 Taiwan +00 800 1318 4700, +86 411 8366 6574 Thailand +001 800 1318 4700。

prime brokerage基础知识

prime brokerage基础知识下载温馨提示：该文档是我店铺精心编制而成，希望大家下载以后，能够帮助大家解决实际的问题。

文档下载后可定制随意修改，请根据实际需要进行相应的调整和使用，谢谢!并且，本店铺为大家提供各种各样类型的实用资料，如教育随笔、日记赏析、句子摘抄、古诗大全、经典美文、话题作文、工作总结、词语解析、文案摘录、其他资料等等，如想了解不同资料格式和写法，敬请关注!Download tips: This document is carefully compiled by the editor. I hope that after you download them, they 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!In addition, our shop provides you with various types of practical materials, suchas educational essays, diary appreciation, sentence excerpts, ancient poems, classic articles, topic composition, work summary, word parsing, copy excerpts, other materials and so on, want to know different data formats and writing methods, please pay attention!Prime brokerage是由金融机构提供给专业客户的一种综合金融服务，涵盖了股票、债券、外汇等多个领域。

商务英语视听说

商务英语视听说Consignment寄售 Commission 佣金Produce 农产品 Product 工业产品It’s a usual practice that agents should be paidProduction 产量 Productivity 生产力 on commission basis. Commissionis theOverall impression 总体 payment given to the agents or brokers forA big helping of 一大份their principals. It’s theremuneration\paymentPromotional literature 宣传材料 to selling agents by the exportersor theFootage 电影胶片 Lean 高效精干的 remuneration to buying agents bytheElevated walkway 高架行人道 importers in international trade.Affiliated 附属的 Trial order 首次订单PowerPoint slide 幻灯片 When buyers are not so familiar with the new state-of-the-art 达到最先进水平的 products or not so convinced bythe reputationmilestone 里程碑 of the sellers, they will make an initial attempt ready made 现成的 by ordering a small quantity of certainepitomize 为的缩影 products, which is known as a trial order. If it embody 表达 disseminate 传播 proves successful, long –term cooperation anddemonstrate 展示 delegate 代表 repeated orders will come in.lead 线索 booth 展台 Document against payment 承兑交单enquiry 询盘 offer counter 报盘还盘 It means documents can only be handedback up 支持 broker 经纪人 over to the buyer when he paid the amount ondeposit 订金 trade faire 商品交易会 the draft. In this case the banks will only dointeraction 合作 the service of collecting and remitting and will claim and arbitration 索赔与仲裁 not be liable for non-payment of the importer.firm offer 实盘 It can be further divided into Documentplace an initial order 首次订单 Against Payment At Sight and Documentplace an repeat order 重复订单 Against Payment after Sight.letter of credit 信用证 Lump Sum Payment 一次性付清irrevocable L\C 不可撤销信用证 It refers to a single payment for the total amount due，as opposed to a series of periodic revocable L\C可撤销信用证trade directory 商务目录 payments. it may spare the seller thetrade association 行业联合会 collection problems and the risk of postponeddrew up 草拟 Periodic payments. And it allows the seller thespecial indication of price 参考价格 Immediate use of the money. The buyer canturnover 营业额 ask for more favorable terms with lump sum payment. However，it may cause cash flow in one lot 一次发运without engagement 无约束力的 problems and increase risks for the buyer. 词组 chambers of commerce 国内外商会 Novelty 新奇，新鲜事物consulate 领事馆Venture 事业企业 textile 纺织品 trade directory 商务目录Speculation 推测投机买卖 trade associations 行业联合会Aggressive 好争斗挑衅 the export commodities fair进口商品交易会Ceramic 陶瓷的 exhibition and trade fairs商品展示会交易会 promotional literature 宣传材料 remain valid 有效期epitomize 为…的缩影 inventory 存货 backlog积压订单putter 轻击棒 invoice value 发票金额 be subject to 由决定on the high side 偏高 payment in part 部分付款 breaking dead locks打破僵局 order 付款通知 in the light of 由于 by remittance 汇拨支付 make concession 让步 in full 全额支付 half way 各让一步 mandatory 强制的verify 核实 supply exceed demand 供大于求 discrepancy差距 confirming bank 保兑银行 place a firm order 确定订单 payment by installment 分期付款 bidding 报价 arbitration 仲裁 cash on delivery货到付款 early settlement discount 提前付款优惠 cash flow 现金流 rest assured 放心incentive discount 刺激性折扣 line of business 行业 grant for 同意envisage 设想 agency agreement 代理协议 documentary credit 跟单信用证sales confirmation 销售确认书 invoice value 发票金额 be committed todoing 忙于做某事 freight to collect 运费到付 be occupied with 忙于marketing channel 销售渠道 execute an order 执行订单 end user 最终消费者in duplicate 一式两份 slip-up 疏忽 dispatch 派遣发出 gross| net weight 毛en route 在途中 |净重automatic document feeder自动送纸器 prior to 在…之前 relieved 放心的cover 给..保险 insurance policy 保险单exchanges 磋商 cardboard box 纸盒 consumption 消费 withhold 拒给 alternation 改动 lodge |entertain a claim 提出|受理索赔 plastic wrapper 塑料包装 target market 目标市场solar-powered 太invalid and void 失效阳能的cast my mind 回忆是 medium-priced 中等价位的 wracked my mind绞尽脑汁fashion-oriented 符合流行趋势的 bear with me 耐心听我说 out-fit 全套服装go down well 受欢迎的 elevated people 高层人士in an affluent society 富裕的 prime time 黄金时段assert one’s view 坚持某人的看法abbreviated 缩写的assertive 坚强而自信的 substantial 牢固的实质大量的inventory 存货 as per our last discussion 按照根据我们最后讨论 preferential 优惠的 commodity inspection bureau 商品检验局sanitary 卫生的acknowledgement 确认通知 commercial integrity商业信誉pneumatic 风动的 promissory note 本票draft、bill of exchange 汇票 reinstate 恢复deferred payment 记账赊账 Federal Express联邦快递公司 deposit payment 订金付款 optical 光学的 embody 表达 payment respite 延期付款canteen食堂 virtual 虚拟的 progressive payment 分期付款 solar-powered太阳能的medium-priced 中等价位的 pay on delivering(pod)货到付款timber 木材 outfit 全套服装 payment on terms 定期付款baffle 使困惑 brag 吹嘘league 联盟 editorial 编辑的 1、 you would save a lot if you order a litter flexibility灵活的 more. We offer a discount for large orders prospect 可能成为主顾的人 2、 if the quantity is too small， there is no ROI(return on investment)投资回报率 discountsurvey report 检验报告 shipmentinsurance policy 保险单 1、 is there any way to make the shipment defective 有缺陷的 earliercover 给….投保 install 安装 2、 the goods we ordered are seasonal goods profitable 盈利的 slip-up 疏忽 and it would be better if you could ship halt 使停止 firm order 确定订货 them in one lothousehold家庭的 3、 unless we receive the goods we ordered 汉译英within the next seven days，the order will报盘还盘 be cancelled and placed elsewhere Offer 报盘 4、 as we arein urgent need of these Price articles，could you manage to speed up 1、we’re willing to make you a firm offer at delivery,this price Refuse an offer2、 we can offer you a quotation based upon Pricethe international standard 1、 we regret we have to decline your offer 3、 we are in a position to offer tea from our 2、 your price is too high to interest us intostock entering a negotiation4、 my offer was based on a reasonable profit 3、 I appreciate your position，but we simplyexpectation，not on wild speculation can’t afford to accept your price 5、 let me make you a special offer Because of quantity quantity We can’t handle order that small 1、I’m sorry，we can only supply you with 1，I’m afraid we’re not able to supply as 000 sets at present much as your require2、 this is the maximum quantity we can Shipmentsupply at present The delay in delivery will cause inconvenience 3、we will try to meet you request for the We don’t think it’s a good idea to unload theadditional 10，000 tons of coal Chinese teas in Londondate of shipment 商务背景知识1、I’m sure that shipment will be effected Trade fairsaccording to the contract stipulation A trade fair is an exhibition that has been 2、I’m sorry that we can’t advance the organ ized so that companies in a specifictime of delivery industry sector can showcase and Counter offer demonstrate their latest products and Price services，study the activities of their 1、 Your quotation is on the high side competitorsand examine recent trends and 2、 You ask for at least 5% more than the opportunities. Some are open to theyour competitors do Public, while others can only be attended by 3、We are happy to accept your offer company representatives and members of theprovided that you cut y our price by 2% ‘mass media’. They are classified as either Quantity ‘public’ or ‘trade only’. In history, moderntrade fairs still follow some of the traditions of quantity, packing and other aspects of thegoods. If the buyer finds anything that is not trade fairs established in late medieval Europe.in conformity with the contract, he might As innovation and manufacturing increased,produce and craft producers often visited complain and further file a claim against the towns to attend trade fairs in order to sell seller. These seller should settle the claim and showcase their products. properly.What is factory tour? AdvertisingFactory tour is an important part in business Advertising aims to increase sales by making activities. Buyers will get a comprehensive a product or service known to a wider understanding of the products and the audience，and by highlighting its positive production process in the tour. Meanwhile , qualities to the public. A company can themanufacturer can demonstrate their advertise in a variety of ways，depending onadvantages to attract buyers. how much it wishes to spend and thesize and What is trade fairs? type of audience it wishes to target Atrade fair is an exhibition that has been Marketingorganized so that companies in a specific Marketing involves finding out what your industry sector can showcase and customers want and supplying it to them at a demonstrate their latest products and profit. Marketing is how you define your services. Generally speaking, tradefairs are product，promote your product， distributenot open to the public and can only be your product，and maintain a relationship attended by company representatives and with your customers.members of the press. DeliveryWhat is making enquiries? Delivering the goods on time is very An enquiry is a request for information on the important to the buyer because the buyer supply of certain goods. In international trade, needs to catch the season. On the other hand, an enquiry is usually made by a prospective it takes time for the seller to arrange buyer without engagement. He\she may send production after signing the contract. an enquiry to a seller inviting a quotation or Sometimes it is not easy to reach a point to simply asking for some general information the satisfaction of both parties. concerning the goods in which he\she shows Inquiries 询盘interest. Example 1Placing an order Dear Sirs,After the exchanges between the buyer and We thank you for yourletter of May 3 the seller, the buyer may issue a request to and shall be glad to enter into business purchase a specified amount of goods. A relation with you.formal order should contain: name and article We have seen your brochure and number, quality and specifications, quantity, interested in ###. We shall be pleased if you delivery, unit price and total amount, terms of will kindly send us samples and all the payment, etc. accuracy and clarity about all necessary information regarding these the requirements are essential in placing an products.order. Example 2Complaints Should your price be competitive and date Upon receiving the goods delivered by the shipment acceptable, we intend to place a seller, the buyer will check the quality, large order with you.Offer 报盘Dear Mr. *We thank you for your email enquiry for ****In reply, we offer firm, subject to your reply ~~~Pleased note that we have quoted our most favorable price and are unable to entertain any counter offerCounter offer 还盘1. 报价比较高We acknowledge receipt of both your offer of ##时间and samples of 样品名称，and thankyou for these.While appreciating the good quality of your 商品， we find yourprice is rather too high for the market we wish to supply.其他家的报价比你的低 all of them are atprices from 10% to 5% below the price you quoted.Such being the case, we have to ask you to consider if you can make reduction in you price,提出折中点，you may think itworthwhile to make a concession.回复Dear Mr.We confirm having received your telex###, asking us to make a # reduction in our price for 什么商品. Much to our regret, we are unable to comply with your request because we have give you the lowest possible price. We can assure you that the price quoted reflects the high quality of the products.We still hope to have the opportunity to work with you and anyfurther enquiry will receive our prompt attention.。

1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。

Contributed PaperOriginal manuscript received May 30, 2008Revised manuscript received June 26, 2008 0098 3063/08/$20.00 © 2008 IEEEA Wrapper and Broker Model for Collaboration betweena Set-Top Box and Home Service GatewayCheng-Liang Lin, Pang-Chieh Wang, Ting-Wei Hou*Abstract — If interactive Digital Television (iDTV) andResidential Service Gateway (RG) could converge, i.e. to share services and resources, add-on values could be created. We propose a wrapper (adaptor) and a broker model with cooperative interfaces and a communication mechanism to support the collaboration between instances of iDTV and RG. The proposed approach has a higher extensibility, and it is better suited to an object oriented approach. Our experimental target iDTV middleware is DVB/MHP Java Profile, and the Residential Gateway middleware is the Open Service Gateway initiative (OSGi). The MHP and OSGi are implemented on a single Java Virtual Machine. The MHP application manager is wrapped as a bundle, and a broker is responsible for communication between the MHP and the OSGi. Hence, application developers do not need to know beforehand which services are on the iDTV or RG, and services are discovered dynamically .Index Terms —DVB/MHP, OSGi, convergence, interactiveI. INTRODUCTIONWith the rapid growth of networking technologies and internet services, a seamless and cooperative service environment that removes a sense of boundaries between the office, car, and home is promising [1,2]. A home would have an information network, a control network, a multimedia network service, and cooperation between these services running on devices connected by the networks [3,4]. Because interactive Digital TVs (iDTV) are being introduced into homes, in addition to providing TV functions, they can serve as the graphical user interfaces (GUIs) of other home devices since they have the largest displays [5]. However, iDTVs’ interoperations with other devices are limited due to their resources and connectivity [6]. A Residential Service Gateway (RG), or a home gateway, is a device that connects local area network (LAN) and wide area networks (WAN) [7]. An xDSL modem, a cable modem, or a set-top-box integrated with such functions can also be called an RG platform. High level RG platforms can provide more services, such as digital TV, home security, home care and so on [1,8].Compared with traditional analog TV, digital TV can both improve the quality of audio/video and can also introduce new interaction models between TV-users and content providers. Multimedia Home Platform (DVB-MHP) [9,10] is an openThe authors are with the Department of Engineering Science, National Cheng-Kung University, Tainan City 701, Taiwan R.O.C (e-mail: {chengliang, panchieh}@.tw). The corresponding author is Ting-Wei, Hou. (e-mail:hou@.tw) middleware system standard. It was proposed by the DVB project for interactive Digital Television. The DVB-MHP application environments can be classified into two categories. The first is DVB-HTML applications. DVB-HTML allows digital TVs to access internet content based on HyperText Markup Language (html, xhtml). But many broadcasters, set-top-box manufacturers and content developers comment that DVB-HTML is too complicated and difficult to implement. The second category is a Java-based application environment, DVB-Java, which is deployed far more than the DVB-HTML applications. In this paper, we focus on the DVB-Java profile. The Open Service Gateway Initiative (OSGi) [11] is an industry specification for a standardized, service/component-oriented environment. The standard enables networked services to have the use of application services in homes, commercial buildings, industrial environments, cars and mobile phones. OSGi middleware is generally referred as an OSGi framework. OSGi services can be dynamically downloaded or automatically installed and executed on RGs with OSGi frameworks, depending on the users’ requirements. We believe that a digital home would have a digital TV set and a RG set or a set that integrates both, since TV and network connections are both required in homes. Add-on values could be created if interactive Digital Television (iDTV) and Residential Service Gateway (RG) could converge, i.e. to share services and resources between each other. In this paper, we propose a different model from [3,12] to collaborate iDTV and RG. We assume that an iDTV instance and an RG instance are implemented on a high performance machine. There are few related studies in the literature [3,12,13]. All their experimental target iDTV middleware is DVB/MHP Java Profile, and the Residential Gateway middleware is the Open Service Gateway initiative (OSGi). We compare them from three aspects: software architecture, coupling and implementation strategy, as shown on table 1.For the coupling metric, we classified the approaches into tightly-coupled and loosely-coupled. Loosely-coupled means that the MHP and the OSGi are on two Java Virtual Machines. The communication between the MHP and the OSGi are via a wire or wireless home network [13,14,15]. Such an approach could also be applied on a single machine if the network communication is simulated. The tightly-coupled approach means that iDTV and RG are in the same machine [3,12]. They are integrated into the same environment that includes hardware, an operating system, and a single Java Virtual Machine. The advantage is that MHP applications and OSGi applications both directly access each other using their ownAPIs. The tightly-coupled approach is more efficient, lends itself more easily to new application development, and it does not encounter object access or transmission issues typical of the loosely-coupled approach. The software architectures of [3,12] are a bridge. A bridge is a structure; it translates some required assumptions from one arbitrary component to some provided assumptions of another [16].TABLE IC OMPARISON BETWEEN THE MHP AND THE OSG I COOPERATIONAPPROACHESSoftware architecture Coupling Implementation D. Tkachenk, et al. [13,15]Bridge loosely-coupled (networked) Client/Server M. R. Cabrer, et al. [3,5] Bridge tightly-coupled Hybrid component Ming-Chien Yang, et al. [12] Bridgetightly-coupledStatic librariesThe third metric is an implementation strategy. In Tkachenk’s [13, 15] approaches, an interactive Xlet(client) service is automatically mounted to an OSGi service bundle. There is another service bundle running on a predefined remote server. The client bundle sends requests to the service bundle by socket communication, as abstracted in Fig. 1(a). In[3,5], the authors define a new kind of application, called anXbundLet. This XbundLet is a hybrid component of both the OSGi and the MHP, as indicated in Fig. 1(b). The drawbackof this approach is that an application developer needs tounderstand the XbundLet. It is not easy to update because it isnot easy to distinguish if an XbundLet is an Xlet of the MHP or a bundle of the OSGi. The approach proposed in [12] is a bridge to enable the MHP and the OSGi to collaborate by embedding a static java library into a Java Runtime Environment. The static library provides an API for the MHP-OSGi collaboration, such as is seen in Fig. 1(c). The drawback of this approach is that it requires a special JVM that is embedded with the library.In summary, for the bridge-based approaches, all services that require the collaboration between the MHP and the OSGi are controlled by the implementation of the bridge. The drawback is that an application designer may not have enough knowledge on the bridge implementation, i.e. client/server, hybrid component, or static library.Fig. 1. All implementation strategiesTo overcome these problems, we propose a simple and automatic approach to support the collaboration between the MHP and the OSGi in a single machine. In our a pproach, we separate the MHP application manager and common API (JavaTV, DAVIC, DVB-API, etc…) from MHP system software, and wrap the MHP application manager into an OSGi service bundle. The wrapped application manager (bundle) would automatically detect and collect all services among the MHP and the OSGi. This follows the definition of the wrapper as is referenced in [16]. In addition, we adopt a broker model to enable automatic cooperation between the MHP and the OSGi. As the wrapper is initialized, it also initializes the broker. As the broker is activated, it collects all available OSGi service bundles and MHP IXC services or simply the declared shareable bundles and IXC services separately. Hence, the (sharable) MHP IXC services are treated the same as OSGi bundles in the OSGi world, and (sharable) OSGi bundles are treaded the same as MHP IXC services in the MHP world. There are no predefined operations to access different world services. Hence, an OSGi application developer doesn’t need to know if a service is MHP-based or OSGi in nature. They are all OSGi services to an OSGi application developer. Of course, an MHP Xlet developer does not need to distinguish the MHP nature of OSGi-based services, either.Two scenarios are included to verify the proposed approach and to illustrate the benefits of enabling the interaction between the MHP and the OSGi. In the first scenario, a user can control home devices by using a remote controller while watching TV. As a visitor arrives at the user’s door, a small video pop-up window shows the visitor on the TV screen. The user then simply presses a button to open the door and admit the visitor without getting off the sofa. The second scenario is a recommendation system for TV programs. The system can recommend some TV programs to users based on a history profile.This paper is organized as follows. Followed by the introduction in section I, section II presents the proposed software architecture, the wrapper and the broker. Section III is the implementation and experiments with regard to the proposed approach, followed by the conclusion and discussions in section V.II. SOFTWARE ARCHITECTUREMHP middleware needs a Java Runtime Environment, which includes Common Java Package, native APIs as mandatory components, and device drivers. MHP middleware also requires JavaTV, JMF, Havi-UI and an XML parser for controlling services, streamed media, user interface and XML functions. The MHP Application Manager gets the application list, locates and executes applications, controls the applications’ lifecycles and authorizes applications to access resources. MHP middleware consists of three layers: the Applications, System Software, and Resources. The MHP APIs lie between the Applications and the System Software layers. MHP applications (known as Xlets), which are at the Application layer, invoke the MHP APIs to access hardwareor software resources. In the proposed approach, the MHP Application Manager is wrapped as an OSGi service bundle, called the MHPAPPmanager bundle. This software architecture is shown in Fig. 2. The MHPAPPmanager bundle is a normal OSGi service bundle which includes the MHP Application Manager and a broker. The broker follows the broker design pattern [16,17]. The broker consists of three components: RegistryBroker, MHPIXCProxy andOSGiProxy. When the MHPAPPmanager is activated, the broker retrieves all the names of registered OSGi services and registered the names into the MHP IXC Registry. The broker also collects all IXC services in the IXC Registry and then registers them into the OSGi in order. After this point, an Xletcan invoke OSGi services in the same way as to invoke an IXC service, and an OSGi service bundle can also invoke IXC services the same as the OSGi services. For example, if a MHP Xlet is to access an OSGi service, first it invokes a service object by the lookup() method which searches the IXC Registry. Then, the lookup() method returns an object previously registered by an OSGi service. The invoking process is as follows:org.dvb.io.ixc.IxcRegistry registry =org.dvb.io.ixc.IxcRegistry.getRegistry(XletContext);Object remoteObj =registry.lookup(XletContext, “string type of objects path”);If the IXC Registry has no matched service, the lookup()method returns a string of null. If there is the required service,the service is invoked in the same manner as an MHP Xlet.The same flow also works in the OSGi side.Another duty of the broker is to stop or pause an Xlet. For example, if a signal originates from the Application Information Table (AIT) requesting to pause or stop an Xlet, the MHP Application Manager catches the signal, decodes the signal and accordingly destroys the Xlet and discards it. If an Xlet signals a stop or pause to an OSGi bundle, the Xlet invokes the broker to perform the operation. The broker then triggers the OSGiProxy, to stop or pause the OSGi service. A similar flow of operations is triggered as a request from an OSGi bundle to stop an MHP Xlet.Fig. 2. MHPAPPmanager bundle on the OSGi FrameworkSince the MHPAPPmanager is a bundle, it must be subject to OSGi lifecycle management. Thus, we propose a coordination of the lifecycle OSGi and the MHPAPPmanager.As shown in the left side of Fig. 3, the MHPAPPmanagerstarts from the OSGi state “installed” and moves to “resolved”, “starting” and “active”. When the MHPAPPmanager becomesactive, as in the right side of Fig. 3, the MHPAPPmanager starts to manage the lifecycles of the Xlets. After entering thePrefetch state, the MHPAPPmanager handles the lifecycle foreach Xlet. The Application Information Table (AIT) can beretrieved by JNI (Java Native Interface). By gathering AITsignals, the MHPAPPmanager performs operations such as loadXlet, pasuseXlet or destoryXlet to control the lifecycle of the Xlets. The proposed MHPAPPmanger’s lifecycle coordinated OSGi’s is shown in Fig. 3.Fig. 3. MHPAPPmanager Bundle coordinated with OSGi lifecycleA broker component consists of the MHPIXCProxy, theRegistryBroker, and the OSGiProxy. A RegistryBroker class is a manager responsible for the registrations/unregistrationsof requests from the MHP to the OSGi, as well as theregistrations/unregistrations of requests from the OSGi to theMHP. On the other hand, in the MHP, the specificationdoesn’t define such an IXC listener. Hence, we defined amethod to listen and notify whose IXC (Inter-Xlet-Communication) service status is changed. The status containsREGISTERED, MODIFIED and UNREGISTERING. Fig. 4is a class diagram which illustrates the relationship between the classes.Fig. 4. A class diagram of the MHPAPPmanager BundleThe RegistryBroker has five methods:1. bindIXC (String serviceName, Object obj): thismethod is triggered by the OSGiProxy when the OSGiProxy receives a registered servicenotification coming from the OSGi service registry. The name of the newly registered service is passed to the RegistryBroker, and then the RegistryBroker invokes the MHPIXCProxy’s bind() method to bind the service to the MHP world. 2. unbindIXC (String serviceName): this method is triggered by the OSGiProxy, too. When an OSGiservice is unbound in the OSGi service registry,the RegistryBroker takes the service name andcalls the MHPIXCProxy’s unbind() method torelease the binding between the service and the MHP world.3. regService(String serviceName, Object obj): thismethod is triggered by the MHPIXCProxy when the MHPIXCProxy receives a registered service notification coming from IXC Registry. The method is similar to bindIXC, but it exists in the MHP world. The service name and service object is passed to the RegistryBroker, and then the RegistryBroker invokes the OSGiProxy’s regService() method to do a registry procedure. 4. unregService(): this method is triggered by the MHPIXCProxy, too. When an IXC service is unregistered in IXC Registry, the RegistryBroker takes a service name to the OSGiProxy’sunregService() method in order to do un-registryprocedure.5. serviceChanged(): this method is designed to listen and provide a notification of which OSGi/MHP service’s status is changed. The status can be REGISTERED, MODIFIED or UNREGISTERING.How the broker cooperating MHP and OSGi services an illustrated is shown as follows: A. How MHP Xlets invoke OSGi Services OSGiProxy “glues” the OSGi framework and the broker component. ServiceListener is an OSGi service listener interface. It is responsible for notifying which service’s status is changed. OSGiProxy can get a service reference using the “BundleContext.getServiceReference” method. BundleContext is a key object which allows services to access resources among the OSGi frameworks. When the OSGiProxy obtains an event of service status change, it gets the reference of the service; it invokes regService to notify and sends the reference to RegistryBroker. RegistryBroker then passes this reference to MHPIXCProxy. MHPIXCProxy stores this reference into MHP IXC Registry.MHP Xlets are able to use an OSGi service after the process is shown in Fig. 5. First,registers into the OSGi Service Registry.Theregisters these services into the MHP IXC Registry. To facilitate service lookup, each service is assigned a label (for hashing). OSGiProxy monitors these labelled services through OSGi ServiceListener. Registry Broker uses the bind method to invoke the MHPIXC Proxy to store these services into theMHP IXC Registry; after that, Xlets can either lookupor acquire OSGi service references using the MHP IXCmechanism.Fig. 5. Xlets Using OSGi Services. B. How OSGi Services invoke MHP IXC-Services The MHPIXCProxy is analogous to the OSGiProxy. The MHPIXCProxy implements an IXCListener interface, whichis invoked by an IXCServiceEvent object when an IXC-Service is registered or modified or in the process of unregistering.an MHP IXC service registersThe MHPIXCProxy parses all IXC The MHPIXC Proxy invokes Registry Broker to register these services into the OSGi ServiceRegistry. After the above procedures, OSGi bundles can get the references of the IXC services using the OSGi services access mechanism. Fig. 6. OSGi Services use MHP IXC-Services.III.IMPLEMENTATION AND EXPERIMENTSWe implemented the proposed approach to converge MHP middleware and the OSGi framework. The prototype is implemented on an x86-based platform with a VIA EPIA N-Series Nano-ITX platform. The platform was equipped with a 1G VIA processor and 512MB RAM with only required services. The operating system is Debian kernel 2.4.27 and Java 2 Platform Standard Edition version 1.4.1.07. The MHP middleware was Xletview 3.6 [18] extended with our IXC implementation. The OSGi framework implementation was Oscar 1.5 [19]. The broker component is shown in Fig. 4. We propose two scenarios to demonstrate the collaboration model. One scenario is a door control System, and the other is a recommendation system.A.Software Component OverviewOscar is responsible for the initialization of Xletview. Oscar installs the MHP Application Manager bundle (the MHPAPPmanager Bundle). A broker component is created.z MHPAPPmanager Bundle: This bundle contains the broker component and a wrap. The wrap partiallyimplements the MHP Application Manager. It comesfrom the XletManager.java in Xletview. We modified the Xletview source code and added twofunctions: (1) loading Xlets from the file system orobject carousel, and (2) listening to the servicechange events between the MHP and the OSGi fromServiceListener and passing the events to the RegistryBroker which then registers or unregistersvia the MHPIXCProxy or the OSGiProxy.z Broker Component: It contains RegistryBroker, MHPIXCProxy and OSGiProxy. It is for detecting ifa service is available or unavailable and fortransferring of service references.B.The scenario of the door control systemThe scenario depicts a situation where when someone rings the doorbell, the door control service bundle is trigged. Then, it sends an event to notify the MHP door control Xlet and shows an image on the TV so that the TV watcher can see a view of the front door and see who the visitor is. The TV watcher decides whether or not to open the door or talks to the visitor. Fig. 7 shows a pop up window on the TV screen. The watcher either selects a direction key to change key actions in this Door control Xlet, and selects “OpenDoor” to open the front door, or “off” to close this Xlet on TV screen. We designed an UPnP Webcam service bundle and a lock-door control service bundle with an RS232 interface in the OSGi platform. These two bundles are to collaborate with anMHP Xlet to support the scenario.Fig. 7. When someone rings the doorbell, a popup appears on thetop left side of the TV screen.The sequence diagram of the door control system is in Fig. 8. At first, the door control service bundle registersits own service into the OSGi. At this moment, the OSGiProxy gets an event notification which notifies the RegistryBroker that a service is incoming into the OSGi. Then, RegistryBroker’s bindIXC() method is invoked by the OSGiProxy. RegistryBroker puts the name of this service and the service’s object reference into the IXC Registry by invoking the MHPIXCProxy’s bind() method. The door control Xlet gets the reference of the service object from the IXC registry by the lookup() method. The Door Control service bundle has two processes, which are getVideoSource() and getDoorbellState(). The getVideoSource() passes a DataSource from the WebCamto a requester, and the getDoorbellState() method sends a Boolean type to a requester. The door control Xlet listensto a state change by getDoorbellState(). When the state change is true, the door control Xlet invokes the getVideoSource() method to obtain a video content takenat the front door.C. A scenario of a TV program recommendation systemThe system consists of a lightweight RFID service bundle [20] and a program recommendation service bundle. These service bundles are all running on the OSGi platform. For the lightweight RFID service, an RFID tagis assumed to be associated with each family member. The recommendation service is responsible for recommendinga selection of TV programs to a family member who might be interested at that moment.Fig. 8. A sequence diagram of the Door Control systemA week is recorded as 7 days with 24 time slots in a day for every family member. The recommendation is to learn from the information on weekly basis. It records each family member’s choices into each member’s personal profiles. This system would assist the individual by showing a preference list on the TV screen when a special button on a remote controller asking for recommendation is pushed.Suppose H (p,n,i,j) is a matrix, where p is for each person, n is for the week, i is a week day and j is for 0 to 23 hours. The initial score of each item of H is zero. Assume that T w is the time a channel is watched, and T d is the program duration time, respectively. H (p,n+1,i,j) is the new score, and k (0<k<1) is a learning factor (k = 0.1 in the experiments). The score of each item of H is calculated as in Equation (1) and Equation (2). We set up a threshold of 5 minutes. If the watching time exceeds 5 minutes, the updating algorithm begins to count time on a 5 minute basis. For example, the father is watching channel 5 at 7:00 pm on Monday. After 20 minutes, he changes to another channel. The default value H (father,0,1,19) in this case equals 0. After 20 minutes, the H (father,1,1,19) of channel 5 will be updated to 0.33. H (p,n,i,j) = 0; (1) H (p,n+1,i,j) = T w / T d + k * H (p,n,i,j) ; (2)According to this rule, on the next Monday, at the same time, the recommendation system retrieves a program’s top 5 scores in the personal profile. A user can choose to select the recommend channels. Fig. 9 shows an Xlet of the MHP Navigator as the user selects the recommendation. Fig. 10 shows the recommended channels. There were only two for recommendation, channel 5 and channel 7. Their scores are 0.33 and 0.25, respectively.Fig. 9. A MHP Navigator resultFig. 10. The recommendation resultsIV. CONCLUSIONSThis research proposes a wrapper and broker model for a digital television (MHP) and a residential gateway (OSGi platform). The MHP middleware and the OSGi framework are glued so that MHP Xlets can access OSGi service bundles and so that the OSGi service bundles can access IXC service orMHP API. Based on this model, add-on value services can lead to the sharing of information and/or services between the OSGi framework and the MHP middleware. Our approach is simple, and services (resources) being addressed are dynamically detected from the MHP middleware and the OSGi framework. We also implement two prototypes for the two scenarios depicted herein to demonstrate the feasibility of the proposed approach. As the MHP information service is further expanded by the devices or intelligent sensors controlled by the bundles of the OSGi framework, such as occurs in one scenario proposed in this research, the quality of home lives could be enhanced. Further more, the demand on the growth of new services could be raised.Currently, we do not consider security issues. All services (resources) are currently trusted and provided customized services for home users. In the future, we would consider security issues such as how to authenticate a legal service and how to define a policy under the MHP and the OSGi. In addition, a service composition model is considered to support dynamic on-demand services composition. We believe that diversified and interactive digital television will bring new experiences and services.R EFERENCES[1]Peter Christ, Falko Feßer, and Ulrich Schiek, Possible interoperabilityscenarios between MHP and OSGi in the car, Proc. MMC Workshop, 2003.[2]M. Merabti, O. Abuelma'atti and P. Fergus, “Networked Appliances andHome Networking,” Proc. First International Workshop on the Ubiquitous Home, Kyoto University, Japan, 2005.[3]M. R. Cabrer, R. P. D. Redondo, A. F. Vilas, J. J. P. Arias and J. GDuque, “Controlling the Smart Home from TV,” IEEE Trans. Consumer Electron., vol. 52, no. 2, pp. 421–429, May 2006.[4]DLNA. Digital Living Network Alliance. [5]R.P.Diaz-Redondo, A.Fernandez-Vilas, M.R. Cabrer, J.J.Pazos-Arias,“Exploiting OSGi capabilities from MHP applications,” Journal of Virtual Reality and Broadcasting, vol. 4, no. 16, 2007[6]V. Miori, L. Tarrini, and M. Manca, “An Open Standard Solution forDomotic Interoperability,” IEEE Trans. Consumer Electron., vol. 52, no.1, pp. 97–103, Feb. 2006.[7] D. Marples, and P. Kriens, “The Open Services Gateway Initiative: AnIntroductory Overview,” IEEE Commun. Mag., vol. 39, no. 12, Dec.2001.[8] E. Niemelä and T. Vaskivuo, “Agile Middleware of PervasiveComputing Environments,” Proc. IEEE Annual Conference on Pervasive Computing and Communications Workshops, pp 192-197, March 2004. [9]U. Reimers: DVB, the Family of International Standards for DigitalVideo Broadcasting–Second Edition, Springer, Oct. 2004.[10]Digital Video Broadcasting, Multimedia Home Platform (MHP)Specification 1.1.1. , last visited July 24th, 2007.[11]Open Service Gateway initiative Alliance, [12]Yang Ming-Chien, Sheng Norman, Brandon Huang and Tu Jethro,“Collaboration of Set-Top Box and Residential Gateway Platforms,”IEEE Trans. Consumer Electron., vol. 53, no. 3, pp. 905–910, Aug.2007. [13] D. Tkachenko, N. Kornet and A. Kaplan, “Convergence of iDTV andHome Network Platforms,” Proc. IEEE Consumer Communications andNetworking Conference, pp. 624-626, Jan. 2004.[14]O. Abuelma'atti, M. Merabti and B. Askwith, “A wireless networkedappliances interoperability architecture,” Proc. 1st InternationalSymposium on Wireless Pervasive Computing, pp. 6-11, Jan, 2006.[15] D. Tkachenko, N. Kornet, A. Dodson, Li Luyang and R. Khandelwal,“A framework supporting interaction of iDTV applications and CEdevices in home network,” Proc. IEEE Consumer Communications andNetworking Conference, pp. 605-607, Jan. 2005.[16]L. Bass, P. Clements, and R. Kazman, “Software Architecture inPractice–Second Edition,” Addison Wesley, 2003.[17]M. Stal, “The Broker Architectural Framework,” Proc. Object-OrientedProgramming Systems, Languages and Applications, Maitland, Florida,U.S.A, 1995.[18]XleTView 0.3.6, , last visited July 24th,2007.[19]OSCAR: an OSGi Framework Implementation,, last visited July 24th, 2007.[20]Sun Kuan-Hung, Hou Ting-Wei, and Wu Zheng-Ying, “Pluggable RFIDcomponents and a Lightweight RFID System based on OSGi,” Proc.International Conference on Consumer Electronics, pp. 1-2, Jan, 2007.Cheng Liang Lin received the B.S and M.S. degree inComputer Science and Information Engineering fromShu-Te University, Taiwan, in 2003 and 2005. And nowhe is a Ph.D candidate in Engineering Science, NationalCheng Kung University. His major research is in softwaremethodologies, middleware collaboration, services designfor ubiquitous computing environments, Interactive Digital TV and Java related technology.Pang-Chieh Wang received the B.S degree inEngineering Science from National Cheng KungUniversity and the M.S. degree in Engineering Sciencefrom National Cheng Kung University, Taiwan, in 2000and 2002. And now he is a Ph.D candidate inEngineering Science, National Cheng Kung University.His major research is in sensor network, ad hoc network, multi-media cryptography and Java related technology.Ting-Wei Hou received BS, MS, and Ph.D degrees all inElectrical Engineering, National Cheng Kung University,Taiwan, in 1983, 1985, and 1990 separately. He has beenan associate professor in Department of EngineeringScience, National Cheng Kung University since 1990. Hewas a visiting scholar of CSRD of University of Illinoisat Urbana-Champaign, Illinois, U.S.A, during 1993-1994.His major research is in embedded systems and system integration. He has been the project leader of the pilot project on Healthcare IC cards in Penghu, Taiwan from 1998 to 2003, which encouraged the National Healthcare IC card project. He is currently working on Java based embedded systems, such as Java Virtual Machines, Java obfuscators, MHP, OSGi, Java card applications,and RFID applications.。