KeithThomas-by Alan Macfarlane

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nominal rigidities and the dynamic effects of a shock to monetary policy

nominal rigidities and the dynamic effects of a shock to monetary policy

Nominal Rigidities and the Dynamic Effects of a Shockto Monetary Policy∗Lawrence J.Christiano†Martin Eichenbaum‡Charles L.Evans§August27,2003AbstractWe present a model embodying moderate amounts of nominal rigidities that ac-counts for the observed inertia in inflation and persistence in output.The key featuresof our model are those that prevent a sharp rise in marginal costs after an expansion-ary shock to monetary policy.Of these features,the most important are staggeredwage contracts which have an average duration of three quarters,and variable capitalutilization.JEL:E3,E4,E5∗Thefirst two authors are grateful for thefinancial support of a National Science Foundation grant to the National Bureau of Economic Research.We would like to acknowledge helpful comments from Lars Hansen and Mark Watson.We particularly want to thank Levon Barseghyan for his superb research assistance,as well as his insightful comments on various drafts of the paper.This paper does not necessarily reflect the views of the Federal Reserve Bank of Chicago or the Federal Reserve System.†Northwestern University,National Bureau of Economic Research,and Federal Reserve Banks of Chicago and Cleveland.‡Northwestern University,National Bureau of Economic Research,and Federal Reserve Bank of Chicago.§Federal Reserve Bank of Chicago.1.IntroductionThis paper seeks to understand the observed inertial behavior of inflation and persistence in aggregate quantities.To this end,we formulate and estimate a dynamic,general equilibrium model that incorporates staggered wage and price contracts.We use our model to investigate what mix of frictions can account for the evidence of inertia and persistence.For this exercise to be well defined,we must characterize inertia and persistence precisely.We do so using estimates of the dynamic response of inflation and aggregate variables to a monetary policy shock.With this characterization,the question that we ask reduces to:‘Can models with moderate degrees of nominal rigidities generate inertial inflation and persistent output movements in response to a monetary policy shock?’1Our answer to this question is,‘yes’.The model that we construct has two key features.First,it embeds Calvo style nominal price and wage contracts.Second,the real side of the model incorporates four departures from the standard textbook one sector dynamic stochastic growth model.These depar-tures are motivated by recent research on the determinants of consumption,asset prices, investment and productivity.The specific departures that we include are habit formation in preferences for consumption,adjustment costs in investment and variable capital utilization. In addition,we assume thatfirms must borrow working capital tofinance their wage bill.Our keyfindings are as follows.First,the average duration of price and wage contracts in the estimated model is roughly2and3quarters,respectively.Despite the modest nature of these nominal rigidities,the model does a very good job of accounting quantitatively for the estimated response of the US economy to a policy shock.In addition to reproducing the dynamic response of inflation and output,the model also accounts for the delayed,hump-shaped response in consumption,investment,profits,productivity and the weak response of the real wage.2Second,the critical nominal friction in our model is wage contracts,not price contracts.A version of the model with only nominal wage rigidities does almost as well as the estimated model.In contrast,with only nominal price rigidities,the model performs very poorly.Consistent with existing results in the literature,this version of the model cannot generate persistent movements in output unless we assume price contracts of extremely long duration.The model with only nominal wage rigidities does not have this problem.Third,we document how inference about nominal rigidities varies across different spec-ifications of the real side of our model.3Estimated versions of the model that do not in-1This question that is the focus of a large and growing literature.See,for example,Chari,Kehoe and McGrattan(2000),Mankiw(2001),Rotemberg and Woodford(1999)and the references therein.2In related work,Sbordone(2000)argues that,taking as given aggregate real variables,a model with staggered wages and prices does well at accounting for the time series properties of wages and prices.See also Ambler,Guay and Phaneuf(1999)and Huang and Liu(2002)for interesting work on the role of wage contracts.3For early discussions about the impact of real frictions on the effects of nominal rigidities,see Blanchardcorporate our departures from the standard growth model imply implausibly long price and wage contracts.Fourth,wefind that if one only wants to generate inertia in inflation and persistence in output with moderate wage and price stickiness,then it is crucial to allow for variable capital utilization.To understand why this feature is so important,note that in our modelfirms set prices as a markup over marginal costs.The major components of marginal costs are wages and the rental rate of capital.By allowing the services of capital to increase after a positive monetary policy shock,variable capital utilization helps dampen the large rise in the rental rate of capital that would otherwise occur.This in turn dampens the rise in marginal costs and,hence,prices.The resulting inertia in inflation implies that the rise in nominal spending that occurs after a positive monetary policy shock produces a persistent rise in real output.Similar intuition explains why sticky wages play a critical role in allowing our model to explain inflation inertia and output persistence.It also explains why our assumption about working capital plays a useful role:other things equal,a decline in the interest rate lowers marginal cost.Fifth,although investment adjustment costs and habit formation do not play a central role with respect to inflation inertia and output persistence,they do play a critical role in accounting for the dynamics of other variables.Sixth,the major role played by the working capital channel is to reduce the model’s reliance on sticky prices.Specifically,if we estimate a version of the model that does not allow for this channel,the average duration of price contracts increases dramatically.Finally,wefind that our model embodies strong internal propagation mechanisms.The impact of a monetary policy shock on aggregate activity continues to grow and persist even beyond the time when the typical contract in place at the time of the shock is reoptimized.In addition,the effects persist well beyond the effects of the shock on the interest rate and the growth rate of money.We pursue a particular limited information econometric strategy to estimate and evaluate our model.To implement this strategy wefirst estimate the impulse response of eight key macroeconomic variables to a monetary policy shock using an identified vector autoregres-sion(V AR).We then choose six model parameters to minimize the difference between the estimated impulse response functions and the analogous objects in our model.4 The remainder of this paper is organized as follows.In section2we briefly describe our estimates of how the U.S.economy responds to a monetary policy shock.Section3 displays our economic model.In Section4we discuss our econometric methodology.Our empirical results are reported in Section5and analyzed in Section6.Concluding commentsand Fisher(1989),Ball and Romer(1990)and Romer(1996).For more recent quantitative discussions, see Chari,Kehoe and McGrattan(2000),Edge(2000),Fuhrer(2000),Kiley(1997),McCallum and Nelson (1998)and Sims(1998).4Christiano,Eichenbaum and Evans(1998),Edge(2000)and Rotemberg and Woodford(1997)have also applied this strategy in the context of monetary policy shocks.are contained in Section7.2.The Consequences of a Monetary Policy ShockThis section begins by describing how we estimate a monetary policy shock.We then re-port estimates of how major macroeconomic variables respond to a monetary policy shock. Finally,we report the fraction of the variance in these variables that is accounted for by monetary policy shocks.The starting point of our analysis is the following characterization of monetary policy:R t=f(Ωt)+εt.(2.1)Here,R t is the Federal Funds rate,f is a linear function,Ωt is an information set,andεt is the monetary policy shock.We assume that the Fed allows money growth to be whatever is necessary to guarantee that(2.1)holds.Our basic identifying assumption is thatεt is orthogonal to the elements inΩt.Below,we describe the variables inΩt and elaborate on the interpretation of this orthogonality assumption.We now discuss how we estimate the dynamic response of key macroecomomic variables to a monetary policy shock.Let Y t denote the vector of variables included in the analysis. We partition Y t as follows:Y t=[Y1t,R t,Y2t]0.The vector Y1t is composed of the variables whose time t elements are contained inΩt,and are assumed not to respond contemporaneously to a monetary policy shock.The vector Y2t consists of the time t values of all the other variables inΩt.The variables in Y1t are real GDP, real consumption,the GDP deflator,real investment,the real wage,and labor productivity. The variables in Y2t are real profits and the growth rate of M2.All these variables,except money growth,have been logged.We measure the interest rate,R t,using the Federal Funds rate.The data sources are in an appendix,available from the authors.With one exception(the growth rate of money)all the variables in Y t are include in levels.Altig,Christiano,Eichenbaum and Linde(2003)adopt an alternative specification of Y t,in which cointegrating relationships among the variables are imposed.For example,the growth rate of GDP and the log difference between labor productivity and the real wage are included.The key properties of the impulse responses to a monetary policy shock are insensitive to this alternative specification.The ordering of the variables in Y t embodies two key identifying assumptions.First,the variables in Y1t do not respond contemporaneously to a monetary policy shock.Second,the time t information set of the monetary authority consists of current and lagged values of the variables in Y1t and only past values of the variables in Y2t.Our decision to include all variables,except for the growth rate of M2and real profits in Y1t,reflects a long-standing view that macroeconomic variables do not respond instanta-neously to policy shocks(see Friedman(1968)).We refer the reader to Christiano,Eichen-baum and Evans(1999)for a discussion of sensitivity of inference to alternative assumptions about the variables included in Y1t.While our assumptions are certainly debatable,the anal-ysis is internally consistent in the sense that we make the same assumptions in our economic model.To maintain consistency with the model,we place profits and the growth rate of money in Y2t.The V AR contains4lags of each variable and the sample period is1965Q3-1995Q3.5 Ignoring the constant term,the V AR can be written as follows:Y t=A1Y t−1+...+A4Y t−4+Cηt,(2.2)where C is a9×9lower triangular matrix with diagonal terms equal to unity,andηt is a9−dimensional vector of zero-mean,serially uncorrelated shocks with diagonal variance-covariance matrix.Since there are six variables in Y1t,the monetary policy shock,εt,is the7th element ofηt.A positive shock toεt corresponds to a contractionary monetary policy shock. We estimate the parameters-A i,i=1,...,4,C,and the variances of the elements ofηt-using standard least squares ing these estimates,we compute the dynamic path of Y t following a one-standard-deviation shock inεt,setting initial conditions to zero.This path, which corresponds to the coefficients in the impulse response functions of interest,is invariant to the ordering of the variables within Y1t and within Y2t(see Christiano,Eichenbaum and Evans(1999).)The impulse response functions of all variables in Y t are displayed in Figure1.Lines marked‘+’correspond to the point estimates.The shaded areas indicate95%confidence intervals about the point estimates.6The solid lines pertain to the properties of our structural model,which will be discussed in section3.The results suggest that after an expansionary monetary policy shock there is a:•hump-shaped response of output,consumption and investment,with the peak effect occurring after about1.5years and returning to their pre-shock levels after about three years,•hump-shaped response in inflation,with a peak response after about2years,•fall in the interest rate for roughly one year,•rise in profits,real wages and labor productivity,and5This sample period is the same as in Christiano,Eichenbaum and Evans(1999).6We use the method described in Sims and Zha(1999).•an immediate rise in the growth rate of money.Interestingly,these results are consistent with the claims in Friedman(1968).For example, Friedman argued that an exogenous increase in the money supply leads to a drop in the interest rate that lasts one to two years,and a rise in output and employment that lasts from two tofive years.Finally,the robustness of the qualitative features of ourfindings to alternative identifying assumptions and sample sub-periods,as well as the use of monthly data,is discussed in Christiano,Eichenbaum and Evans(1999).Our strategy for estimating the parameters of our model focuses on only a component of thefluctuations in the data,namely the portion that is due to a monetary policy shock. It is natural to ask how large that component is,since ultimately we are interested in a model that can account for the variation in the data.With this question in mind,the following table reports variance decompositions.In particular,it displays the percent of the variance of the k−step forecast error in the elements of Y t due to monetary policy shocks, for k=4,8and20.Numbers in parentheses are the boundaries of the associated95% confidence interval.7Notice that policy shocks account for only a small fraction of inflation. At the same time,with the exception of real wages,monetary policy shocks account for a non-trivial fraction of the variation in the real variables.This last inference should be treated with caution.The confidence intervals about the point estimates are rather large. Also,while the impulse response functions are robust to the various perturbations discussed in Christiano,Eichenbaum and Evans(1999)and Altig,Christiano,Eichenbaum and Linde (2003),the variance decompositions can be sensitive.For example,the analogous point estimates reported in Altig,Christiano,Eichenbaum and Linde(2003)are substantially smaller than those reported in Table1.3.The Model EconomyIn this section we describe our model economy and display the problems solved byfirms and households.In addition,we describe the behavior offinancial intermediaries and the monetary andfiscal authorities.The only source of uncertainty in the model is a shock to monetary policy.7These confidence intervals are computed based on bootstrap simulations of the estimated VAR.In each artificial data set we computed the variance decompositions corresponding to the ones in Table1.The lower and upper bounds of the confidence intervals correspond to the2.5and97.5percentiles of simulated variance decompositions.3.1.Final Good FirmsAt time t,afinal consumption good,Y t,is produced by a perfectly competitive,representative firm.Thefirm produces thefinal good by combining a continuum of intermediate goods, indexed by j∈[0,1],using the technologyY t=·Z10Y jt1f dj¸λf(3.1) where1≤λf<∞and Y jt denotes the time t input of intermediate good j.Thefirm takes its output price,P t,and its input prices,P jt,as given and beyond its control.Profit maximization implies the Euler equationµP t jt¶λfλf−1=Y jt t.(3.2)Integrating(3.2)and imposing(3.1),we obtain the following relationship between the price of thefinal good and the price of the intermediate good:P t=·Z10P11−λf jt dj¸(1−λf).(3.3) 3.2.Intermediate Good FirmsIntermediate good j∈(0,1)is produced by a monopolist who uses the following technology:Y jt=½kαjt L1−αjt−φif kαjt L1−αjt≥φ0otherwise(3.4) where0<α<1.Here,L jt and k jt denote time t labor and capital services used to produce the j th intermediate good.Also,φ>0denotes thefixed cost of production.We rule out entry and exit into the production of intermediate good j.Intermediatefirms rent capital and labor in perfectly competitive factor markets.Profits are distributed to households at the end of each time period.Let R k t and W t denote the nominal rental rate on capital services and the wage rate,respectively.Workers must be paid in advance of production.As a result,the j thfirm must borrow its wage bill,W t L jt, from thefinancial intermediary at the beginning of the period.Repayment occurs at the end of time period t at the gross interest rate,R t.Thefirm’s real marginal cost iss t=∂S t(Y)∂Y,where S t(Y)=mink,l©r k t k+w t R t l,Y given by(3.4)ª,where r k t=R k t/P t and w t=W t/P t.Given our functional forms,we haves t=µ1¶1−αµ1¶α¡r k t¢α(w t R t)1−α.(3.5)Apart fromfixed costs,thefirm’s time t profits are:·P jt P t−s t¸P t Y jt,where P jt isfirm j’s price.We assume thatfirms set prices according to a variant of the mechanism spelled out in Calvo(1983).This model has been widely used to characterize price-setting frictions.A useful feature of the model is that it can be solved without explicitly tracking the distribution of prices acrossfirms.In each period,afirm faces a constant probability,1−ξp,of being able to reoptimize its nominal price.The ability to reoptimize its price is independent across firms and time.If afirm can reoptimize its price,it does so before the realization of the time t growth rate of money.Firms that cannot reoptimize their price simply index to lagged inflation:P jt=πt−1P j,t−1.(3.6) Here,πt=P t/P t−1.We refer to this price-setting rule as lagged inflation indexation.Let˜P t denote the value of P jt set by afirm that can reoptimize at time t.Our notation does not allow˜P t to depend on j.We do this in anticipation of the well known result that, in models like ours,allfirms who can reoptimize their price at time t choose the same price (see Woodford,1996and Yun,1996).Thefirm chooses˜P t to maximize:∞X l=0¡βξp¢lυt+l h˜P t X tl−s t+l P t+l i Y j,t+l,(3.7)E t−1subject to(3.2),(3.5)and.(3.8)X tl=½πt×πt+1×···×πt+l−1for l≥11l=0In(3.7),υt is the marginal value of a dollar to the household,which is treated as exogenous by thefiter,we show that the value of a dollar,in utility terms,is constant across households.Also,E t−1denotes the expectations operator conditioned on lagged growth rates of money,µt−l,l≥1.This specification of the information set captures our assumption that thefirm chooses˜P t before the realization of the time t growth rate of money.To understand (3.7),note that˜P t influencesfirm j’s profits only as long as it cannot reoptimize its price.The probability that this happens for l periods is¡ξp¢l,in which case P j,t+l=˜P t X tl.The presence of¡ξp¢l in(3.7)has the effect of isolating future realizations of idiosyncratic uncertainty in which˜P t continues to affect thefirm’s profits.3.3.HouseholdsThere is a continuum of households,indexed by j∈(0,1).The j th household makes a sequence of decisions during each period.First,it makes its consumption decision,its capital accumulation decision,and it decides how many units of capital services to supply.Second, it purchases securities whose payoffs are contingent upon whether it can reoptimize its wage decision.Third,it sets its wage rate afterfinding out whether it can reoptimize or not. Fourth,it receives a lump-sum transfer from the monetary authority.Finally,it decides how much of itsfinancial assets to hold in the form of deposits with afinancial intermediary and how much to hold in the form of cash.Since the uncertainty faced by the household over whether it can reoptimize its wage is idiosyncratic in nature,households work different amounts and earn different wage rates.So, in principle,they are also heterogeneous with respect to consumption and asset holdings.A straightforward extension of arguments in Erceg,Henderson and Levin(2000)and Woodford (1996)establish that the existence of state contingent securities ensures that,in equilibrium, households are homogeneous with respect to consumption and asset holdings.Reflecting this result,our notation assumes that households are homogeneous with respect to consumption and asset holdings but heterogeneous with respect to the wage rate that they earn and hours worked.The preferences of the j th household are given by:∞X l=0βl−t[u(c t+l−bc t+l−1)−z(h j,t+l)+v(q t+l)].(3.9)E j t−1Here,E j t−1is the expectation operator,conditional on aggregate and household j idiosyn-cratic information up to,and including,time t−1;c t denotes time t consumption;h jt denotes time t hours worked;q t≡Q t/P t denotes real cash balances;Q t denotes nominal cash balances.When b>0,(3.9)allows for habit formation in consumption preferences.The household’s asset evolution equation is given by:M t+1=R t[M t−Q t+(µt−1)M a t]+A j,t+Q t+W j,t h j,t(3.10)+R k t u t¯k t+D t−P t¡i t+c t+a(u t)¯k t¢.Here,M t is the household’s beginning of period t stock of money and W j,t h j,t is time t labor income.In addition,¯k t,D t and A j,t denote,respectively,the physical stock of capital,firm profits and the net cash inflow from participating in state-contingent securities at time t. The variableµt represents the gross growth rate of the economy-wide per capita stock of money,M a t.The quantity(µt−1)M a t is a lump-sum payment made to households by the monetary authority.The quantity M t−P t q t+(µt−1)M a t,is deposited by the household with afinancial intermediary where it earns the gross nominal rate of interest,R t.The remaining terms in(3.10),aside from P t c t,pertain to the stock of installed capital, which we assume is owned by the household.The household’s stock of physical capital,¯k t, evolves according to:¯k=(1−δ)¯k t+F(i t,i t−1).(3.11)t+1Here,δdenotes the physical rate of depreciation and i t denotes time t purchases of invest-ment goods.The function,F,summarizes the technology that transforms current and past investment into installed capital for use in the following period.We discuss the properties of F below.Capital services,k t,are related to the physical stock of capital byk t=u t¯k t.Here,u t denotes the utilization rate of capital,which we assume is set by the household.8 In(3.10),R k t u t¯k t represents the household’s earnings from supplying capital services.The increasing,convex function a(u t)¯k t denotes the cost,in units of consumption goods,of setting the utilization rate to u t.3.4.The W age DecisionAs in Erceg,Henderson and Levin(2000),we assume that the household is a monopoly sup-plier of a differentiated labor service,h jt.It sells this service to a representative,competitive firm that transforms it into an aggregate labor input,L t,using the following technology:L t=·Z10h1λjt dj¸λw.The demand curve for h jt is given by:h jt=µW t jt¶λwλw−1L t,1≤λw<∞.(3.12) Here,W t is the aggregate wage rate,i.e.,the price of L t.It is straightforward to show that W t is related to W jt via the relationship:W t=·Z10(W jt)11−λw dj¸1−λw.(3.13) The household takes L t and W t as given.8Our assumption that households make the capital accumulation and utilization decisions is a matter of convenience.At the cost of a more complicated notation,we could work with an alternative decentralization scheme in whichfirms make these decisions.Households set their wage rate according to a variant of the mechanism used to model price setting byfirms.In each period,a household faces a constant probability,1−ξw, of being able to reoptimize its nominal wage.The ability to reoptimize is independent across households and time.If a household cannot reoptimize its wage at time t,it sets W jt according to:W j,t=πt−1W j,t−1.(3.14) 3.5.Monetary and Fiscal PolicyWe assume that monetary policy is given by:µt=µ+θ0εt+θ1εt−1+θ2εt−2+...(3.15)Here,µdenotes the mean growth rate of money andθj is the response of E tµt+j to a time t monetary policy shock.We assume that the government has access to lump sum taxes and pursues a Ricardianfiscal policy.Under this type of policy,the details of tax policy have no impact on inflation and other aggregate economic variables.As a result,we need not specify the details offiscal policy.93.6.Loan Market Clearing,Final Goods Clearing and EquilibriumFinancial intermediaries receive M t−Q t from households and a transfer,(µt−1)M t from the monetary authority.Our notation here reflects the equilibrium condition,M a t=M t. Financial intermediaries lend all of their money to intermediate goodfirms,which use the funds to pay for L t.Loan market clearing requiresW t L t=µt M t−Q t.(3.16) The aggregate resource constraint isc t+i t+a(u t)≤Y t.We adopt a standard sequence-of-markets equilibrium concept.In the appendix we discuss our computational strategy for approximating that equilibrium.This strategy involves taking a linear approximation about the non-stochastic steady state of the economy and using the solution method discussed in Christiano(2003).For details,see the previous version of this paper,Christiano,Eichenbaum and Evans(2001).In principle,the non-negativity constraint on intermediate good output in(3.4)is a problem for this approximation.It turns out that the constraint is not binding for the experiments that we consider and so we ignore it.Finally, it is worth noting that since profits are stochastic,the fact that they are zero,on average, 9See Sims(1994)or Woodford(1994)for a further discussion.implies that they are often negative.As a consequence,our assumption thatfirms cannot exit is binding.Allowing forfirm entry and exit dynamics would considerably complicate our analysis.3.7.Functional Form AssumptionsWe assume that the functions characterizing utility are given by:u(·)=log(·)z(·)=ψ0(·)2.(3.17)v(·)=ψq(·)1−σqqIn addition,investment adjustment costs are given by:F(i t,i t−1)=(1−Sµi t i t−1¶)i t.(3.18) We restrict the function S to satisfy the following properties:S(1)=S0(1)=0,andκ≡S00(1)>0.It is easy to verify that the steady state of the model does not depend on the adjustment cost parameter,κ.Of course,the dynamics of the model are influenced byκ. Given our solution procedure,no other features of the S function need to be specified for our analysis.We impose two restrictions on the capital utilization function,a(u t).First,we require that u t=1in steady state.Second,we assume a(1)=0.Under our assumptions,the steady state of the model is independent ofσa=a00(1)/a0(1).The dynamics do depend onσa.Given our solution procedure,we do not need to specify any other features of the function a. 4.Econometric MethodologyIn this section we discuss our methodology for estimating and evaluating our model.We partition the model parameters into three groups.Thefirst group is composed ofβ,φ,α,δ,ψ0,ψq,λw andµ.We setβ=1.03−0.25,which implies a steady state annualized real interest rate of3percent.We setα=0.36,which corresponds to a steady state share of capital income equal to roughly36percent.We setδ=0.025,which implies an annual rate of depreciation on capital equal to10percent.This value ofδis roughly equal to the estimate reported in Christiano and Eichenbaum(1992).The parameter,φ,is set to guarantee that profits are zero in steady state.This value is consistent with Basu and Fernald(1994),Hall (1988),and Rotemberg and Woodford(1995),who argue that economic profits are close to zero on average.Although there are well known problems with the measurement of profits, we think that zero profits is a reasonable benchmark.。

克里斯蒂安娜 尼斯莱因-福尔哈德

克里斯蒂安娜 尼斯莱因-福尔哈德

DOI: 10.1360/yc-007-0385克里斯蒂安娜尼斯莱因-福尔哈德任本命西安文理学院生物系, 西安 710061Department of Biology, Xi’an College of Arts and Science, Xi’an 710061, China克里斯蒂安娜尼斯莱因-福尔哈德(Christiane Nusslein-Volhard, 1942―)于1942年10月20日生于德国法兰克福的马格德堡。

1962年, 她报考了法兰克福大学生物学专业。

学习一段时间后发觉这里开设的课程缺乏新意、极为乏味, 便转到图宾根大学学习生物化学。

该校的生物化学堪称一流, 虽然她并不喜欢该课程的讲授风格, 但仍然使她对这一基础学科打下了坚实基础。

最后一学年, 学校开设微生物学和遗传学两门新课, 克里斯蒂安娜被深深吸引。

她积极地参加研讨班和学术研讨会, 内容涉及到蛋白质的合成和DNA的复制等。

1967年, 克里斯蒂安娜与沃尔克尼斯莱因结婚了, 当时两人都还是大学生, 按习俗, 她使用了夫姓。

他们在法兰克福大学认识, 他学习物理专业。

1969年, 克里斯蒂安娜获生物化学专业文凭, 随后成为杜宾根普朗克研究所微生物学家海因兹沙勒教授的研究生, 他教给她用定量的观点去思考问题, 她受到真正的科学实验的训练。

最初, 她研究的课题是通过RNA-DNA杂交技术比较某些噬菌体的DNA顺序, 并因此完成了她的学位论文, 1973年获哲学博士学位。

随后她与另一位研究生合作, 发展了一种从噬菌体中大规模提纯RNA聚合酶的方法。

从1969年~1977年间, 她与几位同事合作在《自然》等杂志上发表了一系列学术论文。

由于克里斯蒂安娜全身心地投入自己的科学事业, 她和丈夫的婚姻出现了危机。

先是分居, 最后离婚。

重新拥有了她的父姓, 但她也一直保留了前夫的姓。

从1973年起, 克里斯蒂安娜不断地改变着她的研究兴趣和研究领域。

外国现代天文学家:莱曼·斯皮策人物简介

外国现代天文学家:莱曼·斯皮策人物简介
• 主修物理,辅修数学和天文学
• 在大学期间表现出对天文学的独特见解
1936年获得哈佛大学硕士学位
• 研究射电天文学和恒星物理
• 成为卡尔·央斯基的助手
莱曼·斯皮策的职业生涯与重要成就
1978年获得诺贝尔物理学奖
• 因其在红外天文学领域的杰出贡献
• 表彰其对恒星和星系研究的突破性成果
1940年代开始研究红外天文学
发展红外天文学观测技术
发展射电天文学观测技术
推动空间天文学的发展
• 设计并建造了第一台红外望远镜
• 参与建造了第一台射电望远镜
• 参与了多个空间天文项目的规划和
• 为红外天文学的发展提供了重要工
• 为射电天文学的发展奠定了基础
实施

• 为空间天文学的发展做出了重要贡

03
莱曼·斯皮策的科学与人文素养
CREATE TOGETHER
DOCS SMART CREATE
外国现代天文学家:莱曼·斯皮策人物简介
DOCS
01
莱曼·斯皮策的生平与成就
莱曼·斯皮策的早年生活与教育背景
1911年出生于美国纽约市
• 父亲是一位律师,母亲是一位音乐家
• 从小对科学和天文学产生浓厚兴趣
1933年获得普林斯顿大学学士学位
1962年获得美国国家科学奖章
• 以表彰其在天文学领域的杰出贡献
• 使其成为当时美国最著名的天文学家之一
1980年获得英国皇家天文学会金质奖章
• 以表彰其在天文学领域的杰出贡献
• 使其成为国际天文学界的杰出人物

⌛️
02
莱曼·斯皮策在天文学领域的贡

莱曼·斯皮策在恒星物理方面的贡献

THEORY OF THE FIRM MANAGERIAL BEHAVIOR,

THEORY OF THE FIRM MANAGERIAL BEHAVIOR,
en and W.H. Meckiing, Agency costs and the theory of the firm
firm. In addition to tying together elements of the theory of each of these three areas, our analysis casts new light on and has implications for a variety of issues in the professional and popular literature such as the definition of the firm, the “separation of ownership and control”, the “social responsibility” of business, the definition of a “corporate objective function”, the determination of an optimal capital structure, the specification of the content of credit agreements, the theory of organizations, and the supply side of the completeness of markets problem. Our theory helps explain: (1) why an entrepreneur or manager in a firm which has a mixed financial structure (containing both debt and outside equity claims) will choose a set of activities for the firm such that the total value of the firm is Iess than it would be if he were the sole owner and why this result is independent of whether the firm operates in monopolistic or competitive product or factor markets; (2) why his failure to maximize the value of the firm is perfectly consistent with efficiency; (3) why the sale of common stock is a viable source of capital even though managers do not literally maximize the value of the firm; (4) why debt was relied upon as a source of capital before debt financing offered any tax advantage relative to equity; (5) why preferred stock would be issued; (6) why accounting reports would be provided voluntarily to creditors and stockholders, and why independent auditors would be engaged by management to testify to the accuracy and corrcctncss of such reports; (7) why lenders often place restrictions on the activities of firms to whom they lend, and why firms would themselves be led to suggest the imposition of such restrictions; (8) why some industries are characterized by owner-operated firms whose sole outside source of capital is borrowing; (9) why highly regulated industries such as public utilities or banks will have higher debt equity ratios for equivalent levels of risk than the average non-regulated firm; (10) why security analysis can be socially productive even if it does not increase portfolio returns to investors. Z.2. Tfwory of thefirtn:

查尔斯·兰姆

查尔斯·兰姆
6
Experiences •While Coleridge and other scholarly boys were able to go on to Cambridge, Lamb left school at fourteen and was forced to find a more prosaic(平凡的) career.
7
Experiences •In 1792 while tending to his grandmother, Mary Field, in Hertfordshire, Charles Lamb fell in love with a young woman named Ann Simmons. Although no epistolary record exists of the relationship between the two, Lamb seems to have spent years wooing Miss Simmons.
•On 5 April 1792 he went to work in the Accountant's Office for British East India Company, the death of his father's employer having ruined the family's fortunes. Charles would continue to work there for 25 years, until his retirement with pension.
行业PPT模板:/hangye/ PPT素材下载:/sucai/ PPT图表下载:/tubiao/ PPT教程: /powerpoint/ Excel教程:/excel/ PPT课件下载:/kejian/ 试卷下载:/shiti/

英国文学经典鉴赏(山东联盟)智慧树知到答案章节测试2023年齐鲁师范学院

英国文学经典鉴赏(山东联盟)智慧树知到答案章节测试2023年齐鲁师范学院

第一章测试1.Beowulf is an epic of 3182 lines, which is the greatest work of literature ofthe Old English Period.A:错B:对答案:B2.The year 1066 marks the beginning of the Middle English or Anglo-NormanPeriod.A:错B:对答案:B3.Robin Hood is the hero in the collection of 15th-century medieval romances.A:错B:对答案:A4.The Canterbury Tales is a masterpiece by Geoffrey Chaucer, the firstpreeminent English poet in history.A:错B:对答案:B5.The structure of The Canterbury Tales is similar to Boccacio’s Decameron.A:对B:错答案:A6. ( ) refers to a long narrative poem celebrating the great deeds of somelegendary heroes.A:EpicB:LegendC:FableD:Ballad答案:A7.( ) is also known as “head rhyme” or “initial rhyme”.A:AlliterationB:ConsonanceC:AssonanceD:Onomatopoeia答案:A8.Who introduced heroic couplet into England?A:Thomas MaloryB:Alfred the GreatC:Geoffrey ChaucerD:Cynewulf答案:C9.Which of the following works belong to the Old English Period?A:BeowulfB:Morte d’ArthurC:Anglo-Saxon ChronicleD:Christ答案:ACD10.Which of the following literary works come from the Middle English Period?A:The Legend of St. ElenaB:Chanson de RolandC:Piers the PlowmanD:The Ecclesiastical History of England答案:BC第二章测试1.The Faerie Queene, fusing adroitly the strands of legend, fable, and praise ofElizabeth I’s England in iteself, is a masterpiece written by Thomas Wyatt,who introduced sonnet into English poetry.A:对B:错答案:B2.“University Wits” were all graduates from Oxford or Cambridge during the1580s; Christopher Marlowe, Robert Greene, George Peele, Thomas Lodge,Thomas Nash, and Ben Jonson were outstanding representatives of thisschool.A:对B:错答案:B3.Tamburlanine the Great, The Jew of Malta, and The Tragical History of DoctorFaustus are great tragedies written by Christopher Marlowe, the mostprominent figure among the “University Wits.”A:对B:错答案:A4.William Shakespeare had produced 154 sonnets in total, and the first 126sonnets seem to be addressed to a young woman, who possesses extremebeauty.A:错B:对答案:A5.All Shakespeare’s plays take place in England.A:对答案:B6.( ) is a nine-line stanza of eight lines of iambic pentameter plus an iambichexameter.A:Italian sonnetB:Spenserian stanzaC:English sonnetD:Spenserian sonnet答案:B7.Who coined the term “Metaphysical Poets”?A:Andrew MarvellB:Samuel JohnsonC:John DonneD:George Herbert答案:B8.Who is the most popular and most widely respected writer in all Englishliterature?A:John BunyanB:John DonneC:John MiltonD:William Shakespeare答案:D9.Which of the fol lowing adjectives can be used to describe Francis Bacon’sessays?A:freshB:vigorousC:powerfulD:conservative答案:ABC10.Who were dramatists during the Elizabethan Age?A:Thomas NashB:Robert GreeneC:Thomas KydD:Ben Jonson答案:ABCD第三章测试1.Alexander Pope was the representative poet of the neo-classical school, andthe early 18th century has often been named as the Age of Pope.A:对B:错答案:A2.Gulliver’s Travels is the most enduring work by Jonathan Swift, which is asavage satire in the form of a fabulous travelogue.B:错答案:A3.Henry Fielding is regarded as the father of English fiction by Sir Walter Scott,and he had applied first-person narration in his novels.A:错B:对答案:A4.William Blake is renowned now for his Songs of Innocence and Songs ofExperience.A:对B:错答案:A5.Robert Burns wrote in Scottish dialect, and he followed the Scottish songtradition in his poetry.A:错B:对答案:B6.( ) refers to a lyric poem lamenting a dead friend, or a public figure.A:EpicB:OdeC:ElegyD:Sonnet答案:C7.Who defined novel as a genre?A:Henry FieldingB:Samuel JohnsonC:Jonathan SwiftD:Daniel Defoe答案:A8.“Auld Lang Syne” praises ( ).A:friendshipB:freedomC:loveD:patriotism答案:A9.Which of the following are the features of Enlightenment?A:A devotion to harmony, proportion, and balance.B:Profound faith in the powers of human reason.C:Strong belief in imagination.D:Strong belief in the clarity of thought.答案:ABD10.Who are writers of neo-classicism?A:Henry FieldingB:John DydenC:Thomas MoreD:Alexander Pope答案:ABD第四章测试1.The Romantic Age began with the publication of Lyrical Ballads in 1798 andended with the death of Sir Walter Scott in 1832.A:对B:错答案:A2.The romantic poets paid great attention on reason or rationality in theirpoetry.A:错B:对答案:A3.In the preface for the first edition of Lyrical Ballads, Wordsworth put forwardhis principles of poetry.A:对B:错答案:B4.The Revolt of Islam is P. B. Shelley’s first long poem of importance.A:错B:对答案:A5.Jane Austen is the first important English woman novelist, who wrotealtogether six novels.A:对B:错答案:A6.Who is the author of Biographia Literaria?A:William WordsworthB:S. T. ColeridgeC:Robert SoutheyD:P. B. Shelley答案:B7.Which of the following novel by Scott has its spatial setting in England?A:The TalismanB:IvanhoeC:WaverleyD:Quentin Durward答案:B8.Which of the following are ideals advocated by the French Revolution?A:equalityB:reasonC:libertyD:fraternity答案:ACD9.Which of the following are characters from Prometheus Unbound?A:PantheaB:DemogorgonC:Eternal LoveD:Africa答案:ABC10.Which work made Byron famous?A:The Revolt of IslamB:A Defense of PoetryC:Childe Harold’s PilgrimageD:Don Juan答案:C第五章测试1.The critical realists criticised the capitalist social system from a proletarianpoint of view.A:对B:错答案:B2.Alfred Tennyson, Robert Browning, and John Ruskin were all eminent figuresamong the Victorian poets.A:对B:错答案:B3.Dickens took the French Revolution as the background of A Tale of TwoCities, and the two cities are Paris and London.A:错B:对答案:B4.Wuthering Heights, the masterpiece of Emily Brontë, narrates the tragic lovestory of a governess.A:错B:对答案:A5.Thomas Hardy is one of the representatives of English critical realism in theearly part of the Victorian period.A:错B:对答案:A6.Which is the most popular form of all the literary art during the Victorianperiod?A:fictionB:dramaC:proseD:poetry答案:A7.Who wrote the bewitching Sherlock Holmes cycle of detective stories?A:Robert Louis StevensonB:Wilkie CollinsC:Lewis CarrollD:Conan Doyle答案:D8.What is an archetypal Dickensian hero like?A:An adult.B:An orphan.C:A boy.D:A girl.答案:B9.Which of the following are spatial settings in Jane Eyre?A:ThornfieldB:GatesheadC:LowoodD:Ferndean答案:ABCD10.Which of the following characters are included in The Importance of BeingEarnest?A:GwendolynB:AlgernonC:CecilyD:Jack Worthing答案:ABCD第六章测试1.Realism and modernism coexisted in the 20th-century British literature.A:对B:错答案:A2.The theoretical base of modernism is rationalism.A:错B:对答案:A3.Sons and Lovers, an autobiographical novel by D. H. Lawrence, deals with astory of a father’s dominant and debilitating love over the sons.A:错B:对答案:A4.The Waste Land, T. S. Eliot’s masterpiece, uses the past as a ya rdstick tomeasure the present and underscore what is missing from the present.A:对B:错答案:A5.W. B. Yeats played a major role in the Irish literay revival.A:对B:错答案:A6.Who wrote The Time Machine?A:H. G. WellsB:Arnold BennettC:Rudyard KiplingD:John Galsworthy答案:A7.Who won the Nobel Pize in 1923?A:W. B. YeatsB:T. S. EliotC:Virginia WoolfD:James Joyce答案:A8.Which of the following work suggests Eliot had turned conservative?A:Murder in the CathedralB:The Cocktail PartyC:Ash WednesdayD:The Confidential Clerk答案:C9.Who were “Edwardians” as termed by Woolf?A:Arnold BennettB:H. G. WellsC:John GalsworthyD:E. M. Forster答案:ABC10.Which of the following poems are written by Yeats?A:“The Second Coming”B:“Gerontion”C:“Sailing to Byzantium”D:The Waste Land答案:AC。

ENGLISH MOVIES 看电影学美语

ENGLISH  MOVIES  看电影学美语

看电影学英语:1. 费丽丝蒂 felicity导演 : joanna cappuccilli/elodie keene主演 : keri russell ... felicity porter (/scott foley ... noel crane/scott speedman ... ben covington评语 : 这是我看过最容易的美剧了,语速没别的那么“变态”(像律政狂鲨之类),生词也很少,但更重要的是,这部剧讲述的都是关于成长的点点滴滴,温馨而又感人,是少数几部能让人看上很多遍也不会觉得厌烦的美剧,我把第一季看了10遍,每看一遍都有很大收获,不管是英语还是生活2. 恋爱假期 the holiday导演 : nancy meyers主演: cameron diaz/kate winslet/jude law/jack black/eli wallach/edward burns/rufus sewell/james franco/dustin hoffman/lindsay lohan评语 : 既有凯特温丝莱特,又有卡梅隆迪亚兹,英美两种口音同时接触3. 吉尔莫女孩第一季 gilmore girls season 1导演 : amy sherman主演 : alexis bledel/lauren graham评语 : 少数不多温暖的美剧,看了感觉很好,只是里面那酒店的黑人招待发音太恐怖了4. 邪恶力量第一季 supernatural season 1导演 : jim fitzpatrick主演 : jared padalecki/jensen ackles/michael busswood评语 : 一直很喜欢鬼故事,而且迪恩的语调太好听了!5. 老爸老妈的浪漫史第一季 how i met your mother season 1导演 : pamela fryman/rob greenberg主演 : 乔什?拉德诺 josh radnor/杰森?席格尔 jason segel/艾丽森?汉妮根 alyson hannigan/尼尔?帕特里克?哈里斯 neil patrick harris/寇碧?史莫德斯cobie smulders评语 : 毛头小伙泰德在纽约寻求真爱的故事,里面的老妈估计是最神秘的女主角了,都放了好几季了还是不见人影6. 办公室笑云第一季 the office season 1导演: 瑞奇?热维斯ricky gervais/斯戴芬?莫昌特stephen merchant主演 : 瑞奇?热维斯 ricky gervais/jamie deeks/马丁?弗瑞曼martin freeman/mackenzie crook/ewen macintosh/lucy davis评语 : 喜欢英剧的同学注意了!这个是大经典7. 兄弟姐妹第一季 brothers &amp; sisters season 1导演 : ken olin/michael lange/matt shakman主演 : 卡莉斯塔?弗洛克哈特 calista flockhart/瑞切尔?格里菲斯rachel griffiths/戴夫?安纳布尔 dave annable/莎莉?菲尔德 sally field/马修?瑞斯matthew rhys/卢克?马可法莱恩 luke macfarlane8. 波士顿法律第一季 boston legal season 1导演 : david e. kelley主演: rene auberjonois/mark valley/詹姆斯?斯派德james spader/威廉?夏特纳 william shatner9. 恋爱时代第一季 dawsons creek season 1导演 : lou antonio/arvin brown主演 : james van der beek/katie holmes/michelle williams10. 美眉校探第一季 veronica mars season 1导演 : rob thomas主演 : kristen bell/enrico colantoni/jason dohring/teddy dunn 11. 神秘博士第一季 doctor who season 1导演 : keith boak/joe ahearne/james hawes/euros lyn/brian grant主演 : christopher eccleston/billie piper/paul kasey/freema agyeman/ruari mears/catherine tate/nicholas briggs/camille coduri/noel clarke/david tennant评语 : 我的老黑师傅跟我推荐的,学英语的不二之选,可惜我到现在还没时间看,光顾着赶星级酒店了。

Sounds of Planet EXs 177 Saxophones for Kronos 商品说

Sounds of Planet EXs 177 Saxophones for Kronos 商品说

© 2012-2018 by SOP - All Rights Reserved This document is protected by EU copyright andother intellectual property laws and may not be reproduced, rewritten, distributed, re-disseminated, transmitted, displayed, published or broadcast, directly or indirectly, in any medium without the prior written permission of SoP.Executive Producer/Editor: Grzegorz MarciakSounds of Planet would like to thank you for purchase of sound set called EXs 177 Saxophones for Kronos.Sounds of Planet prepared the sound library EXs 177 Saxophones.This is the library, which offers the highest quality samples of extraordinary instruments, as the saxophones are, and more :- alto saxophone – two different instruments were recorded by two various musicians,- tenor saxophone - two different instruments were recorded by two various musicians,- soprano saxophone- baritone saxophone- trumpetAll samples have been processed in 24-bit technology at 48000 Hz.Ex’s 177 Saxophone s from Sounds of Planet offers the set of sounds consisting of- 128 programs- 32 wave sequences- 393 MB multisamplesSaxophone came into existence in Belgium and its artificer was Antoine Joseph Sax known as Adolphe, who was born era of Napoleon and Beethoven. He was fascinated by the way, in which from ordinary piece of metal the real music is born. He created an instrument, which until today has been fascinating for people and has so irresistible charm. Mr. Sax created the instrument, which allows to freely shape the tone and pitch of the sound, from gentle whisper to loud scream and anything in between. Saxophone combines the best features of orchestral instruments . It has quickly turned out that , that this instrument fits into any kind of music and because of that it has been so popular until now. Programs of EXs 177 Saxophones require the factory preload sounds.Make a copy of all own files in the instrument performing SAVE ALL function- see manualKRONOS_Quick_Starts or KRONOS_Param_Guide.The following instructions are copied from the Kronos Parameter Guide for your convenience:To install an EX s:1. If you downloaded the EXs data, un‐zip the downloaded file. Un‐zipping thearchive will result in a folder containing several different files. Note: Depending on yourbrowser settings, the downloaded file may be unzipped automatically. One of the files in theresulting folder has a name which ends with “tar.gz.” Please do not un‐zip this tar.gz file.2. Copy the un‐zipped folder to a USB storage device.3. Safely disconnect the USB storage device from your computer.4. Connect the USB storage device to the KRONOS.5. Go to the Disk Utility page.6. Using the Drive Select menu at the bottom of the page, select the USB storagedevice. You may need to wait a few seconds after connecting the device before it isrecognized.7. Open the folder containing the EXs data from step 2.8. Select the file whose name ends in .exsins. The “exsins” suffix stands for “EXSIns taller.” For instance, an installer file might be named “EXs177.exsins.” When an .exsins fileis selected, the Load button changes to read Install. Only one EX s can be installed at a time.If Multiple Select is On, Install will be disabled.9. Select Install EXs from the menu, or press the Install button. The system will checkto confirm that the installation files are valid, and that there is sufficient space on the SSD to install the EX s. Next, a dialog box will appear:Found installer for: [EX s name]Space required: [nnn] MBSSD1: [disk name] [nnn] GB available10. Press Install to continue with the installation, or press Cancel to stop without installing. An “are you sure?” message will appear to confirm the installation.11. Press OK to continue with the installation, or press Cancel to stop withoutinstalling. The installation will then begin. This may take a while; a progress bar shows the installation as it proceeds. Next, the newly installed files will be verified. After the verification has completed successfully, the progress bar will disappear, and the installation is complete. The EX s sample data itself is installed on an invisible, protected part of the disk. To use the EX s, you’ll lo ad its associated files (.KSC, PCG etc.); for the location of these files, see the documentation of the specific EX s.Using the newly installed EXsTo use the new EX s:1. Load the newly installed .PCG and .KSC files. Make sure to back up any sounds before over‐writing them in memory.As default, programs EXs177 Saxophone will load to the bank U-FF.Programs of EXs 177 Saxophones require the factory preload sounds.Global “0–3: KSC Auto‐Load”Global “0–4: Sample Management”Disk mode menu command “Load .PCG”Disk mode menu command “Load .KSC”AuthorizationIf an authorization code is required, the EX s will work in demo mode, fading in and out, until the code is purchased and entered into the KRONOS. For more information, see “Global P6: Options Info”.New programs are installed in bank U-FF. Program & Multisample List:Short description of abbreviations used in name of programs reflecting the nature or type of sound :FF (fortissimo) very loud – for example : Alto FFMF (mezzo forte) medium loud - for example : Alto MFPP (pianissimo) very quietly - for example : Alto PPOther examples of used abbreviations:Alto 1 Layer (-Y)Growl P – “P ” on the end means PolyAlto 1 Layer (-Y)Growl M – “M ” on the end means MonoNew WaveSequence are installed in bank U-FF.The following instructions are copied from the Kronos Parameter Guide for your convenience:Uninstall EXsOptional EXs may be uninstalled to reclaim space on the internal disk(s). To do so:1. Go to the Global P6: Options Info page.2. In the list of Installed Options, select the EXs thatyou’d like to remove.3. Select the Uninstall EXs command from the menu.A dialog box will appear: Uninstall [EXs name and number]Delete all of the option’s EXs Samples and Multisamples?4. Press OK to continue. Another dialog box will appear, showing that the uninstall isin progress. After the uninstall is complete, a third dialog box will appear:[EXs name and number] sample data deleted.Related PCG, KSC etc. may remain; delete manually if desired. Only the EXs Multisamples and Drum Samples are removed from the disk. KSC and PCG files can be edited, and so they might contain your personal data; to avoid inadvertently affecting your data, these files are left untouched.5. Press OK to continue.6. If you like, delete the related PCG and KSC filesmanually in Disk mode.。

艾里斯·范·荷本

艾里斯·范·荷本

设计师Iris van Herpen在The Hague的Grand Church举行的2010年荷 兰时尚颁奖典礼上获得荷兰时尚大奖
艾里斯·范·荷本 (Iris van Herpen) 这位1984年出生的荷 兰女设计师要的就是永远保持新 鲜有趣,她的作品自己会告诉你, 这绝对不是夸大其词。让美国 《时代》杂志将其设计列 为 “2011年度50佳发明创造”之一, 让“冰女王”安娜·温图尔 (Anna Wintour) 在观秀时摘 下墨镜认真凝视的,都正是这位 脸上还带着害羞与稚气的80后女 生!
让美国时代杂志将其设计列2011年度50佳发明创造之一让冰女王安娜温图尔annawintour下墨镜认真凝视的都正是这位脸上还带着害羞与稚气的80后女2011秋冬高级定制秀系列四溅的水花2011秋冬高级定制秀系列以烟为灵感2012秋冬高级定制细节设计师艾里斯范荷本irisvanherpen有过在亚历山大麦昆alexandermcqueenclaudyjongstraviktorrolf的设计工作室实习的经历在设计风格上艾里irisvanherpen也受到了这几大品牌的影响前卫且充满新鲜创意的服装外观让艾里斯范荷本irisvanherpen的作品充满视觉冲击力被海报时尚网推荐为2010后先锋时装设计师杰出代表
艾里斯·范·荷本 (Iris van Herpen) 设计师 生平简介: 艾里斯·范·荷本 (Iris van Herpen) 1984年出生 于荷兰Wamel。艾里斯·范·荷本 (Iris van Herpen) 是一位年轻且才华横溢的女性设计师,大学 在位于荷兰东部城市阿纳姆 (Arnhem) 的荷兰艺术学 院 (ARTEZ) 攻读时装设计专业。 艾里斯·范·荷本 (Iris van Herpen) 尤其擅长从 服装本身的材质来做设计,并辅以夸张的造型。艾里 斯·范·荷本 (Iris van Herpen) 2009年秋冬时装 系列,设计师以木乃伊为灵感的设计一经推出便大受 好评,之后在荷兰设计界的最高奖项“荷兰设计大 奖”(Dutch Design Award 2010) 以及“梅赛德斯奔驰荷兰时装奖”(Mercedes Benz Dutch Fashion Award 2010) 的评选中, 艾里斯·范·荷本 (Iris van Herpen) 囊括多项大奖。2010年,Iris van Herpen全新的2010年春夏时装又在英国皇家节日音乐 厅的秀场上大放异彩。 成名之后的艾里斯·范·荷本 (Iris van Herpen) 时刻不忘感谢对她影响颇深的几位大师,除 了共事过的亚历山大·麦昆 (Alexander McQueen) 和维果罗夫 (Viktor&Rolf) ,还有瑞典设计师 Sandra Backlund。 除了常常和 United Nude联合设计鞋履之外,艾里 斯·范·荷本 (Iris van Herpen) 也常和帽饰设计 师Stephen Jones、艺术家Bart Hess、建筑设计 师 Isaie Bloch 以及平面设计师Tara Doughans合作。

Thomas_Hardy的英文简介

Thomas_Hardy的英文简介

Thomas Hardy (1840-1904)ThomasHardy was born at Higher Bockhampton, Dorset, on June 2, 1840, where his father worked as a master masonand builder. From his father he gained an appreciation of music, and from his mother an appetite for learning and the delights of the countryside about his rural home.Hardy was frail as a child, and did not start at the village school until he was eight years old. One year later he transferred to a new school in the county town of Dorchester.At the age of 16 Hardy helped his father with thearchitectural drawings for a restoration of Woodsford Castle.The owner, architect James Hicks, was impressed by the younger Hardy'swork, and took him on as an apprentice.Hardy later moved to London to work for prominent architect Arthur Blomfield. He began writing, but his poems were rejected by a number of publishers. Althoughhe enjoyed life in London, Hardy's health was poor, and he was forced to return to Dorset.In 1870 Hardy was sent to plan a church restoration at St. Juliot inCornwall. There he met Emma Gifford, sister-in-law of the vicar of . She encouraged him in his writing, and they were married in 1874.Hardy published his first novel, Desperate Remedies in 1871, to universal disinterest. But the following year Under the GreenwoodTree brought Hardy popular acclaim for the first time. As with most of his fictional works,Greenwood Tree incorporated real places around Dorset into the plot,including the village school of Higher Bockhampton that Hardy hadfirst attended as a child.The success of Greenwood Tree brought Hardy a commission to write aserialized novel, A Pair of Blue Eyes, for Tinsley's Magazine. Once more Hardy drew upon real life, and the novel mirrors his own courtship of Emma.Hardy followed this with Far From the Madding Crowd, set in Puddletown (renamed Weatherby), near his birthplace. This novel finally netted Hardy the success that enabled him to give up his architectural practice and concentrate solely on writing.The Hardys lived in London for a short time, then in Yeovil, then inIt Sturminster Newton (Stourcastle), which Hardy described as "idyllic". was at Sturminster Newton that Hardy penned Return of the Native, one of his most enduring works.Finally the Hardys moved to Dorchester, where Thomas designed their new house, Max Gate, into which they moved in 1885. One year later Hardypublished The Mayor of Casterbridge, followed in 1887 by The Woodlanders and in 1891 by one of his best works, Tess of the d'Urbervilles.Tess provoked interest, but his next work, Jude the Obscure (1896),catapulted Hardy into the midst of a storm of controversy. Jude outraged Victoria morality and was seen as an attack upon the institution ofmarriage. Its publication caused a rift between Thomas and Emma,who feared readers would regard it as describing their own marriage.Of course the publicity did no harm to book sales, but reader's hid thebook behind plain brown paper wrappers, and the Bishop of Wakefield burned his copy! Hardy himself was bemused by the reaction his book caused, and he turned away from writing fiction with some disgust.For the rest of his life Hardy focussed on poetry, producingseveral collections, including Wessex Poems (1898).EmmaHardy died in November 1912, and was buried in Stinsford churchyard. Thomas was stricken with guilt and remorse, but the result was some of his best poetry, expressing his feelings for his wife of 38 years.All was not gloom, however, for in 1914 Hardy remarried, to FlorenceDugdale, his secretary since 1912. Thomas Hardy died on January 11, 1928 at his house of Max Gate in Dorchester. He had expressed the wish to beburied beside Emma, but his wishes were only partly regarded; his bodywas interred in Poet's Corner, Westminster Abbey, and only his heart was buried in Emma's grave at Stinsford.Did You KnowA rumor has persisted since Hardy's death that it is not the author's heart that was buried beside Emma. The story goes that Hardy's housekeeperplaced his heart on the kitchen table, where it was promptly devoured by her cat. Apparently a pig's heart was used to replace Hardy's own. Truth Fiction We will probably never know.English poet and regional novelist, whose works depict the imaginarycounty "Wessex" (=Dorset). Hardy's career as writer spanned over fiftyyears. His earliest books appeared when Anthony Trollope (1815-82) wrote his Palliser series, and he published poetry in the decade of . Eliot'sThe Waste Land. Hardy's work reflected his stoical pessimism and senseof tragedy in human life."Critics can never be madeto understand that that the failuremay be greater than the success... To have the strength toroll a stone weighting a hundredweight to the top of amountain is a success,and to have the strength to roll a stoneof then hundredweight only halfway up that mount is a failure.But the latter is two or three times as strong a deed."(Hardyin his diary, 1907)ThomasHardy's own life wasn't similar to his stories. He was born on the Egdon Heath, in Dorset, near Dorchester. His father was a master masonand building contractor. Hardy's mother, whose tastes included Latinpoets and French romances, provided for his education. After schoolingin Dorchester Hardy was apprenticed to an architect.He worked in an office, which specialized in restoration of churches. In 1874 Hardy married Emma Lavinia Gifford, for whomhe wrote 40 years later, after her death, a group of poems known as VETERIS VESTIGIAE FLAMMAE (Vestiges of an Old Flame).At the age of 22 Hardy moved to London and started to write poems,which idealized the rural life. He was an assistant in the architectural firmof Arthur Blomfield, visited art galleries, attended evening classes inFrench at King's College, enjoyed Shakespeare and opera, and read worksof Charles Darwin, Herbert Spencer, and John Stuart Mills, whosepositivism influenced him deeply. In 1867 Hardy left London for the familyhome in Dorset, and resumed work briefly with Hicks in Dorchester. Heentered into a temporary engagement with Tryphena Sparks, asixteen-year-old relative. Hardy continued his architectural work, butencouraged by EmmaLavinia Gifford, he started to consider literature as his "true vocation."Unable to find public for his poetry,the novelist George Meredith advised Hardy to write a novel. His first novel, THE POOR MAN AND THE LADY, was written in 1867, but the book was rejected by many publishers and hedestroyed the manuscript.His first book that gained notice,was FARFROM THE MADDING CROWD (1874). After its success Hardy was convinced that he could earn his living as an author.He devoted himself entirely to writing and produced a series of novels, among them THE RETURNOF NATIVE (1878), THE MAYOR OF CASTERBRIDGE (1886).TESS OF THE D'URBERVILLES (1891) came into conflict with Victorianmorality. It explored the dark side of his family connections in Berkshire. In thestory the poor villager girl Tess Durbeyfield is seduced by thewealthy Alec D'Uberville. She becomes pregnant but the child dies ininfancy. Tess finds work as a dairymaid on a farm and falls in love withAngel Clare, a clergyman's son. They marry but when Tess tells Angel about her past, he hypocritically desert her. Tess becomes Alec's mistress.Angel returns from Brazil,repenting his harshness, but finds her living with Alec. Tess kills Alec in desperation, she is arrested and hanged.Hardy's JUDE THE OBSCURE (1895) aroused even more debate. The story dramatized the conflict between carnal and spiritual life, tracing JudeFawley's life from his boyhood to his early death. Jude marries Arabella,but deserts her. He falls in love with his cousin, hypersensitive SueBridehead, who marries the decaying schoolmaster, Phillotson, in amasochist fit. Jude and Sue obtain divorces, but their life togetherdeteriorates under the pressure of poverty and social disapproval. Theeldest son of Jude and Arabella, a grotesque boy nicknamed 'Father Time', kills their children and himself. Broken by the loss, Sue goes back toPhillotson,and Jude returns to Arabella. Soon thereafter Jude dies,and his last words are: "Wherefore is light given to him that is in misery,and life unto the bitter in soul".In 1896, disturbed by the public uproar over the unconventional subjects of two of his greatest novels, Tess of the D'Urbervilles and Jude theObscure, Hardy announced that he would never write fiction again. A bishop solemnly burnt the book, 'probably in his despair at not being able toburn me', Hardy noted. Hardy's marriage had also suffered from the public outrage - critics on both sides of the Atlantic abused the author asdegenerate and called the work itself disgusting. In April, 1912, Hardywrote:"Then somebodydiscovered that Jude was a moral work - austere inits treatment of a difficult subject - as if the writerhad not all the time said in the Preface that it was meantto be so. Thereupon many uncursed me, and the matter ended,the only effect of it on humanconduct that I could discover being itseffect on myself - the experience completely curing me of the furtherinterest in novel-writing."By 1885 the Hardys had settled near Dorchester at Max gate, a housedesigned by the author and built by his brother, Henry. With the exceptions of seasonal stays in London and occasional excursions abroad, his Bockhampton home, "a modest house, providing neither more nor less thanthe accommodation ... needed" (as Michael Millgate describes it in hisbiography of the author) was his home for the rest of his life.After giving up the novel,Hardy brought out a first group of Wessexpoems, some of which had been composed 30 years before. During the remainder ofhis life, Hardy continued to publish several collections of poems. "Hardy, in fact, was the ideal poet of a generation. He was the most passionateand the most learned of them all. He had the luck, singular in poets, ofbeing able to achieve a competence other than by poetry and then devotethe ending years of his life to his beloved verses." (Ford Madox Ford inThe March of Literature,1938) Hardy's gigantic panorama of the Napoleonic Wars, THE DYNASTS, composed between 1903 and 1908, was mostly in blank verse. Hardy succeeded on the death of his friend George Meredith to the presidency of the Society of Authors in1909. King George V conferred on him the Order of Merit and he received in 1912 the gold medal of the Royal Society of Literature.Hardy kept to his marriage with EmmaGifford although it was unhappy and he had - or he imagined he had - affairs with other womenpassing briefly through his life. Emma Hardy died in 1912 and in 1914 Hardy married his secretary, Florence Emily Dugdale, a woman in her 30's, almost 40 years younger than he. From 1920 through 1927 Hardy worked on his autobiography, which was disguised as the work of Florence Hardy. It appeared in twovolumes (1928 and 1930). Hardy's last book published in his lifetime was HUMAN SHOWS, FAR PHANTASIES, SONGS AND TRIFLES (1925). WINTER WORDS IN VARIOUS MOODS AND METRES appeared posthumously in 1928.Hardy died in Dorchester, Dorset, on January 11, 1928. His ashes werecremated in Dorchester and buried with impressive ceremonies in the Poet'sCorner in Westminster Abbey. According to a literary anecdote his heartwas to be buried in Stinsford,his birthplace, and all went according toplan, until a cat belonging to the poet's sister snatched the heart offthe kitchen,where it was temporarily kept, and disappeared into the woodswith it.The center of Hardy's novels was the rather desolate and history-freighted countryside around Dorchester.His novels bravely challenged many of thesexual and religious conventions of the Victorian age, and dared topresent a bleak view into human nature. In the early 1860s, after theappearance Darwin's Origin of Species (1859), Hardy's faith was stillunshaken,but he soon adopted the mechanical-determinist view of nature's cruelty, reflected in the inevitably tragic and self-destructive fatesof his characters. In his poems Hardy depicted rural life withoutsentimentality - his mood was often stoically hopeless. "Though he wasa modern, even a revolutionary writer in his time, most of us read himnow as a lyrical pastoralist. It may be a sign of the times that some ofus take his books to bed, as if even his pessimistic vision was one thatenabled us to sleep soundly."(Anatole Broyard in NewYork Times, May 12, 1982)For further reading: The Life of Thomas Hardy: A CriticalBiography by Turner (1998); Thomas Hardy in Our Time by .Langbaum (1995); Hardy and the Erotic by . Wright (1989);Thomas Hardy by M. Millgate (1982); The Older Hardy by R.Gittings(1980);An Essay on ThomasHardy by J. Bayley (1978);The Final Years of ThomasHardy,1912-1928 by H. Orel (1976);Young Thomas Hardy by R. Gittings (1975); Thomas Hardy: ACritical Biography by Stewart(1971); The Poetry of ThomasHardy: A Handbook and Commentary by . Bailey (1970); ThomasHardy by (1967); Thomas Hardy: A Critical Biography by E.Hardy (1954); Thomas Hardy by . Guerard (1949); Hardy ofWessex: His Life and Career by . Weber (1940) - See also:Wladyslaw Reymont, (The Lyrical Poetry of Thomas Hardy,1953),Michael Innes, Francois La Rochefoucauld- "Hardy had an observing eye, a remembering mind; he did not need theGreeks to teach him that the Furies do arrive punctually,and that neither act, not will, nor intention will serve todeflect a man's destiny from him, once he has taken the stepwhich decides it."Catherine Anne Porter in Notes on a Criticism (1940)Selected works:DESPERATE REMEDIES, 1871UNDER THE GREENWOOD TREE, 1872A PAIR OF BLUE EYES, 1973 - Sininen silm? pariFAR FROM THE MADDINGCROWD,1874 - film1967, Schlesinger, starring Julie Christie , Peter Finch,dir. by John Terence Stamp,Alan Bates, Prunella RansomeTHE RETURN OF THE NATIVE, 1878 - Paluunummelle THE TRUMPET-MAJOR, 1880THE MAYOR OF CASTERBRIDGE, 1886 - Pormestarin tarinaWESSWX TALES, 1888THE WOODLANDERS, 1887A GROUP OF NOBLE DMES, 1891 - Ylh? isi ?naisiaTESS OF THE D'URBERVILLES, 1891 - Tessin tarina - film 1980, dir.by Roman Polanski."The 18th-century world Polanski presents is so believable that we sense the people we see really do live in those farmhouses, shacks, country estates,and townhouses.There is wonderful period detail, and few films have been more exquisitely photographed (Geoffrey Unsworth and Ghislain Cloquet share the credit). A lovely film." (Danny Perry in Guide for the Film Fanatic, 1986)LIFE'S LITTLE IRONIES, 1894JUDE THE OBSCURE, 1895 - Jude, film adaptation in 1996, dir. by Michael Winterbottom, starring Christopher Eccleston, Kate Winslet, Liam Cunningham, Rachel Griffiths, June Whitfield WESSEX POEMS, 1898POEMS OF THE PAST AND THE PRESENT,1901 THE DYNASTS, 1903-08TIME'S LAUGHINGSTOCKS, 1909A CHANGED MAN AND OTHER TALES, 1913SATIRES OF CIRCUMSTANCE, 1914MOMENTS OF VISION, 1917THE PLAY OF ST. GEORGE, 1921Thomas_Hardy的英文简介LATE LYRICS AND EARLIER, 1922THE FAMOUS TRAGEDY OF THE QUEEN OF CORNWALL,1923 HUMAN SHOWS, FAR PHANTASIES, 1925 LIFE AND ART,1925COLLECTED POEMS, 1927WINTER WORDS, 1928LIFE OF THOMAS HARDY, 1928-30 (with Florence Hardy)AN INDISCRETION IN THE LIFE OF AN HEIRESS, 1934THE LETTERS OF THOMAS HARDY, 1954THOMASHARDY'S NOTEBOOKSAND SOMELETTERSFROMJULIA AUGUSTRA MARTIN, 1955"DEAREST EMMIE": THOMAS HARDY'S LETTERS TO HIS FIRST WIFE,1963 THE ARCHITECTURAL NOTEBOOKS OF THOMAS HARDY, 1966 THOMAS HARDY'S PERSONAL WRITINGS, 1972 THE LITERARY NOTES OF THOMAS HARDY, 1974 THENEWWESSEXEDITIONOFTHESTORIESOFTHOMASHARDY,1977 (3 vols.)cTHE COLLECTED LETTERS OF THOMAS HARDY, VOL. 1, 1840-1892, 1978 THE PERSONAL NOTEBOOKS OF THOMAS HARDY, 1979THE VARIORUM EDITION OF THE COMPLETE POEMS OF THOMAS HARDY, 1979 THE COLLECTED LETTERS OF THOMAS HARDY, VOL. 2, 1893-1901, 1980。

The value of risk management

The value of risk  management

The Value of Corporate Risk ManagementPeter MacKaySchool of Business ManagementHong Kong University of Science and TechnologyandSara B. MoellerBabcock Graduate School of ManagementWake Forest University∗∗Mackay can be reached by phone at (852) 2358-8319 and by email at pmackay@ust.hk. Moeller can be reached at by phone at (336) 758-3374 and by email at sara.moeller@. We thank Evrim Akdoğu, Gilles Bernier, Martin Boyer, Andy Chen, Bhagwan Chowdhry, Sudipto Dasgupta, Mike Davis, Hemang Desai, Chitru Fernando, Chris Hogan, Jie Gan, Vidhan Goyal, Jiang Luo, Robert McDonald, Jody Magliolo, Dave Mauer, Gary Moskowitz, Josh Pollet, Steve Postrel, Ehud Ronn, Stuart Turnbull, Michael Van Breda, Kumar Venkataraman, Mungo Wilson, and seminar participants at the Frank Batten Young Scholars Conference (College of William and Mary), the Hong Kong University of Science and Technology, Southern Methodist University, the Northern Finance Association, and Texas Christian University for useful comments and discussions.The Value of Corporate Risk ManagementAbstractWe model and estimate the value of corporate risk management. We show how risk management can add value when revenues and costs are nonlinearly related to prices and estimate the model by regressing quarterly firm sales and costs on the second and higher moments of output and input prices. For a sample of thirty-four oil refiners, we find that hedging concave revenues and leaving concave costs exposed each represent between two and three percent of firm value. We validate our approach by regressing Tobin’s q on the estimated value and level of risk management and find results consistent with the model.Smith and Stulz (1985) show how corporate hedging can add value when firms face convex costs such as progressive taxation and bankruptcy costs. Their central idea – that nonlinearities justify hedging – has since been applied to other financial factors such as costly external finance, information asymmetry, and managerial risk aversion.1 However, empirical support for these theories is limited and mixed.2 Theorists have ignored real-side factors behind risk management and empiricists have relied on CAPM extensions that might interest diversified investors but subsume the information relevant to corporate risk managers.3 As a result, the motives and value of corporate hedging are still in doubt, and positive and normative theory is underdeveloped.In this paper, we apply Smith and Stulz’s model to the real-side of the firm. We derive the value of corporate risk management by directly relating firm revenues and costs to output and input prices. We show that hedging can add value if revenues are concave in product prices or if costs are convex in factor prices. Because these nonlinearities reflect the firm’s production technology and the supply and demand conditions it faces, we draw on economic theory to specify an empirical version of the model. We test our model on a sample of thirty-four oil refiners (SIC 2911) by regressing quarterly sales and costs on NYMEX energy prices from March 1985 to June 2004. We compute the value of risk management from the estimated regression coefficients and the second and higher sample moments of output and input prices.Our results support the model and show that, at least for oil refiners, a discriminating risk-management program can significantly enhance firm value – even if none of the usual financial motives for hedging apply. Specifically, we find that hedging concave revenues and leaving concave costs exposed each represent about two percent of firm value. For the simplest specification of the model, which includes price levels and prices squared, our estimate of the value of hedging revenues is an economically significant 2.29% of operating cash flow. The 95% confidence interval is [2.15%, 2.44%], which is clearly statistically greater than zero. The value of hedging costs is negative because costs are concave in the input price. Thus, in this case, the optimal risk-management strategy is to remain exposed, i.e., not to hedge. The point estimate for the value of leaving costs unhedged is 2.07% and the 95% confidence interval is [1.94%, 2.21%].In common with prior studies, our base approach is subject to an important limitation, specifically, that reported firm data might reflect corporate hedging activity, which could skew our estimates of the value of risk management. We address this problem by restating the model in terms of lagged three-month futures prices and spot prices rather than spot prices alone. This remedy significantly improves model fit and our estimates of the value of revenue hedging and the value of cost exposure increase to about three percent of operating cash flow. Accounting for hedging activity in this way provides a useful by-product, namely, endogenously-estimated hedge rates. Although indicative, our estimates show that oil refiners hedge about 20% to 30% of their revenues and costs in the previous quarter.We validate our approach and link our results to the existing literature in several ways. We begin by examining how our endogenously-estimated hedge rates relate to the discrete measures of derivatives usage derived from financial-statement footnotes commonly used in prior studies. Each measure tells part of the hedging story. The discrete derivatives-usage measures capture both operating and financial risks, but only offer a broad indication of hedging policy. Our hedge rates focus on operating risks and reflect hedging activity that derivatives-usage measures miss. We find that our hedge rates are positively related to the derivatives-usage measures. Thus, our approach offers a new measure of hedging activity that avoids financial-statement footnotes.We also validate our approach by regressing firm market value (using Tobin’s q as a proxy) on our risk-management measures. We find significant positive relations between firm value and the value of hedging concave revenues and the value of leaving concave costs exposed, suggesting that the market recognizes these sources of value. Furthermore, interactions of these risk-management values and hedging activity show that the market rewards firms that hedge when hedging creates value and penalizes firms that hedge when hedging destroys value. These findings are robust to the inclusion of standard control variables and proxies for alternative risk-management techniques such as real optionality, vertical integration, and diversification. Our results are consistent with past studies that document a positive relation between firm value and corporate hedging (Cassidy et al., 1990, Allayannis and Weston, 2001, Carter et al. 2003).We present several variations on our base analysis. First, we examine the effect of firm heterogeneity by ranking our sample oil refiners by vertical integration and diversification levels. We find that firms that are both vertically integrated and diversified have lower risk-management values and hedge rates, consistent with the idea that such firms benefit from natural hedges. Second, we check for time-aggregation bias by estimating the model on semi-annual rather than quarterly data. Semi-annual data yield lower risk-management values, consistent with the idea that risk management is less valuable in the medium run because firms can more easily adjust to price innovations over longer timeframes. Finally, we investigate the general applicability of our approach by examining its out-of-sample performance on a broad sample of manufacturing firms. We find plausible results in that the value of risk management rises with energy-intensity. These variations and other robustness checks further validate our approach by establishing that simple sample refinements and extensions yield economically intuitive and generalizable results.We claim three contributions for this paper. First, we show how a simple application of Smith and Stulz’s model to the real-side of the firm yields new insights on corporate hedging. We show that corporate risk management can add value if production technology or supply and demand conditions result in revenues or costs that are nonlinear in output and input prices. Second, we provide empirical estimates of the value of a corporate risk-management program that selectively hedges concave revenues and convex costs but leaves convex revenues and concave costs unhedged. By looking directly at how revenues and costs relate to energy prices, we avoid many of the pitfalls associated with returns-based analyses of risk-factor exposure. Finally, our approach generates endogenously-estimated hedge rates. Although suggestive, the hedge rates we obtain take on plausible values and help us interpret some of our other results.The rest of this paper is structured as follows. Section I develops theoretical and empirical models of the value of corporate risk management. Section II describes the data. Section III presents summary statistics on energy prices, firm characteristics, and derivatives usage. Section IV discusses estimation methods and reports our first-pass regression results. Section V presents industry and firm-level estimates of the value of risk management and the estimated level ofhedging activity. Section VI validates our approach by regressing firm market value on the estimated value and level of risk management. Section VII examines the out-of-sample performance of our approach and thereby its general applicability. Section VIII concludes. I. The Value of Corporate Risk Management This section develops theoretical and empirical models. Our theoretical model uses Jensen’s Inequality to derive an analytical expression for how much value risk management can add when revenues and costs are nonlinearly related to risky output and input prices. Our empirical model maps this analytical expression to an empirically-testable specification.A) Theoretical ModelLet ),(w p Π denote a continuous, twice-differentiable profit function. The arguments, p and w , are output and input prices with density function ),(w p f defined over the price space 2++ℜ⊆Ρ. Assume that the profit and density functions are stationary and the discount rate is zero. Thus, firm-value maximization is equivalent to maximizing next-period expected profits:V ≡ []),(w p E Π = ∫∫ΠΡdpdw w p f w p ),(),((1) Expanding the right-hand side as a second-order Taylor series at expected prices ),(w p :V ≡ []),(w p E Π =∫∫ΠΡdpdw w p f w p ),(),( +∫∫−ΠΡdpdw w p f p p w p p ),()(),( +∫∫−ΠΡdpdw w p f w w w p w ),()(),( +∫∫−ΠΡdpdw w p f p p w p pp ),()(),(21 +∫∫−ΠΡdpdw w p f w w w p ww ),()(),(21 +∫∫−−ΠΡdpdww p f w w p p w p pw ),()((),(Simplifying and restating in terms of the moments of the density function, this reduces to: V ≡ []),(w p E Π = ,(w p Π + pp pp w p σ),(21Π + ww ww w p σ),(21Π + pw pw w p σ),(Π The second- and cross-partial derivatives do not depend on ),(w p , so this further simplifies to:4V ≡ []),(w p E Π = ,(w p Π + pp pp σΠ21 + ww ww σΠ21 + pw pw σΠ (2)Suppose the firm’s profit function can be broken out into a revenue function and a cost function:),(w p Π = ),(w p R - ),(w p C = ),(w p y p ⋅ - ),(w p x w ⋅ (3) The right-hand side of expression (3) shows how the revenue and cost functions can be formulated in terms of output price and quantity, p and y , and input price and quantity, w and x . This formulation also recognizes that, in general, the quantities of output produced and input consumed depend on prices. More specifically, ),(w p y represents the product-supply function and ),(w p x the factor-demand function. Our empirical specification uses these relations. Then, from expression (2), the value of the firm’s revenues and costs are given by:R ≡ []),(w p R E = ),(w p R + pp pp R σ21 + ww ww R σ21 + pw pw R σ C ≡ []),(w p C E = ,(w p C + ww ww C σ21 + pp pp C σ21 + wp wp C σFor simplicity, assume that revenues depend only on the output price, p , and that costs depend only on the input price, w . Therefore, the value of revenues and costs reduces to:R ≡ [])(p R E =)(p R +pp pp R σ21 (4) C ≡ [])(w C E =)(w C + ww ww C σ21 (5)Using these expressions, we can restate firm value in terms of the revenue and cost functions:V ≡ []),(w p E Π = [])(p R E - [])(w C E= )(p R - )(w C + pp pp R σ21 - ww ww C σ21 (6)This last expression shows how total firm value derives from two sources. The first source is reflected in the first two terms of equation (6) which correspond to the cash flow the firm earnsif expected prices are realized. The second source of value is reflected in the last two terms ofequation (6) which correspond to the expected value of the additional gain or loss experienced whenever realized prices depart from expected prices. This source of value formalizes what isoften loosely termed “exposure” in the risk-management literature. The value of exposure ispositive if revenues (costs) are convex (concave) in prices but negative if revenues (costs) are concave (convex) in prices. Note that only in the latter case, when departures from expected prices would destroy value, should exposure be hedged away. Now suppose that firms can hedge revenues and costs, fixing them at )(p R = (p y p ⋅ and (w C = )(w x w ⋅.5 From Jensen’s Inequality, the value of hedging revenues is positive if the revenue function is concave in the output price and the value of hedging costs is positive if the cost function is convex in the input price, i.e., if )(p R >[])(p R E and )(w C <[])(w C E . So, in terms of expression (4), the value of hedging revenues is:VHR ≡ (p R - [])(p R E = -pp pp R σ21 >0 if pp R < 0 (7)Likewise, we can rewrite expression (5) as)(w C - [])(w C E = -ww ww C σ21 (8) Multiplying (8) by -1 yields an expression that compares directly to the value of hedging revenues and is positively related to firm value. Thus, we define the value of hedging costs as:VHC ≡ [])(w C E - (w C = ww ww C σ21 > 0 if ww C > 0 (9)The value of hedging thus depends on the second partial derivatives of the revenue and cost functions (ww pp C R ,) interacted with the variance of output and input prices (pp σ,ww σ). More technically, positive (negative) semi-definiteness of the revenue (cost) function is not a sufficient condition for hedging to add value – it also depends on the volatility of input and output prices. In economic terms, the value of hedging drops as the revenue and cost functions become linearin prices or as price volatility falls. Revenues could be linear in price if the firm faces inelastic demand or is unable to adjust its product supply and, because of technological considerations or contractual obligations, must produce a fixed quantity of output. Similarly, costs could be linear in price if the firm is unable to adjust its factor demand and must consume a set quantity of input.B) Empirical ModelThe previous analysis assumes that the revenue and cost functions are known. In practice, these and the sample moments of the output and input prices must be estimated from available data. This section describes the empirical specification and how we implement the estimation.Following the production-economics literature (e.g. Diewert and Wales, 1987, 1992), and consistent with our theoretical model, our empirical model relies on the popular translog specification of a restricted profit function (all variables are in log-form).6 This simple flexible functional form places few prior constraints on the firm’s production technology and mirrors our theoretical model since it, too, derives from a second-order Taylor series expansion in prices.)(p R = x f p c p b a p p p p +++2 = )(p y p ⋅ (10) )(w C = y f w c w b a w w w w +++2 = )(w x w ⋅ (11)Thus, ),(w p Π = (x f p c p b a p p p p +++2) - (y f w c w b a w w w w +++2) = )(p y p ⋅ - )(w x w ⋅The regressors include two endogenous variables, namely, input quantity (x ) and output quantity (y ), which leads us to use instrumental-variable estimation (details discussed later). Including input quantity in the revenue function and output quantity in the cost function is important in keeping with the translog formulation. It is also important because conditioning revenues on input quantity and costs on output quantity allows us to recognize and control for the discretion firms have to adjust their input demand in concert with their supply of output. Adding input and output quantity to the revenue and cost functions allows us to account for this natural hedge within our estimation and to generate a cleaner measure of the value of risk management.By Shephard’s lemma, the optimal output and input quantities (y and x ) are given by the first derivatives of the profit function with respect to prices:p Π = p c b p p 2+ = )(p y = p p y p )(⋅ = pp R )( (12) - w Π = w c b w w 2+ = )(w x = w w x w )(⋅ = ww C )( (13) These define the so-called derived output-supply and input-demand equations, and are typically included with the profit function to improve the efficiency of the coefficient estimates. Hence, the system of simultaneous equations we estimate comprises the revenue and cost functions (10 and 11) and the associated output-supply and input-demand equations (12 and 13).We also control for other determinants of firm revenues and costs besides prices. We include changes in working capital to account for inventories and other short-term balance-sheet items that form a firm’s first-line of defense in managing risk and therefore condition thesensitivity of its revenues and costs to fluctuations in output and input prices.7 For instance, oil refiners can use inventories of both unrefined input (crude oil) and refined output (heating oil, gasoline) to buffer variations in the supply and demand conditions for these products and thereby ensure a smoother stream of cash flows than they would otherwise experience.We also include changes in fixed-capital stock (net property, plant, and equipment) since adding or retiring productive capacity clearly affects firm revenues and costs. To account for differences in scale across firms, mitigate heteroscedasticity, and control for other determinants of firm revenues and costs, we normalize the firm-level variables (sales and costs, output and input quantities, and changes in net property, plant, and equipment, and working capital) by the lagged book value of assets. Thus, the system of simultaneous equations we estimate is:Sales =p a + p b p + 2p c p + x f p + ιΔp i + κΔp k + sμ~ (14) Costs =w a + w b w + 2w c w + y f w + ιΔw i + κΔw k + cμ~ (15) y = p b + p c p 2+ y μ~ (16)x = w b + w c w 2 + xμ~ (17) where: y ≡ p Sales , x ≡ w COGS , ιΔ is change in working capital, κΔ is change in fixed-capital stock, and s μ~, c μ~, y μ~, and xμ~ are random error terms. From our earlier analysis, we obtain an expression for the empirical value of hedging revenues:HR = )(p R - [])(p R E =-pp pp R σ21 = -pp p c σ221 = - pp p c σ (18) and the empirical value of hedging costs:HC = [])(w C E - )(w C = ww ww C σ21 = ww w c σ221 = ww w c σ (19) Expressions (7) and (9) do not discriminate between positive and negative hedging values.We therefore refine our measures of the value of hedging to reflect an efficient risk-managementpolicy where firms hedge when the value of hedging is positive but remain exposed if the valueof not hedging is positive. We propose a conditional risk-management policy valued as follows:A) The value of conditional hedging is:CHR = []VHR Max ,0 = Max [0, -pp p c σ] (21)CHC = []VHC Max ,0 Max [0, ww w c σ] (22)CH = CHR + CHC = Max [0, -pp p c σ] + Max [0, ww w c σ](23) B) The value of conditional exposure is:CXR = [][]VHR Min abs ,0 = abs [Min [0, -pp p c σ]](24) CXC = [][]VHC Min abs ,0 = abs [Min [0, ww w c σ]] (25)CX = CXR + CXC =abs [Min [0, -pp p c σ]] + abs [Min [0, ww w c σ]](26) Expressions (21)-(23) state the value of conditionally hedging revenues (CHR ), costs (CHC), and both revenues and costs (CH ). Expressions (24)-(26) state the value of conditionally exposing revenues (CXR ), costs (CXC), and both revenues and costs (CX ).Our empirical implementation of these values proceeds as follows. First, we estimate the set of simultaneous equations given in expressions (14) to (17) using quarterly firm operating data and energy price series described in Section II. Second, we combine the estimated curvature parameters (w p c c ,) with the sample moments (ww pp σσ,) to produce estimates for expressions(23) and (26). As we discuss at length in Section V, we estimate that the value of conditional hedging and conditional exposure each represent about two or three percent of firm value. II. DataWe implement our analysis on a sample of oil refiners. Several reasons make the oil refining industry a good candidate for study. First, energy prices swing widely and this variation contributes to the empirical fit of the model. This is particularly important here because we use quarterly operating data rather than stock returns. Second, oil refining is a well-defined operation, with highly competitive commodity markets on both the input- and output-side of the business: crude oil as the main input, and heating oil and unleaded gasoline as the main outputs. Finally, the petroleum and oil refining industries have been studied in several prior papers (e.g. Gibson and Schwartz, 1990, Litzenberger and Rabinowitz, 1995, Schwartz, 1997, Haushalter, 2000, Brown and Toft, 2002, Borenstein and Shepard, 2002, Haushalter et al ., 2002).Our firm-level data for oil refiners (SIC 2911) are from the merged CRSP-COMPUSTAT quarterly dataset maintained by Wharton Research Data Services (WRDS). The main variables we use are: sales (data item #2), costs (cost-of-goods sold, item #30, minus depreciation and amortization, item #5), book value of assets (item #44), net property, plant, and equipment (item #42), and working capital (current assets, item #40, minus current liabilities, item #49).We later validate our approach by regressing firm value on our risk-management values. Our proxy for firm value is Tobin’s q which we measure as the market-to-book value of assets. We obtain the market value of assets by replacing the book value of equity by its market value (number of common shares outstanding, item #61, times the quarter-end share price, item #14). Following Allayanis and Weston (2001), these cross-sectional regressions include a number ofother variables as controls, namely, total debt (short-term debt, item #45, plus long-term debt, item #51), capital expenditures (item #90), dividends (common dividends, item #20, plus preferred dividends, item #24), and research and development (item #4), all divided by the lagged book value of assets (item #44). Some of these control variables have very poor coverage. For instance, research and development is missing for over 75% of the sample. We therefore set missing control-variable observations to the industry-year mean to avoid serious sample attrition.Some of the quarterly data are actually semi-annual or annual (COMPUSTAT codes these as .S and .A). We identify and treat such cases as follows. For flow variables (sales, costs, etc.), we use the semi-annual observation divided by two and the annual observation divided by four. For stock variables (assets, inventories, etc.), we use the most recent observations available. We also tried simply deleting such observations. This causes the sample to drop from thirty-four to thirty-one firms but does not alter our conclusions.We use annual COMPUSTAT business-segment data to construct two additional control variables, namely, vertical integration and diversification. Vertical integration measures a firm’s involvement in so-called upstream industries (production and exploration) and downstream industries (chemicals, distribution, marketing, etc.) relative to its core business (oil refining).8 Diversification measures a firm’s involvement in industries unrelated to refining. Using segment data, we measure vertical integration as one minus the Herfindahl of a firm’s refining-related segments and diversification as one minus the Herfindahl of its non-refining-related segments.Input and output prices are constructed as follows. We obtain daily settlement prices, volume, and open interest for all NYMEX-traded futures contracts on light-crude oil, heating oil, and unleaded gasoline from Thompson Financial’s Datastream International. Beginning in March 1985, delivery months for all three commodities have been available for every month of the year going out several months. These commodities represent the main outputs (heating oil and unleaded gasoline) and input (crude oil) for the oil-refining industry (SIC 2911).9To simplify our analysis, we exploit a useful feature of the oil refining process, namely, that these inputs and outputs are roughly consumed and produced in the following proportions: three barrels of crude oil yield approximately two barrels of unleaded gasoline plus one barrel of heating oil. The price difference between contracts held in these proportions (3:2:1) is known as the “crack spread”, and the contracts traded on NYMEX reflect this ratio (NYMEX, 2000). To keep the analysis tractable, we combine the prices of heating oil and unleaded gasoline into a single output price, each weighted according to the crack spread ratio: two-thirds of the gasoline price plus one-third of the heating oil price. This means one output price to track instead of two. Figure 1 shows input and output prices and the crack spread from March 1985 to June 2004.Because our panel runs from March 1985 through June 2004 we need a deflator to make firm variables and prices comparable across time. We use the monthly consumer price index #SA0L1E (All items less food and energy) produced by the U.S. Bureau of Labor Statistics (BLS). We use a deflator that excludes energy prices because we want to remove the effect of general inflation without removing the effect of energy price changes. We scale the deflator and the input and output prices relative to their March 1985 levels, the first month of our panel.Because our firm-level data are quarterly, the next step is to aggregate our input and output price series from daily to quarterly. We consider three weighting schemes to aggregate the daily data into quarterly observations. First, we use a volume-weighted average to guard against stale data and to avoid giving equal importance to prices associated with unusually low or high trade volume. Second, as a variant on this scheme, we also tried weighting prices by the daily level of open interest. Third, and simplest, is to equally weight the daily observations. Although the three weighting schemes produce similar results, we retain the volume-weighted scheme because it seems most suitable. Weighting by volume also accounts for times when trade volume in the futures contracts differs substantially from the level of trade in the nearest-month (spot) contract.We match the firm-level quarterly data to the price data by mapping fiscal-year quarters to the appropriate calendar-year quarters. Because fiscal-year ends can occur in any month of the year, we match firm data to quarterly-price averages constructed for each month of the year.III. Summary StatisticsFigure 1 shows nominal quarterly spot and 3-month futures prices from March 1985 to June 2004. The graph shows that input and output prices vary widely, fluctuating between roughly 13 and 48 dollars per barrel and that the difference between the output and input price – the crack spread – understandably trades in a much smaller dollar range of 2 to 10 dollars. Although the magnitude of the crack spread is much smaller than the output and input price, each penny change in the spread translates into millions of dollars for the average oil refiner. A back-of-the-envelope calculation shows that for the mean firm in our sample, a one-cent change in the crack spread causes a $2.5 million change in quarterly operating cash flow – in 1985 dollars.Table I shows summary statistics for the 78 quarterly spot and futures energy prices in our sample period. The mean nominal output and input spot prices are 26.43 and 21.87 dollars per barrel while the mean crack spread is 4.56 dollars. Figure 1 and Table I show that the futures prices are generally below the spot prices, indicating backwardation both in the price of crude oil (as in Litzenberger and Robonowitz, 1995) and in the output prices (gasoline and heating oil). Input and output prices are highly correlated (0.99 for both spot and futures), as are spot and futures prices (0.99 for both input prices and output prices but only 0.71 for the crack spread).Figure 2 shows aggregate statistics for the U.S. refining industry. These include annual production and consumption of refined petroleum products and refinery capacity utilization rates. Using a price index of refined petroleum products from the Bureau of Labor Statistics from 1977 to 2003, we estimate the price elasticity of demand (consumption) to be -10%.Table II, Panel A, reports summary statistics on the operating characteristics of our sample of thirty-four oil refiners obtained from quarterly COMPUSTAT data. The data show that oil refining is a large-scale, capital-intensive activity (mean assets near $12 billion, net plant,。

欧美明星名字大全

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thecalling伊娃·朗格利亚艾拉菲舍尔linkenpark加里格兰特dhani格蕾丝凯丽rushoffools powerman johnsimm梅根arnoldvosloo瓦妮莎·布莱恩特emancipator莫里耶k-fed youngjeezy蒂比海德莉garner杰西卡·阿尔芭maunierlarson katiemelua约翰·特拉沃尔塔heart乐队brisco凯尔加尔纳elsabenitez rosebyrne thewanted deancain艾玛·汤普森艾玛·汤普森eric·szmanda mattduke阿曼达smujji microperfectsirashannyn-sossamon 凯特贝金赛尔劳拉·琳妮吉米佩奇彼拉盖雅塞尔玛·布莱尔凯特德鲁娜adamlamberg escapethefate jackjohnson奎因拉蒂法斯蒂芬妮mattcosta alphaville丹妮丝范欧藤patrickdempsey米歇尔威廉姆斯蕾切尔李费佛trishacarlyuffie凯瑟琳海格尔马特狄龙文斯·基尔克里斯萨尔瓦多丹妮尔哈里斯amypearsonheart乐队帕特里克·潘提尔安迪麦克道威尔thehorrors亚历克斯帕蒂弗tamaramardukorli莱昂纳尔里奇体操课英雄milow汤姆.马沃罗.里德尔great克里斯滕邓斯特丽安娜刘易斯特蕾茜格尔德文森佐pistols玛丽·伊丽莎白·温斯蒂德凯莉·米洛艾伦·佩吉andrewtigerlouqueensryche凯蒂.梁奥莉维亚·德·哈维兰chamberplumb萨摩-格拉atozziolilbowwow肖恩比格斯塔夫tylerhiltonanjuliesaturnuscastro茱莉.安德鲁斯lil'kimlayziehudson伊万卡cranes罗比·威廉姆斯尼卡bjorn摩根.弗里曼efron塞斯罗根anny魔时魅影scherzinger尼克卡特aleksey voegele nevadatan timmcgraw约翰·韦恩mark-medlock 维蒂玛利莲曼森hannahm雷德克里夫瑞茜·威瑟斯彭凯特沃什芙蕾达平托珍·西摩尔galbraith艾斯库伯泰勒丝karina_pasian布莱恩麦肯奈特迈克尔·塞拉菲丝特pelleliorsylver艾丝琳womack 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TheLove-PhiltreofIkeySchoenstein

TheLove-PhiltreofIkeySchoenstein

TheLove-PhiltreofIkeySchoensteinThe Love-Philtre of Ikey SchoensteinThe Blue Light Drug Store is downtown, between the Bowery and First Avenue, where the distance between the two streets is the shortest. The Blue Light does not consider that pharmacy is a thing of bric-a- brac, scent and ice-cream soda. If you ask it for pain-killer it will not give you a bonbon.The Blue Light scorns the labour-saving arts of modern pharmacy. It macerates its opium and percolates its own laudanum and paregoric. T o this day pills are made behind its tall prcscription desk--pills rolled out on its own pill-tile, divided with a spatula, rolled with the finger and thumb, dusted with calcined magnesia and delivered in little round pasteboard pill-boxes. The store is on a corner about which coveys of ragged-plumed, hilarious children play and become candidatesfor the cough drops and soothing syrups that wait for them inside.Ikey Schoenstein was the night clerk of the Blue Light and the friend of his customers. Thus it is on the East Side, where the heart of pharmacy is not g1ace. There, as it should be, the druggist is a counsellor, a confessor, an adviser, an able and willing missionary and mentor whose learning is respected, whose occult wisdom is venerated and whose medicine is often poured, untasted, into the gutter. Therefore Ikey's corniform, be-spectacled nose and narrow, knowledge-bowed figure was well known in the vicinity of the Blue Light, and his advice and notice were much desired.Ikey roomed and breakfasted at Mrs. Riddle's two squares away. Mrs. Riddle had a daughter named Rosy. Thecircumlocution has been in vain--you must have guessed it--Ikey adored Rosy. Shetinctured all his thoughts; she was the compound extract of all that was chemically pure and officinal--the dispensatory contained nothing equal to her. But Ikey was timid, and his hopes remained insoluble in the menstruum of his backwardness and fears. Behind his counter he was a superior being, calmly conscious of special knowledge and worth; outside he was a weak-kneed, purblind, motorman-cursed rambler, with ill-fitting clothes stained with chemicals and smelling of socotrine aloes and valerianate of ammonia.The fly in Ikey's ointment (thrice welcome, pat trope!) was Chunk McGowan.Mr. McGowan was also striving to catch the bright smiles tossed about by Rosy. But he was no outfielder as Ikey was; he picked them off the bat. At the same time he was Ikey's friend and customer, and often dropped in at the Blue Light Drug Store tohave a bruise painted with iodine or get a cut rubber-plastered after a pleasant evening spent along the Bowery.One afternoon McGowan drifted in in his silent, easy way, and sat, comely, smooth-faced, hard, indomitable, good-natured, upon a stool."Ikey," said he, when his friend had fetched his mortar and sat opposite, grinding gum benzoin to a powder, "get busy with your ear. It's drugs for me if you've got the line I need."Ikey scanned the countenance of Mr. McGowan for the usual evidences of conflict, but found none."Take your coat off," he ordered. "I guess already that you have been stuck in the ribs with a knife. I have many times toldyou those Dagoes would do you up."Mr. McGowan smiled. "Not them," he said. "Not any Dagoes. But you've located the diagnosis all right enough--it's under my coat, near the ribs. Say! Ikey--Rosy and me are goin' to run away and get married to-night."Ikey's left forefinger was doubled over the edge of the mortar, holding it steady. He gave it a wild rap with the pestle, but felt it not. Meanwhile Mr. McGowan's smile faded to a look of perplexed gloom."That is," he continued, "if she keeps in the notion until the time comes. We've been layin' pipes for the getaway for two weeks. One day she says she will; the same evenin' she says nixy. We've agreed on to-night, and Rosy's stuck to the affirmative this time for two whole days. But it's five hours yet till the time, and I'm afraid she'll stand me up when it comes to the scratch.""You said you wanted drugs," remarked Ikey.Mr. McGowan looked ill at ease and harassed--a conditionopposed to his usual line of demeanour. He made apatent-medicine almanac into a roll and fitted it with unprofitable carefulness about his finger."I wouldn't have this double handicap make a false startto-night for a million," he said. "I've got a little flat up in Harlem all ready, with chrysanthemums on the table and a kettle ready to boil. And I've engaged a pulpit pounder to be ready at his house for us at 9.30. It's got to come off. And if Rosy don't change her mind again!"--Mr. McGowan ceased, a prey to his doubts."I don't see then yet," said Ikey, shortly, "what makes it that you talk of drugs, or what I can be doing about it.""Old man Riddle don't like me a little bit," went on the uneasysuitor, bent upon marshalling his arguments. "For a week he hasn't let Rosy step outside the door with me. If it wasn't for losin' a boarder they'd have bounced me long ago. I'm makin' $20 a week and she'll never regret flyin' the coop with Chunk McGowan.""You will excuse me, Chunk," said Ikey. "I must make a prescription that is to be called for soon.""Say," said McGowan, looking up suddenly, "say, Ikey, ain't there a drug of some kind--some kind of powders that'11 make a girl like you better if you give 'em to her?"Ikey's lip beneath his nose curled with the scorn of superior enlightenment; but before he could answer, McGowan continued: "Tim Lacy told me he got some once from a croaker uptown and fed 'em to his girl in soda water. From the very first dose he was ace-high and everybody else looked like thirty cents to her. They was married in less than two weeks."Strong and simple was Chunk McGowan. A better reader of men thanIkey was could have seen that his tough frame was strung upon fine wires. Like a good general who was about to invade the enemy's territory he was seeking to guard every point against possible failure."I thought," went on Chunk hopefully, "that if I had one of them powders to give Rosy when I see her at supper to-night it might brace her up and keep her from reneging on the proposition to skip. I guess she don't need a mule team to drag her away, but women are better at coaching than they are at running bases. If the stuff'll work just for a couple of hours it'll do the trick.""When is this foolishness of running away to be happening?"asked Ikey."Nine o'clock," said Mr. McGowan. "Supper's at seven. At eight Rosy goes to bed with a headache. At nine old Parvenzano letsme through to his back yard, where there's a board off Riddle's fence, next door. I go under her window and help her down the fire-escape. We've got to make it early on the preacher's account. It's all dead easy if Rosy don't balk when the flag drops. Can you fix me one of them powders, Ikey?"Ikey Schoenstein rubbed his nose slowly."Chunk," said he, "it is of drugs of that nature that pharmaceutists must have much carefulness. To you alone of my acquaintance would I intrust a powder like that. But for you I shall make it, and you shall see how it makes Rosy to think of you."Ikey went behind the prescription desk. There he crushed to a powder two soluble tablets, each containing a quarter of a grain of morphia. To them he added a little sugar of milk to increase the bulk, and folded the mixture neatly in a white paper. Taken by an adult this powder would insure several hours of heavy slumber without danger to the sleeper. This he handed to Chunk McGowan, telling him to administer it in a liquid if possible, and received the hearty thanks of the backyard Lochinvar. The subtlety of Ikey's action becomes apparent upon recital of his subsequent move. He sent a messenger for Mr. Riddle and disclosed the plans of Mr. McGowan for eloping with Rosy. Mr. Riddle was a stout man, brick-dusty of complexion and sudden in action."Much obliged," he said, briefly, to Ikey. "The lazy Irish loafer! My own room's just above Rosy's. I'll just go up there myself after supper and load the shot-gun and wait. If he comes in my backyard he'll go away in a ambulance instead of a bridal chaise."With Rosy held in the clutches of Morpheus for a many-hours deepslumber, and the bloodthirsty parent waiting, armed and forewarned, Ikey felt that his rival was close, indeed, upon discomfiture.All night in the Blue Light Drug Store he waited at his duties for chance news of the tragedy, but none came.At eight o'clock in the morning the day clerk arrived and Ikey started hurriedly for Mrs. Riddle's to learn the outcome. And, lo! as he stepped out of the store who but Chunk McGowan sprang from a passing street car and grasped his hand--Chunk McGowan with a victor's smile and flushed with joy."Pulled it off," said Chunk with Elysium in his grin. "Rosy bit the fire-escape on time to a second, and we was under the wire at the Reverend's at 9.3O 1/4. She's up at the flat--she cooked eggs this mornin' in a blue kimono--Lord! how lucky I am! You must pace up some day, Ikey, and feed with us. I've got a job down near the bridge, and that's where I'm heading for now." "The--the--powder?" stammered Ikey."Oh, that stuff you gave me!" said Chunk, broadening his grin; "well, it was this way. I sat down at the supper table last night at Riddle's, and I looked at Rosy, and I says to myself, 'Chunk, if you get the girl get her on the square--don't try any hocus-pocus with a thoroughbred like her.' And I keeps the paper you give me in my pocket. And then my lamps fall on another party present, who, I says to myself, is failin' in a proper affection toward his comin' son-in- law, so I watches my chance and dumps that powder in old man Riddle's coffee--see?"。

阿彻·约翰·波特·马丁简介

阿彻·约翰·波特·马丁简介

阿彻·约翰·波特·马丁简介
职业:诺贝尔化学奖获得者
国籍:英文
为什么出名:与理查德·辛奇分享1952年诺贝尔化学奖发明的分配色谱法。

他专门从事生物化学,在维生素E和B2的某些方面,以及为色谱奠定基础的技术。

“KDSPE”KDSPs出生:1910年3月1日,伦敦,英国,“KDSPE”“KDSPs”一代:最伟大的一代星号:双鱼座“KDSPE”“KDSPs”去世:2002年7月28日(92岁)Archer John生命中的“KDSPE”事件波特马丁1941-06-07化学家阿切尔约翰波特马丁和理查德L.M.辛奇在美国国家医学研究所举行的生化学会会议上首次演示了分配色谱法(混合物的分离),1950-10-20化学家阿切尔约翰波特马丁和詹姆斯洛夫洛克给出了第一个在生化学会会议上演示气相色谱法。

这项技术很快被石化工业所采用。

在Facebook 上分享在Twitter上分享著名化学家桃乐丝·霍奇金埃米尔·费舍尔格特鲁德·B·伊莲著名诺贝尔奖获得者卡洛斯·萨维德拉喇嘛米格尔·阿斯图里亚斯罗伯特·蒙代尔。

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(People who have influenced me most, by Alan Macfarlane)Keith Thomas ( 1933- )In any intellectual or creative walk of life one tends to have ‘masters’ or exemplars, people one both tries to emulate and to surpass, who teach, inspire and guide one. One of those who acted in this role for me is the distinguished historian, Professor Sir Keith Thomas, sometime Master of Corpus Christi College, Oxford, Chairman of the Oxford University Press, President of the British Academy etc.I think my first encounter with Keith must have been in 1962 when I attendedlectures he gave for the political philosophy paper at Oxford, probably on Aristotle, Hobbes, Rousseau and others. I have notes on these, but don’t remember anythingother than that they were useful lectures. Political philosophy was a subject I enjoyedvery greatly and a I got a ‘first’ in this paper. This teaching may have been one factor behind my much later return to political philosophy in my books on the ‘Riddle’ and‘Making’ of the Modern World.Then I remember being viva’d for a first by Keith and others, Keith looking very young and dressed as I remember, in a smart gown with scarlet. He or the othersdecided against the first, so I got a good 2:1 instead.When I came to choose a research subject for a D.Phil. at Oxford it was Christopher Hill who I wanted to be my supervisor, having read his rapid flow ofbooks on Puritanism with enormous excitement. So I remember choosing four topicsin the field of social history which I thought might interest him. The first of these was popular literacy and education and for a while (a term) I hunted round for sources anda theme, though I’m not sure I saw Christopher more than once as he seemed very busy.As it became clear that this thesis was not working, I canvassed my other three possible topics with him, namely myth, sex, witchcraft. He suggested that I should goto see his ex-student Keith Thomas who knew more about these subjects than he did,he claimed. So, with a strong sense of disappointment, I went to see Keith.I was surprised to find he was the person who had interviewed me at the end of my exams and quite over-awed by both his austere, schoolmasterly, manner, full ofnervous energy and immensely erudite. His large room at St John’s College, where hehad become a history fellow after a time as a prize fellow at All Soul’s College, andwhich was very large and stuffed with books was also daunting.Over time I pieced together his history. A boy from the Welsh border,increasingly scholarly, he had gone to Barry Grammar School which had producedother notable academics including the historian H.J.Habakkuk. A scholarship boy at Oxford he shared the top history prize in his third year with James Campbell, mytutor at Worcester College. Keith was 30 years old when I first met him. I was hisfirst D.Phil. student. He was an omnivorous reader. He could ‘gut’ a book in a few minutes, a skill I tried to emulate, and already he had a large and select library, beinga real bibliophile. He had not published much.In that year (1963) he published his famous article on ‘History and Anthropology’ in Past and Present which was a huge inspiration for me and which I have read and re-read many times. Around then he also published an article for the same journal on ‘Women and the Civil War Sects’ and for Hobbes Studies a well-known article on Hobbes’ social thought. I think he must have decided to make a study of witchcraft and magic just before I met him, so when I read out my list of possible topics, though sex and myth also interested him, he suggested I tried the witchcraft topic.It is difficult to convey the immense privilege and excitement of being the first (and for some time the only) D.Phil. student of someone of Keith’s brilliance at a time when he was not encumbered by his huge later administrative burdens and was gathering materials and writing his most famous book, Religion and the Decline of Magic.I remember supervisions with both of us sitting on his sofa and sharing my chapter as he made both detailed and broad criticisms. I was fairly terrified as he was meticulous and fairly un-inhibited in his criticisms. (It would be interesting to look ata draft to see what he wrote). I remember he became exasperated at times because I would argue each point. But there was a constant flow of suggestions and references and although he was writing a book on the same subject, I don’t remember a single instance of conflict or difficulty in this.I don’t remember particular advice in detail, except a few things. As I flagged, he warned me not to ‘spoil the ship for a ha’porth of tar’. When I gave away my conclusions too early on, he likened the thesis to a strip show – it would lose its sex appeal if too much was revealed at first. But one of the most important influences was on style. Everything must be clear, unpretentious, without jargon or complication, crystal clear like his own writing. This meant that one had to have things very clear in one’s mind before, or as, one wrote. In a way, one always continues to write for one’s first supervisor, so whenever my sentences become over-long or I tend to verbosity I hear his crisp, schoolmasterly, voice in my ear.A second major influence, and one that decisive on my later career, was on my choice of reading. Keith was himself at the height of his interest in the relations between anthropology and history, so he encouraged me to become immersed in anthropology. On his suggestion, I went to lectures in the social anthropology department and met many of the distinguished anthropologists then at Oxford. Foremost among them was Edward Evans-Pritchard, my future D.Phil. examiner and world leader in the study of witchcraft. There was also Needham, Beattie, Ardener, Pocock and others. And I read a number of the classics of anthropology and decided I wanted to be an anthropologist. I was totally enchanted by this new discipline.The final influence I shall mention here is on method. It was only towards the endof writing my D.Phil., that on a visit to Keith’s house, he showed me the study where he worked. There was one window, a large table with an old typewriter on it, and a cupboard behind. The cupboard, as I remember, was about two feet deep in slivers of paper. What Keith did was to take notes on books and manuscripts in his tiny hand. (Only when I came to write on myopia did I realize that this hand-writing is related to his near-sightedness, which also forced him to wear the very thick spectacles which gave him a rather owlish and severe expression). Keith would then take the sheet andcut up each sentence, quote or whatever (on which he had written a short bibliographical reference). These slips would, in due course, be sorted into envelopes under subject.I remember at the very exciting research seminars which he ran, and where I met a cohort of the new generation of historians such as Robin Briggs, Paul Slack, Nick Tyacke and half a dozen others, that Keith would spend time looking through the contents of an envelope related to the theme of the paper.As for his writing method, I remember a sheet of paper in his typewriter. He would type the text of a paragraph and then clip onto it the slivers which were to illustrate or substantiate the argument. Presumably this was then handed over to a typist, or perhaps he typed it out with linking prose.This ‘one slip one fact’ method, collecting materials at a very wide level on allsorts of topics, is one I have used all my life in different ways and Keith had a great influence on it. But it has in-built difficulties. I have described both his method andthe difficulties, and how his method fitted alongside that of a number of other major thinkers, in my piece ‘Only Connect’ (q.v.)*When Keith’s book came out, at about the same time as mine on Witchcraft, the conjunction was undoubtedly a boost to my reputation. That we appeared together to give papers at the 1968 A.S.A. Conference on ‘Witchcraft’ also did me no harm.In fact Keith’s great reputation was a continuing asset. To have one of the most respected and energetic historians as one’s patron and referee writer throughout life accounts for a good deal of my subsequent career. His distinction and reputation carried very great weight. There can be no doubt that his references for my Readership and Professorship must have been very important. And even my first job I owe to him. For when in 1970 I was writing up my Nepal Ph.D. I received a postcard from Keith (some 3 years after I had finished being formally supervised by him and after changing my subject) to say that there were some history research fellowships being advertized for King’s College, Cambridge. I applied, he was a referee, and I got a Senior Research Fellowship at King’s, where I have been since.As for the formal influence of his books and ideas, these were also considerable. Like many others, I was bowled over by the scope, energy and erudition of Religion and the Decline of Magic. My views on its importance are given in a review I wrote to celebrate ten years of its publication (q.v.). I read and re-read it and regard it as a great book still. Yet it did not really solve its main problem, the reasons for the rise andthen the decline in the belief in magic and witchcraft. Over the years I thought about this and in about 1995 as part of the draft for Savage Wars, I wrote about the subject indirectly in relation to the elimination of magic. So when I was asked to contribute to Keith’s festschrift on his retirement in 2001, I revised this and published a long critique and amendments of both our arguments. (q.v.)Apart from a number of interesting papers and published lectures, copies of which he kindly sent me and which were always invigorating, he has only publishedone other book to date, namely Man and the Natural World which is based on his Trevelyan Lectures at Cambridge. Here his love of English literature and first-hand knowledge as a boy growing up in the farming world of the Welsh borders, inspired an elegant and brilliant book. I was asked to write a review, which was later expanded and ended up as a chapter in The Culture of Capitalism. (q.v.) It seemed to me that Keith, despite his brilliance, was still trapped within the older paradigm of the supposed revolution from peasant to modern which I was increasingly sceptical about. We seldom disagreed strongly, though he clearly disapproved of my publicationof the very critical review I wrote of Lawrence Stone’s book on sex and marriage.(q.v) Keith was a colleague of Stone’s at Oxford, sat on the board of Past and Present with him, and wrote admiringly of his work. He clearly thought I had made a tactical (and perhaps career detrimental) mistake.The final influence is difficult to measure. To a certain extent one writes for a very small set of people, perhaps half a dozen. One continues to write for one’s supervisors all one’s life. Keith’s great advantage in this respect was that he set such a high standard, acting as a voice in the back of my mind all the time, urging clarity, precision, scholarship. I sent him copies of all my books and he invariably sent me encouraging and positive comments, plus a detailed and meticulous list of mistakes. To my knowledge he never reviewed any of my books, which is probably a blessing. Altogether an impressive man and a very hard act to follow.。

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