A Model with Generalized Holding and Cell Residence Times for Evaluating Handoff Rates and

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投资学题库Chap004备课讲稿

投资学题库Chap004备课讲稿

投资学题库C h a p004Chapter 04Mutual Funds and Other Investment Companies Multiple Choice Questions1.Which one of the following statements regarding open-end mutual funds is false?A. T he funds redeem shares at net asset value.B. T he funds offer investors professional management.C. T he funds offer investors a guaranteed rate of return.D. T he funds offer investors professional management and a guaranteed rate of return.E. T he funds redeem shares at net asset value and offer investors professional management.2.Which one of the following statements regarding closed-end mutual funds is false?A. T he funds always trade at a discount from NAV.B. T he funds redeem shares at their net asset value.C. T he funds offer investors professional management.D. T he funds always trade at a discount from NAV and redeem shares at their net asset value.E. N one of the options3.Which of the following functions do investment companies perform for their investors?A. R ecord keeping and administrationB. D iversification and divisibilityC. P rofessional managementD. L ower transaction costsE. A ll of the options4.Multiple Mutual Funds had year-end assets of $457,000,000 and liabilities of $17,000,000. Therewere 24,300,000 shares in the fund at year-end. What was Multiple Mutual's net asset value?A. $18.11B. $18.81C. $69.96D. $7.00E. $181.075.Growth Fund had year-end assets of $862,000,000 and liabilities of $12,000,000. There were32,675,254 shares in the fund at year-end. What was Growth Fund's net asset value?A. $28.17B. $25.24C. $19.62D. $26.01E. $21.566.Diversified Portfolios had year-end assets of $279,000,000 and liabilities of $43,000,000. IfDiversified's NAV was $42.13, how many shares must have been held in the fund?A. 43,000,000B. 6,488,372C. 5,601,709D. 1,182,2037.Pinnacle Fund had year-end assets of $825,000,000 and liabilities of $25,000,000. If Pinnacle'sNAV was $32.18, how many shares must have been held in the fund?A. 21,619,346.92B. 22,930,546.28C. 24,860,161.59D. 25,693,645.258.Most actively managed mutual funds, when compared to a market index such as the Wilshire5000,A. b eat the market return in all years.B. b eat the market return in most years.C. e xceed the return on index funds.D. d o not outperform the market.9.Pools of money invested in a portfolio that is fixed for the life of the fund are calledA. c losed-end funds.B. o pen-end funds.C. u nit investment trusts.D. R EITS.E. r edeemable trust certificates.10.Investors in closed-end funds who wish to liquidate their positions mustA. s ell their shares through a broker.B. s ell their shares to the issuer at a discount to net asset value.C. s ell their shares to the issuer at a premium to net asset value.D. s ell their shares to the issuer for net asset value.E. h old their shares to maturity.11.Closed end funds are frequently issued at a ______ to NAV and subsequently trade at a__________ to NAV.A. d iscount, discountB. d iscount, premiumC. p remium, premiumD. p remium, discountE. N o consistent relationship has been observed.12.At issue, offering prices of open-end funds will often beA. l ess than NAV due to loads and commissions.B. g reater than NAV due to loads and commissions.C. l ess than NAV due to limited demand.D. g reater than NAV due to excess demand.E. l ess than or greater than NAV with no apparent pattern.13.Which of the following statements about real estate investment trusts is true?A. R EITs invest in real estate or loans secured by real estate.B. R EITs raise capital by borrowing from banks and issuing mortgages.C. R EITs are similar to open-end funds, with shares redeemable at NAV.D. R EITs invest in real estate or loans secured by real estate and raise capital by borrowing frombanks and issuing mortgages.E. A ll of the options are true.14.Which of the following statements about real estate investment trusts is true?A. R EITs may be equity trusts or mortgage trusts.B. R EITs are usually highly leveraged.C. R EITs are similar to closed-end funds.D. R EITs may be equity trusts or mortgage trusts and are usually highly leveraged.E. A ll of the options are true.15.Which of the following statements about money market mutual funds is true?A. T hey invest in commercial paper, CDs, and repurchase agreements.B. T hey usually offer check-writing privileges.C. T hey are highly leveraged and risky.D. T hey invest in commercial paper, CDs, and repurchase agreements, and they usually offercheck-writing privileges.E. A ll of the options are true.16.In 2012 the proportion of mutual funds (based on total assets) specializing in common stockswasA. 21.7%.B. 28.0%.C. 44.8%.D. 73.4%.E. 63.5%.17.In 2012 the proportion of mutual funds (based on total assets) specializing in bonds wasA. 24.8%.B. 28.0%.C. 54.1%.D. 73.4%.E. 63.5%.18.In 2012 the proportion of mutual funds (based on total assets) specializing in money marketsecurities wasA. 21.7%.B. 28.0%.C. 54.1%.D. 73.4%.E. 23.2%.19.In 2012 the proportion of hybrid (bond and stock) mutual funds (based on total assets) wasA. 21.7%.B. 28.0%.C. 54.1%.D. 7.2%.E. 22.6%.20.Management fees and other expenses of mutual funds may includeA. f ront-end loads.B. b ack-end loads.C. 12b-1 charges.D. f ront-end and back-end loads.E. f ront-end loads, back-end loads, and 12b-1 charges.21.The Profitability Fund had NAV per share of $17.50 on January 1, 2012. On December 31 of thesame year, the fund's NAV was $19.47. Income distributions were $0.75, and the fund had capital gain distributions of $1.00. Without considering taxes and transactions costs, what rate of return did an investor receive on the Profitability Fund last year?A. 11.26%B. 15.54%C. 16.97%D. 21.26%E. 9.83%22.The Yachtsman Fund had NAV per share of $36.12 on January 1, 2012. On December 31 of thesame year the fund's NAV was $39.71. Income distributions were $0.64 and the fund had capital gain distributions of $1.13. Without considering taxes and transactions costs, what rate of return did an investor receive on the Yachtsman Fund last year?A. 22.92%B. 17.68%C. 14.39%D. 18.52%E. 14.84%23.Investors' Choice Fund had NAV per share of $37.25 on January 1, 2012. On December 31 ofthe same year the fund's rate of return for the year was 17.3%. Income distributions were $1.14, and the fund had capital gain distributions of $1.35. Without considering taxes and transactions costs, what ending NAV would you calculate for Investors' Choice?A. $41.20B. $33.88C. $43.69D. $42.03E. $46.6224.Which of the following is not an advantage of mutual funds?A. T hey offer a variety of investment styles.B. T hey offer small investors the benefits of diversification.C. T hey treat income as "passed through" to the investor for tax purposes.D. A ll of the options are advantages of mutual funds.E. N one of the options is an advantage of mutual funds.25.Which of the following would increase the net asset value of a mutual fund share, assuming allother things remain unchanged?A. A n increase in the number of fund shares outstandingB. A n increase in the fund's accounts payableC. A change in the fund's managementD. A n increase in the value of one of the fund's stocks26.Which of the following characteristics apply to unit investment trusts?I) Most are invested in fixed-income portfolios.II) They are actively managed portfolios.III) The sponsor pools securities, then sells public shares in the trust.IV) The portfolio is fixed for the life of the fund.A. I and IVB. I and IIC. I, III, and IVD. I, II, and IIIE. I, II, III, and IV27.Jargon Rapid Growth is a mutual fund that has traditionally accepted funds from new investorsand issued new shares at net asset value. Jeremy Jargon manages the fund himself and has become concerned that its level of assets has become too high for his management abilities. He issues a statement that Jargon will no longer accept funds from new investors, but will continue to accept additional investments from current shareholders. Which of the following is true about Jargon Rapid Growth fund?A. J argon used to be an open-end fund but has now become a closed-end fund.B. J argon has always been an open-end fund and will remain an open-end fund.C. J argon has always been a closed-end fund and will remain a closed-end fund.D. J argon is an open-end fund but would change to a closed-end fund if it wouldn't acceptadditional funds from current investors.E. J argon is violating SEC policy by refusing to accept new investors.28.As of 2012 which class of mutual funds had the largest amount of assets invested?A. E quity fundsB. B ond fundsC. M ixed asset classes such as asset allocation fundsD. M oney market fundsE. G lobal fundsmingled funds areA. a mounts invested in equity and fixed-income mutual funds.B. f unds that may be purchased at intervals of 3, 6, or 12 months at the discretion ofmanagement.C. a mounts invested in domestic and global equities.D. c losed-end funds that may be repurchased only once every two years at the discretion ofmutual fund management.E. p artnerships of investors that pool their funds, which are then managed for a fee.30.Which of the following is true regarding equity mutual funds?I) They invest primarily in stock.II) They may hold fixed-income securities as well as stock.III) Most hold money market securities as well as stock.IV) Two types of equity funds are income funds and growth funds.A. I and IVB. I, III, and IVC. I, II, and IVD. I, II, and IIIE. I, II, III, and IV31.The fee that mutual funds use to help pay for advertising and promotional literature is called aA. f ront-end load fee.B. b ack-end load fee.C. o perating expense fee.D. 12b-1 fee.E. s tructured fee.32.Patty O'Furniture purchased 100 shares of Green Isle mutual fund at a net asset value of $42 pershare. During the year Patty received dividend income distributions of $2.00 per share and capital gains distributions of $4.30 per share. At the end of the year the shares had a net asset value of $40 per share. What was Patty's rate of return on this investment?A. 5.43%B. 10.24%C. 7.19%D. 12.44%E. 9.18%$21 per share. During the year you received dividend income distributions of $1.50 per share and capital gains distributions of $2.85 per share. At the end of the year the shares had a net asset value of $23 per share. What was your rate of return on this investment?A. 30.24%B. 25.37%C. 27.19%D. 22.44%E. 29.18%34.Assume that you purchased shares of High Flying mutual fund at a net asset value of $12.50 pershare. During the year you received dividend income distributions of $0.78 per share and capital gains distributions of $1.67 per share. At the end of the year the shares had a net asset value of $13.87 per share. What was your rate of return on this investment?A. 29.43%B. 30.56%C. 31.19%D. 32.44%E. 29.18%35.Assume that you purchased shares of a mutual fund at a net asset value of $14.50 per share.During the year you received dividend income distributions of $0.27 per share and capital gains distributions of $0.65 per share. At the end of the year the shares had a net asset value of $13.74 per share. What was your rate of return on this investment?A. 2.91%B. 3.07%C. 1.10%D. 1.78%E. -1.18%During the year you received dividend income distributions of $0.05 per share and capital gains distributions of $0.06 per share. At the end of the year the shares had a net asset value of $8.16 per share. What was your rate of return on this investment?A. -18.24%B. -16.1%C. 16.10%D. -17.3%E. 17.3%37.A mutual fund had year-end assets of $560,000,000 and liabilities of $26,000,000. There were23,850,000 shares in the fund at year-end. What was the mutual fund's net asset value?A. $22.87B. $22.39C. $22.24D. $17.61E. $19.2538.A mutual fund had year-end assets of $250,000,000 and liabilities of $4,000,000. There were3,750,000 shares in the fund at year-end. What was the mutual fund's net asset value?A. $92.53B. $67.39C. $63.24D. $65.60E. $17.4640,150,000 shares in the fund at year-end. What was the mutual fund's net asset value?A. $9.63B. $57.71C. $16.42D. $17.87E. $17.2640.A mutual fund had year-end assets of $750,000,000 and liabilities of $7,500,000. There were40,000,000 shares in the fund at year-end. What was the mutual fund's net asset value?A. $9.63B. $18.56C. $16.42D. $17.87E. $17.2641.A mutual fund had year-end assets of $465,000,000 and liabilities of $37,000,000. If the fundNAV was $56.12, how many shares must have been held in the fund?A. 4,300,000B. 6,488,372C. 8,601,709D. 7,626,515E. N one of the optionsNAV was $26.12, how many shares must have been held in the fund?A. 17,534,456B. 16,488,372C. 18,601,742D. 17,542,51543.A mutual fund had year-end assets of $327,000,000 and liabilities of $46,000,000. If the fundNAV was $30.48, how many shares must have been held in the fund?A. 11,354,751B. 8,412,642C. 10,165,476D. 9,165,414E. 9,219,16044.A mutual fund had year-end assets of $437,000,000 and liabilities of $37,000,000. If the fundNAV was $60.12, how many shares must have been held in the fund?A. 6,653,360B. 8,412,642C. 10,165,476D. 9,165,414E. 9,219,160year the fund's NAV was $19.14. Income distributions were $0.57 and the fund had capital gain distributions of $1.12. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?A. 11.26%B. 10.54%C. 7.97%D. 8.26%E. 9.63%46.A mutual fund had NAV per share of $23.00 on January 1, 2012. On December 31 of the sameyear the fund's NAV was $23.15. Income distributions were $0.63 and the fund had capital gain distributions of $1.26. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?A. 11.26%B. 10.54%C. 8.87%D. 8.26%E. 9.63%47.A mutual fund had NAV per share of $26.25 on January 1, 2012. On December 31 of the sameyear the fund's rate of return for the year was 16.4%. Income distributions were $1.27 and the fund had capital gain distributions of $1.85. Without considering taxes and transactions costs, what ending NAV would you calculate?A. $27.44B. $33.88C. $24.69D. $42.03E. $16.62year the fund's rate of return for the year was 26.6%. Income distributions were $1.79 and the fund had capital gain distributions of $2.80. Without considering taxes and transactions costs, what ending NAV would you calculate?A. $17.44B. $13.28C. $14.96D. $17.25E. $16.6249.A mutual fund had NAV per share of $36.15 on January 1, 2012. On December 31 of the sameyear the fund's rate of return for the year was 14.0%. Income distributions were $1.16 and the fund had capital gain distributions of $2.12. Without considering taxes and transactions costs, what ending NAV would you calculate?A. $37.93B. $34.52C. $44.69D. $47.25E. $36.2850.A mutual fund had NAV per share of $37.12 on January 1, 2012. On December 31 of the sameyear the fund's rate of return for the year was 11.0%. Income distributions were $2.26 and the fund had capital gain distributions of $1.64. Without considering taxes and transactions costs, what ending NAV would you calculate?A. $37.93B. $34.52C. $37.30D. $47.25E. $36.2851.Differences between hedge funds and mutual funds are thatA. h edge funds are only subject to minimal SEC regulation.B. h edge funds are typically open only to wealthy or institutional investors.C. h edge fund managers can pursue strategies not available to mutual funds, such as shortselling, heavy use of derivatives, and leverage.D. h edge funds are commonly structured as private partnerships.E. A ll of the options52.Of the following types of mutual funds, an investor who wishes to invest in a diversified portfolio ofstocks worldwide (including the U.S.) should chooseA. i nternational funds.B. g lobal funds.C. r egional funds.D. e merging market funds.53.Of the following types of mutual funds, an investor who wishes to invest in a diversified portfolio offoreign stocks (excluding the U.S.) should chooseA. i nternational funds.B. g lobal funds.C. r egional funds.D. e merging market funds.54.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio thattracks the S&P 500 should chooseA. S PY.B. D IA.C. Q QQQ.D. I WM.E. V TI.55.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio thattracks the Dow Jones Industrials should chooseA. S PY.B. D IA.C. Q QQQ.D. I WM.E. V TI.56.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio thattracks the Nasdaq 100 should chooseA. S PY.B. D IA.C. Q QQQ.D. I WM.E. V TI.tracks the Russell 2000 should chooseA. S PY.B. D IA.C. Q QQQ.D. I WM.E. V TI.58.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio thattracks the Wilshire 5000 should chooseA. S PY.B. D IA.C. Q QQQ.D. I WM.E. V TI.59.Of the following types of ETFs, an investor who wishes to invest in a diversified portfolio thattracks the MSCI Japan Index should chooseA. S PY.B. E WJ.C. Q QQQ.D. I WM.E. V TI.tracks the MSCI France Index should chooseA. S PY.B. E WJ.C. E WQ.D. I WM.E. V TI.61.A mutual fund had average daily assets of $3.0 billion in 2012. The fund sold $600 million worthof stock and purchased $700 million worth of stock during the year. The fund's turnover ratio isA. 27.5%.B. 12%.C. 15%.D. 25%.E. 20%.62.A mutual fund had average daily assets of $2.0 billion in 2012. The fund sold $500 million worthof stock and purchased $600 million worth of stock during the year. The fund's turnover ratio isA. 27.5%.B. 12%.C. 15%.D. 25%.E. 20%.63.A mutual fund had average daily assets of $4.0 billion in 2012. The fund sold $1.5 billion worth ofstock and purchased $1.6 billion worth of stock during the year. The fund's turnover ratio isA. 37.5%.B. 22%.C. 15%.D. 45%.E. 20%.64.A mutual fund had average daily assets of $4.7 billion in 2012. The fund sold $2.2 billion worth ofstock and purchased $3.6 billion worth of stock during the year. The fund's turnover ratio isA. 37.5%.B. 22.6%.C. 15.3%.D. 46.8%.E. 20.7%.65.You purchased shares of a mutual fund at a price of $20 per share at the beginning of the yearand paid a front-end load of 5.75%. If the securities in which the fund invested increased in value by 11% during the year, and the fund's expense ratio was 1.25%, your return if you sold the fund at the end of the year would beA. 4.33%.B. 3.44%.C. 2.45%.D. 6.87%.66.You purchased shares of a mutual fund at a price of $12 per share at the beginning of the yearand paid a front-end load of 4.75%. If the securities in which the fund invested increased in value by 9% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would beA. 4.75%.B. 3.54%.C. 2.65%.D. 2.39%.67.You purchased shares of a mutual fund at a price of $17 per share at the beginning of the yearand paid a front-end load of 5.0%. If the securities in which the fund invested increased in value by 12% during the year, and the fund's expense ratio was 1.0%, your return if you sold the fund at the end of the year would beA. 4.75%.B. 5.45%.C. 5.65%.D. 4.39%.68.You purchased shares of a mutual fund at a price of $20 per share at the beginning of the yearand paid a front-end load of 6.0%. If the securities in which the fund invested increased in value by 10% during the year, and the fund's expense ratio was 1.5%, your return if you sold the fund at the end of the year would beA. 1.99%.B. 2.32%.C. 1.65%.D. 2.06%.E. N one of the optionsShort Answer Questions69.List and describe the more important types of mutual funds according to their investment policyand use.70.Discuss the taxation of mutual fund income.71.What is an exchange-traded fund? Give two examples of specific ETFs. What are someadvantages they have over ordinary open-end mutual funds? What are some disadvantages?72.Discuss the consistency of mutual fund performance results, as studied by Goetzmann andIbbotson (1994) and Malkiel (1995).Chapter 04 Mutual Funds and Other Investment Companies Answer Key Multiple Choice Questions1.Which one of the following statements regarding open-end mutual funds is false?A.The funds redeem shares at net asset value.B.The funds offer investors professional management.C.The funds offer investors a guaranteed rate of return.D.The funds offer investors professional management and a guaranteed rate of return.E.The funds redeem shares at net asset value and offer investors professional management.Mutual funds do not offer a guaranteed rate of return.AACSB: AnalyticBlooms: RememberDifficulty: IntermediateTopic: Mutual Funds2.Which one of the following statements regarding closed-end mutual funds is false?A.The funds always trade at a discount from NAV.B.The funds redeem shares at their net asset value.C.The funds offer investors professional management.D.The funds always trade at a discount from NAV and redeem shares at their net assetvalue.E.None of the optionsClosed-end funds are sold at the prevailing market price.AACSB: AnalyticBlooms: RememberDifficulty: IntermediateTopic: Mutual Funds3.Which of the following functions do investment companies perform for their investors?A.Record keeping and administrationB.Diversification and divisibilityC.Professional managementD.Lower transaction costsE.All of the optionsInvestment companies are attractive to investors because they offer all of the listed services.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations4.Multiple Mutual Funds had year-end assets of $457,000,000 and liabilities of $17,000,000.There were 24,300,000 shares in the fund at year-end. What was Multiple Mutual's net asset value?A.$18.11B.$18.81C.$69.96D.$7.00E.$181.07($457,000,000 - 17,000,000)/24,300,000 = $18.11.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds5.Growth Fund had year-end assets of $862,000,000 and liabilities of $12,000,000. There were32,675,254 shares in the fund at year-end. What was Growth Fund's net asset value?A.$28.17B.$25.24C.$19.62D.$26.01E.$21.56($862,000,000 - 12,000,000)/32,675,254 = $26.01.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds6.Diversified Portfolios had year-end assets of $279,000,000 and liabilities of $43,000,000. IfDiversified's NAV was $42.13, how many shares must have been held in the fund?A.43,000,000B.6,488,372C.5,601,709D.1,182,203($279,000,000 - 43,000,000)/$42.13 = 5,601,708.996.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds7.Pinnacle Fund had year-end assets of $825,000,000 and liabilities of $25,000,000. IfPinnacle's NAV was $32.18, how many shares must have been held in the fund?A.21,619,346.92B.22,930,546.28C.24,860,161.59D.25,693,645.25($825,000,000 - 25,000,000)/$32.18 = 24,860,161.59.AACSB: AnalyticBlooms: ApplyDifficulty: IntermediateTopic: Mutual Funds8.Most actively managed mutual funds, when compared to a market index such as the Wilshire5000,A.beat the market return in all years.B.beat the market return in most years.C.exceed the return on index funds.D.do not outperform the market.Most actively managed mutual funds fail to equal the return earned by index funds, possibly due to higher transactions costs.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations9.Pools of money invested in a portfolio that is fixed for the life of the fund are calledA.closed-end funds.B.open-end funds.C.unit investment trusts.D.REITS.E.redeemable trust certificates.Unit investment trusts are funds that invest in a portfolio, often fixed-income securities, andhold it to maturity.AACSB: AnalyticBlooms: RememberDifficulty: BasicTopic: Investment Organizations10.Investors in closed-end funds who wish to liquidate their positions mustA.sell their shares through a broker.B.sell their shares to the issuer at a discount to net asset value.C.sell their shares to the issuer at a premium to net asset value.D.sell their shares to the issuer for net asset value.E.hold their shares to maturity.Closed-end fund shares are sold on organized exchanges through a broker.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations11.Closed end funds are frequently issued at a ______ to NAV and subsequently trade at a__________ to NAV.A.discount, discountB.discount, premiumC.premium, premiumD.premium, discountE.No consistent relationship has been observed.Closed-end funds are typically issued at a premium to net asset value and subsequently trade at a discount.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations12.At issue, offering prices of open-end funds will often beA.less than NAV due to loads and commissions.B.greater than NAV due to loads and commissions.C.less than NAV due to limited demand.D.greater than NAV due to excess demand.E.less than or greater than NAV with no apparent pattern.Open-end funds are redeemable on demand at NAV so they should never sell for less thanNAV. However, loads and commissions can increase the price above NAV.AACSB: AnalyticBlooms: UnderstandDifficulty: ChallengeTopic: Investment Organizations13.Which of the following statements about real estate investment trusts is true?A.REITs invest in real estate or loans secured by real estate.B.REITs raise capital by borrowing from banks and issuing mortgages.C.REITs are similar to open-end funds, with shares redeemable at NAV.D.REITs invest in real estate or loans secured by real estate and raise capital by borrowingfrom banks and issuing mortgages.E.All of the options are true.Real estate investment trusts invest in real estate or real-estate-secured loans. They mayraise capital from banks and by issuing mortgages. They are similar to closed-end funds, and shares are typically exchange traded.AACSB: AnalyticBlooms: UnderstandDifficulty: IntermediateTopic: Investment Organizations。

2022全国硕士研究生入学统一考试英语试卷

2022全国硕士研究生入学统一考试英语试卷

2022全国硕士研究生入学统一考试英语试卷英语(一)模拟3试卷条形码考生注意事项1.答题前,考生应按照准考证上的有关内容填写答题卡上的“考生姓名”、“报考单位”、“考生编号”等信息,粘贴“考生信息条形码”。

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字迹要清楚。

考生编号考生姓名Section I Use of EnglishDirections:Read the following passage.For each numbered blank there are four choices marked A,B,C and D.Choose the best one and mark your answers on ANSWER SHEET l.(10 points)Interpersonal communication is your_____1_____interaction with others.Talking to a friend on campus,chatting to a friend on campus,chatting on the phone with a classmate about an_____2_____test, arguing the____3______of a movie with friends,discussing strategies for accomplishing tasks at work, ___4____for a job,and planning the future_____5_____a loved one are all forms of interpersonal communication.Effective interpersonal communication____6____our sensitivity to others and to the situation.One goal of effective interpersonal communication is to maintain relationships,and forming__7___messages that accurately convey our ideas and feelings___8___not offending the other person is key__9___our success.Effective interpersonal communication____10____us.People who can clearly express their ideas,beliefs, and opinions become influential and___11___control over what happens to them and to others that they ___12___.When we accurately and precisely___13____our thoughts,others gain a better____14____for our position.Their understanding and appreciation make it more likely that they will respond in___15____that are consistent with our needs.Effective interpersonal communication helps us manage the___16___we create.Presenting ourselves in such a way that others will___17___and trust us is important in both public and private____18____—whether we’re communicating in a professional setting,___19___our interpersonal skills are vital to getting a job, holding a position,or rising in an organization,or in a private setting where we’re trying to___20____and maintain relationships.1.[A]familiar[B]informal[C]intimate[D]close2.[A]upcoming[B]final[C]mid-term[D]intermediate3.[A]advances[B]strength[C]population[D]fondness4.[A]interview[B]interfere[C]interact[D]interpret5.[A]for[B]with[C]over[D]to6.[A]describes[B]conveys[C]portrays[D]betrays7.[A]sound[B]directory[C]diction[D]verbal8.[A]if[B]when[C]while[D]as9.[A]to[B]of[C]for[D]in10.[A]empowers[B]reinforces[C]supports[D]sustains11.[A]exhaust[B]exert[C]affect[D]enact12.[A]care about[B]care for[C]care with[D]take to13.[A]interpret[B]decipher[C]encode[D]decode14.[A]assessment[B]evaluation[C]appreciation[D]appraisal15.[A]approaches[B]methods[C]ways[D]ends16.[A]impressions[B]practices[C]things[D]experiences17.[A]respect[B]despise[C]mock[D]sneer at18.[A]settings[B]locations[C]situations[D]circumstances19.[A]when[B]where[C]how[D]if20.[A]work[B]build[C]keep[D]retainSection II Reading ComprehensionPart ADirections:Read the following passages.Answer the questions below each passage by choosing A B C or D.Mark your answers on ANSWER SHEET1.(40points)Text OneThe importance and focus of the interview in the work of the print and broadcast journalist is reflected in several books that have been written on the topic.Most of these books,as well as several chapters,mainly in, but not limited to,journalism and broadcasting handbooks and reporting texts,stress the“how to”aspects of journalistic interviewing rather than the conceptual aspects of the interview,its context,and implications.Much of the“how to”material is based on personal experiences and general impressions.As we know,in journalism as in other fields,much can be learned from the systematic study of professional practice.Such study brings together evidence from which broad generalized principles can be developed.There is,as has been suggested,a growing body of research literature in journalism and broadcasting,but very little significant attention has been devoted to the study of the interview itself.On the other hand,many general texts as well as numerous research articles on interviewing in fields other than journalism have been written.Many of these books and articles present the theoretical and empirical aspects of the interview as well as the training of the interviewers.Unhappily,this plentiful general literature about interviewing pays little attention to the journalistic interview.The fact that the general literature on interviewing does not deal with the journalistic interview seems to be surprising for two reasons.First,it seems likely that most people in modern Western societies are more familiar,at least in a positive manner,with journalistic interviewing than with any other form of interviewing.Most of us are probably somewhat familiar with the clinical interview,such as that conducted by physicians and psychologists.In these situations the professional person or interviewer is interested in getting information necessary for the diagnosis and treatment of the person seeking help.Another familiar situation is the job interview.However,very few of us have actually been interviewed personally by the mass media,particularly by television.And yet,we have a vivid acquaintance with the journalistic interview by virtue of our roles as readers,listeners,and viewers.Even so,true understanding of the journalistic interview, especially television interviews,requires thoughtful analyses and even study,as this book indicates.21.The main idea of the first paragraph is that________.[A]generalized principles for journalistic interviews are the chief concern for writers on journalism[B]importance should be attached to the systematic study of journalistic interviewing[C]concepts and contextual implications are of secondary importance to journalistic interviewing[D]personal experience and general impression should be excluded from journalistic interviews22.Much research has been done on interviews in general________.[A]so the training of journalistic interviewers has likewise been strengthened[B]though the study of the interviewing techniques hasn’t received much attention[C]but journalistic interviewing as a specific field has unfortunately been neglected[D]and there has also been a dramatic growth in the study of journalistic interviewing23.Westerners are familiar with the journalistic interview,________.[A]but most of them wish to stay away from it[B]and many of them hope to be interviewed some day[C]and many of them would like to acquire a true understanding of it[D]but most of them may not have been interviewed in person24.The word“empirical”(Para.2)most probably means[A]hypothetical[B]practical[C]reciprocal[D]hysterical25.The text is most likely a part of a________.[A]news article[B]journalistic interview[C]research report[D]prefaceText2The future of space exploration depends on many things.It depends on how technology evolves,how political forces shape competition and partnerships between nations,and how important the public feels space exploration is.The near future will see the continuation of human space flight in Earth's orbit and unpiloted space flight within the solar system.Piloted space flight to other planets,or even back to the moon,still seems far away.Any flight to other solar systems is even more distant,but a huge advance in space technology could drive space exploration into realms currently explored only by science fiction.The1968film2001:A Space Odyssey depicted commercial shuttles flying to and from a giant wheel-shaped space station in orbit around Earth,bases on the moon,and a piloted mission to Jupiter.The real space activities of2001will not match this cinematic vision,but the21st century will see a continuation of efforts to transform humanity into a space faring species.Perhaps the most difficult problem space planners face is how to finance a vigorous program of piloted space exploration in Earth’s orbit and beyond.In1998no single government or international enterprise had plans to send people back to the moon,much less to Mars.Such missions are unlikely to happen until the perceived value exceeds their cost.One belief shared by a number of space exploration experts is that future lunar and Martian expeditions should be aimed at creating permanent settlements.The residents of such outposts would have to"live off the land,"obtaining such necessities as oxygen and water from the harsh environment.On the moon,pioneers could obtain oxygen by heating lunar soil.In1998the Lunar Prospector discovered evidence of significant deposits of ice,a valuable resource for settlers,mixed with soil at the lunar poles.On Mars,oxygen could be extracted from the atmosphere and water could come from buried deposits of ice.The future of piloted lunar and planetary exploration remains largely unknown.Most space exploration scientists believe that people will be on the moon and Mars by the middle of the21st century,but how they getthere,and the nature of their visits,is a subject of continuing debate.Clearly,key advances will need to be made in lowering the cost of getting people off Earth,the first step in any human voyage to other worlds.Space exploration experts have long hoped that as international tensions have eased,an increasing number of space activities could be undertaken on an international,cooperative basis.In addition to the economic savings that could result from nations pooling their resources to explore space,the new perspective gained by space voyages could be an important benefit to international relations.The Apollo astronauts have said the greatest discovery from our voyages to the Moon was the view of their own world as a precious island of life in the void.Ultimately that awareness could help to improve our lives on Earth.26.A flight to other solar systems will be made more possible by_________[A]technological breakthroughs.[B]international cooperation.[C]market competition.[D]public pressure.27.It can be inferred from Paragraph2that human society will become increasingly_________[A]worried about life on other planets.[B]dependent on space tourism.[C]accustomed to long-distance flights.[D]associated with space exploration.28.It is difficult to send people to other planets because of_________[A]lack of capacity of space exploration vehicles.[B]the financial expenditure involved in space travel.[C]controversial nature of space travel.[D]the uncertain future of space exploration.29.According to this text,piloted space missions will need to be_________[A]more exciting than earlier film versions.[B]supported by international organizations.[C]more cost-effective than they appear to be at present.[D]financed by individual governments.30.It is predicted that people who will live on other planets would have to_________[A]appreciate the harsh conditions they encounter there.[B]depend on the natural resources available there.[C]take most daily necessities along with them.[D]engage in scientific research.Text3Big Western oil firms were reporting their results for the third quarter as the oil price climbed towards$100 a barrel during the past few weeks.Record oil prices,it turns out,do not translate into record profits.Oil is now close to exceeding the record set in1979of between$100and$110,depending on how you adjust for inflation and what criterion you use.Yet almost without exception,big oil firms'profits are falling from the peaks reached last year.Exxon Mobil,for example,reported a10%drop in profits in the third quarter,and BP's fell even more sharply.Profits also fell at Chevron,ConocoPhillips and Eni.They rose at Total and Royal Dutch Shell—but only thanks to exchange-rate fluctuations and one-off asset sales.Analysts at Citigroup calculate that,measured in dollars,the biggest oil firms'earnings fell by15%on average.To be fair,the oil price has surged most dramatically since the end of September,although it was also buoyant in the third quarter.The majors'poor showing also reflects lower profits from refining,as the difference in price between petrol and crude oil has fallen from the exceptionally high levels of recent months.But the fact remains that oil giants are struggling to pump more oil and gas.In part,this is due to a quirk of the rules that oblige Western oil firms to share the crude they produce with state-owned oil firms in many countries.The contracts in question often rule that as the price goes up,the volume of oil the foreigners receive decreases.Worse,several countries are changing contracts or tax rules in ways that will further erode the Western oil firms'profits—and in some cases are throwing them out altogether.Rising costs are also a problem.Exxon,which is known for its strict financial discipline,saw costs rise almost twice as fast as revenue in the third quarter.The shortage of labor and equipment that is feeding this inflation is also causing delays to new projects.And there are not enough new projects in the pipeline.The International Energy Agency reckons that the expansion plans of the big Western and state-owned oil firms will leave the world12.5m barrels per day short of requirements in2015.Despite this looming deficit and the glaring price signal,all the big companies except Total produced less oil and gas in the third quarter than they did in the same period last year.According to Citigroup,the average decline in overall output was3.3%.If the relatively steady supply of natural gas is stripped out,the numbers look even worse:oil production fell by9%on average.No matter how high the price goes,the oil majors cannot make a profit from oil they do not produce.31.We can learn from the first paragraph that_______[A]the oil price is not really close to the degree of exceeding the historical record.[B]whether the oil price will break the record rests on the measurement used.[C]the oil price is rising and will continue rising to the historical record.[D]the profit of the oil production industry reached the historical record last year.32.Which one of the following statements is NOT true of the situation of the third quarter?[A]Most oil companies were suffering a serious loss in the third quarter.[B]Some companies also enjoyed rising profits in the third quarter.[C]The oil refining industry was also suffering a surplus reduction in the third quarter.[D]The oil price was on the rise in the third quarter.33.“This inflation”(Paragraph5)refers to_____[A]the rise of oil price.[B]the rise of Consumer Price Index(CPI).[C]the rise of oil production costs.[D]the rise of oil production revenue.34.The example of Citigroup is mentioned to______[A]show the big oil firms can benefit from the oil production[B]illustrate the Citigroup was the largest corporation with oil output[C]explain the causes for the average decline in the overall oil output[D]prove the prevalent trend of reduction in oil production35.Record oil prices do not translate into record profits because of the following reasons except_____[A]the declining margin from oil refining.[B]the disadvantageous change in contracts.[C]the shortage of supply of labour and equipment.[D]the decreasing quantity of oil production.Text4Dreams are said to be the window to the mind.Through the study of dreams,we can catch glimpses into what our subconscious minds are thinking,or what is troubling us at our deepest levels.No all dreams are the same,however,either in content or in meaning.In this respect,the study of bad dreams,nightmares,can yield interesting observations in regard to the mind and status of the dreamer.Indeed,nightmares appear to have been the subject of far more studies than more pleasant dreams,if for no other reason than while pleasant dreams are easily forgotten upon awakening,nightmares tend to linger in our minds is sufficient to demand attention.The sources of our dreams are most commonly attributed to factors in our waking lives.Whether it be emotional challenges,stress in the workplace,relationship problems or a myriad of other possible factors,the thoughts and feelings created in our waking environments are believed to directly influence the content of our dreams.A particular dramatic or traumatic experience during the day would no doubt be encountered again in some form or another during the night.Just as important as actual events in the determination of the content of our dreams are the pre-existing beliefs that we hold.If we encounter some kind of phenomena in our dreams,it is very likely that we already believed in the possibility of the phenomena before the dream.For example,if someone dreams of being abducted by aliens,it’s very likely that,before the dream,he already believed in the existence of aliens.To the extent that dreams are direct reflections of our minds,they will reflect accurately what we believe and hold to be true.The way that we act in dreams bears consideration as well.Often times,our behavior in our dreams reflects hidden desires for that type of behavior in our waking lives.Someone who dreams of revenge may actually desire revenge in real life,and likewise someone who dreams of adventure night after night may be experiencing his mind playing out a desire for more excitement in his everyday life.While the items encountered in our dreams are of great importance in the analysis of dreams,it must be recognized and understood that the same item in two different dreams can easily have entirely different meanings for the two dreamers.For example,a horse in the dreams of an avid equestrian can signify comfort and relaxation,whereas the same horse in the dreams of a hunter can represent excitement and challenge.36.Nightmares are mentioned in paragraph one in order to______[A]give an introduction of our subconscious mind.[B]give an example of one particularly vivid type of dream.[C]provide a justification for the study of influence of dreams.[D]compare the pleasant dreams and nightmares.37.Based on the information provided in paragraph three,if a man dreamed of being hit by a train,it is likely that he_______[A]has been hit by a train before.[B]beliefs in the existence of trains.[C]believes that it is possible to be hit by a train.[D]is afraid of being hit by a train.38.The last sentence of the text gives an example of horses encountered in dreams of two different people in order to______[A]illustrate how the same item can mean different things in different dreams.[B]exemplify the concept that people would,no doubt,react differently to the same images in dreams.[C]illustrate the idea that the emotions can influence the contents of dreams.[D]Support the assertion that the meaning behind dream images is entirely subjective.39.The main point of the text is that_______[A]the study of dreams is based on logic from the waking life of the dreamer.[B]in order to understand the meaning of dreams,we must analyze the beliefs of the dreamers.[C]dreams can reveal much about the personality of the dreamer.[D]the study of nightmares,while multifaceted,is a worthwhile endeavor.40.Which of the following would the author most likely agree with?[A]Nightmares can be good for us,if we use it properly.[B]Those who study dreams must first study the emotion of the dreamer.[C]The study of dreams makes sense if we know what to look for.[D]Dreamers should pay attention to their dreams to discern what those dreams reveal about themselves.Part BDirections:You are going to read a text about the tasks of leaders and the skills required for leadership.Choose the most suitable heading from the list A-G for each numbered paragraphs(41-45).The first and the last paragraph of the text are not numbered.There is one extra heading which you do not need to use.Mark your answers on ANSWER SHEET1(10points).[A]Handling rights based disputes[B]The role of dependence in disputes[C]Methods of settling conflicting interests[D]The use of negotiation for different dispute types[E]Advantages of negotiation over mediation[F]The role of power in settling disagreements[G]Disagreement of interestsThe Nature of DisputesTo resolve a dispute means to turn opposing positions into a single outcome.The two parties may choose to focus their attention on one or more of three basic factors.They may seek to(1)reconcile their interests,(2) determine who is right,and/or(3)determine who is more powerful.41Interests are needs,desires,concerns,fears一the things one cares about or wants.They provide the foundation for a person's or an organization's position in a dispute.In a dispute,not only do the interests of one party not coincide with those of the other party,but they are in conflict.For example,the director of sales for an electronics company gets into a dispute with the director of manufacturing over the number of TV models to produce.The director of sales wants to produce more models because her interest is in selling TV sets;more models mean more choice for consumers and hence increased sales.The director of manufacturing,however,wants to produce fewer models.His interest is in decreasing manufacturing costs and more models mean higher costs.42Reconciling such interests is not easy.It involves probing for deeply rooted concerns,devising creative solutions, and making tradeoffs and compromises where interests are opposed.The most common procedure for doing this is negotiation,the act of communication intended to reach agreement.Another interests based procedure is mediation,in which a third party assists the disputants,the two sides in the dispute,in reaching agreement.43By no means do all negotiations(or mediations)focus on reconciling interests.Some negotiations focus on determining who is right,such as when two lawyers argue about whose case has the greater merit.Other negotiations focus on determining who is more powerful,such as when quarrelling neighbors or nations exchange threats and counter threats.Often negotiations involve a mix of all threesome attempts to satisfy interests,some discussion of rights,and some references to relative power.44It is often complicated to attempt to determine who is right in a dispute.Although it is usually straightforward where rights are formalized in law,other rights take the form of unwritten but socially accepted standards of behavior,such as reciprocity,precedent,equality,and seniority.There are often different―and sometimes contradictory standards that apply to rights.Reaching agreement on rights,where the outcome will determine who gets what,can often be so difficult that the parties frequently turn to a third party to determine who is right. The most typical rights procedure,in which disputants present evidence and arguments to a neutral third party who has the power to make a decision that must be followed by both disputants.(In mediation,by contrast,the third party does not have the power to decide the dispute.)Public adjudication is provided by courts and administrative agencies.Private adjudication is provided by arbitrators.45A third way to resolve a dispute is on the basis of power.We define power,somewhat narrowly,as the ability to pressure someone to do something he would not otherwise do.Exercising power typically means imposing costs on the other side or threatening to do so.The exercise of power takes two common forms:acts of aggression, such as physical attack,and withholding the benefits that derive from a relationship,as when employees stop working in a strike.Section III TranslationDirections:Directions:Read the following text carefully and then translate the underlined segments into Chinese.Your translation should be written clearly on ANSWER SHEET2.(10points)I came away from my years of teaching on the college and university level with a conviction that enactment,performance,dramatization are the most successful forms of teaching.Students must be incorporated, made,so far as possible,an integral part of the learning process.(46)The notion that learning should have in it an element of inspired play would seem to the greater part of the academic establishment merely silly,but that is nonetheless the case.(47)Of Ezekiel Cheever,the most famous schoolmaster of the Massachusetts Bay Colony, his onetime student Cotton Mather wrote that he so planned his lessons that his pupils"came to work as though they came to play,"and Alfred North Whitehead,almost three hundred years later,noted that a teacher should make his/her students"glad they were there."(48)Since,we are told,80to90percent of all instruction in the typical university is by the lecture method, we should give close attention to this form of education.There is,I think,much truth in Patricial Nelson Limerick's observation that"lecturing is an unnatural act,an act for which God did not design humans.It is perfectly all right,now and then,for a human to be possessed by the urge to speak,and to speak while others remain silent.But to do this regularly,one hour and15minutes at a time for one person to drag on while others sit in silence?I do not believe that this is what the Creator designed humans to do."(49)The strange,almost incomprehensible fact is that many professors,just as they feel obliged to write dully,believe that they should lecture dully.To show enthusiasm is to risk appearing unscientific,unobjective;it is to appeal to the students'emotions rather than their intellect.Thus the ideal lecture is one filled with facts and read in an unchanged monotone.The cult of lecturing dully,like the cult of writing dully,goes back,of course,some years.Edward Shils, professor of sociology,recalls the professors he encountered at the University of Pennsylvania in his youth. They seemed"a priesthood,rather uneven in their merits but uniform in their bearing;they never referred to anything personal.Some read from old lecture notes and then haltingly explained the thumb-worn last lines. Others lectured from cards that had served for years,to judge by the worn edges...(50)The teachers began on time,ended on time,and left the room without saying a word more to their students,very seldom being detained by questioners...The classes were not large,yet there was no discussion.No questions were raised in class,and there were no office hours."Section IV WritingPart ADirections:A chemical plant should be responsible for the water pollution in a nearby river.Write a letter to the City Environment Protection Agency to1)state the present situation,2)suggest ways to deal with the problem and3)express your sincere hope.You should write about100words on ANSWER SHEET.Do not sign your own name at the end of the letter. Use“Li Ming”instead.Do not write the address.(10points)Part B52.Directions:Write an essay of160-200words based on the following picture.In your essay,you should1)describe the picture briefly,2)explain its intended meaning,and then3)give your comments.。

有关电影类英文文献

有关电影类英文文献

有关电影类英文文献下面是店铺为大家整理的一些“有关电影类英文文献”资料,供大家参阅。

电影类英文文献The needs of the development of the Chinese animationWhy the development of cultural industries such as animation and game? Who is the model for the development of animation and game industry in China? By following the survey report in Japan and the U.S. can be seen, animation, games and other cultural industries to each country to bring much benefit. Not ugly, social progress, to a certain period of time, the development of cultural industries is inevitable.Japan's animation industry can be described as a model, and therefore the reference object and catch up with the target of China's animation industry. However, reporters found that a series of data on the Japanese animation industry is also confusing, especially back in five or six years ago, a number of widely cited data today seems very absurd.In many articles in 2006, reporters found that when the output value of the global animation industry between $ 200,000,000,000 to $ 500,000,000,000, the annual output value of Japan's animation industry to reach 230 trillion yen, Japan's second-pillar industry. " According to the 2010 release in Japan this year Japan's gross domestic product (GDP) at current prices of479.1791 trillion yen, while Japan's economic growth in recent years is not, you can estimate when the Japanese animation industry, the proportion of GDP is likely to exceed 50%!The most popular data is the Japanese animation industry share of GDP over 10%, this estimate, the Japanese animeindustry output should be about 48 trillion yen, which is $ 800,000,000,000. Which is basically the global animation industry and its industrial output value of derivatives and the United States topped the list where the shelter?According to the Japan Association of digital content, the White Paper 2004 "of the" digital animation industry as an important part of Japanese culture and creative industries, the output value in 2004 reached 12.8 trillion yen, accounting for Japan's gross domestic product 2.5%, Imaging Products 4.4 trillion yen, 1.7 trillion yen of the music products, books and periodicals published 5.6 trillion yen, 1.1 trillion yen of the game, more than agriculture, forestry, aquatic production value of 10 trillion yen. Andcommunications, information services, printing, advertising, appliances and other aggregate, it is up to the scale of 59 trillion yen. Only in this way the scope of the animation industry generalized, so as to achieve 10% of the proportion of domestic widespread.The integration of information seems relatively reasonable, "White Paper on digital content 2004 to data released, with some reference value, that is, Japan's animation industry's share of GDP should be between 2-5%. This way, the domestic animation industry is also a lot less pressure, but the runner-up position in the global animation industry, is the total GDP has exceeded Japan's, China is still beyond the reach of being the so-called efforts will be necessary.About 20% of GDP of the U.S. cultural industries, especially following a set of data appear most frequently in a variety of articles: 2006 U.S. GDP was $ 13.22 trillion, the cultural industries for the $ 2.64 trillion; cultural products occupy 40% ofinternational market share. The United States controlled 75 percent of global production and production of television programs; the American animation industry output accounted for almost 30% of the global market to reach $ 31 billion; film production in the United States accounted for 6.7 percent of the world, but occupied 50% of the world screening time; In addition, the total size of the sports industry in the United States is about $ 300 000 000 000, accounting for 2.3% of GDP which only NBA a $ 10 billion. However, we can see that this so-called American culture industry output is included, including sports and related industries, its scope is greater than the domestic cultural industry classification.Last article published on the web on the proportion of cultural industry in the United States, the earliest dating back to the Economic Daily News October 27, 2000 published in the Chinese culture, industry, academic Yearbook (1979-2002 Volume) cultural entrepreneurship space is there much ". Mentioned According to statistics, 18-25 percent of the U.S. cultural industries accounted for the total GDP, the 400 richest American companies, there are 72 cultural enterprises, the U.S. audio and video have been more than the aerospace industry ranks exports trade first. " Since then, the concept of "cultural industries" in the Research Office of CPC Central Committee from 2002 release of "2001-2002: China Cultural Industry Development Report", the official presentation of its background "article is the first official document reference the data. Now, the "Economic Daily News, the data from wherehas been untraceable, however, has passed 10 years, the data are still widely various articles and government documents referenced, just a little floating, such as to 1/3 or dropped to 12%,the value ratio of 72 cultural enterprises "in the past 10 years has never been subject to change. At least the data, has 11 years, there is a problem.The definition of cultural industries, the classification system, statistical methods and cultural enterprises related to the composition. Culture Research Center of the Chinese Academy of Social Sciences, deputy director Zhang Xiaoming, in an interview with reporters: "to a large extent, today's American culture industry is more from multinational companies to operate these multinational corporations majority of United States as the main body. This seems to be one kind of paradox: American culture industry backed by multinational companies to benefit from all over the world, but the ultimate holding company lies in the hands of the merchants of other countries, although the country is still the biggest beneficiary the United States during the GDP statistics still this part of the cross-cultural enterprises to join them. It is reported that, among the most powerful movie studios of Hollywood, Columbia TriStar is a subsidiary of Sony Corporation of Japan, parent company of Fox (Fox) is Australia's News Corporation. Especially in the popular music industry sector, in addition to the WEA, the more money earned in the U.S. market is the Sony of Japan, the Netherlands, Polygram, BMG in Germany, the United Kingdom Thorn EMI companies.China in recent years to increase the development of cultural industries such as animation and game, the seventh international animation festival, the statistics of the number of Chinese animation turnover super-Japan, to become the first in the world. We need more quality to support domestic animation to the world.[1] Marilyn Hugh著, Andrea Jane译外文资料翻译-中文部分中国动画发展的需求中国为什么要发展动漫游戏等文化产业?中国发展动漫游戏产业的榜样是谁?通过下面对日本与美国的调查报告可以看出来,动漫游戏等文化产业给每个国家带来了多大的利益。

小儿急性惊厥(英文)

小儿急性惊厥(英文)
★ place child in recovery position ★ to administer rectal diazepam if a seizure lasts longer than 5 minutes
Is it epilepsy?
★ febrile seizures are not classified as epilepsy, about 3% of children with FS go on to develop afebrile recurrent seizures ( epilepsy) ★ risk factors for epilepsy include: seizures that are focal, prolonged (>15mins) or recur in the same illness; first-degree relative with epilepsy; neurological abnormality
Partial seizures with secondary generalisation:
when there is a focal seizure manifest clinically or on an ictal EEG followed by a generalised tonic clonic seizure.
Classification of epilepsies
Causes of epileptic seizuree seizure associated with fever in the absence of intracranial infection or an identifiable neurological disorder

浙江省舟山市2022-2023学年高三首考英语模拟试卷(三)含答案

浙江省舟山市2022-2023学年高三首考英语模拟试卷(三)含答案

绝密★启用前浙江省舟山市2022-2023学年高三首考英语模拟试卷(三)注意事项:1.答卷前,考生务必将自己的姓名、准考证号填写在答题卷上。

2.回答选择题时,选出每小题答案后,用铅笔把答题卷上对应题目的答案标号涂黑。

如需改动,用像皮擦干净后,再选涂其他答案标号,回答非选择题时,将答案写在答题卷上,写在本试题卷上无效。

第一部分听力(共两节,满分30分)第一节(共5小题:每小题1.5分,满分7.5分)1.What is the probable relationship between the speakers?A.Colleagues.B.Strangers.C.Classmates.2.How did the woman get home last night?A.By train.B.By car.C.By bus.3.When is the project supposed to be finished?A.At 12:00.B.At 11:00.C.At 10:00.4.How does the woman feel about the candlelight?A.It looks good.B.It’s not bright enough.C.It’s better than electric light. 5.What does the woman’s husband probably do?A.A salesman.B.An engineer.C.A professor.第二节(共15小题;每小题1.5分,满分22.5分)听下面5段对话或独白。

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2024年北京市东城区第十一中学高三英语第一学期期末预测试题含解析

2024年北京市东城区第十一中学高三英语第一学期期末预测试题含解析

2024年北京市东城区第十一中学高三英语第一学期期末预测试题考生须知:1.全卷分选择题和非选择题两部分,全部在答题纸上作答。

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第一部分(共20小题,每小题1.5分,满分30分)1.English is a language shared by several diverse cultures, _________ uses it differently. A.all of which B.each of which C.all of them D.each of them2.The Winter Olympics ________ in 2022 will surely bring in many international tourists.A.held B.having held C.holding D.to be held3.The stadium ________ stands a theatre will be reconstructed.A.beside which B.for whichC.when D.which4.When you are dressed in the latest style, dancing to the most fashionable music after watching the latest film, you feel great,______?A.aren't you B.don't you C.do you D.are you 5.The influence of this book might not have been reaching so far, ________for Mr. William, who dared to publish it.A. if had it not been B.is it not being C.had it not been D. its only having been6.—The T--shirt I received is not the same as is shown online.—________?But I promise you we’ll look into it right away.A.Who says B.How comeC.What for D.Why worry7.I would not be seeing the film Green Book now _____ me up in time.A.were Kathy not to pick B.had Kathy not pickedC.if Kathy hasn’t picked D.if Kathy did not pick8.--Jassy , you speak Chinese so fluently!--- ______.You are lying, I have to say. B.Thanks a lot for saying so.C.That’s none of your business. D.I can’t agree more.9.______ flag-raising ceremony was held at the Golden Bauhinia Square on July 1 tocelebrate ______ 17th anniversary of Hong Kong’s return to China.A.A; / B.A; theC.The; the D./; the10.We will remain ______to the path of peaceful development and shoulder more international responsibilities.A.committing B.committed C.to be committed D.to have committed 11.---What’s wrong with your cell phone? I can’t get through.--- Oh, my line was cut off because I ________ my bill.A.haven’t paid B.hadn’t paid C.wasn’t paying D.don’t pay12.I need help now! I have to fix a leaking pipe in my bathroom but I’m not sure______to begin.A.what B.whichC.where D.when13.Distinguished guests and friends, welcome to our school, _____the ceremony of the 50th Anniversary this morning are our alumni (校友)from home and abroad. A.Attend B.To attend C.Attending D.Having attended14.The boy stood his head down, listening to his mother scolding him for breaking the windows.A.for B.of C.with D.around15.He messed the project up, but he behaved as if nothing ______.A.had happened B.happenedC.would happen D.would have happened16.That was not the first time he ____ us. I think it's high time we ____ strong actions against him.A.betrayed, take B.had betrayed, tookC.has betrayed, took D.has betrayed, take17.We went right round to the west coast by sea instead of driving across continent。

The Laplacian of a uniform hypergraph

The Laplacian of a uniform hypergraph

The Laplacian of a Uniform Hypergraph∗Shenglong Hu†,Liqun Qi‡February5,2013AbstractIn this paper,we investigate the Laplacian,i.e.,the normalized Laplacian tensor of a k-uniform hypergraph.We show that the real parts of all the eigenvalues of theLaplacian are in the interval[0,2],and the real part is zero(respectively two)if andonly if the eigenvalue is zero(respectively two).All the H+-eigenvalues of the Laplacianand all the smallest H+-eigenvalues of its sub-tensors are characterized through thespectral radii of some nonnegative tensors.All the H+-eigenvalues of the Laplacianthat are less than one are completely characterized by the spectral components of thehypergraph and vice verse.The smallest H-eigenvalue,which is also an H+-eigenvalue,of the Laplacian is zero.When k is even,necessary and sufficient conditions for thelargest H-eigenvalue of the Laplacian being two are given.If k is odd,then its largest H-eigenvalue is always strictly less than two.The largest H+-eigenvalue of the Laplacianfor a hypergraph having at least one edge is one;and its nonnegative eigenvectors arein one to one correspondence with theflower hearts of the hypergraph.The secondsmallest H+-eigenvalue of the Laplacian is positive if and only if the hypergraph isconnected.The number of connected components of a hypergraph is determined bythe H+-geometric multiplicity of the zero H+-eigenvalue of the Lapalacian.Key words:Tensor,eigenvalue,hypergraph,LaplacianMSC(2010):05C65;15A181IntroductionIn this paper,we establish some basic facts on the spectrum of the normalized Laplacian tensor of a uniform hypergraph.It is an analogue of the spectrum of the normalized Lapla-cian matrix of a graph[6].This work is derived by the recently rapid developments on both ∗To appear in:Journal of Combinatorial Optimization.†Email:Tim.Hu@connect.polyu.hk.Department of Applied Mathematics,The Hong Kong Polytechnic University,Hung Hom,Kowloon,Hong Kong.‡Email:maqilq@.hk.Department of Applied Mathematics,The Hong Kong Polytechnic Uni-versity,Hung Hom,Kowloon,Hong Kong.This author’s work was supported by the Hong Kong Research Grant Council(Grant No.PolyU501909,502510,502111and501212).1the spectral hypergraph theory [7,16,19–21,23,27,29,30,33–35]and the spectral theory of tensors [4,5,11,13–15,17,19–22,24–26,28,31,32,36].The study of the Laplacian tensor for a uniform hypergraph was initiated by Hu and Qi [16].The Laplacian tensor introduced there is based on the discretization of the higher order Laplace-Beltrami operator.Following this,Li,Qi and Yu proposed another definition of the Laplacian tensor [19].Later,Xie and Chang introduced the signless Laplacian tensor for a uniform hypergraph [33,34].All of these Laplacian tensors are in the spirit of the scheme of sums of powers.In formalism,they are not as simple as their matrix counterparts which can be written as D −A or D +A with A the adjacency matrix and D the diagonal matrix of degrees of a graph.Also,this approach only works for even-order hypergraphs.Very recently,Qi [27]proposed a simple definition D −A for the Laplacian tensor and D +A for the signless Laplacian tensor.Here A =(a i 1...i k )is the adjacency tensor of a k -uniform hypergraph and D =(d i 1...i k )the diagonal tensor with its diagonal elements being the degrees of the vertices.This is a natural generalization of the definition for D −A and D +A in spectral graph theory [3].The elements of the adjacency tensor,the Laplacian tensor and the signless Laplacian tensors are rational numbers.Some results were derived in [27].More results are expected along this simple and natural approach.On the other hand,there is another approach in spectral graph theory for the Laplacian of a graph [6].Suppose that G is a graph without isolated vertices.Let the degree of vertex i be d i .The Laplacian,or the normalized Laplacian matrix,of G is defined as L =I −¯A ,where I is the identity matrix,¯A =(¯a ij )is the normalized adjacency matrix,¯a ij =1√d i d j ,if vertices i and j are connected,and ¯a ij =0otherwise.This approach involves irrational numbers in general.However,it is seen that λis an eigenvalue of the Laplacian L if and only if 1−λis an eigenvalue of the normalized adjacency matrix ¯A.A comprehensive theory was developed based upon this by Chung [6].In this paper,we will investigate the normalized Laplacian tensor approach.A formal definition of the normalized Laplacian tensor and the normalized adjacency tensor will be given in Definition 2.7.In the sequel,the normalized Laplacian tensor is simply called the Laplacian as in [6],and the normalized adjacency tensor simply as the adjacency tensor.In this paper,hypergraphs refer to k -uniform hypergraphs on n vertices.For a positive integer n ,we use the convention[n ]:={1,...,n }.Let G =(V,E )be a k -uniform hypergraph with vertex set V =[n ]and edge set E ,and d i be the degree of the vertex i .If k =2,then G is a graph.For a graph,let λ0≤λ1≤···≤λn −1be the eigenvalues of L in increasing order.The following results are fundamental in spectral graph theory [6,Section 1.3].(i)λ0=0andi ∈[n −1]λi ≤n with equality holding if and only if G has no isolated vertices.(ii)0≤λi ≤2for all i ∈[n −1],and λn −1=2if and only if a connected component of Gis bipartite and nontrivial.2(iii)The spectrum of a graph is the union of the spectra of its connected components. (iv)λi=0andλi+1>0if and only if G has exactly i+1connected components.I.Ourfirst major work is to show that the above results can be generalized to the Laplacian L of a uniform hypergraph.Let c(n,k):=n(k−1)n−1.For a k-th order n-dimensional tensor,there are exactly c(n,k)eigenvalues(with algebraic multiplicity)[13,24]. Letσ(L)be the spectrum of L(the set of eigenvalues,which is also called the spectrum of G).Then,we have the followings.(i)(Corollary3.2)The smallest H-eigenvalue of L is zero.(Proposition3.1)m(λ)λ≤c(n,k)with equality holding if and only if G has noλ∈σ(L)isolated vertices.Here m(λ)is the algebraic multiplicity ofλfor allλ∈σ(L).(ii)(Theorem3.1)For allλ∈σ(L),0≤Re(λ)with equality holding if and only ifλ=0;and Re(λ)≤2with equality holding if and only ifλ=2.(Corollary6.2)When k is odd,we have that Re(λ)<2for allλ∈σ(L).(Theorem6.2/Corollary6.5)When k is even,necessary and sufficient conditions are given for2being an eigenvalue/H-eigenvalue of L.(Corollary6.6)When k is even and G is k-partite,2is an eigenvalue of L.(iii)(Theorem3.1together with Lemmas2.1and3.3)Viewed as sets,the spectrum of G is the union of the spectra of its connected components.Viewed as multisets,an eigenvalue of a connected component with algebraic multiplic-ity w contributes to G as an eigenvalue with algebraic multiplicity w(k−1)n−s.Here s is the number of vertices of the connected component.(iv)(Corollaries3.2and4.1)Let all the H+-eigenvalues of L be ordered in increasing order asµ0≤µ1≤···≤µn(G)−1.Here n(G)is the number of H+-eigenvalues of L(with H+-geometric multiplicity),see Definition4.1.Thenµn(G)−1≤1with equality holding if and only if|E|>0.µ0=0;andµi−2=0andµi−1>0if and only if log2i is a positive integer and G has exactly log2i connected components.Thus,µ1>0if and only if G is connected.On top of these properties,we also show that the spectral radius of the adjacency tensor of a hypergraph with|E|>0is equal to one(Lemma3.2).The linear subspace generated by the nonnegative H-eigenvectors of the smallest H-eigenvalue of the Laplacian has dimension exactly the number of the connected components of the hypergraph(Lemma3.4).Equalities that the eigenvalues of the Laplacian should satisfy are given in Proposition3.1.The only two H+-eigenvalues of the Laplacian of a complete hypergraph are zero and one(Corollary 4.2).We give the H+-geometric multiplicities of the H+-eigenvalues zero and one of the Laplacian respectively in Lemma4.4and Proposition4.2.We show that when k is odd and G is connected,the H-eigenvector of L corresponding to the H-eigenvalue zero is unique3(Corollary6.4).The spectrum of the adjacency tensor is invariant under multiplication by any s-th root of unity,here s is the primitive index of the adjacency tensor(Corollary6.3). In particular,the spectrum of the adjacency tensor of a k-partite hypergraph is invariant under multiplication by any k-th root of unity(Corollary6.6).II.Our second major work is that we study the smallest H+-eigenvalues of the sub-tensors of the Laplacian.We give variational characterizations for these H+-eigenvalues(Lemma 5.1),and show that an H+-eigenvalue of the Laplacian is the smallest H+-eigenvalue of some sub-tensor of the Laplacian(Theorem4.1and(8)).Bounds for these H+-eigenvalues based on the degrees of the vertices and the second smallest H+-eigenvalue of the Laplacian are given respectively in Propositions5.1and5.2.We discuss the relations between these H+-eigenvalues and the edge connectivity(Proposition5.3)and the edge expansion(Proposition 5.5)of the hypergraph.III.Our third major work is that we introduce the concept of spectral components of a hypergraph and investigate their intrinsic roles in the structure of the spectrum of the hypergraph.We simply interpret the idea of the spectral componentfirst.Let G=(V,E)be a k-uniform hypergraph and S⊂V be nonempty and proper.The set of edges E(S,S c):={e∈E|e∩S=∅,e∩S c=∅}is the edge cut with respect to S.Unlike the graph counterpart,the number of intersections e∩S c may vary for different e∈E(S,S c). We say that E(S,S c)cuts S c with depth at least r≥1if|e∩S c|≥r for every e∈E(S,S c).A subset of V whose edge cut cuts its complement with depth at least two is closely related to an H+-eigenvalue of the Laplacian.These sets are spectral components(Definition2.5). With edge cuts of depth at least r,we define r-th depth edge expansion which generalizes the edge expansion for graphs(Definition5.1).Aflower heart of a hypergraph is also introduced (Definition2.6),which is related to the largest H+-eigenvalue of the Laplacian.We show that the spectral components characterize completely the H+-eigenvalues of the Laplacian that are less than one and vice verse,and theflower hearts are in one to one correspondence with the nonnegative eigenvectors of the H+-eigenvalue one(Theorem4.1). In general,the set of the H+-eigenvalues of the Laplacian is strictly contained in the set of the smallest H+-eigenvalues of its sub-tensors(Theorem4.1and Proposition4.1).We introduce H+-geometric multiplicity of an H+-eigenvalue.The second smallest H+-eigenvalue of the Laplacian is discussed,and a lower bound for it is given in Proposition5.2.Bounds are given for the r-th depth edge expansion based on the second smallest H+-eigenvalue of L for a connected hypergraph(Proposition5.4and Corollary5.5).For a connected hypergraph, necessary and sufficient conditions for the second smallest H+-eigenvalue of L being the largest H+-eigenvalue(i.e.,one)are given in Proposition4.3.The rest of this paper begins with some preliminaries in the next section.In Section2.1, the eigenvalues of tensors and some related concepts are reviewed.Some basic facts about the spectral theory of symmetric nonnegative tensors are presented in Section2.2.Some new observations are given.Some basic definitions on uniform hypergraphs are given in Section2.3.The spectral components and theflower hearts of a hypergraph are introduced.In Section3.1,some facts about the spectrum of the adjacency tensor are discussed.4Then some properties on the spectrum of the Laplacian are investigated in Section3.2. We characterize all the H+-eigenvalues of the Laplacian through the spectral components and theflower hearts of the hypergraph in Section4.1.In Section4.2,the H+-geometric multiplicity is introduced,and the second smallest H+-eigenvalue is explored.The smallest H+-eigenvalues of the sub-tensors of the Laplacian are discussed in Section 5.The variational characterizations of these eigenvalues are given in Section5.1.Then their connections to the edge connectivity and the edge expansion are discussed in Section5.2 and Section5.3respectively.The eigenvectors of the eigenvalues on the spectral circle of the adjacency tensor are characterized in Section6.1.It gives necessary and sufficient conditions under which the largest H-eigenvalue of the Laplacian is two.In Section6.2,we reformulate the above conditions in the language of linear algebra over modules and give necessary and sufficient conditions under which the eigenvector of an eigenvalue on the spectral circle of the adjacency tensor is unique.Somefinal remarks are made in the last section.2PreliminariesSome preliminaries on the eigenvalues and eigenvectors of tensors,the spectral theory of symmetric nonnegative tensors and basic concepts of uniform hypergraphs are presented in this section.2.1Eigenvalues of TensorsIn this subsection,some basic facts about eigenvalues and eigenvectors of tensors are re-viewed.For comprehensive references,see[13,24–26]and references therein.Let C(R)be thefield of complex(real)numbers and C n(R n)the n-dimensional complex(real)space.The nonnegative orthant of R n is denoted by R n+,the interior of R n+is denotedby R n++.For integers k≥3and n≥2,a real tensor T=(t i1...i k)of order k and dimension nrefers to a multiway array(also called hypermatrix)with entries t i1...i k such that t i1...i k∈Rfor all i j∈[n]and j∈[k].Tensors are always referred to k-th order real tensors in this paper,and the dimensions will be clear from the content.Given a vector x∈C n,definean n-dimensional vector T x k−1with its i-th element beingi2,...,i k∈[n]t ii2...i kx i2···x ikfor alli∈[n].Let I be the identity tensor of appropriate dimension,e.g.,i i1...i k =1if and only ifi1=···=i k∈[n],and zero otherwise when the dimension is n.The following definitions are introduced by Qi[24,27].Definition2.1Let T be a k-th order n-dimensional real tensor.For someλ∈C,if polynomial system(λI−T)x k−1=0has a solution x∈C n\{0},thenλis called an eigenvalue of the tensor T and x an eigenvector of T associated withλ.If an eigenvalue5λhas an eigenvector x ∈R n ,then λis called an H-eigenvalue and x an H-eigenvector.Ifx ∈R n +(R n ++),then λis called an H +-(H++-)eigenvalue.It is easy to see that an H-eigenvalue is real.We denote by σ(T )the set of all eigenval-ues of the tensor T .It is called the spectrum of T .We denoted by ρ(T )the maximum module of the eigenvalues of T .It is called the spectral radius of T .In the sequel,unlessstated otherwise,an eigenvector x would always refer to its normalization x k √ i ∈[n ]|x i|k.This convention does not introduce any ambiguities,since the eigenvector defining equations are homogeneous.Hence,when x ∈R n +,we always refer to x satisfying n i =1x k i =1.The algebraic multiplicity of an eigenvalue is defined as the multiplicity of this eigenvalue as a root of the characteristic polynomial χT (λ).To give the definition of the characteristic polynomial,the determinant or the resultant theory is needed.For the determinant theory of a tensor,see [13].For the resultant theory of polynomial equations,see [8,9].Definition 2.2Let T be a k -th order n -dimensional real tensor and λbe an indeterminate variable.The determinant Det (λI −T )of λI −T ,which is a polynomial in C [λ]and denoted by χT (λ),is called the characteristic polynomial of the tensor T .It is shown that σ(T )equals the set of roots of χT (λ),see [13,Theorem 2.3].If λis a root of χT (λ)of multiplicity s ,then we call s the algebraic multiplicity of the eigenvalue λ.Let c (n,k )=n (k −1)n −1.By [13,Theorem 2.3],χT (λ)is a monic polynomial of degree c (n,k ).Definition 2.3Let T be a k -th order n -dimensional real tensor and s ∈[n ].The k -th order s -dimensional tensor U with entries u i 1...i k =t j i 1...j i k for all i 1,...,i k ∈[s ]is called the sub-tensor of T associated to the subset S :={j 1,...,j s }.We usually denoted U as T (S ).For a subset S ⊆[n ],we denoted by |S |its cardinality.For x ∈C n ,x (S )is defined as an |S |-dimensional sub-vector of x with its entries being x i for i ∈S ,and sup(x ):={i ∈[n ]|x i =0}is its support .The following lemma follows from [13,Theorem 4.2].Lemma 2.1Let T be a k -th order n -dimensional real tensor such that there exists an integer s ∈[n −1]satisfying t i 1i 2...i k ≡0for every i 1∈{s +1,...,n }and all indices i 2,...,i k such that {i 2,...,i k }∩{1,...,s }=∅.Denote by U and V the sub-tensors of T associated to [s ]and {s +1,...,n },respectively.Then it holds thatσ(T )=σ(U )∪σ(V ).Moreover,if λ∈σ(U )is an eigenvalue of the tensor U with algebraic multiplicity r ,then it is an eigenvalue of the tensor T with algebraic multiplicity r (k −1)n −s ,and if λ∈σ(V )is an eigenvalue of the tensor V with algebraic multiplicity p ,then it is an eigenvalue of the tensor T with algebraic multiplicity p (k −1)s .62.2Symmetric Nonnegative TensorsThe spectral theory of nonnegative tensors is a useful tool to investigate the spectrum of a uniform hypergraph[7,23,27,33–35].A tensor is called nonnegative,if all of its entriesare nonnegative.A tensor T is called symmetric,if tτ(i1)...τ(i k)=t i1...i kfor all permutationsτon(i1,...,i k)and all i1,...,i k∈[n].In this subsection,we present some basic facts about symmetric nonnegative tensors which will be used extensively in the sequel.For comprehensive references on this topic,see[4,5,11,14,22,28,31,32]and references therein.By[23,Lemma3.1],hypergraphs are related to weakly irreducible nonnegative tensors. Essentially,weakly irreducible nonnegative tensors are introduced in[11].In this paper,we adopt the following definition[14,Definition2.2].For the definition of reducibility for a nonnegative matrix,see[12,Chapter8].Definition2.4Suppose that T is a nonnegative tensor of order k and dimension n.We call an n×n nonnegative matrix R(T)the representation of T,if the(i,j)-th element of R(T)is defined to be the summation of t ii2...i kwith indices{i2,...,i k} j.We say that the tensor T is weakly reducible if its representation R(T)is a reducible matrix.If T is not weakly reducible,then it is called weakly irreducible.For convenience,a one dimensional tensor,i.e.,a scalar,is regarded to be weakly irreducible.We summarize the Perron-Frobenius theorem for nonnegative tensors which will be used in this paper in the next lemma.For comprehensive references on this theory,see[4,5,11, 14,28,31,32]and references therein.Lemma2.2Let T be a nonnegative tensor.Then we have the followings.(i)ρ(T)is an H+-eigenvalue of T.(ii)If T is weakly irreducible,thenρ(T)is the unique H++-eigenvalue of T.Proof.The conclusion(i)follows from[32,Theorem2.3].The conclusion(ii)follows from[11,Theorem4.1].2 The next lemma is useful.Lemma2.3Let B and C be two nonnegative tensors,and B≥C in the sense of compo-nentwise.If B is weakly irreducible and B=C,thenρ(B)>ρ(C).Thus,if x∈R n+is aneigenvector of B corresponding toρ(B),then x∈R n++is positive.Proof.By[31,Theorem3.6],ρ(B)≥ρ(C)and the equality holding implies that|C|=B. Since C is nonnegative and B=C,we must have the strict inequality.7The second conclusion follows immediately from the first one and the weak irreducibility of B .For another proof,see [31,Lemma 3.5].2Note that the second conclusion of Lemma 2.3is equivalent to that ρ(S )<ρ(B )for any sub-tensor S of B other than the trivial case S =B .By [14,Theorem 5.3],without the weakly irreducible hypothesis,it is easy to construct an example such that the strict inequality in Lemma 2.3fails.For general nonnegative tensors which are weakly reducible,there is a characterization on their spectral radii based on partitions,see [14,Theorems 5.2amd 5.3].As remarked before [14,Theorem 5.4],such partitions can result in diagonal block representations for symmetric nonnegative tensors.Recently,Qi proved that for a symmetric nonnegative tensor T ,it holds that [28,Theorem 2]ρ(T )=max {T x k :=x T (T x k −1)|x ∈R n +, i ∈[n ]x k i =1}.(1)We summarize the above results in the next theorem with some new observations.Theorem 2.1Let T be a symmetric nonnegative tensor of order k and dimension n .Then,there exists a pairwise disjoint partition {S 1,...,S r }of the set [n ]such that every tensor T (S j )is weakly irreducible.Moreover,we have the followings.(i)For any x ∈C n ,T x k =j ∈[r ]T (S j )x (S j )k ,and ρ(T )=max j ∈[r ]ρ(T (S j )).(ii)λis an eigenvalue of T with eigenvector x if and only if λis an eigenvalue of T (S i )with eigenvector x (S i )k √ j ∈S i |x j|k whenever x (S i )=0.(iii)ρ(T )=max {T x k |x ∈R n +,i ∈[n ]x k i =1}.Furthermore,x ∈R n +is an eigenvector ofT corresponding to ρ(T )if and only if it is an optimal solution of the maximization problem (1).Proof.(i)By [14,Theorem 5.2],there exists a pairwise disjoint partition {S 1,...,S r }of the set [n ]such that every tensor T (S j )is weakly irreducible.Moreover,by the proof for [14,Theorem 5.2]and the fact that T is symmetric,{T (S j ),j ∈[r ]}encode all the possible nonzero entries of the tensor T .After a reordering of the index set,if necessary,we get a diagonal block representation of the tensor T .Thus,T x k = j ∈[r ]T (S j )x (S j )k follows for every x ∈C n .The spectral radii characterization is [14,Theorem 5.3].(ii)follows from the partition immediately.(iii)Suppose that x ∈R n +is an eigenvector of T corresponding to ρ(T ),then ρ(T )=x T (T x k −1).Hence,x is an optimal solution of (1).8On the other side,suppose that x is an optimal solution of (1).Then,by (i),we haveρ(T )=T x k =T (S 1)x (S 1)k +···+T (S r )x (S r )k .Whenever x (S i )=0,we must have ρ(T )( j ∈S i (x (S i ))k j )=T (S i )x (S i )k ,since ρ(T )( j ∈S i(y (S i ))k j )≥T (S i )y (S i )k for any y ∈R n +by (1).Hence,ρ(T (S i ))=ρ(T ).By Lemma 2.3,(1)and the weak irreducibility of T (S i ),we must have that x (S i )is a positive vector whenever x (S i )=0.Otherwise,ρ([T (S i )](sup(x (S i ))))=ρ(T (S i ))with sup(x (S i ))being the support of x (S i ),which is a contradiction.Thus,max {T (S i )z k |z ∈R |S i |+,i ∈S iz k i =1}has an optimal solution x (S i )in R |S i |++.By optimization theory [2],we must have that(T (S i )−ρ(T )I )x (S i )k −1=0.Then,by (ii),x is an eigenvector of T .22.3Uniform HypergraphsIn this subsection,we present some preliminary concepts of uniform hypergraphs which will be used in this paper.Please refer to [1,3,6]for comprehensive references.In this paper,unless stated otherwise,a hypergraph means an undirected simple k -uniform hypergraph G with vertex set V ,which is labeled as [n ]={1,...,n },and edge set E .By k -uniformity,we mean that for every edge e ∈E ,the cardinality |e |of e is equal to k .Throughout this paper,k ≥3and n ≥k .For a subset S ⊂[n ],we denoted by E S the set of edges {e ∈E |S ∩e =∅}.For a vertex i ∈V ,we simplify E {i }as E i .It is the set of edges containing the vertex i ,i.e.,E i :={e ∈E |i ∈e }.The cardinality |E i |of the set E i is defined as the degree of the vertex i ,which is denoted by d i .Then we have that k |E |= i ∈[n ]d i .If d i =0,then we say that the vertex i is isolated .Two different vertices i and j are connected to each other (or the pair i and j is connected),if there is a sequence of edges (e 1,...,e m )such that i ∈e 1,j ∈e m and e r ∩e r +1=∅for all r ∈[m −1].A hypergraph is called connected ,if every pair of different vertices of G is connected.A set S ⊆V is a connected component of G ,if every two vertices of S are connected and there is no vertices in V \S that are connected to any vertex in S .For the convenience,an isolated vertex is regarded as a connected component as well.Then,it is easy to see that for every hypergraph G ,there is a partition of V as pairwise disjoint subsets V =V 1∪...∪V s such that every V i is a connected component of G .Let S ⊆V ,the hypergraph with vertex set S and edge set {e ∈E |e ⊆S }is called the sub-hypergraph of G induced by S .We will denoted it by G S .In the sequel,unless stated otherwise,all the notations introduced above are reserved for the specific meanings.Here are some convention.For a subset S ⊆[n ],S c denotes the complement of S in [n ].For a nonempty subset S ⊆[n ]and x ∈C n ,we denoted by x S the monomial i ∈S x i .Let G =(V,E )be a k -uniform hypergraph.Let S ⊂V be a nonempty proper subset.Then,the edge set is partitioned into three pairwise disjoint parts:E (S ):={e ∈E |e ⊆S },9E(S c)and E(S,S c):={e∈E|e∩S=∅,e∩S c=∅}.E(S,S c)is called the edge cut of G with respect to S.When G is a usual graph(i.e.,k=2),for every edge in an edge cut E(S,S c)whenever it is nonempty,it contains exactly one vertex from S and the other one from S c.When G is a k-uniform hypergraph with k≥3,the situation is much more complicated.We will say that an edge in E(S,S c)cuts S with depth at least r(1≤r<k)if there are at least r vertices in this edge belonging to S.If every edge in the edge cut E(S,S c)cuts S with depth at least r,then we say that E(S,S c)cuts S with depth at least r.Definition2.5Let G=(V,E)be a k-uniform hypergraph.A nonempty subset B⊆V is called a spectral component of the hypergraph G if either the edge cut E(B,B c)is empty or E(B,B c)cuts B c with depth at least two.It is easy to see that any nonempty subset B⊂V satisfying|B|≤k−2is a spectral component.Suppose that G has connected components{V1,...,V r},it is easy to see that B⊂V is a spectral component of G if and only if B∩V i,whenever nonempty,is a spectral component of G Vi.We will establish the correspondence between the H+-eigenvalues that are less than one with the spectral components of the hypergraph,see Theorem4.1.Definition2.6Let G=(V,E)be a k-uniform hypergraph.A nonempty proper subset B⊆V is called aflower heart if B c is a spectral component and E(B c)=∅.If B is aflower heart of G,then G likes aflower with edges in E(B,B c)as leafs.It is easy to see that any proper subset B⊂V satisfying|B|≥n−k+2is aflower heart. There is a similar characterization between theflower hearts of G and these of its connected components.Theorem4.1will show that theflower hearts of a hypergraph correspond to its largest H+-eigenvalue.We here give the definition of the normalized Laplacian tensor of a uniform hypergraph.Definition2.7Let G be a k-uniform hypergraph with vertex set[n]={1,...,n}and edge set E.The normalized adjacency tensor A,which is a k-th order n-dimension symmetric nonnegative tensor,is defined asa i1i2...i k :=1(k−1)!j∈[k]1k√i jif{i1,i2...,i k}∈E,0otherwise.The normalized Laplacian tensor L,which is a k-th order n-dimensional symmetric tensor,is defined asL:=J−A,where J is a k-th order n-dimensional diagonal tensor with the i-th diagonal element j i...i=1 whenever d i>0,and zero otherwise.10When G has no isolated points,we have that L =I −A .The spectrum of L is called the spectrum of the hypergraph G ,and they are referred interchangeably.The current definition is motivated by the formalism of the normalized Laplacian matrix of a graph investigated extensively by Chung [6].We have a similar explanation for the normalized Laplacian tensor to the Laplacian tensor (i.e.,L =P k ·(D −B )1)as that for the normalized Laplacian matrix to the Laplacian matrix [6].Here P is a diagonal matrixwith its i -th diagonal element being 1k √d iwhen d i >0and zero otherwise.We have already pointed out one of the advantages of this definition,namely,L =I −A whenever G has no isolated vertices.Such a special structure only happens for regular hypergraphs under the definition in [27].(A hypergraph is called regular if d i is a constant for all i ∈[n ].)By Definition 2.1,the eigenvalues of L are exactly a shift of the eigenvalues of −A .Thus,we can establish many results on the spectra of uniform hypergraphs through the spectral theory of nonnegative tensors without the hypothesis of regularity.We note that,by Definition 2.1,L and D −B do not share the same spectrum unless G is regular.In the sequel,the normalized Laplacian tensor and the normalized adjacency tensor are simply called the Laplacian and the adjacency tensor respectively.By Definition 2.4,the following lemma can be proved similarly to [23,Lemma 3.1].Lemma 2.4Let G be a k -uniform hypergraph with vertex set V and edge set E .G is connected if and only if A is weakly irreducible.For a hypergraph G =(V,E ),it can be partitioned into connected components V =V 1∪···∪V r for r ≥1.Reorder the indices,if necessary,L can be represented by a block diagonal structure according to V 1,...,V r .By Definition 2.1,the spectrum of L does not change when reordering the indices.Thus,in the sequel,we assume that L is in the block diagonal structure with its i -th block tensor being the sub-tensor of L associated to V i for i ∈[r ].By Definition 2.7,it is easy to see that L (V i )is the Laplacian of the sub-hypergraph G V i for all i ∈[r ].Similar convention for the adjacency tensor A is assumed.3The Spectrum of a Uniform HypergraphBasic properties of the eigenvalues of a uniform hypergraph are established in this section.3.1The Adjacency TensorIn this subsection,some basic facts of the eigenvalues of the adjacency tensor are discussed.1The matrix-tensor product is in the sense of [24,Page 1321]:L =(l i 1...i k ):=P k ·(D −A )is a k -th order n -dimensional tensor with its entries being l i 1...i k := j s ∈[n ],s ∈[k ]p i 1j 1···p i k j k (d j 1...j k −a j 1...j k ).11。

投资学题库17

投资学题库17

Chapter17Macroeconomic and industry Analysis1. A top down analysis of a firm starts with ____________.D. the global economy2. An example of a highly cyclical industry is ________.A. the automobile industry3. Demand-side economics is concerned with _______.A. government spending and tax levelsB. monetary policyC. fiscal policyE. A, B, and C4. The most widely used monetary tool is ___________.C. open market operations5. The "real", or inflation-adjusted, exchange rate, isC. the purchasing power ratio.6. The "normal" range of price-earnings ratios for the S&P 500 Index isD. between 12 and 257. Monetary policy is determined byC. the board of Governors of the Federal Reserve System.8. A trough is ________.B. a transition from a contraction in the business cycle to the start of an expansion9. A peak is ________.A. a transition from an expansion in the business cycle to the start of a contraction10. If the economy is growing, firms with high operating leverage will experience __________.A. higher increases in profits than firms with low operating leverage.11. If the economy is shrinking, firms with high operating leverage will experience __________.A. higher decreases in profits than firms with low operating leverage.12. If the economy is growing, firms with low operating leverage will experience __________.C. smaller increases in profits than firms with high operating leverage.13. If the economy is shrinking, firms with low operating leverage will experience__________.C. smaller decreases in profits than firms with high operating leverage.14. Industrial production refers to _________.C. the total manufacturing output in the economy.15. GDP refers to _________.D. the total production of goods and services in the economy16. A rapidly growing GDP indicates a(n) ______ economy with ______ opportunity for a firm to increase sales.D. expanding; ample17. A declining GDP indicates a(n) ______ economy with ______ opportunity for a firm to increase sales.A. stagnant; little18. The average duration of unemployment and changes in the consumer price index for services are _________.C. lagging economic indicators19. A firm in an industry that is very sensitive to the business cycle will likely have a stock beta ___________.A. greater than 1.020. If the economy were going into a recession, an attractive industry to invest in would be the ________ industry.B. medical services21. The stock price index and contracts and new orders for nondefense capital goods areA. leading economic indicators.22. A firm in the early stages of the industry life cycle will likely have ________.B. high risk.C. rapid growthE. B and C23. Assume the U.S. government was to decide to increase the budget deficit. This action will most likely cause __________ to increaseA. interest ratesB. government borrowingD. both A and B24. Assume the U.S. government was to decide to decrease the budget deficit. This action will most likely cause __________ to decreaseA. interest ratesB. government borrowingD. both A and B25. Assume that the Federal Reserve decreases the money supply. This action will cause________ to decrease.C. investment in the economy26. If the currency of your country is depreciating, the result should be to ______ exports and to _______ imports.B. stimulate, discourage27. If the currency of your country is appreciating, the result should be to ______ exports and to _______ imports.C. discourage, stimulate28. Increases in the money supply will cause demand for investment and consumption goods to _______ in the short run and cause prices to ________ in the long run.A. increase, increase29. The North American Industry Classification System (NAICS)A. are for firms that operate in the NAFTA region.B. group firms by industry.D. A and B.30. If interest rates increase, business investment expenditures are likely to ______ and consumer durable expenditures are likely to _________.D. decrease, decrease31. Fiscal policy generally has a _______ direct impact than monetary policy on the economy, and the formulation and implementation of fiscal policy is ______ than that of monetary policy.B. more, slower32. Fiscal policy is difficult to implement quickly becauseA. it requires political negotiations.B. much of government spending is nondiscretionary and cannot be changed.D. A and B.33. InflationA. is the rate at which the general level of prices is increasing.B. rates are high when the economy is considered to be "overheated".D. A and B.Two firms, A and B, both produce widgets. The price of widgets is $1 each. Firm A has total fixed costs of $500,000 and variable costs of 50 cents per widget. Firm B has total fixed costs of $240,000 and variable costs of 75 cents per widget. The corporate tax rate is 40%. If the economy is strong, each firm will sell 1,200,000 widgets. If the economy enters a recession, each firm will sell 1,100,000 widgets.34. If the economy enters a recession, the after-tax profit of Firm A will be ________.C. $30,00035. If the economy enters a recession, the after-tax profit of Firm B will be _______.E. none of the above36. If the economy is strong, the after-tax profit of Firm A will be _______.D. $60,00037. If the economy is strong, the after-tax profit of Firm B will be __________.C. $36,00038. Calculate firm A's degree of operating leverage.A. 11.039. Calculate firm B's degree of operating leverage.C. 29.8640. Classifying firms into groups, such as _________ provides an alternative to the industry life cycle.A. slow-growersB. stalwartsD. A and B41. Supply-side economists wishing to stimulate the economy are most likely to recommendD. a decrease in the tax rate.42. Which of the following are not examples of defensive industries?B. durable goods producers.43. Which of the following are examples of defensive industries?A. food producers.C. pharmaceutical firms.D. public utilitiesE. A, C and D44. ________ is a proposition that a strong proponent of supply side economics would most likely stress.B. Higher marginal tax rates promote economic inefficiency and thereby retard aggregate output as they encourage investors to undertake low productivity projects with substantial tax shelter benefits45. The industry life cycle is described by which of the following stage(s)?A. start-up.B. consolidation.D. A and B.46. In the start-up stage of the industry life cycleA. it is difficult to predict which firms will succeed and which firms will fail.B. industry growth is very rapid.D. A and B.47. In the consolidation stage of the industry life-cycleC. the performance of firms will more closely track the performance of the overall industry.48. In the maturity stage of the industry life cycleA. the product has reached full potential.B. profit margins are narrower.C. producers are forced to compete on price to a greater extent.E. A, B, and C.49. In the decline stage of the industry life cycleA. the product may have reached obsolescence.B. the industry will grow at a rate less than the overall economy.C. the industry may experience negative growth.E. A, B, and C.50. A variety of factors relating to industry structure affect the performance of the firm, includingA. threat of entry.B. rivalry between existing competitors.E. A and B.51. The process of estimating the dividends and earnings that can be expected from the firm based on determinants of value is calledD. fundamental analysis.52. The emerging market exhibiting the highest growth in real GDP in 2007 wasA. China53. The emerging stock market exhibiting the highest U.S. dollar return in 2007 wasA. China54. The life cycle stage in which industry leaders are likely to emerge is theC. consolidation stage.55. Investment manager Peter Lynch refers to firms that are in bankruptcy or soon might be asE. turnarounds.56. A top-down analysis of a firm's prospects starts withD. an assessment of the broad economic environment.57. Over the period 1999-2006, which of the following countries had a change in its real exchange rate that was favorable for U.S. consumers who want to buy its goods?E. Japan58. Over the period 1999-2006, which of the following countries had a change in its real exchange rate that was most unfavorable for U.S. consumers who want to buy its goods?A. Canada59. In recent years, P/E multiples haveB. risen dramatically.60. In recent years, P/E multiples for S&P 500 companies haveD. ranged from 12 to 25.61. The industry with the highest ROE in 2007 wasD. iron/steel.62. The industry with the lowest ROE in 2007 wasE. airlines.63. The industry with the lowest return in 2007 wasA. home construction.64. The industry with the highest return in 2007 wasB. oil equipment.65. Investors can ______ invest in an industry with the highest expected return by purchasing ______.B. not; industry-specific iShares66. Which of the following are key economic statistics that are used to describe the state of the macroeconomy?I) gross domestic productII) the unemployment rateIII) inflationIV) consumer sentimentV) the budget deficitE. I, II, III, IV, and V67. An example of a positive demand shock isE. a decrease in tax rates.68. An example of a negative demand shock isA. a decrease in the money supply.B. a decrease in government spending.E. A and B.69. During which stage of the industry life cycle would a firm experience stable growth in sales?A. Consolidation70. The emerging stock market exhibiting the highest local currency return in 2007 wasB. ChinaE. China71. Sector rotationC. is shifting the portfolio more heavily toward an industry or sector that is expected to perform well in the future.72. According to Michael Porter, there are five determinants of competition. An example of _____ is when new entrants to an industry our pressure on prices and profits.A. Threat of Entry73. According to Michael Porter, there are five determinants of competition. An example of _____ is when competitors seek to expand their share of the market.B. Rivalry between Existing Competitors74. According to Michael Porter, there are five determinants of competition. An example of _____ is when the availability limits the prices that can be charged to customers.C. Pressure from Substitute Products75. According to Michael Porter, there are five determinants of competition. An example of _____ is when a buyer purchases a large fraction of an industry's output and can demand price concessions.D. Bargaining power of Buyers76. Assume the U.S. government was to decide to increase the budget deficit. This action will most likely cause __________ to increaseA. interest ratesB. government borrowingD. both A and B77. If interest rates decrease, business investment expenditures are likely to ______ and consumer durable expenditures are likely to _________.A. increase, increase78. An example of a defensive industry is ________.B. the tobacco industryC. the food industryE. B and CTwo firms, C and D, both produce coat hangers. The price of coat hangers is $1.20 each. Firm C has total fixed costs of $750,000 and variable costs of 30 cents per widget. Firm D has total fixed costs of $400,000 and variable costs of 50 cents per widget. The corporate tax rate is 40%. If the economy is strong, each firm will sell 2,000,000 widgets. If the economy enters a recession, each firm will sell 1,400,000 widgets.79. If the economy enters a recession, the total revenue of Firm C will be ________.A. $1,680,00080. If the economy enters a recession, the total cost of Firm C will be ________.B. $1,170,00081. If the economy enters a recession, the before tax profit of Firm C will be ________.C. $510,00082. If the economy enters a recession, the tax of Firm C will be ________.D. $204,00083. If the economy enters a recession, the after tax profit of Firm C will be ________.E. $306,00084. If the economy is strong, the total revenue of Firm C will be ________.D. $2,400,00085. If the economy is strong, the total cost of Firm C will be ________.C. $1,305,00086. If the economy is strong, the before tax profit of Firm C will be ________.B. $1,050,00087. If the economy is strong, the tax of Firm C will be ________.A. $420,00088. If the economy is strong, the after-tax profit of Firm C will be _______.E. $630,00089. If a firm's sales decrease by 15% and profits decrease by 20% during a recession, the firms operating leverage is ____________?A. 1.33Short Answer Questions90. Discuss the tools of the U.S. government's "demand-side" policy. Include in your discussion of these tools the relative advantages and disadvantages of each in terms of the effect of the use of these tools on the economy.The two tools of the government's "demand-side" policy are fiscal and monetary policy. Fiscal policy is the use of government spending and taxing for the specific purpose of stabilizing the economy. Fiscal policy, once enacted, has the most direct and immediate effect on the economy. However, the formulation and implementation of fiscal policy is extremely slow, as such policy must be approved by both the legislative and executive branches of the federal government. Monetary policy consists of actions taken by the Board of Governors of the Federal Reserve System (FRS) to influence the money supply and/or interest rates. Monetary policy is relatively easy to formulate and to implement, but has less direct impact on the economy than fiscal policy. The most widely used tool of the FRS is the open market operations, in which the Fed buys or sells bonds for the Fed's account. Buying securities increases the money supply; selling securities decreases the money supply. Open market operations occur daily. Other FRS tools include adjusting the discount rate, which is the interest rate the Fed charges banks onshort-term loans, and altering reserve requirements, which are the fraction of deposits that banks must maintain in cash deposits with the Fed. Reductions in the money supply signal an expansionary monetary policy; lowering reserve requirements increase the money supply, and thus, stimulate the economy. The Fed walks a fine line: expansionary monetary policy probably will lower interest rates and stimulate investment and consumption in the short run, but ultimately inflation probably will result.Feedback: The rationale of this question is to ascertain whether the student has an understanding of the basic principles of macroeconomics.91. Discuss the National Bureau of Economic Research (NBER)'s indexes of economic indicators, and how each of the categories of these indicators might be used by the securities' analyst.The NBER has developed a set of cyclical indicators to help forecast, measure, and interpret short-term fluctuations in economic activity. The leading economic indicators are those that tend to increase or decrease in advance of the rest of the economy. These indicators are used to forecast the state of the economy for the coming period (usually one year). Coincident economic indicators move in tandem with the broad economy, and are used to confirm (or disconfirm) an earlier economic prediction. Lagging economic indicators are those that move after the broad economy, and are used to identify the end of a stage of the business cycle (such as a trough) and as an indication that another stage of business cycle (such as the expansion) is about to begin. The S&P 500 stock index is an excellent leading economic indicator, as would be expected by market efficiency proponents. However, if the stock market anticipates general economic trends, the task of the fundamentalist using economic forecasts to identify attractive industries (and thus stocks) for the future becomes even more impossible.Feedback: The purpose of this question is to ascertain the student's understanding of the widely quoted economic indicators and the usefulness (and lack thereof) in securities' analysis.92. Discuss the industry life cycle, how this concept can be used by security analysts, and the limitations of this concept for security analysis.The industry life cycle may be defined by the following stages: start up (rapid and increasing growth), consolidation (sable growth), maturity (slowing growth), and relative decline (minimal or negative growth). Investors interested in identifying new, and presumably ultimately successful, industries will use this technique, trying to get in on the "ground floor". In the start up stage, no historical data is present; thus, one cannot identify potentially successful firms. However, typically, all of the firms are selling at low prices and the investor will "diversify across the industry" by buying many different stocks in the industry. If the industry becomes successful, the surviving firms will appreciate substantially in value; the non-surviving firms will be written off as losses. Typically, in this stage, firms are paying little or no dividends. Investment in this stage is for the risk-tolerant investor. As the industry moves from the start up to the consolidation stage, firms begin paying or increasing dividends; the surviving firms become more successful, begin to enjoy economies of scale, and are moving up the learning curve in terms of cost efficiency. In the maturity stage, the growth has slowed and dividends may have increased; less risk is involved. By the relative decline stage, the firm has no new exciting capital budgeting projects and may have become an "income stock", by paying out a higher than average level of dividends. At this stage, the stock may be attractive for the risk-averse retiree interested in dividend income. However, the stock must be watched carefully in this stage, as this industry may be dying (buggy whips). However, over the industry life cycle, the clientele for the firms' stocks have changed, from the risk-tolerant to the risk averse.The problem with using this concept for investment purposes is identifying where the industry is in the industry life cycle. In addition, all industries do not move through the cycle in the same fashion. In fact, the goal is to avoid the relative decline stage.Feedback: The purpose of this question is to ascertain whether the student understands the industry life cycle, how the concept can be used by investors, and the limitations of the concept for investors.93. Discuss the ways in which the global economy might have an effect on a firm whose headquarters are in Montana. Be specific - cite some of the relevant factors that should be considered.A firm that operates from Montana cannot ignore the global economy. The firm may make sales to other countries, employ people from other countries, and invest in other countries. It may face price competition from similar firms abroad, be subject to wages that are different from those paid by foreign firms, and management may have less power to do what it wants due to labor unions. Exports of its products and imports will be influenced by the global economy. Interest rates in other countries will determine part of the return on the firm's investments. Exchange rates pose an additional risk if the company wants to repatriate its earnings. Countries' political and economic policies should be considered, with some being more predictable than others. Global markets have some linkages, but there are significant variations in performance among countries.Feedback: This question emphasizes the importance of the global economy, which should not be ignored when doing a macroeconomic analysis.94. List and discuss three of the five determinants of competition suggested in Porter's 1985 study.The determinants are: the threat of entry from new competitors, rivalry between existing competitors, price pressure from substitute products, the bargaining power of buyers, and the bargaining power of suppliers. Each of these is discussed below.Threat of entry from new competitors - If there are high profit margins in the industry, new competitors will be likely to enter. There may be some barriers to entry that existing firms can establish to discourage this. Possible barriers include longstanding relationships with suppliers and buyers, proprietary knowledge or patents, brand loyalty, and experience in the market. Rivalry between existing competitors - This could lead to price competition and lower profit margins. Expansion of one firm cuts into the rivals' market shares. Firms with homogeneous products face price pressure because they are unable to differentiate their products from their competitors' products. High fixed costs might force a company to operate at close to full capacity.Price pressure from substitute products - If firms in related industries produce similar products, the firm may not be able to charge as much for its product. Some examples are carbonated beverages and fruit drinks, paint and wallpaper, and movies and videos. Many other examples may be offered.Bargaining power of buyers - Buyers might have bargaining power if they purchase a substantial proportion of the firm's output. The firm might have to settle for accepting a lower price for its products. The automobile industry is an example given in the textbook. Bargaining power of suppliers - If the firm depends on a supplier to provide much of its inputs, the supplier might demand a higher price. This is especially true if there are no easily available alternative suppliers. Labor unions are cited as an example.Feedback: This question tests the student's understanding of the relationships among industry structure, competitive strategy, and profitability.。

Ownership structure and corporate performance【外文翻译】

Ownership structure and corporate performance【外文翻译】

外文翻译原文Ownership structure and corporate performanceMaterial Source:rlocatereconbaseAuthor :Harold Demsetz,Belen VillalongaAbstractThis paper investigates the relation between the ownership structure and the performance of corporations if ownership is made multi-dimensional and also is treated as an endogenous variable. To our knowledge, no prior study has treated the corporate control problem this way. We find no statistically significant relation between ownership structure and firm performance. This finding is consistent with the view that diffuse ownership, while it may exacerbate some agency problems, lso yields compensating advantages that generally offset such problems. Consequently, for data that reflect market-mediated ownership structures, no systematic relation between ownership structure and firm performance is to be expected. 2001 Elsevier Science B.V. All rights reserved.1.IntroductionThe connection between ownership structure and performance has been the subject of an important and ongoing debate in the corporate finance literature. The debate goes back to the Berle and Means(1932). thesis, which suggests that an inverse correlation should be observed between the diffuseness of shareholdings and firm performance. Their view has been challenged by Demsetz (1983),who argues that the ownership structure of a corporation should be thought of as an endogenous outcome of decisions that reflect the influence of shareholders and of trading on the market for shares. When owners of a privately held company decide to sell shares, and when shareholders of a publicly held corporation agree to a new secondary distribution, they are, in effect, deciding to alter the ownership structure of their firms and, with high probability, to make that structure more diffuse. Subsequent trading of shares will reflect the desire of potential and existing owners to change their ownership stakes in the firm. In the case of a corporate takeover, those who would be owners have a direct and dominating influence onthe firm’s ownership structure. In these ways, a firm’s ownership structure reflects decisions made by those who own or who would own shares. The ownership structure that emerges, whether concentrated or diffuse, ought to be influenced by the profit-maximizing interests of shareholders ,so that, as a result, there should be no systematic relation between variations in ownership structure and variations in firm performance.The empirical studies about the relation between both variables seem to have yielded conflicting results. Demsetz and Lehn (1985) provide evidence of the endogeneity of a firm’s ownership structure argued for by Demsetz (1983) and also assess the validity of the Berle and Means thesis: A linear regression of an accounting measure of profit rate on the fraction of shares owned by the five largest shareholding interests ?and on a set of control variables., in which ownership structure is treated as an endogenous variable, gives no evidence of a relation between profit rate and ownership concentration. Morck et al.?1988. ignore the endogeneity issue altogether and re-examine the relation between corporate ownership structure and performance. Like Demsetz and Lehn (1985), they find no significant relation in the linear regressions they estimate using Tobin’s Q and accounting profit rate as alternative measures of performance. However, they also estimate a piecewise linear regression of Tobin’s Q on insider ownership, and this does provide evidence of a non-monotonic relation. The estimated piecewise regression is positive for management holdings of shares between 0%and 5%of outstanding shares, negative for management holdings between 5%and 25%,and positive once more for management holdings greater than 25%.Other articles have followed the Morck et al.(1988)study. Included among these are McConnell and Servaes (1990),Hermalin and Weisbach (1988), Lodererand Martin(1997),Cho (1998),Himmelberg et al.(1999),and Holderness et al.(1999). Summary descriptions of these studies are provided in Appendix A. All rely chiefly on Tobin’s Q as a measure of firm performance, although a few also examine accounting profit rate, and all emphasize managerial shareholdings as a measure of ownership structure.Differences abound across these studies, in measurements and sample used, in estimating technique applied, in whether and how they account for the endogeneity of ownership structure, and in results obtained.Fig.1 shows the results of all the studies of firm performance and ownership structure that followedDemsetz and Lehn(1985).We do not judge here which of these articles offer(s). the most reliable guide.However,Fig.1 suggests that these studies, viewed in totality, do not give strong evidence by which to reject the belief that firmperformance and managerial equity ownership are unrelated.In Section 2,we analyze the conceptual issues surrounding each of the three main aspects that seem to explain the differences in results observed across studies: The measurements of firm performance, the measure of ownership structure used, and whether or not the endogeneity of ownership structure is taken into account in the estimation of the effect of ownership on performance. Our analysis suggests that none of the studies we examine treat ownership structure appropriately. It should be modeled not only as an endogenous variable but also, simultaneously, as an amalgam of shareholdings owned by persons with different interests. In particular, the fractions of shares owned by outside shareholders and by management should be measured separately. To our knowledge, no study to date incorporates both these aspects of ownership structure.3 Hence, a restudy of the ownership–performance relation seems needed.Our restudy fills this gap. It models ownership structure as an endogenous variable and it examines two dimensions of this structure likely to represent conflicting interests, the fraction of shares owned by management and the fraction of shares owned by the five largest shareholding interests. For the 223 firm sample examined here , the evidence supports the belief that ownership structure is endogenous but not the belief that ownership structure affects firm performance.These findings are consistent with the view that ownership structures, whether diffuse or concentrated, that maximize shareholder expected returns are those that emerge from the interplay of market forces.The following section discusses some of the conceptual issues that arise from an attempt to determine whether there is a relation between ownership structure and firm performance. Section 3 describes the data and variables we use in our empirical analysis. Section 4 reports and discusses our findings. Section 5 concludes.2.Conceptual issues in estimating the ownership–performance relation2.1.Firm performanceThe Demsetz and Lehn study used accounting profit rate to measure firm performance. All of the studies that followed used Tobin’s Q. There are two important respects in which these two measures differ. One is in time perspective, backward-looking for accounting profit rate and forward-looking for Q. In attempting to assess the effect of ownership structure on firm performance, is it more sensible to look at an estimate of what management has accomplished or atan estimate of what management will accomplish? The second difference is in who is actually measuring performance. For the accounting profit rate, this is the accountant constrained by standards set by his profession. For Q, this is primarily the community of investors constrained by their acumen, optimism, or pessimism. The proclivity of economists, most of whom have a better understanding of market constraints than of accounting constraints, is to favor Q. But caution is needed here. Accounting profit rate is not affected by the psychology of investors, and it only partially involves estimates of future events, mainly in the valuations it places on goodwill and depreciation. Tobin’s Q, however ,is buffeted by investor psychology pertaining to forecasts of a multitude of world events that include the outcomes of present business strategies.译文Ownership structure and corporate performance资料来源:rlocatereconbase作者:Harold Demsetz,Belen Villalonga摘要本文考察了当股权被视为内部变量由多层面组合时股权和企业业绩的关系。

Unit4 Vocabulary Quiz

Unit4 Vocabulary Quiz

Unit4 Vocabulary QuizWord List1. Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.2. Sustainability: The ability to be maintained at a certain rate or level without causing damage to the environment or depleting natural resources.Sustainability: The ability to be maintained at a certain rate or level without causing damage to the environment or depleting natural resources.3. Diversity: The inclusion and acceptance of people from different cultural backgrounds, races, genders, etc.Diversity: The inclusion and acceptance of people from different cultural backgrounds, races, genders, etc.4. Innovation: The introduction of new ideas, methods, or products to drive progress and improvement.Innovation: The introduction of new ideas, methods, or products to drive progress and improvement.5. Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of making aprofit.Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of making a profit.6. Collaboration: The action of working with someone to produce or create something.Collaboration: The action of working with someone to produce or create something.9. Adaptability: The capacity to adjust to new conditions and changes in the environment effectively.Adaptability: The capacity to adjust to new conditions and changes in the environment effectively.10. Critical Thinking: The objective analysis and evaluation of an issue in order to form a judgment.Critical Thinking: The objective analysis and evaluation of an issue in order to form a judgment.Quiz Questions1. What is the definition of globalization?2. Define sustainability.3. What does diversity refer to?4. What is innovation?5. Explain entrepreneurship.6. What does collaboration mean?8. What is leadership?9. Describe adaptability.10. Explain critical thinking.Answer Key1. Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.2. Sustainability refers to the ability to be maintained at a certain rate or level without causing damage to the environment or depleting natural resources.3. Diversity refers to the inclusion and acceptance of people from different cultural backgrounds, races, genders, etc.4. Innovation is the introduction of new ideas, methods, or products to drive progress and improvement.5. Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of making a profit.6. Collaboration is the action of working with someone to produce or create something.9. Adaptability refers to the capacity to adjust to new conditions and changes in the environment effectively.10. Critical thinking is the objective analysis and evaluation of an issue in order to form a judgment.ConclusionThis vocabulary quiz aimed to test your understanding of key terms related to unit 4 topics. By correctly answering the questions, you have demonstrated your knowledge of these concepts. Understanding these terms is crucial for success in the field of business and management. Keep up the good work!。

常用商务英语缩写

常用商务英语缩写

1 C&F(cost&freight)成本加运费价2 T/T(telegraphic transfer)电汇3 D/P(document against payment)付款交单4 D/A (document against acceptance)承兑交单5 C.O (certificate of origin)一般原产地证6 G.S.P.(generalized system of preferences)普惠制7 CTN/CTNS(carton/cartons)纸箱8 PCE/PCS(piece/pieces)只、个、支等9 DL/DLS(dollar/dollars)美元10 DOZ/DZ(dozen)一打11 PKG(package)一包,一捆,一扎,一件等12 WT(weight)重量13 G.W.(gross weight)毛重14 N.W.(net weight)净重15 C/D (customs declaration)报关单16 EA(each)每个,各17 W (with)具有18 w/o(without)没有19 FAC(facsimile)传真20 IMP(import)进口21 EXP(export)出口22 MAX (maximum)最大的、最大限度的23 MIN (minimum)最小的,最低限度24 M 或MED (medium)中等,中级的25 M/V(merchant vessel)商船26 S.S(steamship)船运27 MT或M/T(metric ton)公吨28 DOC (document)文件、单据29 INT(international)国际的30 P/L (packing list)装箱单、明细表31 INV (invoice)发票32 PCT (percent)百分比33 REF (reference)参考、查价34 EMS (express mail special)特快传递35 STL.(style)式样、款式、类型36 T或LTX或TX(telex)电传37 RMB(renminbi)人民币38 S/M (shipping marks)装船标记39 PR或PRC(price) 价格40 PUR (purchase)购买、购货41 S/C(sales contract)销售确认书42 L/C (letter of credit)信用证43 B/L (bill of lading)提单44 FOB (free on board)离岸价45 CIF (cost,insurance&freight)成本、保险加运费价BA bank acceptance 银行承兑汇票bal. balance 余额、差额banky. bankruptcy 破产、倒闭Bat battery 电池b.b. bearer bond 不记名债券B.B., B/B bill book 出纳簿B/B bill bought 买入票据、买入汇票b&b bed & breakfast 住宿费和早餐费b.c. blind copy 密送的副本BC buyer credit 买方信贷B/C bills for collection 托收汇票B.C. bank clearing 银行清算b/d brought down 转下页Bd. bond 债券B/D bills discounted 已贴现票据B/D bank draft 银行汇票b.d.i. both dates inclusive, both days inclusive 包括头尾两天B/E bill of entry 报关单b.e., B/E bill of exchange 汇票BEP breakeven point 保本点、盈亏临界点b/f brought forward 承前BF bonded factory 保税工厂Bfcy. Beneficiary 受益人B/G, b/g bonded goods 保税货物BHC Bank Holding Company 银行控股公司BIS Bank of International Settlements 国际清算银行bit binary digit 两位数Bk. bank 银行Bk. book 帐册b.l., B/L bill of lading 提货单B/L original bill of lading original 提货单正本bldg. building 大厦BMP bank master policy 银行统一保险BN bank note 钞票BO branch office 分支营业处BO buyer’s option 买者选择交割期的远期合同BOM beginning of month 月初b.o.m. bill of materials 用料清单BOO build-operate-own 建造—运营—拥有BOOM build-operate-own-maintain 建造—运营—拥有—维护BOOT build-operate-own- transfer 建造—运营—拥有—转让b.o.p. balance of payments 收支差额BOT balance of trade 贸易余额BOY beginning of year 年初b.p., B/P bills payable 应付票据Br. branch 分支机构BR bank rate 银行贴现率b.r., B/R bills receivable 应收票据Brok. broker or brokerage 经纪人或经纪人佣金b.s., BS, B/S balance sheet 资产负债表B/S bill of sales 卖据、出货单B share B share B 股B.T.T. bank telegraphic transfer 银行电汇BV book value 票面价值c. cents 分C cash; coupon; currency 现金、息票、通货C centigrade 摄氏(温度)C. A. chartered accountant; chief accountant 特许会计师、主任(主管)会计师C. A. commercial agent 商业代理、代理商C. A. consumers’ association 消费者协会C/A capital account 资本帐户C/A current account 往来帐C/A current assets 流动资产C. A. D cash against documnet 交单付款can. cancelled 注销cap. capital 资本CAPM capital asset pricing model 固定资产计价模式C. A. S. cost accounting standards 成本会计标准c. b., C. B. cash book 现金簿CBD cash before delivery 先付款后交货C. C. cashier’s check 银行本票C. C contra credit 贷方对销c/d carried down 过次页、结转下期CD certificate of deposit 存单c/f carry forward 过次页、结转CG capital gain 资本利得CG capital goods 生产资料、资本货物C. H. custom house 海关C. H. clearing house 票据交换所Chgs charges 费用Chq. cheque 支票C/I certificate of insurance 保险凭证CIA certified internal auditor 注册内部审计员c. i. f. , C. I. F. cost, insurance and freight 到岸价,货价+保险+运费C. I. T. comprehensive income tax 综合所得税Ck. check 支票C. L. call loan 短期拆放C / L current liabilities 流动负债C. M. A. certificed management accountant 注册管理会计师CMEA, Comecon Council for Mutual Economic Assistance 经济互助委员会CML capital market line 资本市场线性CMO Collateralised Mortgage Obligations 担保抵押贷款债务CMV current market value 现时市场价值CN consignment note 铁路运单CN credit note 贷方通知书c/o carried over 结转后期C. O., C/O cash order 现金汇票、现金订货C. O. certificate of origin 产地证明书Co. company 公司COBOL Common Business Oriented Language 通用商业语言CoCom Coordinating Committee for Multilateral Export Controls 多边出口控制协调委员会c. o. d, C. O. D. cash on delivery 货到付款Col. column 帐栏Coll. collateral 担保、抵押物Coll. collection 托收Com.; comm. commission 佣金cont. container 集装箱cont., contr. contract 契约、合同conv., cv., cvt. convertible 可转换的、可兑换的Cor. corpus 本金Cor. correspodent 代理行Corp. corporation 公司CP. commercial paper 商业票据C. P. A certified Public Accountant 注册公共会计师CPB China Patent Bureau 中国专利局CPI consumer price index 消费者价格指数CPM cost per thousand 每一千个为单位的成本CPP current purchasing power 现行购买力Cps. coupons 息票CPT carriage paid to 运费付至......C/R company’s risk 企业风险Cr. credit 贷记、贷方CR carrier’s risk 承运人风险CR current rate 当日汇率、现行汇率CR cash receipts 现金收入CR class rate 分级运费率CS civil servant; civil service 公务员、文职机关CS convertible securities 可转换证券C. S. capital stock 股本CSI customer satisfaction index 顾客满意指数csk. cask 木桶CT corporate treasurer 公司财务主管CT cable transfer 电汇ct crate 板条箱ctge cartage 货运费、搬运费、车费Cts. cents 分CTT capital transfer tax 资本转移税cu cubic 立方CU customs unions 关税联盟cu. cm. cubic centimeter 立方厘米cu. in. cubic inch 立方英寸cu. m. cubic meter 立方米cu. yd. cubic yard 立方码cum. pref. cumulative preference (share) 累积优先(股)cur. curr. current 本月、当月CV convertible security 可转换债券CVD countervailing duties 抵消关税、反倾销税C.V. P. analysis Cost Volume Profit analysis 本---量---利分析C. W. O. cash with order 订货付款Cy. currency 货币CY calendar year 日历年CY container 整装货柜CY container yard 货柜堆场、货柜集散场D degree; draft 度、汇票D/A deposit account 存款帐户D/A document against acceptance 承兑交单d/a days after acceptance 承兑后......日(付款)D. A. debit advice 欠款报单D. B day book 日记帐、流水帐DB method declining balance (depreciation) method 递减余额折旧法D. C. F. method discounted cash flow method 现金流量贴现法D/D documentary draft 跟单汇票D. D.; D/D demand draft 即期汇票D/d; d/d days after date 出票后......日(付款)d. d. dry dock 干船坞DDB method double declining balance (depreciation) method 双倍递减余额折旧法D. D. D deadline delivery date 交易最后日期def. deficit 赤字、亏损dem. demurrage 滞期费Depr. depreciation 折旧d. f; D. F.; d. frt. dead freight 空舱费D. G dangerous goods 危险货物diff. difference 差额Dis. discount 折扣、贴现dish’d; dishd dishonored 不名誉、拒付D. I. T double income-tax(relief) 双重所得税(免征)div.; divd dividend 红利、股息D-J Dow Jones & Co. 美国道—琼斯公司DJIA Dow Jones Industrial Average (Stock Index) 道—琼斯工业股票指数DJTA Dow Jones Transportation Average 道—琼斯运输平均数DJUA Dow Jones Utility Average 道—琼斯公用事业平均数DK Don’t know 不知道DL direct loan 直接贷款DL discretionary limit 无条件限制DLD deadline date 最后时限Dls. ; Dol(s); Doll(s) dollars 元DM Deutsche Mark; D-mark; Deutschmark; 德国马克DMCs developing member countries 发展中国家DN date number 日期号DN; D/N debit note 借记通知单DNR do not reduce 不减少do.; dto. ditto 同上、同前D/O delivery order 发货单Doc(s) documents 凭证、单据、文件doc. att. documents attached 附单据、附件Doc. code document code 凭证(单据)编号D. O. G. days of grace 宽限日数DOR date of request 要求日DP; D/P document against payment 交单付款DPI disposable personal income 个人可支配收入DPOB date and place of birth 出生时间和地点DPP damp proofing 防潮的Dr. debit 借记、借方D. R.; DR discount rate 贴现率、折扣率Dr debtor 债务人DR deposit receipt 存单、存款收据dr. drawer 借方DS; d/s days after sight(days’ sight) 见票后.......日(付款)ds.; d’s days 日dstn. destination 日的地(港)DTC Deposit taking company 接受存款公司DTC Deposit Trust Company 储蓄信托公司dup.; dupl.; dupte. duplicate 副本DVP delivery versus payment 付款交货dy.; d/y day; delivery 日、交货dz dozen 一打- f feet 英尺F dealt in flat 无息交易的f. following (page) 接下页f. fairs 定期集市F. A. face amount 票面金额F. A. fixed assets 固定资产F. A freight agent 货运代理行FA free alongside 启运港船边交货FABB Fellow of the British Association of Accountants and Auditors 英国会计师和审计师协会会员FAC facility 设施、设备f.a.c. fast as can 尽快FACT factor analysis chart technique 因素分析图解法fad. free delivery (discharge, dispatch) 免费送货F. A. F. free at factory 工厂交货FAIA Fellow of the Association of International Accountants 国际会计协会会员F. A. Q fair average quality (货品)中等平均质量F. A. S. free alongside ship 发运地船边交货价FASB Financial Accounting Standards Boards 财务会计标准委员会FAT fixed asset transfer 固定资产转移FAT factory acceptance test 工厂验收试验FB foreign bank 外国银行F. B. E. foreign bill of exchange 外国汇票F. C. fixed capital 固定资本F. C. fixed charges 固定费用F. C. future contract 远期合同fc. franc 法郎FCA Fellow of the Institute of Chartered Accountants 特许会计师学会会员FCG foreign currency guarantee 外币担保FCL full container load 整货柜装载FCL/LCL full container load/less (than)full container load 整装/分卸FCR forwarder’s cargo receipt 货运代理行收据FCT forwarding agent’s certificate of transport 货运代理行领货证fd. fund 资金FDB method fixed rate on declining balance method 定率递减余额折旧法FDI foreign direct investment 外商直接投资FDIC Federal Deposit Insurance Corporation 联邦储蓄保险公司FE foreign exchange 外汇FE future exchange 远期外汇FF French franc 法国法郎fib free into barge 驳船上的交货价FIBC financial institution buyer credit policy 金融机构买方信贷险FIFO first in, first out 先进先出法fin. stadg.(stndg.) financial standing 资信状况fin. stat. (F/S) financial statement 财务报表fin.yr. financial year 财政年度FINA following items not available 以下项目不可获得FIO free in and out 自由进出F. I. T free of income tax 免交所得税fl. florin 盾FLG finance lease guarantee 金融租赁担保flt. flat 无利息FMV fair market value 合理市价FO free out 包括卸货费在内的运费fo. folio 对折、页码FOB free on board (启运港)船上交货、离岸价格FOB airport FOB airport (启运)机场交货(价)FOBST free on board stowed and trimming 包括清理及平仓的离岸价格F.O.C. free of charge 免费FOCUS Financial and Operations Combined Uniform Single Report 财务经营综合报告FOK fill or kill 要么买进或卖出,要么取消FOR free on rail (or road) 铁路或(公路)上交货价for’d., fwd forward; forwarded 转递FOREX foreign exchange 外汇FOS free on steamer 蒸汽船上交货(价)FOUO for official use only 仅用于公事FOW, f. o. w. free on wagon (启运站)火车上交货(价)FOX Futures and Options Exchange 期货和期权交易所FP floating policy 浮动政策FP fully paid 已全付的FRA forward rate agreement 远期利率协议FRCD floating rate certificate of deposit 浮动利率存单frt., frgt. forward 期货、远期合约free case no charge for case 免费事例FREF fixed rate export finance 固定利率出口融资frt. & grat. freight and gratuity 运费及酬金Frt. fwd freight forward 运费待付Frt. ppd freight prepaid 运费已付FS final settlement 最后结算FSR feasibility study report 可行性研究报告FTW free trade wharf 码头交易FTZ free trade zone 自由贸易区fut. futures 期货、将来FV face value 面值FVA fair value accounting 合理价值法FWD forward (exchange) contract 远期合约F.X. foreign exchange 外汇FX broker foreign exchange broker 外汇经纪人fxd fixed 固定的FXRN fixed rate note 定息票据FY fiscal year (financial year) 财政(务)年度fy. pd. fully paid 全部付讫FYI for your information 供您参考--作者:JIMMY--发布时间:2005-7-8 12:35:22--E. exchange; export 交易所、输出E. & O. E. errors and omissions excepted 如有错漏,可加更正e.a.o.n. except as otherwise noted 除非另有说明EAT earnings after tax 税后收益EB ex budgetary 预算外EBIT earnings before interest and tax 扣除利息和税金前收益EBS Electronic Broking Service 电子经纪服务系统EBT earning before taxation 税前盈利EC European Community; European Commission 欧洲共同体、欧洲委员会EC export credit 出口信贷EC error corrected 错误更正Ec. exempli causa 例如Ec. ex coupon 无息票ECA export credit agency 出口信贷机构ECAFE Economic Commission for Asia and the Far East 亚洲及远东经济委员会ECE Economic Commission for Europe 欧洲经济委员会ECG Export Credit Guarantee 出口信用担保ECI export credit insurance 出口信用保险ECR export credit refinancing 出口信贷再融资ECT estimated completion time 估计竣工时间ECU European Currency Unit 欧洲货币单位E/D export declaration 出口申报单ED ex dividend 无红利、除息、股利除外EDD estimated delivery date 预计交割日EDI electronic data interchange 电子数据交换EDOC effective date of change 有效更改日期EDP Electronic Data Processing 电子数据自理E. E.; e.e errors excepted 如有错误,可加更正EERI Effective Exchange Rate Indexes of Hong Kong 港汇指数EET East European Time 东欧时间EF export finance 出口融资EF Exchange Fund 外汇基金EFT electronic funds transfer 电子资金转帐EFTA European Free Trade Area (Association) 欧洲自由贸易区(协会)EGM Extraordinary Genaral Meeting 特别股东大会EIB Export-Import Bank 进出口银行EIL WB Economic Integration Loan 世界银行经济一体化贷款EL export license 出口许可证ELI extra low impurity 极少杂质EMF European Monetary Fund 欧洲货币基金EMIP equivalent mean investment period 等值平均投资期EMP end-of month payment 月末付款EMP European main ports 欧洲主要港口EMS European Monetary System 欧洲货币体系EMS express mail service 邮政特快专递EMU European Monetary Union 欧洲货币联盟enc enclosed 停业encl(s). enclosure 附件encd. enclosed 附件End. ; end. endorsement 背书Entd. entered 登记人EOA effective on or about 大约在.......生效EOD every other day 每隔一日EOE European Options Exchange 欧洲期权交易EOM end of month 月底EOQ economic order quantity 最底订货量EOS end of season 季末EOU export-oriented unit 出口型单位EOY end of year 年终EPD earliest possible date 最早可能日期EPN export promissory note 出口汇票EPOS electronic point of sale 电子销售点EPR earnings price ratio 收益价格比率EPR effective protection rate 有效保护率EPS earnings per share 每股收益额、每股盈利额E. P. T excess profit tax 超额利润税EPVI excess present value index 超现值指数EPZ export processing zone 出口加工区ERM exchange rate mechanism 汇率机制ERS Export Refinance Scheme 出口再融资计划ESOP Employee Stock Ownership Plan 职工持股计划Est. estate 财产、遗产EST Eastern Standard Time 美国东部标准时间et seq. et sequents 以下ETA estimated time of arrival 预计到达时间ETD estimated tiem of departure 预计出发时间ETDZ Economic and Technological Development Zone 经济技术开发区ETLT equal to or less than 等于或少于ETS estimated time of sailing 预计启航时间EU European Union 欧盟EUA European Units of Account 欧洲记帐单位ex.; exch exchange 汇兑、况换excl. exclusive 另外、不在内ex cont. from contract 从合同ex cp. ex coupon 无息票ex div. ex dividend 无股息Exp. export 出口Extd. extend 展期EXW ex works 工厂交货价商务英语:集装箱术语缩写时间:2005-06-06 18:08 本网LCL LessThan ContainerLoad拼箱40 HC 40 H igh Cubic 40柜40 HR F 40 H igh Refrigerator 40冻柜G.C GeneralCargo普通柜S.H Sem i Hazardous半危险品H.Z H azardous危险品O/T O penTop开顶柜F R Flatrack R.F R efrigerator冻柜CY ContainerYard集装箱堆场CFS ContainerFreightStation集装箱处理站TEU Twenty feet Equivalent Units 20尺集装箱FEU Forty feetE quivalent Units 40尺集装箱A/W All Water全水路(主要指由美国西岸中转至东岸或内陆点的货物的运输方式)M LB M iniLand Bridge迷你大陆桥(主要指由美国西岸中转至东岸或内陆点的货物的运输方式)外企公司常用缩写:1、RGDS: Regards2、TKS: Thanks3、ASAP: As soon as posible 越快越好4、BTW: By the way 顺便说一下5、FW: Foward 提出6、COD: Code of conduct 公司行为规范准则7、OL: Office lady 办公室女职员8、EG: For example9、FYI: For you information 意思是不管你的事,你看一下就好了10、ETC: Estimated time of complete 预计完成时间11、ETS: Estimated time of shipping 预计船期12、NG: No good 不合格13、FNG: Fucking new guy 常指把事情搞得一团糟的新员工14、CC: Carbon copy 抄送Bal.-----------------------Balance 差额c/- (or c/s)---------------cases 箱bar. or brl.---------------barrel 桶; 琵琶桶ca.; c/s; cs.---------------case or cases 箱B.B. clause---------------Both to blame collision clause 船舶互撞条款C.A.D.; C/D--------------cash against documents 付款交单B/C-------------------------Bills for collection 托收单据canc.----------------------cancelled 取消 ; 注销B.C.----------------------before Christ 公元前C.A.F.---------------------Cost,Assurance, Freightb.d.----------------------brought down 转下(=C.I.F.) 成本加保费. 运费价B.D.----------------------Bank draft 银行汇票canc.----------------------cancel, cancelled,cancellation取消 ; 注销Bill----------------------Discounted 贴现票据canclg.--------------------cancelling 取消 ; 注销b.d.i.--------------------both dates inclusive 包括首尾两日cat.-----------------------catalogue 商品目录bdle. ; bdl.--------------bundle 把; 捆C/B------------------------clean bill 光票b.e. ; B/E ; B. EX.-------Bill of Exchange 汇票C.B.D.---------------------cash before delivery 先付款后交单B.f.----------------------Brought forward 接下页c.c.-----------------------cubic centimetre 立方厘米;立方公分B/G-----------------------Bonded goods 保税货物c.c.-----------------------carbon copy 复写纸;副本(指复写纸复印的)bg. ; b/s-----------------bag(s) 袋C.C.-----------------------Chamber of Commerce 商会bkg.----------------------backing 银行业务C.C.I.B.-------------------China Commodity Inspection Bureau 中国商品检验局bkt.----------------------basket 篮; 筐C/d------------------------carried down 转下bl.; bls.-----------------bale(s) 包cent-----------------------centum(L.) 一百Blading-------------------Bill of Lading 提单Cert. ; Certif.------------certificate ; certified 证明书; 证明bldg.---------------------building 大厦c.f.-----------------------Cubic feet 立方英尺B/ldg.--------------------B/L Bill of Lading 提单C/f------------------------Carried forward 接后; 结转 (下页 )bls.----------------------Bales 包 , barrels 桶cf.------------------------confer 商议; Compare 比较bot. ; bott. ; btl--------bottle 瓶C.& F.---------------------Cost and Freight 成本加运费价格br.-----------------------brand 商标; 牌CFS; C.F.S.----------------Container Freight Station 集装箱中转站; 货运站Brkge.--------------------breakage 破碎Cg.------------------------Centigramme 公毫brls.---------------------barrels 桶 ; 琵琶桶C.G.A.---------------------Cargo's proportion of General Average 共同海损分摊额b/s-----------------------bags; bales 袋 ; 包cgo.-----------------------cargo 货物Bs/L----------------------Bills of Lading 提单 (复数)chges.---------------------charges 费用btl.----------------------bottle 瓶Chq.-----------------------Cheque支票bu.-----------------------bushel 蒲式耳C.I.-----------------------Certificate of Insurance 保险凭证;bx.-----------------------box 箱Consular Invoice 领事发票; 领事签证bxs.----------------------boxes 箱 (复数), 盒 (复数)C.I.F----------------------Cost lnsurance Freight 成本.保险费加运费价格C.I.F. & C.-------Cost lnsurance Freight & Commission 成本. 保险费加运费,佣金价格d.----------------------denarii (L) , panny or pence 便士C.I.F. & E.----------------Cost Insurance Freight & Exchange 成本. 保险费 . 运费加汇费的价格D/A---------------------Document against Acceptance 承兑交单C.I.F. & I-----------------Cost Insurance Freight & Interest 成本. 保险费. 运费加利息的价格d/a---------------------days. after acceptance 承兑后若干天 (交款)C.I.O.---------------------Cash in Order; Cash with order 订货时付款D.D. ,D/D--------------Demand draft 即期汇票;Delivered at docks 码头交货cks.-----------------------casks 桶D/d---------------------documentary draft 跟单汇单cl.------------------------class; clause 级; 条款; 项Dec.--------------------December 十二月CLP------------------------Container Load Plan 集装箱装箱单deld--------------------delivered 交付cm-------------------------centimetre 厘米; 公分dely.-------------------delivery 交付; 交货cm2------------------------square centimetre 平方厘米; 平方公分dept.-------------------department 部; 股; 处cm3------------------------cubic centimetre 立方厘米; 立方公分destn.------------------destination 目的港;目的地CMB------------------------国际公路货物运输条约D/f---------------------dead freight 空舱费CMI------------------------Comit'e Maritime International 国际海事委员会drt.--------------------draft 汇票c/n------------------------cover note 暂保单; 预保单diam.-------------------diameter 直径CNC------------------------新集装箱运输diff.-------------------difference 差额; 差异Co.------------------------Company 公司dis. , disc't-----------discount 贴现; 折扣; 贴现息c/o------------------------care of 转交dls. ; Dolls.-----------dollars 元C/O ; c.o.-----------------Certificate of origin 产地证明书Dmge--------------------Damage 损坏c.o.d. ,C.O.D.-------------Cash on delivery or Collection delivery 货到付款destn.------------------destination 目的港; 目的地COFC-----------------------Container on Flat Car 平板车装运集装箱D/N---------------------debit note 欠款账单Com.-----------------------Commission 佣金doc.--------------------document 单据Con.inv.-------------------Consular invoice 领事签证发票doc. att.---------------document attached 附单据; 附证件Cont. ; Contr.-------------Contract 合同; 合约dols. ; dolls.----------dollars 元FCL---------------Full Container Load 整箱货[广告] 福步学堂考试,考验你熟悉论坛的程度>>>LAURALU 注册会员Products Markets 状态离线#2发表于 2005-6-20 16:29 资料个人空间个人短信加为好友只看该作者FCL---------------Full Container Load 整箱货ETFL----------------expected time of finishing loading 预计装完时间F.C. & S.---------free of capture and seizure clause 战争险不保条款ex------------------per or out of 搭乘f.e.--------------forexample 例如ex.-----------------excluding 除外;example 例子;样本Feb---------------February 二月Exch----------------exchange 兑换;汇兑f.f.a.------------free from alongside 船边交货价Excl.---------------exclusive or excluding 除外f.g.a.; F.G.A.--free from general average 共同海损不赔ex.int.------------ex interest 无利息f.i.--------------for instance 例如;free in 船方不负担装船费exp.----------------export 出口f.ig.-------------figure 数字Exs.----------------expenses 费用f.i.o.------------free in and out 船方不负担装卸费Ext.----------------extra 特别的;额外的f.i.o.s.----------free in, out and stowed 船方不负担装卸费及理舱费f.i.o.s.t.--------free in, out, stowed and trimmed 船方不负担装卸费.理舱费及平舱费g.----------------------gram 克;公分f.i.w.------------free in wagon 承运人不负担装入货车费G.A.; G/A-------------General Average 共同海损(保险用语)FI.oz.------------fluid ounce 液唡gal.--------------------gallon 加仑F/O---------------in favor of 交付给…;以…为受益人gds.--------------------goods 货物f.o.--------------free out 船方不负担卸货费gm.---------------------gram 克;公分F.0.A.------------free on aircraft 飞机上交货价。

in a theoritical model, decision making

in a theoritical model, decision making

In a theoretical model of decision making, individuals are assumed to gather and process information in a rational and systematic manner in order to arrive at the best possible choice. This theoretical framework often involves weighing the costs and benefits of different options, considering various probabilities and potential outcomes, and evaluating the potential impact of each decision on one's goals and objectives.One common theoretical model of decision making is known as expected utility theory, which posits that individuals make choices based on the expected value of each option, taking into account both the potential gains and losses associated with each possible outcome. This model assumes that individuals are able to accurately assess the probabilities of different outcomes and are able to make decisions that maximize their expected utility or satisfaction.Another influential theoretical perspective on decision making is bounded rationality, which suggests that individuals do not always have the capacity to gather and process all relevant information when making decisions due to cognitive limitations and time constraints. Instead, individuals use heuristics and shortcuts to simplify the decision-making process and satisfice, or choose the first option that meets their criteria, rather than exhaustively searching for the best possible choice.Additionally, some theoretical models of decision making incorporate emotional and motivational factors, recognizing that individuals' choices areoften influenced by their desires, fears, and emotional responses to different options. This may involve considering the role of affective forecasting, or predicting one's emotional reactions to different outcomes, in decision making processes.Overall, theoretical models of decision making provide valuable frameworks for understanding and predicting how individuals make choices in various contexts, and serve as the foundation for further empirical research and practical applications in fields such as economics, psychology, and management.。

商务英语导论试题及答案

商务英语导论试题及答案

商务英语导论试题及答案一、选择题(每题1分,共10分)1. What does the term 'B2B' stand for in business?A. Business to BusinessB. Business to ConsumerC. Business to GovernmentD. Business to Investor答案:A2. The process of negotiating a contract is an example of which of the following in business?A. MarketingB. SalesC. ProcurementD. Human Resources答案:B3. Which of the following is not a function of a multinational corporation?A. ProductionB. DistributionC. FinancingD. Local Government答案:D4. What is the primary purpose of a SWOT analysis in business?A. To identify strengths and weaknessesB. To analyze market trendsC. To forecast financial performanceD. To evaluate employee performance答案:A5. In the context of business, what does 'ROI' stand for?A. Return on InvestmentB. Risk of InvestmentC. Rate of InterestD. Revenue of Investment答案:A6. Which of the following is a common method of international business communication?A. Face-to-face meetingsB. EmailC. TelephoneD. All of the above答案:D7. What is the acronym for 'Corporate Social Responsibility'?A. CSRB. CSDC. CRDD. CSE答案:A8. Which of the following is not a type of business structure?A. Sole ProprietorshipB. PartnershipC. CorporationD. Non-profit答案:D9. What is the term used to describe the process of a company buying back its own shares from the market?A. Share IssuanceB. Share RepurchaseC. Share SplitD. Share Consolidation答案:B10. In business, what does 'IPO' stand for?A. Initial Public OfferingB. International Product OfferingC. Internal Product OrderD. Individual Product Option答案:A二、填空题(每题1分,共10分)11. The term '_____' is used to describe the process of a company going public and offering its shares for sale to the public for the first time.答案:IPO12. A '_____' is a document that outlines the terms and conditions of a business agreement.答案:Contract13. '_____' is the process of identifying, analyzing, and responding to the opportunities and threats in the business environment.答案:Strategic Planning14. The '_____' is the most common form of business in many countries, characterized by limited liability for its shareholders.答案:Corporation15. '_____' refers to the practice of a company considering the social, environmental, and economic effects of its decisions, products, and actions on the community and the environment.答案:CSR (Corporate Social Responsibility)16. A '_____' is a type of business where the owner is personally responsible for all debts and obligations.答案:Sole Proprietorship17. '_____' is the process of evaluating the financial performance of a business over a specific period of time.答案:Financial Analysis18. '_____' is a form of business where two or more peopleown and operate the business together.答案:Partnership19. '_____' is the process of determining the value of a company's shares before they are offered to the public.答案:Valuation20. '_____' is the study of managing a business with the aim of maximizing its value while satisfying the interests of stakeholders.答案:Finance三、简答题(每题5分,共20分)21. What are the key components of a business plan?答案:A business plan typically includes an executive summary, company description, market analysis, organization and management structure, product or service line, marketing and sales strategy, funding request, and financial projections.22. Explain the concept of 'branding' in business.答案:Branding in business refers to the process of creating a unique name, symbol, or design that identifies and differentiates a company's products or services from those of other competitors. It aims to establish a presence in the market and create a lasting impression on the minds of consumers.23. What is the purpose of a SWOT analysis and how does it benefit a business?答案:The purpose of a SWOT analysis is to identify andanalyze the internal strengths and weaknesses, as well as the external opportunities and threats that a business may face. It benefits。

综英6课文翻译

综英6课文翻译

Unit 1 Technology in ReverseLet me introduce you retarded technology. It’s the opposite of advanced technology. Advanced technology enables us to do useful new things or to do old things more efficiently. By contrast, retarded technology creates new and expensive ways of doing things that were once done simply and inexpensively. Worse, it encourages us to do things that don’t need doing at all. It has made waste respectable, elaborate alluring and even fun.1.让我给你介绍落后科技。

它是先进科技的对立面。

先进的科技让我们更有效地利用新事物或是旧事物。

相反,落后科技则会使那些本来简单快捷的做事方式变成新和浪费。

更糟糕的是,它会鼓励我们做那些不需要的事,使浪费变得可敬,值得做,诱人,甚至是有趣。

Just the other week, NEWSWEEK reported a boom in electronic books. The idea is to put books onto discs that you can plug into your customized book-displaying computer. Here's a swell idea of retarded technology. On the one hand, you can buy a $900 or $9,000 book-reading computer that you can feed with $20 discs of your favorite books. It's cumbersome. If you take it to the beach, it gets clogged with sand. You can't use it as a pillow. If it slips off the kitchen counter, it smashes.2.几个星期前,新闻周刊报道了电子书的一个爆炸新闻。

expectancy value model

expectancy value model

expectancy value modelThe expectancy-value model is a theoretical framework used in psychology and education to explain individuals' motivation and decision-making processes. It suggests that people's motivation to engage in a particular behavior or pursue a certain goal is influenced by their perceptions of the behavior's outcome expectancies and its subjective value.According to this model, an individual's expectancy refers to their beliefs about the likelihood of achieving a desired outcome or goal by performing a specific behavior. These outcome expectancies can be based on prior experiences, observations, or learned information. For example, if someone believes that studying hard will result in good grades, their expectancy for studying will be high.On the other hand, the subjective value refers to the personal significance or importance people assign to a particular behavior or goal. This value can be influenced by various factors such as intrinsic interest, social pressure, or perceived usefulness. For instance, if someone values a specific career path because it aligns with their interests and passions, their subjective value for pursuing that career will be high.The expectancy-value model suggests that individuals' motivation for engaging in a behavior or pursuing a goal is determined by the combination of their expectancy and subjective value. Motivation is highest when both the expectancy for success and the subjective value are high. However, low expectancy or low subjective value can lead to lower motivation or even avoidance of the behavior orgoal.This model has been widely applied in diverse areas, including education, health behavior change, and career decision-making. It helps researchers and practitioners understand and predict individuals' motivation and guide interventions to enhance motivation by increasing expectancies or subjective value.。

会议报告地点安排

会议报告地点安排
第二届全国概率统计青年学者会议
2006 年 5 月 13 日(星期六)
地 点 第二报告厅
15:00-15:40 开幕式
16:00-18:10 大会报告
2006 年 5 月 14 日(星期日)
地 点 教室(三)
教室(四)
教室(一)
第一报告厅
教室(七)
教室(六)
教室(五)
8:00-10:20 概率邀请报告 1 概率邀请报告 2
16:30-16:50 16:50-17:10 17:10-17:30 17:30-17:50 17:50-18:10
On a recursive linear distributional equation on R 休息
分组报告(第四组) 极限理论 主 席: 梁宗霞,清华大学 金少华,河北工业大学 关于整值随机变量序列的一个强极限定理 陈进源,兰州大学
地点: 教室(四)
主 席: 巩馥洲,中国科学院
汪荣明,华东师范大学
权益指数年金的定价
刘国欣,河北工业大学
风险理论中的逐段决定马氏过程测度变换方法
茶点、休息
王过京,苏州大学
The Gerber-Shiu expected discounted penalty functions for a risk
processes with stochastic interest 休息
注:上述各报告地点均在省身楼,其中第一报告厅、教室一)在一楼,其余均在二楼。各地点同时标有名称和门牌号,二者的对应关系为:
一楼:第一报告厅:110-111,教室(一) :104;
二楼:第二报告厅:219-221,教室(三) :202-203,教室(四) :205-206,教室(五) :211-212,教室(六) :213-214,教室(七) :215-216,会议室(三):208-209。

2014年6月英语六级真题及答案

2014年6月英语六级真题及答案

2014年6月英语六级真题及答案全面的!请好评哦!PartI Writing ( 30minutes)Directions: For this part, you are allowed 30 minutes to write an essay explaining why it is unwise to put all your eggs in one basket. You can give examples to illustrate your point .You should write at least 150 words but no more than 200 words.Directions: For this part, you are allowed 30 minutes to write an essay explaining why it is unwise a person by their appearance. You can give examples to illustrate your point .You should write at least 150 words but no more than 200 words.Directions: For this part, you are allowed 30 minutes to write an essay explaining why it is unwise to jump to conclusions upon seeing or hearing something. You can give examples to illustrate your point .You should write at least 150 words but no more than 200 words.Part Ⅱ Listening Comprehension (30 minutes)Section A Directions:In this section,you will hear 8 short conversations and 2 long conversations.At the end of each conversation, one or more questions will be asked about what was said.Both the conversation and the questions will be spoken only once.After each question there will be a pause.During the pause,you must read the four choices marked A),B),C)and D),and decide which is the best answer.Then mark the corresponding letter on Answer Sheet1 with a single line through the centre.注意:此部分试题请在答题卡1上作答。

(完整word版)投资学第7版Test Bank答案09

(完整word版)投资学第7版Test Bank答案09

Multiple Choice Questions1. In the context of the Capital Asset Pricing Model (CAPM) the relevant measure of riskisA) unique risk.B) beta.C) standard deviation of returns.D) variance of returns.E) none of the above.Answer: B Difficulty: EasyRationale: Once, a portfolio is diversified, the only risk remaining is systematic risk,which is measured by beta.2. According to the Capital Asset Pricing Model (CAPM) a well diversified portfolio's rateof return is a function ofA) market riskB) unsystematic riskC) unique risk.D) reinvestment risk.E) none of the above.Answer: A Difficulty: EasyRationale: With a diversified portfolio, the only risk remaining is market, or systematic, risk. This is the only risk that influences return according to the CAPM.3. The market portfolio has a beta ofA) 0.B) 1.C) -1.D) 0.5.E) none of the aboveAnswer: B Difficulty: EasyRationale: By definition, the beta of the market portfolio is 1.4. The risk-free rate and the expected market rate of return are 0.06 and 0.12, respectively.According to the capital asset pricing model (CAPM), the expected rate of return on security X with a beta of 1.2 is equal toA) 0.06.B) 0.144.C) 0.12.D) 0.132E) 0.18Answer: D Difficulty: EasyRationale: E(R) = 6% + 1.2(12 - 6) = 13.2%.5. The risk-free rate and the expected market rate of return are 0.056 and 0.125,respectively. According to the capital asset pricing model (CAPM), the expected rate of return on a security with a beta of 1.25 is equal toA) 0.1225B) 0.144.C) 0.153.D) 0.134E) 0.117Answer: A Difficulty: EasyRationale: E(R) = 5.6% + 1.25(12.5 - 5.6) = 14.225%.6. Which statement is not true regarding the market portfolio?A) It includes all publicly traded financial assets.B) It lies on the efficient frontier.C) All securities in the market portfolio are held in proportion to their market values.D) It is the tangency point between the capital market line and the indifference curve.E) All of the above are true.Answer: D Difficulty: ModerateRationale: The tangency point between the capital market line and the indifference curve is the optimal portfolio for a particular investor.7. Which statement is not true regarding the Capital Market Line (CML)?A) The CML is the line from the risk-free rate through the market portfolio.B) The CML is the best attainable capital allocation line.C) The CML is also called the security market line.D) The CML always has a positive slope.E) The risk measure for the CML is standard deviation.Answer: C Difficulty: ModerateRationale: Both the Capital Market Line and the Security Market Line depict risk/return relationships. However, the risk measure for the CML is standard deviation and the risk measure for the SML is beta (thus C is not true; the other statements are true).8. The market risk, beta, of a security is equal toA) the covariance between the security's return and the market return divided by thevariance of the market's returns.B) the covariance between the security and market returns divided by the standarddeviation of the market's returns.C) the variance of the security's returns divided by the covariance between the securityand market returns.D) the variance of the security's returns divided by the variance of the market's returns.E) none of the above.Answer: A Difficulty: ModerateRationale: Beta is a measure of how a security's return covaries with the market returns, normalized by the market variance.9. According to the Capital Asset Pricing Model (CAPM), the expected rate of return onany security is equal toA) R f+ β [E(R M)].B) R f + β [E(R M) - R f].C) β [E(R M) - R f].D) E(R M) + R f.E) none of the above.Answer: B Difficulty: ModerateRationale: The expected rate of return on any security is equal to the risk free rate plus the systematic risk of the security (beta) times the market risk premium, E(R M - R f).10. The Security Market Line (SML) isA) the line that describes the expected return-beta relationship for well-diversifiedportfolios only.B) also called the Capital Allocation Line.C) the line that is tangent to the efficient frontier of all risky assets.D) the line that represents the expected return-beta relationship.E) the line that represents the relationship between an individual security's return andthe market's return.Answer: D Difficulty: ModerateRationale: The SML is a measure of expected return per unit of risk, where risk isdefined as beta (systematic risk).11. According to the Capital Asset Pricing Model (CAPM), fairly priced securitiesA) have positive betas.B) have zero alphas.C) have negative betas.D) have positive alphas.E) none of the above.Answer: B Difficulty: ModerateRationale: A zero alpha results when the security is in equilibrium (fairly priced for the level of risk).12. According to the Capital Asset Pricing Model (CAPM), under priced securitiesA) have positive betas.B) have zero alphas.C) have negative betas.D) have positive alphas.E) none of the above.Answer: D Difficulty: Moderate13. According to the Capital Asset Pricing Model (CAPM), over priced securitiesA) have positive betas.B) have zero alphas.C) have negative betas.D) have positive alphas.E) none of the above.Answer: C Difficulty: ModerateRationale: A zero alpha results when the security is in equilibrium (fairly priced for the level of risk).14. According to the Capital Asset Pricing Model (CAPM),A) a security with a positive alpha is considered overpriced.B) a security with a zero alpha is considered to be a good buy.C) a security with a negative alpha is considered to be a good buy.D) a security with a positive alpha is considered to be underpriced.E) none of the above.Answer: D Difficulty: ModerateRationale: A security with a positive alpha is one that is expected to yield an abnormal positive rate of return, based on the perceived risk of the security, and thus isunderpriced.15. According to the Capital Asset Pricing Model (CAPM), which one of the followingstatements is false?A) The expected rate of return on a security decreases in direct proportion to a decreasein the risk-free rate.B) The expected rate of return on a security increases as its beta increases.C) A fairly priced security has an alpha of zero.D) In equilibrium, all securities lie on the security market line.E) All of the above statements are true.Answer: A Difficulty: ModerateRationale: Statements B, C, and D are true, but statement A is false.16. In a well diversified portfolioA) market risk is negligible.B) systematic risk is negligible.C) unsystematic risk is negligible.D) nondiversifiable risk is negligible.E) none of the above.Answer: C Difficulty: ModerateRationale: Market, or systematic, or nondiversifiable, risk is present in a diversified portfolio; the unsystematic risk has been eliminated.17. Empirical results regarding betas estimated from historical data indicate thatA) betas are constant over time.B) betas of all securities are always greater than one.C) betas are always near zero.D) betas appear to regress toward one over time.E) betas are always positive.Answer: D Difficulty: ModerateRationale: Betas vary over time, betas may be negative or less than one, betas are not always near zero; however, betas do appear to regress toward one over time.18. Your personal opinion is that a security has an expected rate of return of 0.11. It has abeta of 1.5. The risk-free rate is 0.05 and the market expected rate of return is 0.09.According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: C Difficulty: ModerateRationale: 11% = 5% + 1.5(9% - 5%) = 11.0%; therefore, the security is fairly priced.19. The risk-free rate is 7 percent. The expected market rate of return is 15 percent. If youexpect a stock with a beta of 1.3 to offer a rate of return of 12 percent, you shouldA) buy the stock because it is overpriced.B) sell short the stock because it is overpriced.C) sell the stock short because it is underpriced.D) buy the stock because it is underpriced.E) none of the above, as the stock is fairly priced.Answer: B Difficulty: ModerateRationale: 12% < 7% + 1.3(15% - 7%) = 17.40%; therefore, stock is overpriced and should be shorted.20. You invest $600 in a security with a beta of 1.2 and $400 in another security with a betaof 0.90. The beta of the resulting portfolio isA) 1.40B) 1.00C) 0.36D) 1.08E) 0.80Answer: D Difficulty: ModerateRationale: 0.6(1.2) + 0.4(0.90) = 1.08.21. A security has an expected rate of return of 0.10 and a beta of 1.1. The market expectedrate of return is 0.08 and the risk-free rate is 0.05. The alpha of the stock isA) 1.7%.B) -1.7%.C) 8.3%.D) 5.5%.E) none of the above.Answer: A Difficulty: ModerateRationale: 10% - [5% +1.1(8% - 5%)] = 1.7%.22. Your opinion is that CSCO has an expected rate of return of 0.13. It has a beta of 1.3.The risk-free rate is 0.04 and the market expected rate of return is 0.115. According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: B Difficulty: ModerateRationale: 11.5% - 4% + 1.3(11.5% - 4%) = -2.25%; therefore, the security isoverpriced.23. Your opinion is that CSCO has an expected rate of return of 0.1375. It has a beta of 1.3.The risk-free rate is 0.04 and the market expected rate of return is 0.115. According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: C Difficulty: ModerateRationale: 13.75% - 4% + 1.3(11.5% - 4%) = 0.0%; therefore, the security is fairlypriced.24. Your opinion is that CSCO has an expected rate of return of 0.15. It has a beta of 1.3.The risk-free rate is 0.04 and the market expected rate of return is 0.115. According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: A Difficulty: ModerateRationale: 15% - 4% + 1.3(11.5% - 4%) = 1.25%; therefore, the security is under priced.25. Your opinion is that Boeing has an expected rate of return of 0.112. It has a beta of 0.92.The risk-free rate is 0.04 and the market expected rate of return is 0.10. According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: A Difficulty: ModerateRationale: 11.2% - 4% + 0.92(10% - 4%) = 1.68%; therefore, the security is underpriced.26. Your opinion is that Boeing has an expected rate of return of 0.0952. It has a beta of0.92. The risk-free rate is 0.04 and the market expected rate of return is 0.10.According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: C Difficulty: ModerateRationale: 9.52% - 4% + 0.92(10% - 4%) = 0.0%; therefore, the security is fairly priced.27. Your opinion is that Boeing has an expected rate of return of 0.08. It has a beta of 0.92.The risk-free rate is 0.04 and the market expected rate of return is 0.10. According to the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: C Difficulty: ModerateRationale: 8.0% - 4% + 0.92(10% - 4%) = -1.52%; therefore, the security is overpriced.28. The risk-free rate is 4 percent. The expected market rate of return is 11 percent. If youexpect CAT with a beta of 1.0 to offer a rate of return of 10 percent, you shouldA) buy stock X because it is overpriced.B) sell short stock X because it is overpriced.C) sell stock short X because it is underpriced.D) buy stock X because it is underpriced.E) none of the above, as the stock is fairly priced.Answer: B Difficulty: ModerateRationale: 10% < 4% + 1.0(11% - 4%) = 11.0%; therefore, stock is overpriced andshould be shorted.29. The risk-free rate is 4 percent. The expected market rate of return is 11 percent. If youexpect CAT with a beta of 1.0 to offer a rate of return of 11 percent, you shouldA) buy stock X because it is overpriced.B) sell short stock X because it is overpriced.C) sell stock short X because it is underpriced.D) buy stock X because it is underpriced.E) none of the above, as the stock is fairly priced.Answer: E Difficulty: ModerateRationale: 11% = 4% + 1.0(11% - 4%) = 11.0%; therefore, stock is fairly priced. 30. The risk-free rate is 4 percent. The expected market rate of return is 11 percent. If youexpect CAT with a beta of 1.0 to offer a rate of return of 13 percent, you shouldA) buy stock X because it is overpriced.B) sell short stock X because it is overpriced.C) sell stock short X because it is underpriced.D) buy stock X because it is underpriced.E) none of the above, as the stock is fairly priced.Answer: D Difficulty: ModerateRationale: 13% > 4% + 1.0(11% - 4%) = 11.0%; therefore, stock is under priced. 31. You invest 55% of your money in security A with a beta of 1.4 and the rest of yourmoney in security B with a beta of 0.9. The beta of the resulting portfolio isA) 1.466B) 1.157C) 0.968D) 1.082E) 1.175Answer: E Difficulty: ModerateRationale: 0.55(1.4) + 0.45(0.90) = 1.175.32. Given the following two stocks A and BIf the expected market rate of return is 0.09 and the risk-free rate is 0.05, which security would be considered the better buy and why?A) A because it offers an expected excess return of 1.2%.B) B because it offers an expected excess return of 1.8%.C) A because it offers an expected excess return of 2.2%.D) B because it offers an expected return of 14%.E) B because it has a higher beta.Answer: C Difficulty: ModerateRationale: A's excess return is expected to be 12% - [5% + 1.2(9% - 5%)] = 2.2%. B's excess return is expected to be 14% - [5% + 1.8(9% - 5%)] = 1.8%.33. Capital Asset Pricing Theory asserts that portfolio returns are best explained by:A) economic factors.B) specific risk.C) systematic risk.D) diversification.E) none of the above.Answer: C Difficulty: EasyRationale: The risk remaining in diversified portfolios is systematic risk; thus, portfolio returns are commensurate with systematic risk.34. According to the CAPM, the risk premium an investor expects to receive on any stockor portfolio increases:A) directly with alpha.B) inversely with alpha.C) directly with beta.D) inversely with beta.E) in proportion to its standard deviation.Answer: C Difficulty: EasyRationale: The market rewards systematic risk, which is measured by beta, and thus, the risk premium on a stock or portfolio varies directly with beta.35. What is the expected return of a zero-beta security?A) The market rate of return.B) Zero rate of return.C) A negative rate of return.D) The risk-free rate.E) None of the above.Answer: D Difficulty: ModerateRationale: E(R S) = r f + 0(R M - r f) = r f.36. Standard deviation and beta both measure risk, but they are different in thatA) beta measures both systematic and unsystematic risk.B) beta measures only systematic risk while standard deviation is a measure of totalrisk.C) beta measures only unsystematic risk while standard deviation is a measure of totalrisk.D) beta measures both systematic and unsystematic risk while standard deviationmeasures only systematic risk.E) beta measures total risk while standard deviation measures only nonsystematic risk.Answer: B Difficulty: EasyRationale: B is the only true statement.37. The expected return-beta relationshipA) is the most familiar expression of the CAPM to practitioners.B) refers to the way in which the covariance between the returns on a stock and returnson the market measures the contribution of the stock to the variance of the marketportfolio, which is beta.C) assumes that investors hold well-diversified portfolios.D) all of the above are true.E) none of the above is true.Answer: D Difficulty: ModerateRationale: Statements A, B and C all describe the expected return-beta relationship.38. The security market line (SML)A) can be portrayed graphically as the expected return-beta relationship.B) can be portrayed graphically as the expected return-standard deviation of marketreturns relationship.C) provides a benchmark for evaluation of investment performance.D) A and C.E) B and C.Answer: D Difficulty: ModerateRationale: The SML is a measure of expected return-beta (the CML is a measure of expected return-standard deviation of market returns). The SML provides the expected return-beta relationship for "fairly priced" securities; thus if a portfolio manager selects securities that are underpriced and produces a portfolio with a positive alpha, thisportfolio manager would receive a positive evaluation.39. Research by Jeremy Stein of MIT resolves the dispute over whether beta is a sufficientpricing factor by suggesting that managers should use beta to estimateA) long-term returns but not short-term returns.B) short-term returns but not long-term returns.C) both long- and short-term returns.D) book-to-market ratios.E) None of the above was suggested by Stein.Answer: A Difficulty: Difficult40. Studies of liquidity spreads in security markets have shown thatA) liquid stocks earn higher returns than illiquid stocks.B) illiquid stocks earn higher returns than liquid stocks.C) both liquid and illiquid stocks earn the same returns.D) illiquid stocks are good investments for frequent, short-term traders.E) None of the above is true.Answer: B Difficulty: Difficult41. An underpriced security will plotA) on the Security Market Line.B) below the Security Market Line.C) above the Security Market Line.D) either above or below the Security Market Line depending on its covariance withthe market.E) either above or below the Security Market Line depending on its standard deviation.Answer: C Difficulty: EasyRationale: An underpriced security will have a higher expected return than the SML would predict; therefore it will plot above the SML.42. The risk premium on the market portfolio will be proportional toA) the average degree of risk aversion of the investor population.B) the risk of the market portfolio as measured by its variance.C) the risk of the market portfolio as measured by its beta.D) both A and B are true.E) both A and C are true.Answer: D Difficulty: ModerateRationale: The risk premium on the market portfolio is proportional to the averagedegree of risk aversion of the investor population and the risk of the market portfolio measured by its variance.43. In equilibrium, the marginal price of risk for a risky security must beA) equal to the marginal price of risk for the market portfolio.B) greater than the marginal price of risk for the market portfolio.C) less than the marginal price of risk for the market portfolio.D) adjusted by its degree of nonsystematic risk.E) none of the above is true.Answer: A Difficulty: ModerateRationale: In equilibrium, the marginal price of risk for a risky security must be equal to the marginal price of risk for the market. If not, investors will buy or sell the security until they are equal.44. The capital asset pricing model assumesA) all investors are price takers.B) all investors have the same holding period.C) investors pay taxes on capital gains.D) both A and B are true.E) A, B and C are all true.Answer: D Difficulty: EasyRationale: The CAPM assumes that investors are price-takers with the same single holding period and that there are no taxes or transaction costs.45. If investors do not know their investment horizons for certainA) the CAPM is no longer valid.B) the CAPM underlying assumptions are not violated.C) the implications of the CAPM are not violated as long as investors' liquidity needsare not priced.D) the implications of the CAPM are no longer useful.E) none of the above is true.Answer: C Difficulty: ModerateRationale: This is discussed in the chapter's section about extensions to the CAPM. It examines what the consequences are when the assumptions are removed.46. The value of the market portfolio equalsA) the sum of the values of all equity securities.B) the sum of the values of all equity and fixed income securities.C) the sum the values of all equity, fixed income, and derivative securities.D) the sum of the values of all equity, fixed income, and derivative securities plus thevalue of all mutual funds.E) the entire wealth of the economy.Answer: E Difficulty: ModerateRationale: The market portfolio includes all assets in existence.47. The amount that an investor allocates to the market portfolio is negatively related toI)the expected return on the market portfolio.II)the investor's risk aversion coefficient.III)the risk-free rate of return.IV)the variance of the market portfolioA) I and IIB) II and IIIC) II and IVD) II, III, and IVE) I, III, and IVAnswer: D Difficulty: ModerateRationale: The optimal proportion is given by y = (E(R M)-r f)/(.01xAσ2M). This amount will decrease as r f, A, and σ2M decrease.48. One of the assumptions of the CAPM is that investors exhibit myopic behavior. Whatdoes this mean?A) They plan for one identical holding period.B) They are price-takers who can't affect market prices through their trades.C) They are mean-variance optimizers.D) They have the same economic view of the world.E) They pay no taxes or transactions costs.Answer: A Difficulty: ModerateRationale: Myopic behavior is shortsighted, with no concern for medium-term orlong-term implications.49. The CAPM applies toA) portfolios of securities only.B) individual securities only.C) efficient portfolios of securities only.D) efficient portfolios and efficient individual securities only.E) all portfolios and individual securities.Answer: E Difficulty: ModerateRationale: The CAPM is an equilibrium model for all assets. Each asset's risk premium is a function of its beta coefficient and the risk premium on the market portfolio.50. Which of the following statements about the mutual fund theorem is true?I)It is similar to the separation property.II)It implies that a passive investment strategy can be efficient.III)It implies that efficient portfolios can be formed only through active strategies.IV)It means that professional managers have superior security selection strategies.A) I and IVB) I, II, and IVC) I and IID) III and IVE) II and IVAnswer: C Difficulty: ModerateRationale: The mutual fund theorem is similar to the separation property. The technical task of creating mutual funds can be delegated to professional managers; thenindividuals combine the mutual funds with risk-free assets according to theirpreferences. The passive strategy of investing in a market index fund is efficient.51. The expected return -- beta relationship of the CAPM is graphically represented byA) the security market line.B) the capital market line.C) the capital allocation line.D) the efficient frontier with a risk-free asset.E) the efficient frontier without a risk-free asset.Answer: A Difficulty: EasyRationale: The security market line shows expected return on the vertical axis and beta on the horizontal axis. It has an intercept of r f and a slope of E(R M) - r f.52. A “fairly priced” asset liesA) above the security market line.B) on the security market line.C) on the capital market line.D) above the capital market line.E) below the security market line.Answer: B Difficulty: EasyRationale: Securities that lie on the SML earn exactly the expected return generated by the CAPM. Their prices are proportional to their beta coefficients and they have alphas equal to zero.53. For the CAPM that examines illiquidity premiums, if there is correlation among assetsdue to common systematic risk factors, the illiquidity premium on asset i is a function ofA) the market's volatility.B) asset i's volatility.C) the trading costs of security i.D) the risk-free rate.E) the money supply.Answer: C Difficulty: ModerateRationale: The formula for this extension to the CAPM relaxes the assumption thattrading is costless.54. Your opinion is that security A has an expected rate of return of 0.145. It has a beta of1.5. The risk-free rate is 0.04 and the market expected rate of return is 0.11. Accordingto the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: C Difficulty: ModerateRationale: 14.5% = 4% + 1.5(11% - 4%) = 14.5%; therefore, the security is fairlypriced.55. Your opinion is that security C has an expected rate of return of 0.106. It has a beta of1.1. The risk-free rate is 0.04 and the market expected rate of return is 0.10. Accordingto the Capital Asset Pricing Model, this security isA) underpriced.B) overpriced.C) fairly priced.D) cannot be determined from data provided.E) none of the above.Answer: A Difficulty: ModerateRationale: 4% + 1.1(10% - 4%) = 10.6%; therefore, the security is fairly priced.56. The risk-free rate is 4 percent. The expected market rate of return is 12 percent. If youexpect stock X with a beta of 1.0 to offer a rate of return of 10 percent, you shouldA) buy stock X because it is overpriced.B) sell short stock X because it is overpriced.C) sell stock short X because it is underpriced.D) buy stock X because it is underpriced.E) none of the above, as the stock is fairly priced.Answer: B Difficulty: ModerateRationale: 10% < 4% + 1.0(12% - 4%) = 12.0%; therefore, stock is overpriced and should be shorted.57. The risk-free rate is 5 percent. The expected market rate of return is 11 percent. If youexpect stock X with a beta of 2.1 to offer a rate of return of 15 percent, you shouldA) buy stock X because it is overpriced.B) sell short stock X because it is overpriced.C) sell stock short X because it is underpriced.D) buy stock X because it is underpriced.E) none of the above, as the stock is fairly priced.Answer: B Difficulty: ModerateRationale: 15% < 5% + 2.1(11% - 5%) = 17.6%; therefore, stock is overpriced and should be shorted.58. You invest 50% of your money in security A with a beta of 1.6 and the rest of yourmoney in security B with a beta of 0.7. The beta of the resulting portfolio isA) 1.40B) 1.15C) 0.36D) 1.08E) 0.80Answer: B Difficulty: ModerateRationale: 0.5(1.6) + 0.5(0.70) = 1.15.。

当自己不开心时怎样处理英语作文

当自己不开心时怎样处理英语作文

当自己不开心时怎样处理英语作文全文共3篇示例,供读者参考篇1How to Deal When You're Feeling DownBeing a student can be really tough sometimes. There's so much pressure to perform well academically, while also trying to have a social life, extracurriculars, maybe a part-time job, and just general stresses of growing up. It's no wonder that every student feels down in the dumps occasionally. When I'm having one of those days or weeks where nothing seems to be going right and I'm struggling with low mood, here are some of the methods I use to try to lift my spirits.One of the first things I do is take a step back and try to pinpoint what exactly is bringing me down. Is it something specific like a bad grade, fight with a friend, or rejection from a club I really wanted to join? Or is it that nagging generalized feeling of being overwhelmed and burnt out? Once I identify the root causes, I can start addressing them piece by piece rather than feeling hopelessly swallowed up by my unhappiness.If there are particular situations or tasks stressing me out, I make a plan to handle them systematically. For example, if I bombed a test, I'll email the professor explaining that I struggled with certain concepts and asking if I can stop by office hours or get tutoring assistance. Having a action plan makes the issue feel more manageable. If I'm just feeling overworked in general, I'll make a list prioritizing my most important tasks and obligations, and give myself permission to temporarily drop or reschedule less crucial items until I've recovered my equilibrium.One of the biggest risks of unhappiness is isolating yourself socially, which can turn into a vicious cycle of loneliness breeding more sadness. That's why I try to schedule times to connect with friends and loved ones, even if I don't feel like being around people in the moment. Making plans to grab lunch with a friend, seeing a comedy show with my roommates, or even just FaceTiming my parents for a hour can really boost my mood. Having a solid support system to lean on is so important.I also make sure to practice self-care during difficult periods, like getting enough sleep, staying hydrated, and eating nutritious meals. It's easy to let healthy habits fall by the wayside when you're blue, but taking care of your basic needs tends to improve your mindset too. Light exercise like going for a walk ordoing gentle yoga can work wonders as well. And while the old "treat yourself" advice gets thrown around a lot, there's truth to occasionally indulging in little ways that bring you joy, whether that's watching your favorite TV show, buying yourself flowers, or getting takeout from your go-to comfort food spot.Getting outside definitely revives my spirits. There's something about fresh air and a change of scenery that clears my head. If I'm really struggling, I'll plan a full day trip to go hiking or just explore a new part of town. But even just sitting outside reading for an hour can shift my perspective. Time in nature is proven to reduce stress and anxiety, and being outside gives me a sense of looking beyond my current disappointing situation.I'm also a big believer in the power of creative outlets as therapy. When I'm upset, activities that engage my hands or minds like drawing, writing, playing music, or working on a craft project can transport me into a kind of meditative flow state. Even if the end products aren't masterpieces, the simple acts of making something are inherently rewarding and centering. Getting your emotions out on the page through journaling or poetry can be very cathartic too.Speaking of therapy, sometimes talking to a counselor can be enormously helpful for working through persistent sadness oranxiety. At my university, students have access to low-cost psychologists and counselors, and many people find it useful to have a neutral third party to vent concerns to, get coping strategies from, and gain new perspectives. Group counseling sessions revolving around common issues like perfectionism, impostor syndrome, procrastination, and more can be incredibly validating when you realize you're not alone in your struggles.Spiritual beliefs and practices also help some people find meaning and inner peace during tough times. If you're religious, actions like praying, attending services, or speaking with a faith leader may provide comfort and guidance. For the more spiritually-inclined, meditation apps, mindfulness exercises, or reading philosophical texts could be grounding. Personally, I find it helpful to consciously cultivate gratitude, even for small joys and comforts. Making a daily list of things I'm grateful for reminds me how many good things I have in my life beyond my current worries and disappointments.The main thing is to be proactive in combating sadness rather than letting it fester. Find healthy coping mechanisms that work for you, and keep exploring new methods. Build a toolbox of techniques to turn to, because one perspective or activity alone usually isn't enough to totally lift your mood. Mostimportantly, don't beat yourself up if you're feeling down - that's just part of the human experience. Have compassion for yourself. This too shall pass. Better days are coming.篇2How to Deal With Feeling UnhappyWe've all been there - those times when life just seems to get you down and you can't shake off the unhappy feelings no matter what you try. As a student, I've definitely had my fair share of rough patches where I've felt stressed, anxious, sad, or just plain lousy. Whether it's struggles with classes, friendship drama, family issues, or just feeling overwhelmed in general, unhappiness can strike any of us at any time.The tough thing about being unhappy is that it can be hard to get out of that negative mindset once you're stuck in it. The unhappy feelings can cast a dark cloud over everything and make it difficult to stay positive and motivated. I've learned that it's really important to have some good coping strategies to turn to when I'm feeling down, as ignoring those feelings usually just makes them worse over time.So what are some good ways for a student to deal with unhappiness? Based on my own experiences, here are some tips that have helped me get through the difficult times:Talk to Someone You TrustOne of the best things I've found for coping with unhappiness is simply getting it off my chest by talking to someone I trust - whether that's a close friend, family member, teacher, counselor or someone else who will listen without judging me. Sometimes just venting about what's bothering me and getting it out in the open can be an amazing stress relief. The people who care about me have often helped me regain perspective on my problems and not feel so alone.Write in a JournalIf I'm not comfortable opening up to someone else right away, keeping a journal has been another great outlet. There's something incredibly cathartic about pouring my heart out on the page without holding anything back. Getting all my deepest thoughts and emotions out of my head and onto paper helps clear a Path for more positive thinking. Looking back at entries from tough times once I'm feeling better has helped me realize that unhappiness is only temporary.Practice Self-CareWhen I'm unhappy, it's easy to neglect basic self-care, but that's exactly when I need it most. Making sure I get enough sleep, eating healthy foods, exercising, and doing relaxing activities I enjoy can work wonders for lifting my mood. It reminds me to be kind to myself and that I deserve to feel good, both physically and mentally. Giving myself little pick-me-ups, even if they're small, shows that I'm prioritizing my own needs.Avoid Dwelling on the NegativesWhile it's okay to feel unhappy sometimes, I've learned it's best not to let myself stay in negative thought patterns for too long. Constantly replaying painful situations or scolding myself over and over won't fix anything - it'll only keep me stuck. When I catch myself dwelling on unhappiness, I try to shift my mindset to more positive thinking. Making a conscious effort to look for the bright side, no matter how small, can slowly pull me out of the darkness.Do Something to Help OthersWhen I'm feeling down about my own problems, getting out of my head and doing something kind for someone else has an amazing way of providing perspective. Volunteering, helping afriend with a task, or even just giving someone a compliment gets me out of my negative fixations for a while. It reminds me that I have the power to make a positive impact, no matter how I'm feeling inside. Focusing outward rather than inward for a bit has a way of lifting my spirits.Take a Break and Distract MyselfSometimes, I just need to step away from whatever is causing my unhappiness and refresh my mind. Taking a break to watch a favorite movie, read for fun, take a walk outside, play with a pet, or hang out with friends gives me a mental break from my troubles. Allowing myself to get absorbed in an unrelated, enjoyable distraction for a while prevents me from slipping any deeper into sadness and renews my energy to deal with challenges.Set Manageable GoalsWhen I'm feeling unhappy, even basic tasks can seem impossible, which only makes me feel worse about myself. That's why I've found it super helpful to set small, reasonable goals that I know I can achieve to regain a sense of control and accomplishment. Whether it's cleaning my room, getting a tricky assignment done, or even just getting out of bed and dressed forthe day - checking off those little goals gives me a refreshed motivational boost.Be Patient and Ride it OutAs much as unhappiness feels awful in the moment, I have to keep reminding myself that it's only temporary and things will eventually get better. Unhappy periods are part of the human experience, and it's okay to feel that way sometimes without judging myself too harshly. I've learned to be patient, take it one day at a time, and know that the cloud of sadness will eventually start to lift if I keep taking care of myself. Having faith that brighter days are ahead prevents me from sinking even deeper into despair.No matter what's causing my unhappiness, I know in my heart that this too shall pass and I'll make it through to calmer, happier times - I just have to keep trying different coping methods until I find what works best for me in that moment. Unhappiness may be unavoidable sometimes, but it's how we deal with it that makes all the difference. As long as I'm gentle but proactive with myself during the low points, I know I have the strength and resilience to get myself out of even the darkest of funks.篇3How to Cope When You're Feeling DownBeing a student can be really tough sometimes. There's so much pressure to excel academically, get involved in extracurriculars, make friends, figure out your future plans, and live up to everyone's expectations of you. On top of that, you're going through a ton of changes physically, mentally, and emotionally. It's totally normal to feel overwhelmed, stressed, or just plain unhappy sometimes.I've definitely been there before – we all have. Like that time I bombed my calculus midterm after studying for weeks. Or when I got rejected from my dream university. Or when I had a huge falling out with my best friend over something stupid. In those moments, it felt like the world was crashing down around me and the sadness was never going to go away.But I survived those tough times, and looking back, they don't seem quite as earth-shattering now. I've learned some good coping strategies over the years for getting through the lows and not letting sadness consume me completely. Here are some tips that have really helped me when I'm feeling unhappy:Talk to SomeoneThis is probably the most important thing you can do when you're struggling with difficult emotions. Don't try to bottle everything up inside – it'll just make you feel worse in the long run. Reach out to someone you trust, whether it's a family member, friend, teacher, counselor, or someone else. Getting feelings and worries off your chest can provide immense relief.That said, be a little picky about who you vent to. As much as you might want to, try not to unload all your problems on one or two people repeatedly. That can start to feel like a burden for them, even if they care about you. Instead, diversify – talk to different people about different issues so no one feels overwhelmed.JournalIf you're not ready to discuss something out loud yet, writing can be an incredible outlet. Get one of those blank notebooks and fill it up with your thoughts, feelings, worries, dreams –whatever's on your mind. You can rant, vent, sort through problems, and just let it all out without any judgment.Journaling helps me gain clarity when I'm feeling muddled. It allows me to track my moods and see patterns. And looking back at old entries reminds me that low points are temporary, because I made it through other difficult periods before.Make a PlaylistMusic has amazing power to shift your mindset and lift your spirits when you're down. Make a playlist of songs that make you feel happy, motivated, empowered, or whatever vibe you need in that moment. Pump it up loud and have a dance party for one if you want!My ultimate cheer-up playlist has a mix of fun, upbeat pop songs and more mellow, meaningful tracks with lyrics that resonate with me. Somehow listening to my favorite artists seems to put things in perspective.Get ActiveWhen you're feeling crummy mentally, pursuing some sort of physical activity can work wonders. Getting your body moving releases endorphins that naturally improve your mood. And checking exercise off your to-do list gives a nice sense of accomplishment.You don't have to train for a marathon or anything – just get your body moving in whatever way feels good. Go for a walk or run outside, hit the gym for a workout, take a yoga class, dance around your room, whatever. Raising your heart rate for even 20-30 minutes can boost your outlook.Treat YourselfWithin reason, give yourself little treats and indulgences to cheer yourself up on a bad day. Bake your favorite dessert. Binge-watch something mindless on Netflix. Buy that new video game you've been wanting. Get takeout from your go-to comfort food spot. Do something purely for fun and enjoyment with no productivity goals attached.Of course, don't go too overboard here – bingeing on all your vices at once could lead to an even worse slump later. But in moderation, giving yourself little rewards can provide a nice pick-me-up.Get Out of Your HeadWhen sadness, anxiety, and negative thoughts are looping endlessly in your mind, it's important to find ways to temporarily distract yourself and take a mental break. Call a friend and get out of the house to grab coffee or see a movie. Pick up a new hobby you've been wanting to try, like knitting, woodworking, or coding. Read an engrossing book that will capture your full attention for a while.Getting out of your own head, even just for a little bit, can disrupt the cycle of melancholy and give you a much-needed breather.Be Patient and Forgive YourselfMost importantly, don't beat yourself up if you're struggling. Feeling unhappy is part of the human experience – it's impossible to be happy and positive 100% of the time. Make peace with the fact that you'll have off days, weeks, or even months sometimes. Cut yourself some slack and don't judge yourself too harshly.At the same time, don't resign yourself to being stuck in sadness forever. Take it one day at a time, and keep putting one foot in front of the other even when it's hard. Better days are ahead, I promise. With patience, self-compassion, and the right coping strategies, you can get through this.I'm still figuring out this whole "life" thing myself, but I've found that having。

roel model英语作文

roel model英语作文

roel model英语作文Roel Model。

Roel Model is a widely recognized and highly influential concept in the field of business management. It has been widely used by organizations around the world to improve their decision-making processes and enhance their overall performance. In this article, we will explore the key features of the Roel Model and discuss its benefits and limitations.The Roel Model is a decision-making framework that was developed by Roel C. Campos, a renowned business strategist. It is based on the principle that effective decision-making requires a systematic approach that takes into account various factors and their interrelationships. The model consists of four key components: Resources, Objectives, Environment, and Leadership.The first component of the Roel Model is Resources. This refers to the assets, capabilities, and resources available to an organization. It includes financial resources, human resources, technological resources, and physical resources. By analyzing and understanding the available resources, organizations can make informed decisions about resource allocation and utilization.The second component of the Roel Model is Objectives. This involves setting clear and measurable goals that align with the organization's mission and vision. Objectives provide a sense of direction and purpose, and they help organizations prioritize their actions and allocate resources effectively. By defining objectives, organizations can focus their efforts on achieving specific outcomes and measure their progress towards those outcomes.The third component of the Roel Model is Environment. This refers to the external factors that impact an organization's operations and performance. It includes the competitive landscape, market conditions, regulatory environment, and socio-cultural factors. By analyzing the environment, organizations can identify opportunities andthreats, and adjust their strategies accordingly. Understanding the environment is crucial for organizations to adapt and thrive in a rapidly changing business landscape.The fourth component of the Roel Model is Leadership. This involves the role of leaders in guiding and influencing the decision-making process. Effective leadership is essential for aligning the organization's resources, objectives, and environment. Leaders should possess strong analytical skills, strategic thinking abilities, and the ability to inspire and motivate others. They should also foster a culture of innovation and continuous improvement.The Roel Model offers several benefits to organizations. Firstly, it provides a structured and systematic approach to decision-making, which reduces the likelihood of making hasty or biased decisions. Secondly, it helps organizations align their resources and efforts towards achieving their objectives, leading to improved performance and productivity. Thirdly, it enhances the organization's ability to adapt to changing environments and seize opportunities. Lastly, it promotes effective leadership and fosters a culture of accountability and collaboration.However, the Roel Model also has its limitations. Firstly, it requires a significant amount of data and information to be collected and analyzed, which can be time-consuming and resource-intensive. Secondly, it relies on accurate and reliable data, and any inaccuracies or biases in the data can lead to flawed decision-making. Thirdly, it may not be suitable for all types of organizations or decision contexts, as different situations may require different decision-making approaches.In conclusion, the Roel Model is a valuable tool for organizations seeking to improve their decision-making processes and enhance their overall performance. By considering the key components of Resources, Objectives, Environment, and Leadership, organizations can make informed and effective decisions that align with their strategic goals. While the model has its limitations, its benefits outweigh the challenges, making it a popular choice among business leaders and managers worldwide.。

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14] Nanda, S. Teletra c Models for Urban and Suburban Microcells: Cell Sizes and Hando Rates. IEEE Trans. on Veh. Technol., 42(4), 1993. 15] Padgett, J.E., Gunther, C.G., and Hattori, T. Overview of Wireless Personal Communications. IEEE Communications Magazine, pages 28{41, January 1995. 16] Rappaport, S.S. Blocking, hand-o and tra c performance for cellular communication systems with mixed platforms. IEE PROCEEDINGS-I, 140(5):389{401, 1993. 17] Tekinary, S. and Jabbari, B. A Measurement Based Prioritization Scheme for Handovers in Cellular and Microcellular Networks. IEEE J. Select. Areas Commun., pages 1343{1350, October 1992. 18] Watson, E.J. Laplace Transforms and Applications. Birkhauserk, 1981. 19] Xie, H., and Kuek, S. Priority Hando Analysis. Proc. IEEE VTC, pages 855{ 858, 1993.
Imrich Chlamtac holds a PhD in computer science from the University of Minnesota (1979), and B.Sc. and M.Sc. degrees in mathematics awarded with Highest Distinction. He is a Professor and holds the Distinguished Chair in Telecommunications at the University of a member of the Photonics Center at Boston University, and President of BCN Inc., a company dealing with network design, integration and technology transfer in wireless data and high speed communications jointly with Boston University. Dr. Chlamtac's research interests include research and implementation aspects of mobile networks and wireless communication systems, optical networks, ATM, and multimedia communication. He has published close to two hundred papers in refereed journals and conferences. He is the author of over thirty invited papers, multiple book chapters, and Encyclopedias. In 1981 he coauthored the rst textbook on LAN-s entitled \Local Networks: Motivation, Technology and Performance". Dr. Chlamtac serves as the founding Editor in Chief of the ACM/URSI/Baltzer Wireless Networks (WINET) and the ACM/Baltzer Journal on Special Topics in Mobile Networks and Applications (MONET). He served on the editorial boards of IEEE Transactions on Communications, Computer Networks and ISDN systems, High Speed Networks Journal, Telecommunication Systems, and the Photonic Network Communications Journal. He was a Guest Editor for the Proceedings of the IEEE, the IEEE Journal on Selected Areas on Communica17
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4] Hu, L.R. and Rappaport, S.S. Micro-Cellular Communication Systems with Hierarchical Macrocell Overlays: Tra c Performance Models and Analysis. WINLAB Workshop, pages 143{174, 1993. 5] King, P.J.B. Computer and Communication Systems Performance Modeling. Prentice Hall, 1990. 6] Kleinrock, L. Queueing Systems: Volume I { Theory. New York: Wiley, 1976. 7] Lee, W.C.Y. Mobile Cellular Telecommunications Systems. McGraw-Hill, 1995. 8] Lin, Y.-B. and Chlamtac, I. E ective Call Holding Times for a PCS Network. IEEE PIMRC, 1996. 9] Lin, Y.-B. and Chlamtac, I. E ects of Erlang Call Holding Times on PCS Call Completion. IEEE INFOCOM, 1996. 10] Lin, Y.-B., Mohan, S., and Noerpel, A. Channel Assignment Strategies for Hand-o and Initial Access for a PCS Network. IEEE Personal Communications Magazine, 1(3):47{56, 1994. 11] Lin, Y.-B., Mohan, S., and Noerpel, A. Queueing Priority Channel Assignment Strategies for Hando and Initial Access for a PCS Network. IEEE Trans. Veh. Technol., 43(3):704{712, 1994. 12] Lin, Y.-B., Noerpel, A., and Harasty, D. The Sub-rating Channel Assignment Strategy for PCS Hand-o s. IEEE Trans. Veh. Technol., 45(1), February 1996. 13] Medhi, J. Stochastic Models in Queueing Theory. Academic Press, 1991.
References
1] Cox, D.C. Wireless Personal Communications: What Is It? IEEE Personal Commun. Mag., pages 20{35, April 1995. 2] Giancristofaro, D., Ruggieri, M., and Santucci, F. Analysis of queue-Based handover procedures for mobile communications. Proc. IEEE ICUPC, pages 168{172, 1993. 3] Hong, D. and Rappaport, S.S. Tra c Model and Performance Analysis for Cellular Mobile Radio Telephone Systems with Prioritized and Non-protection Hando Procedure. IEEE Trans. Veh. Techol., VT-35(3):77{92, August 1986.
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tions, IEEE Transactions on Computers, and other journals. He served as the General Chair of leading ACM and IEEE conferences and workshops, including ACM Sigcomm, ACM/IEEE Mobicom and IEEE CCW, and acts as the ACM/IEEE Mobicom Steering Committee Chair. Dr. Chlamtac is the Chairman of ACM SigMobile, the Special Interest Group on Mobile Computing and Networking. Dr. Chlamtac is a Fellow of the IEEE, a Fellow of the ACM, winner of the Society of Computer Simulation award, and ACM best paper award. In the past he was an IEEE, Northern Telecom, and BNR Distinguished Lecturer, a plenary and keynote speaker at leading conferences. He was a Fulbright Scholar and is an Honorary Member of the Board of Trustees at the Technical University of Budapest.
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