The FCA’s regulatory approach
怎么写害怕动物的英语作文
Writing an essay in English about having a fear of animals can be a personal and emotional task. Heres a stepbystep guide on how to approach this topic:1. Introduction: Start by introducing the topic and explaining what it means to have a fear of animals. You could begin with a personal anecdote to draw the reader in.Example: As a child, the mere sight of a dog would send me running in the opposite direction. This fear, known as zoophobia, has followed me into adulthood, shaping my interactions with the animal kingdom.2. Background: Provide some background information on zoophobia, including its prevalence and potential causes.Example: Zoophobia, or the fear of animals, affects millions of people worldwide. It can stem from a traumatic event, such as being bitten by an animal, or it can develop from a learned behavior, often passed down from anxious parents.3. Personal Experience: Share your personal experiences with the fear. Describe specific incidents that have contributed to your phobia.Example: My first encounter with a dog that resulted in a bite left me with a deepseated fear. Since then, any encounter with an animal, regardless of its size or temperament, triggers a panic response.4. Impact on Life: Discuss how this fear has affected your life, including social situations, career choices, and hobbies.Example: My fear has limited my ability to visit friends with pets and has even influenced my career path, steering me away from jobs that involve working with animals.5. Coping Strategies: Explain the methods you have used or are using to cope with or overcome your fear.Example: I have sought therapy to address my zoophobia, learning techniques such as deep breathing and visualization to manage my anxiety during encounters with animals. 6. Understanding Animals: Include information about how understanding animal behavior can help alleviate fear. Discuss any steps you have taken to learn more about animals.Example: Educating myself on animal behavior and body language has been a crucial step in my journey to overcome my fear. By understanding that most animals are not inherently aggressive, I have been able to approach them with less apprehension.7. Conclusion: Conclude by reflecting on your journey with zoophobia and any progress you have made. You may also want to offer advice or encouragement to others who may be experiencing similar fears.Example: While my journey with zoophobia is ongoing, I have made significant strides in managing my fear. It is my hope that by sharing my story, I can inspire others to face their fears and find ways to live more fulfilling lives.Remember to use descriptive language and vivid examples to make your essay engaging and relatable. Additionally, maintaining a firstperson perspective can help convey the personal nature of the experience.。
英语作文跳蚤市场
Flea markets,also known as brocantes in French,are a unique and vibrant part of the cultural landscape in many countries around the world.They offer a treasure trove of items,from vintage clothing to antique furniture,often at a fraction of the price you would find in a traditional store.Heres a detailed look at what makes a flea market experience so special.History and OriginFlea markets have a rich history,dating back to the17th century in France.The term flea market is believed to have originated from the French marchéaux puces,which refers to the market at the Place de la République in Paris,where secondhand goods were sold. The name is thought to have been inspired by the flealike nature of the goods being sold, or possibly by the actual fleas that might have infested some of the items.The Appeal of Flea Markets1.Bargain Hunting:One of the main attractions of flea markets is the opportunity to find great deals.Shoppers can often negotiate prices with sellers,making it a fun and interactive experience.2.Variety:The range of items available at flea markets is incredibly diverse,from old books and vinyl records to unique jewelry and handmade crafts.This variety caters to a wide array of tastes and interests.3.Cultural Experience:Flea markets are not just about shopping they are also a cultural experience.They often reflect the history and character of the local community,offering insights into the areas past and present.4.Sustainability:Buying secondhand items at flea markets is an ecofriendly choice,as it promotes recycling and reduces waste.How to Navigate a Flea Market1.Arrive Early:The best items are often sold early,so arriving at the start of the market can give you the best selection.2.Bring Cash:While some vendors may accept cards,many prefer cash.Its always a good idea to have some on hand.3.Inspect Items:Before making a purchase,check the condition of the item carefully. Look for any damage or signs of wear.4.Negotiate:Dont be afraid to haggle.Many sellers are open to negotiation,especially ifyoure buying multiple items.5.Enjoy the Atmosphere:Take the time to explore and enjoy the atmosphere.Listen to the stories of the sellers and the history behind the items.Popular Flea Markets Around the WorldParis,France:The Clignancourt market is one of the largest and most famous flea markets in the world.New York,USA:The Brooklyn Flea is a modern take on the traditional flea market, featuring a curated selection of vintage and handmade goods.London,UK:Portobello Road Market in Notting Hill is a historic market known for its antiques and secondhand goods.Tokyo,Japan:The Shimokitazawa Flea Market is a popular spot for vintage clothing and unique Japanese items.ConclusionFlea markets offer a unique shopping experience that combines the thrill of the hunt with the joy of discovery.They are not just places to buy things they are places to connect with history,culture,and the stories behind the items.Whether youre a collector,a bargain hunter,or simply someone looking for a unique experience,flea markets are well worth a visit.。
顺风而行 顺势而为不是阿谀奉承英语作文
顺风而行顺势而为不是阿谀奉承英语作文全文共3篇示例，供读者参考篇1Going with the Flow and Seizing Opportunities is Not FlatteryAs a student, one of the most valuable lessons I've learned is the importance of being adaptable and seizing opportunities as they arise. It's a skill that goes beyond just academics and can be applied to all aspects of life. Some might confuse this approach with being a people-pleaser or engaging in flattery, but that couldn't be further from the truth.Going with the flow doesn't mean compromising your principles or values. It simply means being open-minded, flexible, and willing to adjust your plans or strategies based on changing circumstances. In today's rapidly evolving world, rigidity and stubbornness can often be more detrimental than helpful.Think about it: how many times have you heard stories of successful entrepreneurs or innovators who had to pivot their business model or adapt their product to stay relevant and competitive? Or athletes who had to modify their trainingregimen or approach due to injuries or changing conditions? The ability to roll with the punches and embrace change is a hallmark of successful individuals across all fields.Personally, I've found that going with the flow has served me well in my academic journey. When I first started college, I had a very specific plan in mind – I was going to major in Biology and pursue a career in medical research. However, after taking a few introductory courses, I realized that my true passion lay in the field of Environmental Studies. Rather than stubbornly sticking to my original plan, I made the decision to change my major, and I've never looked back.Of course, making that kind of significant change wasn't easy. It meant adjusting my course schedule, potentially delaying my graduation date, and having to explain my decision to my family and friends. But by being open to new opportunities and following my genuine interests, I ended up on a path that was far more fulfilling and aligned with my values.Seizing opportunities is another crucial aspect of this mindset. As students, we're constantly presented with chances to learn, grow, and explore new avenues – whether it's joining a club, participating in a research project, or applying for an internship. While it's tempting to stick to our comfort zones andfamiliar routines, the most rewarding experiences often lie just outside our boundaries.Last year, for instance, I had the chance to participate in a study abroad program in Costa Rica. Initially, I was hesitant – the idea of leaving my friends and familiar surroundings for an entire semester was daunting. But after some encouragement from my academic advisor, I decided to take the leap. And what an incredible experience it turned out to be! Not only did I get to immerse myself in a new culture and improve my Spanish language skills, but I also made lifelong friends and gained invaluable personal growth.Going with the flow and seizing opportunities is not about being a pushover or blindly following the crowd. It's about having the wisdom and self-awareness to recognize when a change of course or a new opportunity aligns with your goals and values. It's about being open-minded and adaptable, while still staying true to your principles.Contrary to what some might think, this approach is not a form of flattery or people-pleasing. In fact, it requires a great deal of self-confidence and self-assuredness. When you're secure in your beliefs and values, you're better equipped to navigate the inevitable twists and turns that life throws your way.You're less likely to be swayed by external pressures or societal expectations, and more inclined to make decisions based on your own authentic desires and aspirations.Of course, this doesn't mean that we should recklessly abandon our plans or commitments at the first sign of adversity. It's important to strike a balance between flexibility and persistence. Sometimes, the most rewarding achievements come from persevering through challenges and pushing past obstacles. The key is to have the discernment to recognize when it's appropriate to adapt and when it's necessary to stay the course.As I look ahead to the future, I know that the ability to go with the flow and seize opportunities will continue to serve me well. Whether it's navigating the job market, building a career, or pursuing personal goals, the willingness to embrace change and explore new avenues will be invaluable.In a world that's constantly evolving, those who cling too tightly to rigid plans or refuse to adapt are likely to be left behind. But those who can gracefully adjust their sails and chart new courses as circumstances demand will be the ones who truly thrive and succeed.So, to my fellow students – and really, to anyone reading this – I encourage you to cultivate this mindset of being open,adaptable, and opportunistic. Embrace change, pursue your passions, and don't be afraid to veer off the beaten path. Because going with the flow and seizing opportunities is not about flattery or weakness – it's about having the courage and wisdom to live life to the fullest.篇2Going with the Flow and Seizing Opportunities is Not FlatteringAs a student navigating the tumultuous waters of academia, I've come to realize that the conventional wisdom of "going with the flow" and "seizing opportunities" is often misunderstood as a form of flattery or obsequious behavior. However, I firmly believe that this mindset is not only pragmatic but also essential for personal growth and success.The notion of "going with the flow" is frequently interpreted as a passive acceptance of circumstances, a resignation to the status quo, or worse, a willingness to compromise one's principles for the sake of convenience. This perception couldn't be further from the truth. In reality, "going with the flow" is about cultivating the wisdom to recognize when resistance is futile and when adaptation is the more prudent course of action.Life is an ever-changing tapestry of events, some within our control and others entirely beyond our influence. The ability to discern the difference between these two realms is a mark of emotional intelligence and maturity. By embracing the ebb and flow of life, we can channel our energy more effectively, focusing our efforts on areas where we can make a meaningful impact while gracefully navigating the currents that are beyond our control.It's essential to understand that "going with the flow" does not equate to complacency or a lack of ambition. On the contrary, it involves a thoughtful and strategic approach to navigatinglife's challenges. It's about recognizing when to hold firm to our convictions and when to pivot, adapting to new circumstances without compromising our core values.Similarly, the concept of "seizing opportunities" is often misconstrued as a form of obsequious behavior or a willingness to exploit others for personal gain. However, this perspective fails to capture the essence of what it truly means to capitalize on emerging prospects.Opportunities are the lifeblood of growth and progress, presenting themselves as fleeting moments that demand our attention and decisive action. Seizing these opportunities is notabout flattering or currying favor; it's about having the foresight to recognize their potential and the courage to act upon them.Throughout history, countless individuals have achieved remarkable feats by seizing opportunities that others overlooked or dismissed. From entrepreneurs who capitalized on emerging markets to scientists who pursued groundbreaking research, the ability to identify and grasp opportunities has been a defining characteristic of those who have left an indelible mark on the world.It's important to note that seizing opportunities does not necessitate sacrificing one's principles or engaging in unethical behavior. On the contrary, true opportunities are those that align with our values and contribute to our personal and professional growth. By remaining true to ourselves and our convictions, we can seize opportunities that not only propel us forward but also have a positive impact on those around us.In the context of academia, "going with the flow" and "seizing opportunities" take on heightened significance. As students, we are constantly bombarded with a myriad of challenges, from rigorous coursework to extracurricular commitments and social pressures. It is during these formative years that we must learn to navigate the currents of life whileremaining steadfast in our pursuit of knowledge and personal growth."Going with the flow" in an academic setting might mean recognizing when to prioritize self-care and mental well-being over academic obligations, or it could involve adapting to a professor's teaching style or course structure. It's about striking a balance between maintaining our determination and embracing flexibility when circumstances demand it.Conversely, "seizing opportunities" in the academic realm might involve pursuing internships, research projects, or study abroad programs that broaden our horizons and provide invaluable experiences. It could mean taking on leadership roles in student organizations or seeking mentorship from esteemed faculty members. By embracing these opportunities, we not only enhance our academic journey but also cultivate the skills and connections that will serve us well beyond our years in the classroom.However, it's crucial to remember that true opportunities are those that align with our values and contribute to our personal growth. It's all too easy to fall into the trap of pursuing opportunities solely for the sake of bolstering our resumes or appeasing others' expectations. True growth and fulfillmentcome from seizing opportunities that resonate with our passions and ambitions, even if they may seem unconventional or challenging at first glance.In essence, "going with the flow" and "seizing opportunities" are not acts of flattery or obsequious behavior; they are expressions of wisdom, adaptability, and a commitment to personal growth. By embracing these principles, we can navigate the complexities of life with grace and purpose, capitalizing on the currents that propel us forward while remaining steadfast in our convictions.As I continue my academic journey and venture into the world beyond the confines of the classroom, I carry with me the invaluable lessons of "going with the flow" and "seizing opportunities." These principles have taught me to embrace change while remaining true to myself, to recognize the potential in every circumstance, and to fearlessly pursue opportunities that align with my values and aspirations.In a world that often values conformity and blind obedience, the ability to "go with the flow" and "seize opportunities" is a mark of strength, not weakness. It is a testament to our resilience, our adaptability, and our commitment to personal growth. By embodying these principles, we can chart our own coursethrough life, leaving an indelible mark on the world while remaining true to ourselves.篇3Living by the Tides: Embracing Opportunity Without Compromising IntegrityAs students navigating the tumultuous currents of academic life, we often find ourselves faced with a delicate balance: seizing opportunities as they arise while holding firm to our principles. The age-old adage, "go with the flow," has been a source of both wisdom and contention, prompting us to question whether embracing the path of least resistance implies a surrender of our convictions.In a world that relentlessly bombards us with expectations and external pressures, the temptation to conform, to acquiesce to the whims of authority figures or influential peers, can be overwhelming. Yet, it is precisely in these moments that we must exercise discernment, distinguishing between genuine opportunities for growth and the treacherous pitfalls of blind obedience or flattery.To "go with the flow" is not an invitation to abandon our moral compass or to subjugate our authenticity to the whims ofothers. Rather, it is a call to cultivate a heightened awareness of the currents that swirl around us, to recognize the ebb and flow of circumstances, and to navigate these waters with grace and wisdom.Consider the analogy of a sailor braving the open seas. A skilled mariner does not merely drift aimlessly at the mercy of the tides but rather harnesses the power of the winds and currents to propel their vessel towards their desired destination. They adjust their sails, trim their rudder, and chart their course with a keen understanding of the forces at play, leveraging them to their advantage.Likewise, as students, we must develop a similar acuity, an ability to perceive the undercurrents of opportunity that ripple through our academic and social landscapes. Whether it be a chance to collaborate on a groundbreaking research project, participate in a prestigious internship, or forge meaningful connections with mentors and peers, these opportunities present themselves as favorable winds, carrying us forward on our journey of personal and intellectual growth.Yet, the true test of character lies in our capacity to discern when an opportunity demands a compromise of our ethics or a betrayal of our core values. It is in these moments that we mustresist the siren call of flattery, the allure of temporary gains at the expense of our integrity.For what is the value of seizing an opportunity if it necessitates the erosion of our moral foundations? What profit can we derive from successes built upon the shifting sands of deceit or the hollow praise of those we seek to please?True fulfillment and lasting accomplishment arise from a harmonious alignment between our actions and our innermost beliefs, a congruence that allows us to navigate life's currents with authenticity and conviction.This is not to say that we should stubbornly resist change or cling to rigid dogmas that blind us to the evolving tides of progress. Quite the contrary, embracing opportunity often necessitates a willingness to adapt, to shed outmoded perspectives, and to courageously venture into uncharted waters.The hallmark of a wise student is the ability to strike a delicate balance, to discern when an opportunity represents a genuine pathway to growth and when it constitutes a treacherous detour that compromises our integrity. It is a constant dance, a perpetual recalibration of our moral compass, guided by a steadfast commitment to authenticity and awillingness to confront the challenging currents that seek to divert us from our true course.In this endeavor, we must cultivate a deep well ofself-awareness, an unwavering understanding of our core values and the principles that anchor our being. For it is only through this clarity of purpose that we can navigate the ever-shifting tides of life with grace and conviction, seizing opportunities that align with our aspirations while resolutely rejecting those that threaten to erode the foundations upon which we stand.Moreover, we must foster a spirit of humility, recognizing that our journey is one of constant learning and growth. There will be times when we miscalculate the currents, when we find ourselves swept off course by forces beyond our control. In these moments, it is essential to embrace a posture of receptivity, to learn from our missteps, and to course-correct with renewed determination and wisdom.Ultimately, the path of the wise student is one of balance, discernment, and unwavering integrity. It is a journey that demands a keen awareness of the currents that swirl around us, coupled with an uncompromising commitment to our core values and principles.For it is only through this harmonious dance between opportunity and authenticity that we can truly thrive, propelling ourselves towards our aspirations while leaving an indelible mark upon the world, a legacy forged not through flattery or acquiescence but through the courageous pursuit of our convictions.As we navigate the turbulent waters of academic life and beyond, let us embrace the wisdom of the ages, heeding the call to "go with the flow" while remaining steadfast in our determination to chart our own course, guided by the unwavering light of our integrity.。
OSHA现场作业手册说明书
DIRECTIVE NUMBER: CPL 02-00-150 EFFECTIVE DATE: April 22, 2011 SUBJECT: Field Operations Manual (FOM)ABSTRACTPurpose: This instruction cancels and replaces OSHA Instruction CPL 02-00-148,Field Operations Manual (FOM), issued November 9, 2009, whichreplaced the September 26, 1994 Instruction that implemented the FieldInspection Reference Manual (FIRM). The FOM is a revision of OSHA’senforcement policies and procedures manual that provides the field officesa reference document for identifying the responsibilities associated withthe majority of their inspection duties. This Instruction also cancels OSHAInstruction FAP 01-00-003 Federal Agency Safety and Health Programs,May 17, 1996 and Chapter 13 of OSHA Instruction CPL 02-00-045,Revised Field Operations Manual, June 15, 1989.Scope: OSHA-wide.References: Title 29 Code of Federal Regulations §1903.6, Advance Notice ofInspections; 29 Code of Federal Regulations §1903.14, Policy RegardingEmployee Rescue Activities; 29 Code of Federal Regulations §1903.19,Abatement Verification; 29 Code of Federal Regulations §1904.39,Reporting Fatalities and Multiple Hospitalizations to OSHA; and Housingfor Agricultural Workers: Final Rule, Federal Register, March 4, 1980 (45FR 14180).Cancellations: OSHA Instruction CPL 02-00-148, Field Operations Manual, November9, 2009.OSHA Instruction FAP 01-00-003, Federal Agency Safety and HealthPrograms, May 17, 1996.Chapter 13 of OSHA Instruction CPL 02-00-045, Revised FieldOperations Manual, June 15, 1989.State Impact: Notice of Intent and Adoption required. See paragraph VI.Action Offices: National, Regional, and Area OfficesOriginating Office: Directorate of Enforcement Programs Contact: Directorate of Enforcement ProgramsOffice of General Industry Enforcement200 Constitution Avenue, NW, N3 119Washington, DC 20210202-693-1850By and Under the Authority ofDavid Michaels, PhD, MPHAssistant SecretaryExecutive SummaryThis instruction cancels and replaces OSHA Instruction CPL 02-00-148, Field Operations Manual (FOM), issued November 9, 2009. The one remaining part of the prior Field Operations Manual, the chapter on Disclosure, will be added at a later date. This Instruction also cancels OSHA Instruction FAP 01-00-003 Federal Agency Safety and Health Programs, May 17, 1996 and Chapter 13 of OSHA Instruction CPL 02-00-045, Revised Field Operations Manual, June 15, 1989. This Instruction constitutes OSHA’s general enforcement policies and procedures manual for use by the field offices in conducting inspections, issuing citations and proposing penalties.Significant Changes∙A new Table of Contents for the entire FOM is added.∙ A new References section for the entire FOM is added∙ A new Cancellations section for the entire FOM is added.∙Adds a Maritime Industry Sector to Section III of Chapter 10, Industry Sectors.∙Revises sections referring to the Enhanced Enforcement Program (EEP) replacing the information with the Severe Violator Enforcement Program (SVEP).∙Adds Chapter 13, Federal Agency Field Activities.∙Cancels OSHA Instruction FAP 01-00-003, Federal Agency Safety and Health Programs, May 17, 1996.DisclaimerThis manual is intended to provide instruction regarding some of the internal operations of the Occupational Safety and Health Administration (OSHA), and is solely for the benefit of the Government. No duties, rights, or benefits, substantive or procedural, are created or implied by this manual. The contents of this manual are not enforceable by any person or entity against the Department of Labor or the United States. Statements which reflect current Occupational Safety and Health Review Commission or court precedents do not necessarily indicate acquiescence with those precedents.Table of ContentsCHAPTER 1INTRODUCTIONI.PURPOSE. ........................................................................................................... 1-1 II.SCOPE. ................................................................................................................ 1-1 III.REFERENCES .................................................................................................... 1-1 IV.CANCELLATIONS............................................................................................. 1-8 V. ACTION INFORMATION ................................................................................. 1-8A.R ESPONSIBLE O FFICE.......................................................................................................................................... 1-8B.A CTION O FFICES. .................................................................................................................... 1-8C. I NFORMATION O FFICES............................................................................................................ 1-8 VI. STATE IMPACT. ................................................................................................ 1-8 VII.SIGNIFICANT CHANGES. ............................................................................... 1-9 VIII.BACKGROUND. ................................................................................................. 1-9 IX. DEFINITIONS AND TERMINOLOGY. ........................................................ 1-10A.T HE A CT................................................................................................................................................................. 1-10B. C OMPLIANCE S AFETY AND H EALTH O FFICER (CSHO). ...........................................................1-10B.H E/S HE AND H IS/H ERS ..................................................................................................................................... 1-10C.P ROFESSIONAL J UDGMENT............................................................................................................................... 1-10E. W ORKPLACE AND W ORKSITE ......................................................................................................................... 1-10CHAPTER 2PROGRAM PLANNINGI.INTRODUCTION ............................................................................................... 2-1 II.AREA OFFICE RESPONSIBILITIES. .............................................................. 2-1A.P ROVIDING A SSISTANCE TO S MALL E MPLOYERS. ...................................................................................... 2-1B.A REA O FFICE O UTREACH P ROGRAM. ............................................................................................................. 2-1C. R ESPONDING TO R EQUESTS FOR A SSISTANCE. ............................................................................................ 2-2 III. OSHA COOPERATIVE PROGRAMS OVERVIEW. ...................................... 2-2A.V OLUNTARY P ROTECTION P ROGRAM (VPP). ........................................................................... 2-2B.O NSITE C ONSULTATION P ROGRAM. ................................................................................................................ 2-2C.S TRATEGIC P ARTNERSHIPS................................................................................................................................. 2-3D.A LLIANCE P ROGRAM ........................................................................................................................................... 2-3 IV. ENFORCEMENT PROGRAM SCHEDULING. ................................................ 2-4A.G ENERAL ................................................................................................................................................................. 2-4B.I NSPECTION P RIORITY C RITERIA. ..................................................................................................................... 2-4C.E FFECT OF C ONTEST ............................................................................................................................................ 2-5D.E NFORCEMENT E XEMPTIONS AND L IMITATIONS. ....................................................................................... 2-6E.P REEMPTION BY A NOTHER F EDERAL A GENCY ........................................................................................... 2-6F.U NITED S TATES P OSTAL S ERVICE. .................................................................................................................. 2-7G.H OME-B ASED W ORKSITES. ................................................................................................................................ 2-8H.I NSPECTION/I NVESTIGATION T YPES. ............................................................................................................... 2-8 V.UNPROGRAMMED ACTIVITY – HAZARD EVALUATION AND INSPECTION SCHEDULING ............................................................................ 2-9 VI.PROGRAMMED INSPECTIONS. ................................................................... 2-10A.S ITE-S PECIFIC T ARGETING (SST) P ROGRAM. ............................................................................................. 2-10B.S CHEDULING FOR C ONSTRUCTION I NSPECTIONS. ..................................................................................... 2-10C.S CHEDULING FOR M ARITIME I NSPECTIONS. ............................................................................. 2-11D.S PECIAL E MPHASIS P ROGRAMS (SEP S). ................................................................................... 2-12E.N ATIONAL E MPHASIS P ROGRAMS (NEP S) ............................................................................... 2-13F.L OCAL E MPHASIS P ROGRAMS (LEP S) AND R EGIONAL E MPHASIS P ROGRAMS (REP S) ............ 2-13G.O THER S PECIAL P ROGRAMS. ............................................................................................................................ 2-13H.I NSPECTION S CHEDULING AND I NTERFACE WITH C OOPERATIVE P ROGRAM P ARTICIPANTS ....... 2-13CHAPTER 3INSPECTION PROCEDURESI.INSPECTION PREPARATION. .......................................................................... 3-1 II.INSPECTION PLANNING. .................................................................................. 3-1A.R EVIEW OF I NSPECTION H ISTORY .................................................................................................................... 3-1B.R EVIEW OF C OOPERATIVE P ROGRAM P ARTICIPATION .............................................................................. 3-1C.OSHA D ATA I NITIATIVE (ODI) D ATA R EVIEW .......................................................................................... 3-2D.S AFETY AND H EALTH I SSUES R ELATING TO CSHO S.................................................................. 3-2E.A DVANCE N OTICE. ................................................................................................................................................ 3-3F.P RE-I NSPECTION C OMPULSORY P ROCESS ...................................................................................................... 3-5G.P ERSONAL S ECURITY C LEARANCE. ................................................................................................................. 3-5H.E XPERT A SSISTANCE. ........................................................................................................................................... 3-5 III. INSPECTION SCOPE. ......................................................................................... 3-6A.C OMPREHENSIVE ................................................................................................................................................... 3-6B.P ARTIAL. ................................................................................................................................................................... 3-6 IV. CONDUCT OF INSPECTION .............................................................................. 3-6A.T IME OF I NSPECTION............................................................................................................................................. 3-6B.P RESENTING C REDENTIALS. ............................................................................................................................... 3-6C.R EFUSAL TO P ERMIT I NSPECTION AND I NTERFERENCE ............................................................................. 3-7D.E MPLOYEE P ARTICIPATION. ............................................................................................................................... 3-9E.R ELEASE FOR E NTRY ............................................................................................................................................ 3-9F.B ANKRUPT OR O UT OF B USINESS. .................................................................................................................... 3-9G.E MPLOYEE R ESPONSIBILITIES. ................................................................................................. 3-10H.S TRIKE OR L ABOR D ISPUTE ............................................................................................................................. 3-10I. V ARIANCES. .......................................................................................................................................................... 3-11 V. OPENING CONFERENCE. ................................................................................ 3-11A.G ENERAL ................................................................................................................................................................ 3-11B.R EVIEW OF A PPROPRIATION A CT E XEMPTIONS AND L IMITATION. ..................................................... 3-13C.R EVIEW S CREENING FOR P ROCESS S AFETY M ANAGEMENT (PSM) C OVERAGE............................. 3-13D.R EVIEW OF V OLUNTARY C OMPLIANCE P ROGRAMS. ................................................................................ 3-14E.D ISRUPTIVE C ONDUCT. ...................................................................................................................................... 3-15F.C LASSIFIED A REAS ............................................................................................................................................. 3-16VI. REVIEW OF RECORDS. ................................................................................... 3-16A.I NJURY AND I LLNESS R ECORDS...................................................................................................................... 3-16B.R ECORDING C RITERIA. ...................................................................................................................................... 3-18C. R ECORDKEEPING D EFICIENCIES. .................................................................................................................. 3-18 VII. WALKAROUND INSPECTION. ....................................................................... 3-19A.W ALKAROUND R EPRESENTATIVES ............................................................................................................... 3-19B.E VALUATION OF S AFETY AND H EALTH M ANAGEMENT S YSTEM. ....................................................... 3-20C.R ECORD A LL F ACTS P ERTINENT TO A V IOLATION. ................................................................................. 3-20D.T ESTIFYING IN H EARINGS ................................................................................................................................ 3-21E.T RADE S ECRETS. ................................................................................................................................................. 3-21F.C OLLECTING S AMPLES. ..................................................................................................................................... 3-22G.P HOTOGRAPHS AND V IDEOTAPES.................................................................................................................. 3-22H.V IOLATIONS OF O THER L AWS. ....................................................................................................................... 3-23I.I NTERVIEWS OF N ON-M ANAGERIAL E MPLOYEES .................................................................................... 3-23J.M ULTI-E MPLOYER W ORKSITES ..................................................................................................................... 3-27 K.A DMINISTRATIVE S UBPOENA.......................................................................................................................... 3-27 L.E MPLOYER A BATEMENT A SSISTANCE. ........................................................................................................ 3-27 VIII. CLOSING CONFERENCE. .............................................................................. 3-28A.P ARTICIPANTS. ..................................................................................................................................................... 3-28B.D ISCUSSION I TEMS. ............................................................................................................................................ 3-28C.A DVICE TO A TTENDEES .................................................................................................................................... 3-29D.P ENALTIES............................................................................................................................................................. 3-30E.F EASIBLE A DMINISTRATIVE, W ORK P RACTICE AND E NGINEERING C ONTROLS. ............................ 3-30F.R EDUCING E MPLOYEE E XPOSURE. ................................................................................................................ 3-32G.A BATEMENT V ERIFICATION. ........................................................................................................................... 3-32H.E MPLOYEE D ISCRIMINATION .......................................................................................................................... 3-33 IX. SPECIAL INSPECTION PROCEDURES. ...................................................... 3-33A.F OLLOW-UP AND M ONITORING I NSPECTIONS............................................................................................ 3-33B.C ONSTRUCTION I NSPECTIONS ......................................................................................................................... 3-34C. F EDERAL A GENCY I NSPECTIONS. ................................................................................................................. 3-35CHAPTER 4VIOLATIONSI. BASIS OF VIOLATIONS ..................................................................................... 4-1A.S TANDARDS AND R EGULATIONS. .................................................................................................................... 4-1B.E MPLOYEE E XPOSURE. ........................................................................................................................................ 4-3C.R EGULATORY R EQUIREMENTS. ........................................................................................................................ 4-6D.H AZARD C OMMUNICATION. .............................................................................................................................. 4-6E. E MPLOYER/E MPLOYEE R ESPONSIBILITIES ................................................................................................... 4-6 II. SERIOUS VIOLATIONS. .................................................................................... 4-8A.S ECTION 17(K). ......................................................................................................................... 4-8B.E STABLISHING S ERIOUS V IOLATIONS ............................................................................................................ 4-8C. F OUR S TEPS TO BE D OCUMENTED. ................................................................................................................... 4-8 III. GENERAL DUTY REQUIREMENTS ............................................................. 4-14A.E VALUATION OF G ENERAL D UTY R EQUIREMENTS ................................................................................. 4-14B.E LEMENTS OF A G ENERAL D UTY R EQUIREMENT V IOLATION.............................................................. 4-14C. U SE OF THE G ENERAL D UTY C LAUSE ........................................................................................................ 4-23D.L IMITATIONS OF U SE OF THE G ENERAL D UTY C LAUSE. ..............................................................E.C LASSIFICATION OF V IOLATIONS C ITED U NDER THE G ENERAL D UTY C LAUSE. ..................F. P ROCEDURES FOR I MPLEMENTATION OF S ECTION 5(A)(1) E NFORCEMENT ............................ 4-25 4-27 4-27IV.OTHER-THAN-SERIOUS VIOLATIONS ............................................... 4-28 V.WILLFUL VIOLATIONS. ......................................................................... 4-28A.I NTENTIONAL D ISREGARD V IOLATIONS. ..........................................................................................4-28B.P LAIN I NDIFFERENCE V IOLATIONS. ...................................................................................................4-29 VI. CRIMINAL/WILLFUL VIOLATIONS. ................................................... 4-30A.A REA D IRECTOR C OORDINATION ....................................................................................................... 4-31B.C RITERIA FOR I NVESTIGATING P OSSIBLE C RIMINAL/W ILLFUL V IOLATIONS ........................ 4-31C. W ILLFUL V IOLATIONS R ELATED TO A F ATALITY .......................................................................... 4-32 VII. REPEATED VIOLATIONS. ...................................................................... 4-32A.F EDERAL AND S TATE P LAN V IOLATIONS. ........................................................................................4-32B.I DENTICAL S TANDARDS. .......................................................................................................................4-32C.D IFFERENT S TANDARDS. .......................................................................................................................4-33D.O BTAINING I NSPECTION H ISTORY. .....................................................................................................4-33E.T IME L IMITATIONS..................................................................................................................................4-34F.R EPEATED V. F AILURE TO A BATE....................................................................................................... 4-34G. A REA D IRECTOR R ESPONSIBILITIES. .............................................................................. 4-35 VIII. DE MINIMIS CONDITIONS. ................................................................... 4-36A.C RITERIA ................................................................................................................................................... 4-36B.P ROFESSIONAL J UDGMENT. ..................................................................................................................4-37C. A REA D IRECTOR R ESPONSIBILITIES. .............................................................................. 4-37 IX. CITING IN THE ALTERNATIVE ............................................................ 4-37 X. COMBINING AND GROUPING VIOLATIONS. ................................... 4-37A.C OMBINING. ..............................................................................................................................................4-37B.G ROUPING. ................................................................................................................................................4-38C. W HEN N OT TO G ROUP OR C OMBINE. ................................................................................................4-38 XI. HEALTH STANDARD VIOLATIONS ....................................................... 4-39A.C ITATION OF V ENTILATION S TANDARDS ......................................................................................... 4-39B.V IOLATIONS OF THE N OISE S TANDARD. ...........................................................................................4-40 XII. VIOLATIONS OF THE RESPIRATORY PROTECTION STANDARD(§1910.134). ....................................................................................................... XIII. VIOLATIONS OF AIR CONTAMINANT STANDARDS (§1910.1000) ... 4-43 4-43A.R EQUIREMENTS UNDER THE STANDARD: .................................................................................................. 4-43B.C LASSIFICATION OF V IOLATIONS OF A IR C ONTAMINANT S TANDARDS. ......................................... 4-43 XIV. CITING IMPROPER PERSONAL HYGIENE PRACTICES. ................... 4-45A.I NGESTION H AZARDS. .................................................................................................................................... 4-45B.A BSORPTION H AZARDS. ................................................................................................................................ 4-46C.W IPE S AMPLING. ............................................................................................................................................. 4-46D.C ITATION P OLICY ............................................................................................................................................ 4-46 XV. BIOLOGICAL MONITORING. ...................................................................... 4-47CHAPTER 5CASE FILE PREPARATION AND DOCUMENTATIONI.INTRODUCTION ............................................................................................... 5-1 II.INSPECTION CONDUCTED, CITATIONS BEING ISSUED. .................... 5-1A.OSHA-1 ................................................................................................................................... 5-1B.OSHA-1A. ............................................................................................................................... 5-1C. OSHA-1B. ................................................................................................................................ 5-2 III.INSPECTION CONDUCTED BUT NO CITATIONS ISSUED .................... 5-5 IV.NO INSPECTION ............................................................................................... 5-5 V. HEALTH INSPECTIONS. ................................................................................. 5-6A.D OCUMENT P OTENTIAL E XPOSURE. ............................................................................................................... 5-6B.E MPLOYER’S O CCUPATIONAL S AFETY AND H EALTH S YSTEM. ............................................................. 5-6 VI. AFFIRMATIVE DEFENSES............................................................................. 5-8A.B URDEN OF P ROOF. .............................................................................................................................................. 5-8B.E XPLANATIONS. ..................................................................................................................................................... 5-8 VII. INTERVIEW STATEMENTS. ........................................................................ 5-10A.G ENERALLY. ......................................................................................................................................................... 5-10B.CSHO S SHALL OBTAIN WRITTEN STATEMENTS WHEN: .......................................................................... 5-10C.L ANGUAGE AND W ORDING OF S TATEMENT. ............................................................................................. 5-11D.R EFUSAL TO S IGN S TATEMENT ...................................................................................................................... 5-11E.V IDEO AND A UDIOTAPED S TATEMENTS. ..................................................................................................... 5-11F.A DMINISTRATIVE D EPOSITIONS. .............................................................................................5-11 VIII. PAPERWORK AND WRITTEN PROGRAM REQUIREMENTS. .......... 5-12 IX.GUIDELINES FOR CASE FILE DOCUMENTATION FOR USE WITH VIDEOTAPES AND AUDIOTAPES .............................................................. 5-12 X.CASE FILE ACTIVITY DIARY SHEET. ..................................................... 5-12 XI. CITATIONS. ..................................................................................................... 5-12A.S TATUTE OF L IMITATIONS. .............................................................................................................................. 5-13B.I SSUING C ITATIONS. ........................................................................................................................................... 5-13C.A MENDING/W ITHDRAWING C ITATIONS AND N OTIFICATION OF P ENALTIES. .................................. 5-13D.P ROCEDURES FOR A MENDING OR W ITHDRAWING C ITATIONS ............................................................ 5-14 XII. INSPECTION RECORDS. ............................................................................... 5-15A.G ENERALLY. ......................................................................................................................................................... 5-15B.R ELEASE OF I NSPECTION I NFORMATION ..................................................................................................... 5-15C. C LASSIFIED AND T RADE S ECRET I NFORMATION ...................................................................................... 5-16。
投资学 (博迪) 第10版课后习题答案10 Investments 10th Edition Textbook Solutions Chapter 10
CHAPTER 10: ARBITRAGE PRICING THEORY ANDMULTIFACTOR MODELS OF RISK AND RETURN PROBLEM SETS1. The revised estimate of the expected rate of return on the stock would be the oldestimate plus the sum of the products of the unexpected change in each factor times the respective sensitivity coefficient:Revised estimate = 12% + [(1 × 2%) + (0.5 × 3%)] = 15.5%Note that the IP estimate is computed as: 1 × (5% - 3%), and the IR estimate iscomputed as: 0.5 × (8% - 5%).2. The APT factors must correlate with major sources of uncertainty, i.e., sources ofuncertainty that are of concern to many investors. Researchers should investigatefactors that correlate with uncertainty in consumption and investment opportunities.GDP, the inflation rate, and interest rates are among the factors that can be expected to determine risk premiums. In particular, industrial production (IP) is a goodindicator of changes in the business cycle. Thus, IP is a candidate for a factor that is highly correlated with uncertainties that have to do with investment andconsumption opportunities in the economy.3. Any pattern of returns can be explained if we are free to choose an indefinitelylarge number of explanatory factors. If a theory of asset pricing is to have value, itmust explain returns using a reasonably limited number of explanatory variables(i.e., systematic factors such as unemployment levels, GDP, and oil prices).4. Equation 10.11 applies here:E(r p) = r f + βP1 [E(r1 ) −r f ] + βP2 [E(r2 ) – r f]We need to find the risk premium (RP) for each of the two factors:RP1 = [E(r1 ) −r f] and RP2 = [E(r2 ) −r f]In order to do so, we solve the following system of two equations with two unknowns: .31 = .06 + (1.5 ×RP1 ) + (2.0 ×RP2 ).27 = .06 + (2.2 ×RP1 ) + [(–0.2) ×RP2 ]The solution to this set of equations isRP1 = 10% and RP2 = 5%Thus, the expected return-beta relationship isE(r P) = 6% + (βP1× 10%) + (βP2× 5%)5. The expected return for portfolio F equals the risk-free rate since its beta equals 0.For portfolio A, the ratio of risk premium to beta is (12 − 6)/1.2 = 5For portfolio E, the ratio is lower at (8 – 6)/0.6 = 3.33This implies that an arbitrage opportunity exists. For instance, you can create aportfolio G with beta equal to 0.6 (the same as E’s) by combining portfolio A and portfolio F in equal weights. The expected return and beta for portfolio G are then: E(r G) = (0.5 × 12%) + (0.5 × 6%) = 9%βG = (0.5 × 1.2) + (0.5 × 0%) = 0.6Comparing portfolio G to portfolio E, G has the same beta and higher return.Therefore, an arbitrage opportunity exists by buying portfolio G and selling anequal amount of portfolio E. The profit for this arbitrage will ber G – r E =[9% + (0.6 ×F)] − [8% + (0.6 ×F)] = 1%That is, 1% of the funds (long or short) in each portfolio.6. Substituting the portfolio returns and betas in the expected return-beta relationship,we obtain two equations with two unknowns, the risk-free rate (r f) and the factor risk premium (RP):12% = r f + (1.2 ×RP)9% = r f + (0.8 ×RP)Solving these equations, we obtainr f = 3% and RP = 7.5%7. a. Shorting an equally weighted portfolio of the ten negative-alpha stocks andinvesting the proceeds in an equally-weighted portfolio of the 10 positive-alpha stocks eliminates the market exposure and creates a zero-investmentportfolio. Denoting the systematic market factor as R M, the expected dollarreturn is (noting that the expectation of nonsystematic risk, e, is zero):$1,000,000 × [0.02 + (1.0 ×R M)] − $1,000,000 × [(–0.02) + (1.0 ×R M)]= $1,000,000 × 0.04 = $40,000The sensitivity of the payoff of this portfolio to the market factor is zerobecause the exposures of the positive alpha and negative alpha stocks cancelout. (Notice that the terms involving R M sum to zero.) Thus, the systematiccomponent of total risk is also zero. The variance of the analyst’s profit is notzero, however, since this portfolio is not well diversified.For n = 20 stocks (i.e., long 10 stocks and short 10 stocks) the investor willhave a $100,000 position (either long or short) in each stock. Net marketexposure is zero, but firm-specific risk has not been fully diversified. Thevariance of dollar returns from the positions in the 20 stocks is20 × [(100,000 × 0.30)2] = 18,000,000,000The standard deviation of dollar returns is $134,164.b. If n = 50 stocks (25 stocks long and 25 stocks short), the investor will have a$40,000 position in each stock, and the variance of dollar returns is50 × [(40,000 × 0.30)2] = 7,200,000,000The standard deviation of dollar returns is $84,853.Similarly, if n = 100 stocks (50 stocks long and 50 stocks short), the investorwill have a $20,000 position in each stock, and the variance of dollar returns is100 × [(20,000 × 0.30)2] = 3,600,000,000The standard deviation of dollar returns is $60,000.Notice that, when the number of stocks increases by a factor of 5 (i.e., from 20 to 100), standard deviation decreases by a factor of 5= 2.23607 (from$134,164 to $60,000).8. a. )(σσβσ2222e M +=88125)208.0(σ2222=+×=A50010)200.1(σ2222=+×=B97620)202.1(σ2222=+×=Cb. If there are an infinite number of assets with identical characteristics, then awell-diversified portfolio of each type will have only systematic risk since thenonsystematic risk will approach zero with large n. Each variance is simply β2 × market variance:222Well-diversified σ256Well-diversified σ400Well-diversified σ576A B C;;;The mean will equal that of the individual (identical) stocks.c. There is no arbitrage opportunity because the well-diversified portfolios allplot on the security market line (SML). Because they are fairly priced, there isno arbitrage.9. a. A long position in a portfolio (P) composed of portfolios A and B will offer anexpected return-beta trade-off lying on a straight line between points A and B.Therefore, we can choose weights such that βP = βC but with expected returnhigher than that of portfolio C. Hence, combining P with a short position in Cwill create an arbitrage portfolio with zero investment, zero beta, and positiverate of return.b. The argument in part (a) leads to the proposition that the coefficient of β2must be zero in order to preclude arbitrage opportunities.10. a. E(r) = 6% + (1.2 × 6%) + (0.5 × 8%) + (0.3 × 3%) = 18.1%b.Surprises in the macroeconomic factors will result in surprises in the return ofthe stock:Unexpected return from macro factors =[1.2 × (4% – 5%)] + [0.5 × (6% – 3%)] + [0.3 × (0% – 2%)] = –0.3%E(r) =18.1% − 0.3% = 17.8%11. The APT required (i.e., equilibrium) rate of return on the stock based on r f and thefactor betas isRequired E(r) = 6% + (1 × 6%) + (0.5 × 2%) + (0.75 × 4%) = 16% According to the equation for the return on the stock, the actually expected return on the stock is 15% (because the expected surprises on all factors are zero bydefinition). Because the actually expected return based on risk is less than theequilibrium return, we conclude that the stock is overpriced.12. The first two factors seem promising with respect to the likely impact on the firm’scost of capital. Both are macro factors that would elicit hedging demands acrossbroad sectors of investors. The third factor, while important to Pork Products, is a poor choice for a multifactor SML because the price of hogs is of minor importance to most investors and is therefore highly unlikely to be a priced risk factor. Betterchoices would focus on variables that investors in aggregate might find moreimportant to their welfare. Examples include: inflation uncertainty, short-terminterest-rate risk, energy price risk, or exchange rate risk. The important point here is that, in specifying a multifactor SML, we not confuse risk factors that are important toa particular investor with factors that are important to investors in general; only the latter are likely to command a risk premium in the capital markets.13. The formula is ()0.04 1.250.08 1.50.02.1717%E r =+×+×==14. If 4%f r = and based on the sensitivities to real GDP (0.75) and inflation (1.25),McCracken would calculate the expected return for the Orb Large Cap Fund to be:()0.040.750.08 1.250.02.040.0858.5% above the risk free rate E r =+×+×=+=Therefore, Kwon’s fundamental analysis estimate is congruent with McCracken’sAPT estimate. If we assume that both Kwon and McCracken’s estimates on the return of Orb’s Large Cap Fund are accurate, then no arbitrage profit is possible.15. In order to eliminate inflation, the following three equations must be solvedsimultaneously, where the GDP sensitivity will equal 1 in the first equation,inflation sensitivity will equal 0 in the second equation and the sum of the weights must equal 1 in the third equation.1.1.250.75 1.012.1.5 1.25 2.003.1wx wy wz wz wy wz wx wy wz ++=++=++=Here, x represents Orb’s High Growth Fund, y represents Large Cap Fund and z represents Utility Fund. Using algebraic manipulation will yield wx = wy = 1.6 and wz = -2.2.16. Since retirees living off a steady income would be hurt by inflation, this portfoliowould not be appropriate for them. Retirees would want a portfolio with a return positively correlated with inflation to preserve value, and less correlated with the variable growth of GDP. Thus, Stiles is wrong. McCracken is correct in that supply side macroeconomic policies are generally designed to increase output at aminimum of inflationary pressure. Increased output would mean higher GDP, which in turn would increase returns of a fund positively correlated with GDP.17. The maximum residual variance is tied to the number of securities (n ) in theportfolio because, as we increase the number of securities, we are more likely to encounter securities with larger residual variances. The starting point is todetermine the practical limit on the portfolio residual standard deviation, σ(e P ), that still qualifies as a well-diversified portfolio. A reasonable approach is to compareσ2(e P) to the market variance, or equivalently, to compare σ(e P) to the market standard deviation. Suppose we do not allow σ(e P) to exceed pσM, where p is a small decimal fraction, for example, 0.05; then, the smaller the value we choose for p, the more stringent our criterion for defining how diversified a well-diversified portfolio must be.Now construct a portfolio of n securities with weights w1, w2,…,w n, so that Σw i =1. The portfolio residual variance is σ2(e P) = Σw12σ2(e i)To meet our practical definition of sufficiently diversified, we require this residual variance to be less than (pσM)2. A sure and simple way to proceed is to assume the worst, that is, assume that the residual variance of each security is the highest possible value allowed under the assumptions of the problem: σ2(e i) = nσ2MIn that case σ2(e P) = Σw i2 nσM2Now apply the constraint: Σw i2 nσM2 ≤ (pσM)2This requires that: nΣw i2 ≤ p2Or, equivalently, that: Σw i2 ≤ p2/nA relatively easy way to generate a set of well-diversified portfolios is to use portfolio weights that follow a geometric progression, since the computations then become relatively straightforward. Choose w1 and a common factor q for the geometric progression such that q < 1. Therefore, the weight on each stock is a fraction q of the weight on the previous stock in the series. Then the sum of n terms is:Σw i= w1(1– q n)/(1– q) = 1or: w1 = (1– q)/(1– q n)The sum of the n squared weights is similarly obtained from w12 and a common geometric progression factor of q2. ThereforeΣw i2 = w12(1– q2n)/(1– q 2)Substituting for w1 from above, we obtainΣw i2 = [(1– q)2/(1– q n)2] × [(1– q2n)/(1– q 2)]For sufficient diversification, we choose q so that Σw i2 ≤ p2/nFor example, continue to assume that p = 0.05 and n = 1,000. If we chooseq = 0.9973, then we will satisfy the required condition. At this value for q w1 = 0.0029 and w n = 0.0029 × 0.99731,000In this case, w1 is about 15 times w n. Despite this significant departure from equal weighting, this portfolio is nevertheless well diversified. Any value of q between0.9973 and 1.0 results in a well-diversified portfolio. As q gets closer to 1, theportfolio approaches equal weighting.18. a. Assume a single-factor economy, with a factor risk premium E M and a (large)set of well-diversified portfolios with beta βP. Suppose we create a portfolio Zby allocating the portion w to portfolio P and (1 – w) to the market portfolioM. The rate of return on portfolio Z is:R Z = (w × R P) + [(1 – w) × R M]Portfolio Z is riskless if we choose w so that βZ = 0. This requires that:βZ = (w × βP) + [(1 – w) × 1] = 0 ⇒w = 1/(1 – βP) and (1 – w) = –βP/(1 – βP)Substitute this value for w in the expression for R Z:R Z = {[1/(1 – βP)] × R P} – {[βP/(1 – βP)] × R M}Since βZ = 0, then, in order to avoid arbitrage, R Z must be zero.This implies that: R P = βP × R MTaking expectations we have:E P = βP × E MThis is the SML for well-diversified portfolios.b. The same argument can be used to show that, in a three-factor model withfactor risk premiums E M, E1 and E2, in order to avoid arbitrage, we must have:E P = (βPM × E M) + (βP1 × E1) + (βP2 × E2)This is the SML for a three-factor economy.19. a. The Fama-French (FF) three-factor model holds that one of the factors drivingreturns is firm size. An index with returns highly correlated with firm size (i.e.,firm capitalization) that captures this factor is SMB (small minus big), thereturn for a portfolio of small stocks in excess of the return for a portfolio oflarge stocks. The returns for a small firm will be positively correlated withSMB. Moreover, the smaller the firm, the greater its residual from the othertwo factors, the market portfolio and the HML portfolio, which is the returnfor a portfolio of high book-to-market stocks in excess of the return for aportfolio of low book-to-market stocks. Hence, the ratio of the variance of thisresidual to the variance of the return on SMB will be larger and, together withthe higher correlation, results in a high beta on the SMB factor.b.This question appears to point to a flaw in the FF model. The model predictsthat firm size affects average returns so that, if two firms merge into a largerfirm, then the FF model predicts lower average returns for the merged firm.However, there seems to be no reason for the merged firm to underperformthe returns of the component companies, assuming that the component firmswere unrelated and that they will now be operated independently. We mighttherefore expect that the performance of the merged firm would be the sameas the performance of a portfolio of the originally independent firms, but theFF model predicts that the increased firm size will result in lower averagereturns. Therefore, the question revolves around the behavior of returns for aportfolio of small firms, compared to the return for larger firms that resultfrom merging those small firms into larger ones. Had past mergers of smallfirms into larger firms resulted, on average, in no change in the resultantlarger firms’ stock return characteristics (compared to the portfolio of stocksof the merged firms), the size factor in the FF model would have failed.Perhaps the reason the size factor seems to help explain stock returns is that,when small firms become large, the characteristics of their fortunes (andhence their stock returns) change in a significant way. Put differently, stocksof large firms that result from a merger of smaller firms appear empirically tobehave differently from portfolios of the smaller component firms.Specifically, the FF model predicts that the large firm will have a smaller riskpremium. Notice that this development is not necessarily a bad thing for thestockholders of the smaller firms that merge. The lower risk premium may bedue, in part, to the increase in value of the larger firm relative to the mergedfirms.CFA PROBLEMS1. a. This statement is incorrect. The CAPM requires a mean-variance efficientmarket portfolio, but APT does not.b.This statement is incorrect. The CAPM assumes normally distributed securityreturns, but APT does not.c. This statement is correct.2. b. Since portfolio X has β = 1.0, then X is the market portfolio and E(R M) =16%.Using E(R M ) = 16% and r f = 8%, the expected return for portfolio Y is notconsistent.3. d.4. c.5. d.6. c. Investors will take on as large a position as possible only if the mispricingopportunity is an arbitrage. Otherwise, considerations of risk anddiversification will limit the position they attempt to take in the mispricedsecurity.7. d.8. d.。
(完整版)国际金融课后习题答案
You are given the following information about a country’s international transactions during a year: a.Calculate the values of the country’s goods and services balance,current account balance,and official settlements balance?a.Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b.What are the value of the change in official reserve assets(net)?Is the country increasing or decreasing its net holdings of official reserve assets?b.Change in official reserve assets (net) = - official settlements balance = -$23The country is increasing its net holdings of official reserve assets.What are the major types of transactions or activities that result in supply of foreign currency in the spct foreign exchange market?Exports of merchandise and services result in supply of foreign currency in the foreignexchange market. Domestic sellers often want to be paid using domestic currency, whilethe foreign buyers want to pay in their currency. In the process of paying for these exports,foreign currency is exchanged for domestic currency, creating supply of foreign currency.International capital inflows result in a supply of foreign currency in the foreign exchangemarket. In making investments in domestic financial assets, foreign investors often startwith foreign currency and must exchange it for domestic currency before they can buy thedomestic assets. The exchange creates a supply of foreign currency. Sales of foreignfinancial assets that the country's residents had previously acquired, and borrowing fromforeigners by this country's residents are other forms of capital inflow that can createsupply of foreign currency.You have access to the following three spot exchange rates:＄0.01/YEN＄0.20/KRONE25YEN/KRONEYou strat with dollars and want to end up with dollarsa.hoe would you engage in arbitrage to profit from these three rates?what is the profit for each dollar used initially?a.The cross rate between the yen and the krone is too high (the yen value of the krone is toohigh) relative to the dollar-foreign currency exchange rates. Thus, in a profitabletriangular arbitrage, you want to sell kroner at the high cross rate. The arbitrage will be:Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, anduse the yen to buy dollars at $0.01/yen. For each dollar that you sell initially, you canobtain 5 kroner, these 5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25. Thearbitrage profit for each dollar is therefore 25 cents.b.As a result of this arbitrage,what is the pressure on the cross-rate between yen and krone?what must the value of the cross-rate be to eliminate the opportunity for triangular arbitrage?b.Selling kroner to buy yen puts downward pressure on the cross rate (the yen price ofkrone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate theopportunity for triangular arbitrage, assuming that the dollar exchange rates areunchanged.Explain the nature of the exchange rate risk for each of the following,from the perspective of the U.S frim or person.in your answer,include whether each is a long or short position in foreign currency.a.a small U.S firm sold experimental computer computer compoments to a Japanese firm,and it will receive payment of 1 million yen in 60 days.a.The U.S. firm has an asset position in yen—it has a long position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchange contractnow in which the firm commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.The current spot exchange rate is ＄1.20/euro.the current 90-day forward exchange rate is＄1.18/euro.you expect the spot rate to be ＄1.22/euro in 90 days.how would you speculate using a forward contract?if many people speculate in this way,what pressure is placed on the walue of the current forward exchange rate?Relative to your expected spot value of the euro in 90 days ($1.22/euro), the currentforward rate of the euro ($1.18/euro) is low—the forward value of the euro is relativelylow. Using the principle of "buy low, sell high," you can speculate by entering into aforward contract now to buy euros at $1.18/euro. If you are correct in your expectation,then in 90 days you will be able to immediately resell those euros for $1.22/euro,pocketing a profit of $0.04 for each euro that you bought forward. If many peoplespeculate in this way, then massive purchases now of euros forward (increasing thedemand for euros forward) will tend to drive up the forward value of the euro, toward acurrent forward rate of $1.22/euro.The following rates are available in the markets:Current spot exchange rate:＄0.500/SFrCurrent 30-day forward exchange rate:＄0.505/SFrAnnualized interest rate on 30-day dollar-denominated bonds:12%(1.0% for 30 days)Annualized interest rate on 30-day Swiss franc-denominated bonds:6%(0.5% for 30 days)a.Is the swiss franc at a forward premium or discount?a.The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) is greaterthan its current spot value ($0.500/SFr).b.should a U.S-based investor make a covered investment in swiss franc-denominated 30-day bonds,rather than investing 30-day dollar-denominated bonds?Explain.b.The covered interest differential "in favor of Switzerland" is ((1 + 0.005) (0.505) / 0.500)- (1 + 0.01) = 0.005. (Note that the interest rate used must match the time period of theinvestment.) There is a covered interest differential of 0.5% for 30 days (6 percent at anannual rate). The U.S. investor can make a higher return, covered against exchange raterisk, by investing in SFr-denominated bonds, so presumably the investor should make thiscovered investment. Although the interest rate on SFr-denominated bonds is lower thanthe interest rate on dollar-denominated bonds, the forward premium on the franc is largerthan this difference, so that the covered investment is a good idea.c.Because of covered interest arbitrage,what pressures are placed on the various rates?if the only rate that actually changes is forward exchange rate,to what value will it bu driven?c.The lack of demand for dollar-denominated bonds (or the supply of these bonds asinvestors sell them in order to shift into SFr-denominated bonds) puts downward pressureon the prices of U.S. bonds—upward pressure on U.S. interest rates. The extra demandfor the franc in the spot exchange market (as investors buy SFr in order to buySFr-denominated bonds) puts upward pressure on the spot exchange rate. The extrademand for SFr-denominated bonds puts upward pressure on the prices of Swissbonds—downward pressure on Swiss interest rates. The extra supply of francs in theforward market (as U.S. investors cover their SFr investments back into dollars) putsdownward pressure on the forward exchange rate. If the only rate that changes is theforward exchange rate, this rate must fall to about $0.5025/SFr. With this forward rate andthe other initial rates, the covered interest differential is close to zero.Why is testing whether uncovered interest parity holds for actual rates more difficult than testing whether covered interest parity holds?In testing covered interest parity, all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed in the bondand foreign exchange markets. Determining whether the covered interest differential isabout zero (covered interest parity) is then straightforward (although some more subtleissues regarding timing of transactions may also need to be addressed). In order to testuncovered interest parity, we need to know not only three rates—two interest rates and thecurrent spot exchange rate—that can be observed in the market, but also one rate—theexpected future spot exchange rate—that is not observed in any market. The tester thenneeds a way to find out about investors' expectations. One way is to ask them, using asurvey, but they may not say exactly what they really think. Another way is to examinethe actual uncovered interest differential after we know what the future spot exchange rateactually turns out to be, and see whether the statistical characteristics of the actualuncovered differential are consistent with an expected uncovered differential of aboutzero (uncovered interest parity)the following rates currently exist:spot exchange rate:＄1.000/euro.Annual interest rate on 180-day euro-denominated bonds:3%Annual interest rate on 180-day U.S dollar-denominated bonds:4%Ibvestors currently expect the spot exchange rate to be about＄1.005/euro in180 days.a.show that uncovered interest parity holds(approximately)at these ratesa.The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000)⊕(360/180)⊕100 = 1%. The expected uncovered interest differential isapproximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).What is likely to be the effect on the spot eschange rate if the interest rate on 180-day dollar-denominated bonds declines to 3%? If the euro interest rate and the expected future spot rate are unchanged,and if uncovered interest parity is reestablished,what will the new current spot exchange rate be?has the dollar appreciated or depreciated?b.If the interest rate on 180-day dollar-denominated bonds declines to 3%, then the spotexchange rate is likely to increase—the euro will appreciate, the dollar depreciate. At theinitial current spot exchange rate, the initial expected future spot exchange rate, and theinitial euro interest rate, the expected uncovered interest differential shifts in favor ofinvesting in euro-denominated bonds (the expected uncovered differential is now positive,3% + 1% - 3% = 1%, favoring uncovered investment in euro-denominated bonds. Theincreased demand for euros in the spot exchange market tends to appreciate the euro. Ifthe euro interest rate and the expected future spot exchange rate remain unchanged, thenthe current spot rate must change immediately to be $1.005/euro, to reestablish uncoveredinterest parity. When the current spot rate jumps to this value, the euro's exchange ratevalue is not expected to change in value subsequently during the next 180 days. Thedollar has depreciated immediately, and the uncovered differential then again is zero (3%+ 0% - 3% = 0)You observe the following current rates:Spot exchange rate:＄0.01/yenAnnual interest rate on 90-day U.S dollar-denominated bonds:4%Annual interest rate on 90-day yen-denominated bonds:4%a.if uncovered interest parity holds,what spot exchange rate do investors expect to exist in 90 days?a.For uncovered interest parity to hold, investors must expect that the rate of change in thespot exchange-rate value of the yen equals the interest rate differential, which is zero.Investors must expect that the future spot value is the same as the current spot value,$0.01/yen.b.a close U.S presidential has just been decided.the candidate whom international investors view as the stronger and more probusiness person won.because of this,investors expect the exchange rate to be＄0.0095/yen in 90 days.what will happen in the foreign exchange market?b.If investors expect that the exchange rate will be $0.0095/yen, then they expect the yen todepreciate from its initial spot value during the next 90 days. Given the other rates,investors tend to shift their investments toward dollar-denominated investments. Theextra supply of yen (and demand for dollars) in the spot exchange market results in adecrease in the current spot value of the yen (the dollar appreciates). The shift toexpecting that the yen will depreciate (the dollar appreciate) sometime during the next 90days tends to cause the yen to depreciate (the dollar to appreciate) immediately in thecurrent spot market.To aid in its efforts to get reelected,the current government of o country decides to increase the growth rate of the domestic money supply by two percentage points.the increased growth rate becomes”permanene”because once started it is difficult to reverse.a.according to the monetary approach,how will this affect the long-run trend for the exchange rate value of the country’s currency?a.Because the growth rate of the domestic money supply (M s ) is two percentage pointshigher than it was previously, the monetary approach indicates that the exchange ratevalue (e) of the foreign currency will be higher than it otherwise would be—that is, theexchange rate value of the country's currency will be lower. Specifically, the foreigncurrency will appreciate by two percentage points more per year, or depreciate by twopercentage points less. That is, the domestic currency will depreciate by two percentagepoints more per year, or appreciate by two percentage points less.b.explain why the nominal exchange rate trend is affected,referring to PPPb.The faster growth of the country's money supply eventually leads to a faster rate ofinflation of the domestic price level (P). Specifically, the inflation rate will be twopercentage points higher than it otherwise would be. According to relative PPP, a fasterrate of increase in the domestic price level (P) leads to a higher rate of appreciation of theforeign currency.A country has a marginal propensity to save of 0.15 and a marginal propensity to import of 0.4 real domestic spending now decreases by＄2 billiona.according to the spending multiplier(for a small open economy),,by how much will domestic product and income change?a.The spending multiplier in this small open economy is about 1.82 (= 1/(0.15 + 0.4)). Ifreal spending initially declines by $2 billion, then domestic product and income willdecline by about $3.64 billion (= 1.82⋅$2 billion)b.what is the change in the country’s imports?b. If domestic product and income decline by $3.64 billion, then the country's imports willdecline by about $1.46 billion (= $3.64 billion⋅0.4).c.if this country is large,what effect will this have on foreign product and income?explainc. The decrease in this country's imports reduces other countries' exports, so foreign productand income decline.d.will the change in foreign product and income tend to counteract or reinforce the change in the first country’s domestic product and income?explaind. The decline in foreign product and income reduce foreign imports, so the first country'sexports decrease. This reinforces the change (decline) in the first country's domesticproduct and income—an example of foreign-income repercussions.。
翻译
FinancialAnalystsNeed Sharper AccountingToolsDavid MossoSYNOPSIS: This paper explores the implications of a wealth accounting model on comparability for several key aspects of financial analysis such as restraining, accounting manipulation, and unifying merger and acquisition accounting. The paper extends theanalysis of wealth accounting for individual companies to explore the implications for the capital markets at large, suggesting, for one thing, that wealth accounting financial statements would emit early warning signals of approaching financial crises. And,suggesting for another, that wealth accounting statements would serve as rolling stresstests to help the markets self- regulate, reducing the need for government regulation andat the same time helping regulators formulate more effective regulatory policies.These proposals are revolutionary and would generate fierce opposition from the corporate financial reporting community. The paper explores the current political sceneand concludes that the time may be ripe for a concerted effort to convince the Securitiesand Exchange Commission and the Financial Accounting Standards Board to elevate the interests of investors and creditors above the interests of corporate financial statement preparers that they now seem to favor, in fact if not by intent. The paper suggests thatfinancial analysts and academic accountants should join forces to lead a reform effort.INTRODUCTIONThe accounting model known as U.S. Generally Accepted Accounting Principles, or GAAP,is obsolete and needs to be updated to meet the needs of fast-changing modern economies. I have proposed a new accounting model built around the two-pronged objective ofmeasuring a company’s wealth and diagnosing its financial health.1,2 In develo ping the model, I focused on the contrast between the proposed wealth model and the GAAP model with emphasis on technical accounting issues. In this paper I focus on two less technical matters that I have not fully developed heretofore; first, the implications of the wealth accounting model for the practice of financial analysis and, second, the politics of accounting reform for which financial analysts and academic accountants should play major roles.The core of the proposed wealth accounting model and its relation to financial analysis is the following: All of a company’s assets and liabilities would be put on its balance sheet and measuredat fair value or, as some prefer to say, marked-to-market. The model would be universally applicable to all com panies regardless of industry. The balance sheet would measure a company’s total wealth—its economic net worth. The income statement would measure a company’s total income—the change in total wealth excluding owners’ capital contributions. The primary purp oseof the model is to facilitate the diagnosis of a company’s financial health. Diagnosis of financial health is a shared professional responsibility of certified public accountants (CPAs) and chartered financial analysts (CFAs)—accountants to design, prepare, and audit financial statements that present the basic components of financial health and analysts to interpret the information in the financial statements, to relate it to information from other sources, and to reach an opinion about financial health.The underlying rationale for the proposed model is that the role of business in society is the production of wealth. A business enterprise strives to use present wealth to produce a surplus of future wealth for the benefit of its owners. Business suc cess or failure is determined by a company’sability to manage inflows and outflows of wealth in ways that optimize profitability and maintain the company’s financial health. To monitor the efficacy of the management of the wealth they have committed to a company, owners of the company, along with their company’s creditors and financial analysts, need to know in a timely way how well the company is doing. To that end, the proposed accounting model measures a company’s total wealth and components of wealth, at each financial reporting date, and its total income and components of income, from one date to another.A thumbnail comparison of the wealth model with the GAAP model it would replace goes like this: every individual asset and liability has an entry market value and an exit market value; and the difference between the two values is the profit or loss realized on that particular item. The two models agree on that. They differ on what happens between entry and exit. The wealth model estimates the fair value of every balance sheet asset and liability on each reporting date. The sum of the wealth model asset and liability values represents the company’s economic net worth, that is, owners’ equity. The GAAP model allocates entry values from the balance she et to the income statement as assets and liabilities are used up or liquidated. The sum of the GAAP asset and liability amounts represents the total of entry values yet to be allocated to the income statement. That sum represents GAAP equity.PA RT I: WEA LTH A CCOUNTING AND FINANCIA L ANA LYSISOF INDIVIDUA L COMPANIESIn this part I examine how the wealth accounting model would sharpen the tools of financial analysis. Capital markets are motivated by wealth and powered by information. Information underlies decision making by capital providers on one side of the market equation and capital users on the other. The function of financial analysis is to filter and evaluate the vast amount of information that might be relevant to the diagnosis of a compa ny’s financial health and to reach a diagnostic opinion for use by capital market decision makers.Chartered Financial Analysts (CFAs) are professional analysts who are credentialed by the CFA Institute much as CPAs are credentialed by state CPA societies in conjunction with the American Institute of Certified Public Accountants (AICPA). CFAs provide a lot of the diagnostic opinions used by both providers and users of capital. However, financial analysis is widely practiced by many others, including company managements, auditors, economists, regulators, rating agencies, news media, consumer advocates, financial planners, and investors and creditors of all kinds. This paper is addressed to all who make capital market decisions or use financial statements for other purposes; however, my view on what financial analysts need from accountants is based in large part on a CFA Institute monograph issued in 2007.3 The monograph advocated greater use of wealth measures in financial statements. Wealth measurement was discussed under the caption ‘‘Fair value information is the most relevant information for financial decision making.’’Financial Statements: The Organizing Tools of Financial Analysis Financial statements are the tools for organizing information into components suitable for financial analysis. By design they present an economic profile of a company that gives insights into a company’s financial health. Far beyond that, however, they provide a framework for relationship analysis—relationships between l ine items of a company’s statements, relationships between one company and others, relationships between accounting data and data from other sources. In this paper, I consider only the balance sheet and income statement. Cash flow and special purpose statements add other dimensions to financial analysis.Financial statements prepared from the wealth accounting model would look much like GAAPstatements in overall format, but there are a few critical differences in content and display thatwould have major effects on financial analysis.The Underlying Methodology of Wealth AccountingThe Financial Accounting Standards Board has a fair value, mark-to-market measurement methodology (designated FAS 157 when it was adopted) that applies whenever the FASB decidesto convert a historical-cost-based item to a fair-value basis. The proposed wealth accounting model would adopt that methodology, with one significant change, and apply it universally to all assetsand liabilities at every reporting date. The change to FAS 157 would be to add information on entry values (replacement costs) to those on exit values with entry values used in the primary financial statements and both entry and exit values used in supplemental analyses of market depth and volatility. Both entry and exit values are wealth measures, roughly interchangeable for some purposes but nuanced for others. The primary reasons for the change are: (1) to provide for an earnings measure of company operating performance (current revenues less current costs) and (2) along with exit values to shed light on buy-sell price spreads in different markets as a supplement to FAS 1570s three tiers of data inputs for estimating fair value based on their relative ease of observation in the market.The wealth accounting model would also have a wealth recognition methodology, similar indetail to the FAS 157 measurement methodology. I have dealt with the key features of that methodology elsewhere (Mosso 2009a). Its importance for financial analysis is twofold: (1) toensure that all wealth, and nothing but wealth, is captured on the balance sheet and (2) to acceleratethe process of accounting standard-setting.The Income StatementThe bottom line of the wealth accounting income statement would be total income measured as the change in a company’s total wealth, excluding owners’ capital contributions. That is similar in concept to the FASB’s comprehensive income and the CFA Institute’s Statement of Changes in Net Assets Available to Common Shareholders (CFA 2007) except—a big exception—that it would be comprehensively measured in units of wealth rather than in GAAP’s mixed attributes.The income statement would have two primary segments: one segment for unrealized gainsand losses, and another segment, the earnings segment, for realized income consisting of a sectionfor current revenues less current costs and a section for realized gains and losses. The twosections of the earnings segment are separated because they have different implications for diagnosing financial health. Each of the sections could be further subdivided for financial analysis purposes.The earnings segment of the income statement could be delineated much like a GAAP income statement. However, a new accounting model would open the possibility for a more analyst-friendly format, for example, with a subtotal for earnings before interest, taxes, depreciation, andamortization (EBITDA), which is used by many analysts.The interplay of realized, unrealized, and total income can be illustrated with some examples.In the first example, a company hedges a future period’s forecasted revenues by purchasing a derivative financial instrument with a maturity date in that future period. Until the maturity date, the market price of the derivative might well fluctuate. Those price fluctuations would fall into the unrealized gain and loss segment of the income statement with an impact on total income. When the derivative instrument matured, the accumulated gain or loss would be transferred to the earnin gs segment of the income statement, thereby completing the hedge by offsetting the target revenues.The transfer transaction would have no effect on total income, but it would affect the unrealized gain-loss segment and the earnings segment of the income s tatement in equal and opposite amounts.As a second example, a change in the market value of a capital asset could represent a mixture of price change (replacement cost of the whole asset) and depreciation. The replacement cost of the depreciation component would go to the current revenues-current costs section of earnings immediately. The price change component would go initially to the unrealized gain-loss segment of the income statement, to be transferred to the earnings segment in connection with fu ture asset usage or disposition.One more example, the change in value of a long-term fixed rate financial instrument could represent a mixture of current period interest accrual, periodic movement to the shorter maturity end of the yield curve, change in the slope or level of the original yield curve, and change in credit quality. All of those sources of value change except interest accruals are initially unrealized gains and losses with no immediate effect on earnings. Unrealized gains and losses would flow to earnings upon settlement of the instrument at more or less than its entry value. If not settled before maturity, then periodically marking the instrument to market would contribute to the diagnosis of financial health at each reporting date.The Balance SheetThe wealth accounting balance sheet would differ from a GAAP balance sheet in four ways that are highly significant for financial analysis.First, all of a company’s assets and liabilities would be on its balance sheet marked-to-market at replacement cost. Special purpose entities and financial instruments with strings attached (e.g., repurchase agreements) could not be given off-balance sheet treatment as long as they had any continuing ties to the sponsoring company. An asset securitization could be counted as a sale only if the transfer of assets was made without recourse to the sponsor and also if the servicing agent forthe securitization pool was required to issue audited financial statements to certificate holders andthe investing public on a wealth accounting basis. Those requirements address the two problems with securitizations that greatly contributed to the financial crisis beginning in 2007, namely, the failure to differentiate sharply between a sale and a secured borrowing and the failure to provide a means for investors to monitor the condition of the pooled assets represented by certificates traded on over the counter markets. Those two requirements would make securitization pools the equivalent of exchange-traded funds.Second, netting assets against liabilities would not be permitted except for interdependent asset and liability promises within a single contract such as call or prepayment options. However, some interdependent assets and liabilities, such as the two sides of a swap, might need to be split apart. More study is needed for that.Third, the definitions of assets, liabilities, and owners’ equity would be changed from the GAAP definitions so that they comport with the objective of accounting for wealth. A ssets and liabilities are defined as items of wealth with observable market value or, alternatively, things with specifically identified and company-controlled potential cash or cash equivalent flows (that definition excludes goodwill). Owners’ equity is d efined as unencumbered net worth controlled by owners for their own benefit. Owners are defined as voting shareholders. Liabilities are binding promises by a company to non-owners (that includes promises embodied in preferred stock and equity stock options).Fourth, similar to GAAP, owners’ equity would have separate categories for owners’ netcontributed capital, unrealized net gains and losses, and retained earnings. But unlike GAAP, those categories would be kept clean, first, by the new asset, liabi lity, and owners’ equity definition and, second, by requiring all equity-share transactions to be recorded at market value to prevent unstated rights and obligations from being shunted away from retained earnings.Relationship Comparisons: The Operating Tools of Financial Analysis Whereas financial statement design is the information-organizing tool, comparison of related components of financial statements and comparison of financial statement information with information from other sources is the operating tool of everyday financial statement analysis. Comparability: The Equalizing Effect of Wealth AccountingTo diagnose financial health, analysts need data that can be compared from item to item and from company to company with confidence that the numbers are substantively comparable, that is, apples to apples. That is not the case in the current GAAP model. GAAP financial statements are a mixture of dollar amounts derived from a variety of cost-allocation methods that are not comparable with one another and are not comparable with fair value measures in the same statements. GAAP is an apples and oranges world.To expand on that last point, the GAAP model is grounded in a mix of different historical cost allocation methods, with a few fair value m easures mixed in. It is called a ‘‘mixed attribute’’ model. The historical cost of a balance sheet asset or liability is its original entry value reduced by an amount determined by formula to approximate the expiration of its useful life, or by an estimate of its future recoverable, realizable, or settlement amount. The initial selection of an allocation formula—the ongoing estimates and re-estimates of useful lives and recoverable, realizable, and settlement amounts—is all a matter of management choice. More choices are available for putting assets and liabilities on or off the balance sheet and for moving financial instruments between historical cost and fair value categories.The result of all these choices is that the amount of cost that stays on a p articular company’s balance sheet and the amount that flows to its income statement are determined by company management within broad limits. Each company picks its own way through the available GAAP choices, so no two companies’ financial statements repre sent the same mix of methods. GAAP has no overall objective to guide the choice-making and, as a result, GAAP financial statements in general do not represent anything that is definable as a whole. Historical values are not reliably representative of current market values—some may be greater, some less—so they are not indicative of a company’s present wealth or of its present financial health.The wealth accounting model equalizes the disparate GAAP numbers, making them comparable by re-weighting them up or down to a common level, that is, to units of market value.In the wealth model, every item on every entity’s balance sheet is an item of wealth measured asof the reporting date. Any item is comparable to any other item in terms of the commonmeasurin g rod of wealth. Owners’ equity is the measure of each entity’s total wealth, itseconomic net worth. The income statement measures flows of wealth in a way that is comparableon a nominal dollar basis from period to period. The income statement provides three summary measures with analytic significance: total net income, which is a wealth maintenance performance measure; net earnings, which is an operating performance measure; and net unrealized gains and losses, which is a price effect measure and a foreshadowing of potential future earnings. The earnings segment would have revenue as the top line, followed by expenses and realized gainslosses much like GAAP except that expenses would be on a replacement-cost basis. Theunrealized gain-loss segment would capture the effects of price volatility. Volatility, which is a major concern of corporate financial statement preparers, would affect total income but not earnings.Ratios for a single entity take on new dimensions and new validity in the wealth accoun ting model. The debt-equity ratio, for example, would change dramatically. As compared to data from a current GAAP balance sheet, the liability part of the ratio would be increased by grossing up previously netted liabilities, by consolidating off-balance sheet liabilities, and by reclassifying to the liability class those items of GAAP equity that do not represent ownership shares (e.g., preferred stock and equity share options). The owners’ equity part of the ratio would be reduced by any liabilities recl assified from equity and by any goodwill removed from assets. Further, owners’equity would be increased by any assets brought back from special purpose entities. After those reclassifications, fair value measurement of all assets and liabilities would change the components of the ratio still further. After all those structural and measurement changes, the debt-equity ratio would be an apples-to-apples ratio. For the first time, the debt-equity ratios of different entities would be comparable within the fairly narrow limits of estimation variances.Comparing the before-and-after effects of wealth accounting on the financial statements can easily lead to the conclusion that GAAP-based ratios now widely used in the capital markets like debt-equity, return on capital, book value per share, and price-earnings are bordering on being stati stical jokes. Individual line items of a GAAP financial statement may be useful, but totals of assets, liabilities, owners’ equity, and earnings are essentially hash totals.Two other kinds of comparison would take on much greater validity and much easier computation under the wealth accounting model, namely, comparing a U.S. company with a foreign company as of any given reporting date and comparing any one company with it self over a span of time on an inflation-adjusted basis. In comparing U.S. and foreign companies, GAAP numbers that are not comparable internally for a U.S. company are juxtaposed with GAAP or similar numbers that are also not comparable internally for a foreign company. In comparing a company over time under GAAP, an analyst can make inflation adjustments only with access to the company’s internal accounting records and even then only with intensive effort. In contrast to the internal noncomparability of GAAP financial statements, wealth accounting financial statements wouldbe comparable internally in their home currency at any given date. A simple exchange-rate translation would make them comparable across country lines. A simple inflation index adjustmen t would make them comparable across time periods. Exchange rates and inflation indexes are publicly available, so an analyst has ready access to the necessary tools for these types of comparison.There is a caveat, however, about the comparability of items of wealth that needs to be considered. Fair value estimates are subject to a range of error depending primarily on the liquidity and volatility of the markets for the items measured. Thus, the validity of any measure of wealth, and any comparison of two or more items of wealth, is diluted to some degree. Wealth does not stand still to be counted. It ebbs and flows as buyers and sellers evaluate their alternative opportunities. Therefore, estimating a single point to represent wealth for reporting in financial statements is not a precise science. In extremely illiquid markets, the range of potential error can be large. However, as imprecise as a point estimate may be in extreme circumstances, it is kept within reasonable bounds by a prescribed rigorous estimating methodology (that will become more rigorous over time) and by independent observers using publicly available market data.The latter point is often overlooked by fair value critics. The wealth accounting model would bring all financial statement measures into the open, at fair value, where they would be scrutinized by independent auditors with the ability to review company estimation methods in light of theirown observations of market activity. Wealth measures would be further scrutinized by competitors with knowledge from their own estimates of comparable assets and liabilities, and by outside reviewers such as financial analysts, regulators, and investors with the ability to compare wealth information from different companies in light of the reviewers’ independent observations of market activity. A further constraint is that a wealth measure has to be re-estimated every reporting date and is thus subject to repeated scrutiny by independent parties.All of that is in sharp contrast to GAAP numbers that, to a large degree, are crafted by insiders using methods that outsiders cannot benchmark against a common cost allocation objective or method.Concerns about the range of error in fair value estimates need to be kept in perspective. The objective of financial analysis in the wealth accounting model is to diagnose a company’s present financial health, including the sustainability of its operations. Financial health is a function of present wealth, not past entry values. So, a serious effort to diagnose health is better served by a best estimate of fair value, even within a wide range of potential error, than a GAAP historical entry value that is, at best, only marginally and randomly relevant to financial health.A further observation is that whatever is lost by lack of precision in a wealth estimate is compensated by the insights gained from a serious estimation effort. On that point, it may well be that the process of estimating fair value is more beneficial than the resulting point es timate because the estimation process forces consideration of all the factors that determine value and therefore provides management and analysts with useful insights that would be overlooked in a formulaic approach for determining historical cost allocations.Comparability: The Restraining Effect of Wealth Accounting on Financial Statement ManipulationNot only do GAAP mixed attribute methods introduce an inherent comparability problem for financial analysts, but also these comparability concerns are magnified by the manipulation of GAAP accounting results by companies seeking to make their financial position look better than it really is. Wealth accounting is a restraining force on financial statement manipulation.The motives for manipulating accounting results (euphemistically called window dressing or earnings management) are varied. Smoothing income to make the company look more stable over time is one motive that is often cited. Smoothing income can also serve to park losses on the balance shee t for more timely recognition from the management’s viewpoint or to park gains for building up rainy day reserves. Reducing the debt-equity ratio to make the company look more credit worthy is another prominent motive, the prime mover for off-balance sheet financing schemes. Other motives include reducing interim regulatory capital balances to conform to month end requirements (as in the Repo 505 transactions at Lehman Brothers), keeping the components of loan covenants within limits to avoid violations, inflating income to increase the pay-off under executive compensation agreements.To generalize, bad news and the ability to cover it up, soften it, or postpone its revelation is the motivator for accounting manipulation. The temptation to manipulate inc reases with the degree of financial stress a company is feeling.Nothing will stop entities from dressing up financial statements when they can. But the wealthaccounting model takes away virtually all of the traditional GAA P gaming devices. Manipulation through tinkering with historical cost numbers would no longer be possible because of the exclusive mark-to-market accounting aspect of the wealth accounting model. Manipulation through offbalance sheet entities would no longer be possible because of the all-on balance sheet aspect ofwealth accounting. So, any legal manipulation would have to be done by tinkering with the wealth accounting model itself.Because of the external scrutiny of wealth measures, some degree of manipulation is possible but not easy. Indeed, estimates based on FAS 157’s Level 3 inputs (the lowest level, with little or no market activity) are the most vulnerable to manipulation. However, even level 3 inputs are derived from a broad market context that is observable by all interested parties and, hence, acts as a constraint on off-the-wall estimates. Levels 1 and 2 inputs (which are observable in the market) have little room for manipulation except that a company can pick the most favorable edge of a relatively narrow range of reasonable values for a particular item.The independent auditor’s role in restraining manipulation is worth special mention. Even though auditors have access to a company’s computations, they cannot successfully challenge a historical cost allocation method or an off-balance sheet stratagem if the method or stratagem can be rationalized within the elastic boundaries of GAAP. That fact has given rise to ‘‘opinion shopping’’whereby a company whose auditing firm will not accept the company’s desired accou nting method shops around to hire another auditing firm that will accept it. Opinion shopping became so rampant in the early 1980s that the FASB established an Emerging Issues Task Force to try to slow it down. The EITF is still in business. Although opinion shopping may have been dampened, manipulation of GAAP financial statements continues. The wealth accounting model gives the auditor two new tools to strengthen resistance to manipulation: One is a firm and unyielding objective—measure wealth as defined by market value. The other one is a rigorous market value estimation methodology that a company must follow. Those tools provide explicit benchmarks for an auditor to challenge perceived deviations.Auditors often get blamed for companies’ financial fa ilure, but some of that blame should be put on accounting standards. Auditors do not have a coherent model to audit. The audit opinion is expressed on ‘‘the financial statements taken as a whole.’’ But as previously noted GAAP financial statements have no definable ‘‘whole.’’ Virtually every number in GAAP statements has its own rulebook with no firm objective to tie them all together.To sum up this manipulation discussion, it is clear that both the wealth and GAAP models can be twisted by a determined management. But the wealth model imposes major restraints in the form of a clear objective of measurement, market value, a prescribed rigorous estimating methodology with disclosures about its application, independent audit bolstered by observation of markets, and independent review by competitors, financial analysts, regulators, and investors. The GAAP model, on the other hand, is based on company-specific management opinions about how to make GAAP choices. Management opinions can be audited, but there is no objective standard for auditors to evaluate the sensibleness of those opinions. Likewise, there are few benchmarks to guide financial analysts in their judgments about the appropriateness of cost allocations and little ability to convert GAAP amounts to fair values with information from independent sources.Comparability: The Unifying Effect of Wealth Accounting on Merger and Acquisition ResultsMany financial analysts remove acquired goodwill from the financial statements for analysis。
奥运会跳水研究作文英语
The Olympic Games,a grand stage for athletes from around the globe, is not only a competition but also a celebration of human spirit and physical prowess.Among the many disciplines featured in the Olympics, diving stands out as an elegant and thrilling sport that demands a combination of strength,agility,and grace.This essay delves into the intricacies of Olympic diving,exploring its history,the techniques involved, and the impact it has on athletes and spectators alike.Diving has been a part of the Olympic program since the early20th century,with the first diving event taking place at the1904St.Louis Games. Over the years,the sport has evolved,with new disciplines and techniques being introduced,making it more challenging and visually appealing.The two main categories of diving in the Olympics are springboard and platform diving,each with its own set of rules and judging criteria.Springboard diving,performed from a raised platform over a pool, requires athletes to execute a series of flips and twists before entering the water.The height and distance from the board provide the diver with the necessary momentum to perform complex maneuvers.Platform diving,on the other hand,is performed from a stationary structure,usually at a height of10meters for men and3meters for women.This discipline places a greater emphasis on the divers ability to control their body in the air and make a precise entry into the water.The techniques involved in diving are as varied as they are intricate. Athletes must master a range of skills,from the initial takeoff to the execution of the dive itself.The takeoff is crucial,as it sets the stage for therest of the dive.Divers must generate enough force to propel themselves into the air while maintaining a stable position.Once airborne,they must execute a series of twists and flips,all while maintaining body control and alignment.The entry into the water is the final and arguably most critical part of the dive.A clean,splashfree entry is the hallmark of a wellexecuted dive.Training for Olympic divers is rigorous and demanding.Athletes spend countless hours in the gym and pool,honing their skills and building the strength and flexibility necessary for competition.They must also develop a keen sense of timing and spatial awareness,as even the slightest miscalculation can result in a lessthanperfect dive.In addition to physical training,divers must also work on their mental preparation,learning to manage nerves and maintain focus under pressure.The impact of Olympic diving extends beyond the pool.It serves as a source of inspiration for aspiring athletes and a source of entertainment for spectators.The grace and precision of divers as they soar through the air,defying gravity for a brief moment,is a sight to behold.The sport also fosters a sense of camaraderie among athletes,as they push each other to reach new heights and achieve their dreams.Moreover,diving at the Olympic level has a significant impact on the athletes themselves.The discipline,dedication,and hard work required to compete at such a high level can instill a sense of selfconfidence and resilience that extends beyond the sport.It teaches athletes the value of perseverance and the importance of striving for excellence,lessons thatcan be applied to all aspects of life.In conclusion,Olympic diving is a sport that captivates and inspires.It showcases the incredible capabilities of the human body and the heights that can be achieved through dedication and hard work.As we watch athletes from around the world take to the boards and platforms,we are reminded of the power of determination and the beauty of human achievement.Whether you are a fan of the sport or simply an admirer of the athletes skill,Olympic diving is a spectacle that is not to be missed.。
保持调理学习的方法英语作文
保持调理学习的方法英语作文Maintaining a Disciplined Approach to LearningDeveloping and sustaining a disciplined approach to learning is essential for achieving academic and personal success in today's fast-paced and highly competitive world. A disciplined approach to learning not only helps individuals acquire knowledge and skills more effectively but also fosters valuable qualities such as focus, persistence, and self-control – traits that are highly sought after by employers and crucial for navigating the complexities of modern life.One of the primary benefits of maintaining a disciplined approach to learning is the ability to stay focused and on-task. In an era characterized by constant digital distractions and a multitude of competing demands on our time and attention, the capacity to concentrate and devote oneself fully to the learning process is a valuable asset. By establishing a structured routine, setting clear goals, and minimizing interruptions, individuals can maximize their learning efficiency and retention of information.Moreover, a disciplined approach to learning cultivates the virtue of persistence in the face of challenges and setbacks. Learning, by its very nature, often involves encountering obstacles, grappling with complex concepts, and overcoming frustrations. A disciplined mindset equips individuals with the resilience to persevere through these difficulties, to view them as opportunities for growth and improvement, rather than as insurmountable barriers. This ability to persist in the face of adversity is not only crucial for academic success but also translates to various aspects of life, from professional endeavors to personal relationships.Additionally, a disciplined approach to learning fosters the development of self-control – a critical skill that enables individuals to regulate their emotions, impulses, and behaviors. In an educational context, self-control manifests in the ability to resist temptations, manage time effectively, and maintain a consistent work ethic. This self-discipline extends beyond the classroom, empowering individuals to make informed decisions, exercise restraint, and cultivate positive habits that contribute to their overall well-being and success.Furthermore, a disciplined approach to learning encourages the development of essential study skills and learning strategies. By adopting a structured and organized approach to studying, individuals can learn to take effective notes, prioritize tasks, andemploy various memorization techniques. These skills not only enhance academic performance but also equip learners with the tools to tackle complex problems, think critically, and engage in lifelong learning.Another key aspect of maintaining a disciplined approach to learning is the ability to manage one's time and resources effectively. In an era of information overload and competing commitments, the capacity to prioritize tasks, allocate time efficiently, and maintain a balanced schedule is crucial for academic and personal success. A disciplined learner understands the importance of creating a conducive learning environment, minimizing distractions, and allocating sufficient time for study, reflection, and self-care.Moreover, a disciplined approach to learning fosters the development of self-awareness and metacognitive skills. By regularly reflecting on their learning process, identifying strengths and weaknesses, and adapting their strategies accordingly, individuals can become more attuned to their own learning styles and preferences. This self-awareness empowers learners to take ownership of their educational journey, to continuously refine their approach, and to develop the lifelong habit of learning and growth.In the context of higher education, a disciplined approach to learning is particularly crucial as students navigate the increased academicdemands, independence, and complexity of university-level coursework. The ability to manage time effectively, prioritize tasks, and maintain a consistent study routine can mean the difference between academic success and failure. Furthermore, the self-discipline cultivated during the university years can have a lasting impact on an individual's professional and personal development, as they enter the workforce and encounter new challenges and responsibilities.Beyond the academic realm, a disciplined approach to learning is equally valuable in the pursuit of personal growth and development. Whether individuals are seeking to acquire a new skill, explore a passion, or expand their knowledge in a particular field, a disciplined mindset can greatly enhance their learning experience and increase the likelihood of achieving their goals. By setting clear objectives, creating a structured learning plan, and maintaining a consistent practice, individuals can unlock their full potential and experience the profound sense of accomplishment that comes with mastering new domains of knowledge or expertise.In conclusion, maintaining a disciplined approach to learning is a transformative practice that can yield immense benefits for individuals throughout their academic, professional, and personal lives. By cultivating focus, persistence, self-control, and effective learning strategies, disciplined learners are better equipped tonavigate the complexities of the modern world, to achieve their goals, and to contribute meaningfully to their communities. As such, the development and sustenance of a disciplined approach to learning should be a priority for individuals seeking to unlock their full potential and thrive in an ever-evolving landscape.。
三思而后行作文英语
三思而后行作文英语Here is a 1,000-word essay on the topic "Think Thrice Before Acting":Wisdom is a trait often undervalued in the modern world. In a society that prizes speed, efficiency, and instant gratification, the virtue of careful contemplation can be easily overlooked. However, the adage "think thrice before acting" holds profound truth that is as relevant today as it has ever been. When we take the time to reflect deeply before making decisions, we open ourselves up to better outcomes, fewer regrets, and a heightened sense of purpose.The impulse to act quickly is a natural human inclination. We are wired to respond to stimuli with alacrity, a evolutionary adaptation that served our ancestors well when faced with threats in the wild. In the modern era, however, this tendency can lead us astray. The world has become infinitely more complex, with myriad factors to consider before undertaking any course of action. Snap judgments and hasty decisions can have far-reaching and often unintended consequences.This is not to say that spontaneity and boldness do not have their place. Some of the greatest achievements in human history have been the result of courageous individuals who were willing to take aleap into the unknown. But for every triumph born of impulsive action, there are countless cautionary tales of lives derailed and dreams deferred by reckless behavior. The key is to strike a balance, to temper our instinctive urges with careful deliberation.When we take the time to think things through, we become better equipped to navigate the challenges and opportunities that life presents. By examining a situation from multiple angles, we can anticipate potential obstacles, weigh the risks and rewards, and devise a course of action that is more likely to lead to a favorable outcome. This process of reflection allows us to tap into our deeper wisdom, to access the wellspring of knowledge and insight that often lies dormant within us.Moreover, the act of thinking deeply can have a profound effect on our emotional well-being. In a world that moves at breakneck pace, the ability to slow down and engage in quiet contemplation can be a powerful antidote to the stresses and anxieties that so often plague modern life. When we take the time to carefully consider our choices, we are less likely to be driven by impulse or fear, and more likely to make decisions that are aligned with our values and long-term goals.This is not to suggest that we should agonize endlessly over every decision, becoming paralyzed by indecision. There is a balance to be struck, a sweet spot where we thoughtfully weigh the options beforeus without succumbing to analysis paralysis. The key is to cultivate the habit of pausing, of stepping back and looking at the bigger picture before taking action.One of the most powerful tools we have in this regard is the practice of mindfulness. By cultivating a heightened awareness of the present moment, we can learn to observe our thoughts and emotions with clarity, rather than being swept away by them. This allows us to make more conscious and considered choices, rather than simply reacting to the stimuli of the moment.Another valuable practice is the art of questioning. By asking ourselves a series of probing questions – What are the potential consequences of this action? What are my underlying motivations? Are there alternative approaches I should consider? – we can uncover hidden assumptions, challenge our own biases, and arrive at a more nuanced and well-rounded understanding of the situation at hand.Ultimately, the wisdom of "think thrice before acting" is not about paralysis or inaction. It is about developing the mental discipline and emotional intelligence to navigate life's complexities with greater clarity and purpose. When we take the time to carefully consider our options, we are more likely to make decisions that are aligned with our values, that serve the greater good, and that we can feel confident and at peace with, even in the face of uncertainty.In a world that often rewards speed and decisiveness, the ability to think deeply and act with intentionality can be a powerful differentiator. By cultivating the habit of careful contemplation, we open ourselves up to a richer, more fulfilling, and more purposeful existence. So the next time you find yourself facing a significant decision, remember the wisdom of those three simple words: think thrice before acting.。
飞行机器人摘水果
疯狂英语（新策略）为了解决水果采摘劳动力短缺的问题，以色列一家公司将航空、机器人和人工智能技术结合，创造了智能化空中采摘机器人。
The flying AI robot can pick fruit飞行机器人摘水果四川王睿同源高考It s getting harder to find fruit pickers to harvest the world s orchards （果园）.COVID⁃19travel restrictions have prevented seasonal workers crossing borders,so some farmers are turning to AI drones to pick their st year,with travel restrictions in place around the world,governments across Europe ap⁃pealed to those who had lost their jobs in the pan⁃demic to help with the harvest.Spain and Italy even offered to allow illegal migrants the right to work as pickers.Now an Israeli company,Tevel Aerobotics Technologies,has invented a flying autono⁃mous robot (FAR)which uses artificial intelligence to identify and pick fruit.The robot can work 24hours a day and picks only ripe fruit.The innovation was a direct response to la⁃bour shortages.“There are never enough hands available to pick fruit at the right time and at the right cost.Fruit is left to rot in the orchard or sold at a fraction of its peak value,while farmers lose billions of dollars each year,”the companysaid.19同源高考The robot uses AI perception algorithms to locate fruit trees and vision algorithms to find the fruit among the leaves and classify its size and ripeness.The robot then works out the best way to approach the fruit and remain stable as its picking arm grasps the fruit.The robots are able to harvest the orchards without getting in each other s way because of a single autonomous digital brain in a ground⁃based unit.“We need a large number of reliable pickers and we have to pay wages,organize vi⁃sas,housing,food,health care and transportation,”said John White,CEO of Marom Or⁃chards,one of the first fruit farms to use the new flying robot pickers.“Costs are rising all the time.This is hard,seasonal work,”he added.Tevel insists its robots are designed to complement human fruit pickers rather than re⁃place them.The company claims there will be a shortage of five million pickers by2050 and says its robots will ensure the10%of fruit currently left unharvested will all be picked in future.ReadingCheck1.Why is the example in paragraph2discussed?A.To show the effect of COVID⁃19.B.To tell the tough situation in Europe.C.To stress the necessity of effective measures.D.To provide background knowledge for the FAR.2.What s the FAR intended to do?A.Figure out the number of ripe fruit.B.Solve the problem of lacking labour.C.Prevent fruit from being left to rot.D.Reduce the high cost of farmers.3.What does paragraph4mainly talk about?A.The safety of the FAR.B.The popularity of the FAR.C.The efficiency of the FAR.D.The working procedure of the FAR.Crazy English2022.520疯狂英语（新策略）4.What can we know about the FAR according to the text?A.It will take the place of humans in the future.B.It has been widely used in developed countries.C.It is helpful to reduce loss and waste of fruit.D.It has become a symbol of innovation in agriculture.Language Study Text⁃centered chunksappeal to 吸引；呼吁be available to 可被……利用/得到的work out 想出；得到a large number of 大量的a shortage of 短缺be designed to do 旨在做……同源高考21。
科学好习惯的英语作文
Good scientific habits are crucial for personal growth and academic success.Here are some essential habits that can be cultivated to enhance ones scientific understanding and approach.1.Curiosity and Inquisitiveness:Cultivating a sense of curiosity is the first step towards developing good scientific habits.Always ask questions and seek to understand the why behind phenomena.2.Observation:Pay close attention to the world around you.Observation is the foundation of all scientific inquiry.It helps in identifying patterns,anomalies,and areas that require further investigation.3.Critical Thinking:Learn to analyze information critically.Do not accept everything at face value.Question assumptions,evaluate evidence,and consider alternative explanations.4.Systematic Approach:Adopt a systematic approach to problemsolving.Break down complex problems into smaller,manageable parts,and tackle them step by step.5.Experimentation:Engage in handson experiments to test hypotheses.Experimentation is a key component of the scientific method,allowing you to gather data and draw conclusions.6.Data Analysis:Learn to analyze data effectively.This includes understanding statistical methods,recognizing patterns,and drawing logical conclusions from the data collected.7.Reading and Research:Regularly read scientific literature to stay updated with the latest findings and theories.Research helps in expanding your knowledge base and understanding different perspectives.8.NoteTaking:Keep a record of your observations,experiments,and thoughts. Notetaking is an essential habit that helps in organizing information and ideas for future reference.9.Collaboration:Science is often a collaborative endeavor.Work with peers and experts in the field to exchange ideas,get feedback,and learn from different perspectives.10.Ethics and Integrity:Uphold scientific ethics and maintain integrity in your work. This includes being honest about your findings,acknowledging errors,and giving creditwhere its due.11.Continuous Learning:Science is a field that is always evolving.Embrace the concept of lifelong learning and stay open to new ideas and methods.munication Skills:Develop the ability to communicate your findings effectively, both in writing and orally.Being able to convey complex scientific concepts in a clear and concise manner is a valuable skill.13.Time Management:Manage your time efficiently to balance research,study,and other responsibilities.Good time management skills are essential for meeting deadlines and maintaining productivity.14.Adaptability:Be adaptable to change.Scientific theories and methodologies can evolve,and its important to be open to new approaches and technologies.15.Resilience:Develop resilience in the face of setbacks.Scientific research can be challenging,and its important to persevere and learn from failures.By incorporating these habits into your daily routine,you can foster a strong foundation for scientific exploration and discovery.Remember,the pursuit of knowledge is a journey, and these habits will serve as your guide along the way.。
小朋友主持节目的英语作文
When it comes to hosting a program,even for a young child,there are several key elements to consider in order to make the experience both enjoyable and successful.Here are some tips and ideas for a child to host a program effectively:1.Preparation is Key:Before the program,the child should be wellprepared.This includes understanding the script,practicing pronunciation,and memorizing key points.2.Introduction:Start with a warm and welcoming introduction.The child can introduce themselves,explain the purpose of the program,and set the tone for what the audience can expect.3.Engaging the Audience:Its important for the child to engage with the audience.This can be done through asking questions,making eye contact,and using gestures to express enthusiasm.4.Clear Speech:The child should speak clearly and at a pace that is easy for the audience to follow.Its also important to articulate words properly to ensure everyone can understand.e of Visual Aids:If the program includes visual elements like slides or props,the child should be familiar with how to use them effectively to support their presentation.6.Handling Questions:If theres a QA session,the child should be ready to listen carefully to the questions and respond thoughtfully.Its okay to ask for clarification if a question is not clear.7.Flexibility:Sometimes,things dont go as planned.The child should be flexible and ready to adapt if something unexpected happens,such as a technical issue or a change in the schedule.8.Conclusion:End the program on a high note.The child can summarize the key points, thank the audience for their participation,and provide any final information or next steps.9.Practice:Rehearsal is crucial.The child should practice the program several times to build confidence and ensure a smooth delivery.10.Encouragement and Support:Finally,its important for the child to have the support of parents,teachers,or mentors.Positive feedback and constructive criticism can help the child improve and feel more at ease.Remember,hosting a program is a great opportunity for a child to develop public speaking skills,confidence,and creativity.With the right preparation and support,they can create a memorable experience for both themselves and their audience.。
高中英语：Rhetorical Purposes
Rhetorical PurposesParagraph 5: The Psychodynamic Approach. Theorists adopting the psychodynamic approach hold that inner conflicts are crucial for understanding human behavior, including aggression. Sigmund Freud, for example, believed that aggressive impulses are inevitable reactions to the frustrations of daily life. Children normally desire to vent aggressive impulses on other people, including their parents, because even the most attentive parents cannot gratify all of their demands immediately. Yetrather than venting "steam," we set the stage for future explosions. Pent-up aggressive impulses demand outlets. They may be expressed toward parents in indirect ways such as destroying furniture, or they may be expressed toward strangers later in life.(OG- Aggression)➢○deliberately build up their aggression to make themselves stronger○usually release aggression in explosive ways○must vent their aggression to prevent it from building up○typically lose their aggression if they do not express itParagraph 5: An even more exciting find was reported in 1994, also from Pakistan. The now extinct whale Ambulocetus natans ("the walking whale that swam") lived in the Tethys Sea 49 million years around 3 million years after Pakicetus but 9 million before Basilosaurus. The fossilmuch like those of a modern pinniped. The legs were certainly functional both on land and at sea. The whale retained a tail and lacked a fluke, the major means of locomotion in modern cetaceans. The structure of the backbone shows, however, that Ambulocetus swam like modern whales by moving the rear portion of its body up and down, even though a fluke was missing. The large hind legs were used for propulsion in water. On land, where it probably bred and gave birth, Ambulocetus may have moved around very much like a modern sea lion. It was undoubtedly a whale that linked life on land with life at sea.（OG-The Origins of Cetaceans）①included hind legs?○Fossil legs of early whales are a rare find.○The legs provided important information about the evolution of cetaceans.○The discovery allowed scientists to reconstruct a complete skeleton of the whale.○Until that time, only the front legs of early whales had been discovered.Paragraph 4: The first generation to experience these changes did not adopt the new attitudes easily. The factory clock became the symbol of the new work rules. One mill worker who finally quit complained revealingly about "obedience to the ding-dong of the bell-just as though we are so many living machines." With the loss of personal freedom also came the loss of standing in the community.Unlike artisan workshops in which apprentices worked closely with the masters supervising them, factories sharply separated workers from management. Few workers rose through the ranks to supervisory positions, and even fewer could achieve the artisan's dream of setting up one's own business. Even well-paid workers sensed their decline in status.(OG- Artisans and Industrialization)②In paragraph 4, the author includes the quotation from a mill worker in order to○support the idea that it was difficult for workers to adjust to working in factories○to show that workers sometimes quit because of the loud noise made by factory machinery○argue that clocks did not have a useful function in factories○emphasize that factories were most successful when workers revealed their complaints Paragraph 3: Tunas, mackerels, and billfishes have made streamlining into an art form. Their bodies are sleek and compact. The body shapes of tunas, in fact, are nearly ideal from an engineering point of view. Most species lack scales over most of the body, making it smooth and slippery. The eyes lie flush with the body and do not protrude at all. They are also covered with a slick, transparent lid that reduces drag. The fins are stiff, smooth, and narrow, qualities that also help cut drag. When not in use,break up its smooth for the same reason.③○○To argue that some fishes are better designed than airplanes are○To provide evidence that airplane engine have studied the design of fish bodies○To demonstrate a similarity in design between certain fishes and airplanesParagraph 6: But neither the human imitative instinct nor a penchant for fantasy by itself leads to an autonomous theater. Therefore, additional explanations are needed. One necessary condition seemsappearance of the comic vision, since requires sufficient detachment to view some deviations from social norms as ridiculous rather than as serious threats to the welfare of the entire group. Another condition that contributes to the development of autonomous theater is the emergence of the aesthetic sense. For example, some early societies ceased to consider certain rites essential to their well-being and abandoned them, nevertheless, they retained as parts of their oral tradition the myths that had grown up around the rites and admired them for their artistic qualities rather than for their religious usefulness.(TPO1-The Origins of Theater)④○○To explain how theater helps a society respond to threats to its welfare○To help explain why detachment is needed for the development of theater○To show how theatrical performers become detached from other members of societyParagraph 6: Much of the world’s great architecture has been constructed of stone because of itsbeauty, permanence, and availability. In the past, whole cities grew from the arduous task of cuttingare made possible by placing over the open spaces thick stone beams that support the could be overcome and new architectural forms could be created. That invention was the arch, a curved structure originally made of separate stone or brick segments. The arch was used by the early cultures of the Mediterranean area chiefly for underground drains, but it was the Romans who first developed and used the arch extensively in aboveground structures. Roman builders perfected the semicircular arch made of separate blocks of stone. As a method of spanning space, the arch can support greater weight than a horizontal beam. It works in compression to divert the weight above it out to the sides, where the weight is borne by the vertical elements on either side of the arch. The arch is among the many important structural breakthroughs that have characterized architecture throughout the centuries.⑤Why does the author include a description of how the of Machu Picchu were constructed?○To indicate that the combined skeletons and skins of the stone buildings of Machu Picchu were similar to igloos and adobe structures○To indicate the different kinds of stones that had to be cut to build Machu Picchu○To provide an illustration of the kind of construction that was required before arches were invented○To explain how ancient builders reduced the amount of time necessary to construct buildings from stoneParagraph 5: Even the kind of stability defined as simple lack of change is not always associated with maximum diversity. At least in temperate zones, maximum diversity is often found in mid-successional stages, not in the climax community. Once a redwood forest matures, for example, the kinds of species and the number of individuals growing on the forest floor are reduced. In general, diversity, by itself, does not ensure stability. Mathematical models of ecosystems likewise suggestbreak down.-⑥In paragraph 5, why does the author provide the information that○To illustrate a general principle about the stability of systems by using an everyday example○To demonstrate that an understanding of stability in ecosystems can be applied to help understand stability in other situations○To make a comparison that supports the claim that, in general, stability increases with diversity○To provide an example that contradicts mathematical models of ecosystemsParagraph 5: Just as painted designs on Greek pots may seem today to be purely decorative, whereas in fact they were carefully and precisely worked out so that at the time, their meaning wasclear, so it is with Chinese pots. To twentieth-century eyes, Chinese pottery may appear merely decorative, yet to the Chinese the form of each object and its adornment had meaning and significance. The dragon represented the emperor, and the phoenix, the empress; the pomegranate indicated fertility, and a pair of fish, happiness; mandarin ducks stood for wedded bliss; the pine tree, peach, and crane are emblems of long life; and fish leaping from waves indicated success in the civil service examinations. Only when European decorative themes were introduced did these meanings become obscured or even lost.(TPO10-Chinese Pottery)⑦In paragraph 5, the author compares the designs on Chinese pots to those on Greek pots in order to ○emphasize that while Chinese pots were decorative, Greek pots were functional○argue that the designs on Chinese pots had specific meanings and were not just decorative○argue that twentieth-century scholars are better able to understand these designs than were ancient scholars○explain how scholars have identified the meaning of specific images on Chinese pots Paragraph 2:The majority of three-dimensional representations, whether standing, seated, or kneeling, exhibit what is called frontality: they face straight ahead, neither twisting nor turning. When such statues are viewed in isolation, out of their original context and without knowledge of their function, it is easy to criticize them for their rigid attitudes that remained unchanged for three thousand years. Frontality is, however, directly related to the functions of Egyptian statuary and the contexts in which the statues were set up. Statues were created not for their decorative effect but to play a primary role in the cults of the gods, the king, and the dead. They were designed to be put in places where these beings could manifest themselves in order to be the recipients of ritual actions. Thus it made sense to show the statue looking ahead at what was happening in front of it, so that the living performer of the ritual could interact with the divine or deceased recipient. Very often such statues were enclosed in rectangular shrines or wall niches whose only opening was at the front,for instance, in front of the monumental entrance gateways to templesfrontality worked perfectly within the architectural context.⑧○○offer a further explanation for the frontal pose of Egyptian statues○explain how the display of statues replaced other forms of architectural decoration○illustrate the religious function of Egyptian statuesParagraph 5:Tools themselves can be revealing. Long-handed Neolithic spoons of yew wood preserved in Alpine villages dating to 3000 B.C. have survived; the signs of rubbing on their left side indicate that their users were right-handed. The late Ice Age rope found in the French cave of Lascaux consists of fibers spiraling to the right, and was therefore tressed by a righthander.(TPO12- Which Hand Did They Use?)⑨In paragraph 5, why does the author mention the Ice Age rope found in the French cave ofLascaux?○As an example of an item on which the marks of wear imply that it was used by a right-handed person○Because tressing is an activity that is easier for a right-handed person than for a left-handed person○Because the cave of Lascaux is the site where researchers have found several prehistoric tools made for right-handed people○As an example of an item whose construction shows that it was right handed made by a right-personParagraph 6: Occasionally one can determine whether stone tools were used in the right hand or the left, and it is even possible to assess how far back this feature can be traced. In stone toolmaking experiments, Nick Toth, a right-hander, held the core (the stone that would become the tool) in his left hand and the hammer stone in his right. As the tool was made, the core was rotated clockwise, and the flakes, removed in sequence, had a little crescent of cortex (the core's outer surface) on the side. Toth's knapping produced 56 percent flakes with the cortex on the right, and 44 percent left-oriented flakes. A left-handed toolmaker would produce the opposite pattern. Toth has applied these criteria to the similarly made pebble tools from a number of early sites (before 1.5 million years) at Koobi Fora, Kenya, probably made by Homo habilis. At seven sites he found that 57 percent of the flakes were right-oriented, and 43 percent left, a pattern almost identical to that produced today.(TPO12- Which Hand Did They Use?)⑩What was the purpose of Toth's toolmaking experiment described in paragraph 6?○To shape tools that could be used by either hand○To produce replicas of early tools for display in museums○To imitate the production of pebble tools from early sites○To determine which hand made the early tools。
BEC商务英语热词：房地产调控”怎么说
BEC商务英语热词：房地产调控”怎么说为了帮助大家备考bec，下面小编给大家带来BEC商务英语热词：房地产调控”怎么说，一起来学习吧。
BEC商务英语热词：房地产调控”怎么说?On Tuesday morning, Premier Wen said the Chinese government will tighten real estate market regulation and continue to build and manage government-subsidized housing, guaranteeing satisfactory housing for the people.周二早晨，温总理提出中国政府将要加强房地产市场调控并继续建立和管理保障性安居工程，确保人民住有所居。
“热词”解析“房地产调控”的表达有很多，列举一些外媒最常用的：1.The new move came after the central government stepped up efforts to cool down the country's over-heating property market.2.REAL estate prices in China are in no condition to rebound with the government firmly set to continue regulating the property market.3.The mainland's latest measures aimed at curbing property prices expanded to include the nation's smaller cities.以上三种表达cool down、regulate、curb都可以有调控、抑制的意思。
芝加哥商学院教授罗伯特·卡尔文的“销售管理”课堂实录-管理资料
芝加哥商学院教授罗伯特·卡尔文的“销售管理”课堂实录-管理资料近年来，中国企业的管理者们开始更多地关注如何将美欧的经验移植到中国的环境，针对某个具体问题的现成答案与建议成了人们更为迫切想得到的东西，。
在这一点上，芝加哥商学院教授罗伯特·卡尔文则坚持认为：“我要教你如何捕鱼，而不是把鱼给你。
”一个凉爽的周六上午，罗伯特·卡尔文在对外经贸大学讲授了一堂精彩的“销售管理”。
听卡尔文教授讲课，你会不断听到“流程”（process）、“模型”（model）、“方法”（methodology）这些字眼。
但是，不要据此就以为他是一个只讲理论的学院派。
这位在商场战绩赫赫同时在学术界广受尊重的芝加哥大学教授，除了在芝加哥商学院教授MBA及EMBA课程外，同时也是一位畅销书作者、一家咨询公司的总裁。
他的公司已成为全美“销售管理”职业技能培训的圣殿，但他却用小孩子喜欢玩的yo-yo球来形容其公司业务时上时下的情况。
在过去三年里,他每年都会有三四个月的时间在中国，所以对中国的市场有相当多的了解，更有趣的是他总结了中美两国人的五个相似之处：喜欢吃，喜欢购物，喜欢学习，重视家庭，喜欢赚钱。
他微笑着说今天就要告诉大家如何赚钱，课堂气氛马上变得轻松活泼起来。
给销售经理上课卡尔文先生首先从三个方面对阐释销售管理：首先，销售管理是一个循序渐进的过程，也可以说是一个大的系统，其中包含了许多细节，每个细节又相互关联，而要掌握全局就必须控制好细节。
在管理过程中，还要理解系统的每个方面及它们之间的相互联系，并为每个部分建立模型和方法。
其次，销售管理是一个复杂的学科，它涵盖了战术与战略、数量与质量、市场与销售以及宏观与微观等问题。
最后，销售管理还牵涉到重新设计销售队伍以提高销售能力和绩效，并且在实施过程中要遵循一定的步骤。
“在介绍如何进行成功的销售管理之前，我们还必须了解三个基本假设：第一，普通销售人员销售实力比不上销售经理，所以一个业绩平平的销售团队究其原因还是因为销售管理不力。
- 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)。
55
Financial Conduct Authority
March 2014
1
PS14/4
In this Policy Statement we report on the main issues arising from Consultation Paper 13/13 The FCA’s regulatory approach to crowdfunding (and similar activities) and publish the final rules.
Financial Conduct Authority
March 2014
5
PS14/4
The FCA’s regulatory approach to crowdfunding over the internet
Context
1.4 Crowdfunding is a way in which people, organisations and businesses, including business startups, can raise money through online portals (crowdfunding platforms) to finance or re-finance their activities. Some crowdfunding activity is unregulated, some is regulated and some is exempt from regulation.
Financial Conduct Authority
Policy Statement
PS14/4
The FCA’s regulatory approach to crowdfunding over the internet, and the promotion of non-readily realisable securities by other media
Who does this affect?
1.2 This paper will be relevant to consumers and consumer organisations with an interest in the investments offered on crowdfunding platforms, and similar investment offers such as the marketing of mini-bonds.
4 This paper is not relevant if the retail clients receive regulated advice or investment management services in relation to those investments, or are corporate finance contacts or venture capital contacts.
5 Market information, cost benefit analysis
44
and compatibility statement
Annex
1 List of non-confidential respondents
51
Appendix
1 Made rules (legal instrument)
• Firms that operate or plan to operate investment-based crowdfunding platforms on which consumers can buy investments, such as equity or debt securities that are not listed or traded on a recognised exchange, or units in an unregulated collective investment scheme.
The FCA’s regulatory approach to crowdfunding over the internet
Abbreviations used in this paper
PS14/4
CBA CMAR CP DMD FCA FSCS FSMA IFA MiFID OFT PD PRA PS RAO UCIS WACC
Cost benefit analysis Client Money and Asset Return Consultation Paper Distance Marketing Directive Financial Conduct Authority Financial Services Compensation Scheme Financial Services and Markets Act Independent Financial Adviser Markets in Financial Instruments Directive Office of Fair Trading Prospectus Directive Prudential Regulation Authority Policy Statement Regulated Activities Order Unregulated collective investment scheme Weighted average cost of capital
Email:
cp13-13@
You can download this Policy Statement from our website: . Or contact our order line for paper copies: 0845 608 2372.
Financial Conduct Authority
March 2014
3
PS14/4
1. Overview
The FCA’s regulatory approach to crowdfunding over the internet
PS14/4
Introduction
1.1 In October 2013, we published a consultation paper (CP) detailing our proposed approach to the regulation of firms operating online crowdfunding platforms or conducting other similar activities.1 In this policy statement (PS) we summarise the feedback to the CP, and give our response to this feedback.2 We also publish rules that will come into force on 1 April 2014.
1 The CP is available at: /static/documents/consultation-papers/cp13-13.pdf. The CPs dealing with our approach to consumer credit are available at: /static/pubs/cp/cp13-07.pdf and /static/documents/consultation-papers/cp13-10.pdf.
1.5 The crowdfunding sectors have grown in recent years as a result of two key factors: technological innovation and the financial crisis, which has led to constraints on lending by traditional credit providers to the real economy.
Please send any comments or enquiries to:
Jason Pope and Susan Cooper Policy, Risk and Research Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS
1.3 This paper applies to:
• Firms that operate or plan to operate peer-to-peer lending platforms or peer-to-business lending platforms (which we refer to as loan-based crowdfunding platforms in this paper) on which consumers can invest in loan agreements (which we refer to as P2P agreements).3
2 In a separate paper, we set out rules for the protection of borrowers on loan-based crowdfunding platforms. See PS14/3, Detailed rules for the FCA regime for consumer credit, February 2014: /static/documents/policy-statements/ps14-03.pdf
Feedback to CP13/13 and final rules