The Effect of Competition on the Efficient–Responsive Choice

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国家开放大学电大《文论专题》《高级英语阅读(1)》网络课形考网考作业(合集)答案

国家开放大学电大《文论专题》《高级英语阅读(1)》网络课形考网考作业(合集)答案《文论专题》网络课答案形考任务1题目1著名的改良派人士梁启超提出文艺的四种社会作用即：薰、浸、刺、提。

所谓“刺”，指的是文艺作品培养接受者审美接受能力的作用。

选择一项：对错题目2孔子所说的“兴”的含义，就是通过艺术形象的譬喻，引发人的联想，并进而使人领会到某种类似的，深微曲隐的思想感情，从而在精神上受到感染和熏陶。

选择一项：对错题目3孔子的思想，可以说是以“仁”为内容，以“礼”为形式，以“中庸”为准则，所以也被称为“仁学”。

选择一项：对错题目4“兴观群怨”的发展过程中存在着这样一种共同规律，就是在孔子那里主要是针对“用诗”，即发挥文艺社会作用而提出的“兴观群怨”，在后世都逐渐与“作诗”结合起来，使“兴观群怨”不仅成为对文艺社会作用的一种自觉认识，而且成为对文艺创作的一种明确要求。

选择一项：对错题目5孔子的思想主要保存在《论语》中。

选择一项：对错题目6庄子的“言不尽意”说对后世的影响深远而巨大，北宋欧阳修的就是例证。

选择一项：A. 思表纤旨，文外曲致，言所不追B. 言有尽而意无穷C. “状难写之景，如在目前；含不尽之意，见于言外"D. 文已尽而意有余题目7通过艺术形象的譬喻，引发人的联想，并进而使人领会到某种类似的，深微曲隐的思想感情，从而在精神上受到感染和熏陶，这是。

选择一项：A. 兴B. 怨C. 群D. 观题目8明末清初的王夫之特别重视文艺的审美情感特征，他将“兴观群怨”称之为“”选择一项：A. 四情B. 四义C. 四教D. 四学题目9孔子的文艺观是他的“”思想在文艺方面的鲜明体现。

选择一项：A. 礼学B. 义学C. 诗学D. 仁学题目10“兴观群怨”说是孔子“”文艺观的代表。

选择一项：A. 诗教B. 礼教C. 德教D. 仁教题目11怎样理解庄子的得意忘言?答：《庄子·外物》：“蹄者所以在兔，得兔而忘蹄。

竞争对消费的影响英语作文

竞争对消费的影响英语作文The Impact of Competition on Consumer。

Competition is a common phenomenon in the market economy. It is an essential driving force for the market to function efficiently. As a result, competition has a significant impact on consumers. In this essay, we will explore how competition affects consumers in terms of prices, quality, and innovation.Firstly, competition affects consumers in terms of prices. In a competitive market, businesses are forced to lower their prices to attract customers. This means that consumers have the opportunity to purchase goods and services at a lower cost. For example, if there are two coffee shops on the same street, they will both try to attract customers by offering lower prices. This means that consumers can choose the coffee shop with the lower price, and they will benefit from the competition.Secondly, competition affects consumers in terms of quality. In a competitive market, businesses are forced to improve the quality of their products and services to stay ahead of their competitors. This means that consumers can expect better quality goods and services. For example, if there are two phone companies selling the same model of phone, they will both try to improve the quality of their product to attract customers. This means that consumers can choose the phone with the better quality, and they will benefit from the competition.Finally, competition affects consumers in terms of innovation. In a competitive market, businesses are forced to innovate to stay ahead of their competitors. This means that consumers can expect new and improved products and services. For example, if there are two car companies selling the same type of car, they will both try to innovate to attract customers. This means that consumers can choose the car with the better features, and they will benefit from the competition.In conclusion, competition has a significant impact onconsumers. It affects consumers in terms of prices, quality, and innovation. Consumers benefit from competition because they have the opportunity to purchase goods and services at a lower cost, they can expect better quality goods and services, and they can expect new and improved products and services. Therefore, competition is an essential aspect of the market economy, and it benefits consumers in many ways.。

We need competition

We need competition. Today, competition can be finding in everywhere just as the air. In nowadays, competition is so important .It has a lot of advantages. It is the source of improvement which can improve yourself, improve products, and improveefficiency. It is the motivations of growth which can help the economic grows faster and make the life become more and more wonderful.
From/Competition.htm
petition
From 英语作文
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Competition can help the economic growth. Firstly; it can make consumer prices lower.In a competitive economic environment, companies do battle with each other in an attempt to earn the consumer'sbusiness. One common method company’s use is to offer lower prices than the competition, which benefits the consumer. Secondly, it can encourage innovation.The need to keep pace with or overtake the competition can result in a focus on innovation. A company that produces a unique product providing the consumer with a previously unavailable benefit satisfying a need can gain a competitive edge. The company benefits by an increase in revenue, and the consumer benefits by improving her quality of life. Thirdly，it can improve quality service. A competitive economic system benefits the consumer in better quality of service. Companies that may not be able to beat their competitors on price may instead focus on delivering superior customer service to attract and retain customers. For the company, strong customer service can lead to customer loyalty. The consumer benefits by being "taken care of" by the company.

竞争是必不可少的英语作文

竞争是必不可少的英语作文Competition is Essential。

Competition has always been an integral part of human society. From the earliest days of human civilization, people have been competing with each other for resources, power, and recognition. In today's world, competition is more important than ever. It drives innovation, motivates individuals and organizations to excel, and fosters economic growth and development. Without competition, society would be stagnant and progress would be impossible.One of the most important benefits of competition is that it encourages innovation. When individuals or organizations compete with each other, they are forced to come up with new and better ways of doing things. This can lead to the development of new technologies, products, and services that can improve people's lives. For example, the competition between Apple and Samsung has resulted in the development of new and innovative smartphones that arefaster, more powerful, and more user-friendly than ever before.Competition also motivates individuals andorganizations to excel. When people are competing with each other, they are more likely to push themselves to theirlimits and strive for excellence. This can lead to higher levels of achievement and success. For example, in sports, athletes who compete against each other are more likely to train harder, eat better, and perform at their best.In addition, competition fosters economic growth and development. When companies compete with each other, they are more likely to invest in research and development,which can lead to the creation of new products and services. This can create new jobs, increase productivity, and stimulate economic growth. For example, the competition between Google and Microsoft has led to the development of new software applications that have revolutionized the way people work and communicate.However, competition can also have some negativeeffects. It can lead to stress, anxiety, and even depression. It can also create a winner-takes-all mentality, where people are only focused on winning at all costs,rather than on collaboration and cooperation. To avoidthese negative effects, it is important to balance competition with cooperation and collaboration.In conclusion, competition is an essential part of human society. It drives innovation, motivates individuals and organizations to excel, and fosters economic growth and development. However, it is important to balancecompetition with cooperation and collaboration to avoid its negative effects. Ultimately, competition can be a powerful force for good, as long as it is used wisely and in a balanced way.。

7.Corporate Governance, Product Market Competition, and Equity Prices

THE JOURNAL OF FINANCE•VOL.LXVI,NO.2•APRIL2011Corporate Governance,Product MarketCompetition,and Equity PricesXAVIER GIROUD and HOLGER M.MUELLER∗ABSTRACTThis paper examines whetherﬁrms in noncompetitive industries beneﬁt more fromgood governance than doﬁrms in competitive industries.Weﬁnd that weak gov-ernanceﬁrms have lower equity returns,worse operating performance,and lowerﬁrm value,but only in noncompetitive industries.When exploring the causes of theinefﬁciency,weﬁnd that weak governanceﬁrms have lower labor productivity andhigher input costs,and make more value-destroying acquisitions,but,again,only innoncompetitive industries.We alsoﬁnd that weak governanceﬁrms in noncompeti-tive industries are more likely to be targeted by activist hedge funds,suggesting thatinvestors take actions to mitigate the inefﬁciency.E CONOMISTS OFTEN ARGUE THAT managers ofﬁrms in competitive industries have strong incentives to reduce slack and maximize proﬁts,or else theﬁrm will go out of business.1Accordingly,the need to provide managers with incentives through good governance—and thus the beneﬁts of good governance—should be smaller forﬁrms in competitive industries.In contrast,ﬁrms in noncompetitive industries,where lack of competitive pressure fails to enforce discipline on managers,should beneﬁt relatively more from good governance.Thatﬁrms with good governance have better performance on average is well established.In a seminal article,Gompers,Ishii,and Metrick(2003,GIM)ﬁnd that a hedge portfolio that is long in good governanceﬁrms(“Democracyﬁrms”) and short in weak governanceﬁrms(“Dictatorshipﬁrms”)earns a monthly alpha of0.71%.Governance is measured using the G-index,which consists of 24antitakeover and shareholder rights provisions.In addition to showing that good governance is associated with higher equity returns,GIM also show that it is associated with both higherﬁrm value and better operating performance.2∗Giroud is at the NYU Stern School of Business.Mueller is at the NYU Stern School of Business, NBER,CEPR,and ECGI.We thank Cam Harvey(the Editor),an associate editor,two anonymous referees,and seminar participants at NYU,Yale,Michigan,Illinois,the WFA Meetings in San Diego(2009),and the Harvard Law School/Sloan Foundation Corporate Governance Research Conference(2009)for helpful comments.We are especially grateful to Wei Jiang and Martijn Cremers for providing us with data.1Fritz Machlup’s(1967)presidential address to the American Economic Association contains an extensive discussion of this argument.More recent(theory)literature is discussed in Section I.2The evidence is not causal,though GIM examine alternative hypotheses andﬁnd no evidence that their results are driven by either reverse causality or an omitted variable bias.That said,other papers show that governance has a causal effect onﬁrm performance using exogenous variation in563564The Journal of Finance RThe evidence presented in this paper supports the hypothesis thatﬁrms in noncompetitive industries beneﬁt more from good governance than do ﬁrms in competitive industries.When competition is measured using the Herﬁndahl–Hirschman index(HHI),weﬁnd that the alpha earned by the Democracy–Dictatorship hedge portfolio is small and insigniﬁcant in the low-est HHI tercile,is monotonically increasing across HHI terciles,and is large and signiﬁcant in the highest HHI tercile.This pattern is robust across many speciﬁcations—it holds for different governance measures,different competi-tion measures,different asset pricing models,and different sample periods. The latter robustness check is particularly interesting,as prior research shows that GIM’s results all but disappear if the sample period is extended beyond 1999(e.g.,Core,Guay,and Rusticus(2006)).If we extend the sample period to2006,we alsoﬁnd that the average alpha across allﬁrms is small and in-signiﬁcant.However,the alpha in the highest HHI tercile remains large and signiﬁcant.There are two potential explanations for the positive alpha earned by the Democracy–Dictatorship hedge portfolio.One is that it may be driven by an omitted variable bias.Such a bias could arise if the G-index is correlated with risk characteristics that are priced during the sample period but that are not captured by the underlying asset pricing model.We address this issue in two ways.First,we extend the four-factor model to include additional risk factors that have been proposed in the literature.Second,we follow GIM and esti-mate Fama–MacBeth return regressions that include a broad array of control variables.Our results are robust in either case.The other explanation is that weak governance gives rise to agency costs whose magnitude is underestimated by investors.To test this hypothesis,Core et al.(2006)examine whether analysts correctly predict that weak governance ﬁrms have lower earnings than do good governanceﬁrms.The authorsﬁnd that the forecast error(difference between actual and forecasted earnings)is small and insigniﬁcant,which leads them to conclude that analysts are not surprised. Consistent with this result,we alsoﬁnd that the average forecast error is small and insigniﬁcant.However,the forecast error in the highest HHI tercile is large and signiﬁcant.Thus,analysts underestimate the effect of governance on earnings in precisely those industries in which governance matters for earn-ings,namely,noncompetitive industries.Whether the forecast error is large enough to fully explain the abnormal return to the Democracy–Dictatorship hedge portfolio remains an open question.At a minimum,it provides evidence in support of the hypothesis that investors are surprised and,consequently, that the abnormal return may not be driven by an omitted variable bias.We obtain similar results when considering eitherﬁrm value(Tobin’s Q)or operating performance(return on assets(ROA),net proﬁt margin,sales growth, return on equity(ROE)).The relationship between governance and eitherﬁrm value or operating performance is always small and insigniﬁcant in the low-est HHI tercile,is monotonic across HHI terciles,and is large and signiﬁcant governance in the form of state antitakeover laws(e.g.,Bertrand and Mullainathan(2003),Giroud and Mueller(2010)).Corporate Governance,Product Market Competition565 in the highest HHI tercile.Our operating performance results are consistent with results in Giroud and Mueller(2010).In that paper,weﬁnd thatﬁrms in noncompetitive industries experience a signiﬁcant drop in operating perfor-mance after the passage of state antitakeover laws,whileﬁrms in competitive industries experience no signiﬁcant effect.Unlike the present paper,however, the other paper does not considerﬁrm-level governance instruments,nor does it consider long-horizon equity returns orﬁrm value.Overall,our results suggest that,absent competitive pressure from the prod-uct market,weak governance gives rise to agency costs.To gain a better un-derstanding of the nature of these agency costs,we explore in more detail the relationship between(i)governance and investment activity and(ii)governance and productive efﬁciency.With respect to the former relationship,weﬁnd that weak governanceﬁrms have higher capital expenditures and make more ac-quisitions than do good governanceﬁrms.This relationship is again small and insigniﬁcant in the lowest HHI tercile,is monotonic across HHI terciles,and is large and signiﬁcant in the highest HHI tercile.That weak governanceﬁrms make more acquisitions does not necessarily im-ply that theseﬁrms destroy value.However,in a recent article,Masulis,Wang, and Xie(2007)show that high G-index acquirerﬁrms experience signiﬁcantly lower cumulative abnormal returns(CARs)than do low G-index acquirerﬁrms. Consistent with this result,we alsoﬁnd that high G-index acquirerﬁrms expe-rience signiﬁcantly lower CARs on average.Importantly,however,weﬁnd that this relationship is large and signiﬁcant only in the highest HHI tercile,while it is otherwise small and insigniﬁcant.Thus,weak governanceﬁrms make more value-destroying acquisitions,but only in noncompetitive industries.This re-sult is noteworthy for two reasons.First,it is a possible explanation for the pattern across HHI terciles that we consistentlyﬁnd in ourﬁrm value and op-erating performance regressions.Second,because CARs measure unexpected changes in stock prices,the result suggests that the market does not fully an-ticipate the negative valuation effects of weak governance in noncompetitive industries.Consequently,it is also a possible explanation for the pattern across HHI terciles that we consistentlyﬁnd in our regressions of equity returns.As for the relationship between governance and productive efﬁciency,weﬁnd that weak governanceﬁrms have lower labor productivity and higher input costs than do good governanceﬁrms.Importantly,this relationship is again small and insigniﬁcant in the lowest HHI tercile,is monotonic across HHI terciles,and is large and signiﬁcant in the highest HHI tercile.We alsoﬁnd qualitatively similar results when considering wages,though the wage results lack statistical signiﬁcance.Overall,our results suggest that weak governanceﬁrms have lower equity returns,worse operating performance,and lowerﬁrm value,but only in non-competitive industries.In theﬁnal part of our analysis,we examine if investors take actions to mitigate the inefﬁciency.In particular,we examine if weak gov-ernanceﬁrms,especially those in noncompetitive industries,are more likely to be targeted by activist hedge ing data on hedge fund activism by Brav et al.(2008),weﬁnd that weak governanceﬁrms in noncompetitive in-dustries are more likely to be targeted by activist hedge funds than any other566The Journal of Finance Rtype ofﬁrm,including weak governanceﬁrms in competitive industries and good governanceﬁrms in noncompetitive industries.3We alsoﬁnd that weak governanceﬁrms in noncompetitive industries experience a signiﬁcant drop in the G-index after being targeted by an activist hedge fund,though this result is based on a relatively small sample.Several recent papers examine the interaction between governance and com-petition.Cremers,Nair,and Peyer(2008)ﬁnd thatﬁrms in competitive in-dustries have relatively more takeover defenses,but only if the industry is characterized by long-term customer–supplier relationships(e.g.,service and durable goods industries).Kadyrzhanova and Rhodes-Kropf(2010)ﬁnd that four particular G-index provisions that impose a delay on potential acquirers—classiﬁed board,blank check,special meeting,and written consent—interact with competition differently than do the remaining20G-index provisions.Their explanation is that delay provisions empower target management with bar-gaining power,which results in higher takeover premia,thus(partly)offsetting the negative entrenchment effects of these provisions.Finally,Guadalupe and P´e rez-Gonz´alez(2010)ﬁnd thatﬁrms in countries with tighter product and in-put market regulations exhibit greater private beneﬁts of control,as measured by the voting premium between shares with differential voting rights.The rest of this paper is organized as follows.Section I reviews the the-ory literature.Section II describes the data and provides summary statistics. Section III examines the relationship between governance and long-horizon equity returns,and Section IV examines the relationship between governance and eitherﬁrm value or operating performance.Section V explores the under-lying agency costs associated with weak governance.Section VI examines the likelihood of being targeted by activist hedge funds.Section VII concludes.I.Theory LiteratureSeveral theory models analyze the implications of product market compe-tition for managerial slack and the resulting need to provide managers with monetary incentives.If better governance is a substitute for monetary incen-tives,then the predictions of these models can be tied directly to the results in this paper.In Hart’s(1983)model,product market competition unambiguously reduces managerial slack.By assumption,managers care only about reaching a given proﬁt target.Thus,if input costs fall,managers work less hard.In a competitive product market,however,cost reductions that are common across allﬁrms are accompanied by falling prices.Thus,managers cannot afford to slack off but must instead work hard to fulﬁll their given proﬁt target.Importantly,in Hart’s model,managerial income is independent of competition.43We are grateful to Wei Jiang for providing us with the data.4In Hart’s model,managers care only about reaching a given subsistence level of income,I. Income above this level has no value,while income below it is catastrophic.Thus,as long as managers fulﬁll their given proﬁt target,income will always be I.As Scharfstein(1988)shows,ifCorporate Governance,Product Market Competition567 One possible channel through which competition may affect managerial in-come is through relative performance evaluation.If productivity shocks are cor-related acrossﬁrms,then an increase in the number of competitors may provide additional information that can be used to mitigate moral hazard(Holmstr¨o m (1982),Nalebuff and Stiglitz(1983)).However,whileﬁrm owners are always better off,the effect on managerial incentives is ambiguous.Depending on the underlying probability distribution,the cost of implementing low effort may be reduced to a greater or lesser degree than the cost of implementing high ef-fort.As a result,it may be optimal to give managers either weaker or stronger monetary incentives.In Schmidt’s(1997)model,an increase in competition increases the proba-bility that aﬁrm with high costs becomes unproﬁtable and must be liquidated. This induces managers to work hard in order to keep their jobs and avoid the disutility of liquidation(“threat-of-liquidation effect”).Moreover,the increased punishment in the event a manager is not successful makes it cheaper to im-plement a higher level of effort,making it optimal to give managers stronger monetary incentives.On the other hand,a reduction in proﬁts caused by an increase in competition may lower the value of a cost reduction and thus also the beneﬁt of inducing higher effort(“value-of-a-cost-reduction effect”).5As a result,it may be optimal to give managers weaker monetary incentives.Thus, the overall effect of competition on monetary incentives is(again)ambiguous. Raith(2003)analyzes the role of competition for monetary incentives in a model with free entry.When the number ofﬁrms isﬁxed,heﬁnds two opposite effects,which happen to exactly cancel each other.For instance,an increase in competition due to greater product substitutability makes it easier forﬁrms to steal demand from rivals,making it optimal to give managers stronger mon-etary incentives(“business-stealing effect”).On the other hand,an increase in product substitutability results in lower prices and reduces the value of a cost reduction,making it optimal to give managers weaker monetary incen-tives.With free entry,the effect of competition is no longer ambiguous.For instance,an increase in product substitutability results in lower proﬁts for any given number ofﬁrms,inducing someﬁrms to exit.Each survivingﬁrm produces larger output,making it unambiguously optimal to give managers stronger monetary incentives.However,the result is the opposite if competi-tion increases due to a reduction in entry costs.In this case,newﬁrms enter the market,eachﬁrm produces less output,and it becomes optimal to give managers weaker monetary incentives.Thus,for any given source of varia-tion in competition,an increase in competition has an unambiguous effect on monetary incentives.However,as Raith(2003,p.1430)acknowledges,“the re-lationship between competition and managerial incentives depends on what causes variations in the degree of competition,which poses a challenge to em-pirical tests.”managerial utility is increasing in income,then Hart’s main result that product market competition reduces managerial slack can be reversed.5A similar effect is also present in Hermalin’s(1992)model,where it is called“change-in-the-relative-value-of-actions effect.”568The Journal of Finance RAs this brief overview of the theory literature shows,there are plausible arguments for why monetary incentives may be either weaker or stronger in competitive industries.More generally,substituting better governance for mon-etary incentives,the need to provide managers with incentives through good governance—and thus the beneﬁts of good governance—may be either weaker (substitutes)or stronger(complements)in competitive industries.Sorting out these competing hypotheses is an empirical question,and the objective of this paper is to examine which,if any,is consistent with the data.II.DataA.Sample Selection and Deﬁnition of V ariablesOur sample consists of allﬁrms in the Investor Responsibility Research Center(IRRC)database that have a match in both CRSP and Compustat. Following GIM,we exclude allﬁrms with dual-class shares.To matchﬁrms to industries,we,moreover,require a nonmissing SIC code in Compustat.Over the sample period from1990to2006,this leaves us with3,241companies. Our main measure of corporate governance is the G-index introduced by GIM.The index is constructed by adding one index point for each of the24 (anti-)governance provisions listed in GIM.Higher index values imply weaker governance.GIM refer to companies with a G-index of5or less as Democracies and to companies with a G-index of14or higher as Dictatorships.The G-index is obtained from the IRRC database and is available for the years1990, 1993,1995,1998,2000,2002,2004,and2006during the sample period.For intermediate years,we always use the G-index from the latest available year. In robustness checks,we also use the E-index of Bebchuk,Cohen,and Ferrell (2009)and the Alternative Takeover Index(ATI)of Cremers and Nair(2005, CN).The E-index consists of6of the24provisions listed in GIM.The ATI index consists of three of these provisions.6We construct the E-index and the ATI index using IRRC data.The correlation between all three indices is high. Using all IRRC years,the correlation between the G-index and the E-index is 0.71,the correlation between the G-index and the ATI index is0.68,and the correlation between the E-index and the ATI index is0.76.Our main measure of product market competition is the HHI.The HHI is computed as the sum of squared market shares,HHI jt:=N ji=1s2ijt,where s ijt is the market share ofﬁrm i in industry j in year t.Market shares are computed from Compustat usingﬁrms’sales(item#12).When computing6For the E-index,we use a cutoff of E=0for Democracyﬁrms and E≥4for Dictatorship ﬁing a cutoff of E≥4ensures that the Dictatorship portfolio contains sufﬁciently many companies relative to the Democracy portfolio(see Table II in Bebchuk et al.(2009)).For the ATI index,we use a cutoff of ATI=0for Democracyﬁrms and ATI≥2for Dictatorshipﬁrms.Corporate Governance,Product Market Competition569 the HHI,we use all available Compustatﬁrms,including those with dual-class shares.We excludeﬁrms for which sales are either missing or negative. The HHI is a commonly used measure in the empirical industrial organization literature and is well grounded in theory(see Tirole(1988),pp.221–223).In robustness checks,we also use the“four-ﬁrm concentration ratio,”which is the sum of market shares of the four largestﬁrms in an industry.This measure is also common in the empirical industrial organization literature and is routinely used by government agencies.We classify industries using the48industry classiﬁcation scheme of Fama and French(1997,FF).We assignﬁrms to industries by matching the SIC codes of Compustat to the48FF industries using the conversion table in the appendix of FF.In robustness checks,we also use four-digit SIC industries. As our competition measures are computed from Compustat,they only in-clude publicly traded companies.In robustness checks,we also use competi-tion measures provided by the Census Bureau,which include all public and private companies in the United States.Although these measures are more comprehensive,they have several drawbacks.First,they are only available for manufacturing industries,which means the sample is much smaller.Second, the measures are only computed every5years.Because our sample period is from1990to2006,we use data from the1987,1992,1997,and2002Censuses. For intermediate years,we always use data from the latest available Census. Third,the measures are not available for the48FF industries.In the1987and 1992Censuses,they are only available for four-digit SIC industries.In1997, the Census Bureau switched from SIC to NAICS codes and has since provided competition measures for various NAICS partitions.In our empirical analysis, we use four-digit SIC codes before1997and four-digit NAICS codes after1997. We obtain similar results if we useﬁve-or six-digit NAICS codes after1997.B.Empirical Relation between the G-Index and the HHIUsing allﬁrm-year observations from1990to2006,weﬁnd that the corre-lation between the G-index and the HHI is virtually zero.(The correlation is 0.00with a p-value of0.50.)This fact has already been noted by GIM(p.119), who conclude that“[t]here is no obvious industry concentration among these topﬁrms[in the Democracy and Dictatorship portfolios].”Because the HHI is an industry measure,we can also compute the correlation at the industry level. Here,weﬁnd a weakly negative correlation of−0.06(p-value of0.08)between the HHI and the mean G-index of an industry,which is similar to what Cremers et al.(2008)ﬁnd.The Internet Appendix contains further statistics.7First,we divide both the Democracy and the Dictatorship portfolio into quintiles by rankingﬁrms according to their HHIs and then sorting them into HHI quintiles.Weﬁnd that in any given HHI quintile,the empirical distribution of the HHI in the 7The Internet Appendix is available on the Journal of Finance website at http://www. /supplements.asp.570The Journal of Finance RDemocracy and Dictatorship portfolios is virtually identical.For instance,ﬁrms in the lowest HHI quintile of the Democracy portfolio have a mean(median) HHI of0.02(0.02),as doﬁrms in the lowest HHI quintile of the Dictatorship portfolio.Second,when we divide the full sample(not just Democracy and Dictatorshipﬁrms)into HHI quintiles,weﬁnd that the mean G-index is similar, and the median G-index is identical,in allﬁve quintiles.Importantly,there is no systematic trend.Effectively,this means that it does not matter if we sort ﬁrmsﬁrst by their G-index and then by their HHI,or the other way around. We obtain similar results if we use the E-index or the ATI index,if we use the HHI provided by the Census Bureau,if we use the original sample period in GIM(1990to1999)or the post-GIM period(2000to2006),and if we use HHI terciles or quartiles instead of quintiles.III.Corporate Governance and Equity ReturnsA.Hedge PortfoliosOurﬁrst set of results concerns trading strategies that are jointly based on corporate governance and competition.Following GIM,we compute abnormal returns using Carhart’s(1997)four-factor model.The abnormal return is the interceptαof the regressionR t=α+β1×RMRF t+β2×SMB t+β3×HML t+β4×UMD t+εt,(1) where R t is the excess portfolio return in month t,RMRF t is the return on the market portfolio minus the risk-free rate,SMB t is the size factor(small minus big),HML t is the book-to-market factor(high minus low),and UMD t is the mo-mentum factor(up minus down).We construct portfolio returns using monthly return data from CRSP.The RMRF,SMB,and HML factors are obtained from Kenneth French’s website.The UMD factor is constructed using the procedure described in Carhart(1997).GIM construct a hedge portfolio that is long in Democracyﬁrms(G-index of 5or less)and short in Dictatorshipﬁrms(G-index of14or higher).To analyze the interaction between corporate governance and competition,we divide both the Democracy and the Dictatorship portfolio into three equal-sized portfolios by rankingﬁrms according to their HHIs and then sorting them into HHI terciles.This yields2×3=6portfolios:one Democracy and one Dictator-ship portfolio for each HHI tercile.8For each HHI tercile,we then construct a Democracy–Dictatorship hedge portfolio analogous to GIM.By construction, this implies that all three hedge portfolios contain the same number of stocks. Our choice of HHI terciles balances two concerns.If too many HHI groups are formed,the number of stocks in each hedge portfolio may be too small to allow for reliable statistical inference.On the other hand,if too few HHI 8Our results are unchanged if we sortﬁrmsﬁrst by their HHIs and then according to whether they are Democracy or Dictatorshipﬁrms.This is not surprising,given that the correlation between the HHI and the G-index at theﬁrm level is virtually zero.Corporate Governance,Product Market Competition571 groups are formed,the spread in the HHI across hedge portfolios may not be statistically signiﬁing HHI terciles,each hedge portfolio contains on average75stocks per month,and the average monthly HHI spread(difference between the mean HHI in the lowest and highest HHI tercile)is0.101,which is statistically signiﬁcant at all reasonable levels(p=0.000).An alternative way of sorting stocks into HHI terciles would be to use industry-rather than ﬁrm-level HHI cutoffs.This would produce an HHI spread of0.127(p=0.000), which is slightly larger.Also,all three hedge portfolios would contain the same number of industries by construction.However,because competitive industries have moreﬁrms,the number of stocks in each hedge portfolio would no longer be identical.Although the average number of stocks in the low HHI portfolio would be114,the average number of stocks in the high HHI portfolio would be only43.Because smaller portfolios are more volatile,this implies that the abnormal return in the high HHI portfolio would be estimated with more noise, making comparisons across HHI terciles difﬁcult.For this reason,we useﬁrm-level HHI cutoffs throughout.9To facilitate comparison with GIM’s original results,we use the same sam-ple period,namely,September1990to December1999(112monthly returns). In robustness checks,we extend the sample period to December2006.We re-balance all portfolios in September1990,July1993,July1995,and February 1998,which are the months after which new IRRC data became available. When extending the sample period,we additionally rebalance in November 1999,January2002,January2004,and January2006.To incorporate new values of the HHI,we,moreover,rebalance all portfolios each July using the HHI computed from sales in the previous year.We obtain similar results if we use the HHI computed from sales2years ago,or if we use a moving average of the HHIs over the previous3years.We always report the results both for value weighted(VW)and equally weighted(EW)portfolios.To compute the VW return on a portfolio in month t,we weigh each individual stock return with the stock’s market capitalization at the end of month t−1.B.Main ResultsWeﬁrst replicate GIM’s original results.For VW portfolios,GIMﬁnd that the Democracy–Dictatorship hedge portfolio earns a monthly abnormal return of0.71%(t=2.73).We obtain a very similar result(0.69%,t=2.71).10When we exclude companies with missing SIC codes,our result changes only slightly9The statistics discussed in this paragraph can be found in the Internet Appendix.As we show there,our results are qualitatively similar when using industry-level HHI cutoffs.More precisely, while the alphas are very similar,their statistical signiﬁcance in the highest HHI tercile is slightly weaker,consistent with the smaller size of the high HHI hedge portfolio.Another way to generate a larger HHI spread would be to use HHI quartiles instead of terciles.The results are again qualitatively similar(see the Internet Appendix).10See the Internet Appendix for details.Although our alpha and factor loadings differ slightly from those in GIM,they are identical to those in Core et al.(2006,p.682).。

竞争的利与弊-英语作文

精品资料欢迎下载Positive and Negative Effects of CompetitionAs the saying goes every coin has two sides. So it is completion.Competition between individuals or companies can be tough, aggressive, even ferocious or cut-throat.For individuals, it may hurt self-esteem of the losers, some people think that this help the losers to be strong , less nag and help them see clearly the real socirty , but counterproductive, the unsettling result probably let them give up their ideals, or even the phenomenon of malicious completion may happen. So the winner should be benign, though the exciting fruit is conducive to build self-confident for the winners, they should avoid to have the feeling of outdoing than others, in fact every people’s biggest competitor is himself, we should try our best to go beyond ourselves. In this case ,we can triumph over difficulties with others and share the joy of victory together, this perhaps seliminate the negative effects of competition.Competitionhas positive and negative effect, but we all looking forward to the mutually beneficial and win-win situation.butFirms may accuse each other of using unfair methods such as dumping, where a competitor (usually foreign) sells products for less than what they cost to produce, or at less than the price charged in the home market. Firms dump in order to build market share and recoup (收回) their losses later when, having established themselves to benefit from economies of scale (producing in larger quantities so that the cost of each unit goes down), they are able to charge market prices with a healthy (数额大) profit margin on each unit sold.Competition can also be gentlemanly or even cozy (勾结), so cozy that companies may be accused of forming a cartel to agree on prices in a price fixing arrangement. They may then be investigated by a government that looks into unfair trading practices.Competitors may also enter into other perfectly legitimate forms of cooperation, such as joint ventures for specific projects. They may even talk about strategic alliances. But like mergers, these can go awry and lead to recrimination (相互指责) between erstwhile (former) partners.。

英文作文竞争的好处

英文作文竞争的好处英文：Competition is an essential element in our lives, and it has both advantages and disadvantages. In this essay, I will focus on the benefits of competition, especially in the context of English writing competition.First of all, competition can motivate us to work harder and improve our skills. When we participate in a writing competition, we want to do our best and win. This desire pushes us to spend more time and effort on our writing, to research more deeply, and to revise more carefully. As a result, we become better writers, and we learn more about the topic we are writing about.Secondly, competition can help us learn from others. When we read other people's essays, we can see their strengths and weaknesses, and we can learn from their mistakes and successes. We can also compare our writing totheirs and see where we need to improve. This kind of feedback is invaluable, and it can help us grow as writers and thinkers.Finally, competition can be fun and rewarding. When we participate in a writing competition, we can meet new people who share our interests and passions. We can also win prizes, recognition, and prestige, which can boost our confidence and self-esteem.In conclusion, competition can be a positive force in our lives, especially in the context of English writing competition. It can motivate us to work harder, help us learn from others, and be fun and rewarding. So, let's embrace competition and make the most of it!中文：竞争是我们生活中必不可少的元素，它既有利也有弊。

竞争的重要性作文英文高中

竞争的重要性作文英文高中英文：The importance of competition cannot be overstated. Competition drives individuals and organizations to strive for excellence, pushing them to go above and beyond in their efforts to succeed. In the business world, competition fosters innovation and encourages companies to constantly improve their products and services in order to stay ahead of their rivals. This ultimately benefits consumers, as they are provided with a wider range of choices and higher quality goods and services.In my own experience, I have witnessed the positive effects of competition in various aspects of my life. For example, in school, competition among students motivates everyone to work harder and achieve better grades. It pushes us to study more diligently and to seek out additional resources to improve our understanding of the material. This not only benefits us academically, but alsoprepares us for the competitive nature of the real world.Furthermore, competition in sports has taught me valuable lessons about perseverance, teamwork, and sportsmanship. When my team is up against a tough opponent, it forces us to come together and strategize in order to overcome the challenge. These experiences have helped me develop important life skills that I can apply in other areas of my life.In the professional world, competition has driven me to continually improve my skills and knowledge in order to stand out among my peers. It has motivated me to seek out new opportunities for growth and to take on challenges that push me out of my comfort zone. As a result, I have been able to advance in my career and achieve success in my chosen field.Overall, competition is essential for personal and professional growth. It pushes individuals to reach their full potential and encourages innovation and progress inall areas of life.中文：竞争的重要性不可低估。

竞争的重要性英语作文

竞争的重要性英语作文Competition is a fundamental aspect of human society that has been driving progress and innovation for centuries. It is a natural phenomenon that can be observed in various fields,from sports to business, and from academics to personal development. Here's an essay on the importance of competition:The Significance of CompetitionIn the world we live in today, competition is omnipresent. It is the driving force that propels individuals andorganizations to strive for excellence. The importance of competition cannot be overstated as it plays a crucial rolein personal growth, societal development, and the overall advancement of human civilization.Personal Growth and DevelopmentCompetition fosters personal growth by pushing individuals to set goals and work towards achieving them. It encouragesself-improvement and the development of essential skills such as leadership, teamwork, and problem-solving. When faced with competition, individuals are more likely to challenge their limits, discover new strengths, and learn from their weaknesses.Motivation and DriveThe presence of competition provides a sense of urgency and motivation that can be a powerful catalyst for action. It instills a desire to excel and to outperform one's peers. This drive can lead to increased productivity, as individuals are more likely to put in the necessary effort to succeed.Innovation and CreativityCompetition is a catalyst for innovation. When businesses or individuals are competing, they are more likely to come up with new ideas and creative solutions to problems. This is evident in the technological advancements we see today, where companies compete to develop the next big thing, leading to breakthroughs that benefit society as a whole.Social ProgressOn a broader scale, competition contributes to social progress. It encourages the development of better products, services, and systems that improve the quality of life for everyone. In a competitive environment, the best ideas and practices rise to the top, leading to a more efficient and effective society.Fairness and MeritocracyCompetition promotes fairness and meritocracy. It ensuresthat those who perform well are rewarded and recognized for their efforts. This system of meritocracy encourages hardwork and dedication, as it is the performance and not the background that determines success.ConclusionIn conclusion, competition is not just a part of life; it is a vital component that drives us forward. It is through competition that we learn, grow, and innovate. It is through competition that we push boundaries and achieve greatness. Embracing competition is essential for personal development, societal advancement, and the continued progress of humanity.This essay highlights the multifaceted importance of competition in various aspects of life and society, emphasizing its role in driving progress and innovation.。

竞争不利于成功的英语作文

Competition is often seen as a driving force for success,but there are several arguments that suggest it may not always be beneficial for achieving ones goals.Here are some points to consider in an essay discussing why competition may not be conducive to success:1.Stress and Anxiety:Competitive environments can create a highpressure atmosphere, leading to stress and anxiety among participants.This can negatively impact performance and overall wellbeing.2.Focus on Winning Over Learning:In a competitive setting,the emphasis often shifts from learning and personal growth to simply winning.This can result in individuals adopting unethical practices or neglecting to develop a deep understanding of the subject matter.3.Inequality and Discrimination:Competition can exacerbate existing inequalities,as those with more resources or advantages are more likely to succeed.This can lead to discrimination and a lack of diversity in successful outcomes.4.Shortterm Gains Over Longterm Growth:The competitive nature of certain environments may encourage shortterm thinking and quick fixes,rather than fostering longterm growth and sustainable development.5.Collaboration Over Competition:Success often requires collaboration and teamwork.A competitive environment can hinder the development of these skills,as individuals may be more focused on their own success rather than working together towards a common goal.6.Mental Health Issues:The constant pressure to outperform others can lead to mental health issues such as depression,burnout,and a fear of failure,which can be detrimental to ones ability to succeed in the long run.7.Narrow Definition of Success:Competition often defines success in very narrow terms, such as winning a race or achieving the highest score.This can limit the understanding of success to a single metric,ignoring other important aspects such as personal fulfillment and contribution to society.8.Fear of Taking Risks:In a competitive environment,there is often a fear of failure, which can prevent individuals from taking risks and exploring new ideas or opportunities that could lead to greater success.9.Overemphasis on Individualism:Competition can foster an overemphasis on individual achievements,which can be detrimental in fields that require teamwork and collective effort.10.Erosion of Community and Social Bonds:A competitive mindset can lead to an erosion of community and social bonds,as individuals may prioritize their own success over the wellbeing of others and the community as a whole.In conclusion,while competition can provide motivation and a sense of achievement,it is important to recognize its potential drawbacks.A balanced approach that values both competition and cooperation may be more conducive to longterm success and personal fulfillment.。

竞争是成功最有利的促进剂有关作文

竞争是成功最有利的促进剂有关作文英文版Competition is often viewed as a negative force, something that brings out the worst in people and creates unnecessary stress. However, competition can also be a powerful motivator for success. When individuals are faced with competition, they are pushed to work harder, think more creatively, and strive for excellence in order to come out on top.Competition forces individuals to step out of their comfort zones and challenge themselves to reach new heights. It pushes them to set higher goals and push themselves to achieve more than they ever thought possible. In a competitive environment, individuals are constantly striving to improve themselves and outperform their competitors, leading to greater innovation and progress.Furthermore, competition fosters a sense of accountability and responsibility. When individuals are competing against others, they are held to a higher standard and are more likely to take ownership of their actions and strive for excellence. This sense of accountability can lead to greater personal growth and development, as individuals are constantly seeking ways to improve themselves and achieve their goals.In conclusion, competition is a powerful force that can drive individuals to achieve great success. While it may be intimidating and challenging at times, competition ultimately pushes individuals to reach their full potential and strive for excellence in all aspects of their lives.竞争是成功最有利的促进剂竞争经常被视为一种消极力量，会激发人们最坏的一面，制造不必要的压力。

(精华版)国家开放大学电大《高级英语阅读(1)》网络课形考网考作业及答案

(精华版)国家开放大学电大《高级英语阅读(1)》网络课形考网考作业及答案100%通过考试说明：2020年秋期电大把该网络课纳入到“国开平台”进行考核，该课程共有2个形考任务，针对该门课程，本人汇总了该科所有的题，形成一个完整的标准题库，并且以后会不断更新，对考生的复习、作业和考试起着非常重要的作用，会给您节省大量的时间。

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形考任务一（70分）Chapter 1 Exercise（分值7分）题目1I. Vocabulary skills（3 points）Look at the columns below. Match each vocabulary word on the right with the correct definition on the left.(0.5 points each)1.the bus or subway2.proof of completion of courses of students3.money for students from scholarships, grants, or loans4.formal talks by professors or instructors on subjects of study5.courses by video, video conferencing, or computers to students in different places6.the points or grade a student gets on a test答案：II. Reading Comprehension (4 points)Read the passages, then answer the questions that follow. (1 point each )Experiencing Culture ShockA When Eliza James arrived at the University of Xian, she was excited to live in a new country, to improve her Chinese, and to experience a culture so different from her own. But soon her excitement turned tofrustration as she encountered one roadblock after another. "I felt like I couldn't accomplish anything. My dorm room had no heat, I couldn't get into the classes I wanted, and every time I asked someone for help they gave me the runaround. I felt like no one was listening to me." Eliza met with administrators, sent letters of complaint, and even contacted the consulate in Beijing, but she got nowhere. What Eliza didn't realize was that her American approach to solving problems was very different from the Chinese one in which patience and negotiation skills are key. She soon learned how to solve problems within the cultural norms of Chinese society instead of forcing her own values onto those around her. "I finally feel like I fit in and that I know what I'm doing. In fact, it's really fun being in a place that's so incredibly different from what I am accustomed to."B Yoshi Yamamoto is a junior at a small college outside of Boston. Although he is an honors student now, Yoshi didn't always have such an easy time studying in America. "Teaching methods are very different here than they are in Japan. It took me a long time to get used to learning in seminars and discussing ideas with my classmates. At first it seemed like I wasn't actually learning anything." Yoshi's reaction was to totally withdraw: he didn't participate in class discussion; he spent lots of time alone in his room, and he even skipped class on occasion. "I thought I could teach myself. Now I recognize the value of the U.S. academic system, and I am able to adapt it to my own learning style."C Both Eliza and Yoshi experienced what is called culture shock: psychological disorientation due to living in a new culture. For many international students, studying abroad can offer exposure to new cultures and an opportunity to study new fields and languages. However, it also offers the greater challenge of trying to function in a foreign culture. Studying and reading about a certain culture is poor preparation for the reality of living in it. According to psychological studies, the four stages of culture shock are 1. euphoria, 2. hostility, 3. gradual adjustment, and 4. adaptation. Culture shock can be manifested in many ways: homesickness, boredom, stereotyping of or hostility towards the host culture, overeating or overdrinking, withdrawal, and inability to work effectively.D Different people experience different levels of culture shock and react in different ways. For example, Eliza got angry while Yoshi withdrew from society. The most important thing to remember is that culture shock is normal; it is not something to be ashamed of. Luckily, there are some things international students can do to make their adjustment to a new country go more smoothly. For instance, they can stay in touch with family and friends from home, join international student organizations, meet people from their own countries, and get involved in campus activities. Most importantly, they can adjust to life abroad by keeping a sense of humor and trying to remain positive.Recognizing Paragraph Topics（choose the paragraph letter）题目27. an explanation of culture shock选择一项：C. C题目38. ways that students can adjust to living in a new country选择一项：D. D题目49. the experience of an international student in the United States选择一项：B. B题目510. the experience of an international student in China选择一项：A. AChapter 2 Exercise（分值7分）题目1I. Vocabulary Skills（2 points）Sometimes examples can explain the meaning of a word or phrase. For example, sun, rain, and wind are examples of kinds of weather. Look at the columns below. Match each vocabulary word or phrase in the first column with the examples in the second column. (0.4 points each)1.kinds of extreme weather2.Earth’s natural materials and gases3. diseases or health disorders4. seasons of the year5. natural areas or regions of the earth答案：II. Reading Comprehension (5 points)Complete the following statements by choosing the best from the answers A, B or C. (1 point each) Seasonal Affective Disorder: More than Just the BluesA Joshua dreads the winter months, not only because of the cold New England weather--the sleet, snow, wind, and rain--but because as the seasons change from summer to fall to winter, the days get shorter. As the days get shorter, he starts feeling depressed and irritable and spends more and more time at home, eating and sleeping. A graduate student in philosophy, Joshua finds that he gets little work done during the winter months and has trouble paying attention in class and concentrating on his research. "I soon realized that what I thought was just the 'winter blues' was something more extreme than that." Josh visited a doctor who diagnosed him with SAD.B Seasonal Affective Disorder, or SAD, is a kind of depression that occurs seasonally. It is associated with the long hours of darkness and lack of sunlight during the winter months (people with SAD usually feel worse from December through February). Scientists don't completely understand the exact causes of SAD, but they believe it is related to a biochemical imbalance in the hypothalamus. The hypothalamus is the basic part of the brain that controls the body's breathing, heartbeat, metabolism, and hormone release. The effects of SAD include moodiness, irritability, low energy, increased appetite for carbohydrates (foods such as potatoes, rice, and bread), difficulty concentrating, and the tendency to oversleep.C Although doctors described SAD for the first time in 1984, humans have probably dealt with the disorder for thousands of years. It is not a coincidence that many cultures have important celebrations during the short days of the winter months. Christmas, Hanukkah, and Winter Solstice celebrations all occur in December. These celebrations involve lighting candles in order to bring light, warmth, and happiness to an otherwise depressing time of year.D So what can SAD sufferers do to feel better? Naturally, they need more light. For people who have mild cases of SAD, exercising in the morning sun could be enough to help them. Phototherapy, or light therapy, is usually prescribed for people who have more serious cases of the disorder. In light therapy, patients sit in front of a light box, a strong artificial light, for up to four hours a day. Phototherapy is effective in over 80% of SAD cases, and patients usually see results within three to four days. Although the symptoms of SAD are similar to those of clinical depression, traditional antidepressants have not proven useful in treating SAD. While psychological counseling cannot treat the symptoms of SAD, it is recommended to help SAD sufferers learn to accept and deal with their illness.题目26. Joshua starts feeling depressed and irritable in the winter because选择一项：B. he suffers from Seasonal Affective Disorder题目37. Seasonal Affective Disorder, or SAD, is a condition that researchers believe affects people during the winter months. Scientists believe it is caused by选择一项：C. lack of sunlight and a biochemical imbalance in the brain题目48. Humans have probably struggled with SAD since选择一项：A. ancient times题目59. People who suffer from SAD can to feel better.选择一项：A. do light therapy题目610. This passage talks about_____.选择一项：B. Both A and B.Chapter 3 Exercise（分值7分）I. Reading Comprehension (5 points)Read the passages, then answer the questions that follow. (1 point each )Fast food can be good foodMany people are too busy to prepare and eat three nutritious meals a day.so they turn to the convenience of fast-food restaurants. Many of the items at fast-food restaurants, snack bars, and food stands are fattening and not very nutritious.But fast food d oesn’t have to be unhealthy.you can eat at fast-food restaurants and still eat well.Pay Attention to Calories and Fat ContentBy paying attention to the number of calories and fat that a food item has ,you can make smarter choices.Calories are “units for measuring how much energy a food will produce”.condsider two fast-food meals. A quarter-pound hamburger with cheese, jumbo-size fries,and a 16-ounce soda have a total of 1,535 calories and 76 grams of fat .a broiled (cooked under direct heat or over a flame )chicken sandwich ,a side salad with low-fat dressing,and a glass of water at the same fast-food restaurant have only 422 calories and 7 grams of fat .but maybe you really want a hamburger and fries .well,you can have a small hamburger,a small serving o f fries,and a glass of water.At a total of 490 calories and 20 grams of fat,that’s stilla much smarter choice than the large burger ,fries,and 20 grams of fat ,that’s still a much smarter choice than the large burger,fries,and sada.There’s More That You Can DoThere are a few additional things you can do to make sure you eat well in fast food restaurantS.First of all,say “no” when the cashier asks you if you want to “supersize” you meal (order an extra large portion of each item).Second, ask for no mayonnaise or sauce,or ask for it on the side (in a separate dish).Third,substitute(use something instead of something else)healthy foods for fatty ones. For example,instead of ordering deep-fried tempura,order fresh vegetables.Instead of ordering a beef burrito with lots of cheese and sour cream,order a vegetable burrito with beans and rice.and don’t eat the chips!Another thing you can do is order a side salad or a vegetable soup and eat it first.That way,you will eat some vegetables,and you won’t be able to eat as much of your burger and fries.Fnally,eat slowly and stop eating when you’re full. It sounds simple,but many people keep eating even after they become full.题目11.What is the main idea of this article ?________选择一项：C. You can eat well in fast-food restaurant题目22.A small hamburger and small firies has __________选择一项：A. more calories and fat than a chicken sandwich and a salad.题目33.Some things you can do to eat well in fast-food restaurants are________选择一项：D. order healthy foods instead of fatty ones and drink water.题目44.Manyonnaise and sauces probably_________选择一项：C. have a lot of fat and calories.题目55. By eating a salad or soup before the rest of your meal,_______选择一项：A. you eat less of the rest of your meal.II. Vocabulary skills（2 points）Read the paragraph below and fill in each blank with a word from the box. (0.4 points each)题目6changes damaging losing global availableThe growing similarities in diet and eating habits around the world are influencing people of various cultures in different ways. For example, Western foods are 6 damaging health in the industrialized island country of Japan. Instead of small meals of seafood, rice, and vegetables, the typical Japanese diet now includes large amounts of meat, dairy products, and desserts like tiramisu, a rich Italian dish full of chocolate, cheese, and sugar. According to Japanese health researchers, such 7 changes in eating habits are related to a great increase in health problems such as heart disease, strokes, cancer, and diabetes. On the other hand, the changing 8 global diet is having the opposite effect on the people in the CzechRepublic. The government of this European nation no longer supports meat and dairy products financially, so the cost of these foods is going up. In contrast, fresh fruits and vegetables are becoming more widely 9 available from private markets and stands. Cooks are even serving salads to schoolchildren, and families are eating healthier home-cooked meals. For these reasons, fewer Czech men are having heart attacks, the women are 10 losing a lot of weight, and most people are living healthier lives.Chapter 4 Exercise（分值7分I. Vocabulary Skills（2 points）题目1Match each vocabulary word on the left with the correct definition on the right. (0.4 points each)1.make sense2.pedestrians3.vehicle4.teenager5.fine答案：II. Reading Comprehension (5 points)Complete the following statements by choosing the best from the answers A, B, C, or D. (1 point each)These days, it’s getting easier and easier to find your way around. Some people have GPS devices in their cars to make sure they don’t get lost. GPS stands for Global Positioning System. These devices use satellites in space to “see” where you are and give you directions to where you want to go. And if you don’t have a GPS device, you can simply go online to get step-by-step directions. Websites like and can produce a map and directions in just a few seconds. But how do they do it? MapQuest® uses data (informatio n) from a few different sources to produce directions and maps. Before MapQuest® went online, it sold regular paper maps in places like gas stations. The website uses the data from those paper maps, information from digital mapping companies, and government databases. At the moment, MapQuest® uses more than 30 computers to read all this data and provides users with millions of maps every day.In order to find the best route (way or path) from one place to another, MapQuest® first has to look at all possible routes. Then MapQuest® looks at each part of each possible route. It considers the types of roads on the different routes. Are they dirt roads, paved roads, freeways, or city streets? It looks at how many turns there are in each route and what kinds of turns they are. Are they right turns or left turns? It also considers the speed limit on each road and how many intersections there are. An intersection is “a place where two or more roads cross each other”.MapQuest® can also tell you how long your trip will take you. It does this by doing some math. MapQuest® bases its estimated driving times on the length and speed limit of each part of the route and the amount of time it probably takes to get through each intersection. For example, it allows more time for a left turn at an intersection than it does for a right turn. Someday, maybe we will have cars that can just drive us wherever we want to go, but for now, mapping websites make it a little harder to get lost.题目26.What is the main idea of this article?选择一项：C. How mapping websites work.题目37.According to the article, MapQuest®______选择一项：D. starting by selling paper maps.题目48.When you search for directions, the first thing MapQuest® does is_______选择一项：D. look at all possible paths.题目59.When it’s deciding on the best route, MapQuest® probably chooses ________选择一项：C. freeways instead of dirt roads.题目610. To estimate your driving time, MapQuest® considers _________选择一项：D. the speed limits and types of turns on your route.Chapter 5 Exercise（分值7分）I. Reading Comprehension (5 points)Read the five main-idea questions that follow about the information in the reading. Three details correctly answer each question. Cross out the untrue, unrelated detail. (1 point each )题目11. What are the definitions of the two main types of families?选择一项：D. The nuclear family is the same as the extended family.题目22. What are the reasons for the changes in the structure of the family?选择一项：A. The divorce rate went down and the birthrate began to rise in the early 1900s in the United States. 题目33. What happened to families in industrialized countries in the 1930s and 1940s?选择一项：A. Before and during World War II, families faced few financi al problems and women didn’t have to work away from home.题目44. What changes will happen to family structure during the next decades?选择一项：D. After the war, there were more divorces and fewer stay-home-mothers.题目55. What will families be like in the future?选择一项：B. Two-parent family will probably come back and all other family forms will end.II. Vocabulary Skills（2 points）Read the paragraph below and fill in each blank with a word from the box. ( 0.4 points each)题目6living extended category typical believeThe Family of the FutureMany people today would like the traditional two-parent family back—that is to say, they want a man and a woman to marry for life; they also think the man should sport the family and the woman should stay home with the children. However, few families now fall into this 6 category In fact, if more women decide to have children on their own, the single-parent household may become more 7typica l than the traditional family in many countries. Also, unmarried couples may decided to have more children—or they might take in foster children or adopt. And because people are staying single and 8 living longer (often as widows), there may be more one-person households in the future. On the other hand, some people 9believe similar events happen again and again in history. If this is true, people may go back to the traditional 10 extended or nuclear family of the past. Others think the only certainty in history is changing: in other words, the structure of the future family could begin to change faster and faster—and in more and more ways.Chapter 6 Exercise（分值7分）I. Vocabulary skills（2 points）Complete the following statements by choosing the best from the answers A, B, C, or D. （0.4 points each）题目11. Some examples of the architecture of old Europe are the magnificent cathedrals and castles. The design and building styles of modern architecture are excellent too. What does the noun architecture mean in these sentences?选择一项：D. the form and plan of buildings and other structures题目22. Perhaps the real beginning of civilization—with its scientific and technological discoveries and inventions—was in the Middle East and Africa. Over five thousand years ago, those ancient civilizations had astronomy, mathematics, medicine, government, and so on. Which word is a synonym of the word civilization? 选择一项：C. culture题目33. The cultural legacy of ancient Chinese and Indian peoples included walled cities, the first governments, tools for work, and weapons for protection. odern peoples built on this legacy.What is a possible explanationof the word legacy?选择一项：A. ideas and achievements passed from earlier generations to modern society题目44. “For me, the idea of ancient culture creates a contradiction in definitions,” said Karen, going against Mei’s views. “Only modern things can be part of culture.Of course, people that li ke classical art and music will contradict me.”What might the noun contradiction mean?选择一项：A. the opposition of two opinions题目55. Because of the worldwide media—movies, TV, CDs, the Internet, newspapers, magazines—everybody knows the same information, plays the same music, and enjoys the same jokes.How might you define the phrase the media?选择一项：A. the combination of visual, sound, and printed ways to send ideas around the worldII.Reading Comprehension (5 points)Decide whether the following statements are true or false. Write “T” for True and “F” for False. （1 point each）题目6Many visitors to different countries don’t realize how important it is to understand a country’s culture. Sometimes people learn this lesson by making a big cross-cultural blunder, or embarrassing mistake. In business situations, these blunders can cost a lot of money or end business relationships.6.It is important to understand other people’s cultures before you do business with them.选择一项：B. T题目7For example, one company wanted to sell toothpaste in Southeast Asia. In their advertisements, they claimed that their toothpaste whitens teeth. They didn’t understand that many of the local people chewed betel nuts to make their teeth black, and that these people thought black teeth were attractive.7. The toothpaste company probably kept using the same advertisement in Southeast Asia.选择一项：题目8In an other case, a car company tried to sell a car called “Matador” in a Spanish-speaking country. The company thought that it was a strong name because it means “bullfighter”. In Spanish, matador is indeed a noun meaning “bullfighter”. But it is also an adjective meaning “killing”. Imagine driving around in a car called “Killing”!8. The car company that tried to sell a car to a Spanish-speaking country probably didn’t sell many Matador cars in that country.选择一项：B. T题目9A European businessman had an important meeting with a company in Taiwan. He wanted to bring gifts for the people he was meeting with. He thought that something with his company’s logo on it would be a nice gift. So he bought some very nice pocket knives a nd had his company’s logo printed on them. He didn’t know that giving a knife as a gift symbolizes cutting off a friendship!9. The European businessman probably researches new cultures before he visits them now.选择一项：A. T题目10It’s very easy to make blunders like these people did. But it’s also very easy not to. Before you visit a new country, research that country’s customs and etiquette (social rules for polite behavior). You can find a lot of information online. Just go to a search engine and type in key words like “cross-cultural etiquette” or “cultural information Taiwan”. By spending a few minutes doing research, you can save yourself from a lot of embarrassment and make sure you don’t accidentally offend anyone.10. What you can disagree with people to save yourself from making cross-cultural blunders.选择一项：B. FChapter 7 Exercise（分值7分）I. Reading Comprehension (5 points)Decide whether the following statements are true or false. Write “T” for True and “F” for False on the Answer Sheet. (1 point each)题目1For instance, a doctor doesn’t always have time to thoroughly explain an illness. In these cases, the Internet1. One benefit of using the Internet as a medical resource is it has a lot of information about illnesses and diseases.选择一项：B. T题目2For example, some websites claim that sniffing (smelling) a newspaper can cure nausea (the feeling of being sick to your stomach and wanting to vomit).2. One possible remedy for nausea is drinking a lot of tea.选择一项：B. F题目3Other websites suggest that a person with a cold should keep a piece of raw garlic in his or her mouth all day and bite down on it every few minutes to release the juice. People with smelly feet are told to soak their feet in tea for half an hour.3. The websites remedies might be unpleasant or odd, but they probably will cause harm. And who knows? They might actually be unhelpful.选择一项：A. F题目4An herbal remedy for helping your memory may also be a blood thinner. So if your doctor prescribed (put you on) a blood thinner and you start taking this herb without asking your doctor about it, a simple cut could be deadly; you might not be able to stop bleeding.4. A person who is taking a prescribed drug should probably talk to the doctor before taking an herbal remedy.选择一项：B. T题目5The bottom line is this: be careful when using the Internet as a health resource. Use it to find information that you can discuss with your doctor. But don’t spend a lot of money on “miracle cures”.5. The best way to use the Internet as a medical resource is to read about your illness and discuss what you find out with your doctor.选择一项：II. Vocabulary skills（2 points）Read the paragraph below and fill in each blank with a word from the box. ( 0.4 points each)题目6disease substance classification prevent figureIn a small-town farm market, hundreds of elderly people drink a glass of sour dark cherry juice every day. These happy senior citizens, some of them over the age of 90, claim that the natural fruit juice cures—or at least decreases—the pain of their arthritis, a 6 disease of the joints of the aging body. It’s a folk remedy, not a proven medical therapy. Nevertheless, science is beginning to 7 figure out why sour cherry juice might work to improve the health of patients with arthritis. The secret is in the 8 substance that gives the cherries their dark red color. It belongs to a 9 classification of natural nutrients that color blueberries, strawberries, plums, and other fruits—and vegetables too. Moreover, these coloring substances may help to 10 prevent serious health disorders like heart disease and cancer. In other words, vitamins and fiber ar e not the only reasons to eat fruits and vegetables. “To take advantage of natural whole foods,” advise nutritionists.Chapter 8 Exercise（分值7分）I. Vocabulary Skills（2 points）Complete the following statements by choosing the best from the answers A, B, C, or D. ( 0.4 points each) 题目11.At all hours, the media offer language learners “real-life” audio visual instruction and practice in aural comprehension.选择一项：B. understanding spoken language题目22. High-quality TV programming —a good plan of shows about various fields of study—can increase people’s knowledge and improve their thinking abilities.选择一项：D. choice and organization of shows题目33. Television and video provide almost everyone with good entertainment—a pleasant way to relax and spend free time at home.选择一项：A. amusement or pleasure4. Images of violence on the screen scare people, giving them terrible nightmares when they sleep.选择一项：D. behavior that hurts people题目55. The talk shows of “trash TV” make instant “stars” of real people with strange or immoral ideas, who tell their most personal secrets, shout angrily, and attack one another.选择一项：C. shows without qualityII. Reading Comprehension (5 points)Complete the following sentences by choosing the best from the answers A, B, C, or D. (1 point each)AEveryone makes mistakes, or so the saying goes. But have you ever heard about mistakes in Hollywood? When most people think of Hollywood, they think of blockbusters (very successful movies), high-paid actors, glitz, and glamour. But according to one Website, many Hollywood movies are full of mistakes. Some are technical errors. For instance, in a scene of the science-fiction adventure film The Matrix, when the main character steps out of his car, the viewer can clearly see the camera crew in the car window. In another scene, the same character is typing on his computer, yet the computer screen is blank. Other movie mistakes are historical. For example, the epic Gladiator, an Oscar winner, is known for having lots of historical errors. Throughout the movie, the gladiator Maximus refers to his home in Spain, and the other characters call him "the Spaniard." However, in 180 A.D., when the movie takes place, Spain as a country or even as a concept didn't exist yet. At another point in the movie, Maximus says that his homeland of Spain has "the best horses." But horses weren't brought to the Iberian Peninsula until the invasion of the Moors (North Africans) in 711 A.D, more than 500 years after the movie takes place. The historical drama Titanic, another Oscar winner, also has its share of historical blunders. The Titanic sunk in the year 1912. So why is one of the characters wearing a digital watch? In fact, movie watchers have found over 100 mistakes in The Matrix, Gladiator, and Titanic. Can you think of any errors in your favorite films?BHow susceptible are you to advertising? Has a TV commercial or magazine ad ever made you buy the product that was advertised? If so, perhaps you have been subjected to subliminal advertising. Subliminal advertising is a kind of advertising that appeals to the subconscious. The word "subliminal" comes from the Latin "sub" meaning "lower," "beneath," or "under," and "limen" meaning "threshold," (the level at which something begins to happen). Thus, subliminal advertising stimulates your brain at a level below conscious perception. You。

2020版高考英语精准备考一轮浙江专用版讲义：Book 2 Unit 2 含答案

基础知识默写(学生用书237～238页) 1．ancient adj.古代的；古老的2．compete v i.比赛；竞争competitor n．竞争者competition n．比赛；竞争3．medal n．奖章；勋章；纪念章4．volunteer n．志愿者；志愿兵v t.& v i.自愿voluntary adj.自愿的；志愿的5．admit v t.& v i.容许；承认；接纳admission n．准许进入；承认；入场费6．host v t.做东；主办；招待n．主人7．replace v t.取代；替换；代替8．charge v t.& v i.收费；控诉n．费用；主管9．advertise v t.& v i.做广告；登广告advertisement n．广告advertising n．广告业10．bargain v i.讨价还价；讲条件n．便宜货11．foolish adj.愚蠢的；傻的fool n．傻瓜12．pain n．疼痛；痛苦painful adj.痛苦的13．deserve v i.& v t.应受(报答或惩罚)；值得14．magical adj.巫术的；魔术的；有魔力的magic n．魔法；戏法15．athlete n．运动员；运动选手athletic adj.运动的16．regular adj.规则的；定期的；常规的17．basis n．基础；根据18．slave n．奴隶19．nowadays ad v.现在；现今20．motto n．格言；座右铭；警句21．swift adj.快的；迅速的22．fine v t.罚款23．poster n．海报；招贴24．responsibility n．责任；职责responsible adj.负有责任的；有责任心的25．glory n．光荣；荣誉glorious adj.光荣的26．physical adj.物理的；身体的physics n．物理(学)physician n．医生，医师；内科医生27．take part in参加；参与28．stand for代表；象征；表示29．every four years每四年30．be admitted as...被接纳为……31．play an important role in扮演重要角色；起重要作用32．as well也；又；还33．in charge主管；看管34．make a bargain成交；达成协议35．pick up拾起；搭载；接收36．one after another陆续地；一个接一个地37．apart from除……外38．I lived in what you call “Ancient Greece” and I used to write about the Olympic Games a long time ago.我生活在你们称之为“古希腊”的地方，我过去也经常写有关很久以前奥运会的情况。

竞争的作用英文作文

竞争的作用英文作文英文：Competition plays a significant role in our lives, both personally and professionally. It drives us to improve ourselves, to strive for excellence, and to achieve our goals. In the business world, competition is essential for innovation and progress. It encourages companies to develop new products and services, to improve existing ones, and to find ways to better serve their customers.Competition also helps to keep prices in check and ensures that consumers have a choice. When there are multiple companies offering similar products or services, they must compete on price, quality, and customer service to attract and retain customers. This competition benefits consumers by providing them with more options and better value for their money.On a personal level, competition can be motivating andrewarding. Whether it's in sports, academics, or other pursuits, the desire to win and be the best can push us to work harder and achieve more. However, it's important to remember that competition should not come at the expense of others. We should strive to compete fairly and ethically, respecting our opponents and the rules of the game.In conclusion, competition is an integral part of our lives, driving us to improve and achieve our goals. It encourages innovation, keeps prices in check, and provides consumers with choices. However, we must also remember to compete fairly and ethically, respecting our opponents and the rules of the game.中文：竞争在我们的生活中扮演着重要的角色，无论是个人还是职业方面都是如此。

竞争的重要性作文

竞争的重要性作文英文回答：Competition is a crucial element in the evolution oflife on Earth. It is the driving force behind the development of new adaptations, the survival of the fittest, and the diversification of species. Competition is the struggle between individuals for limited resources such as food, water, shelter, and mates. It can occur between members of the same species or between different species.There are two main types of competition: intraspecific competition and interspecific competition. Intraspecific competition occurs between members of the same species.This can be direct, such as when two animals fight for food, or indirect, such as when two plants compete for sunlight. Interspecific competition occurs between members ofdifferent species. This is often indirect, such as when two species compete for the same habitat.Competition can have both positive and negative effects on a species. On the one hand, competition can help to improve the fitness of a species. By competing with others, individuals are forced to adapt to their environment in order to survive. This can lead to the development of new adaptations that can benefit the entire species. On the other hand, competition can also have negative effects on a species. If competition is too intense, it can lead to the extinction of a species.Despite the potential negative effects, competition is an essential element in the evolution of life on Earth. It is the driving force behind the incredible diversity oflife that we see around us today.中文回答：竞争作为地球生命演化中的一个至关重要的元素，是推动新型适应性发展、优胜劣汰以及物种多样化的驱动力。

国际商法中胁迫的英文版讲解课件

Coercion is a common problem in international commercial transactions
Coercion is a situation in which one party uses its superior position to force another party to act against its will
Regulation and Legislation
02
Enact laws and regulations that clearly define cost and provide for multiple penalties for those found in the city of it
Collaborative Efforts
要点一
要点二
Reduce cross border investment
Coercion may create an environment of uncertainty and security for cross border investment, leading to a decrease in foreign investment and capital flows
The existence of superior and inferior parties
The use of pressure or fear by the superior party against the inferior party
The inferior party's act or decision is taken under pressure

高二英语气候经济学视角单选题20题

高二英语气候经济学视角单选题20题1. The impact of climate change on the economy ______ more and more obvious.A. becomesB. is becomingC. becameD. has become答案：B。

本题考查现在进行时。

A 选项“becomes”是一般现在时，不能体现出逐渐变化的过程；C 选项“became”是一般过去时，不符合当前的情况；D 选项“has become”是现在完成时，强调对现在的影响，没有“正在变得”这层意思；B 选项“is becoming”是现在进行时，能很好地表达“正在变得越来越明显”的意思。

2. The government should take measures to reduce the ______ of greenhouse gases.A. emissionB. emitC. emittedD. emitting答案：A。

本题考查名词。

“emission”是名词，意为“排放”；B 选项“emit”是动词，不符合此处需要名词的要求；C 选项“emitted”是过去分词形式；D 选项“emitting”是现在分词形式。

这里需要名词形式，所以选A。

3. Climate economics ______ a new field that attracts many researchers.A. isB. areC. wasD. were答案：A。

本题考查主谓一致和时态。

“Climate economics”是一个整体概念，谓语动词用单数，排除B 和D。

根据语境，这是一个现在的情况，所以用一般现在时，A 选项“is”符合。

4. The ______ of extreme weather events has a great influence on the economy.A. frequencyB. frequentC. frequentlyD. frequentness答案：A。

竞争能不能让人变得更好英语作文

竞争能不能让人变得更好英语作文Competition is a common phenomenon in various aspects of our daily life. Whether in school, at work, or in sports, people are constantly faced with the pressure to compete with others to achieve success. Some may argue that competition can bring out the best in people, while others may believe that it can have negative effects on a person's well-being. In this essay, we will explore the question of whether competition can make people better.On one hand, competition can be a driving force for individuals to strive for excellence and reach their full potential. When people are competing with others, they are motivated to work harder, be more creative, and overcome obstacles in order to succeed. This sense of competition can lead to a sense of accomplishment and pride when one emerges victorious. For example, in sports, athletes often push themselves to the limit to be the best they can be, leading to increased physical fitness and skill development. In the workplace, competition can also foster innovation and productivity, as employees strive to outperform their peers and rise to the top.Furthermore, competition can also teach valuable life lessons such as perseverance, resilience, and teamwork. Whenfaced with challenges, individuals must learn to adapt, problem solve, and work together with others to achieve a common goal. These skills are essential for success in both personal and professional settings. Additionally, competition can help individuals develop a strong work ethic and sense of discipline, as they learn to manage their time wisely and push themselves beyond their comfort zones.However, it is important to recognize that competition can also have negative consequences on a person's mental and emotional well-being. Excessive competition can lead to stress, anxiety, and burnout, as individuals feel constant pressure to perform at their best. This can have detrimental effects on one's physical health and overall quality of life. Moreover, competition can also breed jealousy, resentment, and a sense of inadequacy among individuals who may feel like they are constantly falling short in comparison to their peers.In conclusion, competition can have both positive and negative effects on an individual's development. While it can be a powerful motivator for personal growth and success, it is crucial for individuals to maintain a healthy balance and perspective when engaging in competitive activities. By focusing on personal growth, learning from failures, and supportingothers in their pursuits, competition can indeed make people better in the long run. Ultimately, it is up to each individual to harness the positive aspects of competition and strive for improvement in a way that is both empowering and fulfilling.。

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The Effect of Competition on the Efﬁcient–ResponsiveChoiceTong WangDecision Sciences,National University of Singapore,Singapore119245,Singapore,tong.wang@.sgDouglas J.ThomasSmeal College of Business,Pennsylvania State University,University Park,Pennsylvannia16802,USA,dthomas@Nils RudiTechnology and Operations Management,INSEAD,Singapore138676,Singapore,nils.rudi@I n determining their operations strategy,aﬁrm chooses whether to be responsive or efﬁcient.Forﬁrms competing in amarket with uncertain demand and varying intensity of substitutability for the competitor’s product,we characterize the responsive or efﬁcient choice in equilibrium.To focusﬁrst on the competitive implications,we study a model where a ﬁrm can choose to be responsive at no additionalﬁxed or marginal cost.Weﬁnd that competingﬁrms will choose the same conﬁguration(responsive or efﬁcient),and responsiveness tends to be favorable when demand uncertainty is high or when product competition is not too strong.Intense competition can driveﬁrms to choose to be efﬁcient rather than responsive even when there is no additional cost of being responsive.In such a case,bothﬁrms would be better off by choosing to be responsive but cannot credibly commit.We extend the basic model to study the impact of endogenized production timing,multiple productions and product holdback(or,equivalently,postponed production).For all these set-tings,weﬁnd structurally similar results;ﬁrms choose the same conﬁguration,and theﬁrms may miss Pareto-improve-ments.Furthermore,through extensions to the basic model,weﬁnd that greater operationalﬂexibility can make responsiveness look less attractive in the presence of product competition.In contrast to our basic model and other exten-sions,weﬁnd it is possible for oneﬁrm to be responsive while the other is efﬁcient when there is either aﬁxed cost or variable cost premium associated with responsive delivery.Key words:efﬁcient–responsive;quick response;competitionHistory:Received:July2012;Accepted:April2013by Jay Swaminathan,after4revisions.1.IntroductionQuick response,the ability of aﬁrm to rapidly respond to demand requests,has been proposed as a business strategy to mitigate the costs of supply–demand mismatch due to volatile market conditions. Fisher et al.(1997)discuss a variety of levers aﬁrm can employ to increase its ability to respond to demand and supply variability.The essential idea is to increase responsiveness such thatﬁrms can post-pone operational commitments until more demand information can be obtained.The decision of whether or when to adopt responsiveness has received and continues to receive widespread attention in the oper-ations management literature.In much of this work, there underlies a common wisdom that,all else equal, responsiveness is beneﬁcial,as it provides extraﬂexi-bility forﬁrms to respond to market changes.Thus, the traditional framework of analyzing the decisionfalls into some form of cost–beneﬁt analysis:the cost of responsiveness in terms of increased investment in capacity or infrastructure and possibly higher operat-ing costs vs.the beneﬁt of responsiveness in terms of the improved matching of supply and demand that can occur due to the information gained through delayed commitment.In this study we analyze,from a strategic perspec-tive,the decision of whether to be responsive or not in the presence of market competition(see Figure1for a visual illustration).Our main focus is on the interac-tion between information and competition(the dark-ened arrow in Figure1),although we address cost interactions in extensions to the basic model.The main question we address is how competition affects aﬁrms’choice between efﬁcient and responsive pro-duction.Motivated by the setting whereﬁrms pro-duce branded products that compete in the same market,we model competition with partial product 829Vol.23,No.5,May2014,pp.829–846DOI10.1111/poms.12093 ISSN1059-1478|EISSN1937-5956|14|2305|0829©2013Production and Operations Management Societysubstitution.This allows us to explore how the inten-sity of product competition affects the efﬁcient–responsive choice.Weﬁrst construct a basic game-theoretic model where twoﬁrms produce partially substitutable prod-ucts and compete in a market with a short selling season and uncertain demand conditions.Before demand conditions are realized,there are two periods in which theﬁrms may produce.An efﬁcientﬁrm has to produce in theﬁrst period due to its longer pro-duction lead time,while a responsiveﬁrm delays the production to the second period.New information about market demand becomes available after the ﬁrst period,so it is only useful toﬁrms that are responsive.In our model,ﬁrmsﬁrst decide whether to be efﬁcient or responsive(the strategic stage)and then choose production quantities in the correspond-ing period(the tactical stage).A responsiveﬁrm faces less uncertainty and is able to obtain extra value of information,while an efﬁcientﬁrm enjoys the value of commitment due to movingﬁrst.The decision of whether to be responsive or efﬁcient is thus deter-mined by trading off the value of information and the value of commitment.In our basic model,weﬁnd that when there is no cost premium associated with responsiveness,being efﬁcient can be a dominant strategy even though prof-its for bothﬁrms are higher under responsiveness. This is the case when market uncertainty is not too large while market competitiveness is high.On the other extreme,when uncertainty is high but competi-tiveness is low,being responsive becomes the domi-nant strategy.There exists a third case in between whenﬁrms prefer choosing the same strategy:both being responsive and both being efﬁcient are the two Nash equilibria.In constructing the basic model,we make a set of assumptions in order to highlight the key result parsi-moniously.To test the robustness of theﬁndings,we relax these assumptions in the latter part of the study by considering an endogenized timing game where ﬁrms freely choose their lead time,a multi-production model that allows a responsiveﬁrm to produce in mul-tiple batches in both periods,a holdback model that allowsﬁrms to withhold previously committed quan-tity in the selling season,and a model where respon-siveness comes at a cost.The qualitative structure of the above result remains the same except that when there is cost difference between efﬁcient and respon-sive production.More importantly,by comparing the extensions with the basic model,weﬁnd two rather counter-intuitive results:allowing the responsive ﬁrms to produce in both periods reduces the attractive-ness of responsiveness,and allowing the efﬁcientﬁrm to withhold committed quantity reduces the attractive-ness of being efﬁcient.This suggests that extra opera-tionalﬂexibility can actually harm theﬁrms in such a commitment game.We discuss the managerial impli-cations of theseﬁndings at the end of this study.The study is organized as follows.We brieﬂy review related literature in section2.In section3,we develop the basic model and analyze the solutions in detail.Extensions to the basic model are discussed in section4.Section5concludes the study with discus-sions on the managerial implications.Proofs and deri-vations for the basic model are in the Appendix. Proofs related to model extensions are available in the supporting information.Code for all numerical experiments is available at https:///tong-wang/Efﬁcient-Responsive.2.Literature ReviewOur work is related to three streams of research.In the operations management literature,Fisher and Raman(1996)and Iyer and Bergen(1997)are among theﬁrst works to investigate the impact of adopting a quick response strategy.Based in part on this work, Fisher(1997)presents a framework for matching demand-related product characteristics(functional or innovative,in terms of level of demand uncertainty, customer service expectations,relative importance of cost efﬁciency,etc.)with responsive or efﬁcient sup-ply chains.Lee(2002)extends this framework by con-sidering how characteristics of the supply process (stable or evolving)affect the efﬁcient–responsive choice.Randall and Ulrich(2001)and Randall et al. (2003)investigate the efﬁcient–responsive choice empirically,providing some evidence that correctly matching product characteristics with responsive or efﬁcient supply chains leads to improvedﬁrm performance.Ray et al.(2005)develop a model thatWang,Thomas,and Rudi:Efﬁcient–Responsive Choice 830Production and Operations Management23(5),pp.829–846,©2013Production and Operations Management Societyfurther incorporates high and low price sensitivity with supply chain choice.Wang et al.(2012a)analyze how to optimally design a portfolio of efﬁcient and responsive suppliers and how to order from these suppliers dynamically as more information is observed.These studies emphasize the trade-off between value of information and cost of responsive-ness,while we investigate how competition affects the efﬁcient–responsive choice.The second stream is the Industrial Organization literature(Vives2000,section7),particularly the com-mitment models.Saloner(1987)studies a Cournot model with two production periods and shows there is a continuum of subgame perfect Nash equilibria including the Stackelberg outcome.Pal(1991)intro-duces cost differentials andﬁnds leader–follower equilibria when cost decreases over time.Maggi (1996)incorporates uncertainty into Saloner’s model and identiﬁes asymmetric leader–follower equilibria. This stream of research emphasizes the special struc-tures of the equilibrium outcome.Built on these mod-els,our research focuses on the strategic implications of being efﬁcient or responsive.The third stream,emerging more recently,consid-ers the effect of competition on strategic choices in operations management contexts.Van Mieghem and Dada(1999)show how competition affectsﬁrms’choices of price and production postponement. Cachon and K€o k(2010)investigate the impact of manufacturer competition on coordinating contracts offered to a common retailer,while Zhao(2008)inves-tigates how competition affects coordinating contracts when a single manufacturer sells to competing retail-ers.Caro and de Albeniz(2010)also study the impact of retail competition and adoption of quick response. In their setting,retailers see unmet demand from their competitors.Krishnan et al.(2010)analyze competing suppliers’incentives to reduce lead time when a com-mon retailer can control sales effort on their products. Anand and Girotra(2007)study the effect of competi-tion on aﬁrm’s decision to delay product differentia-tion,and Goyal and Netessine(2007)on production ﬂexibility.Wang et al.(2012b)study inventory com-petition between an original equipment manufacturer (OEM)and a supplier who can also compete in the market.Their work provides insights regarding how this particular kind of competition affects trade between the OEM and its supplier,including the impact on transfer pricing.Lin and Parlakt€u rk(2012)and Wu and Zhang (2013)both study settings whereﬁrms engage in inventory competition and must choose whether or not to adopt responsive sourcing.In Wu and Zhang (2013),motivated by the offshoring vs.domestic pro-duction setting,ﬁrms choose to be either efﬁcient or responsive and have just one ordering opportunity.In addition,they investigate the impact of whether or not aﬁrm would choose to acquire updated demand information if it were costly to do so.Lin and Par-lakt€u rk(2012)investigate how a manufacturer selling the same product to two retail competitors would offer and price a quick response option.In their set-ting,the products are homogenous and thus pure substitutes.Some keyﬁndings are that(i)the manufacturer may beneﬁt from offeringquick response to only one of their two retail-ers,(ii)the retailer who is offered quick response may be worse off,and(iii)neither of these results hold in the monopoly setting.That is,retail competition may discourage the man-ufacturer from making quick response broadly avail-able.Similar to these works,we are interested in how competition affects a manufacturer’s choice to offer responsiveness.In contrast to both Lin and Parlakt€u rk (2012)and Wu and Zhang(2013),however,we model the efﬁcient–responsive choice for competingﬁrms selling differentiated products that may not be pure substitutes.As our results indicate,the intensity of product competition relative to the demand variabil-ity drives the efﬁcient–responsive choice in this set-ting.Moreover,we extend the basic model to provide unique features such as a production timing game with continuous strategy space,multiple production opportunities,and an explicit analysis of product holdback.3.The Basic ModelIn this section,we construct a basic model to capture the trade-off between value of information(VOI)and value of commitment(VOC)and derive the main insights analytically.3.1.Model Settings3.1.1.Market Structure.There are two risk-neu-tralﬁrms(1and2)supplying(partially)substitutable products to a market and competing in quantity.The aggregated response of the market is obtained by considering the optimal consumption made by a rep-resentative consumer with quadratic utility(Vives 2000,section6.1):Uðq1;q2Þ¼nðq1þq2ÞÀ12ðaq21þ2bq1q2þaq22Þ;ð1Þwhereξis a random number representing the over-all uncertainty in the market,q i is the quantity sup-plied to the market byﬁrm i,a is normalized to1, without loss of generality,and0≤b≤1capturesWang,Thomas,and Rudi:Efﬁcient–Responsive ChoiceProduction and Operations Management23(5),pp.829–846,©2013Production and Operations Management Society831the substitutability between the two products(when b=0the two products are mutually independent; when b=1they are perfect substitutes).We assume the two products are subject to the same market uncertainty and price sensitivity both ex ante and ex post.This allows us to model the continuous change from perfect substitutable products to mutually independent products and a continuous change in the market uncertainty,focusing on how these factors affect the efﬁcient–responsive choice.The representative consumer maximizes her surplus,CS¼Uðq1;q2ÞÀp1q1Àp2q2;ð2Þand this leads to the inverse demand function faced by the twoﬁrms,which is standard in the econom-ics and marketing literature(Christen et al.2009, McGuire and Staelin1983,to name a few):p i¼nÀq iÀbq j;i;j2f1;2g;i¼j:ð3ÞLater,following Singh and Vives(1984),we use Equation(2)to calculate the impact ofﬁrms’decisions on consumer and total surplus.rmation Structure.The time horizon is assumed to be a continuum[0,1],where time0is the earliest epoch a quantity decision can be made and time1is when demand is realized and the market clears.At time0,the market conditionξis unknown. We model it as a continuous random variable with p.d.f.f(ξ)and c.d.f.F(ξ)deﬁned on a non-negative support.The mean and variance ofξare given by l and r2,respectively.For the basic model,we make no assumption on how the knowledge aboutξevolves over the horizon;all that we need to assume is that at time1,the realization of theξcan be observed,and the uncertainty in the market is com-pletely resolved.3.1.3.Operational Strategies.Theﬁrms play a two-stage game.Theﬁrst stage is the strategic choice of the production technologies.There are two technol-ogies available:aﬁrm can be either efﬁcient(E)or responsive(R).The decisions are made at the very beginning before any information is observed.The second stage is the tactical decision of how much to produce.Theﬁrms decide their production quantity q i!0some time before the market starts,and a unit cost c(we assume c<l to avoid trivial cases)is incurred.The actual timing of the quantity decisions is determined by the production technology adopted. Efﬁcient production requires longer lead time,so the quantity decisions need to be made earlier.A respon-siveﬁrm can produce with a shorter lead time and therefore is able to delay the quantity decision and acquire additional information about the market conditionξ.The exact timing of quantity decisions is speciﬁed later in each of the scenarios.The strategy adopted may also affect theﬁrms’production cost. All the parameters and actions made in earlier stages are public information to both players.3.1.4.Assumptions.The following assumptionsare made in the basic model.A SSUMPTION1(0–1L EAD T IME).A responsiveﬁrm can produce with zero lead time and therefore is able to delaythe quantity decision until time1when the realization ofmarket conditionξis observed and all the uncertainty is resolved.The lead time of an efﬁcientﬁrm is1,so theproduction quantity has to be determined at time0under uncertainty.A SSUMPTION2(O NE-S HOT P RODUCTION).Both types of ﬁrms delay the quantity commitment as much as possible and produce only once at the latest possible time(deter-mined by the lead time associated with the strategy adopted).A SSUMPTION3(N O H OLDBACK).All products produced are released to the market.A SSUMPTION4(N O C OST D IFFERENCE).Responsiveness comes at no extraﬁxed or marginal cost.We start with these assumptions in order to keep the model parsimonious and focus on the key trade-off.For example,the assumption of costless respon-siveness helps us focus on the interaction between VOI and VOC and avoid the distortion from the third effect of cost disadvantage.Nevertheless,in the next section,we relax these assumptions by considering production timing,multiple productions,product holdback,and production cost differences and justify the robustness of the results obtained from the basic model.3.2.Tactical Decisions:Production QuantitiesWe focus on Markov Perfect Equilibria and solve the game by backward induction.Weﬁrst study optimal production quantities for bothﬁrms,assuming their production strategies have been determined.There are three scenarios to be considered:(i)both are efﬁcient(E–E);(ii)both are responsive(R–R);and(iii)one is efﬁcient and the other is responsive (E–R).Figure2graphically depicts these scenarios.When the twoﬁrms choose the same strategy,the problem is in the form of simultaneous Cournot quantity Wang,Thomas,and Rudi:Efﬁcient–Responsive Choice832Production and Operations Management23(5),pp.829–846,©2013Production and Operations Management Societycompetition (with or without uncertainty).When they choose different strategies,the problem becomes a Stackelberg-type game where the efﬁcient ﬁrm is the Stackelberg leader,deciding quantity ﬁrst;the respon-sive ﬁrm is the second-mover but enjoys the beneﬁt of superior information.3.2.1.Scenario I:E –E .The ﬁrms simultaneously make the quantity decisions at time 0.For ﬁrm i ,p i ðq i ;q j Þ¼E ½ðp i ðq i ;q j ;n ÞÀc Þq i¼ðl Àq i Àbq j Àc Þq i ;i ;j 2f 1;2g ;i ¼j :ð4ÞAs the uncertainty does not affect the expected proﬁt,we have the standard Cournot best responseq i ðq j Þ¼ðl Àc Àbq j Þþ2;ð5Þresulting in a unique and symmetric Nash equilib-riumq 1¼q 2¼q E j E ¼l Àc2þb:ð6ÞHere and hereafter,we use superscript S 1j S 2,S 1;S 22f E ;R g ;to denote the outcome of a ﬁrm choosing strategy S 1given the other ﬁrm chooses S 2,and superscript S 1ÀS 2for the outcome of the scenario with one ﬁrm being S 1and the other being S 2.At this equilibrium,the expected proﬁt of each ﬁrm,the expected consumer surplus,and total surplus are given bypE j E¼l Àc 2þb 2;CSE ÀE¼ð1þb ÞpE j E;TSE ÀE¼ð3þb ÞpE j E:ð7Þ3.2.2.Scenario II:R –R .Both ﬁrms ﬁrst observe ξand then decide their quantities simultaneously at time 1.The proﬁt,for a given ξ,isp i ðq i ;q j ;n Þ¼ðn Àq i Àbq j Àc Þq i ;i ;j 2f 1;2g ;i ¼j ;ð8Þso the best response isq i ðq j ;n Þ¼ðn Àc Àbq j Þþ2:ð9ÞThe unique Nash equilibrium is thenq 1ðn Þ¼q 2ðn Þ¼qR j Rðn Þ¼ðn Àc Þþ2þb:At time 0(before observing ξ),the expected output quantity by each ﬁrm isq R j R ¼E ðn Àc Þþ2þb !;ð10Þand the expected proﬁt isp R j R ¼Eðn Àc Þþ2þb2"#:ð11ÞThe expected consumer surplus and total surplus are ð1þb Þp R j R and ð3þb Þp R j R ,respectively.3.2.3.Scenario III:E –R .Suppose ﬁrm 1is efﬁ-cient and ﬁrm 2is responsive.Now we have a Stackel-berg setting where ﬁrm 1ﬁrst decides quantity q 1at time 0,then ﬁrm 2makes its quantity decision at time 1after observing q 1and the market condition ξ.At time 1,ﬁrm 2solves a deterministic problemp 2ðq 1;q 2;n Þ¼ðn Àq 2Àbq 1Àc Þq 2;ð12Þand producesq 2ðq 1;n Þ¼ðn Àc Àbq 1Þþ2:ð13ÞFirm 1makes the quantity decision,anticipating ﬁrm 2’s response.The expected price of product 1forWang,Thomas,and Rudi:Efﬁcient –Responsive ChoiceProduction and Operations Management 23(5),pp.829–846,©2013Production and Operations Management Society833given q 1and ξisp 1ðq 1;q 2ðq 1;n Þ;n Þ¼n Àq 1Àbðn Àc Àbq 1Þþ2:ð14ÞTaking expectation with regard to ξ,we have the expected price as a function of q 1:p 1ðq 1Þ¼E ½p 1ðq 1;q 2ðq 1;n Þ;n Þ¼Z bq 1þcðn Àq 1ÞdF ðn Þþ12Z 1bq 1þcð2Àb Þn Àð2Àb 2Þq 1þbc ÂÃdF ðn Þ:Firm 1maximizesp 1ðq 1Þ¼E ðp 1ðq 1;q 2ðq 1;n Þ;n ÞÀc Þq 1½ ;ð15Þwhich is concave.The optimal q 1satisﬁes the following ﬁrst-order conditionZ bq 1þcb 2n Àc À2bq 1½ dF ðn Þþ2Àb2ðl Àc ÞÀð2Àb 2Þq 1¼0:ð16ÞThe ﬁrst-order derivative is decreasing in q 1,goesto ∞as q 1!À1,and goes to À∞as q 1!1.So,the optimal q 1exists and is unique.Also,it is straightfor-ward to show that the optimal q 1is bounded above by 2Àb =½2ð2Àb 2Þ ðl Àc Þ,which is the Stackelberg quantity without uncertainty.Let q E j R denote the quantity that satisﬁes the above ﬁrst-order condition (16).Once it is obtained,we can ﬁnd numerically the quantity for the responsive ﬁrm q R j E by Equation (13),the expected proﬁts p E j R by Equation (15)and p R j E by Equation (12),and also the consumer surplus CS E ÀR and total surplus TS E ÀR .3.3.Strategic Decisions:Efﬁcient or Responsive At the strategic level,the ﬁrms decide whether to be efﬁcient or responsive based on the optimal expected proﬁts obtained from the tactical subgames p E j E ,p R j R ,p E j R ,and p R j E .As we do not have explicit analytical expressions for the proﬁts in the E –R scenario,it is difﬁcult to ana-lyze the strategic decisions by directly comparing these proﬁts.In the following,we ﬁrst consider the situation where the uncertainty is sufﬁciently small to allow explicit analytic solutions to be obtained.We then investigate the more general setting numerically.3.3.1.Bounded Uncertainty.We adopt a tradi-tional approach (Van Mieghem and Dada 1999,p.1638)by assuming the uncertainty is bounded such that the probability that the realized market price is less than the marginal cost is negligible.As a result,it is always proﬁtable for the second-mover to enter the market and produce a positive quantity.This assump-tion helps avoid the kink in the response functions (eliminate the þin Equations (10),(11),(13),(14),and the integral term in Equation (16))and obtain analytic solutions.The results are listed in Table 1,and detailed deri-vations are delegated to the Appendix.We now deﬁne the following measures for the value of information and the value of commitment and will show later that the ﬁrms’strategic choices only depend on the relative magnitude of these mea-sures.D EFINITION 1.VOI :¼r 2is a measure of the value of the additional information acquired if a ﬁrm chooses to be responsive instead of efﬁcient.D EFINITION 2.VOCE :¼b 3ð16À8b 2Àb 3Þ4ð2Àb 2Þ2ð2þb Þ2ðl Àc Þ2is a mea-sure of the value of early commitment if the other ﬁrm is efﬁcient.D EFINITION 3.VOC R :¼½b 4=8ð2Àb 2Þ ðl Àc Þ2is a measure of the value of early commitment if the other ﬁrm is responsive.With these deﬁnitions and the proﬁt expressions from Table 1,we can write the net change in proﬁt due to switching from efﬁcient to responsive (depending on the other ﬁrm’s choice)asp R j E Àp E j E ¼14½VOI ÀVOC E ;ð17Þp R j R Àp E j R ¼1ð2þb Þ½VOI ÀVOC R :ð18ÞL EMMA 1.For 0≤b ≤1,the following properties hold:(i)VOC R !0and VOC E !0;(ii)VOC R and VOC E are increasing in b;(iii)VOC R VOC E .This leads to the following proposition.Table 1Game Output with Bounded UncertaintyI:E –EII:R –RIII:E –RERExpected quantity (q )l Àc l Àc ð2Àb Þðl Àc Þ2ð2Àb 2Þð4À2b Àb 2Þðl Àc ÞÞExpected proﬁt (p )ðl Àc Þ2ð2þb Þ2ðl Àc Þ2þr 2ð2þb Þ2ð2Àb Þ2ðl Àc Þ28ð2Àb 2Þð4À2b Àb 2Þ2ðl Àc Þ216ð2Àb 2Þþr 2Wang,Thomas,and Rudi:Efﬁcient –Responsive Choice834Production and Operations Management 23(5),pp.829–846,©2013Production and Operations Management SocietyP ROPOSITION 1.At the strategic stage the game can have the following possible outcomes:(i)R is a dominant strategy if VOI [VOC E ;(ii)E is a dominant strategy if VOI \VOC R ;(iii)E –E and R –R are the two Nash equilibria ifVOC R VOI VOC E .The asymmetric equilibrium E –R is not possible,as VOC R VOC E .What drives different game outcomes here is the relative difference between the value of information from delayed commitment as a function of r 2and the value of commitment as a function of the product sub-stitutability b .Figure 3plots the ﬁrms’strategic choices on the two-dimensional b Àr 2plane.In this and similar ﬁgures later in the study,we ﬁx l =10,c =1.The two curves VOC E and VOC R partition the plane into three parts,corresponding to the three outcomes,respectively.In the upper-left region,the uncertainty effect (VOI )dominates the strategic effect (VOC R and VOC E ).Both ﬁrms choose to be responsive in equilibrium,which is consistent with the conventional wisdom.In the lower-right region,we have the E –E outcome.It suggests that,even if responsiveness is free,there can be cases where the value of information gained is dominated by the value of commitment lost (VOI \VOC R suggests VOI \VOC E by Lemma 1).Note that this is for purely competitive reasons that ﬁrms might prefer not to be responsive.When there is no competition,b =0,and there is no cost premium for providingresponsiveness,both manufacturers choose respon-siveness.Moreover,as we can see from Table 1,p E j E p R j R ,which means that although E turns out to be a dominant strategy,R –R is a Pareto-improv-ing outcome compared to E –E .This replicates the classic prisoner’s dilemma.The third case gives us two Nash equilibria,R –R and E –E .The two ﬁrms prefer to adopt the same strategy;no one has incen-tive to deviate unilaterally.The fact that VOC R VOC E indicates that the strategic value of early commitment is greater when the other ﬁrm is also committing early.As we see in Equation (17),a ﬁrm is willing to move from efﬁ-cient to responsive when the other ﬁrm is efﬁcient if and only if VOI !VOC E .The resultant asymmetric (E –R )situation cannot be sustained because in this case,VOI !VOC E !VOC R ,which implies Equation (18)must also be positive.This means if it is valu-able for the ﬁrst of two efﬁcient ﬁrms to deviate and become responsive,it must be the case that the second ﬁrm wants to follow,leading to the R –R equilibrium.Next,we examine how different market conditions affect the efﬁcient –responsive choice.C OROLLARY 1.Responsiveness is more appealing(i)when more uncertainty can be resolved (larger r 2);(ii)when market size l is smaller;(iii)when product substitutability b is lower.Existing research suggests that responsiveness is most beneﬁcial when the market demand is highly uncertain and when the market competition is intense (Gerwin 1993,Wharton and White 1988).The ﬁrst half is conﬁrmed in our analysis,while the second half deserves more discussion.If the degree of competi-tion is measured by the market potential l ,what we observe is consistent with the traditional wisdom:responsiveness is more appealing when market size is smaller.However,product substitutability b is argu-ably a better measure of competition.We ﬁnd that contrary to the traditional wisdom,a higher b reduces ﬁrms’incentive to be responsive because it increases the value of commitment.When the products are mutually independent (no competition),the ﬁrms will always choose to be responsive.On the other extreme,when the two products are perfect substitutes (b =1),the intense market competition makes the value of commitment strongest,discouraging ﬁrms from adopting responsiveness.This is in a sense comple-mentary to the Fisher (1997)framework in that we might expect a more innovative product to be subject to not only higher demand uncertainty but also less competition (lower b ),and therefore be a better match with a responsive strategy.Wang,Thomas,and Rudi:Efﬁcient –Responsive ChoiceProduction and Operations Management 23(5),pp.829–846,©2013Production and Operations Management Society835。